Board Executive Committee Meeting - Enterprise Florida

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1 E N T E R P R I S E F L O R I D A S Board Executive Committee Meeting M A Y 2 7 , 2 0 1 5

2 Enterprise Florida Board Executive Committee Meeting May 27, 2015 DOCUMENTS LIST The following documents are being provided for your review prior to discussion and/or action Tab 1 ExecutiveCommitteeAgenda...................................................................................................................1 DraftBoardAgendaforMay28,2015......................................................................................................2 Tab 2 DraftMinutesofApril15,2015ConferenceCall......................................................................................3 Tab 3 NewBoardAppointments.........................................................................................................................9 BudgetedContractsover$100,000........................................................................................................12 Tab 4 ConsentAgendaforMay28,2015BoardMeeting................................................................................14 FinancialStatements3rdQuarterendingMarch31,2015...................................................................15 RenewalofExistingInvestors.................................................................................................................21 NewBoardInvestors..............................................................................................................................25 NewCompanyRepresentative...............................................................................................................29 VISITFLORIDABoardAppointments........................................................................................................30 Tab 5 Appendix ExecutiveCommitteeCharter.................................................................................................................36 ExecutiveCommitteeMembers.............................................................................................................38

3 EFI Executive Committee Agenda May 27, 2015 11:45 a.m. 1:00 p.m. Enterprise Florida, Inc. Board of Directors Executive Committee Meeting Date: May 27, 2015 CALL-IN NUMBER: (800) 501-8979 Time: 11:45 a.m. 1:00 p.m. Location: Grand Hyatt Tampa Bay ACCESS CODE: 8344260# Herring Gull 2900 Bayport Drive Tampa, Florida 33607 KEY: (I) = Information Dress: Business Attire (D) = Discussion (A) = Action Presiding Officer: Alan Becker, Vice Chair 1. Welcome..Alan Becker (I) Statement of Public Notice Al Latimer 2. Approval of Minutes....Alan Becker (A) Draft Minutes of April 15, 2015 Conference Call 3. New Appointee Acknowledgements...Alan Becker Budgeted Contracts over $100,000....Louis Laubscher 4. Proposed Consent Agenda Items....Alan Becker (D) rd Financial Statements- 3 quarter ending March 31, 2015 Marlin Hutchens Renewal of Existing Investors Al Latimer New Investors Al Latimer New Company Representatives Al Latimer VISITFLORIDA Marketing Plan & Budget Will Seccombe VISITFLORIDA Board Appointments Will Seccombe 5. Public Comment.........Alan Becker (I) 6. Vote on Consent Agenda......Alan Becker (A) 7. New Business.........Alan Becker (D) 8. Reminders....Alan Becker (I) 2015 Executive Committee Conference Call Dates: July 9, 2015 10:00 a.m. 11:00 a.m. September 16, 2015 10:00 a.m. 11:00 2015 Executive Committee Meeting Dates: August 19, 2015 Ponte Vedra October 21, 2015 Orlando 9. Adjourn.....Alan Becker (A) Enterprise Florida Executive Committee Meeting | May 27, 2015 Page 1 of 38

4 Enterprise Florida Board Meeting Agenda - DRAFT Outlook Grand Hyatt Tampa Bay Tampa, Florida May 28, 2015 8:15 A.M. 11:30 A.M. Theme: Economic and Job Growth Outlook CALL-IN NUMBER: (877) 402-9753 ACCESS CODE: 6423569# 8:15 a.m. Chairmans Welcome.....Governor Rick Scott 8:35 a.m. Vice Chair Remarks & Roll Call.....Alan Becker, Vice Chair 8:45 a.m. Presidents Update & Q&A.........Bill Johnson, EFI President & CEO 9:15 a.m. Economic Outlook....John Robertson, Federal Reserve Bank of Atlanta 9:35 a.m. Capital Programs Overview........Louis Laubscher 9:50 a.m. Capital Programs Success Stories.....Arsenal Venture Partners Nearpod ProcessMAP 10:05 a.m. Targeted Industry Breakout Session...Alan Becker 11:05 a.m. Action Items.....Alan Becker 11:15 a.m. Public Comment (Prior to vote)....By Comment Card 11:30 a.m. Closing Remarks & Adjournment........Alan Becker Save the dates: August 19 20, 2015: Ponte Vedra *October 21 22, 2015: Orlando *Please note date change Enterprise Florida Board of Directors Meeting | May 28, 2015 Page 2 of 38

5 DRAFT Minutes of a Regular Meeting of the EXECUTIVE COMMITTEE of Enterprise Florida A regular meeting of the Enterprise Florida, Inc. (EFI) Executive Committee was held on April 15, 2015 at Enterprise Florida Headquarters in Orlando, Florida. Members Present: Staff Present: Alan Becker Shereena Dann Jesse Biter Beth Frady Stan Connally Mike Grissom Brett Couch Sean Helton Carol Craig Louis Laubscher Julius Davis Noreen Levitt Blake Gable Melissa Medley Danny Gaekwad Simone Miller Ed Gardner Will Seccombe Marlin Hutchens Jenna Simonetti Bill Johnson Crystal Sircy Brian Lamb John Webb Fred Leonhardt Marion Mathes Luis Orbegoso Stuart Rogel Shane Stone (for Belinda Keiser) Guests Present: Neal Dunn, EFI Board Member John Schueler, Tampa Bay Partnership Catherine VanZandt, on behalf of Representative Charles E. Van Zandt Enterprise Florida Board Executive Committee Meeting Minutes | April 15, 2015 Page 3 of 38

6 Agenda I. Welcome and Call to Order Statement of Public Notice II. Board Investors and Membership Updates III. Marketing Partnership Report IV. Finance & Compensation Committee Report V. Audit Committee Report VI. Leader Liaison Reports Business Development Minority & Small Business Entrepreneurial & Capital (MaSBEC) Tourism Development Sports Development International Trade & Development Legislative Committee Education/Workforce Space Defense and Military Retention VII. May 28, 2015 Draft Board Agenda VIII.Public Comment IX. Reminders X. Adjourn Welcome and Call to Order A quorum being present, Alan Becker called the meeting to order at 11:05 a.m. Statement of Public Notice Noreen Levitt read the statement of public notice indicating that the meeting had been advertised according to Florida Sunshine Law requirements and announced that a quorum was present. Approval of Minutes Alan Becker called for a motion to approve the January 21, 2015, Executive Committee Meeting Minutes and Conference Call Meeting Minutes of March 27, 2015. Marion Mathes made the motion, Carol Craig seconded, and it was approved unanimously. Renewal of Existing Members Noreen Levitt read the list of board members renewing their annual investment in Enterprise Florida for the third quarter of the fiscal year. They are: ADT Barron Collier Companies BMG Money, Inc. Darden Restaurants, Inc. Duke Energy Embraer Aircraft Holding, Inc. Enterprise Florida Board Executive Committee Meeting Minutes | April 15, 2015 Page 4 of 38

7 Florida Blue Florida Trend Gulf Power Company Harris Corporation Lockheed Martin Training and Logistics Solutions Massey Services, Inc. Mitsubishi Hitachi Power Systems America, Inc. Publix Supermarkets Regions Bank SunTrust Bank TECO Energy Walt Disney Parks & Resorts Wells Fargo, N.A. New Board Investors Levitt let the group know that an item will be added to the May consent agenda asking members to affirm Baptist Health South Florida and Florida Community Bank as At- Large members of the Enterprise Florida Board of Directors for a one-year term. New Appointments Levitt then informed members that, subsequent to Senate confirmation, the following individuals will officially be seated on the Enterprise Florida Board of Directors: House Appointment Jim Boyd, Representative, House of Representative House Appointment Drew Weatherford, Partner, Weatherford Partners Senate Appointment Jason Steele, Director of Government Affairs, Smith & Associates Company Representatives Levitt shared with members that Britt Sikes, General Manager of the Enterprise Accounts Division for Dex Imaging, will become the new CareerSource Florida representative on the Enterprise Florida Board of Directors. Marketing Partnership Report Stu Rogel reported that the EFI Marketing staff, Team Florida Marketing Partnership members and Governor Scotts team are working together to underscore the need for the broad support of the requested $5 million to market the state. Rogel mentioned the tremendous success of the Spring Training and Tax Day events spearheaded by the Partnership, which attracted site selectors and corporate relocation decision makers from all over the country. Melissa Medley announced that the Team Marketing Partnership has established its own LLC and will be a separate entity working under oversight by EFI administration moving forward. Finance & Compensation Committee Report Marlin Hutchens explained that the Finance and Compensation Committee will be reporting at the next Executive Committee meeting on May 27, 2015 once pending financial data is available. Enterprise Florida Board Executive Committee Meeting Minutes | April 15, 2015 Page 5 of 38

8 Audit Committee Report Brian Lamb reported that the next meeting with auditors is scheduled for April 23, 2015, which will be the first for new committee members Neal Dunn and Harvey Massey. Lamb mentioned that EFIs auditors will also be present at that meeting. Leader Liaison Reports Business Development Luis Orbegoso provided an update on Enterprise Floridas business development activities. He said that through the third quarter 24,382 jobs had been created. Orbegoso announced that the top three jobs-producing industries were financial/professional services, corporate and regional headquarters and information technology. Minority & Small Business Entrepreneurial & Capital (MaSBEC) Julius Davis reported that in the third quarter, $2.5M in loans was transacted for six women and minority-owned small businesses. During the same period, the Florida Opportunity Funds investments with two new and two existing companies total over $2.4M. MaSBEC has executed an agreement for the loan guarantee portion of the Microfinance Act program with DEO for $2.5M. Additionally, the MOU with the SBDC was executed and funds were received on April 7, 2015. Tourism Development Danny Gaekwad reported that the State of Florida is expected to receive 123 million visitors by 2020. The hotel occupancy numbers for the first quarter of 2015 are in and look very favorable, with the lowest performing Florida county out-performing every other state in the nation. The Say yes to Florida spring campaign was launched with the unveiling of the new VISITFLORIDA Hall of Fame. Will Seccombe said that the ongoing strategic plan for the division remained in place with the recent addition of a 13- member task force appointed by the VISITFLORIDA Chair. Sports Development Blake Gable reported that $100,000 in Florida Sports Foundation grants have been awarded thus far this fiscal year, with one more grant cycle pending. This years MLB Spring training season attracted over 1.6 million attendees, representing an increase of 10% over last year. Gable announced that The Miami Marlins will host the MLB All-Star Game in 2017 and Tampa has again been chosen to host the WNBA Final Four tournament in 2019. International Trade & Development Marion Mathes reported that Floridas international trade remains sluggish through the first quarter of 2015. This is in part due to a weakness in key export markets, specifically Brazil, Argentina and Venezuela. The stronger dollar is also negatively impacting exports. Despite the challenging market conditions, the international trade unit remains on track to meet all performance measures for the fiscal year. The unit is continuing to Enterprise Florida Board Executive Committee Meeting Minutes | April 15, 2015 Page 6 of 38

9 emphasize an export diversification strategy and will increasingly complete more events in Asia, Africa, the Middle East and other non-traditional markets. Mathes mentioned that this years Arab Health Medical Exhibition was the most successful to date with 32 companies participating. Legislative Committee Bill Johnson reported that, although EFI was not necessarily in a good spot relative to its legislative and budget positions, he is confident that when session is over the overall outlook will be favorable. He reiterated EFIs commitment to working with Governor Scotts team to fortify the states economic development toolkit and continue to look for ways to be responsive to the state legislature. Fred Leonhardt said that Johnson, other EFI staff, and EFI Board Members have been successful in reaching out to House and Senate leaders, proactively communicating and providing education on the needs of Enterprise Florida. This outreach should have a tremendous impact on a positive outcome when the budget is passed. Education/Workforce Shane Stone of Keiser University reported on behalf of Education/Workforce Task Force liaison Belinda Keiser. Stone stated that the Task Force was recently established to specifically target workforce talent issues faced by the state. The Task Force will be comprised of members representing the EFI Board, Stakeholders Council, CareerSource, the Council of 100 and other education and workforce organizations. Space Jesse Biter reported on Space Floridas recent developments, with a focus on the States mission to place Florida back as the nations leader in man-flight explorations. Biter stated that plans to bring new business to assist with the commercialization of the former Shuttle Landing Facility site at the Kennedy Space Center will be solidified within the next couple of months. Defense and Military Retention Carol Craig provided a report on state and national defense and military activities, which have been shown to be more volatile due to the emergent Islamic state. She announced that high defense budget cuts are expected this year and that the next BRAC will more than likely take place in the fall of 2019. Public Comment Alan Becker asked for public comment prior to a vote on the consent agenda. Katherine VanZandt, speaking on behalf of Representative Charles E. VanZandt, thanked Enterprise Florida for its hard work in bolstering the states economy and job creation. VanZandt also commented on the disconnect between the perception and reality of the state legislatures understanding of Floridas economic development efforts, emphasizing that members of the legislature are paying close attention to EFIs hard work. Enterprise Florida Board Executive Committee Meeting Minutes | April 15, 2015 Page 7 of 38

10 Reminders 2015 Executive Committee Conference Call Dates: Thursday, July 9, 2015 10:00 a.m. 11:00 a.m. Wednesday, September 16, 2015 10:00 a.m. 11:00 a.m. 2015 Executive Committee/Board Meeting Dates: May 27 28, 2015 Tampa August 19 20, 2015 Ponte Vedra October 21 22, 2015 Orlando Adjourn Carol Craig motioned to adjourn and Fred Leonhardt seconded the motion. The meeting was adjourned at 12:02 p.m. Enterprise Florida Board Executive Committee Meeting Minutes | April 15, 2015 Page 8 of 38

11 House Board Appointment Jim Boyd Representative Florida House of Representatives Jim Boyd is a Republican member of the Florida House of Representatives, representing the 71st District, which includes eastern Manatee County and eastern Sarasota County, since 2012, previously representing the 68th District from 2010 to 2012. Boyd was born in Bradenton, into a political family that included his grandfather, Hugh Boyd, a former State Representative, and his uncle, Wilbur H. Boyd, a former State Representative and State Senator. He served on the Palmetto City Council from 1989-1993, during which time he also served as Vice-Mayor and Mayor. After retiring from local politics, he worked as an insurance agent and realtor. His professional experience includes working as the CEO and co-owner of Boyd Insurance and Investment Services, president of The Boyd Group, licensed real estate broker and an Accredited Advisor of Insurance (AAI). He has been involved with the Bradenton Downtown Development Authority, the Manatee Chamber of Commerce and the Manatee Hospital Board of Governors, and served as a volunteer fighter/EMT for the North River Fire District. He attended Manatee Community College, where he graduated in 1976 with an Associate's degree in 1976, and then Florida State University, where he graduated with a Bachelor's degree in 1978. Enterprise Florida Board Executive Committee Meeting | May 27, 2015 Page 9 of 38

12 House Board Appointment Drew Weatherford Partner Weatherford Partners Drew is a Partner of Weatherford Partners, a firm with deep roots in Florida and a strong global network that partners with owners and management teams of high integrity to build great businesses through the provision of capital and strategic business advisory services. After growing up in the Tampa Bay Area, Drew attended Florida State University, where he was a three-year starting quarterback under the legendary Coach Bobby Bowden. Drews college football career included an ACC Championship and five bowl appearances. After graduating with a degree in finance and real estate, Drew played professional football, then lead fund raising efforts for the Seminole Boosters in South Florida. He later served as the Director of Business Development for a renewable energy development company. In 2011 Drew co-founded Strategos Public Affairs in Tampa, where he focused on business advisory services. During his four-year tenure, the firm grew its annual revenue to more than $3 million. Throughout his athletic and professional career, Drew has remained actively involved in his community. In 2011 he established onbikes, a non-profit organization that has raised over $300,000, and provided more than 1,000 new bicycles to foster and at- risk children throughout the Tampa Bay community. Drew is a board member of Take Stock in Children and Florida Medical Clinics Foundation of Caring. Drew was recently appointed to the Enterprise Florida Board of Directors by the Speaker of the Florida House of Representatives the Honorable Steve Crisafulli. Enterprise Florida Board Executive Committee Meeting | May 27, 2015 Page 10 of 38

13 Senate Board Appointment Jason Steele Director of Government Affairs Smith & Associates Jason Steele joined Smith & Associates as Director of Government Affairs. Jason is a 35-year veteran of Florida politics and served in the Florida House of Representatives between 1980 and 1982. His career in public service began as an aide to Governor Claude Kirk in 1970. With hard work and determination, Jason rose through the ranks of the public and private sectors to become a fixture in Florida government and public policy circles. While serving as a State Representative, Jason served on the Committee on Tourism and Economic Development and Transportation. In 1988, he was appointed to the Florida Real Estate Commission by Governor Robert Martinez, and then served as Director of the Division of Real Estate under Governor Jeb Bush. In Melbourne, Jason served as Chairman of the Brevard County Republican Party from 2008 to 2010. He is a founding member of the Space Coast Tiger Bay Club, past- president of the Melbourne Association of Realtors and a long-time member of the Melbourne/Palm Bay Chamber of Commerce, while working in government affairs for several organizations including the Florida Association of Realtors. Jason continues to work closely with Florida lawmakers, including U.S. Senator Marco Rubio and Governor Jeb Bush. Jason has also been a real estate broker for 40 years and has testified on numerous occasions as an expert in real estate in both Circuit and Federal courts. Enterprise Florida Board Executive Committee Meeting | May 27, 2015 Page 11 of 38

14 Contract Disclosure Report ContractDisclosureReport PursuanttoEFIinternalaccountingpolicyA2(PurchasingandCashDisbursements),allexpendituresover $100,000.00mustbereportedtotheExecutiveCommittee.Contractsthatarebudgetedatthe beginningofthefiscalyeararereportedfortheCommitteesinformation.Contractsthatarenot budgetedatthebeginningofthefiscalyearrequirecommitteeapproval. Therearenononbudgetedcontractsrequiringcommitteeapprovalatthistime. I. GeneralServiceAgreements(BUDGETED) ContractNumber: Contractor: Amount: Description: GSE1403 Clark/Nikdel/Powell $500,000.00 TheC/N/Pcontractwas ($749,680.00total originallyexecutedin contractvalue.) October,2013,and amendedinDecember 2014toinclude additionalworkand costsincreasingthe contractamountby $500,000($749,680 total). C/N/Pwillperform ongoingsupportand consultingservices relatedtoEFImarketing efforts,includingdesign andmediabuys.The currentcontractterm expiresDecember, 2015. ContractNumber: Contractor: Amount: Description: GSE1505 McGladreyLLP $300,000.00multiyear McGladreywillconduct agreement internalauditsona yearlybasisatacostof approximately$50,000 peraudit.Additionally, itwillprovidereportsto managementandaudit committeeandassist withprojects. Enterprise Florida Board Executive Committee Meeting | May 27, 2015 Page 12 of 38

15 Contract Disclosure Report II. ForeignOfficeAgreements(BUDGETED) ContractNumber: Contractor: Amount: Description: FIO1501 PM&Partner $200,000.00 ForeignOffice MarketingConsulting representationinEFI GmbHGermany GermanyOfficein Munich,Germany. FIO1502 JapanForumfor $250,000.00 ForeignOffice DevelopmentStrategies representationinEFI JapanOfficeinTokyo, Japan. FIO1504 InstituteofAdvanced $210,000.00 ForeignOffice FinanceConsulting representationinEFI SPAIN SpainOfficeinMadrid, Spain. FIO1505 ResearchonInvestment $178,750.00 ForeignOffice StevenJast representationinEFI CanadaOfficesin MontrealandToronto. FIO1507 OGYNLtd. $100,000.00 ForeignOffice representationinEFI IsraelOfficeinRamat HaSharon,Israel. FIO1508 InteligenciaCorporativa $168,000.00 ForeignOffice scLtda. representationinEFI BrazilOfficeinSao Paulo,Brazil. FIO1509 OCOConsulting $200,000.00 ForeignOffice representationinEFIUK andIrelandofficein London,United Kingdom. FIO1510 OCOConsulting $234,900.00 ForeignOffice representationinEFI FranceOfficeinParis France. FIO1511 APCOWorldwide $335,858.00 ForeignOffice consultingservicesand representationinEFI ChinaOfficesinHong KongandShanghai. Enterprise Florida Board Executive Committee Meeting | May 27, 2015 Page 13 of 38

16 Enterprise Florida Board Meeting Consent Agenda - DRAFT May 28, 2015 Below is a list of items that are being considered for placement on the Consent Agenda for tomorrows board meeting. Subsequent to your action today, all approved items will be transferred to the Consent Agenda and voted on by the full Enterprise Florida membership. Board members are not allowed to vote on their own re-appointment or any issues for which they have a conflict of interest. Directors with an announced conflict of interest will be considered recused from these votes. PROPOSED CONSENT AGENDA 1. Financial Statements The board is asked to approve the 3rd quarter interim financial statements ending March 31, 2015. 2. Action Item Renewal of Existing Investors Subsequent to Board approval, the following companies will continue as At-Large Members of the Enterprise Florida Board of Directors for a one-year term: ADT Lockheed Martin Training and Logistics Solutions Barron Collier Companies Massey Services, Inc. BMG Money, Inc. Mitsubishi Hitachi Power Systems America, Inc. Darden Restaurants, Inc. Publix Supermarkets Duke Energy Regions Bank Embraer Aircraft Holding, Inc. SunTrust Bank Florida Blue TECO Energy Florida Trend Walt Disney Parks & Resorts Gulf Power Company Wells Fargo, N.A. Harris Corporation 3. Action Item New Board Investors An affirmative vote on this issue will add the following new companies as At-Large members to the Enterprise Florida Board of Directors for a one-year term: Baptist Health South Florida George Foyo, EVP/Chief Administrative Officer BRPH Architects-Engineers, Inc. Brian Curtin, President Florida Community Bank Kent Ellert, President & CEO US Sugar Corporation Robert Coker, Senior Vice President, Public Affairs 4. Action Item New Company Representative Following Board approval, Britt Sikes, General Manager of the Enterprise Accounts Division for Dex Imaging will become CareerSource Floridas representative on the Enterprise Florida Board of Directors. 5. Action Item VISITFLORIDA FY 2015-16 Marketing Plan & Budget By approving this request the VISITFLORIDA marketing plan and budget are adopted as submitted. If, however, changes are made to either, the marketing plan or budget during the special session, then VISITFLORIDA will seek approval for those changes at the next Executive Committee meeting. 6. Action Item VISITFLORIDA New Board Appointments VISITFLORIDA is submitting the following for board approval, all of which have been reviewed and approved by the VISITFLORIDA board, and the Department of Economic Opportunity. Universal Orlando Craig Evans, Sr. Director, Brand Management Term ending June 20, 2019 The Hertz Corporation Ron Ritenour, Vice President Florida, Caribbean and President, Hertz Brazil Term ending June 30, 2016 Hilton Worldwide Ian Carter, President, Development, Architecture, Design & Construction Term ending June 30, 2017 Visit Panama City Beach Dan Rowe, President & CEO Term ending June 30, 2017 Enterprise Florida Board Executive Committee Meeting | May 27, 2015 Page 14 of 38

17 Enterprise Florida Financial Report Quarter Ending March 31, 2015 - Unaudited The following financial information for the fiscal year ending March 31, 2015 and 2014, is unaudited, and is derived from internally generated financial statements. This report is provided to the Board of Directors to assist in its understanding and analysis of EFIs financial performance and accountability. These statements have been generated by management and the fairness of their presentation is the responsibility of management. Statement of Financial Position (Attachment A) The Statement of Financial Position provides a comparison of the assets, liabilities and net assets of EFI as of March 31, 2015 and 2014, and is presented in a combined format on Attachment A-1. Attachment A-2 provides the detail of EFIs Financial Position by category or activity. Operations are directly related to our agreement with the State of Florida Department of Economic Opportunity. Administered are funds awarded by the State to various grantees and administered by EFI. Corporate is investor activity and the use of those funds. Restricted is funding earmarked for a specific use only for programs such as Base Protection, Florida Defense Support Task Force, Small Business Technology Growth Fund, State Small Business Credit Initiative, Rural Strategic Marketing, and Technology related programs. Statement of Activities (Attachment B) The Statement of Activities provides a comparison of EFI's revenues and expenses compared to the budget approved by the Board. Information for the prior year is presented for comparative purposes. Information is presented for the quarter ending March 31, 2015 and 2014 on Attachment B-1. Attachment B-2 provides the detail through nine months of the fiscal year, formatted in the same manner as EFIs Financial Position. Revenues Revenues include state funding, investor contributions, program fees, and interest. The revenues are either collected or billed by year end. For the quarter ending March 31, 2015, the third quarter revenue from the state has been recorded and is expected to be received in May 2015. Corporate contributions were budgeted at $1,600,000 for FY 2014/15, a $200,000 increase over FY 2013/14. Contributions are budgeted on a straight-line basis throughout the fiscal year, with collections varying based on the anniversary dates of the investors. The amount collected as of quarter-end was $1,100,000. Revenue earned and collected through the end of March was on track with the budget and it is anticipated that EFI will end the year on track as well. Expenses Through the end of the year, EFI had incurred expenses of $14.7 million compared to $14.0 million in 2014 and is under budget year-to-date. Most of the other expense categories are under budget year-to-date. As for Advertising & Marketing, commitments have been made on these funds in support of the Team Florida Marketing Program. Additional Schedules In addition, to assist in the analysis of EFIs financial performance, included on the last page is a schedule of the administered activity detailing the category of programs by award year. The first column, the Contract Award, is a memo column indicating the expected total to be awarded. The next three columns track the actual flow of funds from the State to EFI, then to the Recipients. The last column total supports the Administered category of activity included in the detail of EFIs Financial Position included on Attachment A-2 for March 31, 2015. For additional information, contact: Pamela Murphy, Vice President, Finance and Accounting T 407-956-5644 [email protected] Enterprise Florida Board Executive Committee Meeting | May 27, 2015 Page 15 of 38

18 Enterprise Florida and Florida Sports Foundation Combined Statement of Financial Position - Unaudited Attachment A-1 ($ in Thousands) March 31 $ % 2015 2014 Change Change Assets 1 Cash and Cash Equivalents - unrestricted $ 13,535 $ 12,090 $ 1,445 11.95% (A) 2 Cash and Cash Equivalents - restricted 41,432 26,088 15,344 58.82% (B) 3 Cash and Cash Equivalents - escrow 85,763 49,499 36,264 73.26% (C) 4 Accounts Receivable 5,392 5,129 263 5.13% (D) 5 Accounts Receivable-SSBCI 2,860 12,586 (9,726) -77.28% (AB) 6 Loans Receivable-SSBCI 20,034 15,980 4,054 100.00% (E) 7 Loans Receivable-FSBTGF 450 150 300 100.00% (F) 8 Investments-FSBTGF 600 - 600 100.00% (G) 9 Other Assets 1,045 808 237 29.33% (H) 10 Total Assets $ 171,111 $ 122,330 $ 48,781 39.88% Liabilities and Net Assets 11 Accounts Payable and Other Liabilities $ 1,502 $ 1,188 $ 314 26.43% (I) 12 Deferred Revenue 3,523 3,059 464 15.17% (J) 13 Escrow Payable 85,710 49,468 36,242 73.26% (C) 14 Grants Payable 2,356 751 1,605 213.72% (Z) 15 Total Liabilities 93,091 54,466 38,625 70.92% Net Assets 16 Temporarily Restricted 64,390 54,994 9,396 17.09% (B) 17 Unrestricted 13,630 12,870 760 5.91% (K) 18 Total Net Assets 78,020 67,864 10,156 14.97% 19 Total Liabilities and Net Assets $ 171,111 $ 122,330 $ 48,781 39.88% (A) Unrestricted funds for operations and administered programs. (B) Restricted funds were received and recorded as revenue in prior years with funds expended in the current year. New funds were received related to the FL Defense Support Task Force and State Small Business Credit Support Initiative, accounting for the majority of the increase. (C) Escrow funds received from the state to be paid to several companies once DEO certifies the contract deliverables are met. The cash asset is offset by a related liability with the difference being the interest earned and payable to the State of Florida on a quarterly basis. (D) Accounts receivable includes the third quarter appropriation and trade accounts receivable. (E) Loan receivables administed under the State Small Business Credit Support Initiative Program. (F) Loan receivables administed under the Florida Small Business Technology Growth Fund Program. (G) Investments made under the Florida Small Business Technology Growth Fund Program. (H) Other assets include fixed assets and prepaid expenses. (I) Accounts payable increased related to general operations. (J) Deferred Revenue is largely composed of funds received from the State of Florida, to be paid for EFI administered grants. The balance fluctuates throughout the year based on when funds are received from the State, as well as, when payments are made to the grantees. (K) Unrestricted net assets to be used for operations and administered programs. (L) State operating funds for Enterprise Florida. (M) State operating funds for Florida Sports Foundation. (N) Corporate contributions are budgeted on a straight-line basis with actual collections recorded on a cash basis. (O) Revenue related to events directly offset event expenses. (P) Other revenues from administrative fees, interest, and sponsorships. (Q) Payroll and benefits is comparable to last year but under budget for the year. (R) Operating, general and administrative costs are slightly under budget for the year. (S) Program expenses and events are offset by event related revenue. (T) Program expenses related to the FL Sports Foundation. (U) International offices higher than last year at this point in time, but on track with the budget for the year. (V) Professional Fees are in line with the budget. (W) Advertising & marketing is on track to spend based on their marketing plan. (X) The travel budget was increased for FY 2014/15 to support the needs of the organization. (Y) Temporarily restricted revenue was received and recorded in prior years with payments made in the current year for the Base Protection, Florida International Business Expansion Initiative, Technology, and Rural Strategic Marketing Programs. Current year new programs related to SSBCI, Defense Task Force, and Minority Business account for the major increase. (Z) Major grants awarded by FL Sports. Grants are funded by revenues received in the current and previous fiscal years. (AA) Legislative appropriated grants administered by EFI. (AB) Accounts receivable related to the SSBCI program for capital and administrative expenses. Enterprise Florida Board Executive Committee Meeting | May 27, 2015 Page 16 of 38

19 Enterprise Florida and Florida Sports Foundation Combined Statement of Financial Position - Unaudited Attachment A-2 ($ in Thousands) March 31, 2015 Operations Administered Corporate Restricted Total Assets 20 Cash and Cash Equivalents - unrestricted $ 7,418 $ 3,191 $ 2,926 $ - $ 13,535 21 Cash and Cash Equivalents - restricted - - - 41,432 41,432 22 Cash and Cash Equivalents - escrow 85,763 - - - 85,763 23 Accounts Receivable 5,392 - - - 5,392 24 Accounts Receivable-SSBCI - - - 2,860 2,860 25 Loans Receivable-SSBCI - - - 20,034 20,034 26 Loans Receivable-FSBTGF - - - 450 450 27 Investments-FSBTGF - - - 600 600 28 Other Assets 1,031 - - 14 1,045 29 Total Assets $ 99,604 $ 3,191 $ 2,926 $ 65,390 $ 171,111 Liabilities and Net Assets 30 Accounts Payable and Other Liabilities $ 1,499 $ 3 $ - $ - $ 1,502 31 Deferred Revenue - 3,188 - 335 3,523 32 Escrow Payable 85,710 - - - 85,710 33 Grants Payable 2,356 - - - 2,356 34 Total Liabilities 89,565 3,191 - 335 93,091 Net Assets 35 Temporarily Restricted - - - 64,390 64,390 36 Unrestricted 10,704 - 2,926 - 13,630 37 Total Net Assets 10,704 - 2,926 64,390 78,020 38 Total Liabilities and Net Assets $ 100,269 $ 3,191 $ 2,926 $ 64,725 $ 171,111 March 31, 2014 Operations Administered Corporate Restricted Total Assets 39 Cash and Cash Equivalents - unrestricted $ 7,846 $ 2,794 $ 1,450 $ - $ 12,090 40 Cash and Cash Equivalents - restricted - - - 26,088 26,088 41 Cash and Cash Equivalents - escrow 49,499 - - - 49,499 42 Accounts Receivable 4,686 - - 443 5,129 43 Accounts Receivable-SSBCI - - - 12,586 12,586 44 Loans Receivable-SSBCI - - - 15,980 15,980 45 Loans Receivable-FSBTGF - - - 150 150 46 Investments-FSBTGF - - - - - 47 Other Assets 793 - - 15 808 48 Total Assets $ 62,824 $ 2,794 $ 1,450 $ 55,262 $ 122,330 Liabilities and Net Assets 49 Accounts Payable and Other Liabilities $ 1,185 $ - $ - $ 3 $ 1,188 50 Deferred Revenue - 2,794 - 265 3,059 51 Escrow Payable 49,468 - - - 49,468 52 Grants Payable 751 - - - 751 53 Total Liabilities 51,404 2,794 - 268 54,466 Net Assets 54 Temporarily Restricted - - - 54,994 54,994 55 Unrestricted 11,420 - 1,450 - 12,870 56 Total Net Assets 11,420 - 1,450 54,994 67,864 57 Total Liabilities and Net Assets $ 62,824 $ 2,794 $ 1,450 $ 55,262 $ 122,330 Enterprise Florida Board Executive Committee Meeting | May 27, 2015 Page 17 of 38

20 Enterprise Florida and Florida Sports Foundation Combined Statement of Activities - Unaudited Attachment B-1 ($ in Thousands) March 31, 2015 March 31, 2014 Actual Budget Difference Actual Budget Difference Revenues: 58 State Appropriations - EFI $ 10,800 $ 10,800 $ - (L) $ 10,800 $ 10,800 $ - 59 State Appropriations - FSF 3,014 2,963 51 (M) 1,881 1,650 231 60 Private Cash Contributions 1,100 1,200 (100) (N) 1,261 1,446 (185) 61 Registration and Participation Fees 868 1,070 (202) (O) 1,574 1,874 (300) 62 Other Revenues 1,059 939 120 (P) 460 1,226 (766) 63 Total Revenues 16,841 16,972 (131) 15,976 16,996 (1,020) Expenses: 64 Payroll and Related Costs $ 6,354 $ 6,445 $ (91) (Q) $ 6,197 $ 7,024 $ (827) 65 Operating, General and Administrative 2,317 2,338 (21) (R) 2,679 2,330 349 66 Program Expenses and Events - EFI 1,495 1,446 49 (S) 1,449 2,406 (957) 67 Program Expenses and Events - FSF 1,004 1,120 (116) (T) 362 687 (325) 68 International Offices 1,543 1,593 (50) (U) 1,323 1,548 (225) 69 Professional Fees 678 812 (134) (V) 517 713 (196) 70 Advertising & Marketing 578 1,129 (551) (W) 1,058 1,088 (30) 71 Travel 701 548 153 (X) 418 479 (61) 72 Total Expenses 14,670 15,431 (761) 14,003 16,275 (2,272) 73 Change in net assets - operations 2,171 1,541 630 1,973 721 1,252 74 Change in net assets - temp restricted 6,590 - 6,590 (Y) 15,280 - 15,280 75 Change in net assets - committed grants (1,450) (1,541) 91 (Z) (934) (721) (213) 76 Net assets, beginning of period 70,709 - 70,709 51,545 - 51,545 77 Net assets, end of period $ 78,020 $ - $ 78,020 $ 67,864 $ - $ 67,864 78 Revenue - Pass Throughs & Grants 1,096 - 1,096 (AA) 1,301 - 1,301 79 Expenses - Grants to Other Organizations 1,096 - 1,096 (AA) 1,301 - 1,301 80 Revenue - Temporarily Restricted 12,055 - 12,055 (Y) 19,414 - 19,414 81 Expenses -Temporary Restricted 5,465 - 5,465 (Y) 4,134 - 4,134 82 FSF Grants - Committed 1,450 1,541 (91) (Z) 934 721 213 (A) Unrestricted funds for operations and administered programs. (B) Restricted funds were received and recorded as revenue in prior years with funds expended in the current year. New funds were received related to the FL Defense Support Task Force and State Small Business Credit Support Initiative, accounting for the majority of the increase. (C) Escrow funds received from the state to be paid to several companies once DEO certifies the contract deliverables are met. The cash asset is offset by a related liability with the difference being the interest earned and payable to the State of Florida on a quarterly basis. (D) Accounts receivable includes the third quarter appropriation and trade accounts receivable. (E) Loan receivables administed under the State Small Business Credit Support Initiative Program. (F) Loan receivables administed under the Florida Small Business Technology Growth Fund Program. (G) Investments made under the Florida Small Business Technology Growth Fund Program. (H) Other assets include fixed assets and prepaid expenses. (I) Accounts payable increased related to general operations. (J) Deferred Revenue is largely composed of funds received from the State of Florida, to be paid for EFI administered grants. The balance fluctuates throughout the year based on when funds are received from the State, as well as, when payments are made to the grantees. (K) Unrestricted net assets to be used for operations and administered programs. (L) State operating funds for Enterprise Florida. (M) State operating funds for Florida Sports Foundation. (N) Corporate contributions are budgeted on a straight-line basis with actual collections recorded on a cash basis. (O) Revenue related to events directly offset event expenses. (P) Other revenues from administrative fees, interest, and sponsorships. (Q) Payroll and benefits is comparable to last year but under budget for the year. (R) Operating, general and administrative costs are slightly under budget for the year. (S) Program expenses and events are offset by event related revenue. (T) Program expenses related to the FL Sports Foundation. (U) International offices higher than last year at this point in time, but on track with the budget for the year. (V) Professional Fees are in line with the budget. (W) Advertising & marketing is on track to spend based on their marketing plan. (X) The travel budget was increased for FY 2014/15 to support the needs of the organization. (Y) Temporarily restricted revenue was received and recorded in prior years with payments made in the current year for the Base Protection, Florida International Business Expansion Initiative, Technology, and Rural Strategic Marketing Programs. Current year new programs related to SSBCI, Defense Task Force, and Minority Business account for the major increase. (Z) Major grants awarded by FL Sports. Grants are funded by revenues received in the current and previous fiscal years. (AA) Legislative appropriated grants administered by EFI. (AB) Accounts receivable related to the SSBCI program for capital and administrative expenses. Enterprise Florida Board Executive Committee Meeting | May 27, 2015 Page 18 of 38

21 Enterprise Florida and Florida Sports Foundation Combined Statement of Activities - Unaudited Attachment B-2 ($ in Thousands) March 31, 2015 Operations Administered Corporate Restricted Total Revenues: 83 State Appropriations-EFI $ 10,800 $ - $ - $ - $ 10,800 84 State Appropriations-FSF 3,014 - - - 3,014 85 Private Cash Contributions - - 1,100 - 1,100 86 Registration and Participation Fees 868 - - - 868 87 Other Revenues 1,059 - - - 1,059 88 Total Revenues 15,741 - 1,100 - 16,841 Expenses: 89 Payroll and Related Costs $ 6,354 $ - $ - $ - $ 6,354 90 Operating, General and Administrative 1,622 - 695 - 2,317 91 Program Expenses and Events-EFI 1,495 - - - 1,495 92 Program Expenses and Events-FSF 1,004 - - - 1,004 93 International Offices 1,543 - - - 1,543 94 Professional Fees 678 - - - 678 95 Advertising & Marketing 578 - - - 578 96 Travel 701 - - - 701 97 Total Expenses 13,975 - 695 - 14,670 98 Change in net assets - operations 1,766 - 405 - 2,171 99 Change in net assets - temp restricted - - - 6,590 6,590 100 Change in net assets - committed grants (1,450) - - - (1,450) 101 Net assets, beginning of period 10,388 - 2,521 57,800 70,709 102 Net assets, end of period $ 10,704 $ - $ 2,926 $ 64,390 $ 78,020 103 Revenue - Pass Throughs & Grants - 1,096 - - 1,096 104 Expenses - Grants to Other Organizations - 1,096 - - 1,096 105 Revenue - Temporarily Restricted - - - 12,055 12,055 106 Expenses -Temporary Restricted - - - 5,465 5,465 107 FSF Grants - Committed 1,450 - - - 1,450 March 31, 2014 Operations Administered Corporate Restricted Total Revenues: 108 State Appropriations-EFI $ 10,800 $ - $ - $ - $ 10,800 109 State Appropriations-FSF 1,881 - - - 1,881 110 Private Cash Contributions 248 - 1,013 - 1,261 111 Registration and Participation Fees 1,574 - - - 1,574 112 Other Revenues 460 - - - 460 113 Total Revenues 14,963 - 1,013 - 15,976 Expenses: 114 Payroll and Related Costs $ 6,197 $ - $ - $ - $ 6,197 115 Operating, General and Administrative 2,313 - 366 - 2,679 116 Program Expenses and Events-EFI 1,449 - - - 1,449 Program Expenses and Events-FSF 362 - - - 362 117 International Offices 1,323 - - - 1,323 118 Professional Fees 517 - - - 517 119 Advertising & Marketing 1,058 - - - 1,058 120 Travel 418 - - - 418 121 Total Expenses 13,637 - 366 - 14,003 122 Change in net assets - operations 1,326 - 647 - 1,973 123 Change in net assets - temp restricted - - - 15,280 15,280 124 Change in net assets - committed grants (934) - - - (934) 125 Net assets, beginning of period 11,028 - 803 39,714 51,545 126 Net assets, end of period $ 11,420 $ - $ 1,450 $ 54,994 $ 67,864 127 Revenue - Pass Throughs & Grants - 1,301 - - 1,301 128 Expenses - Grants to Other Organizations - 1,301 - - 1,301 129 Revenue - Temporarily Restricted - - - 19,414 19,414 130 Expenses -Temporary Restricted - - - 4,134 4,134 131 FSF Grants - Committed 934 - - - 934 Enterprise Florida Board Executive Committee Meeting | May 27, 2015 Page 19 of 38

22 Enterprise Florida and Florida Sports Foundation Detail of Administered Activities by Program Funds Funds Received Funds In Contract From Paid To House Awarded State Recipients 3/31/2015 Base Protection: 132 Awarded in 12/13 8,580 8,580 6,181 2,399 133 Awarded in 11/12 18,950 18,701 18,701 - Defense Infrastructure: 134 Awarded in 14/15 1,600,000 - - - 135 Awarded in 13/14 1,600,000 450,000 200,000 250,000 136 Awarded in 12/13 1,581,245 777,402 336,849 440,553 137 Awarded in 11/12 1,581,245 1,423,484 593,697 829,787 138 Awarded in 10/11 5,000,000 4,702,583 3,926,682 775,901 139 Awarded in 09/10 1,367,325 1,385,457 1,256,479 128,978 140 Awarded in 08/09 10,600,000 10,599,925 10,599,925 - 141 Awarded in 07/08 2,782,000 2,112,414 2,112,414 - 142 Awarded in 06/07 5,314,500 3,635,718 3,582,756 52,962 143 Awarded in 04/05 3,550,000 3,020,000 2,568,697 451,303 Defense Reinvestment: 144 Awarded in 14/15 850,000 - - - 145 Awarded in 13/14 850,000 850,000 593,895 256,105 146 Awarded in 12/13 850,000 817,162 817,162 - 147 Awarded in 11/12 850,000 810,232 810,232 - 148 Awarded in 10/11 850,000 774,809 774,809 - Interest (payable to the State of Florida) 149 Received 14/15 - - - 3,348 150 Ending Balance 39,253,845 31,386,467 28,198,479 3,191,336 Enterprise Florida Board Executive Committee Meeting | May 27, 2015 Page 20 of 38

23 At-Large Membership Renewals ADT Luis Orbegoso President, ADT Business Barron Collier Companies Blake Gable President, Real Estate BMG Money, Inc. Marion Mathes CEO Darden Restaurants, Inc. Susan Connelly Vice President, State and Local Government Relations Duke Energy Alex Glenn State President - Florida Enterprise Florida Board Executive Committee Meeting | May 27, 2015 Page 21 of 38

24 At-Large Membership Renewals Embraer Aircraft Holding, Inc. Gary Spulak President Florida Blue Jason Altmire Senior Vice President, Public Policy and Community Engagement Florida Trend Andy Corty President & Publisher Gulf Power Company Stan Connally President & CEO Harris Corporation Sheldon Fox Group President, Government Communications Systems (GCS) Enterprise Florida Board Executive Committee Meeting | May 27, 2015 Page 22 of 38

25 At-Large Membership Renewals Lockheed Martin Training & Logistics Solutions Jon Rambeau Vice President & General Manager Massey Services, Inc. Harvey Massey Chairman & CEO Mitsubishi Hitachi Power Systems Americas, Inc. Dave Walsh President & CEO Public Super Markets, Inc. Jeff Chamberlain Vice President, Real Estate Regions Bank Brett Couch East Regional President Enterprise Florida Board Executive Committee Meeting | May 27, 2015 Page 23 of 38

26 At-Large Membership Renewals SunTrust Bank David Fuller Chair, President & CEO, Central Florida TECO Energy Gordon Gillette President Walt Disney Parks & Resorts, U.S. Anthony Connelly SVP, Operations Disney Cruise Line Wells Fargo Bank, N.A. Kelly Madden Florida Division Manager, Executive Vice President Enterprise Florida Board Executive Committee Meeting | May 27, 2015 Page 24 of 38

27 New Board Investor George Foyo Executive Vice President, And Chief Administrative Officer Baptist Health South Florida George Foyo has held the position of EVP and chief administrative officer for Baptist Health South Florida since October 2007. In addition to international services, in his new role Mr. Foyo will be responsible for human resources, general counsel, construction management, and government and community relations. These corporate departments provide services to Baptist Health affiliates. Mr. Foyo came to Baptist Health from Blue Cross and Blue Shield of Florida (BCBSF) where he was market president for South Florida. Prior to joining BCBSF, he was president and CEO of the Greater Miami Chamber of Commerce; president of DIRECTV Latin America; and president and managing director for AT&Ts Caribbean and Latin America region. Mr. Foyo serves as a board member of Big Brothers and Big Sisters, Community Partnership for the Homeless, the Cuban American National Council, Greater Miami Chamber of Commerce, Coconut Grove Bank, Dade Community Foundation, Miami Business Forum, Orange Bowl Committee, United Way of Miami-Dade and WPBT/PBS Channel 2. He has received several awards and honors, including being named Executive of the Year by the Latin Chamber of Commerce of the United States, Madrid Chamber of Commerce Executive of the Year, and Outstanding Alumni of the University of Illinois. Enterprise Florida Board Executive Committee Meeting | May 27, 2015 Page 25 of 38

28 New Board Investor Brian Curtin President BRPH Architects-Engineers Brian Curtin, P.E. is president of BRPH Architects Engineers, Inc., an employee owned international architecture, engineering and construction services firm. Curtin has held this position since 2010 and has been with the firm since 1990. He is also an officer of the company and serves on the board of directors. Working with the executive team, Curtin sets the strategic direction for BRPH through the enhancement of the client service experience, management of current and prospective client relationships and capacity, as well as strengthening our market position through the continuous development of efficient management processes and day to day operations of the company. Curtin provides oversight to team leaders on projects across all market sectors, including aviation, federal, commercial, and industrial projects. His leadership is based on an in-depth technical background and thorough understanding of manufacturing and assembly facilities. A frequent contributor to a number of business and industry publications, Curtin has been published in Consulting/Specifying Engineer Magazine, Florida Construction Bulletin and The Zweig Letter. He is a recipient of the Florida Governors Energy Award and his projects have received recognition from the Associated Builders and Contractors Eagle Awards program, Engineering Excellence Grand Award, Engineering News- Record Top Projects, and the Florida Institute of Consulting Engineers (FICE). Community and professional involvement is an integral part of Curtins role within the firm. He is a member of several boards including the Economic Development Commission of Floridas Space Coast, Aerospace Industries Association, and Enterprise Florida (role starting February 2015). Curtin also personally and professionally supports Junior Achievement and Habitat for Humanity. Curtin holds a Bachelor of Science degree in Mechanical Engineering from the University of Maryland. He is LEED accredited by the U.S. Green Building Council and a registered professional engineer in Florida, California, Alaska and Hawaii. Curtin holds a membership with the National Council of Examiners for Engineering & Survey (NCEES). Enterprise Florida Board Executive Committee Meeting | May 27, 2015 Page 26 of 38

29 New Board Investor Kent Ellert President & CEO Florida Community Bank Kent S. Ellert has served as President and Chief Executive Officer of Florida Community Bank since March 22, 2013, served as President and Chief Operating Officer of the Company from November 3, 2009 to March 22, 2013, and as a director of the Company since October 1, 2010. Mr. Ellert has served as President and Chief Executive Officer of the Bank since January 26, 2013, as President and Chief Operating Officer of the Bank from January 22, 2010 to January 25, 2013, and as a director of the Bank since January 22, 2010. From October 2009 to January 22, 2010, Mr. Ellert assisted Florida Community Bank with the identification of target depository institutions as a consultant to the Company. Prior to joining the organization, Mr. Ellert was a consultant to Southeast Acquisition Holding Corp., an entity established for the pursuit of bank platform acquisitions in Florida. From August 2007 to October 2008, Mr. Ellert was President and Chief Executive Officer of Fifth Third BankSouth Florida. Prior to joining Fifth Third Bank, Mr. Ellert worked for Wachovia (legacy First Union) for 18 years, where he oversaw the establishment of Wachovias first wholesale banking platform in southwest Florida and managed the combination of Wachovia and First Union Bank in Broward County, Florida. Mr. Ellert held various other positions with Wachovia from 1989 until 2007, including Executive Vice President, Group Head Retail Banking, Southeast US Regional President, Business/Commercial Banking Sales Director, Senior Portfolio Manager and Corporate Banking Officer. Prior to joining Wachovia, Mr. Ellert was a Relationship Manager at NCNB (a predecessor to Bank of America). He is currently a member of the board of directors of Florida Gulf Coast University, Lutgert College of Business and prior member of the board of the Economic Development Council, where he also is the Vice Chairman of the Membership and Investment Committee. Mr. Ellert held the position as the Chair of the Museum of Science and Discovery and Deliver the Dream where he supported various civic and social initiatives. Mr. Ellert is a graduate of the University of Texas at Austin, where he received his Bachelor of Business Administration degree in accounting, and the University of Houston, where he received his Master in Business Administration degree with a concentration in finance. Mr. Ellert brings to the Bank valuable experience in the management and operations of a regional bank, and his experience and contacts in the Florida region also serve as a valuable resource for the Board of Directors.He has received several awards and honors, including being named Executive of the Year by the Latin Chamber of Commerce of the United States, Madrid Chamber of Commerce Executive of the Year, and Outstanding Alumni of the University of Illinois. Enterprise Florida Board Executive Committee Meeting | May 27, 2015 Page 27 of 38

30 New Board Investor Robert Coker Senior Vice President, Public Affairs US Sugar Corporation Robert Coker is Senior Vice President, Public Affairs, of United States Sugar Corporation. He is responsible for managing the companys federal, state and local government affairs department and the companys corporate and charitable giving programs encompassing numerous community and employee-relations activities. As a member of senior management, Coker also actively participates in corporate matters involving real estate, environmental regulation, budgeting and allocation of capital. Prior to joining U.S. Sugar in 1982, Coker spent three years as executive assistant to the executive director of the Florida League of Cities. Before that, he worked for State Representative Ted Ewing, District 74. Coker holds a bachelor's degree in political science from Florida State University and has completed graduate work in public administration at Florida State University. He is a former Chairman of the Board of Regents for Leadership Florida. He serves on the board of directors for the Florida Sugar Cane League, the Board of Trustees of BIZ-PAC of Palm Beach County and is a member of the Board of Governors for the Florida Chamber of Commerce. Coker is also a member and past president of the Clewiston Chamber of Commerce, a member of the Executive Board of the Gulf Stream Council Boy Scouts of America and serves on numerous other boards and advisory councils. Raised in Gainesville, Florida, Mr. Coker currently resides in Jensen Beach, Florida with his wife Mendy. They have three grown children, Christopher, Michelle and Melanie. Enterprise Florida Board Executive Committee Meeting | May 27, 2015 Page 28 of 38

31 New Company Representative Britt Sikes Chairman CareerSource Florida Britt Sikes of Fort Lauderdale, is the general manager for enterprise accounts for Dex Imaging. Mr. Sikes has been a member of CareerSource Floridas board of directors since 2010. He previously served as board chair for the United Way of Broward County and the Jack & Jill Childrens Center. Sikes received his bachelors degree from Auburn University. He is appointed as chairman for a term beginning February 5, 2015, and ending at the Pleasure of the Governor. Mr. Sikes co-founded U.S. Imaging Solutions (USIS) in 1998 and successfully led this company for 15 years until May 2013 when USIS was acquired by DEX Imaging. Guided by Mr. Sikes leadership, USIS was the recipient of many industry awards and was also recognized for its community involvement and leadership. Mr. Sikes is chair of Jack & Jill Childrens Center, an early learning center in Broward County. He also is a former chair, and current member, of the United Way of Broward County. Driven by a passion to help others who live in the South Florida Community and with an emphasis on children's causes, Britt & USIS have invested leadership, time and money to many of the worthwhile charities in South Florida. In this effort, Britt has served or serves as Chair of the United Way for Broward County, Chair for the American Heart Association Heart Walk, Vice Chair for the Early Learning Coalition of Broward County, Vice Chair (incoming Chair) for Jack & Jill Center, and Secretary for ChildNet. Additionally, he currently serves on the Board for 211 First Call for Help and Workforce Florida. Britt is an Executive and entrepreneur with 17 years of experience in the ever- changing document management/output industry including oversight of customer satisfaction, technical service delivery and business development. His insight and fresh ideas have led to positions on the Executive Board for Copier Dealers Association as well as Dealer Advisory Councils for Canon and Konica Minolta. Enterprise Florida Board Executive Committee Meeting | May 27, 2015 Page 29 of 38

32 VISIT FLORIDA 2540 W. Executive Center Circle Suite 200 Tallahassee, Florida 32301 T (850) 488-5607 MEMORANDU M TO: Bill Johnson, President/CEO, Enterprise Florida, Inc. FROM: Will Seccombe, President/CEO, VISIT FLORIDA SUBJECT: VISIT FLORIDA Board of Directors Appointments DATE: May 13, 2015 The following names are being presented to EFI for appointment to serve on the VISIT FLORIDA board of directors. DEO has approved these recommendations. New regional seat appointments: Craig Evans, Universal Orlando (Seat 8) through 6/30/2019 Regional seat re-appointments: Lino Maldonado, ResortQuest (Seat 2) through 6/30/2019 Maryann Ferenc (Seat 10) through 6/30/2019 Andrew Hertz, Miami Seaquarium (Seat 16) through 6/30/2019 New appointments to association/DMO/statewide industry seats: Roy Ritenour, The Hertz Corporation (Seat 17) through 6/30/2016 (filling term due to vacancy by Tony Davis) Ian Carter, Hilton Worldwide (Seat 18) through 6/30/2017 Dan Rowe, Visit Panama City Beach (Seat 26) through 6/30/2017 Association/statewide industry seat re-appointments: Carol Dover, Florida Restaurant and Lodging Association (Seat 22) through 6/30/2017 (moved from designated lodging seat to designated restaurant seat) Robert Skrob, Florida Association of DMOs (Seat 20) through 6/30/2017 Bill Lupfer, Florida Attractions Association (Seat 24) through 6/30/2017 Christine Duffy, Carnival Cruise Line (Seat 28) through 6/30/2017 Dana Williams, Southwest Airlines (Seat 30) through 6/30/2017 The Official Tourism Marketing Corporation for the State of Florida Page 30 of 38

33 VISIT FLORIDA 2540 W. Executive Center Circle Suite 200 Tallahassee, Florida 32301 T (850) 488-5607 MEMORANDU M TO: Bill Johnson, President/CEO, Enterprise Florida, Inc. FROM: Will Seccombe, President/CEO, VISIT FLORIDA SUBJECT: VISIT FLORIDA Board of Directors Appointments DATE: May 20, 2015 The following name is being advanced in place of the previously provided one for Regional Seat 8 for presentation to EFI for appointment to serve on the VISIT FLORIDA board of directors. New regional seat appointments: Bill Hayden, Senior Vice President, Strategy, Insights & Brand Management Universal Orlando (Seat 8) The Official Tourism Marketing Corporation for the State of Florida Page 31 of 38

34 VISITFLORIDA Board Appointment Bill Hayden Senior Vice President, Strategy, Insights & Brand Management Universal Orlando Bill Hayden is driven by a passion for leveraging deep insights and analysis to create simple, compelling stories that both influence and inspire. Bill brings this passion and expertise every day to Universal Orlando Resort as its Senior Vice President, Strategy, Insights & Brand Management. In this role, Bill heads the marketing and sales functions responsible for segment management, product and event marketing, strategic planning and analysis, and consumer insights/market research. Bill leads Universal Orlandos efforts to evaluate and identify our highest-potential business opportunities and to create aligned channel and marketing strategies that deliver results based on those opportunities. Bill is also responsible for leading the planning process that guides our brand strategies and campaigns, effectively integrating product, pricing, promotions, and distribution. Bills other career highlights include executive roles with Royal Caribbean International, Walt Disney Parks & Resorts, and anti-submarine missions in the North Pacific with the US Navy. Bill earned a BSBA in Accounting from the University of Central Florida and his MBA from the Kelley School of Business at Indiana University. Enterprise Florida Board Executive Committee Meeting | May 27, 2015 Page 32 of 38

35 VISITFLORIDA Board Appointment Roy Ritenour Vice President Florida, Caribbean and President Hertz Brazil The Hertz Corporation Roy has been with Hertz nearly 28 years and has held a variety of roles across the globe. He has served as Operations Director UK, Western Region Vice President, Vice President Ancillary Revenue and now Vice President Florida, Caribbean and President Hertz Brazil. Roy is an Air Force veteran, holds a bachelor degree in Human Resources and Master's degree in Management from Southern Nazarene University, Oklahoma City, OK. He currently resides in Naples, Florida with his wife of 31 years Liz and they have three adult children living in California. Enterprise Florida Board Executive Committee Meeting | May 27, 2015 Page 33 of 38

36 VISITFLORIDA Board Appointment Ian Carter President, Development, Architecture Design & Construction Hilton Worldwide Ian Carter is President, Development, Architecture, Design & Construction for Hilton Worldwide. Mr. Carter was Chief Executive Officer of Hilton International prior to its reacquisition by the company in 2006. Prior to joining the company, Mr. Carter served as Officer and President of Black & Decker Corporation, Middle East, Africa and Asia. In this role, he was responsible for all operations outside of the Americas. Prior to Black & Decker, Mr. Carter spent more than a decade with General Electric Plastics, ultimately serving as President of General Electric Specialty Chemical. Mr. Carter serves on multiple boards and organizations including: California Travel and Tourism Commission Commissioner of the nonprofit organization with a mission to develop and maintain marketing programs in partnership with the state's travel industry. Boston University School of Hospitality Administration Member of the Board of Advisors. Board of Burberry Group plc Non Executive Director and Chairman of the Remuneration and Compensation Committee of the FTSE 100 British luxury fashion house, which manufactures clothing, fragrance and fashion accessories. Del Frisco Restaurant Group (DFRG) Chairman of the Board. DFRG owns and operates three contemporary, high end, complementary restaurant concepts. Dame Maureen Thomas Foundation for Young People President of this charitable trust that raises funds to support young people in the areas of health and education across Europe. Mr. Carter is a graduate of the University of West London, School of Business and Management, and received an honorary doctorate from the University for his industry accomplishments and ongoing support of the development of future hospitality leaders. Enterprise Florida Board Executive Committee Meeting | May 27, 2015 Page 34 of 38

37 VISITFLORIDA Board Appointment Dan Rowe President & CEO Panama City Beach Convention & Visitors Bureau For the past seven years, Dan Rowe has served as president and CEO of the Panama City Beach Convention & Visitors Bureau (CVB) and executive director of the Bay County Tourist Development Council (TDC). In this dual role, Rowe is responsible for the development and implementation of the marketing and public relations efforts for the CVB, as well as overseeing Panama City Beachs federal beach renourishment project. He continuously promotes Panama City Beach as a REAL.FUN.BEACH, offering something fun for everyone on a year-round basis. His strategies have proven to be successful as the destination continues to see significant increases in visitation year after year. In 2010, Rowe welcomed the opening of the $318 million Northwest Florida Beaches International Airport in Panama City Beach. Serviced by Delta Airlines, Southwest Airlines, United and Silver Airways, the airport has quickly proven to be a catalyst in attracting new travelers to the Gulf Coast. Rowe also led Panama City Beachs tourism efforts through the Gulf Coast Oil Spill. He quickly became the media spokesperson for the region, countering travelers concerns about the impact on the areas beaches. He also drove the community to partner together on several initiatives including vacation guarantee programs, gift card incentives and a Summer of Fun calendar of special events. Rowes quick thinking and publicity on national news outlets such as CNN, Fox Business, The Weather Channel and NPR attracted the attention of the Obama administration which resulted in a visit by the First Lady followed by a summer vacation in Panama City Beach for the First Family. Rowes steadfast work during the crisis paid off. Revenues during the summer period were down only 15 percent compared to nearby destinations which suffered a 30+ percent decline. For the entire year, revenues only decreased by 1.8 percent. Following the spill, Panama City Beach has shattered records, in terms of visitation and visitor spending in each subsequent year, with total tourist development tax receipts increasing by 55.6 percent. In 2012, HSMAI recognized Rowe as one of the Top 25 Most Extraordinary Minds in Hospitality Sales & Marketing for his work during the crisis. Rowe has also served as chairman of the Florida Association of Destination Marketing Organizations and currently serves as the vice-chairman of Visit Floridas International Committee. Prior to joining Panama City Beach, Rowe served as the state travel director for the State of Georgia, as the Deputy Commissioner for the Georgia Department of Economic Development. He has also served as the Executive Director of the Tourism Development Alliance of Georgia, where he was recognized by for his leadership by the state. Before his career turned to tourism advocacy and destination marketing, Rowe was involved in marketing resort hotels and conference centers in Georgia and Colorado, including Callaway Gardens, Brasstown Valley Resort, and Aspen Skiing Companys Hotel Division. Rowe is a graduate of Colorado State University. Enterprise Florida Board Executive Committee Meeting | May 27, 2015 Page 35 of 38

38 Executive Committee Charter Enterprise Florida, Inc. Executive Committee Charter Role Enterprise Florida (EFI), Floridas lead economic development organization is led by public and private leaders on its Board of Directors. Its mission is to aggressively develop and facilitate the growth of current and future jobs for Floridas citizens. The Board may establish committees or councils to help with the mission of EFI. A primary committee for the Board is the Executive Committee. The Board may establish other committees as needed. The Executive Committee (EC) provides information and recommendations to the EFI Board, supports the development of Board investors, reviews operations and management issues, monitors relationships with linked organizations and establishes the consent agenda for each board meeting. It may assume any function or role assigned by the Board except for the election of the Vice Chair-elect; selection or removal of the President; determining the compensation paid to the President; and adopting, amending or repealing the bylaws. Membership The EC is composed of no less than 5 and no more than 20 voting members. The membership is concurrent with the two year term of the Vice Chair. The incoming Vice Chair submits the list of EC issue experts or chairmen to the Board for approval at the first meeting of his/her term. The issue experts and issue chairmen roles are linked to the business and program functions of the organization. The EC is led by the Board Vice-chair and includes the Board chair or his designee, and the immediate past Vice Chair in year one, replaced by the Vice chair-elect for year two. Ten (10) EC members are responsible for reporting on EFI essential business issues as they relate to three areas: EFI operations 1. Education/Workforce 2. International Trade & Development 3. Minority and Small Business, Entrepreneurship, Capital (MaSBEC) 4. Defense 5. Business Development 6. Sports Development 7. Strategic Partnerships 8. Team Florida Marketing Partnership (Reporting) EFI management and information 8. Finance and Compensation 9. Audit 10. Legislative Policy EFI responsibility with linked organizations 11. Tourism Marketing 12. Space Florida Additionally, ex-officio members include: President of Enterprise Florida, and Vice-chair of Stakeholders Council. The ex-officio members do not have a vote on the EC. A quorum consists of one more than half of the active number of Executive committee members. Enterprise Florida Board Executive Committee Meeting | May 27, 2015 Page 36 of 38

39 Executive Committee Charter Operations A meeting of the Executive Committee (EC) shall be held at least four times each fiscal year, either in person or by teleconference. The Committee may arrange for regional, special or other meetings as appropriate. Authority The authority of the Executive Committee is vested in the EFI By-laws (2011). All meeting rules that apply to the Board apply to the EC. The Vice Chair of the Board chairs the EC and he or she selects the Executive Committee leader-liaisons and issue chairs to serve during the Vice Chairs two year term. EC members may be re-appointed. Responsibilities Subject to applicable corporate governance laws, the principal responsibilities and functions of the EC are as follows: Review essential business reports of each member serving as liaisons for topics in Operations Issues, Management and Information Issues and Linked Organizations Complete the consent agenda for Board meetings, including essential business information reports Maintain Enterprise Floridas focus on its mission of business development through expansion, recruitment and creation Support the development of new Board investors Recommend new and renewals of at-large members for Board approval Identify essential business development issues for in depth review by the full Board The EC may act on behalf of the Board, except as noted in the Purpose statement above, when assigned by the Board. Unless the authority is assigned by the Board, all EC decisions are scheduled to be ratified at the next Board meeting. Staff Support The Executive Committee is assisted by the Strategic Partnership Division of Enterprise Florida. Al Latimer, SVP Strategic Partnerships Phone: 407.956.5602 Email: [email protected] Enterprise Florida Board Executive Committee Meeting | May 27, 2015 Page 37 of 38

40 Executive Committee Members Members: Executive Committee Issue Responsibility Alan Becker Vice Chair Marlin Hutchens Finance & Compensation Chair Brian Lamb Audit Committee Eric Silagy Team Florida Marketing Partnership Luis Orbegoso Business Development Julius Davis Minority and Small Business, Entrepreneurship, Capital (MaSBEC) Danny Gaekwad Tourism Blake Gable Sports Marion Mathes International Trade Fred Leonhardt Legislative Policy Carol Craig Defense and Military Retention Jesse Biter Space Belinda Keiser Education/Workforce Brett Couch Immediate Past Vice Chair Stan Connally Vice Chair - Elect Frank Collins Governors Designee Bill Johnson (ex-officio) EFI, President & CEO Ed Gardner (ex-officio) Vice Chair of Stakeholder Council Enterprise Florida Executive Committee Staff Contacts: MasBec Louis Laubscher Senior Vice President 407.956.5631 Bill Spivey Vice President 407.956.5695 Sports John Webb President & CEO 850.922.4493 Business Development Crystal Sircy Senior Vice President 407.956.5640 International Manny Mencia Senior Vice President 305.808.3672 Audit & Fin & Comp Pam Murphy Vice President 407.956.5644 Legislative Mike Grissom Senior Vice President 850.298.6630 Tourism Will Seccombe President & CEO 850.205.3803 Military & Defense Rocky McPherson Vice President 850.298.6652 Stakeholders Council Al Latimer Senior Vice President 407.956.5602 Space Florida Frank DiBello President & CEO 321.730.5301 2015 Exe Committee Conference Call Dates: July 9, 2015 Thursday 10:00 a.m. 11:00 a.m. September 16, 2015 Wednesday 10:00 a.m. 11:00 a.m. 2015 Executive Committee Meeting Dates: August 19, 2015 Ponte Vedra October 21, 2015 Orlando Enterprise Florida Board Executive Committee Meeting | May 27, 2015 Page 38 of 38

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