1. Dr. Joseph Beditz President, National Golf Foundation

2. Golf’s Vital Signs: 2000-2006 ROUNDS PLAYED GOLF FACILITY DEVELOPMENT GOLF PARTICIPATION

3. Rounds Played 2001-2006 * Forecast

4. Rounds by Facility Type * Forecast Public-1.3% Private-5.4% 5-year change* Same-store Sales

5. Rounds by Price Point Public Courses Premium (>$70)-1.9% Standard ($40-$70)-2.6% Value (<$40)-2.2% 5-year change* * Forecast Same-store Sales

6. Rounds by Geography -4.5% -0.2% -6.8% -1.1%-4.5% 7.9% 9.4% -6.5% -5.6% -3.8% 5.3% 5-year change* Same-store sales * Forecast

7. New Course Openings 18-hole equivalents

8. Course Closures 18-hole equivalents

9. Net Additions to Supply 18-hole equivalents (forecast)

10. Golf Participation

11. Summary Rounds played remain stable at approximately 500 million. Slight growth likely over the next several years. Total participants up slightly, but Core golfers have declined somewhat, resulting in flatness in rounds played. New course development stabilizing at 100- 150 per year. Net growth zero due to closures. Overall quality of supply gradually improving.

12. GOLF 20/20 Conference