John Krzynowek Partner, Golf Datatech, LLC

2006 Retail Report Card Retail sales of US golf equipment, 2006Retail sales of US golf equipment, 2006 Prognosis for US golf equipment in 2007Prognosis for US golf equipment in 2007 Retail sales of UK golf equipment, 2006Retail sales of UK golf equipment, 2006

Total Sell Thru Golf Equipment On & Off Course Combined Balls, Woods, Irons, Putters, Wedges, Shoes, Gloves, Bags *2006 Estimate * -4%0% +3% +2% -2% +1% +2% +10% +6%

Total Sell Thru Golf Equipment On Course Balls, Woods, Irons, Putters, Wedges, Shoes, Gloves, Bags *2006 Estimate * -1%0% +3% +5% -4% 5% -1% +3%0%

Total Sell Thru Golf Equipment Off Course Balls, Woods, Irons, Putters, Wedges, Shoes, Gloves, Bags *2006 Estimate * -6% -1% +4%-1%0% +6% +4% +15% +9%

Category Sell Through US $ August YTD Woods+13% Wedges+ 8% Iron sets+ 8% Footwear+ 5% Bags+ 5% Putters+ 3% Gloves+ 2% Balls N/C

US Hybrid $ Single Sales

Golf Equipment Prognosis for 2007 Balls/gloves depend upon rounds played growthBalls/gloves depend upon rounds played growth Clubs/shoes have continuing strong underlying consumer demandClubs/shoes have continuing strong underlying consumer demand Significant growth requires technological breakthroughsSignificant growth requires technological breakthroughs

Golf Datatech UK Sell Through Began in January 2006Began in January 2006 Similar methodology to USSimilar methodology to US Project On/Off Course market and share based on sampleProject On/Off Course market and share based on sample

Category Sell Through UK Select Categories August 2006 YTD Balls+ 1% Irons(16%) Woods(13%)