Agenda

•  TwoMinuteTake‐Aways

•  Golferexpecta:onsfor2013:percep:ons,par:cipa:on,spendingandretailchannelpreferences

•  GolferaBtudesin2013,fiveyeartrendsandtheirimplica:onsfortheindustry

•  Afocusongolfertravel:Insidethedecisionprocess

2

TwoMinuteTake‐Aways

•  FullSteamAhead?AGerapostrecessionflatness,USgolfersappearmorepoisedtoplayandspendongolfthantheyhaveinthepastthreeyears.Drivingtheop:mismare“moreplayingpartners”andgameimprovement.

•  OrisitBabySteps?Golfersfeelindustryplayerdevelopmentmomentum,butconcurrentincreasesinfamilypressuresandchildcentricitymayonlytakeussofar.

•  CustomFi8ngandTechnologyInnova?onSpurRetail:Themessagesareresona:ngand2013looksgood,par:cularlyforironsandanumberofproductcategories.Percapspendingcon:nuesupward,butataperceiveddiscountfromexpecta:ons

•  PrivateClubsReverseCourse…FortheBeDer:ThebloodbathofrecentyearshasabatedintermsoframpantaQri:on.Thoughthereiss:llworktobedone

•  AreGolfersMoreResilientthantheAverageAmerican?Golfers’personalop:mismbeliestheirs:llnega:vepercep:onsoftheoverallU.S.economy

•  AMoreCap?va?ngTOUR:PerceivedpopularityofthePGATOURisatanall:mehighasgolffansbegintoembracetheinfluxofnewandinterna:onaltalentandturntonewmediainaworldthatmoveseverfaster

3

Background,Objec:vesandMethodology

•  Winter2013SLRGSportsOmnibus

–  AssesstheaBtudesandpercep:onsofgolfers

•  Ini:atedbySportsandLeisureResearchGroupin2009

•  2013onlinesurveyofover1,200golferrespondents–  FieldedJanuary3‐4,2013

–  Allgolfersplayedaminimumoftwicepermonthinseasonduring2012

4

TourPopularityandFans:HugeBoostinPGATOURPopularity

Indicatewhetheryoufeelthissporthasbecomemorepopular,lesspopularorstayedthesameoverthepasttwo‐threeyears

43%

14%

29%

15%

26%

13%

PGA TOUR

LPGA TOUR

2013 2012 2011

64%

12%

66%

14%

64%

11%

47%

14%

PGATOUR

LPGA

2013

2012

2011

2010

Iwatchandfollowclosely

Olderplayers,lowerhandicappersandmoreavidplayerscon:nuetoout‐indexgolfersingeneral

5

MorePopular

GolferAwakening?•  Golfersremainop:mis:caboutintendedpar:cipa:onincreasesin2013.In2012,theyreallymeant

it….Andtheoutlookforretailalsoshowsposi:vedirec:onalmovement.

77%

94% 96% 96% 95%

72% 77% 76% 80%

2009 2010 2011 2012 2013

Expected Actual

Doyouexpectto/Didyouactuallyplaythesameamountormorein…?

66% 76% 76% 77%

2010 2011 2012 2013

Doyouexpecttospendthesameamountormorenextyear?

MORE28% 28%

6

32%

WhyGolfersArePlayingMore•  Itsaboutpeople:Playingpartnersandbusinessgolfareontherise.Butwhataboutfamily?

60%

42%

31%

20% 14%

6%

61%

37%

30%

22% 18%

11%

59%

38%

25% 27% 21%

7%

59%

43%

31%

24%

13% 12%

I have more time I have more golf partners to play with

My game has improved Family obligations have decreased

My family is more involved in golf

I'm playing more business golf

2010 2011 2012 2013

7

Stablereasonscited:Ihavereducedbusinesspressures(21%),I’verecentlyboughtnewequipment(17%),Myhealthhasimproved(14%),ThereisbeQervalueinthemarketplace(9%),I’vejoinedagolfleagueorlocalprogram(14%)

Topresponsefor<35yearsold(56%),publicgolfersandlowerincomeplayers

WhyGolfersArePlayingLess•  Weneedtoworkharderatintegra:ngthefamilyintothegolfexperience

42%

31%

25% 20%

14% 11%

18% 22%

47%

26% 28%

22%

16%

10% 15% 17%

47%

32% 28%

22% 20%

13% 11% 10%

50%

26% 31%

28%

13% 12% 12% 13%

I have less time Health reasons Family/Children responsibilities

More business pressures

It's harder to find people to play with

My game has not improved or has

gotten worse

Golf is too expensive

Costs have gone up

2010 2011 2012 2013

8

Movesto2ndlargestinhibitor!

ALightattheendofthetunnel?GolfersareFeelingSomePosi:veMovementinIndustryFocusonPar:cipa:onGrowthAgreementwithstatement:“Thegameofgolfisfacingmajorchallengesinregardstogrowingoverallpar?cipa?on”

StronglyAgree40%

Agree27%

Neutral18%

Disagree15%

Agreement:67%

MedianAgreement:

7of10

9

StronglyAgree35%

Agree25%

Neutral18%

Disagree22%

Agreement:60%

MedianAgreement:6of10

2012 2013

Percep:onsOnNewEquipmentPurchasing•  Innova:onmessagingringsstronger,whilecustomfiBng/retailbeginstoimprovethebuying

process

AGREEMENTWITHFOLLOWINGSTATEMENTS:

2013 2012 2011

Top3Box Mean

Top3Box Mean

Top3Box Mean

Newgolfequipmentcon:nuestobecomemoretechnologicallyinnova:veeveryyear 59% 7.7 52% 7.5 56% 7.5

Buyingnewgolfequipmenthasbecomeamorecomplicatedprocessinrecentyears 35% 6.1 36% 6.2 38% 6.2

Buyingtherightnewgolfequipmentcanhelpmetoimmediatelyimprovemygame 29% 6.2 25% 5.9 30% 6.1

I'vefoundonebrandofgolfequipmentthatIplantos:ckwith,whenImakemynextpurchase 26% 5.1 24% 5.1 24% 5.0

Iwon'tbuynewgolfequipmentwithouttryingitoutfirstonthegolfcourse 22% 5.0 23% 5.1 NA NA

I'denjoygolfmoreifcoursesweren'taslongastheyaretoday 19% 4.5 20% 4.7 NA NA

10

GolfPurchasingTrends

•  2013Looksstrongforirons

•  GolfBalls,apparelanddriversshouldcon:nuetobestrong

•  Someposi:vemovementsuggestedinfootwearaswell

•  GolfBagsseejumpinspendingexpecta:ons

11

KeyYear‐Over‐YearTrends

12

CategoryPurchasing:

2012vs.2011MeaningfulIncreasesin%Purchasing•  GolfApparel•  Drivers

2013vs.2012MeaningfulPurchaseExpecta:onIncreases•  Irons•  GolfApparel/Shoes/Bags

GolfPurchasingTrends

57% 68% 64% 66% 73% 70% 72%

2010 2011 2012 2013

35% 53% 52% 54% 60% 61% 60%

2010 2011 2012 2013

21% 32% 30% 32%

39% 41% 40%

2010 2011 2012 2013

16% 17% 18% 18%

28% 23%

27%

2010 2011 2012 2013

21%

34% 35% 34% 27% 27% 26%

2010 2011 2012 2013

12% 14% 12% 14%

24% 23% 19%

2010 2011 2012 2013

GolfBalls GolfApparel GolfShoes

Driver(s) ReplacementGrips Hybrids

PlantoPurchase Purchased

13

GolfPurchasingTrends

9% 13% 11% 13%

22% 20% 21%

2010 2011 2012 2013

10% 9% 8% 11%

21% 18% 16%

2010 2011 2012 2013

9% 12% 11%

14%

21% 19% 20%

2010 2011 2012 2013

9% 9% 8% 11%

19% 17% 17%

2010 2011 2012 2013

10% 11% 9%

15% 15% 15% 15%

2010 2011 2012 2013

OtherFairwayWoods/Metals Wedges GolfBags

PuDers Irons

PlantoPurchase Purchased

14

KeyYear‐Over‐YearTrends

15

PerCapPriceAchievement:

Reported2012PerCapDollarsSpentHigherthanExpected2012Spending

•  GolfShoes•  GolfApparel

Reported2012PerCapPriceAchievementIncreasesOverYAG

•  ReplacementGrips(+10.6%)

•  PuQers(+9.8%)•  Hybrids(+6.5%)•  Drivers(+5.2%)•  Fairways(+5.0%)

Expected2013Year‐Over‐YearPerCapSpendingIncreases

•  GolfBags(+16.7%)•  ReplacementGrips(+5.4%)

•  Drivers(4.4%)

SpendingLevels:

$161

$175

$221

$162

$192

$243

$168

$199

$248

$179

$209

$261

Hybrids

Fairway Woods

Drivers

$178

$232

$271

$199

$245

$308

$195

$230

$292

$189

$237

$305

Hybrids

Fairway Woods

Drivers

ExpectedPurchasing ActualPurchasing

16

2010 2011 2012 2013

2010 2011 2012 2013

2010 2011 2012 2013

2009 2010 2011 2012

2009 2010 2011 2012

2009 2010 2011 2012

SpendingLevels:

$129

$120

$478

$127

$149

$498

$143

$123

$512

$157

$138

$505

Putters

Wedges

Irons

$124

$133

$550

$138

$161

$655

$158

$149

$587

$131

$141

$579

Putters

Wedges

Irons

ExpectedPurchasing ActualPurchasing

17

2010 2011 2012 2013

2009 2010 2011 2012

2010 2011 2012 2013

2010 2011 2012 2013

2009 2010 2011 2012

2009 2010 2011 2012

SpendingLevels:

$211

$109

$115

$215

$117

$122

$203

$130

$132

$212

$121

$121

Golf Apparel

Golf Shoes

Golf Balls

$211

$119

$112

$216

$119

$127

$211

$118

$122

$207

$120

$125

Golf Apparel

Golf Shoes

Golf Balls

ExpectedPurchasing ActualPurchasing

18

2010 2011 2012 2013

2009 2010 2011 2012

2010 2011 2012 2013

2010 2011 2012 2013

2009 2010 2011 2012

2009 2010 2011 2012

SpendingLevels:

$120

$59

$137

$68

$132

$66

$133

$73

Golf Bags

Replacement Grips

$140

$68

$138

$78

$138

$74

$161

$78

Golf Bags

Replacement Grips

ExpectedPurchasing ActualPurchasing

19

2010

2011

2012

2013

2009

2010

2011

2012

2010

2011

2012

2013

2009

2010

2011

2012

AnchoringBan–ANonEventforRetail?

20

Top3Box46%

"IsupporttheUSGA’sposi:ononbanninganchoringoflong/bellypuQersonthepuBnggreen."

55%

► Lessthan0.5%ofgolfersuseabellypuQerbecausetheycannolongerplayorprac:cewithashorterpuQer.

RetailDecisionsareS:llAboutValueandService

64% 65% 61% 64% 67%

34% 23% 21%

16% 19%

2009 2010 2011 2012 2013

Qualityservicecanmaketheul:matedifferenceinwhatIbuy.

IfIseesomethingIlike,Idon'tworryabouttheprice.

Purchasedecisionsformearemoreaboutsubstancethanaboutstyle. 63% 65% 65%

Therearesomanygooddealsthesedays,thatIrarelyeverpayfullpriceanymore. 31% 37%

TOP3BOXAGREEMENT

21

GolfRetailChannelPreference:“Concrete”RemainsStrong

31%

25%

35% 37% 37% 38%

26%

28%

20% 20%

21% 23%

15% 16% 14%

21% 19% 17%

Winter 2009 Summer 2009 Winter 2010 Winter 2011 Winter 2012 Winter 2013

Off-Course Specialty Sporting Goods Retail Over the Internet Green Grass

22

QWhereareyoumostlikelytomakeyournextgolfequipmentpurchase?

► Onlinepurchasessignificantlymorelikelyforsingledigithandicappers(19%)andthosewithchildreninthehousehold(18%).Greengrassremainsamainstayforprivateclubgolfers(48%)

TheLongTermFutureAppearsBeQerThanItHasInRecentYears

•  Butchildcentricitycon:nuestoescalate….anopportunityforgolf?

23

49% 54%

36% 42% 43%

50%

65%

40% 43%

31%

45%

65%

34% 39%

27%

45%

68%

35% 43% 44%

48%

70%

I'm confident that I will have enough to retire in comfort

I feel that I will be more comfortable in my retirement

than my parents are/were

The best years of my life are still to come

I'm looking forward to my "golden years"

The world is less safe for children today than when I

was growing up

2009 2010 2011 2012 2013

TOP3BOXSUMMARY

…AndGolfersAreMoreBullishAboutTheYearAheadThanThey’veBeenInFourYears•  An“ac:vere:rement”remainsingolfers’futureplans

24

22%

33%

42%

51%

27%

14%

28%

39%

50%

34%

49%

15%

30%

37%

50%

35%

49%

15%

33% 33%

53%

33%

51%

I plan to scale down my lifestyle in my retirement

I plan to continue working even in

retirement

I invest so I can retire early

This year will be a better year for me than last

year

Today, I have to make more difficult decisions about purchases than I

did 5 years ago

I plan to spend actively on useful pastimes, in

my retirement

2010 2011 2012 2013

TOP3BOXSUMMARY

TheStateofPrivateClubs:AChallengingEnvironmentisTrendingBeQer

35%

35%

49%

41%

46%

60%

36%

39%

58%

I'm concerned about the financial stability of my club

My club must make aggressive changes to remain viable in the coming

years

Private clubs in general, need to make aggressive changes to remain relevant

in the coming years

2013 2012 2011

Mean 7.7

Mean 6.1

Mean 5.7

Base: National Sample of Private Club Members

Mean: 10 point scale

TOP3BOXAGREEMENT

Mean 6.9

Mean 6.8

Mean 5.9

25

Mean 7.4

Mean 6.2

Mean 5.5

PrivateClubOperatorAc:onsareBeingNo:ced•  Welcomeemphasisonjuniors,familyandwomen...Butaretoomanyresor:ngtodras:c

discoun:ngtostemthe:de?

26

Base: National Sample of Private Club Members

Mean: 10 point scale

TOP3BOXAGREEMENT

43%

30% 27% 25%

17%

49%

33% 28% 29%

20%

53%

42% 39%

34% 31%

My club has made concerted efforts to attract younger members in the past few

years

My club has aggressively reduced the cost of

membership to attract new members over recent years

My club has been putting more emphasis on junior golf

programs recently

My club recently instituted a variety of new non-golf

programs to attract families

My club has been putting more emphasis on women's

golf programs recently

2011 2012 2013

Mean 6.8

Mean 5.3 Mean

6.0 Mean 5.2

Mean 5.5

Mean 6.8

Mean 5.4 Mean

5.8 Mean

5.4 Mean

5.4

Mean 6.9

Mean 5.9 Mean

6.3 Mean 5.5 Mean

5.9

PrivateClubMemberReten:onvs.AQri:on:TheTideisTurning

12% 13% 8% 28% 14% 9% 7%

30%reportagaininmembership

Base: National Sample of Private Club Members

27

Lost more than 10% Lost between 5% - 10% Lost less than 5% Remained flat or consistent

Increased by 5% Increased by 5% - 10% Increased more than 10%

MEMBERSHIPLEVELSOVERTHEPAST3YEARS

18% 22% 11% 29% 10% 6% 3%

2013

2011

33%reportalossinmembership

51%reportalossinmembership19%reportagaininmembership

20% 21% 11% 26% 11% 6% 5%

22%reportagaininmembership

2012 52%reportalossinmembership

Golfersares:llBearishontheOverallEconomy…butTrendPersonallyPosi:ve

28

63%

31% 27%

6%

60%

24%

34%

4%

59%

19% 23%

2%

60%

16%

34%

5%

There's really no such thing as job security any more

We have seen the U.S. unemployment rate reach bottom, and

it will add jobs this year

I feel better about my financial situation today than I did a year ago

People will go back to spending freely on luxuries again this year

2010 2011 2012 2013

TOP3BOXAGREEMENT51%(56%in2012)ofgolfersstronglyagreethat“thegapbetweenthe‘haves’andthe‘havenots’hasbecomemoreproblema?cintheU.S.inrecentyears.”

Only11%ofgolfersstronglybelievethattheUSwillfullyavoidrecessionin2013)

StoptheWorld,IwanttoGetOff:ThingsMovingFasterS:ll•  Golfcon:nuestobean“oasis”formany

29

72%

48%

26%

58%

73%

41% 39% 39%

55%

75%

36% 40% 29%

62%

82%

36% 42%

33%

64%

We live in an age of constent updates

Golf is my personal "oasis" from day-to-day chaos

There's too much new technology to keep up with

I'm spending more time these days with friends and family,

than I did in the past

Today there is more of a proirity on getting things done

more quickly with less resources

2010 2011 2012 2013

TOP3BOXAGREEMENT

S?llthestrongestoverallagreement

among44statements

NewMedia:MobileMigra:on•  Acrosstheboardgrowthingolfersu:lizingmobiletoconsumegolfcontentwithinthepast30days

30

64%

14% 16% 9% 10%

61%

28% 23%

17% 15%

On the internet with a laptop or desktop

computer

On the internet with an iPad or tablet

device

On the internet with a smart phone

On an app for an iPad or other tablet device

On an app for a smart phone

2012 2013

GolfersLooktoNewTechnologyforGolfContent

31

%AGREEMENT 2012 2013

Ingeneral,golf‐relatedcontentonatabletdeviceorsmartphoneoffersgolfersnewwaystointeractwiththegame 24% 58%

Golf‐relatedappsonatabletdeviceorsmartphonearebringingbenefitstogolfersnotavailablebefore 24% 56%

Irecognizethebenefitsofhavinggolf‐relatedcontentavailableonatabletdeviceorsmartphone 25% 53%

Theinterac?vefeaturesavailableingolf‐relatedappsonatabletdeviceorsmartphoneareappealing 19% 45%

Golfinstruc?ononatabletdeviceorsmartphonecanofferuniqueinterac?vewaystoimprovemygame 15% 42%

Avirtual“lesson"fromagolfproontheInternetispoten?allyaninnova?veandconvenientwaytoreceiveinstruc?on NA 41%

•  Theperceivedimportanceofmobilegolfcontentshowslargeincreasesfromlastyear

TheYearAheadonTOUR•  It’sanewerarepletewithexci:ngyoungandinterna:onalplayersonTOUR•  ButnearlyfourintenbelievethatTigerhasanothermajorinthetankfor2013

32

TOP3BOXAGREEMENT

64%

39%

29%

24%

There has been a "passing of the baton" to the new

breed of young players in professional golf

I expect Tiger Woods to win a Major in 2013

I'm excited by the influx of top foreign players on the

PGA TOUR

2013

2012

Mean: 7.9

Mean: 6.3

Mean: 5.8

Mean: 5.9

33

Acomprehensivelookattheprocessofpurchasinggolftravelfromini?almo?va?ontofinalbooking

  Iden:fydis:nctpurchaseprocessstages,completewithassessmentofuniquesourcesofinforma:onandinfluenceateachdis:nctstage

  Revealandmeasuretheimpactandroleofkeydecisioninfluencersinclusiveofmedia,W‐O‐M,viralsources

  Developportraitsofvariousgolftraveler“archetypes”definedbythenatureoftheirgolfvaca:on:

–  “Buddy”Trips

–  FamilyVaca:ons

–  Spouse/PartnerTravel

–  BusinessTravel

  Uncoverevolvingtrendsingolftravelneedsanddecisionprocesselements,inclusiveof:

–  Golfers’aBtudesandbehaviorssurroundingthetraveldes:na:on

–  Theimpactandsignificanceoftoday's:meconstrained,valueconsciousandchild‐centricclimateondes:na:onselec:onandtravelbehaviors

–  Golfertravelbehaviorrela:vetothatofaffluentadultsingeneral

34

SUMMARYOFFINDINGS

35

TheProcessofPurchasingGolfTravelAcomprehensivelookattheprocessofpurchasinggolftravelfromini?almo?va?ontofinalbooking

  Iden:fydis:nctpurchaseprocessstages,completewithassessmentofuniquesourcesandinfluence

  Revealandmeasuretheimpactandroleofkeydecisioninfluencers

  Developportraitsofvariousgolftraveler“archetypes”definedbythenatureoftheirgolfvaca:on:

–  “Buddy”Trips

–  FamilyVaca:ons

–  Spouse/PartnerTravel

–  BusinessTravel

  Uncoverevolvingtrendsingolftravelneedsanddecisionprocesselements:

–  Golfers’aBtudesandbehaviorssurroundingthetraveldes:na:on

–  Theimpactandsignificanceoftoday's:meconstrained,valueconsciousandchild‐centricclimate

–  Golfertravelbehaviorrela:vetothatofaffluentadultsingeneral

Methodology

37

  TheSportsIllustratedGolfGroup(SIGG)partneredwithSportsandLeisureResearchGrouptoconducta20minuteonlinesurvey

–  DataCollectedinSeptember‐October2012

  1,504malerespondentsaggregatedfromSLRGpanelsources

  Fourgolftravelersegmentsplusacontrolsegmentofaffluent(HHI$75k+)adulttravelers:

  QuotastocaptureaminimumofN=150eachofthosetaking:

–  BuddyGolfTrips

–  FamilyGolfTrips

–  SpouseGolfTrips

–  BusinessGolfTrips

CoreGolfers(8+24Rounds/Yr)

AvidGolfers(25+Rounds/Yr)

CoreGolfers(8+24Rounds/Yr)

AvidGolfers(25+Rounds/Yr)

RecentTravelers:Past6Months FutureTravelers:Next6Months

Ar:cles/FeaturesonGolfWebsites

Ar:cles/FeaturesinGolfMagazines

GoogleSearch,PriceComparisonTravelWebsites

HotelChainorPropertySpecificWebsites

Colleagues,Friends&Family

•  GolfMagazineandWebsitesPlayaKeyRole

Top5SourcesforGolfTravelPlanning

2+MonthsOut 1‐2MonthsOut 2Weeks‐1MonthOut FinalTwoWeeks

19

AverageNumberofImportantSources

19 8

0

10

20

30

27

THETOP5SOURCESTHROUGHOUTTHEGOLFTRAVELPURCHASEPROCESS

38

Magazine

Ads

InternetAds

DirectMail

TVAds

MostInforma?ve

MostBelievable/Credible

MostUseful

MostTrustworthy

MostEntertaining

MostMemorable

MostLikelytoMakeMeWanttoTravel

Informa?onICan’tFindElsewhere

Adver?singAcrossVariousMediaBringsUniqueConsumerBenefits

•  MagazineandInternetadver?singdothebestjobofbeinginforma?ve,credible,useful,trustworthyandinspira?onal

•  TVadver?singisstrongestinprovidingentertainmentandinspira?onalvalueaswellasmemorability

•  DirectMail’su?lityiswaning,withgreatestefficacyinitsabilitytobeinforma?ve

MEDIAINSIGHTS

39

Domes?cGolfDes?na?onsClaimed93%ofGolfers’MostRecentTrips

Florida20%CentralFL6%Tampa/St.Pete/GulfCoast6%SouthFL5%NEFL3%

TheCarolinas16% MyrtleBeach9%NorthCarolina4%HiltonHead3%

Base:RecentGolfTravelers

MostPopularRegionsVisited

  TopInterna:onalGolfDes:na:ons:Caribbean,Mexico,Canada,UK

California16%

LasVegas8%

Arizona5%

Whilegolftravelersorigina?ngintheWesttendtostaythere,thosefromotherregionscastawidergeographicnet

40

GolfersCon?nueToConsiderADiverseRangeofDes?na?onsUn?lTheFinalProcessStage:

Southeast35%

Florida46%

THOSECONSIDERINGCALIFORNIA,2WEEKSFROMBOOKING,ALSOCONSIDER…

41

ProcessElements:GolfersGravitatetoOnlineBookings

Q

  Businessgolftravelersaremoreapttobookonlineorthroughatravelagent,rela:vetothosetakingbuddy,familyorspousetrips

  Trendsshowonlinebookingsontherise

Whatwas/willbetheprocessthatyouused/usetomakearrangementsforyourmostrecent/nexttrip?

57%

13% 11% 8% 6%

60%

11%23%

9% 7%

51%

10% 14%7% 7%

Use/UsedtheInternet Use/Usedatravelagency Call/Calleddirectly Use/Usedamobileapp Use/Usedapackager

FlightReserva?ons Accommoda?ons CarRentals

GOLFTRAVELERS

42

ThePlanningtoBookingWindow:TheDecisionProcessforFamiliesIsTypicallyLongerandMoreInvolved

11.7 11.515.6

12.7

Buddy Business Family Spouse/Partner

Aggregateoftotalweeksspentthusfar+expectedtotalweeksunClbookingQ

Addanother1‐2monthsbetweenbookingandactualtravel

TimeelapsedbetweenwhenbookedmostrecentlycompletedtripandwhenbeganthetripQ7.3

4.87.5 6.8

Buddy Business Family Spouse/Partner

Mean#Weeks

Mean#Weeks

TOTAL 19Wks 16.3Wks 23.1Wks 19.5Wks

43

GolfersAreBullishAboutFutureTravel

Comparedtothispastyear,areyouplanningtotravelmoreoFenorlessoFeninthenext12months?

Q

20%

27%48%

5% 0%Muchmoreouen

Moreouen

Same

Lessouen

Muchlessouen

MoreOuen47%

TotalGolfTravelers

•  AvidGolfersare17%morelikelythanCoreGolferstobeplanningincreasedtraveloverthenexttwelvemonths

Resultsshowagreatertendencyforfamilytraveltobemorefrequentintheyearahead,rela?vetoothergolftrips

44

AveragePerPersonSpendingonRecentGolfVaca?ons

•  FamilyandBusinessGolfTravelYieldHigherOverallSpending

RecentGolfTravelers(PerPerson) Buddy Business Family Spouse/Partner

Lodging $347 $562 $539 $390

Transporta:on $247 $328 $424 $347

GreensFeesandotherac:vi:es $269 $242 $210 $177

Entertainment/food/beverage $501 $517 $560 $525

TotalSpending $1,363 $1,649 $1,734 $1,439

•  RecentAvidGolfTravelersoutspentRecentCoreGolfTravelers$662

$401 $326

$712$522

$353$234

$589

Lodging Transporta?on GreensFees&Other Entertainment/Food/Beverage

Avids

Cores

INDEX 127 114 139 121

45

GolfTravelersAreMo?vatedResearchersWhoUseManySourcesPrintandInternetarekeysources

AGREEMENT

86%

81%

79%

68%

52%

Domoreoftheirownresearch

IammorelikelytogototheInternetforinforma?onaboutgolfpackagesandpricesthantocallthegolfresortdirectly

Iusuallyresearchavarietyofdifferentgolfvaca?ondes?na?onsbeforemakingafinaldecision

Magazinesareagreatsourcethatinspiresmetoseekoutinteres?ngnewplacestogo

Irecognizethebenefitsofhavingtravelcontentavailableonasmartphoneortabletdevice(iPad,etc.)

CouplestripsaresignificantlymorelikelytorelyonD‐I‐Yresearch

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GolfersRecognizeUniqueNeedsforDifferentTypeofTrips

73%Igenerallylookatgolfvaca?onsandfamilyvaca?onsastwoverydifferenttypesoftrips

70%Whenplanningavaca?onformyfamily,Iwillbemuchmorelikelytostayatfamilyfriendlydes?na?onsthatalsohaveagolfcourse

63%Iammoreinclinedtoincludemyfamilyongolfvaca?onsthanIwasfiveyearsago

Avidgolfersaremorelikelytoseekoutfamilyfriendlydes?na?onsthatincludegolf‐‐‐tohavetheircakeandeatittoo!

AGREEMENT

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GolfersAreLookingforGolfCourseBeautyandFamiliarity,butwithaVarietyofAc?vi?es

80%

80%

Playingabeau?fulandwell‐maintainedgolfcourseonmygolfvaca?onismoreimportanttomethanplayingachallengingone

Iliketoreturntothesamegolfvaca?ondes?na?ons,whichIenjoythemost

77%It'simportanttomethatthereareavarietyofotherac?vi?estodobesidesgolfwhenIplanwheretogoonagolfvaca?on

AGREEMENT

57%WhenIgoonvaca?onIpreferstayingatwellknownhotelorresortbrandsratherthanproper?esuniquetoades?na?on

64% Ipreferstayingatresortproper?eswithabundantameni?es

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Younger,MoreAffluentandBeDerGolfersAssumeGreaterResponsibilityforPlanningTravel

…whatwasyourrole,ifany,inplanningthistriporvacaCon?Q

68%

45%

58%

70% 67%57%

Age<50 Age50+ HHI<$150K HHI>$150K Handicap<10 Handicap10+

%FullyResponsibleFor

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GolfersAreLookingforCourseQuality,ClimateandTeeTimes

•  GolftravelersfromtheNortheastaremorelikelytoconsiderweather/climate,qualityandvarietyofdiningop?onsandvarietyofgolfcoursestoplaytobeimportantdrivers

•  Thosegolfingabroadplacequalityofaccommoda?onsandeaseofge8ngaroundoncetheyarriveonanequalprimacywithgolfcoursequality

80%

78%

75%

73%

72%

69%

67%

64%

63%

62%

Qualityofgolfcourses

Weathercondi?ons/theclimate

Availabilityoftee?mesondesiredcourses

Valueforthemoney

Qualityofaccommoda?ons

Varietyofgolfcourses

Easytogetaroundthedes?na?ononceIarrive

Challenginggolfcourses

Easy‐to‐get‐to

Reputa?onbasedonwhatyouhaveheardorread

TotalGolfTravelers

50

FineDining,“Water”andNightlifeAreMostValued

52%

52%

51%

48%

43%

39%

39%

38%

38%

35%

Finedininginthearea

Restaurantsonsite

Pool(s)

Bars/Nightlife

Accessto/beach/lake/river

On‐sitefacilitytransporta?on

Availabilityofcasinogaming

Shopping

Conciergeservices

Othersportsfacili?es

TotalGolfTravelers

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Spouse/Partner •  Valueforthemoney

•  AvailabilityofTee?mesonDesiredCourses

•  Finedininginthearea

•  Pool

•  Restaurantsonsite

•  Shopping

GolferSegmentsPriori?zetheirNeedsinDifferentWaysBusiness

•  WeatherCondi?ons/Climate

•  Qualityofthegolfcourse

•  QualityofAccommoda?ons

•  Finedininginthearea

•  Restaurantsonsite

•  Pool

Buddy •  Qualityofgolfcourses

•  WeatherCondi?ons/Climate

•  AvailabilityofTee?mesonDesiredCourses

•  Valueforthemoney

•  Bars/Nightlife

Family •  Qualityofgolfcourses

•  WeatherCondi?ons/Climate

•  Valueforthemoney

•  Restaurantsonsite

•  Pool

•  AccesstoBeach/River

•  Shopping

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AvidGolfersTravelMore

3.73.0

1.8

5.04.6

3.3

CoreGolfers AvidGolfers

Tripsforvaca?on/pleasure/personalreasonsonly

Tripsforbusinessreasonsonly

Tripscombiningvaca?on/pleasure/personalandbusiness

Mean#Trips

MeanDaysAway 13.1 17.7 7.8 12.5 5.3 8.9

AVIDINDEX 135 153 183

53

Dura?onoftheMostRecentTrip:FamilyGolfVaca?onsAreLonger

Buddy Family Spouse/PartnerBusiness

ThosegroupswhosemostrecentGolftripwaslonger:

•  TravelerstotheWestcomparedtothosetravelingelsewhere

•  Avidvs.coregolfers•  Singledigithandicappersvs.lessskilledplayers

Mean#ofDays:

5.0

Mean#ofDays:

4.6

Mean#ofDays:

5.8

Mean#ofDays:

5.9

54

GolfersAreaSignificantlyADrac?veTravelTargetvs.theOverallU.S.AffluentPopula?on

$1,420

$1,100

GolfTravelers AffluentU.S.Travelers

GolfersSpendnearly30%moreontheirvaca?ons!

GolfTravelers

AffluentU.S.Travelers

GolferAdvantage

Lodging $400 $300 +33%

Transporta:on $250 $200 +25%

Entertainment $200 $122 +64%

Food&Beverage $200 $200 ‐‐‐

Family/BusinessGolfTripsShowsignificantlyhigherpersonalspending

55

GolfersareMoreBullishthanAffluentAmericansComparedtothispastyear,areyouplanningtotravelmoreoFenorlessoFeninthenext12months?

Q

20%

27%48%

5% 0%

Muchmoreouen Moreouen Same Lessouen Muchlessouen

13%

26%

56%

5% 1%

TotalGolfTravelers U.S.AffluentTravelers

•  Golfersare22%morelikelythanaffluentAmericanstobeplanningincreasedtraveloverthenexttwelvemonths

•  AvidGolfersare17%morelikelythanCoreGolferstobeplanningincreasedtraveloverthenexttwelvemonths

MoreOuen39%

MoreOuen47%

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Implica:ons:AStrategicFrameworkfor2013•  CarpeDiem:Welcomedoseofgolferop:mismcanspuranupturnfortheindustry

–  Walkthetalkonproductinnova:on,valueandcustomizedservice/gameimprovement

–  Embracethefamilyaspartofthegolfexperienceandbuild“playercommunity”

•  MakethingsEasierandFeedthe“Escape”:Streamlined,turn‐keyofferingscanprovideabreakfromthefrene:cpaceandconstantnoisethatgolfersseektoinsulatethemselvesfrom

•  KeepPacewiththeCustomer:Insertyourbrandinarelevantcontext,…whichvariesacrossmul:ple,addi:vetouchpoints

•  DifferentTactsforDifferentTripTypes:–  Importantdifferencesbytravelertype(i.e.,buddyvs.familyvs.business)

•  Useofmul?plemediasourcesthroughoutthetravelpurchaseprocess

•  Stayinthegamethroughouttheprocess:Mul:pledes:na:onsares:llconsideredun:lfinalbooking

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