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Pellucid Sheds Independent Light On 2002 Golfer Franchise: "Down, But Not Out" Contact James Koppenhaver 847-808-7651 jimk@pellucidcorp.com (March 25, 2003) - Pellucid Corp., an emerging golf industry information and insight provider, released their topline findings of their second annual golf consumer survey today showing participation down almost 1MM golfers in 2002 vs. 2001. Pellucid founder Jim Koppenhaver presented a summary of the preliminary findings speaking today as a panelist on Grow the Game Initiatives at the Urban Land Institute Conference on Developing Golf Courses and Communities in Naples, FL. Koppenhaver's remarks were a balanced mix of reality (participation was not "flat" and "retention" continues to be enemy #1) and encouragement (participation isn't the Holy Grail, existing golfers can also be leveraged for industry growth) to the conference attendees. He points out the fact that, "This is the first industry-independent survey of participation over multiple years which goes beyond participation rates to the growth/decline components and incorporates Pellucid's consumer franchise measures such as rounds per capita, attraction rates and the lost/acquired golfer ratio." Pellucid's findings, analysis and insight are based on their proprietary, balanced, national mail surveys fielded in 2001 and 2002 to a total of 130,000 US households. Key findings presented in Koppenhaver's ULI presentation included: Both % Participation and # of Golfers declined in 2002 vs. 2001 The industry lost almost 40% more golfers than it acquired in 2002 The % decline of female golfers was 3x that of male golfers The number of Jr. Golfers remained constant against adult segment declines Added Koppenhaver, "This isn't necessarily doom and gloom for the industry but it cannot be interpreted as a positive indicator on one component of the consumer franchise. If the frequency component holds steady or goes up then we'll start to see the wisdom in Pellucid's approach to measuring the industry in rounds per capita (combines participation and frequency) rather than just participation rates." Pellucid's industry overview report on The Golf Consumer Franchise will be released in mid-April and will outline more than 15 measures of consumer base changes between 2001 and 2002 and Pellucid's interpretation of those facts. Those interested in the report's release can register at Pellucid's website (www.pellucidcorp.com/html/home/inquire.aspx, choose Golf Participation and Rounds Growth Goals). Koppenhaver concludes, "Those who do not study history are doomed to repeat it. These preliminary findings suggest that perhaps the key to Grow The Game initiatives lies not in opening the front door wider but simply closing the back door."