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1 PerformanceTrak News November 2011 Results December 30, 2011 Executive Summary November 2011 rounds were up 2.9% and days open were up 2.3% compared to November 2010, based on paired data. For the month, aggregatee rounds played at Municipal facilities are down slightly at - 0.5% compared to November The other facility types all showed increases. Private, Daily Fee / Semi Private and Resort facilities were up 6.2%, 2.7% and 3.8%, respectively for November Both November 2011 and November 2010 had 8 weekend days. The Year-To-Datpositive results. The YTD (YTD) rounds played performance is down at -2.3% which is a slight improvement driven by November s days open were down at -1.7%. For YTD figures, the declinee in days open explains a portion of the decreases here. Approximately 94% of annual rounds played have been played through November 2011 based on 2010 data. November results are based on responses from 2,980 facilities. It is appropriate to note that there are often significant swings in monthly comparative performance from October throughh February. For example, November's 2.9% increasee compares to a 10.4% decline last year and a 16% increase for November 2011 marks an increase in monthly revenues for all four KPIs compared to November On a YTD based all KPIs are positive except for YTD golf fee revenue which remains down -1.5% compared to YTD November data. YTD Merchandise is up 3. 9%, F&B is up 1.8% and Total Facility revenue is upp fractionally at 0.6%. Note that total facility revenue is comprised primarily of Golf, Merchandise, and F&B revenuee although does include a variety of other facility revenues and membership fees. All KPIs YTD have improved slightly since October s figures were reported. The Performance Factor for November 2011 was indicating that rounds played per days open were flat. The YTD Performance Factor of 99.4 is stable indicating rounds played per days open are generally in step for the year.

2 YTD November 2011 Rounds Played by Facility Type The PerformanceTrak rounds played comparison report for YTD November 2011 is below with statistics by facility type including averagee rounds played, same month year-to-year comparison, days open, and days open change. Resort facility types continue to maintain positive percent changes compared to last year s figures in rounds played while their days open are slightly down. Again, the YTD days open declinee explains a portion of the rounds playedd decreases for all other facility types. November Weather Information As an element of the PerformanceTrak newsletter we are providing supplemental third-party weather informationn that indicates significant impacts this year and/or comparisons to last November s weather. We use this information to view possible relationships regarding rounds played, days open and revenue data points although this weather information is just one part of o the benchmarking dynamic and should be viewed as such. Statewide temperature ranks were very segregated and statewidee precipitation was variable in November Across the Midwest, Mid-Atlantic, and Northeast thirteen states had November temperatures among their ten warmest on record. A total of eight states located in the central region ranked among their ten wettest on record. Overall, 2011 was warmer than average typically in thee Southern regions and the Eastern coastline while the t Northeast and part of the northern Central regions had the wettest year on record. During 2011 there were 12 billion-dollar weather/climate disasters in the United States which breaks the record total of 9 events in 2008.

3 YTD November 2011 State by State Performance State-by-state resultss below are for YTD rounds played and YTD days open. Also reported is the Performance Factor which takes into consideration rounds changes compared to the days open changes. 19 states reflected rounds played increases and of these 16 were supported by a correlated increase in days open as well. Exceptions to this correlation were again Alabama, Rhode Island and Idaho. 27 States reflect YTD rounds played declines compared to YTD November Based on the Performance Factor, the top 5 states are Mississippi, Rhode Island, Georgia, Alabama and Louisiana. The bottom 5 states are a West Virginia, Kentucky, Ohio, Nebraska and Montana. For 2011, 10 states have a positive Performance Factor (over 100) and a 10 states are flat. 26 states have a Performance Factor under 100.

4 November 2011 Rounds Played Percent Change by State The maps below have been recently revised to provide monthly results rather than YTD results presented earlier in For the month, the top 5 states with rounds played increases over last year are Vermont, Rhode Island, Massachusetts, New York and New Hampshire. New Hampshire had a decrease in days open of -5.4%. The bottom 5 states with the highest decreasess are Wyoming, Montana, North Dakota, Arkansas and Missouri. Out of thee bottom 5, North Dakota and Wyoming had an increase in days open. Asterisks on the map indicate insufficient responses in those states. November 2011 Golf Fee Revenue Percent Change by State Again, these maps were recently revised to show monthly figures. The top five statess with the largest increasess in November Golf Feee Revenue are New York, New Hampshire, Minnesota, Massachusetts and Rhode Island. The bottom 5 states with the largest decreases in monthly golf fee revenue (gross) are: Wyoming, Ohio, Illinois, Tennessee and Pennsylvania. Asterisks on o the map indicate insufficient responses in those states to display data.

5 November 2011 Revenue per Round Summary This information is from the rounds and golf feee revenue data set of responses where facilities provided both data points (both rounds played and golf fee revenue). Thereforee the sample here for rounds played is different than the overall rounds samplee from results presented in prior pages within the newsletter. The data below is for monthly median gross golf fee revenue and golf fee revenue per round played. Golf Fee Revenue includes green fees, guest fees, trail fees, cart fees and any pro-rata portion of golf pass/pre-paid greens fees for the period. November gross golf fee revenue and golf fee revenue per round played was down for Daily Fee/Semi-private facilities while Private, Municipal and Resort facilities were up nationwide. Golf fee revenue per round was up in three of the four facility types. Municipal facilities were up 1.3% %, Resorts were up 3.6% and Private facilities were up u 6.9%. Revenue per round (RevPur) figures were down -1.6% for Daily Fee/Semi-private facilities. The difference in the number of responses above (revenue and revenue per round) is where rounds were zero and therefore revenuee per round is N/A. About PerformanceTrak PGA PerformanceTrak in Cooperation with the NGCOA is the industry s leading rounds and revenue data collection and benchmarking service. Reports are available for PGA Sections, States and over 70 local markets. NGCOA report packages are also available for local competitivee golf markets (CGMs) and for rate setss within CGMs. Reports include data for each metric (e.g. median golf fee revenue), not just the percent change, for rounds played and 4 Key Performance Indicators. A dedicatedd team at the PGA of America National Office gathers this dataa monthly to support participation and benchmark reporting across the country and to assist with customer service inquiries. PerformanceTrak has a highh standard regarding data quality. Information submitted is reviewed for significant changes and outliers, feedback is gathered from users regarding their specific operations and their local area and any outlier of data is omitted from reporting. PerformanceTrak is a fully online, web-basedd service with real-timee reports available 24/7. Flexibility of data submissionn is offered to all users when a non-online approach is needed. Contact Us The PGA of America: PGA PerformanceTrak Customer Service PerformanceTrak@pgahq.com Web site: Nicole Ferguson-Sutherland Phone: (800) Ext NFerguson@pgahq.com NGCOA: Joe Rice Phone: (800) Ext JRice@ngcoa.org Web sites: