1. 2008 Annual Meeting Key Statistics April 13, 2008

2. 2 Program Statistics Members: 726,993 Memberships: 582,639 February 2008* *Source: Business Objects 3/08 **Source: Business Objects: calendar year 2006 and 2007 data

3. 3 Retention Rates Trend - New vs. Tenured Members  Slight decrease in retention in tenured members due to delayed impact of 2006 dues increase among 3 and 5 year members  However, retention efforts targeted to new members helped increase the new member retention rate by a full percentage point. Source: Business Objects: calendar year 2006 and 2007 data. Rates are for each calendar year as of 12/31. Calculation = # of members who renewed/# of members who were due to renew

4. 4 2006 and 2007 Section Retention Rates Source: Business Objects 3/08: calendar year 2006 and 2007 data as of 12/31. Retention Rates by Section (Sorted by 2007 Retention Rate) 2006 vs. 2007  There is up to a 10% variance in retention rates across Sections.

5. 5 US Open  Total sales in 2007 were up due to optimal weather conditions –2006 weather resulted in five canceled sessions and drop in memberships sold  Upgrade premiums have little impact on decision to purchase a membership onsite Source: US Open Reporting *2006 & 2007 Intro rate increased to $25 2004 – 2007 US Open Booth Memberships Sold by Member Type

6. 6 2007 New Memberships Acquired  Continue to enjoy growth in five year memberships across product types Source: Business Objects 3/08 New 1 Year Memberships New 3 and 5 Year Memberships

7. 7 2007 Renewals Processed  Similar to new memberships, continued growth in five year memberships across product types Source: Business Objects 3/08 Renewal – 1 Year Members Renewal 3 and 5 Year Members

8. 8 DRTV Orders by Section  All Sections benefit to some extent from National TV coverage.  A total of 12.8% of DRTV order in 2007 came from the Southern section. Source: Business Objects 3/08: calendar year 2006 and 2007 data

9. 9 2007 Acquisition Mix  Direct Mail remains the largest marketing “channel” for new member acquisition. Source: Business Objects 3/08

10. 10 2007 Call Center Statistics Source: PRC, Pittsburgh 12/31/07 Report Note: This report contains disposition reasons for each call coming in The disposition is the last description the agent uses to close the call. It describes the end result of the transaction.  Calls handled by Customer Service Agents have decreased 15% as more Members go to the Web and IVR to self-service their membership account. –68% of new memberships are processed through the web –43% of renewals are processed through the web and IVR Call Reasons20062007%Change US Open1,176768Down 53% Account Maintenance17,84512,952Down 38% Web Help2,2661,733Down 31% Membership120,78592,876Down 30% Payment Inquiries905761Down 19% Membership Inquiries25,46423,073Down 10% Case Management24,85323,384Down 6% Other (misc & pswd rqst)36,51440,338Up 9%