2nd Quarter 2015

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In Remembrance: John Singleton in the previous year how interested they currently are in playing golf. More than 32 million non-golfers (a mix of both former players and those who have never played before) are interested in playing now—more than one prospective golfer for every existing one. Latent demand has grown steadily since 2011, when there were fewer than 27 million interested but inactive prospects. Millennials, Boomers Remain Active Contrary to popular opinion, golf enjoys a positive relationship with millennials. This group of 18 to 34 year olds currently accounts for 25% of the golfer population and a disproportionate amount of the game’s latent demand. Of those 32 million latent golfers, nearly 13 million are millennials, meaning that for every current golfer from this group, there are two more interested in playing golf now. The impact of Baby Boomers (ages 50 to 64), which was stalled somewhat by the recent recession, is gaining momentum. Boomers number nearly a quarter of all golfers, and accounted for a third of all rounds played last year. History shows us that as these golfers reach retirement age (nearly 4 million a year for the next 15 years) they will play about twice as much as they did before retirement. The stabilization in participation and the modest increase in golfer activity are encouraging signs for the golf industry. While the game must maintain its base and continue to activate more beginners from its pool of latent demand (and motivate them to remain), interest among millennials and the potential for increased rounds among boomers will continue to positively impact the sport. The Methodology Each January since 1986, NGF has surveyed Americans regarding golf participation. In 2007, NGF joined a partnership of sports associations to cooperatively conduct sports participation research (the Physical Activity Council). This Council currently surveys 40,000 Americans ages 6 and above every year regarding their participation in more than 100 sports and fitness activities, including golf. Although the resulting sample closely matches that of the entire U.S. population demographically, a statistical weighting on key Census variables (including age, income, geographic region, etc.) is applied in order to make the sample match the population as accurately as possible.

(Bloomington, MN, May 8, 2015) - With a heavy heart, we wish to advise you that the golf industry lost a dear friend and champion and we have lost a beloved and revered member of our Toro team, John Singleton. John passed away Saturday, April 25 at the age of eighty-nine. John touched many lives, and for those of us fortunate to spend time with him, we will be forever grateful. John had the uncanny ability to make us feel good about ourselves and our stake in life, as he always maintained a positive outlook, despite the circumstances. John, a former irrigation contractor, joined Toro in 1967. John was hired to utilize his knowledge and hands-on experience to help Toro make inroads in the highly competitive golf course market. John’s experience, bold approach and relentless drive helped Toro earn contracts with some of the premier golf courses in the world and by 1972 Toro had become the most widely used automatic equipment in golf course irrigation. Always the consummate professional, John was comfortable in any environment, including construction sites, maintenance buildings and corporate boardrooms, as he loved representing Toro. During his 37 plus years at Toro, John developed relationships with hundreds of golf course architects, builders, consultants and superintendents and many became lifelong friends. John was a humble and compassionate person, and cared deeply for our industry. John never lost sight of his, small town, Irish Catholic upbringing, as he lived a frugal life. John’s success was measured by the significant contributions he made to those in need in his community. We will forever be indebted to John and his legacy. “Keep the faith”

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