Cash Flow History and Base 2015 Budget Actual Fcst Budget Equity membership dues $ 108 $ 113 $ 103 $ 107 $ 112 $ 105 $ 98 $ 118 Non-Equity membership dues Other revenues Total revenues Pool management/payroll Insurance Utilities Swim/Dive team coach fees Repairs & maintenance Other Total expenses Net operating cash flow before debt service (20) (8) 8 Mortgage payment (3) (8) Mortgage proceeds less pool renovation costs Net bond deposits (refunds) 2 2 (10) (2) (15) Net cash flow (18) (19) (1) (3) 3 Beginning cash Ending cash $ 27 $ 32 $ 35 $ 45 $ 26 $ 25 $ 22 $ 25 Ending loan balance $ - $ 55 $ 50 $ 45 $ 39 $ 33 Assumes No Pool Renovation or Capital Assessments

Base 2015 Budget Assumptions  Minimum Cash Flow Requirement  Cash flow before bond deposit/refunds must equal $8 annual mortgage payments  Membership Assumptions Permanent Family Memberships  Increase from 210 to 220  Increase in annual dues from $485 to $515  Increase in board member dues from $243 to $515  No 20% discount for early bird new members Permanent Empty Nest Memberships  Unchanged at 17  Increase in annual dues from $250 to $275 Summer Only Family Membership  Increase from 18 to 20  Increase in annual dues from $600 to $640 Summer Only Empty Nest Membership  Remain unchanged at 9  Increase in annual dues from $325 to $370  Pool Management Fee 11% increase from $59.0K to $65.8K due primarily to minimum wage increase Assumes No Pool Renovation or Capital Assessments

Historical Membership Decline Forecast Actual Family Membership Open Empty Nest Membership Total Open Family Membership $ 485 $ 480 Open Empty Nest Membership $ 250 $ 243 $ 240 N/A Long-Term Trend in Reduction in Membership Permanent Membership Decline from 281 in 2005 to 227 in 2014 The following is a Summary of Permanent Memberships since membership is open 2005 to 2008 annual dues is open although suspect that it was significantly lower than 2009 and forward

Minimum Wage Increase Federal Minimum Wage is Currently $7.25 per hour Montgomery County Minimum Wage Increase $8.40 per hour starting 10/1/14 $9.55 per hour starting 10/1/15 $10.75 per hour starting 10/1/16 $11.50 per hour starting 10/1/17 Exemption for employees under 19 who work less than 20 hours per week Increase is 16% for 2015 pool season while US Aquatics management fee increase is 11% Increase is 59% by 2018 pool season Unsure of how much increase in US Aquatics management fee will be

Equity membership dues $ 98 $ 129 $ 131 $ 134 $ 137 $ 140 $ 142 $ 145 $ 148 $ 151 $ 154 Non-Equity membership dues Other revenues Total revenues Pool management/payroll Insurance Utilities Swim/Dive team coach fees Repairs & maintenance Other Total expenses Net operating cash flow before debt service (8) Pool Renovation - (125) - - (35) - - (10) - - (35) Pool Financing Mortgage payment (8) (25) Capital Assessment Net bond deposits (refunds) Net cash flow (3) (10) (4) (3) (13) (2) (36) Beginning cash Ending cash $ 23 $ 52 $ 79 $ 108 $ 98 $ 94 $ 91 $ 78 $ 76 $ 74 $ 38 Ending loan balance $ 39 $ 152 $ 135 $ 118 $ 99 $ 80 $ 61 $ 47 $ 32 $ 17 $ 0 Ten Year Forecast For Remodeling Assumes Pool Renovation in 2015

Ten Year Forecast Assumptions  Membership Assumptions Permanent Family Memberships  Increase from 210 to 220 in 2015 and constant thereafter  Increase in annual dues from $485 to $560 in 2015  Increase in board member dues from $243 to $560 in 2015  No 20% discount for early bird new members Permanent Empty Nest Memberships  Unchanged at 17  Increase in annual dues from $250 to $335 Summer Only Family Membership  Increase from 18 to 20  Increase in annual dues from $600 to $710 Summer Only Empty Nest Membership  Remain unchanged at 9  Increase in annual dues from $325 to $410  2% Annual Growth Assumption in Dues and Expenses Starting in 2016  Pool Management Fee Does not Grow by More than 2% in 2016 and thereafter  Substantial increase in pool management that mirror minimum wage increase will dramatically increase membership annual dues assumptions Assumes Pool Renovation in 2015

Ten Year Forecast Assumptions  Member Capital Assessments  $170 per year for three years and $150 for fourth year  Total of $125,000 over four year period  No capital assessment for first two years of new members  Loan Financing  $128,000 Debt Financing  6% Interest Rate  Ten Year Amortization  $3,000 in Closing Costs Future Pool Whitecoat Wading and Dive Pools in 2018 Main Pool in 2024 Assumes Pool Renovation in 2015