Date: July 11, 2007

PGA and PGA Tour of Australasia announce amalgamation

PGA OF AUSTRALIA & PGA TOUR OF AUSTRALASIA MEDIA RELEASE: The PGA OF AUSTRALIA and the PGA TOUR OF AUSTRALASIA today announced they have signed a formal agreement to amalgamate and create a single governing body to promote, grow and lead Australian professional golf into the future. This agreement, unanimously endorsed by the Boards of both companies, is the first step in the amalgamation process and will herald a new era for golf in Australia. The Chairman of PGA Tour of Australasia, Mr. Peter Senior, said “This agreement to amalgamate is a continuation of the closer working relationship of our two organisations – a cooperation which has greatly strengthened our ability to promote and grow the game of golf.” “This is a great step forward for both our organisations. Combining our resources and intellectual property will create immense opportunities for the amalgamated body to market and promote the game of golf with a unified vision and approach.” “This merger has been contemplated by both organisations for a number of years. We look forward to the successful completion of the transaction.” President of the PGA of Australia, Mr. Geoff Scott said “The Board of the PGA of Australia believes the merger with PGA Tour of Australasia is paramount in moving professional golf forward and being able to effectively compete with other sports in a highly competitive commercial market.” “The PGA and PGA Tour have been working jointly on a number of projects for many years. You only need to look at the success of the Von Nida Tour to see what we can achieve by combining our efforts. We&aposve built a strong foundation and now is the time to come together for the betterment of the sport, the members and to ensure the growth of the game in Australia.” On the merger taking effect, Mr. Peter Senior will be appointed Chairman of the new consolidated entity for one year with Mr Geoff Scott taking over as Chairman the following year. The interim Board of two years will be initially composed of four (4) PGA Tour nominees and four (4) PGA nominees with all positions on the board up for election the following year. Mr. Max Garske, the current CEO of the PGA of Australia, will be appointed CEO of the amalgamated body with Mr. Ben Sellenger the current CEO of PGA Tour, to assume the position of Commissioner of the Tour Division within the amalgamated entity. PGA of Australia and the PGA Tour of Australasia are currently finalising the structure to be used to implement the merger. Further details on the structure of the amalgamated entity and the detail of the transaction will be released in due course. This will include information regarding the timing of the merger, the steps involved and member approvals required and the consequences of the merger for members. The Boards of both the PGA of Australia and the PGA Tour of Australasia unanimously recommends that all PGA and PGA Tour members support the merger proposal.