1. Colin Hegarty President, Golf Research Group

2. www.golf-research.com

3. Golf Courses NORTH AMERICA EUROPE ASIA OCEANIA AFRICA SOUTH AMERICA CARIBBEAN CENTRAL AMERICA MIDDLE EAST Total 18,570 6,263 3,985 1,929 670 484 116 33 26 32,076 Courses

4. Golf Courses NORTH AMERICA EUROPE ASIA OCEANIA AFRICA SOUTH AMERICA CARIBBEAN CENTRAL AMERICA MIDDLE EAST Total 18,570586 6,263547 3,985306 1,92944 67032 48439 1168 332 267 32,0761,571 Courses Courses in Past 5 Years

5. Golf Courses NORTH AMERICA EUROPE ASIA OCEANIA AFRICA SOUTH AMERICA CARIBBEAN CENTRAL AMERICA MIDDLE EAST Total 18,570586332 6,263547211 3,985306100 1,9294418 6703230 4843916 11684 3321 2671 32,0761,571713 Courses Courses in Past 5 Years Under Construction

6. Golf Courses NORTH AMERICA318 EUROPE266 ASIA77 OCEANIA12 AFRICA34 SOUTH AMERICA17 CARIBBEAN4 CENTRAL AMERICA1 MIDDLE EAST8 Total737 18,570586332 6,263547211 3,985306100 1,9294418 6703230 4843916 11684 3321 2671 32,0761,571713 Courses Courses in Past 5 Years Under Construction Planned

7. Golf Courses NORTH AMERICA318 EUROPE266 ASIA77 OCEANIA12 AFRICA34 SOUTH AMERICA17 CARIBBEAN4 CENTRAL AMERICA1 MIDDLE EAST8 Total737 18,570586332 6,263547211 3,985306100 1,9294418 6703230 4843916 11684 3321 2671 32,0761,571713 Courses Courses in Past 5 Years Under Construction Planned 3 10 8 2 5 9 7 6 37 5 Change %

8. The Golf Population Golfers% Change 99-04 NORTH AMERICA32,300,0002 EUROPE7,663,56022 ASIA16,174,00013 OCEANIA1,789,400-23 AFRICA800,850172 SOUTH AMERICA148,45080 CARIBBEAN44,60053 CENTRAL AMERICA12,75017 MIDDLE EAST11,50072 Total58,945,1107

9. Importance of International % Courses42 New Courses63 Under Construction53 In Planning57 Golfers45

10. Top 20 Golf Equip. Exporters 2004 ($m)

11. Number of Courses 1900-2004 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 19001910192019301940195019601970198019902000 USA non-USA

12. Number of Courses (Last 14 Years)

13. France

14. Germany

15. Sweden

16. China

17. Malaysia

18. Development Model

19. www.golf-research.com