RUFFIN BECKWITH Senior Vice President World Golf Foundation

“80% of success is just showing up.” - Woody Allen -

20/20 INITIATIVES Adult Player DevelopmentAdult Player Development Junior GolfJunior Golf ResearchResearch CommunicationCommunication Alternative FacilitiesAlternative Facilities CollegesColleges

2002 HOST FACILITIES Charlotte, NC - 10Charlotte, NC - 10 Denver, CO - 4Denver, CO - 4 Nashville, TN - 7Nashville, TN - 7 Raleigh, NC - 9Raleigh, NC - 9 Toledo, OH - 12Toledo, OH - 12 Ventura County, CA - 10Ventura County, CA - 10 Worcester, MA - 7Worcester, MA - 7 U.S. Air Force Bases - 5U.S. Air Force Bases - 5

PROGRAM COMPONENTS Price: Average $149Price: Average $149 Orientation and Facility TourOrientation and Facility Tour Six hours of instructionSix hours of instruction Five free “on-course experiences”Five free “on-course experiences”

JUNIOR GOLF

COMMUNICATIONS

THE GOLF INDUSTRY REPORT FOR 2001

INDUSTRY REPORT: Sources ESPN Sports PollESPN Sports Poll National Climatic Data CenterNational Climatic Data Center National Golf Course Owners AssociationNational Golf Course Owners Association National Golf FoundationNational Golf Foundation Nielsen Media ResearchNielsen Media Research PGA of AmericaPGA of America PGA TOURPGA TOUR U.S. CensusU.S. Census

INDUSTRY REPORT: Rounds Information from 2,426 facilities of 15,720 (15.4%)Information from 2,426 facilities of 15,720 (15.4%) One-time adjustment of 8%One-time adjustment of 8% ,400, ,100, ,400, ,100,000

INDUSTRY REPORT: Participation Participants36M37.1M Golfers25.4M25.8M Juniors4.0M4.4M Alternative Users1.7M2M Range Users4.9M4.9M

20% of people over 12 in U.S. answer “yes” to the question: “Do you play golf?”20% of people over 12 in U.S. answer “yes” to the question: “Do you play golf?” That equates to 45 million people. Our study identified about 35 million.That equates to 45 million people. Our study identified about 35 million. INDUSTRY REPORT: ESPN Poll

OccasionalCoreAvid Year(1-7)(8-24)(25+) M7.9M5.6M M7.3M6.2M M5.7M5.9M INDUSTRY REPORT: Frequency

Ratings of all competitive golf are down less than 10% since 1996, well below industry norm.Ratings of all competitive golf are down less than 10% since 1996, well below industry norm. PGA TOUR ratings are up 20% in same time period; only other sport that increased was NASCAR (+5.8%)PGA TOUR ratings are up 20% in same time period; only other sport that increased was NASCAR (+5.8%) Percentage of respondents claiming to be fans of professional golf is up from 32% to 40% since 1995, far bigger increase than any other sport.Percentage of respondents claiming to be fans of professional golf is up from 32% to 40% since 1995, far bigger increase than any other sport. INDUSTRY REPORT: Interest

Increase in new courses from high of 3.2% in 2000 to 2.3% in 2001 to projected 1.8% this year.Increase in new courses from high of 3.2% in 2000 to 2.3% in 2001 to projected 1.8% this year. Average rounds per course: , ,000Average rounds per course: , ,000 INDUSTRY REPORT: Course Development

If new courses increase by 1.5% per year… Total Courses TotalRounds/ 2020RoundsCourse 20, million33, million40,000 1 billion47,800 INDUSTRY REPORT: Course Development

RESEARCH

Key Findings The annual impact of golf on charitable giving is dramatic!The annual impact of golf on charitable giving is dramatic! –The majority of facilities average 10+ charitable outings –140,000+ charitable golf outings are held in the United States –15,000,000+ participants play golf in a charitable outing Total Revenue Exceeds $2.9 Billion!

THE GOLF ECONOMY Who benefits, and to what degree?Who benefits, and to what degree? Get perspective on benefits to travel, tourism and real estate industriesGet perspective on benefits to travel, tourism and real estate industries Improve Wall Street’s perspectiveImprove Wall Street’s perspective Elevate golf’s status vis-à-vis other sports and industriesElevate golf’s status vis-à-vis other sports and industries To measure our progressTo measure our progress To measure the value of a single golfer to the industryTo measure the value of a single golfer to the industry

Core Industries Golf Course Capital Investment Infrastructure Improvements Course Renovations Clubhouse Renovations New Course Construction Equipment / Golf Car Purchases Irrigation Installation EnabledIndustries The Golf Cluster Tournaments MEDIA, TOURNAMENTS, & ASSOCIATIONS Charities Player Endorsements Television Player Endorsements Associations GOLF COURSE CAPITAL INVESTMENT Infrastructure Improvements Course Renovations Clubhouse Renovations New Course Construction Equipment/Golf Car Purchases Irrigation Installation GOLFER SUPPLIES (on and off course) Soft Goods Hard Goods Apparel Books & Magazines HOSPITALITY/TOURISM Air Travel Entertainment Lodging Food & Beverages Car Rental REAL ESTATE Related Residential Construction Real Estate “Premiums” Green fees, member dues Food & beverage Lessons, schools, camps Rentals GOLF FACILITY OPERATIONS

Estimate of the Golf Economy $62,167 TOTAL $23,384 $13,480 Hospitality/Tourism $9,904 Real Estate Enabled Industries $38,783 $4,493Media, Tournaments, Charities, and Associations $5,982 Golfer Supplies $7,812 Golf Facility Capital Investment $20,496 Golf Facility Operations Core Industries Overall Size of the Golf Economy in 2000 by Segment ($ millions)