Dear Members

Pursuant to the 92nd Annual General Meeting held on 29 April 2007 and in view of the various views held by members in relation to the increase in transfer fee in January 2007, the Management Committee in good faith, has decided that with effect from 1 July 2007, to reinstate the Club's transfer fee to $6,000 plus prevailing GST.

In addition, as discussed at the AGM the Management Committee wishes to further advise that the difference in the transfer fee for membership transfers transacted during the period 1 January 2007 to 30 June 2007 would not be refunded under any circumstances.

Last but not least, the value of the CSC membership through third party transfers remains a subject of great concern to the Management Committee as well as to members at large. We hope that members who wish to exit the Club would take into consideration of the fact that the Club had spent over $30 million and with more to come in upgrading its facilities and premises; and not to let the Club membership nosedive too drastically when they transact their memberships in the open market come July 2007.

Thank you.

The Management
1 June 2007