The World Leader in Private Clubs

June 27, 2008

Dear ArrowCreek Property Owner:

By now you may be aware that on Tuesday, June 24th ClubCorp contacted the ArrowCreek Home Owners Association Board of Directors through our designated point of contact, Rich Kenny, to advise them that as of that moment we were withdrawing our proposal to lease, upgrade, staff, operate and maintain the ArrowCreek Resident Center.

ClubCorp is continuing to work with TerraBrook to purchase ArrowCreek Country Club and we plan to gradually upgrade the facility to offer current and potential members from outside ArrowCreek a family-oriented sports member expelience in line with the business model that we described at the "town hall" meetings held at the facility on June lih/13th• ArrowCreek Country Club is a spectacular club in a wonderful gated real estate development and if the purchase is successfully completed we will be proud to welcome it into the ClubCorp family.

We firmly believe that a strong partnership between the Club and the homeowners benefits every­ one: a successful club adds value to your homes and a more prosperous community is a sound foundation for the club. We believe our proposal would have been a major step towards this end, but unfortunately circumstances prevented its being adopted at this time and we had no reasonable alternative but to take this course of action.

In the longer term, we are still convinced that we will need an operating agreement to improve both the quality of services at the Residents Club and the overall offering ofthe country club. For now we are just going to focus on the transition of ownership of the club and establishing our company as a contributive and trusted citizen ofthe community. Our plan, as expressed at the town hall meetings, is to make our value proposition so attractive that many residents will choose to become full or social members, while still recognizing the realities of our business by also attracting new members from outside the gates.

The abiding memories that I will carry away from the last few weeks are of the many of you that have taken the time to discuss your views and suggest improvements in our offering, by attending meetings, writing to me, forming committees and walking your neighborhoods to discuss this opportunity with your friends and fellow residents.

Your support and help in the process has been overwhelming. We truly appreciate your efforts. We will meet again.

Sincerely,

K~ 1<ad£:1

Ken Kasten

Senior VP, Development ClubCorp

CLUBCORP, INc.

3030 LBJ Freeway, Suite 600 / Dallas, Texas 75234 / Phone 972.243.6191 Fax 972.888.7717