PN25 FAQ

P R O J E C T N E X T 2 5

10.2023

Frequently Asked Questions

Do we really HAVE to do this?

What’s wrong with poa?

We are going to lose TWO seasons of golf!

Our golf course is only 25 years old, it's in great shape, why do we need to do any renovation?

What is the project size and scope?

Why do all the greens have to be done? Just fix what needs to be fixed.

Number 7 green has sunk over time, are you going to fix that one?

Will the bunkers be consistent from a playability perspective?

How does PN25 Affect the Founding Member and CHIP Liability?

Why use up all the Club's cash reserves to embark on a project of this size?

Will there be a member assessment to fund this project?

Will there be a discount to my annual dues in 2026 and 2027 to offset the reduced access to the Club?

Does this mean we have to let in more members to fund this project?

Will the club arrange for reciprocal arrangements with other Club's in the GTA to provide access to high quality golf during the period of disruption?

What are the risks of a project this size?

Is there a membership vote on this matter?

DO WE REALLY HAVE TO DO THIS?

The easy answer is no. The golf course will not cease to exist in the near future if the members choose to delay or forgo renovating the greens and bunkers. It is essential to know that although there is a choice, there are ramifications to both. Fact: our greens have exceeded their useful lifespan. The percentage of poa annua on our putting surfaces creates an imminent threat of significant turf loss in the event of a bad winter or hotter than normal summer. The decision to not resurface the greens comes with the acceptance that we will, at some point soon, experience unplayable greens for the better part of a golf season. There is no quick, easy or cheap way to avoid this. Should we choose disruption in the form of a proactive renovation , the club will be controlling the disruption rather than hoping it doesn’t happen and reacting when it does.

WHAT’S WRONG WITH POA? WHY DON’T WE JUST LEAVE WELL ENOUGH ALONE AND ACCEPT THAT WE HAVE POA GREENS?

This is an option however it is important that the membersh at Granite Golf Club is fully aware of the risks involved in choosing this path. Poa Annua or annual bluegrass, has the ability to perform very well as putting surface. The real issue how this turf responds to periods of stress and environmental pressures. Poa is the dominant putting green turf on the west coast with temperate climates. Pebble Beach being a perfect example. Northern California and the high-end properties on the west coast of Canada do not experience harsh winters nor do they experience long stretches of extreme heat like we do in Southern Ontario.

The key point here is simple, Poa dies under ice and poa fails during periods of extreme heat. Bentgrass is engineered to perform and thrive during periods of environmental stress. Bentgrass requires less water, fewer chemicals and less fertility to thrive. Bentgrass is a far more environmentally friendly turf and a far superior playing surface.

This is a choice to accept the risk inherent with poa greens or to choose to elevate and mitigate risk with the install of a superior product.

WE ARE GOING TO LOSE TWO SEASONS OF GOLF!

Incorrect. The only time the golf course will be fully closed is the month of October in 2026, and the month of May in 2027.

Let’s break down this project by month.

2026

opening day: FULLY OPEN

May: FULLY OPEN

June: FULLY OPEN

July: FULLY OPEN

beginning of August: FULLY OPE

mid August: ONLY front 9 closed

September: ONLY front 9 closed

October: FULLY CLOSED

2027

May: FULLY CLOSED

June: ONLY back 9 closed

July: FULLY OPEN, project comple

Mid-Aug 2026

TIMELINE

ACCESS TO BACK 9 AND PRACTICE FACILITIES ONLY

Front 9 work begins: stripping and resurfacing green plus excavation and rebuild of bunkers

Early Oct 2026

WORK ON BACK 9 BEGINS, WHILE WORKS CONTINUE ON FRONT 9

Course closed approximately 4 weeks early. Access to practice facilities and clubhouse maintained.

Spring 2027

FRONT 9 READY FOR EARLY JUNE OPENING

Focus on completing back 9 and preparing new front 9 greens for opening

Early Summer 2027

PROJECT COMPLETE

All 18 holes open for member play

YEARS OLD, IT'S IN GREAT SHAPE, WHY DO WE NEED TO DO ANY RENOVATION?

At first glance it is easy to look at the club as young. There are many clubs in the GTA that have been around for far longer. What is important he is not the age of the club but the age of the assets. We are golf club, and the greens are what any great golf course is judged on. Many of the priva clubs in the area have reinvested in their on-course assets in the last 15 years, we have not. This means that although they may have been around longer than GGC their key assets are younger, more modern, and less prone to age related risks.

Our golf course is in great shape thanks to the efforts of our maintenance team and years of proactive maintenance such as tree removal, aeration and cultural practices. We would be in a much different position had we accepted the status quo. PN25 is another example of a proactive move to protect and advance our product rather than react to an impactful failure. Planning and proactive action will serve to not only reduce disruption, and it will also control costs.

WHAT IS THE PROJECT SIZE AND SCOPE?

PN25 addresses two large assets on the property. The greens and bunkers. The idea is to hit this project head on and get what needs to get done as quickly as possible. The greens and their surrounds will be stripped of all the existing turf, fumigated to remove any undesirable poa annua seed in the soil, and seeded to a modern variety of pure bentgrass. We will do 9 holes at a time starting with the closure of the front-9 in late August 2026. We will then follow the same process on the back-9 in late September 2026. The bunkers will be excavated, reshaped, and lined with a modern porous concrete liner product to reduce contamination and improve drainage.

From the bunker sa

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WHY DO ALL THE GREENS HAVE TO BE DONE? JUST FIX WHAT NEEDS TO BE FIXED.

This is an all or nothing project. The disruption caused by only doing a few greens at a time or just rebuilding #7&8 is not worth the effort. Putting surfaces are designed to be consistent. To only address a few greens creates inconsistencies throughout the golf course. A green that is 25 years old will perform far differently and will require different inputs than a green that is brand new. There is nothing to support that a phased in or partial approach to this investment is an appropriate course of action.

NUMBER 7 GREEN HAS SUNK OVER TIME, ARE YOU GOING TO FIX THAT ONE?

s. #7 green has settled over the ars and requires a complete build. This, along with minor ustments to #8 green are the ly material changes to the tting surfaces within the scope of e project.

WILL THE BUNKERS BE CONSISTENT FROM A PLAYABILITY PERSPECTIVE?

Bunkers have a finite life. The USGA report supported our position that bunker quality had deteriorated, and it is time for replacement. Bunker sand at high-end facilities should be slated for replacement every 10-12 years, we are past that threshold. A renovation of the bunkers using the Billie bunker technology coupled with new pro-angle sand, will elevate playability and improve consistency.

HOW DOES PN25 AFFECT THE FOUNDING MEMBER AND CHIP LIABILITY?

The Board is recommending this project to invest and protect the longterm sustainability of our number one asset - the golf course. There are two liabilities on the Club's balance sheet

1) the Founders liability; and,

2) the Club House Investment Program (CHIP).

The Founders liability only qualifies to be payable when the following three triggers are satisfied.

1) the Club is at 575 senior paying members;

2) it is determined to be in the best interest of the club;

3) Founders liability is to be paid from new member entrance fees. The Club H Program ( to the Fou can only b Founder l

At presen paying me long term growth co not come 575 mem rendering highly unl repaid. Th behind th is even m

WHY USE UP ALL THE CLUB'S CASH RESERVES TO EMBARK ON A PROJECT OF THIS SIZE?

The Board and Management are keenly aware of the size and scope of a project this size. Using conservative forecasts for the project as well as responsible forecasts for membership growth, it is expected the Club will have over 1.5 million on the balance sheet following the project. This is aligned with the Club's financial philosophy target of maintaining a conservative financial position.

WILL THERE BE A MEMBER ASSESSMENT TO FUND THIS PROJECT?

Project next 25 is a self funding project using the cash reserves on the balance sheet only. There will be no member assessment and no bank debt incurred to fund the project.

WILL THERE BE A DISCOUNT TO MY ANNUAL DUES IN 2026 AND 2027 TO OFFSET THE REDUCED ACCESS TO THE CLUB?

DOES THIS MEAN WE HAVE TO LET IN MORE MEMBERS TO FUND THIS PROJECT?

No. The funding model for this capital project is sound and based on capital reserves collected over the years from new member entrance fees and, to a lesser extent, annual capital dues. Our membership philosophy remains unchanged where we look to replace attrition annually while responsibly building upon our senior membership count. The recent increase to initiation fees shows that the club is in a strong financial position and the product demands a higher price tag. We understand at Granite Golf Club our two most important assets are our course and our amazing access to the tee. PN25 will further enhance our course without impacting our industry best tee access for our members.

No. As detailed, the Project next 25 timeline expects full closure of the golf course in October of 2026, one month earlier than normal. The following year, weather dependent, we anticipate opening the front 9 one month later than normal. Annual dues cover the annual operating costs for the club. The Clubhouse, proshop, practice facility will remain open during those months. Our Course superintendent and his staff will require full complement to ready the golf course for full operations as swiftly and smoothly as possible. Every effort will be made by management to maintain service levels and control costs during this period. PAGE THIRTEEN

WILL THE CLUB ARRANGE FOR RECIPROCAL ARRANGEMENTS

WITH OTHER CLUB'S IN THE GTA TO PROVIDE ACCESS TO HIGH QUALITY GOLF DURING THE PERIOD OF DISRUPTION?

Due to the renewed rise in popularity of golf, access to the tee remains a challenge at all private clubs in the GTA. Given the size of our membership, it is not feasible nor practical to find adequate space at local GTA club's to accommodate our membership requirements. The golf professionals intend to organize Club sponsored travel events in the fall of 2026 and Spring of 2027 to enrich member experience abroad.

WHAT ARE THE RISKS OF A PROJECT THIS SIZE?

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IS THERE A MEMBERSHIP VOTE ON THIS MATTER?

Yes, members will be asked to approve this capital initiative at the next AMM in March of 2024.