Developer subsidy

The Constitution provides that the Developer may contribute to the Club Fee of a Member for so long as, at such times, in such manner and subject to the terms and conditions stated in a PDS (known as a Developer Subsidy).

The Constitution also provides that, to the extent that the Developer gives prior written consent to the Responsible Entity for the inclusion
of a statement in a PDS in the form and context in which it is included and which deals with the Developer Subsidy, the Developer is bound by and must in all respects comply with that statement. The Developer has agreed not to provide a Developer Subsidy in 2014.