Mr. Rai Sahi reports

TWC ENTERPRISES LIMITED ANNOUNCES RETIREMENT OF EDGE CARAVAGGIO FROM CLUBLINK CORPORATION ULC AND APPOINTMENT OF JOHN FINLAYSON AS CHIEF OPERATING OFFICER, CLUBLINK CORPORATION ULC

Edge Caravaggio, vice-president, golf operations, is retiring from TWC Enterprises Ltd.'s ClubLink Corp. ULC, effective Dec. 31, 2014.

Rai Sahi, president and chief executive officer, was quoted as saying: "Edge has been instrumental to ClubLink's growth over the past 20 years. During his tenure with ClubLink, he played an important role in our acquisition strategy, not only in terms of evaluating properties for purchase but also in the postacquisition integration of these properties into ClubLink's structure. He was instrumental in establishing ClubLink's current operational processes, including presiding over ClubLink's transition to its current regional operational structure. His vast industry experience and his commitment to the game of golf, along with his involvement with the [National Golf Course Owners Association] at the national level, have been of tremendous benefit to ClubLink over the years. I personally wish him the best in his retirement and thank him for his years of dedicated service."

In conjunction with Mr. Caravaggio's retirement, John Finlayson has been appointed chief operating officer of ClubLink.

Mr. Sahi stated: "John joined ClubLink in 1998 and assumed increasing responsibilities in golf operations. In 2009, he was promoted to regional executive director of operations for the Greater Toronto Area West region. He oversaw ClubLink's expansion into the Florida marketplace, starting in 2010 as vice-president, U.S. operations, and for the past two years, he has concurrently held the role of president, White Pass & Yukon Route Railway in Alaska, a role he will continue to hold going forward."