Q: Why is TWDC selling the public courses and The Woodlands Country Club at this time?

A: TWDC is concentrating its focus on their core business which is residential and commercial development. They are quickly transitioning towards the future build out of The Woodlands. TWDC is strategically becoming an ally of great Companies for the growth and success of The Woodlands such as selling 50% interest in The Woodlands Mall to General Growth Prpoerties, the sale to Trademark Properties of the land for development of Market Street and the sale of the Property management function to PM Realty.

TWDC truly believes that by selling the public golf courses and The Woodlands Country Club to Sequoia/Canongate, they will take these clubs to the next level and provide more member satisfaction.

Q: Will there be any changes in the golf usage rights by guests at The Woodlands Resort?

A: The Woodlands Resort guests will still have access to the Panther Trail and The Oaks courses for individual and group rounds.

Q: Is The Woodlands Athletic Club (WAC) included in the sale?

A: The Woodlands Athletic Club will not be included in the sale and it is planned to close in late 2008. THe WAC Members who already transfered their memberships to The Woodlands Country Club will enjoy the benefits of their membership.

Q: What has transpired to date?

A: The buyer, Sequoia/Canongate Golf LLC has already signed a contractto purchase The Oaks and Panther Trail public golf courses and The Woodlands Country Club from The Woodlands Development Company (TWDC). The sale will be finalized most likely in 60 days.

Q: What usage rights will The Woodlands Country Club members have at The Woodlands Athletic Club after the sale?

A: These members will still enjoy the use of that facility until its closure.

Q: What benefits will be offered to members of The Woodlands Country Club as a result of the sale?

A: The Sequoia/Canongate Company is planning to keep these benefits and enhance them as well as the services currently being enjoyed by members of The Woodlands Country Club. Members of The Woodlands Country Club will soon have more courses to play at as well as flexible membership options.

There is no immediate change in the fee structure, memberships will be automatically transferred to the new ownership, with no initiation fees required by members. The way golf is played should be virtually seamless to Country Club members.

Q: Why was Sequoia/Canongate LLC selected as the Buyer?

A: Sequoia/Canongate Golf, managed by Joe Guerra, has more than two decades of experience in owning and operating private Clubs. This company has rapidly becaome a private golf leader in the Atlanta market and has purchased seven clubs in the market it has now expanded to 18 clubs. Their desire is to position The Woodlands and its golf courses as the flagship property for their entrance in the Houston Market.

For more information about Sequoia/Canongate, log on to www.canongategolf.com.

Q: Will there be any changes in the tennis usage rights by guests of The Woodlands Resort?

A: Tennis courts will be accessed on a space available basis, resort guests will continue to be allowed.

Q: Will charging privileges be reinstated for Woodlands Country Club members for dining privileges at Spartilo?

A.: The new owner anticipates that the Country Club members will have charging privileges at Panther Trail, The Oaks, Golf Pro Shop and Spartilo. They will be installing their own accounting and software system over time.

Q: What properties are included in the sale package?

The Player Clubhouse amenities and Golf Course along with the Maintenance Facilities.
The existing Tennis Facilities including the Pro Shop and indoor courts.
The Oaks and Panther Trail Golf Courses, Golf Pro Shop, Guest Locker Rooms, Spartilo and a portion of the kitchen to support that restaurant.
The East Course and Clubhouse, Golf Hall of Fame Building, and East Course Maintenance Facilities.
The Palmer Clubhouse amenities and Golf Courses along with the Maintenance Facilities.
The contract between TWDC and Sequoia/Canongate stipulates that the renovation of the East Course Clubhouse will be completed by TWDC. Completion is planned for July, 2007.

Q: Are there plans to continue the capital improvement strategy for The Woodlands Country Club to include the Tennis and Fitness Facility at Creekside Park and the Fitness Center at the renovated East Course Clubhouse?

A: The new owner will decide this.

Q: How will employees of The Woodlands Country Club be affected?

A: TWDC chose Sequoia/Canongate because they could expand the opportunities of advancement to its employees because TWDC did not plan to build more golf courses in The Woodlands and there would have been limited opportunities for advancement.

All current staff will remain in place, with the exception of Bill Langley, Managing Director of The Clubs of
The Woodlands and Mark Zientek, Clubhouse Manager for The Woodlands Country Club. Both Langley and Zientek have chosen to remain employees of TWDC, as Managing Director and Clubhouse Manager, respectively, of The Club at Carlton Woods.

The new owner will bring several key individuals to The Woodlands Country Club to assist in the transition and ongoing management at the top level. Both Langley and Zientek will also remain very involved with The Woodlands Country Club through the transition.

Q. How will the current quality of the facilities, amenities and programming change with the change of ownership?

A. Sequoia/Canongate has operated their clubs and received high ratings of member satisfaction, they have agreed to operate the Club at the current level of quality. They embrace the current philosophy of the facility as a family orientedprivate club.

*The FAQ's contain our best knowledge of the impending transaction and
Canongate's plans for the future. Answers are subject to change and modification. None of the information expressed or implied is guaranteed.

Source: www.TheWoodlands.net

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