Dear Fellow Members,

First and foremost, I hope this communication finds you and your families healthy and well. Thank you for your support of the Club during these past three unusual weeks. In particular, your support of our to-go/delivery food & wine service has been heartwarming. With your support, we are currently experiencing to-go utilization well in excess of typical dining sales.

This last week, it was a pleasure seeing a number of you enjoying the many health benefits that walking our golf course can provide. We are fortunate to have golf as a safe and available outdoor activity at this time. As we continue to operate the Club within the confines of Social Distancing, our club is in a peculiar position. While amenities like Fitness, Tennis/Pickleball, and the Dining Room are temporarily unavailable, the club's financial obligations remain (loans, property taxes, operating leases, etc.). Additionally, we are doing everything we can to keep our core, full-time staff members employed. Once the Stay at Home measure is lifted, we expect utilization of the Club to quickly return to normal levels, and will need to call upon the experience of our dedicated staff. In the meantime, thank you to our Fitness Director, Michele Cannell, and our Executive Chef, Matt Enright, for finding ways to stay engaged with the membership through their recent video posts.

For the past three weeks, our Board and executive leadership team has been discussing our best path forward on an almost daily basis. We are acutely aware of the unique circumstances and how they directly affect our members. As a reminder, we have deferred 1/2 of Golf Members' Capital Share, along with the entirety of Social Members' Capital Share that was originally slated to be billed on March 31, to a date when our amenities are in full swing again. This deferment, in and of itself, served a significantly negative financial impact to our operational cash flows.

Please know, your Board will continue to reevaluate circumstances regularly. We will remain hopeful that all of our club's amenities will become available to us again soon. Should our Club's amenities remain restricted for an extended period of time, we will take the necessary measures to secure our financial wherewithal.

For now, let's continue to remain Socially Distant so we can all return to socializing at our club sooner!

Sincerely,

Stephen Frank

President

Wedgewood Board of Directors