1. Roger Warren President, PGA of America

2. Executive Summary Since 2004, marketing initiatives generated 2.4 billion impressions valued at more than $39 millionSince 2004, marketing initiatives generated 2.4 billion impressions valued at more than $39 million 6,000 facilities now hosting adult programs, a 25% increase over 20046,000 facilities now hosting adult programs, a 25% increase over 2004 Record 122,000 lessons given in PGA Free Lesson MonthRecord 122,000 lessons given in PGA Free Lesson Month Play Golf America Days expanded to 12 sites with more than 7,500 in attendancePlay Golf America Days expanded to 12 sites with more than 7,500 in attendance

3. Marketing Continued with PSAs themed “Golf Is Calling”Continued with PSAs themed “Golf Is Calling” –2 new TV PSAs added focusing on family and women/couples –TV, Print and Radio PSAs value at more than $8.5 million –100 PSAs ran during May to promote Free Lesson Month Public Relations continues to growPublic Relations continues to grow –363 million impressions –valued at more than $5.8 million Print ads valued at $1 million appeared in August issues of Fortune, Money, Sports Illustrated and Golf Magazine, with a combined circulation of 20.6 millionPrint ads valued at $1 million appeared in August issues of Fortune, Money, Sports Illustrated and Golf Magazine, with a combined circulation of 20.6 million

4. PGA Free Lesson Month 38% increase in PGA Professional participation – 4,985 in 2004 to 6,889 in 2005 33% increase in lessons given this year

5. PGA Free Lesson Month 2005 Program Impact Avg. # FLM students 18 % purchasing tee times 33% Avg. spending on golf fees $487 % purchasing additional instruction 28% Avg. spending on additional instruction $177 % purchasing golf equipment 10% Avg. spending on golf equipment $351 Proj. total revenue generated by the Professional $4,417

6. Play Golf America Days Expanded to 12 Official Events in 9 different PGA SectionsExpanded to 12 Official Events in 9 different PGA Sections Averaged 625 consumers per event, record 2200 at Haggin OaksAveraged 625 consumers per event, record 2200 at Haggin Oaks 400 PGA Professionals volunteered400 PGA Professionals volunteered All sites supported by PING, Wilson, Cobra, MacGregor, Nike Golf and Callaway sponsorsAll sites supported by PING, Wilson, Cobra, MacGregor, Nike Golf and Callaway sponsors Goal: Expand to all PGA Sections in 2006Goal: Expand to all PGA Sections in 2006

7. 2005 President’s Council 87% Increase in annual 2005 President’s Council87% Increase in annual 2005 President’s Council PGA Members qualify by hosting programs and reporting their resultsPGA Members qualify by hosting programs and reporting their results

8. PGA Sections PGA Sections stepped up Play Golf America support “Play Golf”/“Golf Month” efforts in 12 Sections including Governor Proclamations“Play Golf”/“Golf Month” efforts in 12 Sections including Governor Proclamations Carolinas Section coordinated “August is Carolina’s Family Golf Month”Carolinas Section coordinated “August is Carolina’s Family Golf Month” Tennessee and Middle Atlantic: Targeted NFL teams for Free Lesson PromotionTennessee and Middle Atlantic: Targeted NFL teams for Free Lesson Promotion Regional web pages created and hosted on playgolfamerica.comRegional web pages created and hosted on playgolfamerica.com

9. Online Resource Center Expanded complimentary online access to golf’s allied associationsExpanded complimentary online access to golf’s allied associations New Best Practice resourceNew Best Practice resource Expanded offering of family golf program curriculumsExpanded offering of family golf program curriculums Creation of the Play Golf America League tool kit including alternative formats, marketing templates and sales tipsCreation of the Play Golf America League tool kit including alternative formats, marketing templates and sales tips

11. Web Site Registrant Profile Gender: Male42% Female58% Race/Ethnicity Caucasian76% Minority24% Golf Experience New Golfer69% Existing Golfer31% Reasons Participating: To Have Fun61% To Improve55% Family Motives49% Always Wanted to Learn46% Meet People26% Existing Golfer Profile: Occasional22% Core40% Avid37%

12. Post Program Participant Profile New Golfers Existing Golfers Retention Rate (still playing 1 year later) 83%98% Avg. Rounds Played Prior to Programs 024 Avg. Rounds Played 12 Months After1740 Avg. Spending By Retained Golfers$1,661$4,024 Golfer Participation following Play Golf America Programs

13. Group Instruction Host Site Results 20042005Increase Total Play Golf America Facilities4,8316,04325% Facilities Hosting Group Instruction3,7684,0066% Avg. # of Group Instruction Attendees8913956% Proj. Total Group Instruction Participants335,368556,90566%

14. 2006 Initiatives Goal to expand Play Golf America Days to all PGA SectionsGoal to expand Play Golf America Days to all PGA Sections Expand Women’s Golf Week (from 225 facilities to 500)Expand Women’s Golf Week (from 225 facilities to 500) Develop annual Play Golf America Calendar of events/ branded promotions to run throughout the yearDevelop annual Play Golf America Calendar of events/ branded promotions to run throughout the year Continue to grow best practice contentContinue to grow best practice content Conduct Play Golf America Conference at PGA Merchandise Show featuring grass-root Best PracticesConduct Play Golf America Conference at PGA Merchandise Show featuring grass-root Best Practices Web site to serve as central industry resource for branded program content and registration for both consumers and host sitesWeb site to serve as central industry resource for branded program content and registration for both consumers and host sites