1. Professional Golf Course Sales

2. Overview Industry Overview Targeting Opportunities Project Evaluation and Assessment Auction Considerations Questions & Answers

3. Industry Overview Total U.S. golfers: –28.8 million in 2000 –30 million in 2005 –29.5 million in 2009 –Between 2007-08 the numbers dipped by 3% due to recession 95% golfers are male Average age 39 yrs old 91% are homeowners Average value of home $380,000 Average household income $87,300 18% own second home/condo * Statistics from National Golf Foundation

4. Industry Overview 30% golfers are in top management 83% are in professional/managerial positions 26% own their own business 21% plan to buy a home on or near a golf course 44% took a trip outside the U.S. in past 3 years Top 30% of golfers played an average of 9.5 rounds of golf on vacation last year $17 billion spent on golf annually Golfers played an average of 58.1 rounds in past year American golfers play an average of 25 years during their life * Statistics from National Golf Foundation

5. Targeting Opportunities Projected over 500 U.S. courses will close Potential sellers: –Bankruptcy and Receiverships –Bank owned courses –Pre-foreclosure and short sales Educate yourself about golf industry Understand the court process Develop UC golf listing/sales materials Create relationship with golf SME Leverage collective golf course sales that UC has

6. Project Evaluation & Assessment Evaluate each golf course opportunity (individually) Decide if this is a project you want to take on –Course overview Location of course Condition of course 18 or 9 hole course Course amenities Inventory / assets (equipment owned or rental) Status of development (# of lots built out) Membership status Etc……

7. Project Evaluation & Assessment Potential primary market area golfers –Revenue projections based on area demographics State golf participation range (estimated 10-15%) Industry age range of golfers (estimated 430,018) in 15 mile radius 430,018 X 14% = 60,202 potential primary market area golfers –Then the potential market is further divided by the following: Gender (by radius) Household income levels Household education levels Employment status (working / retired) Redefined marketing radius Course competition –Surrounding homeowners, Membership generally falls into (30-40% bucket)

8. Auction Considerations Live Auction, Online Auction, Sealed Bid Auction Absolute vs. Reserve Current market conditions Current status of course (open, closed) Sellers ability to transfer title Impact of an auction on membership and operations Above all, realize golf courses can be a very difficult sale

9. Questions & Answers

10. Thank You Shawn Terrel Vice President United Country Auction Services