• Crescent Systems Overview
• Management
• Shareholders/Advisory Board
• Officers/Shareholders

CRESCENT SYSTEMS OVERVIEW

Crescent Systems was founded by its majority shareholder, The Crescent Company. The Crescent Company management team has developed, owned and operated a portfolio of member based semiprivate clubs in the southeastern United States since the late 1980s. The Crescent Company has millions of rounds of golf experience as well as expertise in food and beverage, catering, membership and club administration. The Crescent Company had over 200 employees and at the time was struggling with four legacy DOS club management software systems. These software systems were inadequate due to their product gaps, lack of updating and customer support deficiencies.

In a quest to find a better way to manage the clubs, The Crescent Company management team identified the need for fully integrated, user-friendly, fast, reliable, and secure Windows™ based software. In addition, the team envisioned a friendly, responsive, solution-oriented customer support philosophy because the industry lacked software vendors with commitment and resources dedicated to client support.

Crescent Systems is the leading Window™ based fully integrated club business software. Crescent provides its products and service to all segments of the golf industry (i.e. daily fee, semi-private, municipal and resort) and private club industry (country clubs, yacht, tennis, social, etc.) with its state-of-the-art technology. Crescent Systems currently services several hundred clients in 40 states, including Hawaii, and Guam. Crescent Systems has NO DEBT, externally, and has always been an equity funded company.

Today, Crescent Systems is the Standard of Excellence in Club Management Software Solutions. Crescent Systems’ software can be found in clubs throughout the United States because the company delivers solutions and exceptional service to clients. In short, Crescent Systems provides Real Solutions and Real Benefits.

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THE CRESCENT COMPANY SHAREHOLDERS (PARENT COMPANY OF CRESCENT SYSTEMS)/ADVISORY BOARD (SYSTEMS)

Michael Callahan*
Currently, Venture Partner with Gartner Group Venture Capital Fund (CT). Gartner Group is a premier technology consulting firm. Prior positions include Executive Vice President and Chief Financial Officer (retired) FMC Corporation (Chicago), Executive Vice President and Chief Financial Officer, Whirlpool Corporation (MI) and former EVP with the Quaker Oats Company (Chicago). He also serves on several boards including Brunswick Corporation, Lake Forest, IL and Material Sciences Corporation, Chicago, IL.
*A shareholder and advisor of Crescent Systems, Inc. only.

Robert Craft*
CEO and owner of a large sod farming operation and a 54-hole golf facility, hotel and real estate complex known as Craft Farms in Gulf Shores, AL. - Crescent Systems 1^st client. Also, Senior Director of Colonial Bankshares (AL).
*A shareholder and advisor of Crescent Systems, Inc. only.

Mike Dasher*
Currently, President, Dasher Golf Design (Orlando, FL). Dasher graduated from Georgia Tech with bachelor and masters degrees in Civil Engineering. He began his career with Wadsworth Golf Construction where he was a project superintendent (1973-1979). In search of new challenges, he joined Arthur Hills and Associates and as president of their southeastern office oversaw the design and construction of over 40 courses (1980-96). Author John Strawn called upon Dasher's insider experiences when writing Driving the Green: The Making of a Golf Course, in 1991. Since 1997, as head of his own firm he has completed four new golf courses.
*A shareholder and advisor of Crescent Systems, Inc. only.

A.D. Frazier
Until recently retiring, President and COO of Caremark Rx, Inc., Northbrook, IL. Mr. Frazier, most recently served as Chairman and CEO of the Chicago Stock Exchange. Formerly President and CEO of INVESCO, Inc., an affiliate of AMVESCAP, PLC - Atlanta and London. Prior senior executive management positions at C&S Bank (GA) and The First National Bank of Chicago (IL). Served as Chief Operating Officer for the Atlanta Committee for the 1996 Olympic Games. He is currently on the Board of Directors of Apache Corporation, Magellan Health Services, Inc., RJR Tobacco Holdings and Rock-Tenn Company. Resident of Atlanta, GA suburbs.

Tom Harris*
Currently, Director of Marketing, Bright’s Creek Development, western NC mountains and partner in this beautiful 5,000 acre property with a new Tom Fazio designed course. Formerly, Senior Vice President, Golf Properties Marketing Group of CB-Richard Ellis, the largest vertically integrated commercial real estate services firm in the world. Initially, Mr. Harris was a top acreage specialist in Arizona, but in 1989 turned his focus to brokerage of golf clubs, resorts and master planned communities. In his 21 years at CB-Richard Ellis, Mr. Harris has actively brokered properties approaching $750 million in value. Mr. Harris is a former U.S. Air Force pilot, former State Department Advisor to U.S. Ambassadors and active in many golf affiliated associations professionally (Phoenix, AZ).
*A shareholder and advisor of Crescent Systems, Inc. only.

Marc Jacobson*
President, Marc Jacobson and Associates, a Northbrook, Illinois firm offering life, health and disability insurance. Provides health and life products to the Crescent Companies. Investor and golf enthusiast residing in Lake Forest, IL.
*A shareholder and advisor of Crescent Systems, Inc. only.

Rick Jacobson*
President, Jacobson Golf Course Design, Inc. located in Libertyville, IL. Former design associate with Jack Nicklaus Golf Services (8 years). As head of his own firm he has completed numerous new golf courses and redesigns in the East and Midwest regions.
*A shareholder and advisor of Crescent Systems, Inc. only.

Paul Kessenich*
Senior officer of JP Morgan Chase (NY) specializing in fixed income investments. Investor and golf enthusiast.
*A shareholder and advisor of Crescent Systems, Inc. only.

Tull Monsees
Senior Vice President, Everen Securities/First Union Securities (Chicago), division of First Union Corp. (NC), retired. Long-time top amateur in Illinois golf circles.

William Sawyer*
Currently, CEO of Sawyer Resort and Golf Advisors, consultants. Formerly chief investment officer of a publicly traded REIT specializing in exclusive golf resorts and properties ('97-'03). Investor and golf enthusiast.
*A shareholder and advisor of Crescent Systems, Inc. only.

Garnett Smith
Chairman & CEO, Inbrand, retired - Naples and Atlanta. Sold Inbrand to Tyco International (NYSE), August 1997. Prior financial and marketing experience with Bank of America as well as owner of a retail chain of Southeastern U.S. stores.

Britt Swofford
Senior Vice President and Head-International & Country Risk Policy- Bank One, N.A. Chicago - retired. Possesses a strong international background, with significant experience in Europe, Asia, the Middle-East, and Mexico. Former U.S. Treasury Department official.

David Vitale
Currently Senior Advisor to Chicago Public School System, a pro-bono position created to advise the 47,000 employee, $4.6 Billion institution on strategic matters. Former President and CEO of the Chicago Board of Trade and former Vice Chairman of Bank One Corporation (Chicago - and predecessor First Chicago Corporation for 31 years) - retired. Highly regarded for expertise in strategic planning, currency trading, financial derivatives and global financial affairs. Active in several major non-profit institutions such as The Art Institute of Chicago.

Craig Wardlaw*
Executive Vice President-Chief Investment Officer, Bank of America (Retired). Former associate of Mr. Trogdon and known for 30 years. Active investor, trader and golf enthusiast.
*A shareholder and advisor of Crescent Systems, Inc. only.

Peter Wais
Formerly Senior Vice President of Crescent Systems. Prior positions include President and CEO of First Lake Corp (IL), a company he formed in 1989 to buy distressed loans from the RTC & FDIC, EVP of Pinnacle Banc Group (IL) and COO & CFO of several financial institutions.

William Zanoni*
Executive Vice President, Talbot Insurance Agency, one of the largest Golf Club/Course Brokerage/Insurance firms in the U.S.). Investor and golf enthusiast.
*A shareholder and advisor of Crescent Systems, Inc. only.

Neal Trogdon
Majority shareholder of The Crescent Company and Crescent Systems.

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CRESCENT SYSTEMS OFFICERS/SHAREHOLDERS

Neal Trogdon
Founder/President/CEO of The Crescent Company and Crescent Systems. Twenty years of domestic and international management experience in finance, marketing, and operations as a senior executive of Bank of America (NC) and Executive Officer of The First National Bank of Chicago (IL) prior to current businesses commencing in the late 1980s. General Partner in charge of the four (4) Crescent Clubs in Southeastern U.S. developed or acquired since 1988.

The Crescent Company and Systems Shareholders advice to Crescent Systems management is rich in business expertise, but also reflects their knowledge as club members. Some of the memberships held by the group are as follows:

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