December 1^st, 2008

Dear MGC customers,

I can’t believe how fast the 2008 season went! During the season, I have been very happy to serve all of the customers, saying hello to everyone as a new owner and then listening what my customers have told, commented or advised me. I really appreciate your close attention to Manchester Golf Club.

In the last 2 decades in the business field, I have never forgotten this; Customer is King. Also, I have always kept in mind the 2 management policies of an American company, which has emphasized them to its employees;

1. If a customer says that it is wrong, it is wrong.

2. If you do not agree with the customer, go back to the policy number 1.

I never forget the 2 thousand-mile, 48-hour long journey from Oregon to be here in March this year to run this golf course, driving my 1999 Dodge Grand Caravan alone, shedding tears on and on, missing my family I left there and remembering the moment when my son said bye, vowing me in Korean traditional way for the first time since he was born. However, I am sure that I made the only and best decision that I believe my Lord guided me to make and have felt that I am a happy man, who was able to meet such a kind and friendly people in this community and in Iowa.

I feel that it is granted that I am encouraged more and more everyday to work harder for my customers and neighbors, vacuuming carpet, cleaning restrooms, washing dishes, serving customers at the pro-shop and at the bar, cleaning up the patio, blowing fallen leaves, spreading salt to melt snow in the midnight, and whatever I needed to do other than my managerial jobs, living at the “white” house next to the main parking lot on this golf course alone.

I came here to Manchester to work until I retire, contribute to this community and even to the State of Iowa and will never give up what I have planned and dreamed of. Now, I am ready to work for my customers for 2009 season, trying to survive financially.

The followings are the main changes we’d like to inform you of regarding 2009 season pass. Please refer to the attached 2009 Pass registration form. We are going to give 10% discount if payments are received prior to December 20^th, 2008 and 5% discount if payments are received prior to February 20^th, 2009. We appreciate your past participation and anticipate your continued support for the 2009 season.

1. 2009 Golf Passes

• A new unlimited single golf pass for seniors, who is and will be 65 or older in 2009, giving 10% discount out of the regular fee.
• A new unlimited single golf pass for Out-Of-County golfers, giving 10% off the regular fee. However, a double discount for the seniors, who live outside of Delaware County, is not applicable.
• A new unlimited golf pass for couple coming from outside of Delaware County - We also give 10% discount out of the regular fee for unlimited golf pass for couple, who live outside of Delaware County. Only legal husband and wife are regarded as a couple.
• A new young adult golf pass for those whose age is and will be between 25 and 30 in 2009
• 10, 15, and 25 round passes entitle the purchaser, his/her spouse and all dependent children to utilize these rounds for 9 or 18 holes of golf. Spouse and dependents must be identified on application. Round passes can’t be shared with any other person than the purchaser, his/her spouse and all dependent children. Maximum 20% of the number of rounds on those passes is rolled over to the next year with a purchase of new round pass in the following year.

Pass Holder Benefits:

• Free Locker for a year – We have about 20 lockers at the simulator room and at the coat room. So, “First come, first served.”
• T-time reservations – 14 days in advance vs. normal 7 days (T-Times subject to tournaments and events)
• Discounted rates for “Full Swing” golf simulator time - $5.00 off normal fee
• Participating in “Golf Pass Holder Only” events and other MGC functions such as the Match Play, Club Championship, and Sole Survivor

* Sorry, but No Guest Pass will be given to pass holders from 2009.

2. 2009 Cart Passes

• We separate unlimited Half-Cart Pass from unlimited Full-Cart Pass.
• Full-Cart Pass is only for couple, who is husband and wife, and can’ t be shared with any person other than themselves.
• New Out-Of-County, Unlimited Half-Cart Pass and Full-Cart Passes are sold to golfers living outside of Delaware County to give them 10% off regular fee.
• 10, 15 and 25 round cart passes are all Half-Cart Passes.
• We lowered the cart shed rental fee from $375 in 2008 to $300 in 2009.
• We will change the passwords for the upper and the lower shed entrances as of December 20^th, 2008 and will let all current cart owners know the new password. Please stop by the pro shop to get new passwords.
• Off-premise golf carts are not allowed on the golf course, unless off-premise access fee is paid.

3. Junior Golf Passes

• These passes are for unlimited golfing. Check with the Pro Shop for the time restrictions for junior golf passes. Restrictions include no Thursday tee times after 10 AM and tee time restrictions for tournaments and golf outings. The Pro Shop staff will track all of your rounds.

Again, we appreciate your business with Manchester Golf Club and encourage you to have a chance to get either 10% off regular fee by purchasing passes by December 20^th this year or 5% off by purchasing passes by February 20^th, 2009.

In addition, we would like to ask you to spread words to your friends, relatives and neighbors about our new passes and discounts, especially senior passes, out-of-county passes, young adult passes and lowered cart shed rental fee.

I am going to be a snow ball, which could be getting bigger and bigger as long as it rolls over and over to better serve our customers and contribute this beautiful community more and more.

Finally, I would like to inform you that my wife, Yoonhi, made a decision to move to Manchester at the end of January 2009 and open and operate the Japanese and Korean Restaurant on the 2^nd floor of the club house from February 1^st. The name of the new restaurant is “Arirang”.

Let me give you information on the sale of one of residential lots I have. It is located just next # 17 green, overlooking both 17^th hole and beyond, 2^nd and 5^th hole. The lot size is 1.25 acres, and I am asking $35,000. If you have an interest to build your house on my golf course, the lot will be the best one. Please call me. My cell phone is 503-830-0960.

If you have any questions regarding the fees and passes for 2009, please contact Keith Zietlow or myself at 563-927-4155.

Wishing you have happy holidays,

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Simon Kim

Manchester Golf Club – “The Green in the Morning Calm”