President's Letter

Dear Members and Guests,

Happy New Year! After all the global calamities and challenges last year, here's hoping for a peaceful and prosperous 2015.

On the ClubCorp home front, we welcome Sequoyah National Golf Club in Whittier, N.C., and River Run Country Club in Davidson, N.C., the first management agreements since our acquisition of Sequoia Golf last fall. We have kept the Sequoia Golf brand for our management division and look forward to great things from this logical extension of our world-famous ClubCorp brand.

Also, after a super-busy year of reinventions (Canyon Creek Country Club, City Club Raleigh, Coto de Caza Golf & Racquet Club, East Lake Woodlands Country Club, Firestone Country Club, Oak Tree Country Club, and the University of Texas Club), we are pleased to announce our 2015 projects. Over the next several months, we will be investing more than $40 million in clubs ranging from the Woodlands in Houston to Chantilly National Golf & Country Club in Centreville, Va., the Clubs of Prestonwood in Dallas, Hackberry Creek Country Club in Irving, Texas, and Treesdale Golf & Country Club in Gibsonia, Pa. As always, our intent is to create vastly improved clubs that cater to your lifestyle and the broadest possible member demographics.

A continued focus in 2015 will be growth via acquisition and affiliation. This past year, we extended into affiliate agreements with Sonnenalp Golf Club in Edwards, Colo., Starmount Forest Country Club in Greensboro, N.C., and WingHaven Country Club in O'Fallon, Mo. While we cannot predict when we will add clubs this year or how many it will be, we are confident we will add clubs and look forward to sharing more good news with you in coming months.

Finally, more good news on the family front: My granddaughter Clara paid her first visit to Dallas in October and had the chance to meet a real president. Very generous of President George W. Bush, who invited ClubCorp to partner with him in the annual Bush Center Warrior Open, a wonderful event benefiting those who have fought bravely in the international war on terrorism. Truly a special day for our family.

With a fond farewell,

Eric Affeldt
President and CEO
eric.affeldt@clubcorp.com

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