November 28^0U 23

FRANCHISE DISCLOSURE DOCUMENT GolfTEC Franchising LP (a Colorado limited partnership) 12450 East Arapahoe Road, Suite B Centennial, Colorado 80112 Telephone: (303) 779,9900 Fax: (303)741-1791 [email protected] www.golftec.com

GolfTEC Franchising LP offers franchises for the operation of indoor golf instruction centers. GolfTEC licenses methods that provide golf instruction to all experience levels, using digital video, impact analysis and motion analysis computers to measure a golfer's swing and compares this information to a database of over 150 tour players. The franchise offered under the development agreement is identical to that offered under the franchise agreement. The total investment necessary under the development agreement shall be a minimum of $35,000 for the development of one center. The number of centers depends upon the designated geographic area you purchase and the number of golf instruction centers necessary to adequately serve the clients and potential clients in that geographic area which is based upon, among other things, the size of market, the number of core customers within a defined geographic area, daytime population, proximity to highways and residential income.

| The total investment necessary to begin operation of a GolfTEC franchise ranges from $423130,175 to $471,825. This includes an amount ranging from $68,100 to $148,150 that must be paid to the franchisor or affiliate.

This disclosure document summarizes certain provisions of your franchise agreement and other information in plain English. Read this disclosure document and all accompanying agreements carefully. You must receive this disclosure document at least 14 calendar days before you sign a binding agreement with, or make any payment to, the franchisor or an affiliate in connection with the proposed franchise sale. Note, however, that no government agency has verified the information contained in this document.

You may wish to receive your disclosure document in another format that is more convenient for you. To discuss the availability of disclosures in different formats, contact the Sales Associate at 12450 East Arapahoe Road, Suite B, Centennial, Colorado 80112, (303) 779-9900, or [email protected].

The terms of your contract will govern your franchise relationship. Don't rely on the disclosure document alone to understand your contract. Read all of your contract carefully. Show your contract and this disclosure document to an advisor, like a lawyer or an accountant.

Buying a franchise is a complex investment. The information in this disclosure document can help you make up your mind. More information on franchising, such as "Buying a Franchise: A Consumer's Guide" which can help you understand how to use this disclosure document, is available from the Federal Trade Commission. You can contact the FTC at 1-877-FTC-HELP or by writing to the FTC at 600 Pennsylvania Avenue, NW, Washington, DC 20580. You can also visit the FTC's home page at www.ftc.gov for additional information. Call your state agency or visit your public libraiy for other sources of information on franchising.

There may also be laws on franchising in your state. Ask your state agencies about them.

THE DATE OF ISSUANCE OF THIS DISCLOSURE DOCUMENT IS:

November 28^0U 23-. 2012 STATECOVERPAGE

Youree may haveaf^chise law that requ^ t^hâdmimstmtorh^ REOPERATION OFAFRANCHISE EYASTATEOOESNOTlÂNTHATTHE STATE RECOMl^NOS THEFRANCHISE ORHAS VERIFIEOTHEINFORMATIONINTHISOISCLOSIÎ^CUMENT

Call the state franchise admmistmtorhstedmExhihitA^ ahout otber franchisors,o r ahoutfranehislngmyour state.

MANY FRANCHISE AGREEMENTS OO NOT ALLOW YOU TO RENEW UNCONOITIONALLYAFTER THE INITIAL TERM EMPIRES YOUMAYHAYETOSIONA NEW AOREEMENT WITH DIFFERENT TERMS ANO CONDITIONS IN OROER TO CONTINUE TO OPERATE YOUR BUSINESS BEFORE YOU EUY,CONSIDERWHATRIOHTS YOU HAVE TORENEWYOURFRANCHISE,IFANY,ANDWHATTERMSYOUMIOHTFIAVETOACCEFT IN ORDER TO RENEW

FleaseconsiderthefbliowiogRISKFACTORShetbreyoohoythis franchise:

L THE FRANCHISE AGREEMENT REQUIRES YOU TO RESOLVE DISPUTES WITHUSBYARBITT^TIONOR,ASAPPLICABLEBLTTIGATION,ONLYIN COLORADO. OUT OF STATE ARBITRATION AND, IF APPLICABLE, LITTGATTON, MAY FORCE YOU TO ACCEPT A LESS FAVORABLE SETTLEMENTFORDISPUTES. TTMAY ALSOCOST YOU MORE TO ARBITRATE OR LITIGATE WITH US IN COLORADO THAN INYOUR OWN STATE. ^ 2 THE FRANCHISE AGREEMENT STATES THAT COLORADO LAW GOVERNS THE AGREEMENT, AND THIS LAWMAY NOT PROVIDE THE SAME PROTECTIONS AND BENEFITS AS LOCAL LAW. YOU MAYWANT TOCOMPARETHESELAWS.

3. YOURSPOUSE M^Y BE I^^UIRED TO SIGNAPERSONAL GUARANTEE MAI^GYOURSPOUSE^OINTLYAND SEVERALLY LIABLE FOR THE OBLIGATIONS UNDER THE FRANCHISE AGREEMENT, PUTTING YOUR SPOUSE'SPERSONALASSETSATRISI^.

4. THEREMAYBEOTHERRISKSCONCERNING THIS FRANCHISE ^ We do not nse the services ofafranchisehroker or referral sonrees to assist nsin selling onr franchise.

The effective dates of this Disciosnrel^cnment in the states of Califrirnia,Haw^^ Indiana, Maryland, Michigan, Minnesota, NewYorl^ Rhode Island,Virginia,Washingtonan^ are stated on the next page. LIST OF FRANCHISE DISCLOSURE DOCUMENT ISSUANCE DATES

California Issuance Date: December 13,3011

Hawaii Issuance Date: January 6,2012

Illinois Issuance Date:

Indiana Issuance Date: July 24,2012

Maryland Issuance Date: July 10* 2012

Michigan Issuance Date: December 1,2011

Minnesota Issuance Date: December 14,3011

New York Issuance Date: December 22,3011

Rhode Island Issuance Date: Deeembor 14,3011

Virginia Issuance Date: December 21,3011

Washington Issuance Date: December 20,3011

Wisconsin Issuance Date: December 16,3011 TABLEOFCONTENTS ITEM PAGE 1 The franchisor And Any Parent Predecessor And Affihates 5^ 2 Bnsiness Experience 88 3 Litigation ^ ^0 4 Ennkmptcy ^0 5 InitialPees j^ 6 OtiierPees . ^2 7 Estimated Initiai Investraent ^ ^9 8 RestrictionsOnSonrcesOfProdnctsAnd Services 2222 9 Pranchisee'sOhhgations 2626 10 Pinancing 272^ 11 Pranchisor's Assistance, Advertising, Compnter Systems AndTraining 2828 12 Territory 3636 13 Trademarks 4040 14 Patents, Copyrights And Proprietary Inlbrmation 4242 15 ObiigationToParticipate In The Actual Operation OfTbePranchiseEnsiness 4343 16 RestrictionsOn What Tbe Pranchisee May Sell 4343 17 Renewal,Termination, Transfer And Dispute Resolotion 4444 18 Public Pignres .^50^0 19 Pinancial Performance Representations 49 20 Outlets And Prancbisee Information 75 21 Pinancial Statements 12142^ 22 Contracts ^ 121424 23 Receipts EastPage

E^HRTTS ExhibitA List ofStateAgencies^Agents for Service ofProcess ExhibitE Pranchise Agreement Exbibitl AddendumtoPranchiseAgreement Exbibitll Cuaranty and Assumption ofPrancbisee'sObligations Exhibit III Statement ofOwnership Exhibit IV Authorization Agreementfbr Prearranged Payments Exhibits Software License Agreement Exhibit VI EuildDOut Agreement ExhibitC DevelopmentAgreement ExhibitD Collateral AssignmentofLease ExhibitE Lists of Affiliate andPranchisee-Owned Improvement Centers Exhibit P Pranchisees Who Have Left the System ExhibitO Audited Pinancial Statements ExhibitH Operations ManualTableofContents Exhibitl Nondisclosure and Noncompetition Agreement Exhibits OolfTEC Certified Personal Coach Agreement Exbibitll Certified Personal CoachTransfer Agreement ExhibitL License Agreement(Oolfsmith)^RidertoPranchiseAgreement(Oolfsmith) ExhibitM Closing Acknowledgement ExhibitN State Addenda and Riders to Trancbise Disclosure Document, Prancbise Agreement and Development A^eement ExhibitO Termination and Release Agreement Exhibit O-l Promissory Note ExhibitP Receipt ofDisclosure Document TTEMI THEF^NCHISORANDANYPA^

TheF^ch^o^

rename of^^chi^ is GdfTECT^cb^^ OdfTECFranchismgLPisre^rred^ as ^"^s"or^TFL"m^is Disdosure Docume^ We wiii refer to the person who buys the fraoebise as ^ou" throughout this DiseiosureDoeumeot. ifthetrauebiseeisaeorporatiou, partnership or hmited iiabiiityeompany, certain provisions of tbe Franohise Agreement wiilai^^ andwilibenoted.

WeweretbrmedasaCoiorado limited partnershipon May 23, 2003. Dur general partner is ^ GolffECVentures, LLC (^GT^^^aColorado limited iiab^ Dur principal business address, and that of all of our parents, affiliates and predecessor companies is 12450EastArapahoeRoad, Suited, Centennial, Colorado 80112 Our agents tor service of process are listed on Exhibit A.

Parents^ Predecessors and Atfihates.

The parent company for CTPL,OolffECEn^^ COLPTEC improvement Centers. CTEisaColoradolimited liability company that was formed on October 24, 2001. OTE may be considered our predecessor and affiliate. CTE's predecessor, ColffFC, Inc., was originally incorporatedinColorado inMarch 1995 under the nameDrivingObsessionof Colorado, Inc., which changed its name on January 1, 1998. fn April,2000, OolfTEC, Inc. was reincorpomted in Delaware throughamerger and in November 2001,through its ownership in Colf^ Holdings, LLC,aColorado limited liability company formed on November 5, 2001,it contribu^ assetscomprisedoftheColfPECname, concepts, patent and other intellectual property,^ ColfPEC Improvement Centers, and the related liabilities, in exchange for ^

GolfTEC Pranchise Services bic^OTPS^^awholly^wnedsub^ on July 30, 2007. OTPS and CTE have the right,throughasublease or other agreement (^Premises Subleased entered into with affiliates ofGolfsmith International foldings, hic.^ Improvement Centers in certain CCLPSMITH^ Stores. OTPS may provide you with the opportunity to locate an Improvement Center in CCLPSMITH^ Stores. Additionally, OTPS may provide other services and products to franchisees. Seeltem7.

CTPS manages our franchise operations under a management agreement. OTPS provides services to our f^chisees by providing the sales, marketing, administmtion, training and under Trancbise Agreements that we enter into with our franchisees. We remain responsible for all licensing ofthe trademarks, servicemark, trade names, patents and other intellectual propers allother aspects of the franchise relationship. GTTSmay perform any ofour obligations and may exereise any of our rights fbrus, but we remainultimatel y responsible for all of our obligation of our agreements with you. Ifthe Management Agreement expires or is terminated, we will perform our obligations under our agreements or appointanew manager to doso.

We have no affiliates or predecessors that provide products or services to you other than those identified above. Our Badness

We fi^chise the operation of ceuter^^ Centers that provide golf iost^ motion analysis eompoters to measoreagol^s swing and oomparetiiis info database ofover 150 tour players. We also provide Personal Clnh Fitting to allow goiters to mateb their olnhs to their golfswing and playing preterenees. Personal ClnhFittiog integrates motion measnrement^ digital video andadatahase of more thauLOOOelnh options. We also operateaeorporate entertainment division (Imown as ^-WOI^I^^ providing golf swing analysis, contests and relat^^ activities at corporate gatherings and events. Seoltems6,^ II and 12.—OOLPTEChnprovement Centers nse a distinctive husiness format, proprietary golf instruction techniques, systems, methods, procedures, software, patents, designs, layouts, advertising, promotional and marketing methods, teclmology and data, operational standards and speciftcations and various other proprietary methods of doinghusiness(collectively,the^Licensed Methods"). Weftanchise the operationof improvement Centers under the trade name and service mark ^OOLPTEC" and other logos, trademarks, se^ and commercial symhols^collectively, the^Marks"). TheMethodsandtheMarksare owned hy ColfPEC hitellectual Property LLC,aColorado limited liability comp^ ^ and are licensed to us. See item 13.

ThePranchise

A Pranchise Agreement ("Prauchise Agreement"), which isattached as Exhibit 8 to this Disclosure Document is signed tor eacb COEPTE^ ^ receive the right to use theMarks and Eicensed Methods to operate your improvement Centers ata location approved by us ^Pranchised Location"). ACOEPTEC Improvement Center may be located in astrip mall, commercial shoppingorofficearea, golf course or driving range, or other suitable tacih^ that we must approve before your development of the facility. The improvement Centers are typically between 1,000 and 3,500 square feet in size,inleased space. An Improvement Center located ina OOEPSMffiB Store may be only 1,000 square feetmsize. COLPTEC improvement Centers bave one to tive instruction bays,areception counter and waiting area for clients, bathrooms andastorager^^ The improvement Center instruction bays are equipped withalauncb monitor to measure club heads and ColfTE^proprietarygSWiNO^ teaching system ("g^SW^ components: our proprietary motion analysis equipment that is used to measure and assessaclient'sgolf swingand specialized recordingand digital videoequipmenttoenable recordingand replay, both developed by OTE and its predecessors, and animpact analysis technology,aproprietary product of Colftek, inc., an Idaho company not affiliated with us (See item 13).. At the instruction desk within each instruction bay, the specially-trained CCEPTECCeriitied Personal Coach and the client can vi^^ client's swing and compare all aspects of the swing to the proprietary compilation of tiie tour players' swings, displayed side-by-side with the client's swing. Eiofeedback tones (beeps) can be set to tella client when various aspects of bis or her swing is within correct range. Clients can follow up the lesson withareview via the Internet, in their own personalized WEEEESSON^accessed by password on^hoir ownftom any computer.

Theimprovement Center offersswingevaluationsessions.customclubfitting sessions and iosson^ameimprovement plans varvingincostbasedonthedurationof the iesson^olan purchased^ praotioecomponents of the memberships and geographic location; and a limited inventory of golf merchandise is offered for sale f^turing various approved brands of custom-tit, custom-mad An improvement Center must employ at least two personal coaches (Franchisor reserves the right to encourage that one or all personal coaches be POA or EPOA Members or Apprentices) who have been trained and ceriiftedby us at GolfTEC University^ Currently there are approximately 28,000 PGA golfprofessionals (Members and Apprentices) and 1,20^ LPGA Teachmg and Club Pro^s^ Note tbat tbe tennsB^" and ^coacb" are used interebangeably in tbis DiselosnreDoenmenL Pranebiseesareantborizedtosoiieitebentstbrandto participate ingWGRLDevents. Seeltems^^linndi^

ffyon qnaii^, yon may obtain from ns tbe rigbt to develop mnitipieGGLPT Centers witbinadesignatedgeograpbio area nnder onr Development Agreemen^wbiob is attached as ExbibiLC to tbis Disclosure Document. Tbe t^velopmentAg^ tbat additional bnprovement Centers are necessary to adequately serve tbe clients and potenti^^ tbe Development Area, tbe number ofCDLPTEC Improvement Centers to be developed and schedule tor development inadesignated geographic area ^Development Area") reserved tor your development of Improvement Centers. AseparatePrancbiseAgreement is executed tbreacb Improvement Center to be developed under tbeDevelopment Agreement. Tbe scope of any Development Agreement and tbe number ofCGLPTEC Improvement Centers to be developed is dependent upon your development plans, our determination of your financial capability and qualifications to developmultiple Improvement Centers in tbe DevelopmentArea and our determination during the term ofthe Development Agreement that additional hnprevement Centers must be developed to adequately service clients and potential ch^^

GTPShastberigh^throughaPremises Sublease entered into with affiliates of Coltsm^^^ operate Improvement Centers in certain CDLPSMiTH^ Stores. Coltsmith sells golf equipment, accessories and clothing through retail locations, the internet and mail order and sells re^ including golfinstruction. If you are grantedafranchise by us and determine to locate your Improvement Center in an available GDLPSMffH^ Store location, in addition to execution ofaPranchise A you must execute with CTPS the License Agreement ("License Agreement") and the l^dertoPr^ A^reement(Coltsmith), which are attached as ExhibitLto tbis Disclosure Document. Underthe License Agreemen4GTPS grants CTPL franchisees the rightt o operate an Improvement Center under the terms of the License Agreement and under the terms of the Premises Sublease between CTE or CTPS and Colfsmith. The Premises Sublease fr^raparticularlocatio n is sul^ect to the terms and conditions of the prime lease and may vary from location to location. Acopyoftheprime lease will be provided to you. You must also comply with tbe terms of the Pranchise Agreement tor the hnprovement Center locari^^ ImprovementCenters located inaCGLPSMiTH^ Store do notofiermerchandise.

Refutations

We are not aware of any regulations specific to the operation of an Improvement Center in your state, although you are responsible tor complying wit^ which affect the operation ofyour Improvement Center. You should consult with your attorney and tax advisor on this su^ec^ especially regarding state and local laws, rules and regulations t^^^ operation ofyour GCLPTEC improvement Center at your particular location You are responsible for complying with employment,workeBs compensation, insurance, corporate, taxing, licensing laws and regulations. Market and Comnefition.

Tbe popularity ofgolfin the United States and internationally is well established and the is highly competitive. Accordingto2009 statistics published in 20IOby the National ColfPoundation the number of Arnericangoliors has grown to roughly 2^26.1 million participants. A"participant"isa person six years ofage or older who played at least one round of golf. Twenty percent ofthe participants are temale and ^^^are^coro^" goiters, meaningtheyplay^roundsayear.

Tbe popularity ofthe game bas increased the competition amongst providers of golf instruction. Your marketer your services will include goiters ofall skill levels, from beginners to casual wee^ gdfers toadvanced played You will ouoouutorcompotitiou from golf profossiooalsat golf olobs, oatiooal as woll as regional golf oamps and fraioiog sessions sponsored by various golf pros or organizations tbat may bave well-known and reeognizablenamesor servieemarks. You may even experience eompetition from otber GOLFTEC bnprovement Centers witbin tbe same market area as your bnprovement Center. GolfTEC believes, bowever, tbat, due to its licensed patented teobnology, it is tbe only company witb multi-state facilities to offer instruction witb motion capture analysis capab^^^

Eusmess Experience.

Certain of our principals tbrou^ GTE. GTTL and GTTS bave over 16voarsyears'experience in bnprovement Centeroperations. GTEcurrentlyowns^56 GOLFTEC ImprovementCenters intbe following areas: five

12 in Los Angeles^ California lin San Francisco. CA 5inDenver.Coloradoôno 1 in Colorado Springs^sovon. Colorado înAtlanta, Georgia 8 in Chicago, fllinois^five 3inEoston.Massacbusetts linLutberville. Maryland ^mDallas,Texas^ô 5inHouston,Texasône lin Fort Worth. Texas linFaramus,NewJerseyône lin East Brunswick, New Jerseyône lin Englewood^ New Jersey^two linWoodbridge. New Jersey 2 in Long Island, NewYork^two 2in Portland, Oregon: and three in Atlanta. Georgia. linSterling.Yirginia

The firstGOLFTEClmprovementCenteropened in 1995 inOenver, Colorado. See hem20.

Since GTFL's husinessis limited to operating asafranchisor,that entity does not currently operate an Improvement Center of the type tobe operatedby you. GTFL has offered franchisesfo r GOLFTEClmprovementCenterssince July 2003. Neither we nor our affiliates or predecessor have offered franchisesi n any other lines ofbusiness.

BUSINESSE^ERIENCE

President Chief Executive Omce^C^Founde^and Manager of General Partoer: Joseph L. Asseii:

Mr. Asseti has heen tiie Chief Executive Officer of GTE since Angnst 2006. He has heen our President ^tiaManager of our generaipartner,CTV,since the inception of the companies. Heaiso series as President andis on theManagement Committee of CTE^positions which he has held since Novemher200i. Mr. Asseti founded the CoifFEC concept in 1995 and from that time untii200i, worked tuti-time in the capacity as President of CTE's predecessor companies. Mr.AssetiisaPCA Memher. Mr. AsseiiisaMemher in CTMN Partners, EEC,aMinnesota limited iiahihtycompany,a Coifl^C franchiseetha t owns Improvement Centers and the right to development improvement Centers in and around the Minneapolis, Minnesotadevelopmentarea.

Chief Ooeratin^Officer^Co^Pounder^and Manager of Generai Partner: MichaeiT.Ciinton:

Mr. Clinton has heen the Chief Opemting Officer of GTE since August 2006 andaManager of our general partner, GTV,since June 2003. Previously, he was our Senior Vice President of Operations. He is alsoamemher of the Management Committee of GTE,aposition that he has held since Novemher 200^ M^Chmonco^n^ He^^ed^V^ President of GTE's predecessor companies since that time. He isaPGA Memher. Mr.Ciintonisa Memher in GTMN Parmer LLC,aMinnesota hmited hahiiitycompan^aGoltTEC owns hnprovement Centersand the right to development ImprovementCenters inandaronnd the Minneapolis, Minnesota development area.

Management Committee of General Partner: Thomas A. Gart:

Mr.GartisthePresidentofTheGartCompanies,aColomdocorporationhasedinDenver, Colorado with extensive financialholding s inavariety of enterprises, most notahly retail sporti^^ stores thronghont the Western United States. He has heen actively involved in the management ofThe Cart Companies since its inception in March 1993. Mr. Gartjoined the Management Committee of CTE npon its formation in Noveml^r 2001and has heen on the Management Committee of GTVsince its formation.

Management Committee of General Partner: JamesP.Marslco:

Mr.l^arsico is the President andaManagerofMarsico Enterprises, LLC,acompany hased in the Denver, Colorado metropolitan area that manages private investments. Hejoined the company in March, 2000, afier serving for overfive years asaVice President ofWesternUnion,acompany which h^ money orders and transfers, owned hyPirst Data Corp., headqnartered in Colorado. Mr.Marsicohas heen on the Management Committee of GTE since Novemher2001and on the Management Committee ofGTVsinceJnne2003

Management Committee of General Partner: Monroe Rifitin:

Mr. Rifkin is the Chairman of the EoardofDirectorsofRifkin^Associates,^ company headqnarteredinDenver,Coloradothathefbrmed in 1982. Mr.Rifkinhasheenonthe Management Committee of GTE since Novemher 2001 and has heen on the Management Committee of GTV since its formation.

Vice President ofEe^aiAflairs:PatriciaA^arrett:

Ms. Barren (formerly known nsEnrron) has heen GTE's Vice President off^gal Affairs since Pehmary2006.

Vice President ofBnsinessDeveionment: SteveP.Banerie:

Mr. Eanerle has heen GTE's Vice President of Ensiness Development since Angnst 2004. Mr. EanerleisaMemherinGTMN Partners, EEC,aMinnesota limited liahilitycompany,aGolfTEC franchisee that owns improvement Centers and the right to development Improvement Centers in and aronnd the Minneapolis, Minnesota development area.

VicePresidentofMarketin^:Erenton^Stewart:

Mr.Stewart has heen GTE's Vice President ofMarketingsinceSeptemher 2011. Prior to that he was owner ofStewart Creative, an advertising and marketing company in Denver, Colorado since January 1990

Vice President ofPinance: JonMaronardt: Mr. Marquardt has been GTE's Vice President of Finance since January 2011. Prior to coming to GolfTEC, since 2005 he was in various finance positions with Richmond American Homes, Denver, Colorado, including Controller, Director of Tinance from 2008 to 2009 and Tinance Consultant from 2010 until he joined GolfTEC.

Vice President of Franchise Operations: Flynn McLain:

Mr. McLain has been GTE's Vice President of Pranchise Operations since September 2005. From March 2004 to August 2005, he served as GTE's Franchise Coordinator. From January 2002 (May 2003 for GTFL) to February 2004, he served as a Project Manager for GTE.

Franchise Operations Consultant: Rich Lyons:

Mr. Lyons has been GTE's Operations Consultant -since April 2007. Ho was Solos Manager for Eyolino Golf of Monument, Colorado from May 2006 to March 2007.

Franchise Operations Consultant Chris Clark:

Mr. Clark has been GTE's Operations Consultant since September 2007. He was a City Manager for our franchiseei n Phoenix, Arizona from March 2004 to August 2007. Mr. Clark is a PGA Member.

Franchise Operations Consultant: Josh Pitchford:

Mr. Pitchford has been GTE's Operations Consultant since October 2011. From January 2010 to September 2011, he was a certified Golf Coach for GolfTEC and a manager from January 2000 to December 2009 for Gray Golf of Bluffton, South Carolina. Prior to that time he was in real estate in Bluffton, South Carolina.

Director of Real Estate: Chad Covak:

Mr. Covak has been GTE's Director of Real Estate since June, 2008. Prior to that time, he was GTE's Director of Project Management since December, 2005.

ictori Cory Collins*

Mfi Collins has been GTE's Franchise Sales Director since October 2010. From May 2009 to October 2010, ho was an Acoount Exooutive for 9News KUSA/DTVD, Donvor, Colorado. From August 2008 to April 2009, Mr. Collins was GTE's Sales Associate on our Businoss Dovolopmont team. Prior to that ho was a Staffing Exooutivo with Robert Half International in Denver, Colorado, from August 2007 to July 2008 and a Mortgage Broker with Chorry Crook Mortgage in Denver, Colorado, from Dooombor 2006 to July 2007.

ITEM 3 LITIGATION

No litigation is required to be disclosed in this Item.

ITEM 4 BANKRUPTCY

10 No bankruptcy information is required to be disclosed in this Item.

ITEM 5 INITIAL FEES The initial franchise fee ranges from $17,500 to $35,000 and is payable to us in full when you sign the Franchise Agreement. The amount of your initial franchise fee is determined by the size of your Development Area which is based upon, among other things, the size of market, the number of core customers within a defined geographic area, daytime population, proximity to highways and residential income. The Franchisor has sole discretion in determining the demographic source upon which the market level shall be determined and sole discretion oyer the amount of the Franchise Fee. The initial franchise fee for the full market level is $35,000; the initial franchise fee for the medium market level is $25,000; and the initial franchise fee forthe small market level is $17,500.

Before opening your GOLFTEC Improvement Center, you also pay us $44,600 to $107,150, to purchase the g-SWING Systems and the office system hardware, a launch monitor for each bay (applicable to stand-alone Improvement Centers only; one launch monitor is required if Improvement Center is in a Golfsmith), g-PUTT teaching software, the license to use the proprietary Improvement Center software components, including g-SWING, CaddyMaster* Online Scheduling and Sync Software and, optionally, the mobile version of the g-SWING System, the g-SWING Portable System. These items are available only from us and are for use only at or in connection with GOLFTEC Improvement Centers. If, at your option, you decide to participate in the fulfillment of g-WORLD events, you must buy one or" more g-SWING Portable Systems, which is a mobile version of our licensed technology used in connection with g-WORLD and other approved off-site marketing and promotional activities and services. There is no assurance that we will request that you participate in the fulfillment of g-WORLD events. Sco Items 6, 7, 8 and 12.

The low range cost in the Item 7 chart entitled g-SWING, Office Systems and Store Network includes one g-SWING System with a launch monitor at $25,000, which allows you to commence business with one operational instruction bay, an office system at $8,000, a launch monitor at $8,200 and other necessary software license fees of $3,700. Commencing business with only one g-SWING system and office system is an option only at the small market level and then, only at Franchisor's discretion. At the medium market and full market levels, we require you to commence business with no less than two operational instruction bays, so you must purchase at least two g-SWING Systems at $25,000 each^-a launch monitor at $8,200 each and one office system at $8,000, plus software licenses. Sco Item 7, note $7 The high range estimate in the Item 7 chart includes three g-SWING Systems, three launch monitors, one g-SWING Portable System, an office system and the software license fees. The fees quoted in this paragraph include the costs of installation, integration and configuration, which services must be obtained from us. These fees are due when you order the equipment. These fees do not include tax or the cost of shipping?, which you must pav.

If you qualify and elect to purchase a Development Area in which to develop more than one Improvement Center, you must execute a Development Agreement. You must pay an initial franchise fee as defined above for each Improvement Center to be developed under the Development Agreement. On execution of the Development Agreement you must pay the initial franchise fee for the first GOLFTEC Improvement Center to be developed plus a Development Fee of $ 10,000 for the last Improvement Center to be developed under the Development Agreement. The $10,000 Development Fee for the second and subsequent Improvement Centers to be developed under the Development Agreement, except the last Improvement Center, will be due the earlier of: (1) the date on which the Franchise Agreement for that Improvement Center is required to be executed (which is within 10 days after we approve your location);

11 or (2) January 31 ofthe calendar years in the Development Agreement which corresponds to the deadline to open the Improvement Center. We apply the $10,000 Development Fee paid for the second and subsequent Improvement Centers to be developed toward the initial franchise fees for each Improvement Center. The balance of the initial franchise fees for the second and subsequent Improvement Centers to be developed under the Development Agreement, will be due on the earlier of: (1) the deadline for which the Franchise Agreement for that Improvement Center is due to be executed (which is within 10 days after we approve your location); or (2) the date in the Development Agreement which corresponds to the deadline for opening that Improvement Center. During the term of the Development Agreement, either upon mutual agreement or upon our determination, in our reasonable discretion, if we determine that the development of one or more additional Improvement Centers are necessary to adequately serve clients or potential clients in the Development Area, you must pay to us an initial franchise fee as appropriate within 60 days of receipt of written notice from us of the obligation to develop the additional Improvement Centers).

You must participate in our "Build-Out Program". Upon execution of the Franchise Agreement and the Build-Out Agreement you pay us a nonrefundable fee of $6,000 for our assistance in constructing, developing and equipping the Improvement Center. You pay third-party suppliers directly for costs associated with the design, construction, developing and equipping of your Improvement Center. See Item 7.

All initial franchise fees, development fees, and fees for the Build-Out Program once paid, are nonrefundable. Except as outlined in this Item 5, all franchisees currently acquiring a franchise pay the same franchise fee.

ITEM 6 OTHER FEES1

Type of Fee Amount Due Date Remarks

12 Type of Fee Amount Due Date Remarks

Royalty2 5% of Gross Payable twice a Gross Revenues include all revenue from the Revenues month, based on the Improvement Center, including sales made away 2% of Merchandise prior time period's from the Improvement Center, whether for cash or credit and whether recognized or "unearned" (e.g., Revenues Gross Revenues and Merchandise receipts for lessons not yet given). Gross Revenues Revenues do not include taxes and discounts, g-WORLD income from events held outside of your Protected Territory or, if applicable, Development Area, or from an event generating over $10,000 held inside of your Protected Territory3 or, if applicable. Development Area, or Merchandise Revenues. Merchandise Revenues include all revenue from the Improvement Center from the sale of items designated in writing by us as merchandise, including sales of merchandise made away from the Improvement Center, whether for cash or credit. Merchandise Revenues do not include taxes, discounts, g-WORLD income from merchandise sales at events held outside of your Protected Territory or, if applicable. Development Area, or from an event generating over $10,000 held inside of your Protected Territory or, if applicable, Development Area3. See Items 8, 11 and 12. Royalties are paid to us by. electronic transfer of funds.

> MAAF Up to 34% of Gross Payable twice a We reserve the right to change the National C antribution' Revenues and 1% month, based on the Marketing, Advertising and Administration Fund Merchandise prior time period's PCNMAAF^3 Contribution upon 30 days prior Revenues?, up to an Gross Revenues and written notice to all franchisees. GTE's annual maximum of Merchandise Improvement Centers will contribute the same as $16.000 per Revenues franchised Improvement Centers. NMAAF Improvement Center. Contributions are paid to us by electronic transfer of See Operations funds. Manual for the current applicable rate.

Local Advertising An average of 5% of As Incurred This local advertising allocation is in addition to the Allocation5 Gross Revenues and NMAAF Contribution but is retained by you. This Merchandise is the minimum average which must be expended Revenues monthly, during each fiscalquarter , with a report of reduced by any expenditures submitted to us within 30 days amounts reallocated following the end of each fiscalquarter . If an to Regional Ad approved regional advertising group is established Group Fund which includes your Improvement Center, all or a portion of your local advertising allocation may be reallocated to the regional ad group fund.

13 TvneofFee Amount Due Date Remarks Regions Mayvary^with As directed by As ofthe date ofthis DiselesureDoeumen^ there is Advertising recurring Regional Advertising not an active regional advertising group. Greup^ contributions up to Group 5%ofCross Revenues and Merchandise Revenues, reduced by Local Advertising Allocation Software License Maybe On or before the ftrst Inelades up to^honrsamonth of consulting Fee2 increased based on anniversary ofthe maintenance and trouhle-shooting, as well as minor thencurrent date on which your software upgrades. Wecharge you extra tor ma^or published prices Improvement Center software upgrades, ifavailahle, tor g-SWt^G, g- opens, $2,000 isdue; PUTT and g-SW^GPortahle,CaddyMaster, then $333 permonth OnlineSchedulingand Sync Software.The annual will be paid every Software License Fee is paid to us hy electronic month thereafter tor transfer oftunds. the term ofyour ftanchise agreement and any extension.

Teehneiegy $100perhour.May As Incurred Wecharge this amount if you require assistance in Consuming2 be increased based excess of^hoursamonth. on then current published rates Imprevement $100perhour.May As Incurred Wechargethisamount ifyou require assistance in Center be increased based excess of^hoursamonth. Management and on then current Operations published rates Cnnsniting2 Accoanting and $100perhour. l^lay As Incurred Wecharge this amount ifyou require assistance in Finance be increased based excess of^hoursamonth. Consniting2 on then current published rates Marketing ^ $100perhour.May As Incurred We charge this amount in the event you do not Consulting2 be increased based suhmit yourrequest tbr approval ofyour on then current promotional and marketing materials to our internal published rates advertising and marketing agency at least thirty days prior to publication or use. Additionally, we charge this amount ifyou require assistance in excess of2 hoursamonth.

Training Frogram Travel, lodging and As incurred Wedo notchargetuitiontbrthree coaches to attend Tuition and living expenses GTU or tor you andôr your store manager's initial Expenses^ associated with trainingîU'^ Youpayallotherexpenses attending mandatory relating to attending training. Franchisor may training sessions charge tuition tor continuingtrainingthat is mandatory. We encourage that the coaches, including the store manager,beeitheraFGA or LFGA Member or Apprentice. Sêltemll.

14 TêofFee Amount DueDate Remarks Tuition for Initial ÔOOperattendee. As incurred Rate applies teGTUâdditienalorreplaeement Training- May be increased eoaehes(m excess ofthree^ Wedo not eurremly Additional hased on then current ehargetnitionfbrFTUfbrreplaeement Store Attendees published rates Managers however we reserve the right to eharge^m ^ onr sole discretion. SeeltemlL Certified Personal $750pertrip As incurred Fayahieifyon request ns to provide and we agree to CoaehPollow-up (maximum two days) provide certain ongoing supervision ofyour coach. Training Pee2 plus travel, lodging and living expenses. ^ Subiectto increase based on then current published rates

Certified Personal Pees vary from As incurred, due a^ You pay these nonrefundahie fees if you hirea ^oaeh Transfer $^000to^000, ofCertified Coach's Certified Personal Coach that is employed, or has Pee^ based upon the last day of heen employed within the prioriyear^hy us, an coach'sexperience, employment before affiliateoranotherGOLPfFCfranchisee The education, transfer or as we may Certified Personal CoachTransferfee is paid to the accomplishments and direct tbrmer employer ofthe Certified Personal Coach. position. Subiectto Pees will vary depending on the experience ofthe increase based on Certified Personal Coach and the position held hy thencurrent theCertifiedPersonalCoach.TheCertified published rate Personal CoachTranster Pee applies if you are schedule currentlyaCoachemployedhy GTE, an affiliate or aCOLPTECfranchiseeandyouarepurchasinga franchise.

Personal Coaeh $500 Maybe As Incurred Thisfeeispaidtous ifyouhireapersonal coach ReeminnentPee2 increased based on that we or our affiliates recruit and recommend to thencurrent you, whetherornotthe coach has completed CTU, published rate and whether or not the coach isaPCA or LPGA Memher or Apprentice.

Certified Personal $250 Maybe Payable within 90 Payable toaCertified Personal Coach ifyou retaina Coaeh Referral increased based on days ofhire ofthe coach referred hythem. ^ thencurrent referred coach published rate

2 Lesser ofl.5% per Upon demand interestbegins to accrue the day afterpayments are Interest month or highest rate due for Royalties, product and equipment purchases, ofinterest allowed by l^MAAP Contributions and other amounts due to us law or our afriliates underthe Franchise Agreement. Late Charge2 Upto$500 As incurred Payable when you fail to provide accurate or timely financial statements^reports when due. $250 for 1^ offense; $500 tbr2^offense^250fbrincomplete submission^l^offense^ $500 for incomplete submission 2^ offense. ^ Development Upto$l,000per Payablemontbly Payablemontbly intheeventwe agree toextend the Schedule month upon demand 2 development schedule outlined in the Development Extension Pee Agreement.

15 TôfF^ Amount DueDate Remari^ De^Fe^ Reasonahle amount Upon demand Fayab^ when you vidâm^rial term or that will vary condition ofthe Franchise Agreement, Development depending upon the Agreement, orDperations Manual and snch default nature ofyour is not cured within 30 days. default, up to $500 permonth. Coôf Varies according to 15days after receipt Fayahle only ifyou understate your Gross Revenues lospîonand your location ofournoticetoyou and merchandise Revenues hy more than 5%, do not Aud^ ofany underpayment suhmit reports to us or do not cooperate in performance ofinspection and audit.

Transfer Fee2 $7,500plus$5,000 Before eftectiveness Fayahle when the ftanchiseagreement , interest in for transfer of each of transfer the improvement Center orthe franchise is undeveloped transterredhyyou. Improvement Center under any Development Agreement Sueeessor $5,000 When you sign the Rayahle when you renew the term ofyour Franchise FranehiseFee2 thencurrent Agreement. FrancbiseAgreement Costs and Will vary depending As incurred Fayahleuponyourfailure to comply with the Attorneys Fees2 on nature ofyour Franchise Agreement. default Indemnifieation Will vary depending As incurred ^ou have to reimhurse us ifwe are held liahle for Under Franchise on nature ofthe claims resulting from your GGLFTFC improvement Agreement2 claim against us Center. Insurance Will vary depending As incurred ifyou do not pay yourpremiums, we can pay them Fremiums2 on your location and fbr youandyou must reimhurse us hy electronic insurer transfer offends. Lesson Range from $30 for Payable on the days Fayahlehy electronic transfer offunds from your Rehnhnrsement onehalfhourto$50 we periodically hank account aiong with Royalties when another Fee^ for one hour session. designate franchisee or CTFprovidesalesson hased ona Subject to increase lesson package sold hy you. The amount is credited hased on then current totheotherfranchiseeorCTF. published rate

Fiectronic Swing $3to$7perswing As incurred Fayahle ifyou request us or our affiliates and we or Critique Fee2 Subject to increase our affiliates agree to critique the golfswing of g- based on the current WORLD clients collected electronically hy you. published rate. Alteration of Varies As incurred Fayahleifweenterthe Franchised Location to Marksand correct your misuse ofthe ^arks or Licensed Licensed Methods2 Methods. Build-out Program $6,000 Maybe Uponsigningthe This fee is required to he paid to us to facilitate the Fee2 increased based on FrancbiseAgreement huildoutofeachlmprovementCenteryouare thencurrent fbreach required to develop pursuant to your Development published rate ImprovementCenter Agreement.

16 Tô^ Amount Due Bate Remari^ c^cen^F^ ôteetbrthetirst Beginning with the Thisêispaidêach Improvement Cen^ six months afteryour seventh month, Payable to maintam the eêenterwhieh books ImprovementCenter payable monthly on client golflessons.Catl Center Fee is paid tons by opens. $90 per the day ofthe month eleetrome transfer of fimds. month fbrthe 7^ we periodically month and each designate. month thereaêr. Snbêetto increase

based on then current D published rate

^TRAC^NG2 $0permonthfbr Payable monthly on Coaebes sell tbis service to clients oftbe eachirnprovement the day ofthe month Improvement Center for an annual fee to help clients Center. Subject to we periodically monitortheirprogressandobtainahandicap. Paid increase based on designate. tons by electronictransfer of funds. thencurrent published rate

Paymen^fbr Between $20 and As incurred We and our affiliates charge you for items you hems Supped by $20,000. Subjectto purchase through us or our affiliates, such as golf ^ current published shirts,banners,replacementparts or tents for g- prices, plus tax WORLDevents (where applicable), ^ a^tua^shippingahd similar charges memory Will vary depending As incurred Except in locations where merchandise can't be Furebases^ on inventory sold, such asaColfsmith, you must purchase and turnover maintainaminimum inventory of golf clubs and other merchandise. See Item 8. Go^mitb Will vary depending Payable at least Collected by us or our affiliate, ifyour Improvement Location Ren^ on location monthly on the days Centeris located inaCOLFSMiFlBStore.Paidby we periodically electronic transfer offunds. designate.

(1) Tbe f^sapplytoall fi^ebisesdeveloped underaDevelopment Agreement.

^ Fees which we charge and must be paid to us. Wedonotrefnnd these fees. Fees payable to us less than $5,000 and all regularly recurring fees payable to us sball be paid by electronic trans^ offunds.

^ Proceeds from g-WORLD events which are held outside ofyour Protected Territory or, if applicable, DevelopmentArea,or are held inside of your ProtectedTerritoryor,if applicable, Development Area, but are resulting fromacontract worth more tban$10,000withag-WORLD client, are collected by us and are excluded from the definition of Cross Revenues and Membandise Revenues fbrthe purpose of determining Roya^ these proceeds, net of our direct costs to fulfill the g-WCRLD event, are split: (1)20^ to the selleroftheg-WCRLDevent;^20^tous;and^60^totheparty(ies)fulfil^^^^ We determine who is the "seller"ofaparticularg-WCRLD event. Personal coaches from more than one fr^chisee,oracombinationofafranchisee'spersonalcoaches and OTF's personal

17 coached may fidfi^ an even^inoorsdede^ portion ofthe proceeds accordingly. See hems^linndi^fbr more discossionongWORLD. ^ Expenses associated with n^vel, meals and lodging while attending GTU and TTU. All of these expenses are payable to third parties. These expenses will vary according to where yon stay, whereyoneatandhowtaryon have to travel. Salary oraper diem is not paid hyns tor attendees toGTUorFTU

^ Tees which are not paid tons hnt are not rethndahle.

^ If yonrhnprovement Center is located inaGOETSMtTH^ Store, yon will pay GTTS the great^^ of9^ofgross sales fromlessons , practice memberships or otber approved services given at the Improvement Center or the pro rata share of the base rent and tenant improvements,plns of common area maintenance expenses, taxes and insnrance. CTTS pays this amount to Coltsmitb and is reimbursed by yon via an electronic transteroffrmds.

18 ITEM 7 ESTIMATED INITIAL INVESTMENT YOUR ESTIMATED INITIAL INVESTMENT

When Method of To Whom Payment Tvoe of Expenditure* Amount Due Payment is to be Made

Initial Franchise Fee $17,500-$35,000 At signing of Lump Sum Us (See Note 1) Franchise . Agreement Build-out Program 6,000 At signing of Lump Sum Us (See Note 2) Franchise Agreement Leasehold Improvements 515,000-100,000 Before As incurred Other Suppliers (See Note 2) Opening

Security Deposits, Utility 100-30,000 Before As Incurred Other Suppliers Deposits and Business Opening Licenses (See Note 3) Rent (See Note 4) 2,175-39,375 Monthly As Incurred GTFS ifyour Improvement Center is located in a Golfsmith or Other Suppliers g-SWING, Office Systems 44,600-107,150 At time of Lump Sum Us or an affiliate and Store Network ordering (See Note 5) Furnishings (See Note 6) 96,000-17,000 At time of Lump Sum Other Suppliers ordering

Signage (See Note 7) 5,000- 15,000 Before As incurred Other Suppliers Opening

POS Software (See Note 8) 2,300 Before As incurred Other Suppliers Opening Equipment, Supplies and 7,500 - 20,000 Before Lump Sum Other

Inventory (See Note 9) Opening Suppliers /

Initial Training 4,000 - 20,000 Before As incurred Other Suppliers (See Note 10) Opening

Initial Advertising/ +510,000 - 50,000 As incurred As incurred Other Suppliers Marketing (See Note 11)

Additional Funds 10,000-30,000 As incurred As incurred Other Suppliers (See Note 12)

TOTAL ESTIMATED $428130,175- INITIAL INVESTMENT $471,825 (See Notes 13 and 14)

19 Expiatory Notes

^ Ati amoootspaid to osaro noo^otuodablo. Third-party sopphora will dotormioo whether payments to them are rethodahle.

Notel: ImtlalFranehiseFee. Initial franchise tees vary hased opoo the mrmher of GOLFTEC core onstomers in yonr market and other demographic data. The initial franchisete e will ultimately he determined hyns. If yon quality and electtosignaDevelopment Agreement, on signing yon mnst pay the applicable initial franchisefe e tor the frrst GOLFTEC Improvement Center, plusaD^ of$IO,000 fbrthe last hnprovement Center to he developed. Weapply the Development Fee paid fbrthe last GOLFTEC Improvement Center to be developed toward the initial francbise fee fbrthishnprovement ^ Center. See hem5

Note 2: Leasehold Improvements. You mnst obtain retail space that meets our standards and specifications. Typically,yourGOLFTEChnprovement Center willbe 1,000 to3,500 squarefeet, located in leased retail space inasfrip center or commercial shopping or office area with ample day time foot traffic. If your Improvement Center is located inaGOLFSMTFH^ Store, the square footage may be less than thei,000 square feet low range estimate. You must pay us $6,000 to provide tbe build-out ^ management services. See item 5. The estimates in the previous chart reflect the build-out of space of this size, although your actual costs may vary under or over the estimates. Thelow-range estimate assumesthatyouobtainatenantfinish allowance from your Landlord. If your Improvement Center is located inaGOLFSMlTH^Store,GOLFSl^TH pays for cost of the tenant improvements and your pro rata share oftenant improvements is factored into the monthly rent you will pay. Your costs to improve the Franchised Location will depend in part on whether your space is completely constructed or is the remodel of an existing space,the square footage of your space and market rates in your area. The leasehold improvements,which must be completed in accordance with our standards and specifications, customarily include interior remodeling, floor design and various other improvements. These costs may vary significantly frommarke t to market. This estimate also includes approximately $4,500 that you pay to an architecmml, design and engineering firm for consulting. See Item 8. If you purchase property orabuilding, or both, lor the improvement Center, your additional costs will depend on the location and size ofthe land and building. We do not typically invest in the land and building fbraGOLFTEC ImprovementCenter. We are unable to estimate these costs due to the significant variances based on location and market conditions. If your improvement Centeris located inaGOLFSMITl^ Store, you must also purohnsonrouterutncost of approximately $1,200

Note 3: Security Deposits^ Uti^tv Deposits and Easiness Licenses Security deposits could range from nothing to several months' rent; utility deposits range from a nominal amount to approximately$l,000 and business licenses range from approximately$l00to$l,000, depending on your location.

Note 4: Rent Assuming an Improvement Center betweenl,000 to 3,500 square feet andarate of$9.00 to $45.00 per square foot, your monthly rent will vary between $725 and $13,125 per month. The amount ofrent reflected is for three months. You should investigate the rental rates in the area where you propose to locate your Improvement Center. If the improvement Center is located inaGolfsmitb, GTFS leases thespaceforthelmprovementCenterfromGolfsmitbandthen licenses thespace to Franchisee underaLicense Agreement. Rent is paid by Franchisee to us or an affiliate and we or an affiliate remits the rent to Golfsmith.

20 Note 5: ^ SWINGandOmee Systems and Improvement Center Network This estimate inelndes the eosts tor g-SWINC Systems, ine^ andnlannoh monitor, nt $^2002^000 eneh tor eaoh hay ^reqnhednt stood nione^ only; oenteînnGoi^mith require only one ^ market demand, yon typically mnst open your tmprovement Center with at leasttwog-SWI^ although yon eventually need to haveaSystem tor each instrnetion hay (np to five)in your Improve Center. The numher of g-SWINC systems you must have at the time of opening your Improvement Center shall he determined hy us. The timing ofthe purchase ofadditional Systems depends on client demand. The high range estimate assumes that you are purchasing three g-SWINC Systems, plus an optionalgSWINC Portable System ($16,00^, used in connection with g-WC^ site marketing and promotion ofyour Improvement Center n^ Portable Systems cannot he used in the Improvement Center instruction hays. The amounts in the chart also cover the initial cost, totaling approximately $8,000, ofthe office systems and network all of GTEs licensed software, CaddyMaster(customer database management sotâre),S^^ Scheduling sotâre, as well as cameras, monitors and hitting mats, and our installation Integra configuration assistance. Also included in the cost is the software tor g-PIT but not tbe $l4database fee by our vendor, Swing Labs, for each time you access their database of clubs. See Item^tbr market levels.

Note 6: Purnishin^s. Eacbinstructionbaycontainsadesk and seating tor the coach anda client. Additional furnishings are needed for the receptionarea . We offer two levels of furnishings, standard or premium. The high range estimate includes the cost ofpremium furnishings. The low range ostimateincludestbestnndardfumishings.—Allitems must be purchased from suppliers that we have approved.

Note^ Signage. Theexteriorand interior signs are purchased ftomatbird party supplier approved by us.

Note 8: POS Svstem. ThePOS System, including software, is purchased ftomathird party ^ supplier approved by us. See Item 8. We reserve the right, however, to license to you our or an affiliate's proprietaryPOSsoftware if we or anaffiliate chooses to develop proprietary software and makeit available to you. We reserve tbe right to charge you for obtainmg the software. See horn II fbrn description ofthe required computer hardware and software for your hnprovomontCeuter..

Note9: Eouinment Suuoiiesand Inventory. This item includesadditional hnprovement Center equipment not purchased through us but available ftom approved third party suppliers, including telephone system, f^machine,client instruction supplies,office supplies andalimitedm^ merchandise for resale. None ofthese payments are refundable once paid. All ofthese costs are paid to third party suppliers. You must open with and maintainasupply of golfballs and gloves, as well as an inventor ofcustom-fi4 custom-made brand name golfclubs as designated by us and certainpromot^ merchandise and training aides, ff your Improvement Center is located inaCOLPSMfTf^ Store, you will not purchase merchandise for resale.

Note 10: InitiaiTrainin^ and Wa^es Expense. Your travel, lodging and living expenses when you attend OTU and PTU vary depending on the length ofyour instruction, the distance you must travel and the standard of living you desire while you attend the sessions. The entire initial training program extendsoveratwotothreeweekperiod,including8tol2daysofCTU. Wereserve the right to schedule PTU in two separate sessions—one session prior to the opening of your Improvement Center and one session after your hnprovement Center opens. Each session extends for up to three days. The amount in ^ the chart also includes an estimate ofthe salary fbrtwo coaches for eight days. Seoftemll.

21 Novell: Imtial Advertise and Marketing This isdieamonntincnrred^yonr initial promotional and marketing campaigns. Wo dotorminotiio type and scope of tho campaigns and wo designate the type of advertising materials to implement the campaigns.

Notel^ Additional Fnnds. Thisestimatesyonrpre-opemtionaiexpenses,whichwehavenot listed ahove, as well as additional thnds necessary tor the tirstth^ months of yonr^h^ These tignres are estimates and we cannot gnamntee that yon will not have additional expenses star^ hnsiness. Yonr costs depend on factors snch as: how mnch yon follow onr methods and procednres;yonr management skill, experience and hnsinessacnmen; local economic conditions; the local m^ products and services; the prevailing wage mte; competition; and the sales level reached do period. This item inclndesavariety of expenses and working capital items during your start-np phase snch as: legal and accounting f^;insurance premiums; additional advertising and promotional expenses and materials; employee salaries; and othermiscellaneouscosts.

Notel^ Basis For Estimates: Financing We relied on our and our affiliate's principals' experience operating Improvement Centers when preparing these figures. You should review these figures carefully with a husiness advisor hefbremakingany decision to purehase afranchise. The estimated initial investment does not includereal estateacquisitionexpenses. Wedonot offer any financing in connection with your initial investment (see Item 10).. The availability and terms of financing from independent third parties depends on factors such as the availability of financing generally,your creditworthiness, other security and co^

Note 14: MultinieGOTETECTmnrovement Centers. Exceptasmentionedabove, ifyou sign a DevelopmentAgreement, you will incur the costs described in the charts fbrevery COLTTBC improvement Center developed.

TTEM^ REST^CTIONSONSOURCESOFPRODUCTSANDSERVICES No officer of the Franchisor owns any imerestmasuppher from purchase products or services.

Onerations.

Your GOLFTEC hnprovement Center must he esta^ FranchiseAgreementand, if the hnprovement Center is located inaGOLFSMiT^Store,^ Agreement. It ismandatory that yoncomply with the standardsand speciticationscontained inour confrdentiai operations manual we provide to you, in the tbrm of one or more manuals, technical huiietins, video tech tips or otherwritten and elec^ modify. We provide you with our standards and specifications tor the golf instruction and other services and merchandiseofiered atorthroughyour GOLFTEC Improvement Centerand tor theFranchised Location, Improvement Center opening, huiid-out, signs, fixtures, instruction hays, technology, equipment fiirnishings,employe e attire, supplies, fr^rms, advertising material and other i^ sold through your Improvement Center.

Improvement Center Leased Euild-Out and Fumishin^

Wemust approve any leaseor, ifapplicahle,anypurchaseagreement tor yourlmprovement Center hetbre you execute any of these agreements. Then,acopy of the signed lease is to he delivered to

22 os within^days after signing. The primary lease nmsteontainprov^ asyonrftanehiser,inelnding:

(i) The initiai termof theiease,ortheinitiaiterm^ whieh rent mnst he specified in the lease) mnst he tor at least 10 years, although we recommend thatthe initial term of the lease he limited to three, tbnrorfive years; (ii) The lease mnst give the landlord'sconsent to your nse of the Marks and signage which we initially prescrihetbrthetmprovement Center; (iii) We mnst have the right to enter the premises to make any modification necessary to protecttheMarksandthe Licensed Methods; (iv) We or onr designee, without thelandlord's approval, mnst have the option to assume your occupancy rights under the existing lease terms and have the right to assign the lease or suhletthe premises, tor all or any part ofthe lease term, ifyou are in default under the lease or the Franchise Agreement or ifthe lease or Franchise Agreement is terminated; (v) Your lessor must agree to provide us withanotice of default and an opportunity to cure any default; and (vi) The lease must containause provision which is acceptable to us.

Yourleaseis then collaterally assigned to us as security for your timely perfb^ obligations under the Franchise Agreement. You are responsible for obtaining the landlord'sconsent to the collateral assignment. Acopy ofastandard form of Collateral Assignment ofLease is attached to this Disclosure Document as ExhibitD.

If your hnprovement Center is located inaCDLFSMlTH^ Store, you must executeaLicense Agreement with CTFS and comply with the terms and conditions of the License Agreement and the Fremises Sublease in the development and operation of your hnprovement Center. The License Agreement is attached as ExhibitLto this Disclosure Document. You must also sign the Rider to the ^ FrancbiseAgreement. See Item 1.

You must ensure tbat the Improvement Center is constructed, converted, designed and decorated and furnisbedinaccordance with our plans and specifications, at your expense, and through the ^ of contractors, architects and suppliers designated or approved by us. We require tbat you obtain our written consent to any improvements to the Improvement Center site before construction begins. We require that you participate in our Euild-Out Program to provide you with build-out services development of improvements for your Improvement Center in accordance with our plans and specifications. Seoltem5.

Technology Systems and PDS Svstem.

You must purchase from us or our affiliate g-SWINC Systems hardware fbreach ofthe in^ctionbaysinyourlmprovement Center, as well the additiohaloffice system hardware and^ proprietary Improvement Center software components,^ CaddyMaster, g-FIT, Online Scheduling and Sync Software and, optionally, themobile g-SWINC Portable System (collectively, tbe "Technology Systems").TheTechnology Systems and any up^ to our proprietary software are not available from any other source. Wederive revenue fiomTechnology Systems and software maintenance and upgrade fees,which is discussed below. See also ltems7,llnnd ^

ThePOS system hardware and software used in Improvement Centersisavailabletbrough approved thirdpartysuppliers.Currently,the only approved thirdparty supplier of the POSSyste^ computer and the Microsoft "Retail Management System" sof^are is Positive Technologies, Inc., 20010

23 Cenm^8^Sm^404G^^ We currency derive no revenue fromyou r purehase ofthe POS System, but reser^e^ Wealso reserve the rightto develop and own proprietary POS software and beeose it to you.

Topartioipatempersooaloluhftttmgserviees,wh^ with ourveudor, Swing Lahs, tor eaoh time you aooess their database of eluhs. You will eontraetdireetiy with Swing Labs. We ourrent derive no revenue from your lieense to tbe database, but we reserve the right to do so.

Insuranee.

You must procure, maintain and provide evidence of(i)oomprehensive general liabihty insuranee fr^r the Pranchised nation and its operations withalimit of not less than $2,000,00^ limit and $3millioninaggregatetbrpersonaliûries or deaths of persons occurring in or about the Pranchisedlâtion,orsuchgreaterbmitasmay be required aspart of any lease agreement tor the Pranchised Location; (ii) automobile liability insurance covering all employees of the OOLPLEC hnprovement Center with authority to opemteamotor vehicle in an amount not less tban $1,000,000 or, witb the prior written consent ofthe Pranchisor, sucb lesser amount as may be available atacommercially reasonable mte, but in no event less tban any statutorily imposed minimum coverage; (iii) unemployment and worker's compensation insurance withahroadtbrm all-states endorsement coverage sufficient to meet tbe requhements ofthe law; and (iv) all-risk personal property insurance in an amount equal to at least one hundred percent (100%) of the replacement costs of the contents and tenant improvements located at the OOLPTEClmprovement Center. If you decide to participate in the tulfrllment ofg- WOl^D events, you will need additional coverage, as described in Operations Manual. We reserve the right to require tbat you obtain and maintain, in addition to all otber policies of insurance, employ practices insurance in sucb amount as may be reasonable tor a COLPTEC Improvement Center, particularly if your Improvement Center is located inaOOLPSMlTH. All of the required policies of insurance must name us as an additional insured and must provide ft^raÔ day advance written notice to us of cancellation.

Purchases from Designated or Approved Sources.

We require that you purchase all equipment, supplies, and services used at or sold through your GOLPTEC Improvement Center only from suppliers approved by us in advance. As discussed above, all Technology Systems are available only from us or our affiliates. Sec also Items 1,gondii. Youmust also purchase designated tumiture tor yourlmprovement Center throughour approved vendor. All coachespreviding instruction at,throughor in connectionwith anlmprovement Center must obtain certiftcationfromusatOTU. Soeltcmslnndll. AllgWORLD events must be provided only with our prior written approval and in accordance with our standards, policies and procures and, except tor Exempt Events, prior coordination assistance. Sco Items 5,6,7,8, 11 and 12. You must maintain minimum levelsof inventoryofcustom-frt,custom-madegolfclubsofabrand designatedby us and available through approved third party suppliers. All golf instruction, relatedgol f services, equipment, supplies and merchandise used in or sold through your hnprovement Center must meet our standards and specifications and must be obtained from suppliers approved by us in advance. After you pay your initial t^chise^e,we give you access to Opemtions Manual which containsalist of our approved suppliers, the standards and specifications ft^r golf instruction, golf services, equipment, supplies and me^^^ to be used or soldby you through your OOLPTEClmprovement Center, as well as our criteria tor approvingasupplier.

Ifyou want to purchase or lease any inventory items, products, equipment, supplies, or services wehavenotapprovedorthroughasupplierwhowehave not previously approved, you must notify us in

24 writing and obtamourapprovalmadvancc The notiticationshouldindude sufficient specitications, phetographs,drawings andother intb^ supphersmeetourspeeitieations. Youmustreimhurseus tor the aetuaieostofany testing andthe reasonahle cost of investigation to determine whether those it^^ We will not nnreasonahiy withhold onr approval ofasnppher of your choosing, if the sn^^ published standards and specifications. Wereservetherighttochangethe published standards regarding any approved supplier or any products, equipment, supplies, or services used, offered fi^r sale or leased by fianchisees upon 30 days written notice to all fiancbisees and all approved suppliers.

Wedo not provide material benefits, sucb as renewal or granting additional fianchisest o fianchisees based on your use ofdesignated or approved sources or suppliers.

Revenue from Franchisee Purchases.

We will derive revenue fiom the sale of theTechnology Systems, build-out services and other products and services we sell to fianchisees. We reserve tbe right to sell additional products, equipment, supplies and services to fianchisees and to derive revenue fiom sucb sales. In the fiscal year ended August31,20122^, we received revenue fiom thesale or lease of products and services t^ of^^2^^^or^0% In the fiscal year ended August 31, 20122^,GTE, ouraffiliate, received revenue fiom leases tofiancbisees located ina GOLPSl^tTB Stored

We estimate that the costs ofyour purchases fiom designated or approved sources, or according to our standards and specifications, may range fiom 40% to 80% of the total cost of establishinga GOLPTEC hnprovement Center and approximately 10% to 30% ofthe total cost of operating a COLPTEC Improvement Center afierthat time. Except as disclosed above, we are not affiliated with any designated or approved suppliers.

Advertising and Marketing

All marketing andpromotionof your GOEPTEClmprovement Center must contbrm to our standards and specifications. You must submit to our internal advertisingand marketingagency, CCEPTEC Internal Agency ("CIA") samples ofall advertising and promotional materials that have not been prepared or previously approved by CIA. YourlmprovementCenter mustparticipate in promotions that CIA institutesfiom timetotime tbrallCOEPTEC Improvement Centers,or all Improvement Centers withinaparticular market area. G1A retains the right to develop and control all advertising using our Marks on the Internet. CIA reserves the right, upon 30 days prior written notice to you, to require thatyou participate in electronic advertising by creating, customizing or providing access toalin^^ page or otberwise.

Purchasing Arrangements.

We bave no purchasingor distribution cooperativesat thecurrent time, although we may establish pricing programs withcertain suppliersbasedon volumespurcbased. Periodically, wemay negotiatepurchase arrangements withsupplierstbrthebenefitofour fianchisees. We currently have discountbuyingarrangements available fi^r participation by Pranchiseeswithasigncompany,aprinter supplier,acredit card processing company,apayroll and human resource services provider, an architect a^rnituremanutacturer,abitting net supplier and golf equipment manufacturers. However, you should not rely on the continuedavailability of any particular pricingordistribution arrangement, orthe availability ofany particular product or brand in deciding whether to purchase the fianchise. We have the right to receive payments fiom suppliers on account of their dealings with you and other Pranchisees.

25 I During the fiscal year ending August 31, 2012aft4-K we received $1.2261.276 as a result of franchisee purchases of printing and online services provider. We may, in our discretion, either retain the credit of any volume discounts, rebates or incentives received as a result of your purchases or contribute them to the NMAAF.

ITEM 9 FRANCHISEE'S OBLIGATIONS

This table lists your principal obligations under the Franchise Agreement and other agreements. It will help you find more detailed information about your obligations in these agreements and in other items ofthis disclosure document.

Disclosure Document Obligation Section in Agreement Item (a) Site selection and acquisition/lease Sections 5.1 and 5.2 of Franchise Agreement; Items 8, 11 and Sections 3.4 and 3.5 of Development Agreement; Exhibit D License Agreement (b) Pre-opening purchases/leases Sections 5.2, 5.3, 5.4, 5.5 and 5.6 of Franchise Items 5,6,7 and 8 Agreement; Build-Out Program Addendum (c) Site development and other pre-opening Sections 5.3, 5.4, 5.5 and 5.7 of Franchise Items 7, 8 and 11 requirements Agreement; Build-Out Program Addendum; Section 2 of License Agreement (d) Initial and ongoing training Article 6 of Franchise Agreement; Sections 1 and Item 11 2 of Certified Personal Coach Agreement (e) Opening Sections 5.8 and 7.1 of Franchise Agreement; Item 11 Sections 3.1 and 3:2 of Development Agreement

(0 Fees Sections 4.1, 10.1(m) (n), 12.2, 12.3 and Article Items 5,6 and 7 11 of Franchise Agreement; Article 2 and Sections 3.2 and 3.3 of Development Agreement; Section 4 of Software License; Section 11 of Build-Out Agreement; Sections 2 and 6 of License Agreement; Section 4 and Certified Personal Coach Transfer Agreement (g) Compliance with standards and Articles 8 and 13 of Franchise Agreement; Section Items 11 and 14 policies/Operations Manual 2 of Software License (h) Trademarks and proprietary Article 14 of Franchise Agreement; Section 2 of * Items 13 and 14 information Software License (i) Restrictions on products/services Sections lO.l.e, 13.4, 13.5 and 13.6 of Franchise Item 16 offered Agreement; Section 2 of Software License (j) Warranty and customer service Section 10.2 of Franchise Agreement; Section 12 None requirements of License Agreement (k) Territorial development and sales Sections 1.1, 1.2, 3.1 and 3.2 of Development Item 12 quotas Agreement; Section 12 of License Agreement

26 Disclosure Document Obligation Section in Agreement Item (1) On-going product/service purchases Sections 5.6, 10.1 and Article 13 of Franchise ItemS Agreement; Section 4 of Software License (m) Maintenance, appearance and Sections 10.1 and 17.3 of Franchise Agreement; ItemS remodeling requirements Section 2 of Software License (n) Insurance Article 21 of Franchise Agreement; Section 10 of Item? Build-Out Agreement (o) Advertising Article 12 of Franchise Agreement Items 5,6, 7 and 11 (p) Indemnification Section 19.3 of Franchise Agreement; Section 8 of Item 6 Software License; Section 8 of License Agreement; Section 2 of Build-Out Agreement (q) Owner's Sections 5.8 and 10.1 of Franchise Agreement Items 11 and 15 participation/management/staffing (r) Records and reports Article 15 of Franchise Agreement Item 8 (s) Inspections/audits Sections 13.3 and 15.4 of Franchise Agreement; Item 6 Section 6 of License Agreement (t) Transfer Article 16 of Franchise Agreement; Article 5 of Item 17 Development Agreement; Section 9 of Software License; Section 11 of License Agreement (u) Renewal Article 17 of Franchise Agreement Item 17 (v) Post-termination obligations Section 18.5 of Franchise Agreement; Section 4.4 Item 17 of Development Agreement; Section 11 of Software License (w) Non-competition covenants Article 20 of Franchise Agreement; Article 6 of Item 17 Development Agreement; Articles 5 and 6 of Certified Personal Coach Agreement; Exhibit I; Section 4 of License Agreement (x) Dispute resolution Section 22.1 of Franchise Agreement; Section 12 Item 17 of Build-Out Agreement; Section 13 of License Agreement; Section 4 of Certified Personal Coach Transfer Agreement

ITEM 10 FINANCING Other than as described below, neither we nor any of our agents or affiliates currently offers, directly or indirectly, any financing arrangements to you, nor do we guarantee any lease or other obligations for you. However, we may be able to assist qualified persons by recommending a third party equipment financing company. We do not receive any benefit, monetary or otherwise, from any recommended lender. We cannot estimate whether you will be able to obtain financing for any part or all of your investment and, if so, the terms of the financing, which will depend on your credit worthiness and other characteristics. We do not have any past or present practice or intention to sell, assign or discount to any third party, in whole or in part, any note, contract or other instrument signed by you.

27 From timo^oDtime we may provided for exiting franchisees Tmaneing is not provided to prospective franchisees. The rate ofinterest is 5%, there are no financing charges. Asecnrity interest is not required and the frnancingisgnaranteedoniyhy thefranchisee. h^theeventofadetaohonthePrornissoryNote, interest wili accrue at the higher rate of and the franchisee wiii he in detauh ofthe franchise agreement. In the event ofasaie or transfer of the franchiseh y the franchisee, the outstanding balance hecomesimmediateiy due. Ifcoilection action is necessaryhy the franchisor,thefranchiseeisiiahlefr^r aii costs associated with the collection action, including attorneys'tees. The franchisee does not waive defenses or other legal rights.

ITEMU FI^CH^OR^AS^TAN^

Except as tintedh^ow , we are not requi^

Pre-Onenm^ Assistance Betbreycn open your Improvement Center we, or onr authorized repres an affiliate of onrs^wilk

L Assist yon in iocatingthesite tor yonrtmprovementCenterhyprovidingyon with written criteria tor an acceptahie site and hy approving ^ assistance is also discussed heiow in this Itemii.. Yon must locate the site within 90 days after signing the Franchise Agreement. Wemust approve ofthe site. No contractual limit exists on the time ittakes us to approve or disapprove your proposed site. However, we typically take no more than todays to approve or disapprove ofyour site. (Sections^.I and7.1.hofFranchise Agreement)

2. Provide huild-out services in accordance with our standards and specifications outlined in Operations Manual tor the interior and exterior design of the layout, fioor plan, instruction interior andexterior signs,color,decor,products,inventoryandunitbrms. We must approve your construction plans and specifications heiore construction hegins. You are responsihle tor the cost ofany architectuml designs and drawings that you ohtain, and ft^r any necessary modification of hlueprints that we may, hut are not required to, provide to you, and ft^r the cost of construction. (Secfi^ 5.3,5.4, 5.5 and 7.l.cofFranchise Agreement)

3. After signing the lease tor the hnprovement Center and hetbre the improvement Center's ^ opening,wefiirnisb an initial training program described helow in this itomil.. (Sections 6.land 6.2 of FrancbiseAgreement)

4. Make available tor purchaseby you theTecbnologySystemstbryourimprovement Center. We provide installation, integration and config^ your Francbised Location. We also provide you with infi^rmation and advice about approved suppliers of the FOS System, fixtures, supplies, equipment and materials used in and merchandise sold through your GOLFTEC improvement Center.(Section7.l.dofFranchise Agreement)

5. Provide up to three days of opening assistance, at or around the opening date of your improvementCenter. You cover our travel,lodgingandlivingexpensesincurred while providing this assistance. (Section?.i.fofFrancbise Agreement)

28 6. P^videyouaccess to our confident oporatious manual oovoriog tho spodfioati^ iofbrmatiooahootyoorohhgatioo^ (Soctioo^lofTraochisoAgreomeot)

7. Ifyou oxoooteaDovdopmootAgroemoot^dosigoate your ^volopmoutAroa. (Sootiou LtofDovoIopmeutAgroomout)

Coutiuu^A^^uoo

During tho oporatiou of your huprovemootCoo^ mayhoauaffihatoofoor^wilb

4 Proviso, at your roasouahlo roquost, oousoltatiou hy tolophoue or olootrouio mail rogardiug tho oooriuuod operation aod mauagomoot of your GOL^ECImpro^ rogardmgohont instruction toohn^ relations. Two hours of oonsnltationamonth is provided without charge; additional time reques charged at our then current puhhshedmte,which is currendy $100 an hour. (Section 9.i.a, Tranche Agreement)

2. Make avaiiahle our advertising and promotional materials and designs, whether produced through the proceeds of the NMAAF or otherwise, although the costs of reproduction, reprint placement is yourresponsihihty.(Section^I.h, Franchise Agreement)

3. Provide database and website administration tor GoifFECcom, tor listings of hnprovement Center locations and staf^ reportingand accounting intbrmation in CaddyMaster, and hosting of WEDLESSON^ sessions. We also make available up to two hours per month of tree Technology ConsultingServices, includingconsuhing, troubleshooting, traininganduse advice, with additional time as may be requested by you charged at our then current published rate,which is currently $100 an hour. (Sections, Franchise Agreement; Section 2.1.(i), Software License Agreement)

4. Provide you with on-gomg updates ofinformation and programs regarding any new client instruction techniques, marketing and promotional programs, the competition, the industry, the GOLFTEC concept and related Licensed Methods, including intbrmation at^ut spec and merchandising concepts and methods which we develop and make available to Franchisees. (Section 9.Lc, Francbise Agreement)

5. Trainreplacementor additional StoreManagersandcertity personaicoacbesthrough provisionof the applicabieportions of theinitial training program. We wiilchargeatuitionortee, commensurate withour current pubhshedprices,tbrtraining,payab1ein advance. You must pay all travel, lodging and living expenses for your personnel during the tmining programs. Theavaiiabiiityof tbe trainingprograms depends on space and timingconsiderationsand priorcommitments tonew GOLFTEC fianchisees and their personal coaches. (Section^.l.d, FrancbiseAgreement)

6. Except tor Exempt Events, provide sales and contract coordination assistance and, at our option and in accordance with our then currentt^schedule, fulfillment services, for g-WOI^D eve (Sections,Franchise Agreement)

7. Make our employees or designated agents available to you at your Improvement Center tor advice and assistance regardingthe on-going operation ofthe Improvement Center, at times^ such frequency as we determine, in our sole discretion. Ifyou request additional, unscheduled assistance and we agree to provide i4 we may charge you tor aii fravel, lodging, living expenses, telephone charges

29 and other identifiable expenses ass^ employee on yonr behalf We eharge yon onrtbenenrrent hourly or daily rates at tbe time we assist yon. (Seotion9^Fmnehise Agreement)

Advertising and Promotion.

Yon mnst remit to ns a National Marketing, Advertising and Administrative Pnnd ^"NMAAP^ Contribution of n^ an annual maximum of$1^000 per Improvement Center payable with tbe payment of the Royalty.^^^ eurrentNMAAP Contribution is published in Operations Manual. The NMAAP Contribution is due to us along witb your Royalty payment, payable twieeamonth on the days we may periodieally designate, based on the amount of Gross Revenues and Merohandise Revenues in the previous period. Wewill deposit the Advertising Pee inaseparate bank, eommereialaeeount or savings aooount. All Improvement Centers ownedbyGTEwill pay into tbeNMAAPon an equalpereentage basis with all tranehised ImprovementCenters. Ifyou request it in writing and send itto the attention ofNMAAP at our corporate headquarters in Centennial, Colomdo,we will send you an annual unaudited tinaneial statement tor the NMAAP tbat indicates how the NMAAP has been spent Because we will not have the Pund audited, audited financial statements will not be available to tranchisees.

We will administer theNMAAPinour sole discretion. GlAmayusetbeNMAAPfbrthe creation, production and placement ofcommercial advertising, agency costs and commissions, creation and production of video, audio, and written advertisements, including direct mail, radio, search engine marketing and other media advertising and employing advertising agencies and payment of salaries and related expenses tbrClA,fundingatoll-freenumberand call center tor clients to schedule provide similarclient services, development and maintenance ofawebsite, supporting public relations, market research and other advertising and marketing activities. We will not spend tbe Pund's money on soliciting trancbisees.

We may be reimbursed from the NMAAP tor administrative costs, salaries and overhead expenses related to the administration of the NMAAP and CIA's marketing programs, including conducting market research, preparing material and collecting and accounting tor NMAAP contra Inany fiscal year(ending August 31^) we may spendanamountgreateror lessthan the aggregate contribution of all COLPTBC Improvement C borrow from us or other lenders to cover deficits or cause the NMAAPto invest any surplus for fum use. Any amounts remaining in the NMAAPat tbe end of each year accrue and we apply them toward thenextyear'sexpenses. Wedo notguaranteethatadvertisingexpendituresfiom tbeNMAAP will benefityou or any other franchisee directly or onapro rata basis. We have no fiduciary obligation to you or otber fi^chisees in regard to our administmtion of the NMAAP.Weassume no other direct or ind^ liability or obligation to you for collecting amounts due to any advertising account or for ma^^ directing or administering any advertising account.

We may use outside advertising agencies andpersonnelandGlAtocreatelocal and regional advertising, including ad slicks, radio spots, direct mail and other marketing pieces and programs. We may advertise onanational basis.You must purchase local advertising separately through local marketing and media sources withinageogmphical area, l^cal advertising is primarily your responsibility.

lnCTPL'smostrecentfiscalyearendingAugust31,2^^^,wespent5^%ofthe^^^ on CIA's salaries to produce advertising and marketing materials,4^% on placement of advert and 25% on miscellaneous marketing expenses and marketing effectiveness research.

30 Local Advertisra^ Yoo are also required to spend ao average per ^ McrehaodisoRovoouos on local advertising. You most submit quarterly reportst o us accounting for the use of these funds. You may create your own advertising and promotion materials; however, all local advertising and promotion hy you must ho in such media and ofsuch type and format as wemay approve, must he conducted inadignificd manner and must conform to the standards and requirements as wemay specify. You may not use any advertising or promotional plans or materials unless and until you have first received written approval from us. All advertising and promotional materials shall he suhmitted to GiA at Icast^Odayspriorto publication or use. Wcrescrvc the rightto charge an hourly fee intheevent advertisingand promotional matcrialsarcnotsubmittodbyyouinatimcly manner to mcctacritical publication or production deadline.

Regional Advortlsm^ Group. Wemay, upon 30 days written notice to you, create, atyourcxpcnsc,aregional advertising group ("Ad Group") intbomarkctaroawhereyouarc located, at which time you must bccomcamcmbor of the Ad Group. Wehave the solo right to determine tho geographic area included in the Ad Group. The manner in which tho Ad Group is administered is subject to our prior approval, fn our solo discretion, wc may require that all or a uniform designated portion of the local advertising commitment ofall hnprovement Centers in your market area contribute into the Ad Group. Wemay designate that those funds be contributed onaregular basis or intermittently for specific programs selects the Ad Group members and approved in advance by us. Therefore, your total local advertising commitment of 5% may be paid and used ataregional level, in our solo determination. You receive credit for payments into the Ad Group toward your local advertising commitment, ff you arc contractually bound by your lease or mall regulations to expendarequired amount on advertising, the Ad Group must factor this in when considering your dues and assessments to be paid to the Ad Group. Whether wc form an Ad Group or authorize fr^cbi will be bound by tho decisions ofthe m^ority ofthe mombora ofthe Ad Group regarding expenditure^^ assessments and duos, to tho extent wc approve them. Ifyou fail to participate in the Ad Group or pay any Ad Group dues, you breach the Franchise Agreement.

Wc must approve all advertising materials before they are used by an Ad Group or furnished to its members. Eacb Ad Group must prepare unaudited annual financial statements and send them to you if you request them. Wc can form, change and dissolve tho Ad Group. Each Ad Group would operate undorawrittcndocumcntwhich franchisees can view. Either GTFL or the Ad Group may create the Ad Greup's advertising, but advertising created by the Ad Group would be required to have our written approval before use.

Sec Itcm^ofthio Disclosure Document for more discussion oftbo costs relatedt o ndverti^

Wedo not haveafranchisee advertising council that advises us on advertising policies.

Franchise Svstem Advisory Gouhcih

Although the Francbise Agreement does not obligate us to, we sponsor the "GolfTEC Franchisee AdvisoryCouncil"("Advlsory Council") which is composedof franchiseeswh o arenominatedby franchisees and appointed by us to represent tbeir peers f^m designated regions throughout the coun^^ AdvisoryCouncilmemberaprovideachannelofconmiunicationbetweenfranchiseesand us inorderto present ideas onissues affecting thef^chisesystem,to assess and evaluate strategicplans and t^ generally provide franchisees'input and viewpoint. It is anticipated that the Advisory Council will meet

31 twiceayearmperaonandtwiceayearviatdephonc We have the authority to change or dissolve the Advisory Coooeil

OoeratioosMaou^

Attached to this DiseiosoreDooumeot as ExhihitHis the tahle of eooteots of oor Operations ^ Manual known as g-Wt^. There are approximately 23543975-1/2 pages and in excess of+80250 hours of video in our Operations Manual. It is a searchahle knowledge hase containing all of OolffEO's proprietary policy andprocedural intbrmation. It includes documents, videos^andtraining materials utilized by all levels ofthe system.

Technology Systems and POS Systems.

^ You mustpurchasetheTechnologySystems from us or an affiliate. Seoltcmsl,5nnd8.You must bave two to frveg-SWINO Systems (although you may open your Improvement Center with only two bays operational and, theretore, only two g-SWINO Systems, unless you are establishing an Improvement Center inasmallmarket,thenyoumay have one operationalbay at theTranchisor's ^ discretion). See Item?. Additional g-SWINO Systems must be purchased consistent with the number of instruction bays at your Improvement Center. Each g-SWINC System is $25,000, plus $8,000 tor an office system (only one fr^r eacb Improvement Center is required), plus $8,200 tbralauncb monitor eacb bay in stand alonecenters; only one is required fr^racenterinaOoltsmith)plu s $3,?00 tor other necessary software license tees. Ifyou wishtoinstallag-PUTTsystem in one of your available bays (afterourpriorapproval),thegPUTTSystemis$14,000.

g-SWINOis our licensed teaching software combining synchronized digital video and motion analysis with bioteedback reintbrcement and club-to-ball impact analysis. g-SWINC measuresthe client'sangularpositionsthroughoutthe golf swing and compares those measurements toadatabase of positional data fromTour professionals to deliveratact-basedgolflesson.

All OOLPTEC locations are required to use as the Point-ofSale software solution tor the store. This is an offthe-shelf product tbat provides each store with Point-of^SaleandlnventoryManagement capabilities. An annual software teeis$3?5 is charged to youdirectly from the vendor. Tbis tee is subjectto cbange. See Item 8.

CaddyMaster isa web-based, businessmanagementsoftwarethatprovidesinstructorsand store managers with the essentialoperational,accounting,andmarketing tools neededtorunaOOEPTEC hnprovement Center licensed from its affiliate, OolfPEC Intellectual Property LEC. CaddyMaster is the user intertace,wbichprovides access to all intbrmationgathered throughout the ColffECnetworkof ImprovementCenters. CaddyMaster features include:

ClientOatabase Online Scheduling Sales Reporting ClientActivity Reports and ContactTools Instructor and Store PerfbrmanceTracking Customer Surveys Advertising and Promotional Effectiveness Data Document Management

The installation, configuradon and integmtion of theTecbnology Systems must be perfbr^^ us or an affiliate. We require that you maintain, repair, upgrade and update theTechnology Systems in

32 accordance with our standards and specifications Maintenance and upgrades are available only through us or our designated suppliers. Seehom^nnd helow in this ttom il tor related charges. ThePOS Systemused nmst allow you to record sales inafi^rma necessary to prepare financial statements in accordance with our standards and specifications and m^ your client lessons and inventory.

hnprovement Centers also use PO Charge Payment Server(creditcard processing software). You must pay the credit card processing company an annual t^ft^r support of the credit card processing software, currently $170. This tee is subject to change. The POS System includesareceipt printer, keyboard wedge and cash drawer. OTE has been using this POS System in its Improvement Centers since 2002. We will review and consider tor approval compatible, equivalent POS systems.

We require you to join and pay tor an electronic network connection service to facilitate communication between you and us and among all OOLPTEC fianchisees. This service may be obtained fiom one of our preferred vendors or can be obtained fiomalocalvendo r of your choice. Wereserve the rightto independently accessallTechnology SystemsandPOS System information. Wehaveno contracmal limitation on our right to receive information through theTechnology Systems or t^^ System. Wemay revise our specifications occasionally. Wemay require you to upgrade and update your POS System and components of theTechnology Systems during the term of your Pranchise Agreement. No contractual limitation exists on the frequency or cost ofthis obligation.

Toparticipate in personal club fittingservices , we require you to use Swing Labs, which access to their database of clubs. Eacb access fee is$14each.

Site Selection Assistance.

You must select and acquire the location fbryourOOLPTEC Improvement Centerwithm 90 days ofthe date you execute the Pranchise Agreement. We have tbe rightto terminate the Pranchise Agreement efiective upon 30 days'written notice to you if period. However, if you have commenced and are continuing to makeagood faith efibrt to acquirea location, we may grantyou an additional, reasonable period oftime to acquirealocation. When you have selectedalocationfbryour Improvement Centeryou must submit information to us regarding the locati^^ so that we may accept or reject the site. Our assistance with the selection and approval ofalocation includes criteria fbrasatisfactory Improvement Center nation and, later,adetermin^^ the location fulfills the requisite criteria. The following factors are considered when we site: retail location character, proximity to m^or highways, day time population, residential populati^^^ income levels, other demographics, competition, visibility and parkingaccess. We will send our representativetoyour proposed locationfbr one on-siteassessment prior tograntingapprovalofa location. We reserve the right to charge back our travel, lodging and living costs to you in the event additional tripsarenecessary toapproveaproposed location. Wewill not unreasonably withhold approvalofaproposed site that meets all of our site selection criteria. If we disapprove ofasite proposed by you, we willgrant you an additional, reasonable period of time to obtain approval ofadifferent proposed Pranchise Location. Our acceptance ofalocation does not infer or guarantee the success or profitability ofan approved location.

Schedule PorOoemn^

We estimate that the typical length oftime between the date you sign the Pranchise Agreement and the date your Improvement Center opens will be approximately 120 to 150 days. The factors which may affect this tune period are your ability to locateasite, secure financing, and obtainalease, as theextentto whicbanexistinglocation mustbeupgradedor remodeled, the delivery schedulefbr

33 equipment recruiting and hfrm^ Unless otherwise agreed to in writing,yon mnstopen yonr Improvement Center within ISOdaysaftorthc Tranohiso Agreement is signed.

If yon oxoonto a Dovolopmont Agreement, yon mnst mcot tho dovolopmont sohodnlo and requirements to dovolop additional Improvomont Centers hasod on onr reasonable dotormination of tho numhor of Improvomont Contors nooossary to adequately scrvoolionts and potential clients in your Development Area. To continue to grow into a dominant market position, you must meet your development schedule. Failuretomcctthc development schedule or additional development obligations is a default underthe Development Agreement and will result in termination of tho Development Agreement. In lieu of termination of the Development Agrccmcnt,wc reserve tbo right to extend your development schedule, however our prior approval must bo secured at least 60 days prior to the deadline stated in the then development schedule and wereserve the rightto charge you up to$l,000 per months each month your development obligation remainsuntbltillc d up toamaximumof24 months.

EloctromcAdvortism^

The Franchisor must provide its priorwritten approval before tho Franchisee may develop, cr^^ distribute, disseminate or use any Internet advertising or website, or any multimedia, telecommunications, mass electronic mail or audio/visual advertising, promotional or marketing materials. Thc Francbisor shall own all sucb electronic advertising related to or associated with the Franchisor's trademark patents.

Training Programs.

Dcfbre the opening of your COLFTEC Improvement Center, you or your Store Manager must attend and complete to our satisfaction the first oftwoFTU sessions. You must also havoaminimum of two personal coaches (Franchisor encourages that the personal coaches bo FCA or LFGA Members or Apprentices) certified at CTUand employed by you tohandlc client instruction at your Improvement Ccntcr("Certifiod Coach" or"CortifiodPro'').Uptothrecindividualsare^ charge. You pay the travel, living expenses and wages for you and all employees who attend the training sessions. All training is currently conducted at our headquarters in Centennial, Colorado.

Additional tminccs (in excess of tlu^), attending GTU, pay our then published mtc for tui^^ wbicb is currently $2,000 per person.

Each ofthe two FTT^ sessions consists ofapproximatoly two to three days ofinstruction, cither at ourcorporatchcadquartcrsin Ccntcnnial,Coloradooratanothcrlocationsclcctcdby us. TbcCTU certification scssions,which last for approximatcly8tol2days(dcpcnding on how many other coaches aroin attendance andskill lcvclofattcndccs),consistofacombinationofclassroom and hands-on tmining, witb the time spent on each varying depending on the needs ofthe particular trainees. Ifyou or your Store Manager will not bo a ColfFEC certified personal coach handling instruction at the Improvement Center, you will not complete the hands-on, intcmctivc sessions specifically developed^ training ColfTECccrtificdpcrsonal coaches. The remainingportio n of FTUis primarily classroom training.

If you are opening your first GOLFTEC Improvement Ccntcr,wc provide up to three days of on- site training at your Improvement Center to you and your stafi^atamutually agreed time at or around opening, to assistyouin the opening ofyour Improvement Center. You mustpayourtravcling and living expenses associated with this on-site assistance. Wemay waive on-site training ifyou have previously opcratcdaCCEFTEC Improvement Center.

34 As often as annually, you or your Store Manager may be required to attend, at your expense, a national convention which may include mandatory training sessions. We may also require you, your Store Manager and designated employees to attend, at your expense, local or regional seminars or meetings up to two times per year. Your Certified Coaches may, at our option, be required no more often than annually to attend a refresher course. You will be responsible for all travel, lodging and living costs associated with attendance. We may charge tuition for continuing training that is mandatory.

As of the date of this Disclosure Document, we plan to provide the following initial training to franchisees:

TRAINING PROGRAM

Hours of Hours of On Subject1*2 Classroom The-Job Location3 Training Training Company History and Philosophy 1 1 Centennial, Colorado | Intro to Improvement Center & 1 3560 Centennial, Colorado 1 Technology (g-SWING System Training #20 4O20 Centennial, Colorado Initial Client Evaluation 15 .5 Centennial, Colorado Sales Techniques $10 .5 Centennial, Colorado Client Instruction 4320 .5 Centennial, Colorado Clubfitting 410 0 Centennial, Colorado Improvement Center Management 441 -U53 Centennial, Colorado & Administration Human Resources 2 42 Centennial, Colorado Company Overview 1 0 Centennial, Colorado Total 8081 5087.5

TRAINING PROGRAM

Hours of Hours of On- Subject1*4 Classroom The-Job 3 7 7 Location Training Training | Business Operations 8 0 Centennial, Colorado Systems Communications and 4 0 Centennial, Colorado | Reporting Marketing 8 0 Centennial, Colorado g-WORLD 2 0 Centennial, Colorado Site Selection and Construction 2 0 Centennial, Colorado Management Total 24 0

We will hold training classes on a regular basis.

35 ^ The mstructors for each ofthese pr^^ Athortoo.AodyHi^DoogRikkers^r, Patrick Noheraod Ashley Cox. The iostroctors for Company Cverview are Joe Assell or Mike Chotoo. The experience and hackgroood for each ofthese instructors is descrihedinNote^helow.

^ Training may he conducted at an alternative location that we designate.

^ The instructors fbrthe Business Operations p Rich Lyons and Chris Clark. The instructors for the Systems Communications and Reporting program areJoe Assell, Mike Clinton^PlynnMcLain and Jon Marquardt. The instructors for the Marketing program are Joe Assell, Mike Clinton or Brent Stewart. The instructors for the g-WORLD program are Joe Assell, Mike ClintonorSteveBauerle. The instructors for the Site Selection and Construction Management program are Joe Assell, Mike Clinton, Plynn McLain or Chad Covak. The experience and background fbrtbese instructors is described in Note^below.

^ Mr. Assess, Mr. Clinton's, Mr. Bauerle's, Mr. McLain's, Mr. M^ Lyons', Mr. Clarks and Mr. Covak's experience and background are described in Item^of this D^ Document. Mr. RikkersisaPOA Member with 17 years of experience in the golfbusiness. He has been with us since May of 4^^^ where he started asacoach until joining ourTeacbing duality teamm January of2007. Mr.Hilts has been our Vice President oflnstruction and Education sinceJanuary 2006, i^ POA Master Prof^sional in h^struction with over 19years of experience and bas taught overll,0001^^ Mr. Atherton is our Vice President ofRooeamh and l^volopment and bas been with us since 2000^^ POA Muster Professional. Mr.Nuber has been with us since January 2005 where he started asacoacb until joining our Teaching Quality team in November 2011. Mr. Cox began with us in Mav 2012as the Manager of Educational Development. Prior to joining us, he was the Assistant Director of the POA Coif Management Program at CampbellUniversity and theDi^ Program at North Carolina State University.

^ Tmining materials will include Operations Manual access, demonstrations, and other materials.

7 The PTU training is split into two sessions—^you attend the first session before your Improvement Center opens and the second sessionwithin 60 days after the Improvement Center opens. Most all ofthe same topics are covered in botb sessions. Theon-the^obtrainingisongoingthroughouttheyear, it isnot included as partofPTU sessions.

HEM^ TERRITORY

You may operas your Improvement aspooifio location, whioh is rotorrod to as tho "Eranohôdlôati^ when yon aro participating in g-WOI^D events or offisitogoif schools, short game sessions, goi^ or piaying lessons. All g-WOl^D events and other ot^site activities mnst he pre-approved in writing hy ns. Yon may not operate another OOLlÔ Improvement Center at any site other than the Franchised Location without tirstohtainingon r written consent. We hase our approval ofyour proposed Franchised location onavariety of tactora including the viability of the location and demographics of the proposed Franchised Location. IfyouexecuteyonrFranchise Agreement hetbre you selectalocationand we approve ittbryourOOLFTEClmprovementCenter,thenyou must choose and acquirealocation tor your Improvement Center withina^DeveiopmentAreaB'list^ We willconsider relocation to another location with prior approvaltromus based uponavariety of

36 factor mdudin^ the viabifi^ compared to the then current Traneh^ed Location.

ProtectedTer^orv

You are givenaprotected area ^rotectedTerritory")sorroondingyoorT^ Yoo will not receive an exclusive territory. Yon may tace competition from other tranchisees, from outlets that we own, or from other channels of distribution or competitive hmnds that we m^ develop or control.

^ Su^ect to our retentiono f the rights described in the last paragraph ofthis hem I2hel^ not operate or grant any franchises fr^r the operation of otber yourProtectedTerritory. AProtectedTerritory will customarily consist ofathree-mile radius from your Tranchisedt^cation,but it may be less in areas withahigb concentration of goltera or dense populati^^ IfyouexecuteaDevelopmentAgreement,yourProtectedTerritorywill be modified in order that the boundary of your ProtectedTerritory does not extend beyond the DevelopmentArea. Except as described below in this Iteml^regarding an Improvement Center located inaGOLFSMIT^ Store, con^ of your ProtectedTerritory does not depend on the achievement of any specified sales volume, market penetration, minimum number of golf lessons to be provided to clients or other contingency. An exhibit to your Trancbise Agreement specifies your ProtectedTerritory.

ThedesignationofyourTranchised tâfion,TrotectedTerritory or, if applicable, Developm Aâ, described below,does not grant you the exclusive right to any particular market or customers. You will not receive an exclusive territory. You may tace competition from other fianchisees, fiomoutlet s that we own,or fiom other channels ofdistribution or competitive brands that we control. You may engagein authorized ofasite activities and youmay advertise your CCLTTECImprovement Center services anywhere, as long as you receiveou r prior approval ofall activities and advertising. You are not authorized to use other ^"channels ofdistribution^" to solicit business outside ofyour T^ such as Internet, catalog sales, telemarketing or other direct marketing. These rights are reserved by the Tranchisor, both with respect to our Marks and with respect to alternative proprietary or licensed CêrCOETTEC franchisees have the same rights to engage in ofasite activities and conduct ad (other than through alternative channels of distribution described above). You have no option, right of first refiisal or similar contractual right to acquire additional CCETTEC Improvement Center fi^ withinyourTrotectedTerritory, but wemay grantyou tberight toacquireadditional fianchisesb y execution ofthe Development Agreement.

National Accounts.

We reserve the right underthe franchise Agreement and, ifapplicable, Development Agreement, to contract with national Accounts" to locate GOETEC Improvement Centers at their husinessis A"Natmnal Account" means eitherasingle client that conducts its business fi^rit s own account through agents, dealerships, affiliates, independent^^ United States and at eight or more locations. If we contact you and provide you with an opportunity to open and operate an Improvement Center ataNational Account location within your TrotectedTerritory or,if applicable, Development Area, under the terms and conditions agreed to between us or our affiliates and the National Account, in the event that you cannot tor any reason, or do not elect to, open and operate an Improvement Center in tbe National Account location, we, or our designees, including other franchisees, will have the right to open and operate an Improvement Center at sucb location and you will bave no right to the National Account location during the term ofour contract with them and shall not be entitled to receive any compensation. As ofthe date ofthis Disclosure Document, we have an

37 arrangememwfthGo^mfthtolo^ vocation basis as agreed by us and Gol^mi^ Weeannot guarantee tbat we will bave tbe rigbttoplac e an bnprovement Center in any GOLFSMITH Store located in yonrProteetedTe^^ Development Area, or tbat we will bave any otber National Accounts in tbe tntnre or tbat ifwe do, yon will receive any National Account referralsinyour ^ Area.

Imnrovement CenterinaGOLFSMlIH^ Store Performance Reouirements

Tbe continuation of your rigbt to operate an tmprovement Center located inaGCLPSMITH^ Store is der^ndent upon meeting and maintaining during tbe term of tbe License AgreemenL ExbibitLto tbis Disclosure Document, tbe following minimum performance requirements tor eacb 12-montb period commencing tbel^montb from tbe date of execution of tbe License Agreement: (l)you must bave annual gross sales of$l75,000 or greater, and^you must provide to clients annuallyaminimum of 2,500 one-balfbour equivalent golf lessons. You must also bave an average score of7.2 or bigber on CTPL^conducted WPDLESSON^ critiques and receive client survey results wbicb are reasonably satisfactory to us. Failure to meet tbe annual gross sales requirement, tbe annual number of golflessons provided to clients'requiremen4 average score on WEBLESSDN^critique requirement or client survey result requn^ementisadefaul t undertbe License A^ement and could result in termination oftbeLicen^ Agreement and tbe Francbise Agreement.

DevelopmentArea

Undertbe terms oftbe Development Agreement, we grant to you tbe rigbt to establish, according toascbedule, aminimum numberof CDLFTEC ImprovementCenters witbin alargergeograpbic territory (tbe "Development Area"). ADevelopmentArea is usuallydefined by political boundaries sucb asacity,countyorstatelimits or by otber reasonable boundaries.Tbe number of Improvement Centerstobedevelopedmay be adjusted dependingondemograpbicsandotbercbaracteristicsof a DevelopmentArea, includingpopulationdensity,concentrationofofficebuildings, income andotber cbaracteristics of tbe surrounding area, natural boundaries, extent of competition and wbetber tbe proposed Development Area is urban, suburban or rural in nature.

You will not receive an exclusive territory. You may face competition from otber franchisees, from outlets tbat we own, or from otber channels of distribution or competitive brands tbat we mi^ develop or control.

Su^ect to our retentionofth e rights within the Development Area described in tbe last paragraph ofthis Item l2below, wemay notoperateorgrant any other personorentity theright toestablisb ColfTEC Improvement Centera within the Development Area for so long as the Development Agreement is in effect. The continuation of your rigbt to your Development Area during the term of the DevelopmentAgreement is dependent on meeting tbe Development Schedule in the Development Agreement and is dependent upon the development by you of additional Improvement Centers in the Development Area as agreed by you and us or based on analysis ofthe required number oflmprovement Centera to adequately serve the clients and potential clientsmthe Development Area, as determin us. Failure to meet the development schedule or additional development obligations isadefaultunderthe Development Agreement and willresultinterminationof tbeDevelopment Agreement. In lieuof termination of the Development Agreement,we reserve the right to extend your development schedule, however our approval must be secured at least 60 days prior to the expiration of the then development schedule and we reserve the right to charge you up to $1,000 per month multiplied by the number of remaining undeveloped hnprovement Centers authorized in the Development Agreement for each month your development obligation remains unfulfrlled up toamaximum of six months.

38 EWORLD Eve^

Except in tbe ease of Exempt Events we coordinate tbe saies efibrts and tbe contract administration tor tbe provision ofGoitTEC services at corporate entertainment and ev^ atyonrFrancbised Location, bntin conjunction witb and at corporate or trade association conventions, trade sbows or otber organization gatberings ("g-WORLD^ g-WORED activities may incinde golf swing instruction, games, contests and demonstrations tbat include swinganaiysis or longest drive, putting and closest-to-tbe-pin contests. You are trained and authorized to sell g-WORED events witbin yourProtectedTerritory or, if applicable, Development Area,altbougballsolicitationsmustbefirst cleared tbrougb us. You sball obtain written consent oftbeTrancbisor prior to soliciting any g-WORED client located outside ofyourProtectedTerritoryor, if applicable, DevelopmentArea. Witb tbe exception of events to be bold witbin your own ProtectedTerritory or, if applicable. Development Area,wbicb are based onacontractwitbag-WDRED client tbat will generate proceeds of $10,000 or less ("Exempt Events"),wefinalizeaCoordination Agreement witb tbe sponsor or bost of tbe event and determine tbe GolffEC Certified Coaches wbo will fulfill tbe event. We reserve tbe rigbt to modify the parameters of what constitutesan Exempt Event. We own all g-WCRLDclientsand coordinate tbeprovision of servicesto tbeseclients. Except in thecaseof Exempt Events, webavetherighttogiveour own ColffEC Certified Coaches fnlflllment priority fbrag-WQl^D event, fbll^^ tbe f^cbisee'sCertified Coaches witbin whose ProtectedTerritory or Development Area the g-WC^ event is to be held, followed by the Certified Coaches ofthe fi^cbisee who generated the sale ofthe WCRED event. Except in tbe case ofExempt Events, we collect the proceeds ofthe sale of g-WDRED and apportion the proceeds, net ofour direct costs, among ^e selling fianchisee, the fulfilb^^ ^ ourselves. See Itcm^fbrthorospeotivc entitlements to the proceeds. Under no circumstances will we be obligated to fulfillag-WClU^Deventtbatyou have solicited and do not wish to fulfill.

Retention ofRi^hts

Weretain the rights, among others:

1. to use and to license others to use, the Marks and Eicensed Methods in connection with theoperationofaCOETTEC ImprovementCenter, atany location, subject to your rights toaProtected Territory or Development Area, described above;

2. to use the Marks at any location within and outside of the ProtectedTerritory and, if applicable,DevelopmentArea,toidentif^,offerand sell services and products otherthan tho sell, to promote and market ColfTEClmprovement Centers and related services and merchandise, to provide golfinstruction services using tbe Eicensed Methods ofasite fiom an Improvement Center and to identify, offer and sell services and products similar to those which you will sell, but made ava^^ through alternative channels of distribution other than through CDETTEC Improvement Centers, including but not limited to, by way ofthe Internet or other electronic communications methods;

3. to solicit, coordinate and provide, and to license others to solicit and provide, g-WDRLD events services using the Marks and Eicensed Methods not conducted at any hnprovement Center but rather in conjunction withand atcorporateortradeassociation conventions, tradeshowsorother organization gatherings, wherever located, whether in or outside the ProtectedTertitory and DevelopmentArea, sul^ecttoourpublishedg-WCREDdefinitions, policies and procedures;

4. to locate CDEETEClmprovementCentersatNational Account locations withinyour ^ ProtectedTerritoryandanyDevelopmentArea,sub^ecttoyourrightsdescribedabove in this Item 12; and

39 5. touseand hcensetheuse of other preprietary marks or methodsm sale of products and services similar to those which you sell, whether in alternative channels of distrihution or in connection with the operation of husinesses which sell golf instruction or golf merchandise,whichhusinesses are the same as, or similar to, or different from GOLFTEC Improvement Centers, at any location, and on any terms and conditions as we determine. We have no present plans to establish other related franchises or company-owned husinesses selling similar products or services unde a different name or trademark, although we reserve the right to do so in the future.

Wearenotrequiredtopay you if we exercise any of therights specified ahoveinside your FrotectedTerritoryor,if applicable, Development Area.

ITEM 13 TRADEMARKS

We license to you the right to use the Mark "GOLFTEC" and other trademarks, service marks and commercial symbols that we may authorize. Through a license from GolfTEC Intellectual Property LLC ("GTIP"), we license to franchisees the use of the Marks. GTIP has registered the following trademarks on the Principal or Supplemental Register of the United States Patent and Trademark Office ("USPTO"). We or our affiliate has filed or intends to file all required affidavits and renewals for the Marks listed below. 1

Mark Register Registration Date Registration No. Class(es) GOLFTEC & Design Principal September 27, 2005 3,000,062 35&41 GOLFTEC (word only) Principal December 18,2007 3,355,087 35&41 TECFIT Principal September 13, 2005 2,994,824 41 WEBLESSON EdndpalSupp July 19, 2005June 5, 2,971,9511,152,8 38&41 lomontal 2012 93 AMERICA'S #1 GOLF LESSON PrincioalSttBB May 24, 2,956,3101,073,9 41 lemental 20O5December 20. 37 2011 BRING YOUR PASSION, Principal September 13, 2005 2,994,825 41 WE'LL TEACH YOU THE REST EXPECT TO IMPROVE Principal December 25,2007 3,359,317 41 PROVEN PATH. PROVEN Principal October 11,2011 4,038,149 41 RESULTS.

For oertain trademarks Principal January 1.2012 Sen #85520145 9,38,41 listed above, wo do not havo a (Applic. Date) &42

TO GO (Reeis^tion PendimO

Prinoipal Rogistor of the USPTO. Therefore, those trademarks do not havo as many legal benefits and rights as federally registered trademarks on tho Principal Rogiotor.—If our right to use ono of thoso trademarks is ohallongod, you may have to ohango to an alternative trademark whioh may increase your

LJ"!

40 In 2002, GTE enured mtoahcensea^ exdnsive,perpetnal hcensetonsethemnrk"GolfI^G"incon^ others to provide golf instrootioo. Golftek, loe. owns three trademarks registered with theUSPTG, PrioeipaiRegister:"GoiftekB first ose of 197?) (and renewed io 2006 tor another ten yeara) tor eompoter hardware and peri^ simnlategolfeonrae conditions and analyzegoIfswings;"Goifiek"instyhzedfi^rra, Registration 1,907,203 (hased onadate of first nse ofl984)fi^reompnter software and software nserraannais tor goif teaching, swinganalysis,and practice appheations; and "Goiftek,"Registration No. 2,i08,790,reg^^ Gctoher 28, i997 (hased onadate of first nse ofi977) tn consideration ofthe license, GTE agreed to pnrchaseorotherwisepayft^raminiranm inventory of proprietary impact analysis equipment ow^ Goiftek, Inc., over a ten-year period, which minimum purchase requirement GTE satisfied in 2006. GTE's license is not terminahle unless: (l)GTE tails to cure, after 30 days written notice,ahreach of any material monetary term of thelicense;or (2) GTE taiis to cure,within 30 days after entry ofa decision hy an arbitrator or GTE'sadmission of liahiiity,ahreach of any material non-monetary term of the license. In May2004, the license agreement was amended to provide that Goiffek, Inc. consents to the use and registration of the mark GGLTTEG and Design in connection with designated goods and services.

UnderaTrademarkEicense Agreement dated January 1,2008, GTIP licensed to us the right to use the Marks and to sublicense themingranting new GolffEGfi^chises to our fianchisees. Tbe Trademark License Agreement is fi^rlOyeara, with an auto renewal tor additional lOyear terms. GTPL mustmaintain minimum quality and usage standards tbrthe Marks.

Ifwe materially violate any terms of theTrademark License Agreement (most of which relate to ensuringpropertrademark usage byusandPranchisees^and we do not cure that violation within 30 days (or such longer period if GTlPagrees) or i^amongother things, webecome insolvent,ormakean assignment fi^r the benefit of creditors, GTIP may terminate theTrademark License Agreement and GTIP may,at its election, assume any franchise or license agreement between us and any fianchisee.

You must use the service mark "GGLPTEG" as the principal identification ofyour Improvement Center. You must also, however, identity yourselfas the independent owner ofthe Improvement Center, in the manner as we may require.You may not use any of the Marks as part of any corporate or trade name, nor may you use ^y of the Marks to identity unauthorized services or products or in any other manner not expressly authorized in writing by us. Without our prior consent, you may not use or register any of the Marks as part of an electronic mail address or domain name or use any of the Marks on any sites on the Internet or World WideWeb, or with any prefix, suffix, or other moditying words, terms, designs or symbols (other than logos licensed to you), or in any modified tbrm. We will establish and maintain the standards and specifications tor your use ofthe Marks on the Internet.

You will be required to modify or discontinue your use ofaMark if we require modification or discontinuance ofit,atyour own expense.

Any apparent infrmgement of or challenge to your use of any Mark should be brought to our attention immediately andyou may not communicate witb any personother than usorourcounsel regarding any such matter. You may not settle any claim without our written consent. We have sole discretion to take any appropriate action. Wehave the right to control exclusively any litigation, USPTG proceeding or any other administrative proceeding arising out of any infringement, challenge or claim relating to any Mark.

41 There are no presentiy dative dete^ Board, the trademark adminis^^^ eaoee^atiooprooeedmgs or material htigationiovolvmg the Marks.

Bxeept as desorihed ahove, no agreements hmitoorright to ose or lieeose the nse ofthe Marks.

The Tranehise Agreement does not ohbgate ns to protect yon against oiaims of infringement or nntair competition with respectt o yoor nse ofthe Marks, hnt it is onr pohoy to do so when, in the opinion ofonrconnseI,yonr rights require protection. We pay accosts, incinding attorneys'tees and conrt costs, associated with any litigation we commence or defend on yonrhehalfto protect the marks and your right to nse them. Yon most cooperate with ns in any litigation.

We are aware ofathird party, GoifTech, inc.,which operatesacnstomcinh and repair center hnsiness in the state ofMichigan, and claims prior common law rights in its name. As ofthe date ofthis Disclosure Document, GolfTech, inc.had taken no thrtheraction to pnrsne its claimed rights.

TTEM^ PATENTS COBYRIGHTSA^BROBRIETARY^OBMATION GTIP has obtained the fr^llowing patent protection fr^r certain ofthe proprietary technology use^ in improvement Centers:

Patent Nos 82 and U.S.^7^:bothenti^ Presenting infr^rmation tor Physical Motion Analysis, is an analysis system and method tor athletictrainingand instructionby sensingdifrerenttypesof intbrmation,suchas video,positional infr^rmation, weight transfer information duringatraining session and storing the m^ file. The method and system displays video information simul^eously with positional measurem information that is synchronized with tbe video information. Additionally, the displays are controlled usingasinglecontrolelement,or group ofcontrol elements. Thefact as to whether the displayed information is synchronized is automatically detected soas to link correspondingcontrol elements togetber.

^S^7.076D2 ^^^7^6

SerialNumber:^^,028 SerialNumber: ^7^,030 PilingDate:Pebruary 16,2001 PilingDate:Pebmaryl6,2001 Reference NoB401^3US01 Reference NoB401^1US01 DateofPatent: March 25,2003 DateofPatent: May 20,2003 Status: Issued Status: Issued

Except as described above, no registered patents or copyrights are material to tbe franchise.

We consider Operations Manual and related materials, training materials, the Licensed Metb^ andanysof^arethatweoranaffrliatemayintbefumredevelopasourpreprietaryandconfrdenti^^ property. Tbey may be used by you only as described in the Pranchise Agreement. We require that you maintain the confidentiality of our information and adopt reasonable procedures to prevent unauthor^ disclosure ofthese secrets and information. Although we have not obtainedacopyrigbt registration, we claimacopyright in Operations Manual and someof our advertisingmaterials.

ITEM^

42 OBLIGATIONTOPARTICIPATEINTHEACTUALOPERATION OFTHEFRANCmsEBUSINESS

We recognize that the most soeeessfid franchisees are those owners who take an active management roie in the operation ofthe hnprovement Centers. Theretore, yon are required to participate personally inthe overalihnsinessafrairs and strategies of yourlmprovement Center, tf you (or your managing parmer or shareholder) are not planning to personaiiy participate in the day-to-day operations of the Improvement Center, you must designateamanager(^tore Managed) to he res^nsihie tor the direct on-premises supervision of the COLTTEC Improvement Center at all times during its hours of operation. If you areacorporation, limited liahihty company or partnership,we do not require that your StoreManagerownanequity interest inthe entity. You or,^^ successtully complete our mandatory TTU tor a CCLTTEC Improvement Center. You and your managers, including your Store Manager, must enter intoanondisclosure and noncompetition agreement with us ^Exhihitlto this Disclosure Document^.We recommend that you also si^nanondisclosure and noncompetition agreement with your managers.

We also require that nondisclosure and noncompetition covenants he agreed to asapart of the Certified Personal Coach Agreements ^Exhihit^vou sign with the coaches who have heen certified a CTU to he coaches at your Improvement Center. We recommend that you sign separate employment agreements which haveaterm of at least one(l)yearwith your Certified Coaches. Cne ofyour Certified Coaches may also serve as your Store Manager ifhe or she has completed all portions ofPTU.You may not solicit or attempt to employ any Certified Coach of another CCLf^PC franchisee,CTPL, ^ an affiliate unless you comply with ourjoh posting procedure described in Cpemtions Manual, ohtain ou^ prior written consent and executeaCertified Personal CoachTranster Agreement (Exhibit J-l). You must also payanon-retundable Certified Personal Coach Transfer Pee, as described in Item^nbove, in theeventyouhireaCertified Personal Coach.

Other than the above, we make no recommendations and have no requirements regarding employment or other written agreements between you and your employees.

Each of your officers, directors, shareholders, partners or members (and, in our discretion, the respective spouses^shall be required to sign an agreement (ExhibitEto Pranchise A^eement) person guaranteeing and agreeing to perfi^rm all obligations ofthe franchisee underthe Pranchise Agr^

ITEM^ RESTRICTIONSONWHATTTIEFRANCTHSEEMAYSE^

You may soti only thoso sorvioos aod morohaodiso approved hy os aod may oot use tho huprovomeot Center orthe Trauohisodl^atiou tor aoy purposes otherthan^ hnprovement Center. Except tor offisite activities that weexpressly anthorize,yon may not seii COEETECprodncts or services offipremises,onthehitemet orhy other eiectronic communis methods, hy mail order orthrongh catalogs. We will typically approve ofyour advertising on the Internet through approved wehsites. We will also typically approve ofyour conduct ofoffsite activities such as g-WOlU^Devents which meet the detinitionof an Exempt Event,offsite golf schools, shortgame sessions, golfclinics and client playing lessons, so long as these activities are conducted in ac^ with our standards and specifications and within your Protected Territory or, if appiicahie, your DevelopmentArea.

You must honor commitments to providelessons to clients,evenif the client purchased the lessons at another CCEEfEC Improvement Center. You mustalsohonorourpuhlishedclient policies as

43 provided on our website and in Operations Manual. You must provide refunds to clients, subject to your local and state laws. If a refund is appropriate, we require that refunds be paid from the Improvement Center where lessons were originally purchased. We will act as clearinghouse amongst Improvement Centers to provide credits and debits as appropriate when GOLFTEC clients take lessons at Improvement Centers where they were not purchased. Credits and debits will be given against your Royalties due to us on at least a quarterly basis. See Item 6 for the amount of the credit or debit as of the date of this Disclosure Document.

You must sell all of the services and merchandise approved by GTFL, unless we designate that the service or merchandise is optional. We reserve the right to restrict your provision of services and merchandise at National Account locations in accordance with our arrangement with them. If you operate an Improvement Center located in a GOLFSMITH® store, you may not sell merchandise. You must comply with our standards and specifications for merchandise mix and inventory levels. We have the right to change or supplement the types of authorized merchandise and services, and there are no limits on our right to do so. Other than the above, there are no restrictions on goods or services offered by you or on the customers to whom you may sell.

ITEM 17 RENEWAL, TERMINATION, TRANSFER AND DISPUTE RESOLUTION

THE FRANCHISE RELATIONSHIP

This table lists certain important provisions ofthe Franchise Agreement You should read these provisions in the Franchise Agreement attached to this Disclosure Document

Section in Provision Summary Franchise Agreement a. Length of the Franchise term Section 17.1 10 years b. Renewal or extension of the term Sections 17.2 and 17.3 Term in then current Franchise Agreement. c. Requirements for you to renew or Section 17.4 Remodel, pay fee, sign new agreement and extend release. Ifyou seek to renew your franchise, you may be asked to sign a contract with materially different.terms and conditions than your original contract. d. Termination by you None Not applicable e. Termination by us without cause None Not applicable f. Termination by us with cause Sections 18.1 and 18.2 We can terminate only if you commit any one of several listed violations. g. "Cause" defined-defaults which you Sections 18.1 and 18.2 30 days for operational defaults, 10 days [ can cure for monetary defaults. h. "Cause" defined non-curable Section 18.1 Unauthorized disclosure, conviction of a defaults crime, abandonment, unapproved transfers, bankruptcy*, assignment for benefit of creditors, unsatisfied judgments, levy, foreclosure, repeated violations, misuse of Marks.

*\ Section in Proton Summary FrancbiseAgreement

^oinobhg^onson^rmmation/ Sectionll Pay outstanding amounts, de-identification oonrenewal oflmprovement Center, return of confidential information, covenant notto compete(seealsor^ ^ Assignment ofcontract by us Section!^ No restriction on ourrigbt to assign. k. "Transfer by you-definition Sectional Includes transfer ofFranchise Agreement or Improvement Center or any cbange in ownership offianchisee entity. 1. Our approve oftranster by you Sections We have the right to approve all transfers, we may not unreasonably withhold our consent. m. Conditions for our approve of Section!^ Transferee qualifies, all amounts due are transfer paid in full, transferee completes training, transfer fee paid, then current contract signed, franchisee signs general release and noncompetition covenant. ^ n. Ourrigbtoffirst refusal to acquire Section!^ We may match any offer. your business o. Our option to purebase your Sectionll Wemaybuy yourlmprovement Center ora business portion ofthe assets ofthe Improvement Centerupon termination ornon^renewal. p. Your deatb or disability Section!^? Pranchise must be assigned to approved third party within 120 days. q Non-competition covenants during Sectional No involvement in competing business and tbe term oftbefianebise no diversion. r. Non-competition covenants afier Sections No competingbusinessfbr2years within tbe fiancbise is terminated or 50 miles of your ProtectedTerritory orany expires other ImprovementCenter or Protected Territory,as applicable. s. Modification oftbe agreement Sectional No modifications generally but Operations manual subject to change. t. integration/merger clause Section 2^2 Only terms offranchise agreement are binding (subject to state law). Any representations orpromises outside ofthe disclosure document and franchise agreement may not be enforceable. u. Dispute resolution by arbitration or Articled Except for certain claims, arbitration in mediation Colorado (subjectto state law).

v. Choice offbrum Articled Arbiu^ation and, for certain claims, litigation in Colorado(subject to state law).

45 Section in Provision Summary Franchise Agreement jw. Choice of law Section 22.3 Colorado law applies (subject to state law).

This provision may not be enforceable under federal bankruptcy law. (11 U.S.C. Section 101 et seq.)'

46 DEVELOPMENT AGREEMENT This table lists certain important provisions of the Development Agreement. You should read these provisions in the Development Agreement attached to this Disclosure Document

Section in Provision Summary Development Agreement a. Length of the franchise term Section 4.1 10 years. b. Renewal or extension of the term None No right to renew. c. Requirements for you to renew or None Not applicable extend d. Termination by you Section 4.2 You may terminate for any reason on 60 davsdavs' notice. e. Termination by us without cause None Not applicable f. Termination by us with cause Section 4.3 We can terminate if you default on the [ Development Agreement or any of your | . Franchise Agreements. J g. "Cause" defined non-curable Section 4.3 30 devsdavs' notice of breach of Development defaults Agreement or Franchise Agreement h. "Cause" defined non-curable Section 4.3 N/A defaults i. Your obligations on Section 4.4 You remain bound to all Franchise Agreements termination/nonrenewal (see also r). j. Assignment of contract by us Section 5.1 No restriction on our right to assign. k. "Transfer" by you - definition Section 5.2 Includes transfer of interest in Development Agreement, or in franchisee entity. 1. Our approval of transfer by you Section 5.2 We or our designee have the right to approve all transfers. m. Conditions for our approval of Sections 5.2 and 5.3 Notice, transferee qualifies, pay transfer fee, transfer same as Franchise Agreement. n. Our right of first refusal to Section 5.4 We can match any offer. acquire your business o. . Our option to purchase your None Not applicable business p. Your death or disability Section 5.2 Same as Franchise Agreement. q. Non-competition covenants Section 6.1 You are bound to the same restrictive covenants during the term of the franchise in the Franchise Agreements. r. Non-competition covenants after Not applicable You are bound to the same restrictive covenants the franchisei s terminated or in the Franchise Agreements. expires

47 Section in Provision Summary Development Agreement

s. Modification of the agreement Section 8.5 No modification except on signing of a written agreement. t. Integration/merger clause Section 8.6 Only terms of Development Agreement and, to the extent not inconsistent, terms of the Franchise Agreement are binding (subject to state law). Any representations or promises outside of the disclosure document and Development Agreement may not be enforceable. [ | u. Dispute resolution by arbitration Section 8.1 Except for certain claims, arbitration in ] or mediation Colorado (subject to state law). v. Choice of forum Section 8.1 Arbitration and, for certain claims, litigation in Colorado (subject to state law). w. Choice of law Section 8.1 Colorado law applies (subject to state law).

LICENSE AGREEMENT

This table lists certain important provisions of the License Agreement executed between you and GTE or GTFS if your Improvement Center is located in a GOLFSMITH* Store. You should read these provisions in the License Agreement attached to this Disclosure Document

Provision Section in Summary License Agreement

a. Length of the Franchise term Section 1 Term of Premises Sublease. Typically 5 years, with an option to renew for the lesser of 5 years or the term of the prime lease. b. Renewal or extension of the None See a. above. term c. Requirements for you to renew None Not applicable or extend ] d. Termination by you None Not applicable e. Termination by us/GTE None Not applicable without cause f. Termination by us/GTE with Section 12 We can terminate only if you commit any one of several cause listed violations.

48 Sectionm Proven Summary License Agreement

g "Cause" defined^^^ Sections 30 days fbrdefaults underthe License Agreement, the which you eau cure Franchise Agreement, Build-Out Agreement or Premises Sublease and failure to cure under the applicable cure period in these agreements, fail to meet gross sales or lesson quotas, failto meetstandards for WFBLFSSON^ critique performance or client survey results. h. "Cause" defined uou-curahie None Those in the Franchise Agreement. See above chart defaults Section h. i. Yourohhgatieusou None Under Franchise Agreement, pay outstanding amounts, de- termiuatiou/uoureuewai identification oflmprovement Center, return of confidential information, covenant not to compete. ^ Assignment of contract hy Not applicable Norestriction on OTFBs right to assign. ^ us/CTE k "Transfer" hy you-definition Sectionll Assignment ofrights underthe License Agreement. 1. Our approval oftransferhy Sectionll CTF and CTFL have the right to consent to any you assignment. m. Conditions for our approval of Sectionll Solediscretion. transfer n. Ourrightoffirst refusal to None See above Franchise Agreement chart. Section n. acquire your husiness o. Our option to purchase your None See above Franchise Agreement chart, Section o. husiness p. Your death or disability None See above Franchise Agreement chart, Section p. q Non-competition covenants Sections2and4 No golf merchandise sales.No training facility in another during the term ofthe franchise golfor sporting goods store within 30 mile radius. r. Non-competition covenants Notapplicable You are bound to the same restrictive covenants in the afterthe franchise is FrancbiseAgreement. terminated or expires s. Modificationofthe agreement Sections No modification except on signing ofawritten agreement. t. integration/merger clause Sections Only terms ofl^icense Agreement govem^sub^ectto state law) u. Dispute resolution hy None Notapplicable arhitration or mediation V^ Choice offorum Sections Litigation in Denver or Arapahoe County, Colorado (subjectto state law). w. Choice oflaw Section?.1 Colorado law applies(subject to state law).

49 TTEM^ PUBLIC^GURES

There is no compensation or other benefit given or prom^ either the nse ofthe pnhhe figure in the name or symbol ofthe Fmnehiseor the endorsement or recommendation of the Tmnohise by the pnbho figure in advertisements. There are no pnbhc fignres involvedinonr management.

The Franchise Agreement does not prohibit yon fiom using the nameof apubiic figureor celebrity in your promotionai efforts or advertising; however,aii advertising requiresou r app^

50 . 51 ^ TTEM^ ^ FINANCIALPE^ORMANCEREPRESENTATIONS2

^ The FTC^ Franchise Rule permiâf^^ peribmianee ofits franchised and/orfiêhiso^wned outlet infcrraation is included in the disclosure dccnraent Financial performance infbrraationdiat differs dint include Item 19 may he given only if (l)af^chisorprovidestheactualrecordsofan existing outlet you are considering huying; orâfr^chisor supplements the infbmâtion provided in this Item 19, fb^ ahoutpossihle performanceataparticular location or underparticularcircumsta^

As of the end of our fiscal year,our affiliate GollTE^ GOLFTEC hnprovement Centers located inTexas,Oregon,NewJeraey,NewYork,^^ California, Massachusetts, Maryland and Virginia. (See Itemsland 20 and ExhihitEof this Disclosure Document for more informations Ofthese ^Împrovement Centers, are substantially similar to the full serviced hnprovement Centera that are the sulêct ofthis Disclosure Document with all^^ ofthese being op months as of August^l,2012. Three of tbese centers were acquired fromaFrancbisee on 8/1/12, and are not included in any ofthe tables due to the abbreviated len^ ofownersbip.^^ An additional 2030 h^^ OOEFSMITE^ Centers with 2026 of these being open for at least 12 months as of August 31, 2012 48 improvementÔll. All Improvement Centers operated by PTE have been operating for one year or morelon^ as of August31,20+42012, and8improvement centers were newly opeued in tbe past twelve months as of August31,2012. The operations of these affiliate-owned Improvement Centers are shnilar to the operations of th^ operated by GolfTEC franchisees.

hi Sectionlof this representation, the fh^t table contains the average of the fmancialinf^ thirtcennineteen Improvement Centers classifieds l^sed on total EBITDA f^m highest EBITDA to low^^^ four separate categories "A"lmprovementCenters,"B" Improvement Centers,"C" Improvement Center hnprovementCenterfbrthel2montb period endingAugust31,20442^ ("Tabled

InSectionlof tbis representation,the second table ("Tablell") contains tbe total month^^ commencement of operation through August 31,20442012 fbreach of thethirteonnineteen ImprovementCenters referenced in Table 1. Tbe same Improvement Centers are grouped into the same categories as inTablel, categories A, B, C,andD,butthefinancial information is not averaged and is depicted onamonthly basis.

In Sectionlof this representation, the third table ("Table EF') contains the average of the fi fbrthe 12-montb period ending August31.2O442012for each of the twenty six hnprovement Centers o aGOLFSMlTl^ Center classified, based on total EBITDA fmm highest EBITDA to lowest EB^^ categories "W Improvement Center,"X"hnprovementCenters,"Y"lmprovementCenters,and"^"lmprovement Centers.

^GolfTECFrunohiseBudgetTemplute^ GolfTEChas developed finanoinl modeling sof^vnre called tho GolfTEC FranehiseBudgotTcmpluto("ModolingSoftwnro^ whioh ismodeavailabletoyou.—TbcModelingSoftware was designed by GolfTEC to assist its f^cbisoos with the creation ofabudget for tho Improvement Cent^^^ Although the ModolingSof^nrerequirasthatyouprovidonll ofthe numbers and data that ara used to produccubudêt,you should toko into consideration tho information in bold face type on the following pages,when using tbo Modeling Sofûre in order to producenreal^^ Improvement Center. ^GolfTEC Franchise Budget Template, GolfTEC has developed financial modeling software called the GolffEC Franchise BudêtTemplate^Modelm^Software") which is madeavailable toyou. TheModelm^Software was desired bv GolfTEC to assist its ft^chisees with the creation ofabudêt for tbe Improvement Although the Modeling Sofâre requires tbat you provide all of the numbers and data that are used to produceabudêt.you take into consideration the information in tbis Financial Ferformance Representation, m^^ bold-face type on the following pages.whenusin^ tbe Mod ImprovementCenter.

52 In Section I of this represontntion, tho tbnrth tnhio ("Tahlo IV") contains total monthly cash sales from commencement of operation through Angnst34 TahicIII. The same hnprovement Centers arcgrouped into the same categories as inTahic tit, categories^ hnt the financial intbrmation is not averaged and is depicted onamonthly hasis. Afifrh tabic ("Tabic V") in Section I, contains the avemge cash saics per bay and avemgecashsa^ the+3ninctocn hnprovement Centers in categories A. B.C.andD tn addition, TablcVcontains the average cash sales per bay and avem^o cash sales per coach fr^r tho 20twcnty six hnprovement Centers in catcgo^ arcrotcrcnccdinTabicIIt. ^ Section Ilofthis representation contains the total monthly cash saics from the commencement of opemti thronghAngnst3i,20I4^2^fr^rcach franchisedImprovemen t Center open and opemting as of throe centers acqnircdbvcorpomtc on Angnsti,20i2arc also included in these saicsnnmbcrs^^. The sales, cost and mcomo items and the per bay sales and per coach sales included in this representation from Improvement Center to Improvement Center and will be directiy aftcctcd by many factors, including the Improvement Ccntcr'ssizc and number ofbaysmopemtion^ cbamctcristics, the quality of management and service at the Improvement Center, contmcmal^^^ and vendors, the extent to which you finance the construction and operation of the Improvement Center, d^^ expenditures including advertising and laborcosts, the number of pros you employ and otherfactors.

Vou must factor in the length oftime these Improvement Centers have been operating, the market recogni^^^ the CoIffEC brand in its existmg markets and the substantial experience ofthe operators when reviewing these results. Vou must factor in the specific market conditions which apply to your location when reviewing these results. Market factors may differtbroughout the UnitedStates.

Sales in all Improvement Centers tend to be seasonal, so your sales are likely to be higher ins and lowerin fall and winter, depending on your location.

ThesaIes,costs, income levels, per coach sales and per bay sales described in Sectionlof^ actual or compiled avemgesofactual historical data of levels described in Section II ofthis statement are historical data supplied by fi^cbisees to u^ differ.There is no assurance thatyou^ sell as much. Cur affiliate-owned Improvement Centers did not pay royaities,afixed percentage ofrevenues for local advertising, or sof^aref^, all ofwhich you will incur ifyou si^ Actual results va^fmm Improvement Center to Improvement Center and we ^not estimate the result franchise. Vou are urged to consult with your financial, business and legal advisors to conduct your own analysis of the information contained in this representation.

The financialinformation , in particular in Tableland table III, does not include tax that would be payable or the state or local income tax that may be applicable to the particui^ Improvement Center is located. Vou are stronglyurged to consult with yourtax and other advisors regarding the impa federal, stateand local taxes will bave on theamountsshown.

Written Substantiation fbrthe financial perfbrmancerepresentation will bemadeavailabletothe prospective franchisee upon reasonable request.

Thefinancial information in Tablesland III has been reviewed by an independent certified publican

53 GolfTEC Ekiterprises, LLC -T.ble I SECTION 1 Center Averages by Categories "A", "B", "C" and For the Twelve Months Ending August 31, 2011'

"A" Centen3 | "B" Centen4 | "C" Centera' | "D" Center** EVALS AND LFSSON PACKAGES* . 446.488 404,958 353.072 ' 234,622 PRACTICE MEMBERS I PS7 68.274 • 54.912 33,345 24,156 SALES - MERCHANDISE1 203,164 201,127 51.200 79,313 SALES - g-WORLD9 - - - - S\LES - TEACHING COACH TO FRANCHISEE - - - -

TOTAL CASH SALES 717,926 660,997 437,616 338,091 REVENUE ADJUSTMENT10 RA-EVALS'LESSON/PRACT ICE PACKAGES (39.918) (36,227) (57,581) (13,110) RA-MERCHANDISE (1.807) (1.407) (817) 232 RA-g-WORLD

TOTAL REVENUE 676,202 623.363 379,218 325.213 COST OF MERCHANDISE SOLD" 142.394 142,431 33,923 57,959 COST OF CLUB FITTING 2.176 222 847 941 COST OF OTHER EVENTS & SERVICES'3 393 682 350 1.559

GROSS PROFIT 531.240 480.029 344,098 264.755

STORE LABOR DIRECT CENTER LABORS-TEACHING COACHES 189,312 177,850 130,100 85.466 PAYROLL TAXES A BENEFITS,4-TEACHING COACHES 15.562 15,110 12,298 7,263 DIRECT CENTER LABOR1'-CENTER MANAGER 77.725 85,930 61,884 60,371 PAYROLL TAXES & BENEFITS,4-CENTER MANAGER 7.265 8,413 6,860 6.079

TOTAL STORE LABOR 289,864 287.302 211,142 159.178

CENTER CONTROLLABLE EXPENDS16 UTILITIES 12.527 15,564 19,830 15,585

SUPPLIES ( 8.612 12,120 4.462 5.241 REPAIRS A MAINT ENANCE 1.431 1.420 971 949 POSTAGE & FREIGHT 839 1,271 412 598 TRAVEL & ENTERTAINMENT 1.683 1.157 1.980 1.382 NEW STORE OPENING EXPENSE - - _ - GTUEXPENSE - 339 2.277 673 OTHER" 4.985 7.472 7.563 4,799

TOTAL CENTER CONT ROLL ABLE 30.095 39,341 37.493 29.227

CENTER NON-CONTROLLABLE11 RENT & CAM 71.773 70,371 61,402 54.873 PERCENTAGE RENT - - _ - DEPRECIATION/AMORTIZATION 18,117 10.415 11.554 14.871 CREDIT CARD FEES 17.244 16.865 10.452 8,460 TAXES & LICEN^S 1.610 1.135 791 1,155 ADVERT I SING-FRANCHISING'* 12,218 10.955 8,384 6.480 ADVERTISING-OTHER10 8,777 9.313 8.732 7.471

CENT ER NON-CO NT ROL L ABLE 129,737 119.053 101,315 93,310

NET INCOME (LOSS)21 81,545 34.333 (5.852) (16,959)

RECONCILING ITEMS: RA-EVAL^LESSON/PRACTICE PACKAGES (39,918) (36.227) (57.581) (13.110) RA-M ERCHANDI SE (1.807) (1.407) (817) 232 RA-g-WORLD DEPRECIATION/AMORTIZATION 18,117 10,415 11.554 14,871

EBIDAT EXCLUDING RECONCILING ITEMS22 141,386 82,382 64.101 10.790 54 GolfTEC Enterprises, LLC - Table I SECTION I Center Ave race, by Cateeories "A", B", "C" and For the Twelve Months Eta ding August 31, 2012'

"A" Centen2 | B Center** | "C" Centers4 | "D" Centers8 EVAI S AND LESSON PACKAGESP 478,487 270,314 413,051 223.321 PRACTICE MEMBERSHIPS7 106,399 121.505 38,974 43,938 SALES-MERCHANDISE* 208,713 66.143 85,858 82,850 SALES - g-WORLD* - 375 - 91 SALES - TEACHING COACH TO FRANCHISEE - - - - - 9.000 - (1,636) TOTAL CASH SALES 793,599 467.336 537.883 348.563 REVENUE ADJUSTMENT10 RA-E VAL SfLESSON/PRACT ICE PACKAGES (37,744) (16,834) (12.145) 18,482 RA-MERCHANDISE (1.268) 120 (2,358) (1.330)

TOTAL REVENUE 754,587 450.622 523.380 365.715 COST OF MERCHANDISE SOLD" 151.482 47,193 58,038 62,924 COST OF CLUB FITTING 1.740 257 360 596 COST OF OTHER EVENTS* SERVICES'2 1.981 46 6.035 988

CTCOSS PROFIT 599.384 403.126 458,927 301,208

STORE LABOR DIRECT CENTER LABORl3-TEACHING COACHES 181,169 93,314 168.228 105.378 PAYROLL T AXES & BENEFITS,4-TEACHING COACHES 16.958 13,849 13.651 10,449 DIRECT CENTER LABOR"'-CENTER MANAGER 73,896 65,947 63.160 44,838 PAYROLL TAXES& BENEFITS,4-CENTER MANAGER 8,023 13,938 5.795 5.223

TOTAL STORE LABOR 280,046 187,049 250.834 165.887

CENTER CONTROLLABLE EXPENSES16 UTILITIES 14,963 9,418 13.994 15.130 SUPPLIES 8,827 7,573 6.440 5.983 REPAIRS & MAINTENANCE r. 2,645 1.465 932 1.057 POSTAGE & FREIGHT 661 35 401 758 TRAVEL & ENTERTAINMENT 2,917 2,456 1,350 3,023 NEW STORE OPENING EXPENSE - - - - GTU EXPENSE 969 3,806 182 1.484 OTHER17 4,992 4,195 8.588 5,545

TOTAL CENTER CONTROLLABLE 35,974 28,947 31.886 32,980

CENTER NON-CONTROLLABLE18 RENT & CAM 69.148 39,217 59,916 52,547 PERCENTAGE RENT - - - - DEPRECIATION/AMORTIZATION 15,892 18.765 7.407 12,222 CREDIT CARD FEES 17,929 8,849 11.899 7,649 PAYMENT PLAN FEES 1,218 - 1,085 969 TAXES & LICENSES 1,765 1,336 518 1,559 ADVERTISING-FRANCHISING19 13.401 8.384 9.868 6,046 AD VERT ISING-OT HER20 14,088 16,591 6.981 10,587

CENTER NON-CONTROLLABLE 133,440 93,141 97.674 91.579

NET INCOME (LOSS)2' 149,924 93,991 78,533 10,761

RECONCILING ITEMS: RA-EVALS/LESSON/PRACT ICE PACKAGES (37.744) (16.834) (12,145) 18,482 RA-MERCHANDISE (1,268) 120 (2.358) (1,330) DEPRECIATION/AMORTIZATION 15,892 18.765 7.407 12,222

EBIDAT EXCLUDING RECONCILING ITEMS22 204.828 129.470 100.442 5.831 55 Improvement Centers first began to sell merchandise and practice memberships in approximately May of 2002.

This category contains an average of the financial performance of the twethree "A" Improvement Centers. One Improvement Center has been open since November 2007 and has four bays. One Improvement Center has been open since April 1995 and has five bays. One Improvement Center has been open since November 20082009 and has three bays. These Improvement Centers are located in California, Colorado and Texas.

3 This category contains an average of the financial performance of the two "B" Improvement Centers. One Improvement Center has been open since July 2002Mav 2007 and has fourthree bays, and the other has been open since Juno 1998May 2004 and has ftvethree bays. These Improvement Centers are located in Colorado and lllinoisCalifomia.

4 This category contains an average of the financial performance of the three "C" Improvement Centers. One Improvement Center has been open since July 2002 and has four bays, one has been open since May 1996 and has three bays, and one has been open since July 2009 and has three bays, and ono has boon open since August 2002 and has four baysr. These Improvement Centers are located in Colorado, Illinois? and New York and Texas.

5 This category contains an average of the financial performance of the smeleyen "D" Improvement Centers. One has been open since Juno 2002August 2005 and has fourthree bays, one has been open since August 2006June 1998 and has threefive bays, one has been opened since December 2008 and has threefour bays, one has been open since DooomborJuly 2006 and has three bays, one has been open since December 2007 and has three bays, one has been open since August 2005 and has three bays, one has been open since January 2008 and has three bays, one has been open since June 2002 and has four bays, one has been open since April 2000 and has three baysr, one has been open since August 2002 and has three bays, and one has been open since December 2009 and has three bays. These Improvement Centers are located in TexesCalifomia. Illinois, Now Jersey, Colorado, end-Georgia. Texas, and New Jersey.

6 Evaluations and Lesson Packages include half-hour lessons sold individually or in groups of 3 to 52 lessons per package for prices ranging from $295279 to $3,1994,599, and one hour evaluations are priced from $9589 to $195. From time to time, we offer special discounts and sales on both of these items.

7 Practice Memberships include 3, 6 or 12 month memberships enabling the client to practice using the g-SWING System in the Improvement Center without the supervision of a coach.

8 Merchandise Sales include receipts frommerchandis e sold through the Improvement Centers for custom-fit and custom- made brand name golf clubs, as well as golf balls, gloves, training aids and books for client instruction.

9 g-WORLD includes revenue from golf swing analysis, contests, and related entertainment provided at corporate gatherings. Except for Exempt Events, GTE's coaches are given fulfillment priority, followed by secondary priority to the franchisee's coaches within whose Protected Territoiy or, if applicable, Development Area the event is held. Except in the case of Exempt Events, we collect the proceeds from the sale of goods and services for g-WORLD events and apportion the proceeds, net of our direct costs, among the selling franchisee, the fulfilling parties and GTE. See Items 6, 8, 11 and 12.

10 Revenue Adjustment includes adjustments to cash sales to conform to Generally Accepted Accounting Principles (GAAP). All revenuei s recorded on a cash basis and then adjustments are made for actual lessons given, amortization of the practice memberships, custom club deposits, and corporate events. The g-WORLD revenue adjustment is a cash payment by GTE to the particular Improvement Center for use of the Improvement Center's coaches to fulfill g-WORLD events.

11 Cost of Merchandise Sold includes the wholesale cost to the Improvement Centers for the merchandise sold by these Improvement Centers.

12 Cost of Other Events and Services includes costs related to the fulfillment of g-WORLD events and client events.

| 13 Direct Center Labor - Coaches includes salary and commission payments made to between two and sixseven coaches per Improvement Center. 56 14 Payroll Taxes and Benefits - Coaches and Center Manager include a health plan offered to coaches and to center managers.

15 Direct Center Labor - Center Manager includes salary and commission payments to one manager for each Improvement Center.

16 Center Controllable Expenses are those expenses that are generally within management's control. Franchisees are required to spend a minimum of 5% for local advertising and up to 2% for national advertising. See Item 6.

17 Other Center Controllable Expenses includes PGA MEMBER dues, PGA MEMBER continuing education allowances, internal coaches training, insurance, dues and subscriptions, recruiting, relocation, and bank charges.

18 Center Non-Controllable Expenses are those expenses that tend to be fixed or otherwise out of management's control.

19 Advertising-Franchising includes costs of national promotional and marketing materials. Affiliate-owned Improvement Centers pay the Advertising Contribution required to be paid by franchisees. Affiliate-owned Improvement Centers are not required to expend any fixed percentage of revenues on local advertising. Compare these figurest o Item 6 of this Disclosure Document that explain a franchisee's advertising expenses.

20 Advertising-Other includes costs of local promotional and marketing materials. Affiliate-owned Improvement Centers are not required to expend any fixed percentage of revenues on local advertising. Compare these figurest o Item 6 of this Disclosure Document that explain a franchisee's advertising expenses.

21 Net Income/Loss equals cash receipts adjusted to conform to GAAP.

22 EBITDA Excluding Reconciling Items equals Net Income/Loss, plus Depreciation and Amortization, plus the revenue adjustments for Evaluations and Lesson Packages, Practice Memberships and Merchandise. We are presenting this number, showing cash receipts for all goods and services regardless of whether or not the goods and services have been received by the client. We believe it represents results of cash flow fromoperation s more accurately than Net Income/Loss, although this number is not in accordance with GAAP.

57 GolfTEC Enterprises, LLC -IfaMc 11 Monthly Cash Sales of Company-Owned Improvement Centers0*

STANDALONE 1995 8,123 10,073 9,455 13,743 13,379 54,773 "A" CHVUR 1 1996 7,955 6,489 4,618 16,285 11,683 16,875 25,642 23,982 37,741 40,014 28,267 29.519 249.070 354.73% 1997 17,547 15,935 15.897 53.684 28,023 33,347 38,625 51^57 36.552 44.870 37,059 40.379 413.275 65.93% 1998 23,653 17.883 17.064 40.392 26.100 31,354 29,909 47,246 41.329 47,120 42.141 49.794 413,985 0.17% 1999 33,079 18,968 18.838 62.711 32,504 36,621 56,526 41.916 42.147 57.383 58,162 42,434 501.289 21.09% 2000 59,317 17,787 19,677 72,653 28,126 49.626 54,230 58,139 57.416 72.514 49.498 74,670 613.653 22.42% 2001 41,615 26,960 19,196 79,326 39.647 54,023 65,536 64,691 68.105 66.024 55,878 64,051 645.052 5.12% 2002 42.308 20,767 25,583 54,595 25,140 31.284 32,728 59,978 73.370 69.677 33,354 80,560 549,344 -14.84% 2003 27.952 28,880 27,734 72,122 38,524 36.291 40.512 79.362 66.068 72.253 70,789 108.152 668.639 21.72% 2004 34,963 30.951 28.053 69,773 30,348 43,471 64,902 86.172 81.244 82.790 55,633 150.894 759.194 13.54% 2005 27,097 21.561 21,880 59.375 31,050 48.513 62,784 78,925 66.486 89,172 60.172 190,351 757,366 -0.24% 2006 16.491 20,406 42.595 65.435 28,021 33,753 74,300 80.817 100.689 102,728 50,206 213,450 828,891 9.44% 2007 29.979 30,077 20,581 75.322 41,212 44,329 60,707 67,907 73.430 81,105 40.285 243.418 808.352 -2.48% 2008 19,920 17,382 20,860 47,305 40,384 43,853 41,268 78,214 58,209 53,741 34.551 211,473 667.160 -17.47% 2009 11,337 20,617 9.684 70.776 32.594 42,598 84.731 51,404 65,496 45,798 41,542 215,390 691,967 3.72% 2010 22.066 30,275 19,822 42,767 25,368 35,189 121,716 57,571 56,248 52,978 25,941 205.608 695,549 0.52% 2011 18,722 23,023 23.331 95.046 36.626 32,586 142,143 60,686 65.192 54,774 41.199 265.974 859.302 23.54% STANDALONE SEP OCT NOV DEC JAN FIB MAR APR MAY JUN JUL AUG TOTAL "A" CENTER 2 2009 9,425 34,541 20,986 16,904 43,638 29,675 34,515 34.835 36.460 80.896 341,875 2010 15176 26277 21,241 35.384 25,554 22.324 95,463 36,122 33,014 38,670 36.692 111.261 497,178 45.43% 2011 21,268 33,144 21,840 43,042 31.459 20,387 76,244 34,331 44,468 44,886 40,751 123.161 534,981 7.60%

STANDALONE 2002 37.792 38.935 76,727 "B" CENTER 1 2003 19.644 16,777 15,040 38,613 27,164 24,297 27,303 50,453 42,318 42,264 32.812 51,327 388,012 405.70% 2004 24,621 16,700 22.160 40,573 17,831 22.508 40,762 48,137 59,584 53.360 34.816 83,290 464,342 19.67% 2005 24.090 20,580 17,626 36.036 25.075 31,007 31.840 48L847 47.723 57,476 34.630 71.240 446,170 -3.91% 2006 21,157 11,307 171 73,724 29.765 31.984 43,473 39.760 62.557 58,845 40.306 106.657 519,706 16.48% 2007 23,258 21,901 28.156 41.397 27,365 37.963 30,475 54.770 39,146 50,156 46,143 101.828 502,558 -3.30% 2008 22.440 25.420 36,414 49,529 34,074 62,392 54.883 58.720 51,959 52,532 59.379 84.831 592,573 17.91% 2009 19.334 13.420 15.269 47.574 18.866 27,834 53.427 43,131 37.582 59.012 52,501 111,734 499,684 -15.68% 2010 27.705 19.780 26.179 32.996 30,883 37,666 100.419 56,679 41.744 62,551 36.253 165,064 637,919 27.66% 2011 32.382 16,488 17.516 51,135 34,274 36,520 102,559 57.260 69,598 49.389 44,476 133,388 644,985 1.11% STANDALONE 1998 8628 18,337 9.322 36,287 "B" CENTER 2 1999 13.956 7,851 13.029 33,836 14,666 19,383 33.653 29.696 19.402 20.225 21.593 17.027 244.317 573.29% 2000 20,215 6,814 7,243 28.859 15,258 21,730 25.805 29.309 18,884 25,701 17,082 23,131 240.031 -1.75% 2001 13.835 10,728 14.626 43,055 18.131 29,273 26.656 33,708 30,288 24,813 20,331 15.420 280,864 17.01% 2002 20.025 13,729 18547 34.488 28.798 40.170 48,679 36.756 42.472 26,477 23,774 57,873 391,788 39.49% 2003 16.298 16,342 19,695 47,924 27,989 44,485 43.161 73,993 29,894 48,642 33.339 74.933 476,695 21.67% 2004 25,993 25,140 22,769 62,305 31,131 41,813 71,528 70,469 72,803 57,084 39,429 96.432 616.896 29.41% 2005 17,287 18.183 28,855 69.056 30,070 41.942 47,408 83356 58,166 73,042 32,016 120,973 620,354 0.56% 2006 14,794 18,690 24.287 73,799 27,917 61,427 57,643 67,412 57,232 48.759 42.384 122.047 616,391 -0.64% 2007 20,705 13,793 24,628 57.863 27,500 40,188 33.316 53,755 54,880 28,424 27,645 145.681 528.378 -14.28% 2008 15,674 14,198 19,913 39.501 30.823 37,743 51,331 65.800 44.733 35.133 31.046 113,836 499,731 -5.42% 2009 11,818 5,481 9,818 33,224 26.134 22,757 52,996 37,430 56,085 31,303 20,523 101,617 409.186 -18.12% 2010 13,890 9,236 15,978 30,330 25.431 34,996 96,881 51,900 37,474 39,816 29.883 134.495 520.310 27.16% 2011 11.657 13.838 18,234 47,706 41.360 36,856 150,998 56,626 53,391 50,508 36,905 134,792 652,871 25.48%

58 GolfTEC Enterprises, LLC - Table II Monthly Cash Sales of Company-Owned Improvement Centers"1

STAND ALONE 1996 7383 17.020 8,506 6,485 39.394 "CCHSTIK 1 1997 5,236 6,475 8.367 17.482 9,640 14,577 22,816 22,520 26,112 28,651 29,662 29,396 220.934 460.83% 1998 19,307 12,275 18,526 43,342 18,535 26,328 .32,533 37,750 36,097 24,792 17,982 25,627 313.094 41.71% 1999 22,118 17,576 14,307 71,711 28,312 25.352 38,058 38,947 29,560 26.762 42,535 23,089 378,327 20.83% 2000 41,833 6,232 16,609 66,585 13.391 21.195 24,042 20,979 21,7.76 20.713 29,571 31.741 314,667 -17% 2001 9,262 8,863 10.168 32,182 16,138 14,622 10,619 11,376 12,152 12,901 40,910 21,225 200,418 -36.31% 2002 23,190 11,548 6,125 36,880 22,536 30,455 28.71 1 51,391 39,129 58,481 29,234 53,545 391,225 95.20% 2003 16,354 14,480 21,389 44,360 25,614 31,134 31,659 47,398 36,265 33.677 40,555 67,627 410,512 4.93% 2004 15,974 24,303 24.585 69,545 15,801 34,561 39,492 42,821 40,638 46,428 30,648 66,648 451,444 9.97% 2005 12,676 14,245 19,797 52,923 27,037 33,601 38,735 74,530 25.735 56,662 31,001 108,573 495,515 9.76% 2006 15^5O 12,785 17,528 40,734 20.354 29,397 47,560 50,066 51,939 46,755 28,961 130,443 492,472 -0.61% 2007 13,137 7,941 11.377 53,072 15,394 28,283 54,843 55,048 49.817 41,984 38,153 102,464 471.513 -4.26% 2008 11,479 12,062 22,746 43.063 22.757 20,766 47,524 57,409 47.648 31.150 26,985 98,023 441,612 -6.34% 2009 14,546 16,624 8,949 37,559 7,275 12,886 64,872 32,685 30,411 26.246 22,757 91,067 365,877 -17.15% 2010 9,247 12,756 12,869 31,290 14,229 15,640 64,758 30,637 34,457 25,060 27,335 86,718 364,996 -0.24% 2011 16,441 8,215 14,631 28,311 19,555 13,841 73,513 29,958 31,576 37.945 39,865 105.205 419,056 14.81% STAND ALONE 2009 5,406 18,468 23,874 "C" CEvrai2 2010 5,416 5,117 9,608 9,519 7.050 9,223 30,609 16,376 13,192 21,138 18,100 51,245 196,593 723.46% 2011 11,354 6,458 9,628 22,380 19,093 18,200 65,710 37,210 31,912 23,640 18,099 76,181 339,865 72.88% STAND ALONE 2002 25,929 25,929 "C" CtNTERJ 2003 29,880 36,019 28,920 33,556 25,623 30.777 25,044 32,857 40,501 40,699 33,258 71,948 429,082 1554.83% 2004 22,181 26.721 19,159 52,142 23,375 19,668 36.846 45,998 36,088 39.105 30,553 66,079 417,915 -2.60% 2005 19,947 18,713 27,265 49,356 21,371 25,417 49.211 35,274 28,826 35,269 15,145 50,055 375,849 -10.07% 2006 11,699 20.110 15,495 27,939 17,746 17,728 27.369 23,761 24,944 26,651 33,671 97,017 344,130 -8.44% 2007 14,721 12.178 13,131 25.050 23,089 12,756 28.738 46,124 30,149 33,288 32.090 103,766 375,080 8.99% 2008 6,362 25,170 24,185 55,096 33,512 43,778 43,272 66,273 34,707 37,794 31.080 161,896 563,125 50.13% 2009 . 9,304 14,506 22,543 44,941 4,584 9,847 52,479 23.176 29,181 20,745 30.236 108,359 369,901 -34.31% 2010 12,929 15,027 17,937 32.495 22,858 21,131 95,748 37,061 37,481 28,069 41,308 100.389 462.433 25.02% 2011 9,579 24,944 18,140 27,923 17,408 15,342 103,495 40,821 26,772 49,449 44,160 132,946 510,979 10.50%

STAND ALONE 2002 23,230 15.353 30,172 68,755 D" CENTER 1 2003 12438 11260 9878 20090 13850 22011 31729 29,442 32.316 25.738 26,154 37,996 272,902 296.92% 2004 23021 18023 22333 18360 13581 19420 23164 34,019 44.785 31.952 29,675 42,253 320.586 17.47% 2005 12085 10386 9938 44012 13845 17125 21248 36,354 24.402 55,607 20,439 50,887 316.328 -1.33% 2006 15330 12852 16684 65217 20949 33538 31389 47,588 45,662 55,292 40.202 108,769 493,472 56.00% 2007 37729 21388 21523 50685 16260 25829 41535 38,345 41,449 37,481 32.835 96,094 461.153 -6.55% 2008 18450 18529 21402 36085 14741 19874 32237 27.470 31,171 17,176 19,843 45.926 302,904 -34.32% 2009 9927 12703 12161 30145 13110 19492 42546 25,588 24.068 30,353 19,436 106.104 345,633 14.11% 2010 10742 24401 16064 23736 18466 28991 70652 32,364 38.753 42,527 38,014 119.969 464,679 34.44% 2011 10748 26803 19429 39702 15939 17026 73979 36.581 31.571 49,743 33,122 - 145,466 500,109 7.62% STAND ALONE 2006 21,039 39,564 60,603 "D" CEVTIR 2 2007 13,478 15.668 20,398 35,338 15,298 22.942 27,438 34,821 27,372 30,963 20,472 61.439 325,627 437.31% 2008 11,052 14,107 9,688 33,259 13,340 24,055 18,390 41,284 13,421 24.850 19,902 42,475 265,823 -18.37% 2009 6,629 12,619 16,431 18,810 7,602 12,799 51,321 28,542 21,702 22,482 20,929 40,086 259,952 -2.21% 2010 21,930 10,573 8,625 26,790 15.139 9.006 54,266 29,972 26,557 24,025 23,466 53,022 303,371 16.70% 2011 11,669 4,962 4,571 31,823 10,364 15,143 53,303 24.467 26.781 25,325 20,055 49,408 277,871 . -8.41%

59 GolfTEC Enterprises, LLC - Tible II Monthly Cash Sales of Company-Owned Improvement Centers"'

STAND ALONE 2009 3152 10143 16451 23232 30118 16109 19218 20448 68,945 207,816 "D" CSNTHl J 2010 4.654 2.826 7,258 15,353 14.000 16,345 54,908 32,482 24,501 34,427 21.580 69;690 298,024 43.41% 2011 13,973 6.179 11.888 20,429 7.465 15.987 70,994 36,301 54,330 25.347 37,204 95,200 395,297 32.64% STANDALONE 2007 1 15.030 15.198 14,399 11,189 11,794 12,538 12,016 5,174 24^25 121,564 "D CBNTU14 2008 4454 3864 7479 13.047 13.349 13,362 19,776 18,300 15,872 6.693 15,081 37,860 169,137 39.13% 2009 15778 4580 6226 13,140 2.925 4,325 36,278 9.628 10,217 25,735 29,332 49,266 207,430 22.64% 2010 5828 6217 4448 10.908 8,779 10,315 21,210 17.202 15,621 26,025 16,794 44,754 188,101 -9.32% 2011 6,483 6,893 11.135 18.755 10,087 9,189 41,969 15.303 21,084 25,024 17,346 50.912 234,180 24.50% STANDALONE 2005 76.063 76,063 D CfNTOlS 2006 10,881 20,665 21,444 39.323 22,081 15.699 23,963 26,449 25.656 21,278 27,713 43,514 298,666 292.66% 2007 5,815 11,439 10,443 12.846 12,653 9.013 11,574 22,219 6.796 13,059 5,920 33,270 155,047 -48.09%

2009 6.155 9,837 6.325 25,488 6,364 13.194 50,421 13,316 17,730 13.599 3,767 43,844 210,040 -15.31% 2010 13,373 8,942 8.326 21,083 12,298 12.380 47,625 21,595 14,225 14,520 15,559 71,665 261,591 24.54% 2011 10,270 6,403 5.000 19,194 11,251 20.160 54,042 22,630 23.977 15,584 10,207 61,699 260,417 -0.45% STAND ALONE 2000 15,543 15.088 15.305 16.135 20,189 82,260 D CENTTR 6 2001 7,142 8,466 7.842 18.628 13,289 17,070 16,456 31,146 21.968 27,998 15,413 14,568 199,986 143.1 1% 2002 25,743 7.806 5,112 33.652 28,424 16,487 24,991 28,147 34.458 26,750 17,416 55,179 304,165 52.09% 2003 16,897 22,936 33,584 25,763 33.304 46,713 50.496 57,065 36.621 52.243 28,682 90.747 495.051 62.76% 2004 12,444 13,693 20,254 62,892 23.600 34,275 47,887 59,075 52,058 46,515 45,587 100,844 519,124 4.86% 2005 15,188 16.163 11,761 45,488 22,415 37,851 39.867 81,764 30.196 56,906 24.834 111,212 493.645 -4.91% 2006 13,989 14,750 18.808 44,626; 25.412 20,335 40,054 37,399 47.562 36,179 25,845 142,949 467.908 -5.21% 2007 12,758 8,923 16.277 33,846 13,061 22.589 26.928 33,657 45,405 12,749 22,820 120,845 369.858 -20.95% 2008 9,756 13,894 15,039 40,421 9,041 12.644 25,993 36,572 17,040 15.193 22,723 70,912 289.228 -21.80% 2009 5,520 6,848 2,843 21.707 7.354 13.535 39,787 23.142 15.082 18,034 9,054 76,539 239,445 -17.21% 2010 10.398 15,389 8,818 29.690 9.101 11,927 51,865 24,636 26.521 13.354 19.716 70,650 292,065 21.98% 2011 4,337 9,478 12.939 20.226 21,928 16,874 79,950 26.557 25.651 17.370 17,413 56,049 308,772 5.72%

60 GolfTEC Enterprises, LLC - Ttble n Monthly Cash Sales of Company-Owned Improvement Centers"*

SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG TOTAL STAND ALONE 2007 8,120 25,431 25.930 30.474 8.039 16,729 19,065 13.434 15.978 33,278 196.478 "A" CENTEX 1 2008 8,031 13,751 24.033 19.058 15.578 16.619 6.115 25.600 15,173 21,987 27.596 49.246 242.787 23.57% 2009 1 1,820 15.170 9.925 12.636 23.476 14.555 35.579 21.733 34.976 20.332 26.500 71.929 298.631 23.00% 2010 19.122 12.958 14,638 29,817 23.035 25,327 78.015 28,814 33,927 22.242 18.808 94.419 401.122 34.32% 2011 10,001 28,518 12,798 24.496 9,690 44,826 105,169 50,973 49,432 45,245 44,031 122.028 547,207 36.42% 2012 48.427 48,250 27.833 56,342 30.591 82.743 166,306 70.153 61.137 49,751 32.658 189,956 864,147 57.92% STANDALONE 1995 8123 10073 9455 13743 13379 54773 "A" CENTER 2 1996 7,955 6.489 4.618 16.285 11.683 16,875 25,642 23.982 37.741 40,014 28,267 29.519 249.070 354.73% 1997 17,547 15.935 15,897 53.684 28.023 33,347 38,625 51,357 36,552 44.870 37.059 40,379 413,275 65.93% 1998 23.653 17,883 17.064 40.392 26.100 31.354 29.909 47,246 41.329 47.120 42.141 49.794 413.985 0.17% 1999 33,079 18.968 18,838 62.711 32.504 36.621 56,526 41,916 42.147 57.383 58.162 42.434 501.289 21.09% 2000 59,317 17,787 19,677 72,653 28,126 49.626 54,230 58,139 57.416 72.514 49,498 74.670 613,653 22.42% 2001 41,615 26,960 19,196 79.326 39.647 54.023 65.536 64,691 68.105 66,024 55,878 64.051 645.052 5.12% 2002 42.308 20.767 25,583 54,595 25.140 31.284 32.728 59,978 73,370 69,677 33.354 80.560 549.344 -14.84% 2003 27.952 28,880 27,734 72,122 38.524 36.291 40,512 79,362 66.068 72,253 70,789x 108,152 668.639 21.72% 2004 34,963 30.951 28,053 69.773 30,348 43.471 64.902 86,172 81.244 82.790 55,633 150,894 759,194 13.54% 2005 27.097 21,561 21.880 59,375 31.050 48.513 62,784 78.925 66,486 89,172 60,172 190,351 757.366 -0.24% 2006 16,491 20.406 42.595 65.435 28.021 33.753 74,300 80,817 100.689 102.728 50.206 213.450 828.891 9.44% 2007 29,979 30,077 20,581 75,322 41,212 44.329 60.707 67.907 73.430 81,105 40,285 243.418 808.352 -2.48% 2008 19,920 17.382 20.860 47,305 40.384 43.853 41.268 78.214 58.209 53.741 34,551 21 1.473 667.160 -17.47% 2009 11,337 20.617 9,684 70,776 32.594 42.598 84,731 5 1.404 65,496 45.798 41,542 213,390 691.967 3.72% 2010 22.066 30,275 19.822 42,767 25.368 35,189 121,716 57,571 56,248 52.978 25.941 205,608 695,549 0.52% 2011 18.722 23,023 23.331 95.046 36.626 32,586 142.143 60,686 65,192 54.774 41,199 265.974 859,302 23.54% 2012 29.800 27,166 12,863 82.728 42,839 45,775 153.373 47,233 65.416 48.462 40.649 234.670 830.974 -3.30% STANDALONE 2009 9,425 34.541 20,986 16,904 43.638 29,675 34.515 34.835 36.460 80.896 341.875 A CENTER 3 2010 15176 26277 21,241 35,384 25.554 22.324 95.463 36.122 33,014 38,670 36,692 11 1.261 497,178 45.43% 2011 21.268 33,144 21.840 43,042 31,459 20.387 76,244 34,331 44,468 44.886 40,751 123.161 534,981 7.60% 2012 25.923 24.132 28.355 48.683 31,447 31.906 110,969 33,720 57,427 44.367 44.865 161.279 643.073 20.20%

STAND ALONE 2007 2.018 25,300 18.667 27,189 73,174 B" CENTER 1 2008 6.573 8.747 10,696 19.796 10,329 1 1.479 12,215 23,062 11,305 10.168 17.316 53.578 195.264 166.85% 2009 1 1.135 11.840 15,537 22.621 11.928 3.746 27.093 3.612 8.016 14.550 129.541 -33.66% 2010 6.531 9,159 380 21.808 4.592 1 1.355 23.151 15.986 18,704 16.343 10.285 34.469 172.763 33.37% 2011 16,730 2,309 17,085 52.594 22.569 45.510 74,238 20,729 44,536 27,647 42.204 98.397 464.548 168.89% 2012 1 1,580 17,199 5.771 23.311 27.344 38.586 85,449 33,085 42,009 36.978 38.371 83,421 443,104 -4.62% STANDALONE 2004 18.862 26,758 28.350 35.899 109.869 B" CENTER 2 2005 20.626 18,971 12355 37.540 20.437 18.140 20.638 26,099 22.824 26.342 3 1.621 57.639 313,232 185.10% 2006 19.654 29,396 17,072 34.591 21.1 1 1 33.035 29.755 31.076 34.812 30,427 26,796 100.011 407.736 30.17% 2007 11,286 13.326 26,385 39,900 24.102 22,197 23.703 27.549 29.754 24,643 34.391 71.161 348,397 -14.55% 2008 15.639 22,775 19,512 30.914 52,105 17.260 18,125 25.187 20.21 1 23,593 19,330 89,378 354.029 1.62% 2009 16.272 18,196 7.630 21,929 9.716 1 1.681 36.191 25,152 19.296 14.962 21.486 84,379 286,890 -18.96% 2010 3,071 18.671 14.128 25.255 28,033 31,253 61.307 19,289 17,872 24,577 20.694 103.699 367,849 28.22% 2011 9.223 19.260 14.120 I 7.023 18.638 33.751 57.608 28.327 40.317 35,952 18,601 100.916 393,736 7.04% 2012 12.707 21.1 14 20,81 I 15.432 16.363 35.006 98,493 29,145 37.069 37.095 37.241 104.948 465.424 18.21% STAND ALONE 2002 37,792 38.935 76.727 C" CENTER 1 2003 19,644 16.777 15.040 38.613 27.164 24,297 27.303 50,453 42.318 42,264 32.812 51,327 388,012 405.70% 2004 24.621 16.700 22.160 40,573 17,831 22.508 40.762 48,137 59,584 53,360 34.816 83.290 464,342 19.67% 2005 24,090 20,580 17,626 36.036 25,075 31.007 31,840 48.847 47,723 57.476 34.630 71,240 446.170 -3.91% 2006 21.157 11.307 171 73.724 29.765 31.984 43.473 39.760 62.557 58.845 40.306 106.657 519,706 16.48% 2007 23.258 21.901 28.156 41.397 27.365 37.963 30.475 54.770 39.146 50,156 46.143 101,828 502,558 -3.30% 2008 22,440 25,420 36.414 49,529 34.074 62.392 54,883 58,720 51,959 52,532 59.379 84.831 592.573 17.91% 2009 19.334 13,420 15.269 47,574 18,866 27.834 53.427 43.131 37,582 59.012 52,501 11 1,734 499,684 -15.68% 2010 27.705 19,780 26,179 32,996 30.883 37,666 100.419 56,679 41,744 62,551 36,253 165.064 637,919 27.66% 2011 32.382 16,488 17,516 51.135 34.274 36.520 102.559 57.260 69,598 49.389 44.476 133,388 644,985 1.11% 2012 23.811 28.696 30.973 31.620 40,987 43.822 96.168 51.170 38,849 52,472 68,737 156,397 663.702 2.90% GolfTEC Enterpriaei, LLC - lb We II Monthly Cosh Soles of Company-Owned Improvement Centers"'

STANDALONE 1996 7,383 17.020 8,506 6.485 39,394 "C" CESTUI 2 1997 5,236 6.475 8,367 17.482 9,640 14,577 22.816 22,520 26,112 28.651 29,662 29,396 220.934 460.83% 1998 19.307 12.275 18,526 43,342 18,535 26.328 32,533 37.750 36,097 24.792 17,982 25.627 313,094 41.71% 1999 22.118 17,576 14,307 71.711 28,312 25352 38.058 38,947 29.560 26.762 42.535 23.089 378,327 20.83% 2000 41.833 6,232 16,609 66.585 13.391 21,195 24.042 20,979 21.776 20,713 29,571 31.741 314.667 -16.83% 2001 9.262 8.863 10,168 32.182 16.138 14,622 10,619 11.376 12,152 12.901 40,910 21,225 200.418 -36.31% 2002 23,190 1 1.548 6,125 36.880 22.336 30,455 28.711 51.391 39,129 58.481 29,234 53,545 391,225 95.20% 2003 16.354 14.480 21,389 44,360 23.614 31,134 31,659 47,398 36,265 33,677 40,555 67,627 410,512 4.93% 2004 15.974 24.303 24,585 69,545 13.801 34,561 39,492 42,821 40,638 46,428 30,648 66.648 451.444 9.97% 2005 12.676 14.245 19,797 52,923 27.037 33,601 38,735 74,530 25.735 56.662 31,001 108.573 495.515 9.76% 2006 15.950 12,785 17.528 40,734 20.354 29,397 . 47,560 50,066 51.939 46.755 28,961 130.443 492,472 -0.61% 2007 13.137 7.941 11,377 53,072 15,394 28.283 54,843 55,048 49,817 41,984 38,153 102,464 471,513 -4.26% 2008 1 1,479 12,062 22,746 43,063 22.757 20,766 47.524 57,409 47,648 31.150 26,985 98,023 441.612 -6.34% 2009 14,546 16.624 8,949 37,559 7,275 12,886 64.872 32.685 30.41 1 26.246 22.757 91.067 365,877 -17.15% 2010 9.247 12.756 12,869 31.290 14,229 15,640 64.758 30.637 34.457 25,060 27.335 86.718 364.996 -0.24% 2011 16.441 8.215 14.631 28.311 19,555 13,841 73,513 29.958 31,576 37.943 39.865 105.205 419,056 14.81% 2012 18,538 14.858 1 1,991 40.692 15.811 27,833 1 12,126 42,228 42,375 35.479 27,471 123,462 512,864 22.39% STAND ALONE 2009 5,406 18,468 23,874 "C" CENTER 3 2010 5.416 5.117 9,608 9,519 7,050 9,223 30,609 16376 13.192 21.138 18.100 51.245 196,593 723.46% 2011 1 1,354 6.458 9.628 22.380 19.093 18,200 65.710 37,210 31,912 23,640 18.099 76.181 339,865 72.88% 2012 11.234 8.583 9.017 38,756 15.734 21.557 84.404 22,522 31.634 37.828 23,963 88.011 393,245 15.71%

STAND ALONE 2005 7.356 7,356 D CENTER 1 2006 29,771 13,474 1 1,356 32,486 13.321 23.474 38.359 15.157 33,852 22,370 25,697 53,624 312,941 4154.23% 2007 13,898 15,857 16.566 35.947 16,562 11.963 21,101 16,503 23.143 26.101 21,331 46.94 1 265,915 -15.03% 2008 17,198 15,385 16,840 24,158 15,303 9.507 19.452 30.143 13,438 24.428 35.125 73.308 294.285 10.67% 2009 18.847 11.325 24.004 24,796 17,285 24.932 23,241 15,217 24.676 27.360 19.875 71,413 302.971 2.95% 2010 13.690 13.108 34.424 47.996 26,165 23,805 78,620 27,130 30.786 32,266 50,790 77,352 456,132 50.55% 2011 21.475 26.125 20.440 32.420 17.392 35,431 69,251 32.072 54.883 19.036 49.981 1 1 1,391 489.897 7.40% 2012 29.253 20.792 22.960 32.540 16,315 29.021 68,51 1 34,268 25.670 32.718 41,658 80.582 434,288 -1 1.35% STANDALONE 1998 8.628 18,337 9,322 36.287 "D" CENTER 2 1999 13.956 7,851 13.029 33.836 14.666 19383 33.653 29.696 19,402 20,225 21.593 17,027 244.317 573.29% 2000 20,2 1 5 6.814 7.243 28.859 15,258 21,730 25,805 29,309 18,884 25.701 17,082 23.131 240,031 -1.75% 2001 13.835 10.728 14.626 43,055 18,131 29.273 26.656 33,708 30,288 24,813 20,331 15,420 280.864 17.01% 2002 20.025 13,729 18.547 34,488 28.798 40.170 48,679 36,736 42.472 26.477 23,774 57,873 391,788 39.49% 2003 16.298 16,342 19.695 47,924 27,989 44,485 43,161 73.993 29.894 48,642 33,339 74,933 476,693 2 1.67% 2004 25.993 25.140 22.769 62,305 31.131 41.813 71,528 70.469 72.803 57,084 39.429 96,432 616.896 29.4 1% 2005 17.287 18.183 28.855 69.056 30,070 41.942 47,408 83,356 58,166 73,042 32,016 120.973 620,354 0.56% 2006 14,794 18,690 24,287 73,799 27,917 61,427 57,643 67,412 57,232 48.759 42.384 122.047 616.391 -0.64% 2007 20,705 13.793 24.628 57,863 27.500 40.188 33.316 53,755 54,880 28,424 27,645 145,681 528.378 -14.28% 2008 15.674 14,198 19,913 39.501 30.823 37.743 51.331 65,800 44,733 35.133 31,046 1 13.836 499,731 -5.42% 2009 1 1,818 5,481 9.818 33.224 26,134 22,757 52.996 37.430 56.085 31,303 20.523 101.617 409,186 -18.12% 2010 13,890 9.236 15.978 30.330 25.43 1 34.996 96.881 5 1,900 37.474 39,816 29.883 134,495 520,310 27.16% 2011 11.657 13.838 18.234 47.706 41,360 36,856 150,998 56.626 53,391 50.508 36.905 134.792 652,871 25.48% 2012 18.858 19.904 28,593 35,607 29.600 34,836 130.453 52,168 31.413 41,600 23.182 1 12,600 558.834 -14.40% STANDALONE 2008 19.246 22,676 1 1,538 17,182 17.933 10.555 8.759 14,561 40.030 162.500 "D" CENTER 3 2009 10.314 2.451 5,563 4,330 7.638 10,801 40,262 10,354 30,538 19.71 1 13.535 55.1 17 210.614 29.61% 2010 10,246 9.412 11.584 13,488 16.254 18.859 59,344 11.377 12,574 12.854 27,821 66.298 270.1 1 1 28.25% 2011 25,408 9.960 13,376 25.520 24,358 35,838 63.965 15.01 1 18,504 28.100 24.328 54.657 339.025 25.51% 2012 6.744 5.767 6,1 17 27.694 23.897 26,13 1 71,872 28,271 26.005 29.769 18.883 66394 337.544 -0.44% STAND ALONE 2006 21,039 39.564 60.603 "D" CENTER 4 2007 13,478 15,668 20.398 35,338 15,298 22.942 27.438 34,821 27,372 30.963 20,472 61.439 325,627 437.31% 2008 11,052 14.107 9.688 33.259 13,340 24.055 18.390 41.284 13,421 24,850 19,902 42.475 265.823 -18.37% 2009 6.629 12.619 16,431 18.810 7,602 12.799 51.321 28.542 21.702 22.482 20.929 40,086 259,952 -2.21% 2010 21,930 10.573 8.625 26.790 15,139 9,006 54.266 29.972 26.557 24.025 23.466 53,022 303.371 16.70% 2011 1 1.669 4.962 4,571 31,823 10,364 15.143 53.303 24.467 26,781 25.325 20,055 49,408 277.871 -8.41% 2012 17.235 6,586 12.341 23,764 10.310 17.023 50.389 25,251 23,023 29.293 36,485 77,217 328.917 18.37% 2005 12,676 14345 19.797 52.923 27,037 33,601 38.735 74.530 25,735 56,662 31,001 108.573 493313 9.76% 2006 15,950 12,785 17^528 40.734 20.354 29.397 47.560 50.066 51,939 46.755 28,961 130.443 492.472 -0.61% 2007 13.137 7.941 11377 53.072 15.394 28383 54.843 55.048 49,817 41.984 38,153 102,464 471313 -4.26% 2008 11.479 12.062 22.746 43.063 22.757 20.766 47^24 57.409 47,648 31.150 26,985 98.023 441.612 -6.34% 2009 14346 16,624 8.949 37.559 7.275 12,886 64,872 32,685 30,411 26346 22.757 91.067 363.877 -17.15% 2010 9,247 12,756 12,869 31.290 14.229 15.640 64.758 30.637 34.457 25.060 27.335 86.718 364.996 -0.24% 2011 16,441 8315 14,631 28.311 19,555 13.841 73,513 29.958 31,576 37,945 39,865 105305 419.036 14.81% 2012 18,538 14.858 11.991 40.692 15.811 27.833 112.126 42328 42375 35.479 27.471 123,462 312.864 22.39% STAND ALONE 2009 5.406 18.468 23.874 "C" CENTER 3 2010 5.416 5.117 9.608 9319 7,050 9.771 30.609 16376 13,192 21.138 18,100 51345 196393 723.46% 2011 11354 6.458 9.628 22380 19,093 18300 65.710 37310 31,912 23.640 18,099 76,181 339.863 72.88% 2012 11334 8.583 9.017 38.756 15.734 21.557 84.404 22.522 31,634 37,828 23,965 88.011 393343 15.71%

STANDAIONE 2005 7336 7336 "D" CENTER 1 2006 29.771 13,474 11356 32,486 13321 23.474 38359 15.157 33,852 22,370 25,697 33.624 312.941 4154.23% 2007 13.898 15,837 16.566 35.947 16.562 11,963 21.101 16.503 23,145 26,101 21331 46.941 263.913 -15.03% 2008 17,198 15,385 16.840 24.158 15.303 9307 19.452 30.143 13.438 24.428 35,125 73.308 294383 10.67% 2009 18,847 11.325 24,004 24.796 17,285 24.932 23341 15.217 24,676 27.360 19,875 71.413 302.971 2.95% 2010 13,690 13.108 34,424 47.996 26.165 23.805 78,620 27,130 30,786 32366 50,790 77332 436.132 50.55% 2011 21,475 26.125 20,440 32,420 17.392 35,431 69351 32,072 54.883 19,036 49.981 111391 489.897 7.40% 2012 29353 20.792 22.960 32,540 16,315 29,021 68,511 34.268 25,670 32,718 41.658 80.382 434.288 -11.35% STAND ALONE 1998 8,628 18.337 9.322 36387 "D" CENTER 2 1999 13.956 7.851 13,029 33,836 14.666 19,383 33.653 29,696 19.402 20325 21.593 17.027 244317 573.29% 2000 20315 6,814 7343 28,859 15358 21.730 25.805 29.309 18,884 25,701 17.082 23.131 240.031 -1.75% 2001 13.835 10.728 14.626 43.055 18,131 29373 26.656 33,708 30388 24,813 20331 13.420 280.864 17.01% 2002 20.025 13,729 18,547 34,488 28.798 40,170 48,679 36,756 42,472 26.477 23,774 37.873 391.788 39.49% 2003 16398 16,342 19,695 47,924 27.989 44.485 43.161 73.993 29,894 48.642 33,339 74.933 476.693 21.67% 2004 25,993 25.140 22,769 62.305 31.131 41.813 71,528 70.469 72,803 57.084 39,429 96.432 616.896 29.41% 2003 17387 18,183 28.855 69.056 30.070 41.942 47.408 83.356 58,166 73.042 32,016 120.973 620334 0.56% 2006 14,794 18,690 24.287 73.799 27,917 61.427 57.643 67.412 57,232 48.759 42384 122.047 616391 -0,64% 2007 20.705 13.793 24,628 57.863 27.500 40.188 33.316 53.755 54,880 28.424 27.645 143.681 328378 -14.28% 2008 15.674 14.198 19,913 39.501 30.823 37,743 51.331 65,800 44.733 35.133 31.046 113.836 499.731 -5.42% 2009 11.818 5.481 9.818 33324 26.134 22.757 52,996 37,430 56.085 31303 20.523 101.617 409.186 -18.12% 2010 13,890 9336 15.978 30330 25,431 34.996 96.881 51,900 37,474 39,816 29.883 134.493 320310 27.16% 2011 11.657 13.838 18334 47.706 41.360 36.856 150,998 56.626 53391 50.508 36.905 134.792 632.871 25.48% 2012 18,858 19,904 28,593 35.607 29,600 34.856 130,453 52,168 31,413 41.600 23.182 112,600 338.834 -14.40% STAND AI ONE 2008 19346 22.676 11.558 17,182 17.933 10355 8.759 14.561 40.030 162.300 "D" CENTER 3 2009 10,314 2.451 5.563 4330 7.638 10.801 40,262 10354 30.538 19,711 13.535 33.117 210.614 29.61% 2010 10.246 9.412 11.584 13.488 16.254 18.859 59344 11,377 12374 12.854 27.821 66.298 270.111 28.25% 2011 25.408 9.960 13376 25,520 24358 35.838 63.965 15.011 I83»4 28.100 24.328 34.637 339.023 25.51% 2012 6,744 5.767 6.117 27.694 23.897 26.131 71,872 28,271 26,005 29.769 18,883 66394 337.344 -0.44% STANDALONE 2006 21,039 39.364 60.603 "D" CENTER 4 2007 13.478 15.668 20398 35.338 15398 22.942 27,438 34.821 27.372 30.963 20,472 61.439 323.627 437.31% 2008 11.052 14.107 9,688 33359 13340 24,055 18.390 41.284 13,421 24.850 19.902 42.473 263.823 -18.37% 2009 6,629 12.619 16,431 18.810 7,602 12,799 51,321 28.542 21.702 22.482 20,929 40.086 239.932 -2.21% 2010 21,930 10,573 8.625 26.790 15,139 9.006 54366 29.972 26,557 24.025 23.466 33.022 303371 16.70% 2011 11,669 4.962 4371 31.823 10364 15.143 53.303 24,467 26,781 25325 20.055 49.408 277.871 -8.41% 2012 17.235 6.586 12341 23.764 10310 17,023 50,389 25351 23,023 29393 36,485 77317 328.917 18.37%

GolfTEC Enterprises, LLC-Table D Monthly Cash Sales of Company-Owned hnprowment Centers' STANDALONE 2007 1 15.030 15.198 14399 11.189 11.794 12,538 12,016 5.174 24.225 121364 D CENTERS 2008 4,454 3,864 7.479 13,047 13.349 13,362 19.776 18300 15.872 6,693 15.081 37.860 169.137 39.13% 2009 15,778 4,580 6.226 13.140 2.925 4,325 36.278 9.628 10317 25.735 29332 49.266 207,430 22.64% 2010 5,828 6317 4.448 10.908 8,779 10315 21^10 17 7(Y7 15.621 26.025 16.794 44,754 188.101 -9.32% 2011 6,483 6,893 11.135 18.755 10.087 9,189 41.969 15,303 21,084 25.024 17346 50.912 234.180 24.50% 2012 12,002 10.785 9,824 22.591 10.390 14320 50,272 29313 22,642 22.511 17,261 63.221 285.534 21.93% STAND ALONE 2005 76.063 76,063 "D" CENTER 6 2006 10,881 20,665 21.444 39323 22.081 15.699 23.963 26,449 25,656 21378 27,713 43.514 298.666 292.66% 2007 5,815 11,439 10.443 12,846 12.653 9.013 11.574 77319 6.796 13,059 5.920 33370 155.047 -48.09% 2008 11,815 8340 12.835 23.696 13.970 16.611 24.467 35310 9,895 18,063 20,323 52.783 248,008 59.96% 2009 6,155 9.837 6325 25.488 6.364 13,194 50.421 13316 17,730 13399 3.767 43,844 210.040 -15.31%

63 (1) See notes one through nine in Table I for more information regarding the Improvement Centers in Categories "A", "B", "C", and "D" and information regarding what is included in cash sales. The number of bays in operation may vary during the period each Improvement Center was operating.

64 GolfTEC Enlerpriset, LLC - Ifable 1 SECTION U Center Averages by Categories "W", "X", "Y" and "Z" Forthe Twelve Months Ending August 31, 2011'

"WCentera1 | "X" Ccbten* | "Y" Centers' | "Z" Ceotera' EVALS AND LFSSON PACKAGES5 353,027 272.826 215.017 147,273 PRACTICE MEMBERSHIPS7 39,672 23,558 22,607 21,783 SALES - MERCHANDISE1 - - - - SALES-g-WORLD9 442 - - - SALES-TEACHING COACH TO FRANCHISEE 1,700 - - -

TOTAL CASH SALES 394,841 296,384 237,623 169.056 REVENUE ADJUST MENT10 RA-EVAL&LESSON/PRACT ICE PACKAGES 823 (22,564) (5.652) (15.010) RA-MERCHANDISE - - - - RA-g-WORLD t TOTAL REVENUE 395,663 273,820 231,972 154,046 COST OF MERCHANDISE SOLD" - - 12 99 COST OF CLUB FITTING 1.128 760 922 521 COST OF OTHER EVENTSA SERVICES11 1,283 1,310 918 728

GROSS PROFIT 393,252 271,749 230,120 152.698

STORE LABOR DIRECT CENTER LABORS-TEACHING COACHES 113.644 78,089 58,193 38.917 PAYROLL TAXES& BENEFITS''-TEACHING COACHES 9.958 6.297 4,877 3.303 DIRECT CENTER LABORS-CENTER MANAGER 60.776 52,271 52,123 43.231 PAYROLL TAXES& BENEFIT S^-CE NT ER MANAGER 6.209 4.922 5393 4,605

TOTAL STORE LABOR 190.587 141.579 120,485 90.055

CENTER CONTROLLABLE EXPENSES16 UTILITIES 6,664 5.600 4,362 6.052 SUPPLIES 4.280 2.814 3,105 3,124 REPAIRS & MAINTENANCE 324 94 249 33 POSTAGE A FREIGHT 373 240 125 190 TRAVEL & ENTERTAINMENT 1,369 396 691 293 NEW STORE OPENING EXPENSE - - - - GTU EXPENSE 372 576 153 118 OTHER" 5,522 3,016 3,648 3,421

TOTAL CENTER CONTROLLABLE 18,905 12,736 12.332 13,231

CENTER NON-CONT ROLL ABLE" RENT & CAM 31.827 29,908 22,930 25,618 PERCENTAGE RENT 3,743 122 - - DEP RECIAT ION/AMORT IZ AT ION 10,252 7,882 15,236 16,785 CREDIT CARD FEES 9,121 6,743 5,764 3.941 TAXES& LICENSES 1,472 1,278 402 1,624 ADVERT I SING-FRANCHISING" 7,632 6.128 4,849 3.601 ADVERTISING-OTHER10 8.029 7,376 6.770 7,517

CENTER NON-CONTROLLABLE 72,076 59,437 55.950 39.086

NET INCOME (LOSS)21 111.684 57,997 41.352 (9.674)

RECONCILING ITEMS: RA-E VALS'LESSON/PRACT ICE PACKAGES 823 (22,564) (5.652) (15.010) RA-MERCHANDISE - - - - RA-g-WORLD DEPRECIAT ION/AMORT IZ AT ION 10,252 7,882 15.236 16,785

EBIDAT EXCLUDING RECONCILING ITEMS" 121,114 88.444 62.239 22.121

65 66 GolfTEC Enterprise!!, LLC - Table I SECTION U Center Averages by Categories "\V", "X", "V" and For the Twelve Months Ending Augast 31, 2012'

"W" Centers1 | "X" Centers' | "Y" Centers4 | "Z" Centers0 EVALS AND LESSON PACKAGES6 367,184 317,203 246,292 163,983 PRACTICE MEMBERSHIPS7 109,230 52,762 51,184 28,571 SALES - MERCHANDISE1 360 - 11 25 SALES - g-WORLD9 - - 169 - SALES - TEACHING COACH TO FRANCHISEE - - - - - 4,250 - (1,111) TOTAL CASH SALES 476.774 374,215 297,656 191,468 REVENUE ADJUSTMENT 10 RA-EVALS/LESSON/PRACTICE PACKAGES (79,028) 4.661 (19,380) 12,182 RA-MERCHANDISE - - - -

TOTAL REVENUE 397,746 378.875 278,276 203,650 COST OF MERCHANDISE SOLD'' 56 12 28 16 COST OF CLUB FITTING 905 600 730 720 COST OF OTHER EVENTS & SERVICES12 254 1,873 541 741

moss PROFIT 396.531 376.390 276,977 202,172

STORE LABOR DIRECT CENTER LABORS-TEACHING COACHES 120,520 105.586 87,033 62,230 PAYROLL TAXES & BENEFIT S,4-TEACHING COACHES 15,279 8,821 9,005 5,871 DIRECT CENTER LABORl3-CENTER MANAGER 62,271 55,320 , 48,404 39,982 PAYROLL TAXES & BENEFITSl4-CENTER MANAGER 9.989 5,337 6.056 4,529

TOTAL STORE LABOR 208,058 175.064 150.498 112,611

CENTER CONTROLLABLE EXPENSES'* UTILITIES 5.705 6,141 4,447 4.970 SUPPLIES 4,777 3,913 4,579 2,866 REPAIRS & MAINTENANCE 375 469 236 323 POSTAGE & FREIGHT 162 189 244 244 TRAVEL A ENTERTAINMENT 1.475 1,716 404 651 NEW STORE OPENING EXPENSE - 140 - - GTU EXPENSE 433 897 957 1,023 OTHER17 2.813 5,161 4,220 3,955

TOTAL CENTER CONTROLLABLE 15,740 18,626 15,086 14,031

CENTER NON-CONTROLLABLE18 RENT & CAM 36,663 32.973 23,751 25,542 PERCENTAGE RENT - 1.488 1,462 305 DEPRECIATION/AMORTIZATION 12,859 7,335 13,457 10.391 CREDIT CARD FEES 9.559 7,250 5,754 3.828 PAYMENT PLAN FEES 866 2,286 1.729 1,399 TAXES & LICENSES 1,000 1.365 894 693 ADVERTISING-FRANCHI SING19 9,532 7,428 5.955 3,869 ADVERT I9NO-OT HER20 12,726 10,070 9,551 8,544

CENTER NON-CONTROLLABLE 83.206 70,195 62,551 54,571

NET INCOME (LOSS)21 89,526 112,506 48,842 20,959

RECONCILING ITEMS RA-E VALS/LESSON/PRACT ICE PACKAGES (79.028) 4,661 (19.380) 12.182 RA-MERCHANDISE - - - _ DEPRECIATION/AMORTIZATION 12,859 7,335 13,457 10.391

EBIDAT EXCLUDING RECONCILING ITEMS23 181.413 15,180 81,679 19.168 67 1 These Improvement Centers are located in a GOLFSMITH® Center.

4 This category contains on nvomgo of tho financial performance of the five "W" Improvement Centers.—One Improvement Contor has boon open since January 2004 and has three bays, one has boon open sinoo April 2005 and has three bays, ono has boon open since April 2007 and has two boys, one has boon open sinoo Juno 2001 and has throe bays, and ono has boon open sinoo Novombor 2004 and has throo bays. These Improvement Centers are looatod in Texas, New Jersey, and Colorado.

2 This category contains an average of the financial performance of the three "XW" Improvement Centers. One Improvement Center has been open since Moroh 2003April 2005 and has twefour bays, one has been open since Deoembor 1998May 2005 and has threetwo bays, and one has been open since March 2001 September 2005 and has three bays. -These Improvement Centers are located in Texas. Colorado and California.

3 This category contains an average of the financial performance of the six "¥X" Improvement Centers. One Improvement Center has been open since MavMarch 2004 and has three bays, one has been open since April-March 20073644 and has three bays, one has been open since July 2004 and has four bays, one has been open since Novombor 2QQ6Januarv 2004 and has twefour bays, one has been open since Juno 2007 and has two bays, ono has boon opon sinoo August 2007 and has twoMay 2004 and has four bays, and one has been open since Juno 2006November 2005 and has threefour bays. These Improvement Centers are located in Illinois/Texas, California, and Colorado, Oregon and Toxas

4 This category contains an average of the financial performance of the sixseven "Y" Improvement Centers. One Improvement Center has been open since May 2006 and has three bays, one has been open since April 2007 and has three bays, one has been open since June 2007 and has three bays, one has been open since March 2003 and has two bays, one has been open since July 2008 and has three bays, one has been open since November 2007 and has two bays, and one has been open since June 2007 and has three bays. These Improvement Centers are located in California. New Jersey. Colorado. Texas, Illinois, and New York.

5 This category contains an average of the financial performance of the nine "Z" Improvement Centers. One Improvement

Center has been open since June 2007 and has two bays, ono has been open since December 20052006 and has three bays? one has been opon sinoo Juno 1999 and has throo bays, one has been open since April 2006 and has two bays, one has been open since June 2007 and has two bays, and one has boon opon sinoo April December 2006 and has two bavs.three bays, one has been open since April 2010 and has two bays, one has been open since August 2007 and has three bays, one has been open since June 2007 and has three bays, one has been open since June 2007 and has two bays, one has been open since December 2006 and has two bays, and one has been open since May 2004 and has three bays. These Improvement Centers are located in New York, Georgia, Colorado, Texas, and Oregon.

5fi Evaluations and Lesson Packages include half-hour lessons sold individually or in groups of 3 to 52 lessons per package for prices ranging from $295279 to $&4#4.599. and one hour evaluations priced from $9589 to $195. From time to time, we offer special discounts and sales on both of these items.

62 Practice Memberships includes 3, 6 or 12 month memberships enabling the client to practice using the g-SWING System in the Improvement Center without the supervision of a coach.

^ Merchandise Sales - merchandise is not sold in an Improvement Center located in a GOLFSMITH® Center.

82 g-WORLD includes revenue from golf swing analysis, contests and related entertainment provided to corporate gatherings. Except for Exempt Events, GTE's certified coaches are given fulfillment priority, followed by secondary priority to the franchisee's coaches within whose Protected Territoiy or, if applicable, Development Area the event is held. Except in the case of Exempt Events, we collect the proceeds from the sale of goods and services for g-WORLD events and apportion the proceeds, net of our direct costs, among the selling franchisee,th e fulfilling parties and GTE. See Items 5, 7, 10 and 11. m Revenue Adjustment includes adjustments to cash sales to conform to Generally Accepted Accounting Principles (GAAP). All revenue is recorded on a cash basis and then adjustments are made for actual lessons given, amortization of

68 the practice memberships, and corporate events. The g-WORLD revenue adjustment is a cash payment by GTE to the particular Improvement Center for use of the Improvement Center coaches to fulfill g-WORLD events.

| W11 Cost of Merchandise Sold - no merchandise is sold by these Improvement Centers.

1+2 Cost of Other Events and Services includes costs related to the fulfillment of g-WORLD events.

133 Direct Center Labor - Teaching Coaches includes salary and commission payments made to between two and sixfour coaches per Improvement Center.

13* Payroll Taxes and Benefits - Teaching Coaches and Manager include a health plan offered to coaches and to managers.

14- Direct Center Labor - Manager/Teaching Coaches includes salary and commission payments to one manager for each Improvement Center.

I5fi Center Controllable Expenses are those expenses that are generally within management's control. Franchisees are required to spend a minimum of 5% for local advertising and up to 2% for national advertising. See Item 6.

161 Other Center Controllable Expenses includes PGA MEMBER dues, PGA MEMBER continuing education allowances, internal coaches training, insurance, dues and subscriptions, recruiting, relocation, and bank charges.

m Center Non-Controllable Expenses are those expenses that tend to be fixed or otherwise out of management's control.

182 Advertising-Franchising includes costs of national promotional and marketing materials. Affiliate-owned Improvement Centers pay the Advertising Contribution required to be paid by franchisees. Affiliate-owned Improvement Centers are not required to expend any fixed percentage of revenues on local advertising. Compare these figures to Item 6 of this Disclosure Document that explain a franchisee's advertising expenses.

^Advertising-Other includes costs of local promotional and marketing materials. Affiliate-owned Improvement Centers are not required to expend any fixed percentage of revenues on local advertising. Compare these figures to Item 6 of this Disclosure Document that explain a franchisee's advertising expenses.

^— Net Income/Loss equals cash receipts adjusted to conform to GAAP.

un EBITDA Excluding Reconciling Items equals Net Income/Loss, plus Depreciation .and Amortization, plus the revenue adjustments for Evaluations and Lesson Packages, Practice Memberships and Merchandise. We are presenting this number, showing cash receipts for all goods and services regardless of whether or not the goods and services have been received by the client, because we believe it represents results of cash flow from operations more accurately than Net Income/Loss, although this number is not in accordance with GAAP.

69 GolfTEC Enterprises, LLC - Tkble Q Monthly Cash Sales of Company-Owned Improvement Centers01

CSS IDE GO LFSMTTH SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG TOTAL "W" CEIN IIK 1 2004 21,668 37.702 48,056 44,450 39.798 38,637 24,708 83,027 338,046 2005 18,666 18,960 18,772 51,894 15,125 21.677 29.876 46,484 18,725 43,564 19,494 85.162 388,399 14.90% 2006 7,955 8,715 15,624 38,742 8,350 21,487 30,229 42,702 44,343 33,997 15.362 113,774 381,280 -1.83% 2007 12,166 12,221 14,280 52,396 14,000 16.213 22,863 19,193 19,581 18,481 16,382 153.064 370,840 -2.74% 2008 16,876 15,744 8,506 48,181 11,405 17,854 29,522 30,970 16,055 37.568 23,444 133,939 390,064 5.18% 2009 11.413 16,258 16,576 34,293 16.519 26.962 44,867 21,580 17,741 21,811 16,476 93.339 337,835 -13.39% 2010 12.421 15,513 12,117 19,728 7,380 15.565 68,403 27,496 21.310 30,921 21,808 118.787 371,449 9.95% 2011 14.902 17,764 20,195 31,650 20,271 13.142 56,651 23,850 27,033 41.165 41,824 115.173 423,620 14.05% INSIDE GO LFSMTTH 2005 13,090 35,411 27,743 23,349 40,905 140,498 ,rW" CENTER 2 2006 2.015 8.325 12.552 19,541 12,359 8,872 15,242 12,400 24,390 18.697 15,992 55,866 206,251 46.80% 2007 12,909 9.920 13,366 26,912 14,069 16.443 20,289 18,564 21,081 11,650 18,427 91,834 275,464 33.56% 2008 12.263 19.918 19,111 33.255 15,005 22,511 31,338 43,050 15,940 19,949 22,158 93,399 347,897 26.29% 2009 8.878 15,043 10,440 50.457 12,886 18,166 46,291 18,869 19,616 22,601 12,924 101,022 337,193 -3.08% 2010 8.926 18.798 9,700 30,705 22.300 23.141 50,525 24,690 23,208 19.851 26,414 91.711 349,969 3.79% 2011 15.158 22,115 18.694 19,778 18,109 14,204 76,492 22.201 23.487 18.974 30.687 79,161 359,060 2.60% INSIDE GOLFSMITH 2007 28443 16331 14484 14,280 21,103 94.641 "W" CEN IU13 2008 9.446 15.151 3,639 28.885 13,289 24,121 26.106 16,888 11,601 22,277 30,667 51,907 253,977 168.36% 2009 11.869 11,483 13,125 24,352 11,230 13,216 50,360 25,579 19,542 22.838 14,458 85,017 303,069 19.33% 2010 10,957 30,309 12.088 37.544 10,934 23,607 45.690 21.602 26.478 23,474 15.958 66,387 325,028 7.25% 2011 13.420 10.406 6.211 33.262 21,888 41,282 77,173 31,983 27,210 18.479 19.821 72,617 373.752 14.99% INSIDE GOLFSMITH 2004 2 17,764 36,039 53,805 "WMCENTni4 200S 12.273 9.875 10,666 34,255 11,906 20,620 19,924 40.384 24,958 46,629 20.951 60,102 314.543 484.60% 2006 6,971 15.489 10,677 57,033 16.943 22,844 33.099 37.874 38,669 32,070 38.422 89,551 399,842 27.12% 2007 15,540 9,035 18.026 45,233 24,636 26,383 55,856 32.017 32.641 46,327 25.250 96,103 427,047 6.80% 2008 14,401 19.959 23356 35,910 18,296 20,745 61,953 51,244 32.945 34,832 27,462 93,495 434,398 1.72% 2009 3,633 2,748 9,549 37,867 20,416 26,197 61,736 19.130 31.878 30.406 16,998 111.495 372,053 -14.35% 2010 20,213 14,690 13,696 37,947 26,237 21,555 75.804 37,535 36.634 24,803 19,903 112.236 441,253 18.60% 2011 6.215 14,007 5,567 29,813 23,279 18,101 67.475 20.592 30.718 26,061 15.209 95,695 352,732 -20.06% INSIDE GO LFSMTTH 2005 27504 68446 19039 25022 25,587 31,993 18.552 26,595 14,473 28.432 285.643 "W" CENTER 5 2006 14.121 9,720 18,154 44,801 21.447 42,577 36.581 34,968 31.771 35,605 38.944 79.397 408,066 42.87% 2007 10,624 9,691 23,983 45,913 29.152 27,037 51.160 43,726 18,856 39,530 20.933 89,905 410,510 0.59% 2008 10,890 22,666 31,282 63,816 32.974 36.343 50,992 58,224 22,031 36,308 42.953 139,641 548.120 33.52% 2009 15,766 7,429 14,935 43,879 15,479 20,756 65.849 27,561 30.297 34,096 34,482 115,759 426.288 -22.23% 2010 14,063 18,278 23,049 53.226 26.290 38.279 69.003 30,541 29,762 27,466 38,318 88.602 456,877 7.18% 2011 13,105 20,124 7,314 33,345 36.736 40,968 54,215 27,248 14,854 29,441 30.537 95,491 403,378 -11.71%

70 GolfTBC Enterprises, LLC - Tbble H Monthly Cash Sales of Company-Owned Improvement Centers™

INSIDE GOLFSMITH 2003 10715 15.289 8,755 11.987 7.043 25,644 79,433 "XV CEN'lUt 1 2004 3,375 12,095 9,010 15,605 8,907 11.924 17,802 12.422 12,447 19,226 13,566 24,426 160,805 102.44% 2006 9,819 9,858 16,117 17,098 6.425 15.331 17,696 16,484 7,641 21,000 12,527 30,632 180,628 12.33% 2006 3.737 12,000 8,803 23.677 15.261 17,473 13,931 19,785 15.554 15.268 12,880 37,595 195.964 8.49% 2007 10.585 15,542 6,733 20,263 18,153 11.456 15.206 13.316 7.119 16,282 13,845 36,407 184,907 -5.64% 2008 5,545 12,865 4,735 11,382 4,365 12,452 14.570 6.580 4.278 9,110 10.614 24,583 121,079 -34.52% 2009 7.283 16,450 11.266 21.383 5,536 13,138 17.624 26.112 27,056 17,428 24.842 61,835 249,953 106.44% 2010 10.648 20,714 18,290 17.150 9,848 17,404 28.503 22.143 14.374 25.468 14.083 98.991 297.616 19.07% 2011 15,159 18,787 15.004 15,926 10.717 9,082 33,340 11,674 26,795 18,177 12,050 61,247 247,958 -16.69% INSIDE GOLFSMITH 2004 13356 33,285 22,837 54,425 123.903 "X" CBSTBt 2 2005 16,963 10.889 14,281 43.910 10,266 16,456 22,697 37,141 24.153 41,137 16,134 75.770 329,797 166.17% 2006 10,521 10.440 13,679 30,773 9,512 19,925 21.678 30,317 27.854 25,767 17.897 68,780 287,143 -12.93% 2007 16.511 13,999 6,972 44,924 13,001 14,282 19.597 13.234 19,117 10,204 8.004 51,680 231,525 -19.37% 2008 13.021 11,920 7,302 22,292 8,718 7,452 11,782 17,222 8,883 21.726 12,738 79,083 222.139 -4.05% 2009 10.737 10,875 8,244 15.900 17,896 15,676 30,139 20,342 21,038 22.088 10.955 75,066 258.956 16.57% 2010 9,362 8,814 9,114 15.511 7.496 17,630 45,020 28,692 20,127 25.847 11,520 78,377 277.510 7.16% 2011 17,827 13,214 6,444 26,696 21,826 9,882 61.097 33,969 22,242 36,196 22,817 97.534 369.744 33.24% INSIDE GO LFSMTTH 2004 11923 16420 19687 16,910 16,380 28,494 109.814 i»v" f nwnm "% ?00ff in 7flQ 10 QQ? 1* QRI to ii aftn in ifin ?i sv; •iiniR 21 *n? 14 9R7 30.417 194,561 77.17% 2006 5.380 12,165 10.071 20.370 8,378 8.725 11,413 28.703 19,839 11.363 13.166 43.775 193.348 -0.62% 2007 4,501 6,171 8.451 29,325 6,371 13,653 10,024 26,487 23,512 16,421 16.537 63,376 224,829 16.28% 2008 5,116 8,200 7,640 30,325 8,903 22,369 17,976 23,921 15,075 15.429 24.922 68,087 247.963 10.29% 2009 2,109 5,112 14,080 12,986 6.800 5,586 32.931 14,502 14.847 9.008 7,914 16.677 142.552 -42.51% 2010 4.545 8.765 15,062 10,258 9,090 14,516 32.842 21.231 21.120 11,844 16,586 23,866 189,725 33.09% 2011 9,547 18.280 14,190 16,352 10,922 18,729 48,347 17.273 15,385 16,360 22,470 47,849 255,704 34.78%

INSIDE GO LFSMTTH 2004 3,792 54,119 21.320 43,084 122,315 "Y" CENTER 1 2005 10,804 7,516 21,902 37,798 18,663 19.557 28,474 37,560 29,803 39,377 23.534 67,148 342,136 179.72% 2006 6,481 15.855 17,399 41,596 24.492 19.857 45.879 29,637 25,765 23,199 25,390 61,396 336.946 -1.52% 2007 23,037 43,705 18,334 33,437 19.807 22.245 37,309 22.810 31,107 29.185 22.284 62,591 365,851 8.58% 2008 16,205 16.057 12,363 29,098 15,256 13,103 20,712 20.316 11.262 10.036 13,533 31,665 209,606 -42.71% 2009 7.151 6.550 5.965 17,385 9,674 5,103 29,810 18.247 15.298 12.662 9.050 38,909 175,804 -16.13% 2010 5.019 4.946 6.152 24.429 12,959 9,535 34,909 19,131 20,438 16.727 17.107 66,075 237,427 35.05% 2011 6,464 8,935 9,040 24,571 16,251 20.895 48,154 29,400 19,591 24676 12,753 67.807 288,537 21.53% INSIDE GO LFSMTTH 2010 14146 19147 15274 10687 30.570 89,824 "Y" CBM ItK 2 2011 7,121 8.488 2,321 18,760 7.993 10.727 36,704 11,187 15,586 10.056 6,895 45.086 180,924 101.42% INSIDE GO LFSMTTH 2007 4,645 24,702 10,173 17,407 24,165 16,589 16.649 12.703 17.033 37,107 181,173 "Y" CEMTtR3 2008 3,958 1.165 11.756 23,118 9,922 10,442 23,483 13,385 3.951 7.880 18,399 40,401 167.860 -7.35% 2009 3,335 3.057 4.200 171959 7,256 9.277 24.204 10,706 8,444 7,109 7,047 40,896 143.490 -14.52% 2010 5,437 3,091 5.760 20,287 6,746 6.539 33.860 10,431 10,941 9.365 11,191 59.392 183,040 27.56% 2011 3,013 4,577 3,509 26,208 14.086 9,330 35.148 13.442 18.618 9,295 13,315 64.577 215,118 17.53%

71 GolfTBC Enterprises, LLC - Ttble II Monthly Cash Sales of Company-Owned Improvement Centers01

INSIDE GOLFSMITH 2007 29,712 11.845 55,389 96,946 "Y" CENTER 4 2008 13.283 7.364 10,786 17.804 13,089 10,626 29,057 43.596 23,016 20,237 19.076 71.370 279,304 188.10% 2009 8.248 7,580 10,065 27,159 9,717 16,811 44,086 21.558 18.395 9,983 21.200 83.544 278,346 ^0.34% 2010 4.220 8,554 3,258 17,028 8,174 10,463 49.030 30.460 21.966 21,604 12.042 79,455 266,254 -4.34% 2011 16.298 8,722 4,925 22.183 10,874 14,019 48.028 10.712 11.884 15,938 16,087 67,584 247,254 -7.14% INSIDE GO LFSMTTH 2007 26,942 26.942 MY" CENTER 5 2008 .21.464 11.008 13,125 15.310 6.465 18,390 21,918 28.453 11.930 15.715 28.806 36.531 229,115 750.40% 2009 3.208 8,391 6,426 22.055 12,202 12,118 33,169 18,235 31,248 23,733 13,009 61.038 244.832 6.86% 2010 10.469 8,450 11,403 15.219 10.907 18.124 47,909 11,638 19.195 12,363 12,857 55.034 233,568 -4.60% 2011 6,212 12,257 5,879 25,242 13.176 23.576 43,925 19.696 15,816 12,317 14,142 62.958 255.196 9.26% INSIDE GOLFSMITH 2006 15,406 17.666 26,688 59.760 "Y" CENTER 6 2007 6,335 15,972 8,378 18.654 14.658 18.162 18,569 18.103 24,728 18,797 12,034 45,258 219.648 267.55% 2008 14,226 27,927 6,694 21.488 13.599 9.217 23,398 28,446 26,152 40.485 16,404 55,262 283.298 28.98% 2009 9,914 10.648 7,203 16.547 8.089 6.520 22,760 6.480 14,870 26,124 16,823 58,195 204,173 -27.93% 2010 10.590 5,144 17.982 13,137 12.145 11.797 44,754 22,137 24,121 13.661 15,180 41,640 232.288 13.77% 2011 5.999 6.536 5.657 17.121 10,958 24,387 22,121 12,695 21,267 22.866 9,726 41,119 200,452 -13.71%

INS IDE GOLFSMITH 2007 28.182 13.419 24,124 65,725 2008 17039 8 217 24 882 23 610 15 419 28 556 39 673 293 979 2009 7,675 8,749 12,404 33,615 16,854 20.143 32.958 21.516 15.351 10,701 14.658 26,777 221,401 -24.69% 2010 7,950 1.101 7,765 11.503 13,879 9.543 28.258 15.535 15,942 16,163 28.993 46,981 203,613 -8.03% 2011 16,122 10.737 9,072 29.676 12,587 17,679 45.106 18.269 14.309 6,817 13.970 40,086 234.430 15.14% INSIDE GO LFSMTTH 2006 9787 25042 9814 20918 10,760 11,794 9,999 7.387 10,617 116.118 "Z" CENUR 2 2007 2514 6520 7064 12187 4174 13637 10303 10,118 7,998 9.540 5,814 27,928 117.797 1.45% 2008 7862 2290 5403 15781 5555 9519 16200 15,634 11.069 3,129 10,359 23,007 125,808 6.80% 2009 6623 8068 2156 8104 5985 3795 9727 11,763 5,861 3,735 7,425 14,544 87,786 -30.22% 2010 1714 1760 14281 13577 8286 8102 22470 17,371 11.556 8,186 14,302 15,272 136,877 55.92% 2011 10,033 165 6,989 11,340 12,747 31,867 27,586 10.503 4.620 9.455 6,950 34.790 167.045 22.04% INS IDE GO LFSMTTH 1999 8.265 25,851 9,733 43,849 z cormw 2000 16.805 4,011 3,265 13,840 12,625 29,534 22,083 19.336 23,976 28.167 22,821 31,341 227.804 419.52% 2001 18.825 8,067 9,682 33.177 14.131 28,112 32,483 55.777 37,350 41.475 40,742 33,637 353,458 55.16% 2002 30.611 14,629 19.455 24.627 20,050 20,027 45,109 45.878 49,477 36,146 29.609 49.020 384.638 8.82% 2003 17,244 21.179 22.842 42,584 22,817 18,760 20,715 42,442 35,244 38.292 34,992 53,252 370.363 -3.71% 2004 8.732 22.984 17.154 32.921 14,091 27,123 28,200 30,810 39,071 44.420 21,859 59.737 347.102 -6.28% 2005 14.199 9,207 11,958 27,943 12,129 24,940 16.640 36.788 30,109 20,807 24.243 39,253 268,216 -22.73% 2006 12.255 16,349 12,470 31,322 10,627 15,891 32,010 24.821 ' 26,212 24.855 12.472 72.731 292,015 8.87% 2007 7,847 5.305 8,937 24,188 11,437 13,824 12,912 37.085 10,573 6.591 9.844 24.981 173,524 -40.58% 2008 4,174 6,041 6,524 17.430 6,976 4,605 9,633 12.437 14,757 17,285 11.469 21.786 133,117 -23.29% 2009 5.976 13,215 6.222 18.473 8.198 10,689 27.102 29,157 26,937 19,087 3,299 39.100 207,455 55.84% 2010 6.375 3.939 6,311 17,447 12,097 12,039 33.067 16,347 17,008 18,669 3,745 55.288 202,332 -2.47% 2011 3,511 5,841 6.819 16,451 11,846 8,790 32.674 17.807 10,465 20,344 7.334 56.188 198.070 -2.11%

72 GolfTEC Enterprises, LLC - Table II Monthly Cash Sales of Company-Owned Improvement Centers01

INSIDE GO LFSMTTH 2006 8,998 22,937 15.050 8,894 11.666 67,545 "Z" CENTER 4 2007 825 3.403 9:328 9,925 11,789 18,516 9.154 15,351 18,423 10.721 6,245 25.975 139,655 106.76% 2008 6,714 6.370 6.266 9,852 5,218 5,519 6,048 4,723 12,894 16.289 14,506 36,666 131,065 -6.15% 2009 5,220 4.823 6.565 10,548 1,942 7,844 14,539 9,597 12,496 5.922 9,784 10.586 99,866 -23.80% 2010 2,328 6,050 6.981 7,037 9,990 7,024 11,259 4,407 6,602 6.955 7,630 15,948 92,211 -7.67% 2011 1.749 5.712 2.274 9:370 3,861 5.351 16,584 17.112 23,498 18.153 13.975 32,419 150,058 62.73% rvc mc f?fk i turni 2007 711 AAA 74 fH1 1? 400 6ft 774 "Z" CENTER 5 2008 12.799 16.280 9.433 15.692 6,136 13,217 21,283 19.442 22,662 16.225 12.338 24,076 189,583 183.91% 2009 12.689 2.406 4.657 22,923 4.300 12,430 20,144 13.790 10.529 11,537 7,235 26,064 148,704 -21,56% 2010 4.064 6.698 2,890 9,063 2,096 3.834 8,868 11.521 14,817 13.942 14.653 20,179 112,625 -24.26% 2011 4.446 6.367 3.892 11,180 5.388 9,874 10,961 15,212 9,556 10,145 16,142 31.803 134,966 19.84% INSIDE GO LFSMTTH 2006 10713 14196 11,051 7.038 28,797 71,795 "Z" CENTER 6 2007 3.880 5.979 7,576 13,150 10.300 17,356 6,716 18,111 5,768 9,536 • 5|322 30.991 134,685 87.60% 2008 3.780 4.060 3,087 11,181 7,153 7,266 8,754 10.897 6,186 4.981 8,397 32.545 108.287 -19.60% 2009 365 2.682 3.654 16,039 1,251 6,598 20,061 7,269 11,211 7.306 4.328 30.074 110.838 2.36% 2010 10.182 4.062 4.268 13.560 6,206 6.690 27,175 11.949 14.205 9.641 3.085 32,967 143,990 29.91% 2011 3.091 871 6.246 7.194 8,601 5.996 22,251 7.417 3.214 18.906 4.998 21,935 110.720 -23.11%

73 GoirTBC Enterprises. LLC - lb We D Monthly Costa Sales of Company-Owned Improvement Centers0*

INS IDE GO LFS MITH SEP OCT NOV DEC JAN MAR APR MAY JUN JUL AUG TOTAL "W" CENTER 1 2006 13.090 35.411 27.743 23.349 40,905 140,498 2006 2.015 8,325 12,552 19.541 12.359 8,872 15,242 12.400 24.390 18.697 1 5,992 55,866 206,251 46.80% 2007 12.909 9.920 13.366 26,912 14.069 16.443 20.289 18.564 21.081 11.650 18,427 91.834 275.464 33.56% 2008 12.263 19,918 19,111 33.255 1 5.005 22.511 31.338 43.050 15,940 19.949 22.158 93.399 347.897 26.29% 2009 8.878 15.043 10.440 50,457 12,886 18.166 46.291 18.869 19.616 22.601 12,924 101,022 337,193 -3.08% 2010 8,926 18.798 9.700 30.705 22,300 23,141 50.525 24.690 23,208 19.851 26.414 91.711 349,969 3.79% 2011 15,158 22.115 18.694 19.778 18,109 14,204 76.492 22,201 23,487 18,974 30.687 79.161 359,060 2.60% 2012 10,944 11,200 25.393 44.409 15,504 30,484 113.765 31.421 33,750 31.035 52,607 117.334 517,846 44.22% INS IDE GO LFSMTTH 2005 66.747 32,356 33.945 66.940 199.988 "W" CEVTER 2 2006 25.595 26.512 34,192 38.693 26.031 25,273 33.419 31.012 42.122 22.057 24.960 89,480 419,346 109.69% 2007 23,664 16,868 15.601 23.732 22.991 1 5.606 26.081 34.550 27.816 17,262 20.171 60,476 304.818 -27.31% 2008 19,233 5.493 15,325 27,631 15.628 1 1,334 22.468 37.106 5,880 29.050 20.093 29,376 238.617 -21.72% 2009 10.934 15,435 12.509 20.885 18,423 10,518 39.287 27.012 41.959 18,262 22.980 54.402 292,606 22.63% 2010 11.107 6,989 16.549 23.283 12,500 25.225 56.699 24.827 29.468 15.542 32.423 70.775 325,387 1 1.20% 2011 11.425 1,503 23.056 1 7.282 21.529 32.341 62.189 26.861 27.769 33.345 26.807 63.702 347,809 6.89% 2012 19.048 20.732 11.949 33,442 20.035 22,563 121.798 44.184 32.972 30.551 18.576 83.886 459.736 32.18% INSIDE GOLFSMITH 2005 18.700 25,274 16.403 37,261 14.584 36.144 35.352 46,541 37,801 42.604 31.206 66.327 408,197 "W" CENTO* 3 2006 25,236 35.318 21,635 36.232 25.317 19.202 32,879 32.994 26,604 22.846 22.828 41.230 342.321 -18.14% 2007 16,829 9,903 24.682 31,488 20,354 19.057 25.162 18,842 26,113 32,089 23.630 42,838 299,987 -12.37% 2008 17,264 12.377 7.333 20.320 18,404 22.233 20.213 25.312 19.431 20,970 24.063 54,657 262,577 -12.47% 2009 18.402 22,757 11.279 28.437 13.893 10,467 31.436 16,519 21.485 17.180 1 5.432 39.563 246.850 -5.99% 2010 14,459 7,012 11.874 26,340 10.791 22.572 49,940 24.268 12.788 16,200 25.593 65.444 296,281 20.02% 2011 18,874 18.711 15.135 24.705 34.048 24.391 67.455 21.417 28.872 20.672 31.524 70,283 376.087 26.94% 2012 24.963 21.033 24.832 22.037 31.664 83.734 31.557 14,700 37,102 49.341 81,938 437,036 16.21% INS IDE G O LFS MITH 2004 11,923 16,420 19,687 16.910 16.380 28.494 109.814 "X" CENTER I 2006 10,789 10.093 15.951 19,535 11,960 10.160 1 5.326 21,556 13,015 21,502 14.257 30.417 194.561 77.17% 2006 5.380 12.165 10,071 20.370 8,378 8.725 11,413 28,703 19.839 11,363 13.166 43,775 193.348 -0.62% 2007 4.501 6.171 8.451 29.325 6,371 13,653 10.024 26.487 23.512 16,421 16.537 63.378 224.829 16.28% 2008 5,1 16 8,200 7,640 30.325 8,903 22,369 17.976 23.921 15.075 I 5.429 24.922 68,087 247.963 10.29% 2009 2.109 5.112 14,080 12.986 6,800 5.586 32.931 14.502 14,847 9,008 7,914 16.677 142.552 -42.51% 2010 4,545 8,765 15,062 10.258 9.090 14.516 32.842 21.231 21,120 II ,844 16.586 23,866 189,725 33.09% 2011 9.547 18.280 14,190 16.352 10,922 18.729 48.347 17.273 15.385 16.360 22.470 47.849 255,704 34.78% 2012 23,777 16.129 20,755 31,661 18.836 21.970 69.666 22,288 26.116 12,049 27.137 79.611 369.995 44.70% INS IDE G O LFS MITH 2007 9.396 21.419 7,136 8.181 13.583 10,024 69.739 "X" CENTER 2 2008 22.159 5,454 9.375 12.788 13.127 7,157 14.826 12.212 11.176 16,609 28,299 24,253 177.435 154.43% 2009 8,038 8,508 10.407 19,290 9,120 9.500 25.648 16.109 31,242 16.933 13.797 42.631 211.423 19.16% 2010 4.565 6.677 15.795 19,895 12,759 4.779 43.845 22,044 34.242 18.955 28,251 58.434 270.241 27.82% 2011 14.047 1 1,049 17,003 16,079 14,231 28.360 47.856 13,359 13.536 23.964 25.653 82,840 307.986 13.97% 2012 17.310 12,033 16,713 41,114 30,793 14.025 71.715 26,447 13.190 17.427 11 .215 91,820 363.802 18.12% INS IDE GO LFS MITH 2004 2 17,764 36,039 53.80S "X" CENTER 3 2006 12.273 9,875 10,666 34.255 11,908 20.620 19.924 40,384 24,958 48.629 20,951 60,102 314,543 484.60% 2008 6.971 15,489 10.677 57.033 16.943 22.844 33.099 37.874 38,869 32.070 38.422 89,551 399,842 27.12% 2007 15,540 9.035 18.026 45,233 24.636 26.383 55,856 32.017 32.641 46,327 25.250 96,103 427,047 8.80% 2008 14,401 19.959 23.156 35,010 18,296 20.745 61.953 51.244 32.945 34.832 27,462 93,495 434.398 1.72% 2009 3,633 2.748 9.549 37.867 20,416 26,197 61,736 19.130 31,878 30.406 16.998 1 1 1,495 372.053 -14.35% 2010 20,213 14.690 1 3.696 37.047 26,237 21 .555 75,804 37.535 36.634 24.803 19,903 1 12,236 441,253 18.60% 2011 6,215 14.007 5,567 20.813 23,279 18.101 87.475 20.592 30.718 26.061 15,209 95.695 352.732 -20.06% 2012 6.068 8.166 6,593 29.995 25.116 7,287 84,425 29,619 42.123 26.176 18.003 99.907 383,478 8.72%

74 GolfTEC Enterprises, LLC - Thble 11 Monthly Cash Sales of Company-Owned Improvement Centers01

INSIDE GO LFSMTTH 2004 21.688 37.702 48.056 44,450 39.798 38.637 24.708 83,027 338,046 "X" CENTER 4 2005 18.666 18.960 18,772 51,894 15.125 21,677 29.876 46,484 18.725 43.564 19,494 85,162 388,390 14.90% 2006 7,955 8,715 15,624 38,742 8,350 21,487 30.229 42.702 44.343 33.997 15,362 113,774 381,280 -1.83% 2007 12.166 12,221 14,280 52,396 14.000 16,213 22,863 19,193 19.581 18,481 16,382 153,064 370,840 -2.74% 2008 16.876 15.744 8,506 48.181 11.405 17.854 29,522 30,970 16.055 37.568 23.444 133.939 390,064 5.18% 2009 11,413 16,258 16,576 34,293 16.519 26.962 44,867 21,580 17.741 21.811 16.476 93.339 337,835 -13.39% 2010 12,421 15,513 12,117 19,728 7.380 15.565 68.403 27,496 21.310 30,921 21,808 118,787 371,449 9.95% 2011 14,902 17,764 20,105 31,650 20.271 13.142 56.651 23.850 27.033 41.165 41.824 115.173 423,620 14.05% 2012 11,127 13,568 11,633 26,187 28.235 20.576 81.035 26,854 19.149 25.657 17.713 80.765 362,499 -14.43% INSIDE GO LFSMTTH 2004 13.356 33.285 22,837 54,425 123,903 "X" CENTERS 2005 16.963 10,889 14,281 43,910 10.266 16.456 22,697 37.141 24,153 41.137 16,134 75,770 329.797 166.17% 2006 10.521 10,440 13,679 30,773 9.512 19.925 21,678 30.317 27.854 25,767 17,897 68,780 287.143 -12.93% 2007 16.511 13,999 6,972 44,924 13.001 14.282 19,597 13.234 19.117 10.204 8,004 51,680 231.525 -19.37% 2008 13.021 11,920 7,302 22,292 8.718 7.452 11.782 17.222 8,883 21.726 12,738 79,083 222.139 -4.05% 2009 10.737 10,875 8.244 15,900 17.896 15.676 30,139 20.342 21,038 22.088 10.955 75,066 258,956 16.57% 2010 9.362 8,814 9,114 15,511 7.496 17.630 45,020 28.692 20,127 25,847 11,520 78,377 277,510 7.16% 2011 17.827 13,214 6.444 26,696 21.826 9.882 61,097 33,969 22.242 36.196 22,817 97.534 369,744 33.24% 2012 15.085 11,018 13,197 26,294 30,238 21,571 42.040 11.845 23.470 32.406 21,329 97.701 346,194 -6.37% INSIDE GOLFSMITH 2005 27,504 68,446 19.039 25,022 25,587 31,993 18.552 26.595 14,473 28.432 285,643 "X" CENTER 6 2006 14.121 9.720 18.154 44,801 21.447 42.577 36,581 34,968 31.771 35.605 38,944 79.397 408.086 42.87% 2007 10.624 9.691 23,983 45.913 29,152 27.037 51,180 43,726 18.856 39.530 20,933 89,905 410.510 0.59% 2008 10.890 22.666 31.282 63.816 32.974 36,343 50,992 58.224 22.031 36.308 42.953 139.641 548.120 33.52% 2009 15.766 7.429 14,935 43,879 15,479 20.756 65,849 27,561 30.297 34,096 34,482 115.759 426.288 -22.23% 2010 14,063 18,278 23,049 53,226 26,290 38,279 69.003 30,541 29.762 27.466 38,318 88.602 456.877 7.18% 2011 13,105 20,124 7,314 33,345 36.736 40,968 54,215 27.248 14,854 29.441 30,537 95.491 403.378 -11.71% 2012 9.135 15,472 19,791 33,827 24.050 26,125 76,022 17,045 27.629 31.684 25,169 70,342 376.291 -6.72%

INSIDE GO LFS MITH 2006 27,685 52.396 33,572 31.101 144,754

MYM CENTER 1 2007 7.257 9,595 18,432 27.831 16.869 13.534 18,126 10.300 14.829 14,557 8,330 38.307 197.967 36.76% 2008 10.495 13,249 9,367 25,873 7.880 11.702 17,563 16.400 20,596 14,676 19.813 36.121 203.735 2.91% 2009 11.671 18.994 2.836 30.020 5.930 7,945 30,554 13.415 28,178 8,416 14.377 52,030 224,366 10.13% 2010 8.850 9.601 12.784 17,671 9.507 11,141 42,449 14.830 13,274 14,475 19.351 39,263 213,196 -4.98% 2011 7,395 6.964 6.713 10,173 8,133 19,898 42,030 16.368 22,759 25,682 22.958 65.749 254,822 19.52% 2012 21.004 34,827 19.038 29,201 5,212 22,179 77,748 29.712 15,626 21,638 25.249 65,880 367,214 44.11% INS IDE G O LFS MITH 2007 28,443 16,331 14,484 14.280 21.103 94,641 "Y" CENTER 2 2008 9.446 15.151 3,639 28,885 13,289 24,121 26,106 16,888 11.601 22.277 30.667 51.907 253,977 168.36% 2009 11,869 11.483 13,125 24,352 11.230 13.216 50,360 25.579 19,542 22,838 14.458 85.017 303,069 19.33% 2010 10,957 30,309 12.088 37.544 10.934 23,607 45,690 21.602 26,478 23.474 15,958 66.387 325,028 7.25% 2011 13,420 10,406 6.211 33.262 21,888 41,282 77,173 31.983 27,210 18,479 19,821 72,617 373,752 14.99% 2012 10,699 7.043 6.949 23,860 4,151 18.981 102.110 25,328 25.775 25,301 20,251 71.160 341,608 -8.60% 2011 7,121 8,488 2,321 18.760 7,993 10.727 36.704 11.187 15,586 10,056 6,895 45.086 180,924 101.42% INS IDE GO LFSMTTH 2007 29,712 11,845 55,389 96,946 "Y" CENTER 3 2008 13.283 7,364 10,786 17,804 13.089 10.626 29.057 43.596 23.016 20,237 19,076 71,370 279,304 188.10% 2009 8.248 7.580 10,065 27,159 9.717 16.811 44.086 21.558 18.395 9,983 21,200 83,544 278.346 -0.34% 2010 4,220 8.554 3,258 17,028 8.174 10.463 49,030 30.460 21.966 21.604 12,042 79,455 266.254 -4.34% 2011 16.298 8,722 4,925 22,183 10,874 14,019 48,028 10,712 11.884 15,938 16,087 67,584 247,254 -7.14% 2012 12.116 10,101 3,375 25,256 23.824 9.161 65,678 15.690 15.343 20,684 11,852 78,487 291.567 17.92%

75 GolfTEC Enterprises. LLC - Thble ft Monthly Cash Sales of Company-Owned Improvement Centers^*

INSIDE GO LFSMTTH 2003 10.715 15.289 8.755 11.987 7.043 25.644 79.433 102.44% Y" CENTER 4 2004 3.376 12.095 9.010 15.605 8,907 11.924 17,802 12.422 12.447 19,226 13.566 24.426 160.805 2006 9,819 9.858 16.117 17,098 6,425 15,331 17,696 16,484 7.641 21,000 12.527 30.632 180.628 12.33% 2006 3.737 12,000 8,803 23,677 15.261 17,473 13,931 19.785 15.554 15.268 12,880 37.595 195.964 8.49% 2007 10.585 15,542 6.733 20,263 18.153 11,456 15.206 13.316 7.119 16.282 13.845 36.407 184.907 -5.64% 2008 5.545 12,865 4.735 11,382 4.365 12.452 14,570 6.580 4,278 9.110 10,614 24.583 121.079 -34.52% 2009 7,283 16.450 11.266 21,383 5.536 13.138 17,624 26.112 27.056 17.428 24.842 61.835 249.953 106.44% 2010 10.648 20,714 18.290 17,150 9,848 17.404 28.503 22.143 14.374 25.468 14.083 98.991 297,616 19.07% 2011 15.159 18,787 15.004 15.926 10,717 9.082 33.340 11.674 26.795 18.177 12.050 61.247 247.958 -16.69% 2012 16.400 15.386 6.100 14.684 17.244 6,077 47.720 12.651 20.522 20.591 12,947 56.492 246.814 -0.46% INS IDE GO LFS MITH 2008 1,015 24,818 25,833 663.13% "Y" CENTER 3 2009 10.416 9,174 9.516 23,730 11,541 9.192 29.268 14.932 9.575 23,498 8,043 38,254 197.139 2010 7.085 14,998 16,249 45.378 1 7.743 25.579 51.542 21.546 17,572 21.097 24,455 66.455 329,699 67.24% 2011 18.306 7,299 15,105 31,274 18,781 1 5,793 53.648 22.407 15.824 15.993 20.703 63.266 298,399 -9.49% 2012 8.907 10.039 15.496 11.410 27.778 28,408 55.885 51.047 9.814 30,193 18.889 47.606 315.472 5.72% INS IDE GO LFS MITH 2007 4.645 24.702 10,173 17,407 24.165 16.589 16,649 12,703 17.033 37,107 181,173 18,399 40,401 167.860 -7.35% "Y" CENTER 6 2008 3.958 1.165 11.756 23.118 9,922 10.442 23.483 13.385 3,951 7.880 2009 3.335 3,057 4,200 17,959 7,256 9.277 24,204 10.706 8.444 7.109 7,047 40,896 143.490 -14.52% 2010 5.437 3,091 5.760 20,287 6.746 6.539 33.860 10.431 10,941 9.365 11.191 59.392 183.040 27.56% 2011 3,013 4.577 3.509 26.208 14,086 9.330 35.148 13.442 18.618 9,295 13.315 64.577 215,118 17.53% 2012 7,418 8.252 9,403 19.368 12.705 16,665 48,104 14.607 15,415 18,224 8.295 54,011 232,467 8.06% 24.124 65,725 INSIDE GO LFS MITH 2007 28,182 13.419 23,610 39.673 293.979 347.29% "Y" CENTER 7 2008 17.039 14.955 8,217 30.885 18.243 33.312 39,188 24.882 15,419 28.556 2009 7,675 8.749 12.404 33.615 16.854 20.143 32,958 21.516 15.351 10.701 14.658 26,777 221.401 -24.69% 2010 7,950 1.101 7.765 11.503 13.879 9.543 28.258 15.535 15.942 16,163 28.993 46.981 203.613 -8.03% 2011 16.122 10.737 9,072 29,676 12.587 17.679 45.106 18.269 14.309 6.817 13.970 40.086 234.430 15.14% 2012 8,398 10.376 13.724 34,653 24.372 20.964 35.437 19,502 14.109 17,999 13.386 42.864 255.784 9.11% 26.688 59,760 INS IDE GO LFSMTTH 2006 15,406 17.666 24.728 45.258 219.648 267.55% 'Z" CENTER 1 2007 6,335 15.972 8.378 18.654 14,658 18.162 18.569 18.103 18,797 12.034 2008 14.226 27.927 6.694 21.488 1 3.599 9.217 23.398 28.446 26.152 40.485 16.404 55.262 283.298 28.98% 2009 9.914 10.648 7,203 16.547 8.089 6,520 22,760 6.480 14.870 26.124 16.823 58,195 204.173 -27.93% 2010 10,590 5,144 17,982 13,137 12.145 11.797 44.754 22.137 24.121 13.661 15.180 41,640 232,288 13.77% 2011 5,999 6.536 5,657 17.121 10.958 24.387 22.121 12.695 21,267 22.866 9.726 41,119 200.452 -13.71 2012 15.693 10.839 8,392 18.673 5.635 10.629 43,200 18,907 12,220 20.756 11,666 27.343 203.953 1.75% 8,894 11.666 67.545 INSIDE GO LFSMTTH 2006 8.998 22.937 1 5,050 6.245 25,975 139.655 106.76% "Z" CENTER 2 2007 825 3,403 9.328 9.925 11.789 18.516 9.154 15,351 18.423 10.721 2008 6.714 6.370 6,266 9,852 5.218 5.519 6.048 4,723 12.894 16,289 14,506 36.666 131.065 -6.15% 2009 5220 4.823 6,565 10,548 1.942 7.844 14.539 9,597 12.496 5.922 9.784 10.586 99,866 -23.80% 2010 2.328 6.050 6.981 7.037 9,990 7.024 11.259 4.407 6,602 6.955 7.630 15.948 92.211 -7.67% 2011 1.749 5.712 2,274 9.370 3,861 5.351 16.584 17.112 23.498 18,153 13.975 32.419 150.058 62.73% 2012 16.274 7.675 14.317 15.219 6.717 34.128 20.948 17.520 12.680 10.110 32.032 186.730 24.44% 10,617 116.118 INS IDE CO LFSMTTH 2006 9.787 25.042 9.814 20.918 10.760 11.794 9,999 7,387 7,998 9,540 5.814 27.928 117.797 1.45% "Z" CEVTO13 2007 2.514 6,520 7.064 12.187 4.174 13.637 10.303 10.118 2008 7.862 2,290 5.403 15.781 5,555 9.519 16,200 15,634 11.069 3,129 10.359 23.007 125,808 6.80% 2009 6.623 8.068 2,156 8,104 5.985 3.795 9.727 11.763 5,861 3.735 7.425 14.544 87.786 -30.22% 2010 1.714 1.760 14.281 13.577 8.286 8.102 22.470 17.371 11.556 8.186 14.302 15.272 136.877 55.92% 2011 10.033 165 6.989 11,340 12.747 31.867 27.586 10.503 4.620 9.455 6,950 34.790 167.045 22.04% 37.59% 2012 13.068 7,687 10.142 23,964 8.636 14.813 36,807 24.447 25.672 12.944 16.946 34.705 229,831

76 GolfTEC EkitcrprUci, LLC - lb We II Monthly Cash Sales of Com pany-O wned Improvement Centers0'

INS IDE GO LFS MITH 2010 14.146 19,147 15.274 10.687 30.570 89.824 "Z" CENTER 4 2011 7.121 8.488 2,321 18.760 7.993 10.727 36.704 11.187 15.586 10.056 6.895 45.086 180.924 101.42% 2012 2.837 1.102 2.358 24.388 8.682 12.582 16.780 3.999 13.472 8,231 8.390 35.404 138,225 -23.60% INSIDE GO LFS MITH 2007 26.942 26.942 "Z" CENTER 5 2008 21.464 1 1.008 13,125 15.310 6.465 18.390 21.918 28,453 11.930 15.715 28.806 36.531 229.115 750.40% 2009 3.208 8.391 6.426 22.055 12.202 12.1 18 33.169 18,235 31.248 23,733 1 3.009 61 .038 244.832 6.86% 2010 10.469 8.450 1 1.403 15.219 10.907 18,124 47.909 11.638 19.195 12.363 12.857 55.034 233.568 -4.60% 2011 6,212 12,257 5.879 25.242 13.176 23.576 43.925 19.696 15.816 12.317 14.142 62.958 255.196 9.26% 2012 9.101 8,866 10.1 10 27.542 9.110 13.425 35.049 21,500 18.460 15.150 17.412 35.323 221.048 -13.38% INSIDE GO LFS MITH 2007 29,444 24.831 12.500 66.775 "Z" CENTER 6 2008 12.799 16.280 9.433 15.692 6.136 13.217 21.283 19.442 22.662 16.225 12.336 24,076 189,583 183.91% 2009 12.689 2.406 4.657 22.923 4.300 12.430 20.144 13.790 10,529 11.537 7.235 26.064 148.704 -21.56% 2010 4.064 6.698 2.890 9.063 2,096 3,834 8.868 11.521 14.817 13.942 14,653 20.179 112.625 -24.26% 2011 4.446 6.367 3.892 1 1.180 5.388 9.874 10.961 15.212 9.556 10.145 16.142 31,803 134.966 19.84% 2012 4.306 9.771 8.289 9.451 6.650 11,506 23.026 13.887 8.460 18.190 18.416 29.077 161,029 19.31% INSIDE GO LFS MITH 1999 8.265 25,851 9;733 43.849 "Z" CENTER 7 2000 16.805 4.01 1 3.265 13.840 12.625 29.534 22.083 19.336 23.976 28.167 22.821 31.341 227.BOA 419 .52% 2001 18.825 8.067 9.682 33.177 14.131 28,112 32.483 55.777 37.350 41.475 40.742 33.637 353.458 55 .16% 2002 30.611 14.629 19.455 24.627 20.050 20.027 45.109 45.878 49.477 36.146 29.609 49.020 384.638 8 .82% 2003 17.244 21.179 22.842 42.584 22,817 18.760 20.715 42.442 35.244 38.292 34.992 53.252 370.363 -3 .71% 2004 8.732 22.984 17.154 32.921 14.091 27.123 28.200 3O,810 39.071 44,420 21.859 59.737 347.102 -6 .28% 2006 14.199 9.207 1 1 .958 27.943 12.129 24.940 16.640 36.788 30.109 20,807 24.243 39.253 268.216 -22 .73% 2006 12,255 16.349 12.470 31.322 10.627 15.891 32.010 24.821 26,212 24,855 12,472 72.731 292.015 8 .87% 2007 7.847 5.305 8,937 24.188 1 1.437 1 3.824 12.912 37.085 10.573 6,591 9,844 24,961 173.524 -40 .58% 2008 4.174 6.041 6.524 17.430 6.976 4.605 9.633 12.437 14.757 17.285 11.469 21.786 133.117 -23 .29% 2009 5.976 13.215 6.222 18.473 8.198 10.689 27.102 29.157 26.937 19,087 3,299 39.100 207.455 55 .84% 2010 6.375 3.939 6,311 17,447 12.097 12,039 33.067 16.347 17.008 18.669 3.745 55.288 202.332 -2 .47% 2011 3.511 5.841 6.819 16.451 11.846 8.790 32.674 17.807 10.465 20.344 7.334 56.188 198.070 -2 .11% 2012 5,231 5.231 7.883 1 5.684 6.024 5.954 34.059 15.079 7.698 1 1.470 15.329 27.155 156.797 -20 .84% INS IDE CO LFSMTTH 2006 42.349 47,120 23,297 43,868 38.160 32.970 38,335 31.447 73.658 371 .204 "Z" CENTERS 2007 26.815 16,260 19,185 34,487 21,484 22.991 20.459 21,445 21.470 25.424 13.534 52.839 296.393 -20.15% 20O8 13.184 25.795 18.332 29.993 23.608 1 3.465 23.911 28.036 17.041 11.671 16.019 98,176 319,231 7.71% 2009 1 1.299 27.848 10.844 24.736 18.994 3.876 29.121 14.901 20.604 24.754 17.053 29.649 233,679 -26.80% 2010 14.694 1 1.543 10.729 16.967 6.067 1 1.508 28.109 15.166 23.545 20.538 25.990 39.716 224,570 -3.90% 2011 7.446 7.202 4.151 13.659 7.988 4.876 41.247 18.950 6.187 27,051 1 0,304 39,488 188,549 -16.04% 2012 13.812 23.456 13,785 14.218 10.610 13.588 44.693 21,421 12.921 7.789 1 3.385 30.962 220,640 17.02% INSIDE GO LFSMTTH 2004 3.792 54.119 21.320 43.084 122.315 "Z" CENTER 9 2005 10.804 7.516 21.902 37.798 18.663 19,557 28.474 37.560 29.803 39.377 23.534 67.148 342.136 179.72% 200B 6.481 15.855 17.399 41.596 24,492 19.857 45.879 29.637 25.765 23.199 25.390 61 .396 336.946 -1.52% 2007 23.037 43.705 18.334 33.437 19.807 22.245 37.309 22.810 31.107 29.185 22,284 62.591 365.851 8.58% 2008 16.205 16.057 12.363 29,098 15.256 13,103 20.712 20.316 11.262 10.036 13.533 31.665 209.606 -42.71% 2009 7.151 6.550 5,965 17,385 9.674 5.103 29.810 18.247 15.298 12.662 9.050 38.909 175.804 -16.13% 2010 5.019 4,946 6.152 24.429 12.959 9.535 34.909 19.131 20.438 16.727 17.107 66.075 237.427 35.05% 2011 6,464 8.935 9.040 24.571 18.251 20.895 48.154 29.400 19.591 24.676 12.753 67.807 288.537 21.53% 2012 7.484 8.357 6,952 26,205 8.333 13.681 24.820 14.062 6.673 16,341 6,463 40.989 180.360 -37.49% (1) See notes one through eight in Table ID for more information regarding the Improvement Centers in Categories "W7%" "Y" and "Z" and information regarding what is included in cash sales. Merchandise is not sold through a Improvement Center located in a GOLFSMITH® Center. In addition, a Improvement Center located in a GOLFSMITH® Center may have different operating hours from a typical Improvement Center, as such hours are dependent upon the hours the host GOLFSMITH® Center is open for business. The signage of aan Improvement Center located in a GOLFSMITH® Center may also vary from a typical Improvement Center.

77 GolfTEC Enterprises, LLC - Table V Average Cash Sales Per Bay and Coach For Fiscal Year 2011

nrn FTH CASH SALES CASH SALES a PER BAY™ PH^COACW > STAND ALONE CBfTBtS Category A $ 179,482 $ 143.585 Category B 146,888 $ 132.199 $ rr Category C $ 131,285 $ 109.404 Category D $ 106,766 $ 119.326

INSIDE GOLFSMITH CBfTERS Category W $ 141.015 $ 109.678 Category X $ 111,144 $ 98.795 Category Y $ 109,672 $ 95.049 Category Z $ 72,452 $ 84,528 GolfTEC Enterprises, LLC - Table V Average Cash Sales Per Bay and Coach For Fiscal Year 2012

FV12 FT 12 CASH SALES CASH SALES PBtBAYM PB* COACH1* STAND ALONE CBiTTO Category A $ 196.400 $ 140.047 Category B $ 155.779 $ 155.779 Category C $ 161.365 $ 115,261 Category D $ 103.627 $ 119,819

INSIDE GOLFSMITH CB^TTO Category W $ 141.015 $ 109.678 Category X $ 111.144 $ 98.795 Category Y $ 109.672 $ 95.049 Category Z $ 72,452 $ 84,528

(I) See Notes 2, 3, 4 and 5 to Table I for the number of bays in category A, B, C, and D. See Notes 1,2,3 and 4 to Table III for the number of bays in categories W, X, Y and Z. The "number of bays" refers to bays that contain a g-SWING system and are utilized for providing lessons and related services.

78 (2) The A Improvement Centers had a total of +017 coaches and 312 bays, the B Improvement Centers 446 coaches and 96 bays, the C Improvement Centers 4314 coaches and 10 bays, and the D Improvement Centers had a total of 4732 coaches and 4937 bays. The W Improvement Centers had a total of 4311 coaches and 449 bays, the X Improvement Centers had a total of 922 coaches and 317 bays, the Y Improvement Centers had a total of 4fl9 coaches and 4416 bays, and the Z Improvement Centers had a total of 4523 coaches and 4422 bays. The number of coaches is representative of the number of coaches as of August 31,30442012.

79 SECTION II Franchise Improvement Centers Monthly Cash Sales (1)

80 FRANCHISE IMPROVEMENT CENTER tV 1 sep oct nov dec j.o feb mar •pr may juo Jal BUS Total Growth 2004 18.862 26.758 28350 35.899 109.869 2005 20,626 18.971 12.355 37340 20.437 18.140 20.638 26,099 22,824 26342 31.621 57.639 313332 185.10% 2006 19,654 29^96 17.072 34.591 21.111 33.035 29,755 31,076 34.812 30.427 26.796 100,011 407.736 30.17% 2007 11.286 13326 26^85 39.900 24.102 22.197 23,703 27,549 29,754 24,643 34391 71.161 348397 -14.55% 2008 15.639 22,775 19.512 30.914 52,105 17360 18.125 25,167 20,211 23.593 19330 89^78 354.029 1.62% 2009 16.272 18.196 7.630 21,929 9,716 11,681 36,191 25,152 19396 14.962 21,486 84379 286,890 -18.96% 2010 3,071 18,671 14,128 25355 28.033 31353 61,307 19^89 17.872 24.577 20.694 103.699 367,849 28.22% 2011 9,223 19.260 14.120 17,023 18.638 33.751 57,608 28327 40317 35,952 18.601 100.916 393.736 7.04%

1 1 1 FRANCHISE IMPROVEMENT CENTERS 2 ' sep oct nov dec J»n feb mar mpr may Jun jal nug Total Growth 2004 30,736 40.465 25323 32,776 129300 2005 21,743 22.593 32.519 65.460 22353 30.242 30379 33,761 20316 34353 17.917 73380 404.816 213.08% 2006 20.076 18,461 24,114 93.584 21,525 31,154 38.023 29,715 27.762 43.494 24.109 128,827 500,844 23.72% 2007 22,972 15.688 21.532 69.747 16.760 24359 46,586 26,061 18,640 32.703 30.175 139395 464.618 -7.23% 2008 15,836 17.493 13,404 45.888 19335 12.732 21.466 45.975 18.195 11.070 11.602 101337 334.433 -28.02% 2009 13.011 6.854 10.006 27.171 14.096 8,464 15.826 10,867 18,661 15.317 17.476 55,491 213340 -36.24% 2010 28.680 23,848 17302 40,403 16,979 27,448 62.125 45335 21.745 24.017 23.068 100,884 431.634 102.42% 2011 17.987 11.287 16.627 16,533 16,531 23,825 42.672 31,101 22,929 23.639 17.432 34,111 274,674 -36.36% 1 i 1 1 1 1 l l | 1 FRANCH1S E IMPROVEMENT CENTER ff 3 ' r j Growth sep oct nov dec J" feb mar •P may un jal mig Total 2004 24.158 43393 23.773 45,852 137,076 2005 19,343 22.044 24.498 37^69 21.136 22,455 23338 25390 16348 29.561 17.024 35,748 294.154 114.59% 2006 16,716 22.853 19.649 42,815 16386 23.662 23,933 25325 16,884 26335 17.886 70,007 322.151 9.52% 2007 11,565 15390 23323 49,668 14.054 19385 25.474 29.645 29.525 33,079 31,412 50,130 332,550 333% 2008 13,401 33.033 24,949 67338 24.609 28,746 25303 37,461 32.196 34,695 29300 64.934 416.165 25.14% 2009 10,585 14.986 18.409 38,113 12.979 22.910 34,653 23.631 32,883 31,666 25.798 65.837 332.450 -20.12% 2010 16.078 15.699 23.001 33,775 9,823 19,768 30,062 28.965 26.702 29,785 11.890 76,164 321.712 -3.23% 2011 19,023 19.745 14.093 32302 17.683 17.484 36.676 27,022 31.896 37372 39.018 85.848 378,162 17.55%

1 1 1 FRANCHISE IMPROVEMENT CENTER H 4 ' sep oct nov dec j" feb mar apr may jnn jal •ug Total Growtb 2004 10.991 22.655 18.015 51,661 2005 11,962 9.219 10.049 29332 14.928 38.538 39,498 44.135 21,039 30.449 24.110 59.441 332,700 544.01% 2006 8^62 10.894 14,895 34,064 20.040 37,551 24358 31307 19,462 36,903 23,622 82.432 344,090 3.42% 2007 22,469 14,979 11.588 43,918 16.741 24,489 43.870 37326 29.826 18337 22.622 84386 370,451 7.66% 2008 2.840 16,684 12.144 19.592 13368 15,120 21,098 25.757 14,406 13,924 11,970 27.845 194.748 -47.43% 2009 10,056 4.232 5,014 9,693 4348 6,065 15,875 26,884 28,424 31.871 21351 51.127 214,940 10.37% 2010 2,857 9391 13,010 36.977 37.088 21,224 60316 31397 33.863 19.570 17.037 89,018 371348 72.86% 2011 11372 13.637 33326 51.177 20.080 19.188 50,419 17359 22.936 23318 15,948 97.722 376382 137% 1 1 1 | | | | i i l l ! 1 FRANCHISE IMPROVEMENT CENTER H 5 ' ' MP oct oov dec jan feb mar • pr may Jao Jul •ug Total Growth 2004 11391 11391 2005 12,690 12,228 12,960 38,743 13,041 19,983 15,934 15,966 11,900 17.724 13,000 41,982 226.151 1902.93% 2006 10.415 8,180 4.945 44.721 17.740 30.698 25.736 26,107 33,672 31,487 19,802 59,159 312,662 38.25% 2007 17.922 22,479 17.601 37314 19.524 38.551 31.821 33337 34386 38.012 25,873 132.711 449.431 43.74% 2008 18,062 14,887 11,306 41385 18,100 23.648 22,517 34.834 14357 20317 16.017 77,494 312.724 -30.42% 2009 10.229 6312 13,582 21.796 11.870 6,864 25.053 7,666 17343 13,906 2384 56317 193322 -38.18% 2010 13336 7319 13.029 26,618 16364 19,585 58371 31356 36.447 18,938 37.136 57349 335.948 73.78% 2011 15.704 14.406 18,725 39.537 25374 12.760 51,348 23.788 21384 12,751 26.423 62,120 324.120 -3.52% I '1 | 1 | 1 FRANC HIS E IMPROVEMENT CENTER # 6 sep oct nov dec j.n feb mar •pr may jan jal nug Total Growth 2005 18.700 25374 16,403 37361 14.584 36.144 35352 46341 37,801 42.604 31306 66.327 408,197 2006 25.236 35318 21.635 36332 25317 19302 32.879 32,994 26,604 22,846 22.828 41330 342321 -16.14% 2007 16.829 9.903 24,682 31,488 29354 19.057 25,162 18.842 26.113 32.089 23,630 42.838 299.987 -12.37% 2008 17,264 12377 7333 20320 18.404 22333 20313 25312 19.431 20.970 24.063 54.657 262.577 -12.47% 2009 18.402 22,757 11379 28.437 13.893 10.467 31.436 16.519 21,485 17.180 15.432 39.563 246.850 -5.99% 2010 14.459 7.012 11.874 26340 19.791 22372 49,940 24368 12.788 16300 25393 65.444 296381 20.02% 2011 18.874 18,711 15.135 24.705 34,048 24391 67,455 21.417 28,872 20.672 31.524 70383 376.087 26.94%

81 FRANC HIS E IMPROVEMENT CENTER ft up oct nov dec J" feb mar apr may inn jal •ug Total Growth 2004 30,736 40,465 25323 32,776 129300 2005 21,743 22,593 32.519 65,460 22353 30342 30379 33.761 20316 34353 17.917 73^80 404.816 213.08% 2006 20,076 18,461 24,114 93,584 21,525 31,154 38,023 29.715 27,762 43,494 24.109 128.827 500.844 23.72% 2007 22.972 15,688 21.532 69,747 16,760 24359 46.586 26,061 18.640 32.703 30.175 139395 464.618 -7.23% 2008 15.836 17.493 13,404 45.888 19,235 12,732 21.466 45,975 18.195 11,070 11.602 101337 334.433 -28.02% 2009 13.011 6.854 10,006 27.171 14,096 8.464 15,826 10,867 18.661 1531? 17.476 55.491 213.240 -3634% 2010 28,680 23.848 17302 40.403 16,979 27,448 62,125 45^35 21.745 24,017 23.068 100,884 431,634 102.42% 2011 17,987 11387 16.627 16333 16,531 23.825 42,672 31,101 22.929 23,639 17,432 34.111 274,674 -3636% 2012 13335 14302 24316 18.612 30.080 26.908 65,501 22305 16.306 23.921 20.796 76,793 352,975 28.51% I l FRANCH1S E IMPROVEMENT CENTER 0 2 MP OC* nov dec J.n feb mar •Pr may Jun jal »UB Total Growth 2004 24,158 43393 23.773 45.852 137,076 2005 19343 22,044 24.498 37^69 21.136 22.455 23338 25.590 16348 29,561 17.024 35.748 294,154 114.59% 2006 16.716 22,853 19.649 42.815 16,286 23,662 23.933 25325 16,884 26335 17,886 70,007 322.151 9.52% 2007 11,565 15390 23323 49.668 14,054 19,385 25,474 29.645 29,525 33.079 31.412 50.130 332,550 3.23% 2008 13.401 33.033 24.949 67338 24,609 28.746 25303 37.461 32,196 34,695 29300 64.934 416,165 25.14% 2009 10,585 14.986 18,409 38.113 12,979 22.910 34,653 23.631 32,883 31,666 25,798 65.837 332.450 -20.12% 2010 16.078 15,699 23,001 33.775 9,823 19,768 30,062 28.965 26.702 29,785 11,890 76.164 321.712 -3.23% 2011 19.023 19.745 14,093 32302 17,683 17,484 36,676 27,022 31,896 37372 39.018 85.848 378.162 17.55% 2012 20.517 22,404 17,493 33.843 19,447 31.648 54,878 33.917 22,139 40.009 28.124 99309 423,628 12.02% 1 1 1 I'll. 1 I| [ FRANCHISE IMPROVEMENT CENTER U 3 ' 1 1 ' Mp od nov dec j«. feb mar apr may jan Jal •ug Total Growtb 2004 10,991 22,655 18.015 51,661 2005 11.962 9319 10.049 29332 14.928 38338 39.498 44.135 21.039 30,449 24,110 59,441 332,700 544.01% 2006 8362 10,894 14,895 34.064 20.040 37,551 24358 31.507 19,462 36,903 23,622 82,432 344,090 3.42% 2007 22,469 14.979 11388 43.918 16.741 24.489 43,870 37326 29,826 18,237 22,622 84386 370,451 7.66% 2008 2,840 16.684 12,144 19.592 13.368 15.120 21.098 25,757 14,406 13,924 11,970 27,845 194,748 -47.43% 2009 10.056 4332 5.014 9.693 4348 6.065 15,875 26,884 28,424 31.871 21,351 51.127 214,940 10.37% 2010 2,857 9391 13,010 36.977 37,088 21324 60.216 31397 33.863 19370 17,037 89.018 371.548 72.86% 2011 11,372 13.637 33,226 51.177 20.080 19,188 50,419 17359 22,936 23318 15.948 97.722 376382 1.27% 2012 11,630 14,691 21,010 28.196 23.988 41,166 55,956 25,722 23,750 19.096 18,542 68.085 351.832 -6.50% till' 1| | FRANC HIS E IMPROVEMENT CENTER U 4 ' 1 •ep oct nov dec J" feb mar apr may Jon jal *Ug Total Growth 2004 11391 11391 2005 12,690 12328 12,960 38.743 13,041 19,983 15.934 15,966 11,900 17,724 13,000 41.982 226.151 1902.93% 2006 10,415 8,180 4,945 44,721 17.740 30,698 25,736 26,107 33,672 31,487 19.802 59,159 312,662 38.25% 2007 17,922 22,479 17.601 37314 19.524 38.551 31,821 33,337 34386 38.012 25.873 132,711 449.431 43.74% 2008 18,062 14,887 11.306 41,285 18.100 23,648 22.517 34,834 14,357 20317 16.017 77,494 312,724 -30,42% 2009 10^29 6312 13382 21.796 11,870 6,864 25,053 7,666 17.543 13,906 2384 56317 193,322 -38.18% 2010 13336 7319 13,029 26,618 16.264 19,585 58371 31.556 36,447 18,938 37.136 57.549 335,948 73.78% 2011 15,704 14,406 18.725 39,537 25374 12,760 51,348 23,788 21384 12,751 26.423 62.120 324,120 -3.52% 2012 7,798 16.828 15.706 31367 29.364 22,687 60,881 19.813 31,598 26.534 24303 68.168 354,947 931% 1 1 l l 1 1 ' , 1 FRANCHISE IMPROVEMENT CENTER H S tep oct nov dec inn feb mar •f* may jun Jal aug Total Growtb 2005 11.492 49,409 12.125 34,513 32.874 35.491 16,191 14,085 21311 50347 278338 2006 20341 18,163 17338 33,199 18,693 27.827 25.738 29.539 23.018 19.634 13318 50,075 297.183 6.81% 2007 9.418 14,025 7.545 39,619 20.654 20.085 27.885 20,174 13.179 20,062 16,898 67.623 277,167 -6.74% 2008 9.772 15.006 10.695 27.093 23,825 24,169 27.498 19,339 19,967 12,433 13331 38,699 242.027 -12.68% 2009 8.940 4.781 9,012 16.922 8,262 10372 25,845 9,853 11371 7.957 10300 22305 145,820 -39.75% 2010 7.721 8.690 9,672 12.082 5,297 7,987 24,775 16.498 10316 10.450 11,748 23,503 148.739 2% 2011 20.660 15.308 18.616 39.469 16,138 23325 50,207 14,467 19,995 18327 25,692 53.380 315,684 112% 2012 10.093 12.958 15362 20,559 17,606 23.484 48,879 27353 21,561 18,457 23,614 45,491 285,417 -9,59% t 1 | FRANCHISE IMPROVEMENT CENTER # 6 ' ' sep oct nov dec jan feb mar •I* may JUG jal •og Total Growth 2005 15840 11485 12880 16645 22309 14003 18105 22854 134121 2006 17.382 13,005 9,950 10,670 14,500 12,113 8.112 6,100 13,088 14,072 11.121 37,727 169,840 26.63% 2007 7.731 14384 21.987 23,462 18.880 18,438 20,251 23,461 14.674 9380 11.697 40300 224,645 32.27% 2008 13,562 9,902 21330 24300 15,732 28362 20.908 22,023 13,924 12,571 16.485 41.054 239,953 6.81% 2009 8,701 6,486 10.839 24349 9,951 10,749 19.188 14,328 12,556 13377 8392 29.832 168,848 -29.63% 2010 6320 15,334 14.821 16,652 16,818 13,004 29.663 15.716 14.858 11,761 9.738 47,900 212,485 25.84% 2011 8.765 5.827 13323 18363 10,863 13311 32301 13321 17374 16,442 11308 50.071 210,869 -0.76% 2012 7373 11375 10,746 23.775 10.631 10344 33,436 19.551 15.831 10,587 8.712 35.705 197.866 -6.17%

82 SECTION II Franchise Improvement Centers Monthly Cash Sales (1)

83 FRANCHLS E IMPROVEMENT CENTER It 7 •ep oct nov dec j.n feb m.r apr may joa Jul •ag Total Growth 2005 11.492 49,409 12,123 34313 32,874 33,491 16.191 14,085 21.511 50347 278,238 2006 20,241 18.163 17338 33,199 18.693 27,827 25,738 29339 23.018 19,634 13,518 50,075 297,183 6.81% 2007 9.418 14.025 7345 39.619 20.6M 20.085 27.885 20.174 13,179 20,062 16.898 67.623 277,167 -6.74% 2008 9.772 15.006 10,695 27.093 23,823 24,169 27.498 19339 19.967 12.433 13.531 38.699 242,027 -12.68% 2009 8.940 4.781 9.012 16.922 8^62 10372 25.845 9.853 11.371 7.957 10300 22305 145.820 -39.75% 2010 7.721 8.690 9.672 12.082 5397 7,987 24.773 16.498 10.316 10.450 11.748 23.303 148.739 2% 2011 20.660 15,308 18,616 39.469 16,138 23325 50307 14.467 19.995 18327 25.692 53.380 315.684 112% 1 FRANCHE E IMPROVEMENT CENTER H 8 •ep oct nov dec j.n feb m.r apr may Jua Jul •ug Total Growth 2005 15,840 11.483 12,880 16.645 22.309 14.003 18.105 22.834 134.121 2006 17.382 15.005 9.950 10.670 14,500 12.113 8,112 6,100 13.088 14,072 11,121 37.727 169.840 26.63% 2007 7,731 14384 21,987 23.462 18.880 18.438 20351 23,461 14.674 9380 11.697 40.300 224.645 32.27% 2008 13,562 9,902 21,330 24^00 15.732 28362 20,908 22.023 13.924 12,571 16.485 41.054 239.953 6.81% 2009 8.701 6.486 10,839 24349 9.951 10,749 19,188 14,328 12.556 13377 8.292 29.832 168.848 -29.63% 2010 6.220 15334 14.821 16.652 16.818 13,004 29,663 13,716 14.858 11,761 9,738 47,900 212.485 25.84% 2011 8.765 5.827 13323 18363 10.863 13311 32301 13321 17374 16.442 11.308 50.071 210.869 -0.76%

FRANC HIS E IMPROVEMENT CENTER fl 9 •ep oct nov dec j.n feb m.r apr may j"" Jul aug Total Growth 2005 10,992 52.463 40.798 34,534 24.737 53.763 217,287 2006 21.534 12.484 14.179 38.794 27.087 23,994 38398 38.803 35,908 49.312 33.025 118.488 451.906 107.98% 2007 9.191 9.460 20.044 48.092 23.128 23.853 37.711 47.737 39.618 34,377 32.786 56.977 384,974 -14.81% 2008 10,274 10.889 6.910 37.044 22,684 28.188 25,156 34.780 20.072 23.509 13.359 31318 264.183 -31.38% 2009 6.419 9.033 8.114 33.779 11.935 23.189 61,307 19359 18.639 26.936 11.863 66.057 296.374 12.26% 2010 14.563 12,098 9.224 46335 10.841 18.194 63.123 22.702 18.170 11.048 15.015 108.836 330.149 18.06% 2011 10,985 9306 11.125 39.720 9.691 22317 59320 32322 27.643 18,444 17.764 84.183 342.620 -2.15%

| 1 FRANCHISE IMPROVEMENT CENTER H 10 1 1 •ep oct nov dec j.n feb m.r apr may jun Jul aug Total Growth 2005 26.670 24.786 20.827 25.450 97.733 2006 8,898 10.868 13.762 14384 10306 15321 14,186 9.656 12.351 11.892 12,293 32,708 166,923 70.80% 2007 11.728 11.462 10.831 19.171 16.958 18,081 21,677 22386 9.863 13,623 10.891 47.081 213.752 28.05% 2008 8.905 11.651 18.665 21.810 12.732 20,353 24,932 29360 27305 19.070 16.490 41355 232,428 18.09% 2009 10.545 14302 7,554 19.142 14.376 3352 21.811 13.180 13.110 16.110 20.457 22,834 178373 -29.26% 2010 13.210 12,315 10.461 12.657 8384 10352 24.464 6.662 11.631 11.401 13,171 13.014 147.822 -1732% 2011 3.937 8.594 16.040 19316 15,745 9.938 32.183 16.793 18.767 23,301 27,896 50.672 243.182 64.51% 1 1 1 | | FRANCHISE IMPROVEMENT CENTER tt 11 ' ' •ep oct nov dec J" feb m.r •P»- may jan Jol ang Total Growth 2005 66.747 32,356 33.945 66,940 199.988 2006 25^95 26.512 34.192 38.693 26.031 25373 33.419 31.012 42,122 22,057 24.960 89.480 419346 109.69% 2007 23.664 16.868 15.601 23.732 22.991 15.606 26.081 34350 27.816 17.262 20.171 60.476 304.818 -27.31% 2008 19333 5.493 15325 27.631 15.628 11334 22.468 37.106 5,880 29.050 20.093 29376 238.617 -21.72% 2009 10.934 15.435 12309 20.885 18.423 10318 39387 27.012 41,959 18.262 22.980 54.402 292.606 22.63% 2010 11.107 6.989 16349 23383 12.300 25323 36.699 24.827 29.468 15.542 32.423 70.775 323,387 11.20% 2011 11.425 1,503 23,056 17382 21.529 32,341 62.189 26,861 27.769 33.345 26.807 63,702 347.809 6.89% 1 1 1 1 1 1 1 i 1 [ 1 | FRAN C HIS HIM PRO VEMfrTJTC ENTER* 12 «p oct nov dec J" feb mar apr may jun Jal nug Total Growth 2005 7.321 20.171 16.709 27,360 71361 2006 13.473 10,694 19.188 25,759 20.520 21372 26.479 20.985 31.993 33.787 20.068 52,446 296.764 314.70% 2007 8^92 13.803 15351 30.538 28310 26.738 29383 27,490 33,742 20.487 17.483 65.568 320.085 7.86% 2008 7.874 11,594 13.420 29.736 23,403 24.884 26,794 19.847 19.710 24.284 24.391 49.990 273,927 -13.80% 2009 7388 6.600 12,004 20.989 11322 16369 29,733 20,634 15,018 15.787 20.064 56,193 231.901 -15.96% 2010 11.334 4.483 14,886 23,404 17,231 8,625 48354 17311 17,867 16.937 12.576 43.134 238,462 2.83% 2011 3.339 7.018 9.993 22364 23.914 12,726 47397 29306 17.964 18360 18.183 31.653 264319 10.80% | 1 FRANCHISE IMPROVEMENT CENTER # 13 Mp oct nov dec j.n feb m.r •Pr may jua Jul aug Total Growth 2005 17.463 14.680 24,349 56.492 2006 11.275 9367 11.129 18376 27325 16.086 18315 41301 17.553 20.818 17,872 53.943 263.562 366.55% 2007 3.407 4,854 5,469 28.454 18.777 19320 30.663 21,628 21.793 18.853 12.209 39326 226.855 -13.93% 2008 9.606 8.791 12.026 21.890 10,435 22399 24.070 28.465 16.360 17.611 16.683 27.960 216398 -4.65% 2009 5.633 2,170 6.477 36.304 8.722 17,061 91.192 29.740 34.071 20.470 16.381 74.643 342.864 58.51% 2010 9.357 9,161 7,379 33.447 22388 14340 95324 29.622 20,460 25.290 20.203 118.602 405.673 18.32% 2011 8,920 5.353 28.948 27349 30.793 117.712 24,493 19.420 29350 15.337 108,251 415.110 2.33%

84 FRANCHISE IMPROVEMENT CENTER N 7 sep oct nov dec j.n feb mar apr may jun Jal aag Total Growth 2005 26.670 24.786 20.827 25.450 97.733 2006 8.898 10.868 13.762 14,784 10306 15,321 14,186 9,656 12.351 11,892 12393 32.708 166,923 70.80% 2007 11.728 11.462 10.831 19.171 16.958 18.081 21,677 22386 9,863 13,623 10.891 47.081 213.752 28.05% 2008 8.905 11.651 18.665 21.810 12.732 20.353 24.932 29360 27305 19,070 16.490 41355 252.428 18.09% 2009 10.545 14302 7.554 19.142 14376 3352 21.811 15.180 13.110 16,110 20.457 22.834 178373 -29.26% 2010 13310 12315 10.461 12.657 8.584 10352 24.464 6,662 11.631 11,401 13.171 13,014 147.822 -17.22% 2011 3.937 8394 16.040 19^16 15.745 9.938 32.183 16,793 18,767 23^01 27.896 50,672 243.182 64.51% 2012 19.827 12.649 13.741 27.144 8.587 13.969 39.516 25379 30.080 37,752 20.981 67.960 319.585 31.42%

FRANCHISE IMPROVEMENT CENTER H 8 up oct OOV flee jan feb mar npr may Jua Jol *=B Total Growth 20O5 7321 20171 16709 27360 71561 2006 13,473 10,694 19.188 23.759 20.520 21372 26.479 20,983 31.993 33,787 20.068 52,446 296,764 314.70% 2007 8.592 15,803 13.531 30.538 28310 26,738 29,583 27,490 33.742 20.487 17.483 65,568 320.085 7.86% 2008 7.874 11.394 13.420 29.736 23,403 24,884 26,794 19,847 19.710 24384 24391 49.990 275.927 -13.80% 2009 7,288 6,600 12.004 20.989 11.322 16369 29.733 20.634 15.018 15,787 20.064 56.193 231.901 -15.96% 2010 11.534 4.483 14.886 23.404 17331 8.625 48354 17.511 17.867 16.957 12,576 43.134 238.462 2.83% 2011 5339 7.018 9.993 22364 23.914 12,726 47397 29306 17.964 18360 18,183 51,653 264319 10.80% 2012 18,804 3.479 10.621 28,314 21.000 16.739 34,013 21,093 17.895 19334 8.492 75381 295.165 11.71%

FRANCHISE IMPROVEMENT CENTER* 9 sep oct oov dec j.n feb mar npr may jun Jal •og Total Growth 2005 17.463 14,680 24349 56.492 2006 11375 9.567 11.129 18,576 27325 16,086 18315 41301 17.553 20,818 17.872 53,945 263.562 36635% 2007 5.407 4,854 5,469 28,454 18,777 19320 30.663 21,628 21.793 18.855 12309 39326 226.855 -13.93% 2008 9,606 8,791 12.026 21.890 10.435 22,399 24.070 28,465 16360 17,611 16.685 27.960 216398 -4.65% 2009 5.633 2,170 6.477 36304 8,722 17.061 91.192 29.740 34,071 20.470 16,381 74.643 342.864 58.51% 2010 9357 9,161 7379 33.447 22388 14340 95.524 29,622 20.460 25390 20303 118.602 405.673 18.32% 2011 8,920 5355 28,948 27.749 30.795 117.712 24,495 19.420 29350 15337 108351 415,110 233% 2012 1.572 8,732 13.728 29.665 15.937 19.428 116387 25.587 18,007 16316 12.151 79.173 356.683 -14.08%

FRANCHISE IMPROVEMENT CENTER t* 10 sep oct nov dec J.n feb mar apr may Jua jal BUg Toml Growth 2005 17,849 44.747 62,596 2006 17.811 12,819 14,682 24^84 22368 40,838 44,642 37359 38.633 35.923 31330 44.813 365.402 483.75% 20O7 23.089 19.360 12.085 31.180 25352 20.079 20.498 26.805 27.516 28.442 23345 52313 310.164 -15.12% 2008 23.928 23,750 24^84 30.870 24.887 30.590 28.434 40399 38.616 29,662 24303 50.893 370.416 19.43% 2009 19.893 19.045 15.604 30.045 24.471 18393 35.501 28.109 31323 31385 23.678 57,391 334.838 -9.60% 2010 10,857 17.968 12.191 17395 23.764 17??? 37369 19.910 12,781 18,878 20395 8.182 217.112 -35.16% 2011 15.662 12.439 6349 13378 6358 11360 13.803 13.767 5.768 10383 14.800 18343 142310 -34.45% 2012 14.039 6.753 7.041 16.006 29.691 36331 18.133 54.182 31340 13,715 27320 41317 295.968 107.97% I 1 [III' |I | ! 1 | FRANCHISE IMPROVEMENT CENTLK W 11 1 ' ' ' •ep oct nov dec Jan feb mar apr may jan Jul aag Total Growtb 2005 165 30.118 30383 2006 23.716 12,829 15301 36.657 23.874 27386 28,890 26.665 27.041 30.427 24.099 83.555 360340 1089.91% 2007 14.940 12,945 22.758 46,738 39.895 20322 15,396 33,814 28,599 28.056 28.490 117336 409.089 13.53% 2008 9.429 16.774 23337 32,132 21322 31.606 49.196 21.114 22.179 38384 23.732 53.710 342.815 -16.20% 2009 18.121 12.133 4.920 26,613 14,087 5.420 32.157 12340 15.723 7.674 12.426 52,967 214.481 -37.44% 2010 5387 10,189 8.718 17.165 10.963 13.610 37.181 14.656 13.807 19,841 13321 48.815 213.653 -039% 2011 12.018 12,711 9381 24.722 16.495 24370 48.538 23.730 24355 29.613 17.722 66,745 310.500 45.33% 2012 10.900 10.906 6343 19.582 12.927 12.938 52.956 17.533 23356 35.109 16346 32336 271.132 -12.68% t 1 1 1 I |1 | 1 1 | FRANCHISE IMPROVEMENT CENTER 12 up oct nov dec Jan feb mar apr may jua Jul •ug Total Growtb 2006 11314 13,505 15.986 8.123 9350 16,074 12,477 15.770 12,657 11.190 32.719 159,165 2007 12.441 11,114 18.628 21,757 10.911 14395 20.556 24.409 11.026 11313 9.369 41347 207368 30.22% 2008 9.783 8,715 12.605 21.079 11.820 20.050 15395 20.847 6,858 19.019 17324 47.783 211.178 1.89% 2009 9.615 8318 9,777 18392 16.936 13378 25.651 14357 8,697 9.058 7304 25.467 166.750 -21.04% 2010 4,573 8,824 6381 25.138 6.839 8340 21.061 9,876 6364 7385 11.953 37385 154.119 -7.57% 2011 11.568 10.615 9,616 20.757 5.974 12332 45.109 11.013 12,128 10398 7.763 59.092 216.865 40.71% 2012 3319 10.900 1362 18.541 6321 9319 28.683 10.530 9.183 6.188 3.804 30393 138343 -36.12% 1 1 ) 1 i 1 | | FRANCHISE IMPROVEMENT CENTER* 13 up oct nov dec Jan feb mar apr may jua Jul aag Total Growth 2006 11.159 65.477 26327 21,651 27.856 41.058 15.060 18.720 15.404 55364 297,976 2007 5.712 11.989 23.806 90361 29.516 29.018 33390 43387 21.913 24.771 24.055 70.784 408.502 37.09% 2008 9.715 15.084 19.050 71,139 17.073 26.644 33332 50.801 24.039 26.876 20,647 30,484 365.084 -10.63% 2009 14398 10.443 13.083 62,036 10.313 21,674 41,719 29314 20,415 21.988 26.944 51,030 323.457 -11.40% 2010 9393 8.964 18.151 49,513 19.172 18392 69.744 22.672 20.554 22.612 33.465 59,781 352313 8.92% 2011 16340 9.740 17.868 63,504 24.920 41.074 75.886 33.973 26.855 28.179 17,996 74.154 430.689 22.25% 2012 19.625 11,770 19,927 80.570 30392 27,114 71.131 31.795 32.831 19.893 25.017 78,123 448.188 4.06%

85 SECTION II Franchise Improvement Centers Monthly Cash Sales (1) r FRANCHISE IMPROVEMENT CENTER* 14 sep oct nov dec J" feb mar apr may Jua Jal •ug Total Growtb 2005 17.849 44,747 62396 2006 17,811 12,819 14.682 24384 22.368 40,838 44.642 37359 38,633 35,923 31330 44.813 365,402 483,75% 2007 23,089 19360 12.085 31,180 25^52 20,079 20.498 26,805 27.516 28,442 23345 52,513 310.164 -15.12% 2008 23.928 23,750 24384 30,870 24.887 30,590 28.434 40399 38.616 29,662 24303 50,893 370,416 19.43% 2009 19,893 19,045 15,604 30,045 24.471 18393 35301 28,109 31.223 31385 23,678 57,591 334.838 -9.60% 2010 10.857 17,968 12,191 17395 23.764 17??? 37369 19.910 12.781 18,878 20395 8.182 217.112 -35.16% 2011 15.662 12,439 6349 13378 6358 11360 13.803 13.767 5.768 10383 14.800 18,243 142310 -34.45% 1 lii1 1 FRANCHISE IMPROVEMENT CENTER* 5 ' ' ' sep oct aov dec J" feb mar apr may Jaa Jal aug Tolal Growth 2005 165 30.118 30383 2006 23,716 12,829 13,201 36.657 23.874 27.386 28.890 26,665 27,041 30.427 24,099 83.555 360340 1089,91% 2007 14,940 12,945 22,758 46.738 39,895 20322 15396 33.814 28.599 28,056 28,490 117336 409,089 13.53% 2008 9,429 16.774 23^37 32,132 21322 31,606 49.196 21.114 22.179 38384 23.732 53,710 342.815 -16.20% 2009 18.121 12,133 4,920 26.613 14,087 5,420 32.157 12340 15.723 7,674 12.426 52.967 214.481 -37.44% 2010 S.387 10,189 8,718 17.165 10,963 13,610 37.181 14.656 13,807 19.841 13321 48.815 213.653 -0.39% 2011 12.018 12,711 9,581 24,722 16,495 24370 48338 23.730 24^55 29,613 17.722 66,745 310300 45.33% t 1 1 FRANCHISE IMPROVEMENT CENTER # 1 6 ' ' sep oct nov dec jnn feb mar apr may jaa Jul aug Total Growth 2005 7356 7356 2006 29,771 13.474 11356 32.486 13321 23.474 38359 15,157 33.852 22370 25,697 53,624 312,941 415433% 2007 13.898 15,857 16366 35,947 16,562 11.963 21.101 16,503 23,145 26,101 21331 46,941 265315 -15.03% 2008 17.198 15385 16,840 24,158 15303 9.507 19,452 30,143 13.438 24.428 35.125 73308 294385 10.67% 2009 18.847 11.325 24.004 24,796 17385 24.932 23341 15317 24.676 27360 19375 71.413 302371 2.95% 2010 13.690 13.108 34.424 47.996 26,165 23.805 78.620 27.130 30.786 32,266 50.790 77352 456,132 50.55% 2011 21.475 26.125 20.440 32,420 17392 35.431 69351 32.072 54,883 19.036 49.981 111391 489,897 7.40%

FRANCHB E IMPROVEMENT CENTER ff 17 sep oel nov dec J.n feb mar apr may jun Jul nag Total Growth 2006 11,314 13305 15.986 8.123 9350 16,074 12,477 15,770 12,657 11,190 32.719 159,165 2007 12.441 11,114 18,628 21.757 10.911 14395 20356 24,409 11,026 11315 9369 41^47 207368 3032% 2008 9.783 8,715 12,605 21.079 11,820 20.050 15395 20,847 6,858 19,019 17324 47,783 211.178 1.89% 2009 9.615 8318 9,777 18392 16,936 13.378 25,651 14357 8.697 9,058 7304 25,467 166,750 -21.04% 2010 4.573 8,824 6381 25.138 6,839 8,340 21,061 9.876 6364 7385 11,953 37385 154,119 -737% 2011 11.568 10,615 9,616 20.757 5.974 12332 45,109 11,013 12,128 10.898 7.763 59.092 216.865 40.71% i l ' |1 |1 FRANCHISE IMPROVEMENTCBSTERIV 18 ' ' sep oct nov dec J« feb mar apr may jun Jul •ag Total Growtb 2006 11.159 65.477 26327 21,651 27.856 41.058 15,060 18.720 15,404 55364 297.976 2007 5.712 11.989 23.806 90361 29,516 29,018 33390 43387 21,913 24,771 24,055 70.784 408.502 37.09% 2008 9.715 15,084 19,050 71.139 17,073 26,644 33332 50301 24.039 26.876 20,647 50.484 365,084 -10.63% 2009 14.598 10.443 13,083 62,036 10313 21,674 41.719 29314 20.415 21.988 26344 51,030 323,457 -11.40% 2010 9^93 8,964 18.151 49.513 19.172 18392 69,744 22.672 20354 22,612 33.465 59,781 352313 8.92% 2011 16.540 9340 17,868 63304 24,920 41.074 75,886 33373 26.855 28,179 17.996 74.154 430.689 22.25% 1 l . 1 < 1| FRANCHISE IMPROVEMENT CENTER* 19 ' ccp oct nov dec j.D feb mar apr may jun Jul •og Tolal Growth 2006 3,025 40397 19,403 19,435 18.456 13.023 10.618 24379 17383 36365 2023*4 2007 15,549 12,527 16,107 17,615 18,102 20,738 24.178 45.501 27.947 37.557 33.950 58.146 327,917 62.11% 2008 24347 16356 13.002 17.644 39324 16.176 12.436 27,088 11.083 19301 24,921 36.090 258.568 -21.15% 2009 7,613 6,611 7,111 20309 10,873 4,667 28,906 16319 16,165 19.053 18333 26,154 182,114 -29,57% 2010 6,962 7,676 2,752 11321 5,726 10,895 26.115 19.017 13,100 16.141 9.028 28377 157,610 -13.46% 2011 6319 2390 3.471 12.772 5309 16,445 24.477 12321 5.730 20,989 16340 26.631 153394 -2.55% I I I : i 1 | | FRANCHISE IMPROVEMENT CENTER N 20 1 ' ' sep oct nov dec J- feb mar apr may jun Jul aag Total Growth 2006 42^49 47,120 23397 43.868 38.160 32.970 38335 31.447 73,658 371304 2007 26,815 16360 19,185 34,487 21,484 22.991 20,459 21.445 21,470 25,424 13334 52.839 296393 -20.15% 2008 13,184 25,795 18^32 29,993 23,608 13.465 23.911 28,036 17,041 11,671 16,019 98,176 319331 7.71% 2009 11399 27,848 10,844 24,736 18.994 3.876 29,121 14301 20.604 24.754 17.053 29,649 233.679 -26.80% 2010 14,694 11,543 10.729 16,967 6,067 11306 28,109 15.166 23.54$ 20,538 25,990 39,716 224,570 -3.90% 2011 7,446 7,202 4.151 13,659 7,988 4,876 41347 18350 6,187 27,051 10304 39,488 188.549 -16.04%

86 FRANC HIS E IMPROVEMENT CENTER ft 14 sep oct nov drc inn feb mar apr mmy jaa Jul aug Tolal Growth 2006 3.025 40^97 19.403 19,435 18.456 13.023 10,618 24379 17383 36^65 202384 2007 15^49 12.527 16.107 17,615 18,102 20,738 24,178 45.501 27,947 37357 33.950 58,146 327.917 62.11% 2008 24347 16.556 13.002 17,644 39,724 16,176 12,436 27,088 11,083 19301 24.921 36,090 258,568 -21.15% 2009 7,613 6.611 7,111 20309 10.873 4.667 28,906 16319 16,165 19,053 18,533 26,154 182.114 -29.57% 2010 6,962 7,676 2.752 11321 5.726 10,895 26.115 19,017 13,100 16,141 9.028 28,977 157.610 -13.46% 2011 6.519 2,790 3,471 12.772 5309 16.445 24.477 12321 5.730 20,989 16340 26,631 153.594 -2.55% 2012 9,817 10^98 7.542 18,531 11,873 18.448 49.656 12,572 25.601 6378 7,006 54317 232.039 51.07% 1 t 1 l 1 | 1 FRANCHISE IMPROVEMENT CENTEK* IS '

sep oct nov dec jQn feb mar npr may jaa Jul aug Total Growth 2006 15.488 19^95 23.469 19.866 26,609 104.727 2007 2231? 16,981 9,609 25.676 23.481 13.504 28,948 20,696 29,047 23.844 14.497 48345 276.945 164.44% 2008 31,173 32,109 26,980 49385 38391 22,915 25373 34,672 20.033 16,466 21,875 49398 368.870 33.19% 2009 12.801 11,442 14,819 23364 16.906 10.155 24.071 22362 15,961 16.893 16,746 62.517 247.737 -32.84% 2010 10,889 19.092 14316 20,467 13.450 13,753 40.506 13.919 20,846 17,362 20,007 65398 269,805 8.91% 2011 16.459 10,356 11,057 25,935 16.665 11,399 25.651 12378 8.576 19.830 17,814 78391 254.811 -5.56% 2012 9,857 15337 12,909 29,616 15,480 10,630 34.486 20,678 17307 19.983 8,668 45309 240,060 -5.79% l 1 1 I 1 III | 1 FRANCHISE IMPROVEMENT CENTER* 16 1 ' up oct nov dec jno feb mar apr may jua jal aug Total Growth 2006 30336 32.716 20356 16,835 31,062 131.405 2007 11,026 8,101 10396 26,643 15.181 12.789 21.411 20385 18,836 25.731 19.199 47,030 236.828 8033% 2008 14.554 10.546 7398 20,994 14,426 15,531 25.060 22,140 13377 15,889 14301 42.137 216.053 -8.77% 2009 12,514 11,649 4.861 20389 15.951 20.481 37316 27,888 26.901 18370 17373 72,938 286331 32.62% 2010 16.490 11321 12.649 21315 22.586 17382 62.033 19380 38.051 25351 18.441 84,072 349371 21.93% 2011 11.944 10.150 10.087 30,212 12.654 23.235 77,477 35,583 31,689 41,881 13.709 79339 378,160 8.24% 2012 11.516 10,159 17.403 27.778 30.735 24308 83,715 38,519 27312 29,348 25334 57395 383,422 1.39% 1 1 t 1 1 1 1 FRANCHISE IMPROVEMENT CENTER* 17 ' ' •ep oct nov dec j.D feb mar apr may JUD Jul aug Total Growth 2006 15343 36348 15.414 10.821 22.289 100315 2007 12,823 7,896 6.895 19.180 8.144 16,185 16,471 12,035 10.643 6398 10,642 19.507 146.819 46.36% 2008 4^42 4.434 961 9.503 3.986 6.843 14,457 15.744 4,736 6.160 3.664 10,633 85,363 -41.86% 2009 3.478 4.185 2.357 5.504 2.806 6.738 11.092 4,158 4396 5,435 200 50349 -4133% 2011 29379 26,135 12391 16,506 16349 27,027 127,687 154.11% 2012 7,810 7,917 8.568 14.081 12,854 10,407 58,739 32,049 26.415 28,594 21365 30,914 259.713 103.40% 1 1 1 1 I 1 i 1 1 1 1 1 i FRANCHISE IMPROVEMENT CENTER ft 18 ' ' ' sep oct nov dec jon feb mar opr may jua jal •ug Total Growth 2006 24343 22.072 12,967 25,035 84,417 2007 14332 6,915 11.911 16,784 6.699 10351 23.775 16.111 12,051 14344 8,452 35,632 177357 109.98% 2008 11,627 7,760 7348 24,110 2.907 16,522 21.515 23364 20307 24392 13.957 76,888 250397 41.26% 2009 9306 4.422 12352 17,791 18.730 13,330 65,939 14.768 18326 22.721 28388 49.906 275.779 10.14% 2010 15.675 19.621 14.254 30,849 13,841 20.776 55303 19.410 12,814 16.475 10,882 72.174 302.074 9.53% 2011 11,199 8,749 5.477 28.061 26,057 23,643 46,454 18.910 18384 20,834 12.474 54.304 274,446 -9.15% 2012 5,955 7.449 13.101 26322 26307 20348 44,761 23349 28,097 20,463 16,947 71314 304313 10.88% 1 1 1 [ 1 t 1 1 1 1 t FRANCHISE IMPROVEMENT CENTER ft 19 ' ' 1 Mp oct nov dec jan feb mar apr may jua jal oug Total Growth 2006 60.814 33,676 38,609 88317 221316 2007 15.844 14310 26356 60.547 39.448 37.378 58.992 90,700 33.930 22396 28,460 96,641 524,802 137.13% 2008 8.085 8.814 24351 47,820 29,578 17.382 48.073 48.067 39.655 23,124 33.131 106.531 434311 -17.20% 2009 14,937 7.105 16,049 37,031 25,507 17335 60,880 37.445 34.486 30.635 30309 98307 410326 -5.57% 2010 11,184 9335 11.440 45,054 18,934 26319 54,935 44.914 34,472 22.385 16.417 71,407 366,696 -10.63% 2011 8^41 8,978 9.658 36,217 13.030 37,062 62376 31,500 39,142 27300 19392 94,448 387.044 5.55% 2012 9347 5,979 13,894 27,091 27,184 29302 81,812 22,089 20350 64.066 30399 90372 422385 9.11% 1 1 1 1 i '1 III t 1 1 1 FRANCHISE IMPROVEMENT CENTER 0 20 ' ' ' ' acp oct nov dec jaa feb m.r apr may Jaa jal aug Total Growth 2006 23.815 38,993 16398 29.798 109.004 2007 11.129 9,739 14,850 20,964 31.506 21.706 19.009 10,960 30,734 23305 9.961 56317 259,980 138.51% 2008 9,608 9,796 15.155 23,465 15384 19.193 13.115 20,997 11337 15,910 21,177 34.677 209,614 -19.37% 2009 14.875 9,490 9,238 16341 9.001 9.157 16.031 13.158 8.632 14311 5,174 13341 138,649 -33.86% 2010 4,479 2399 3,808 7,778 4328 2,964 6,694 9.917 12335 5,787 13314 31.760 105,163 -24.15% 2011 7,737 3.900 3.909 15314 6,672 11.747 23.918 15,091 7392 12.794 10339 32,950 151363 44.12% 2012 9.087 6.763 5.602 10323 8,009 9,928 18,063 6,103 5,822 7336 8.979 33,842 129.957 -14.26%

87 SECTION II Franchise Improvement Centers Monthly Cash Sales (1) FRANCHISE IMPROVEMENT CENTER U 21 •ep oct nov dec J»" Feb mar apr may Jon Jul sag Total Growth 2006 15.488 19393 23.469 19.866 26,609 104,727 2007 22.317 16.981 9.609 25.676 23.481 13.504 28.M8 20.696 29.047 23.844 14.497 48.345 276.945 164.44% 2008 31.173 32,109 26.980 49385 38391 22.915 25.373 34.672 20.033 16.466 21,175 49,598 368,870 33.19% 2009 12.801 11,442 14.819 23.164 16.906 10.155 24.071 22,262 15.961 16,893 16,746 62,517 247,737 -32.84% 2010 10.889 19,092 14316 20.467 13,450 13333 40^06 13.919 20.846 17362 20,007 65398 269,805 8.91% 2011 16.459 10336 11.057 25.935 16.665 11399 25.651 12378 8376 19.830 17,814 78.791 254.811 -5.56% il II 1 FRANCHISE IMPROVEMENTCENTER* 22 ' ' I sep oct nov dec jnn feb mar apr may Jun Jul • ug Total Growth 2006 30,236 32.716 20.556 16,835 31.062 131,405 2007 11,026 8,101 I0,S96 26,643 15.181 12,789 21.411 20.285 18.836 25.731 19.199 47,030 236,828 80.23% 2008 14.554 10,346 7^98 20.994 14.426 13,531 25.060 22.140 13377 15.889 14^01 42.137 216,053 -8.77% 2009 12^14 11,649 4.861 20.389 13,951 20.481 37316 27.888 26.901 18.370 17,373 72.938 286331 32,62% 2010 16.490 11321 12.649 21315 22386 17382 62.033 19,980 38.051 25331 18.441 84,072 349371 21.93% 2011 11.944 10,130 10,087 30.212 12,634 23.233 77.477 35.583 31.689 41.881 13.709 79.539 378.160 8.24% I | | FRANCHISE IMPROVEMENT CENTER * 23 1 ' •ep oct nov dec Jw feb mar apr may jnn Jul •ug Total Growth 2006 15.243 36.548 15.414 10.821 22389 100,315 2007 12.823 7,896 6,895 19180 8144 16185 16471 12035 10643 6398 10.642 19.507 146,819 46.36% 2008 4342 4,434 961 9503 3986 6843 14457 15744 4736 6160 3,664 10,633 85,363 -41.86% 2009 3.478 4,183 2,337 5504 2806 6738 11092 4138 4296 5433 200 50349 -41.13% 2011 29379 26133 12291 16306 16349 27.027 127.687 154.11% 1 1 FRANCHISE IMPROVEMENT CENTER* 24 1 ' ' ' MP od nov dec jan feb mar apr may jan Jul •ug Total Growth 2006 24.343 22.072 12,967 25.035 84.417 2007 14332 6.915 11.911 16,784 6.699 10.351 23.775 16.111 12.051 14344 8.452 35,632 177357 109.98% 2008 11.627 7.760 7348 24.110 2.907 16.522 21315 23.364 20307 24.292 13.957 76.888 250397 41.26% 2009 9306 4.423 12332 17.791 18,730 13,330 65.939 14.768 18326 22.721 28.388 49.906 275,779 10.14% 2010 13.673 19.621 14354 30,849 13.841 20.776 55303 19.410 12.814 16.473 10.882 72,174 302,074 9.53% 2011 11.199 8.749 5.477 28,061 26.037 23.643 46.454 18.910 18384 20.834 12,474 54304 274.446 -9.15% j 1 I 1 1 i 1 i I

•cp od -circrrrci dec jan feb mar apr may jun Jul •ug Total Growth 2006 60.814 33,676 38,609 88317 221,316 2007 13,844 14310 26336 60,547 39.448 37.378 58.992 90.700 33.930 22396 28.460 96,641 524.802 137.13% 2008 8.085 8,814 24351 47.820 29.578 17,382 48.073 48.067 39.655 23.124 33.131 106.531 434311 -1730% 2009 14.937 7.105 16,049 37,031 23,507 17335 60.880 37.445 34.486 30,633 30.309 98.507 410.326 -5.57% 2010 11.184 9335 11.440 45,054 18.934 26,319 54.935 44.914 34.472 22,383 16.417 71,407 366,696 -10.63% 2011 8341 8,978 9,658 36^17 13,030 37,062 62376 31.300 39.142 27.200 19392 94,448 387.044 5.55% I It'!' | | t | FRANC1IIS E IMPROVHVfKNT CENTER # 26 ' Mp od nov dec Jan feb mar apr may Jun Jul •ug Total Growth 2006 27.685 32396 33372 31,101 144,754 2007 7337 9,393 18,432 27.831 16.869 13.534 18.126 10,300 14.829 14337 8330 38307 197367 36 76% 2008 10.493 13349 9.367 25.873 7.880 11.702 17363 16.400 20396 14.676 19.813 36.121 203.735 2.91% 2009 11.671 18,994 2,836 30.020 5,930 7,943 30354 13.415 28.178 8.416 14.377 52,030 224.366 10.13% 2010 8.850 9,601 12.784 17,671 9.507 11.141 42.449 14.830 13374 14.475 19^51 39363 213.196 -4.98% 2011 7395 6,964 6.713 10,173 8.133 19,898 42.030 16,368 22,759 25,682 22.958 65.749 254.822 19,52% l 1 t 1 j 1 1 FRANCIQS E IMPROVEMENT CENTER * 27 ' •ep oct nov dec j.n feb mar apr may Jun Jul • Dg Total Growth 2006 23.815 38,993 16398 29.798 109.004 2007 11.129 9,739 14.830 20.964 31306 21.706 19.009 10.960 30.734 23305 9.961 56317 259,980 138.51% 2008 9.608 9,796 15,135 23,463 13384 19,193 13,115 20.997 11337 15.910 21.177 34,677 209,614 -19.37% 2009 14.87$ 9.490 9338 16^41 9.001 9.157 16.031 13.158 8,632 14311 5,174 13341 138.649 -33.86% 2010 4.479 2,299 3.808 7.778 4328 2.964 6.694 9,917 12335 5.787 13314 31.760 105.163 -24.15% 2011 7.737 3.900 3,909 15.214 6.672 11.747 23.918 15,091 7.292 12,794 10.339 32.950 151363 ' 44.12% 1 1 1 1 | | FRANCHISE IMPROVEMENT CENTER # 28 aep oct nov dec jan feb mar apr may Jua Jol •ug Total Growth 2006 19.183 75.600 31399 42.747 168.929 2007 27^22 30.317 31,857 44.465 36341 38.342 52.637 47.299 23318 44.148 35301 88,842 501.789 197.04% 2008 33.624 18.250 31,118 55.419 32.569 37,613 43.677 75.130 29390 48.165 36.651 113.913 575.719 1433% 2009 23.480 26.670 24310 56.521 23.914 24.022 76373 28.662 40358 31.967 26.100 100.082 484359 -15.89% 2010 28.700 17.559 15.037 40,689 23353 22.100 76.763 32.939 32371 35.170 24335 84.810 433.926 -10.39% 2011 13.637 24.042 21357 32.035 19.059 28.025 69391 24.888 41.732 36379 36.056 74,130 420.751 -3.04%

88 FRANCHISE IMPROVEMENT CENTER* 21 sep oct nov dec j.D feb mar apr may jun jal auS Total Growtb 2006 19.183 75.600 31.399 42.747 168.929 2007 27^22 30317 31.857 44,465 36341 38342 52.637 47.299 25318 44,148 35301 88,842 501.789 197.04% 2008 33.624 18350 31.118 55,419 32369 57.613 43.677 75.130 29390 48.165 36.651 113.913 575.719 14.73% 2009 25.480 26,670 24.310 56.521 23.914 24.022 76373 28.662 40358 31,967 26,100 100.082 484^59 -15.89% 2010 28.700 17339 15.037 40.689 23353 22.100 76.763 32.939 32371 35,170 24335 84.810 433.926 -10.39% 2011 13.657 24.042 21357 . 32,035 19,059 28,025 69391 24.888 41,732 36379 36.056 74,130 420.751 -3.04% 2012 12.453 28,907 32.475 20329 36.128 33.467 101.889 49^22 48.876 32.997 24.594 95.705 517,042 22.89%

FRANCHISE IMPROVEMENT CENTER U 22 •ep oct oov dec jnn feb mar npr may Jua Jul aug Total Growth 20O6 21342 10.946 52.583 84.871 20O7 13,613 11.635 11,878 28.660 22.370 29302 26.192 25.863 33.777 23.898 18.537 27383 275.008 224.03% 2008 6.520 16.634 15.533 28.371 24.081 31,835 25.447 24.985 16.965 20361 10.003 22.959 244394 -11.17% 2009 16,681 12.458 11,518 26.002 23.040 21.993 27.809 36.953 24.879 8.424 18.634 62,660 291.051 19.14% 2010 30.846 10,192 9^97 21.096 14,988 19.151 23.823 16.485 11.551 14323 9,998 23328 204.878 -29.61% 2011 10.075 1.776 3,561 14.865 1 1.134 12.558 13.139 6.621 6.704 6.757 9.595 24,178 120,963 -40.96% 2012 4.764 8334 7,314 27318 16,915 9.170 34.925 10.682 5.685 12.602 15.962 31333 185.404 53.27% 1 li 11 | | | FRANC HIS E IMPROVEMENT CENTER * 23 •cp oct nov dec jan feb mar >pr may Jaa Jal aug Total Growth 2006 22339 15351 17,013 54.903 2007 2.715 2.508 11320 21,712 14.636 16.595 24.602 29.578 18,668 9368 7,457 36,169 195.428 255.95% 2008 1.290 2303 4.908 11.429 9.862 9,171 17.561 17.414 11.827 12389 9.178 27.630 135.562 -30.63% 2009 8.046 3335 3.694 17.977 5.661 7,933 32.800 14.368 7.406 10.089 5.521 50.086 166,818 23.06% 2010 791 7.988 8,649 17.600 5.786 19333 36314 18.803 11,119 12,805 11.939 49325 200,472 20.17% 2011 6.839 3330 3.961 22.817 16.474 19.124 42.973 23.419 20.764 12.405 1 1369 53399 238,674 19.06% 2012 14.440 13.094 13311 24.786 5.736 18,644 75.845 19.169 19,461 13.117 18.041 86333 321.777 34.82% t 1 | FRANCHISE IMPROVEMENT CENTER H 24 ' •ep oct nov dec jaa feb mar opr may Jaa Jul aag Total Growth 2006 17,922 63.681 81.603 20O7 27.796 14354 32.779 28.567 20.558 27,517 32,943 27.186 35,491 37.611 31.660 47,682 364.144 346.24% 2008 13.857 18370 10.154 41303 19.587 30389 36.073 26.028 28.069 22.141 29.306 101,948 377.127 3.57% 2009 12^78 16.030 14,413 33,683 8.804 17.457 59,283 17.915 24.716 22374 15,850 76.186 319.191 -15.36% 2010 8.836 12.686 16.950 16368 13.727 16,870 76.764 14370 15315 26390 16.783 78316 313375 -1.76% 2011 10.615 12,757 10,563 30,820 17^53 14,028 81.273 18,775 16378 12.776 14.917 85378 325,533 3.81% 2012 8320 17368 18.076 27.173 23.118 27.773 34.622 18.689 23316 22.956 19397 76,128 336.936 3,50?; 1 II 11 1 FRANC HIS E IMPROVEMENT CENTER M 2S ' ' MP oct nov drc jaa feb mar opr may Jun Jul •ug Total Growth 2007 56.824 29,690 18,664 34.422 20.698 22366 26.442 25,867 21.603 23303 15.908 46393 342.180 2008 9.457 17,441 12,509 17.093 15341 12.114 11.837 29,819 21397 16.641 9.803 33.869 207.421 -39.38% 2009 8342 4,943 11309 20.735 4.966 3,971 19320 7.089 11375 28354 14,766 32,635 167.905 -19.05% 2010 10398 15.917 14.778 20.171 5374 20.927 40.893 18.743 16354 15.714 21360 57.020 257349 53.21% 2011 11.882 6.193 9,670 19,944 9346 34.409 42.017 25.443 23.837 21,768 20377 58.434 283320 10.13% 2012 16,125 12.491 15,604 21.767 14.586 16.101 34.653 26378 20.058 31.453 20,160 39320 269.116 -5.01%

FRANCHISE IMPROVEMENT CENTER tt 26 up oct nov dec JOD fob mor apr may Jnn Jul aug Total Growth 2007 6.895 16.916 17.016 14.799 35.875 36.978 34.575 40.854 29,073 28.981 61,812 323.774 2008 13345 17311 13.787 23.020 28.416 14.939 17.607 34.183 14335 19.412 18.617 35.627 250321 -22.69% 2009 17,753 13.901 17.971 26.958 12.697 15.687 27.365 10.436 12.524 18,436 6^32 24.609 204,689 -18.23% 2010 6,140 5318 3.469 14.124 5.648 19.416 35.236 15.448 18.172 18.943 16356 31.133 189.603 -7.37% 2011 15.699 14.621 17.193 22.618 16,087 33.800 51.834 40.459 20,471 49383 23.064 54,486 359.617 89.67% 2012 10320 12.131 17.420 28.398 11.558 28.163 42,201 29.606 28.10$ 23.447 14.032 87.417 332.898 -7.43% I 1 I I FRANCHISE IMPROVEMENT CENTER tt 27 ' •cp oct nov doc J.n feb mar apr may Jnn Jul aag Total Growth 2007 9.961 27375 19380 21.410 20^73 12,753 7,659 12.487 12352 40,066 183.716 2008 9.184 6.838 5,808 23,698 11.927 13320 11.975 14.998 5,480 9.878 11.078 32.506 156.690 -14.71% 2009 2328 5.848 7.821 24.763 5352 16387 25.427 16335 11,862 11.407 8.547 38,961 175,058 12% 2010 5.736 6.067 8.389 14.096 9.783 8.940 32323 14.409 10,436 9.678 12,435 37340 169.734 -3.04% 2011 9.774 14385 11.114 23.592 23.763 19.485 39,554 23.149 16.022 13308 19.524 29.451 243321 43,35% 2012 16.962 133*3 11320 20383 19.470 7,419 37.721 17,782 11342 14368 7.098 24,148 201.756 -17.08% 1 t 1 1 j I 1| | FRANC HIS E IMPROVEMENT CENTER « 28 ' ' ' Mp oct nov dec Jon feb mar apr may Jnn Jul aug Total Growth 2007 2.510 48,074 34376 29,631 37.120 32,030 34307 33320 23.745 49.853 327.066 2008 8.581 6.715 13.620 40,845 37,101 30.094 38.876 40.369 42,435 52.466 35.831 75302 422.635 29.22% 2009 12325 17,114 18,607 55,729 47.701 38369 100.903 37.172 30.751 • 45.105 36.013 91.993 531.682 23.80% 2010 19395 19.757 19.893 60354 34.538 44.632 92.636 52,028 59,412 51.810 51.407 121307 627.069 17.94% 2011 14.665 36.816 40.120 95305 54.776 SO, 809 127,643 40.450 77335 57.688 47361 124.430 767,198 22.35% 2012 18.807 18313 46.694 101.684 38.595 52.776 135.318 37360 54.913 63322 53,802 129.778 771.762 0.59%

89 SECTION II Franchise Improvement Centers Monthly Cash Sales (1)

90 FRANCHISE IMPROVEMENT CENTER tt 29 •cp od DOV dec Jon feb mar •pr may jun jal nng Total Growth 2006 21.342 10,946 52,583 84,871 2007 13.613 11,635 11,878 28,660 22.370 29302 28,192 25.863 33,777 23.898 18,537 27383 275,008 224.03% 2008 6,520 16.634 15,533 28,371 24.081 31.835 25.447 24,985 16.965 20.961 10.003 22,959 244394 -11.17% 2009 16.681 12,458 11,518 26,002 23,040 21.993 27,809 36.953 24.879 8.424 18,634 62,660 291,051 19.14% 2010 30,846 10,192 9^97 21,096 14.988 19.151 23,823 16,485 11351 14323 9398 23328 204,878 -29.61% 2011 10.075 1,776 3,56! 14,865 11.134 12.558 13,139 6,621 6,704 6,757 9,595 24,178 120,963 -40.96% i i l l I 1 1 l l 1 | 1 FRANCHBE IMPROVEMENT CENTER # 30 ' ' sep od nov dec Jon feb mar apr may jan jal oug Total Growth 2006 22.339 15351 17.013 54,903 2007 2,715 2,508 11,520 21,712 14,636 16.595 24.602 29,578 18.668 9368 7,457 36,169 195,428 255.95% 2008 1390 2303 4,908 11,429 9,862 9,171 17.561 17.414 11,827 12.989 9,178 27,630 135,562 -30.63% 2009 8.046 3335 3,694 17,977 5,661 7.935 32.800 14.368 7.406 10,089 5321 50,086 166,818 23.06% 2010 791 7,988 8,649 17,600 5,786 193 S3 36314 18,803 11,119 12.805 11.939 49.525 200,472 20.17% 2011 6,839 3330 5,961 22,817 16,474 19,124 42,973 23.419 20,764 12.405 11369 53399 238,674 19.06% 1 1 1 I I 1 l l l I |1 |] 1 FRANCHISE IMPROVEMENT CENTER* 31 ' \ ' ' sep od nov dec Jon feb mar np- may jan jal aug Total Growth 2006 17,922 63,681 81,603 2007 27,796 14,354 32,779 28,567 20,558 27.517 32,943 27.186 35,491 37.611 31,660 47,682 364.144 346.24% 2008 13,857 18370 10,154 41,303 19,587 30389 36.075 26.028 28.069 22,141 29306 101,948 377,127 3.57% 2009 12378 16,030 14,415 33,683 8,804 17.457 59383 17.915 24.716 22,574 15.850 76,186 319,191 -15.36% 2010 8,836 12,686 16,950 16,368 13,727 16,870 76,764 14^70 15.515 26.590 16,783 78316 313.575 -1 76% 2011 10.615 12,757 10,563 30,820 17353 14.028 81373 18,775 16378 12,776 14,917 85378 325,533 3.81% 1 1 I 1 1 1 1 1 1 1 1| | | | FRANCHISE IMPROVEMENT CEN IKK* 32 ' ' ' ' ' BCp oct nov dec j.n feb mar "pr may jon jal aug Total Growth 2007 56.824 29,690 18,664 34,422 20,698 22366 26.442 25.867 21,603 23.503 15,908 46393 342,180 2008 9.457 17,441 12,509 17,093 15341 12,114 11.837 29,819 21397 16.641 9.803 33,869 207,421 -39,38% 2009 8342 4,943 11309 20,735 4.966 3,971 19320 7,089 11375 28,554 14,766 32,635 167.905 -19.05% 2010 10398 15,917 14,778 20,171 5,274 20,927 40.893 18,743 16354 15,714 21360 57,020 257349 53.21%

1 11 III 1 1 ' 1 ' 1 1 1 — FRANCHBE IMPROVEMENT CENTER 0 33 1 sep oct nov dec j.n feb mar BJW may Jan Jal aug Total Growth 2007 6,895 16.916 17,016 14.799 35,875 36.978 34375 40,854 29,073 28,981 61.812 323.774 2008 13345 17311 13.787 23,020 28,416 14,939 17,607 34,185 14355 19,412 18,617 35,627 250321 -22.69% 2009 17,753 13,901 17371 26,958 12.697 15.687 27.365 10,436 12,524 18,456 6332 24.609 204,689 -18.23% 2010 6,140 5,518 3,469 14,124 5,648 19,416 35,236 15,448 18,172 18,943 16356 31,133 189,603 -7.37% 2011 15,699 14,621 17,193 22,618 16,087 33,800 51,834 40,459 20,471 49385 23,064 54.486 359,617 89.67% l 1 Jill! 1| |1 |1 1 1 1 ! |1 | FRANCHISE IMPROVEMENT CENTER # 34 •ep oct nov dec Jan feb mar apr may jan jal aag Total Growth 2007 8,120 25,431 25,930 30.474 8,039 16,729 19,065 13.434 15,978 33378 196,478 2008 8,031 13,751 24,033 19,058 15,578 16,619 6,115 25,600 15,173 21,987 27,596 49346 242,787 23.57% 2009 11,820 15,170 9.925 12,636 23.476 14,555 35,579 21,733 34,976 20.332 26,500 71.929 298,631 23.00% 2010 19,122 12,958 14.638 29,817 23,035 25327 78,015 28.814 33.927 22.242 18.808 94,419 401,122 34.32% 2011 10.001 28,518 12.798 24.496 9,690 44.826 105.169 50373 49.432 45,245 44,031 122,028 547,207 36.42% 1 1 l 1 1 1 J ' 111 | | 1 FRANCHISE IMPROVEMENT CENTER U 35 ' ' ' ' ' sep oct nov dec i" feb mar apr may jun jal aug Total Growth 2007 9,961 27^75 19,380 21,410 20.373 12,753 7.659 12,487 12352 40,066 183,716 2008 9,184 6,838 5,808 23,698 11,927 13320 11,975 14.998 5,480 9,878 11.078 32,506 156.690 -1471% 2009 2328 5.848 7.821 24,763 5352 16,587 25,427 16355 11.862 11.407 8.547 38,961 175.058 12% 2010 5,736 6,067 8,589 14,096 9,783 8,940 32325 14,409 10.436 9.678 12,435 37340 169,734 -3.04% 2011 9,774 14,585 11,114 23.592 23,763 19,485 39.554 23.149 16,022 13.308 19324 29,451 243321 4335% 1 111)1 1| 1 1 |1 1 FRANCHISE IMPROVEMENT CENTER* 36 ' ' ' 1 lep oct DOV dec j»n feb mar apr may jun jal aug Total Growth 2007 2,510 48,074 34376 29.631 37,120 32.030 34.507 35,320 23,745 49,853 327,066 2008 8,581 6,715 13,620 40,845 37.101 30.094 38,876 40.569 42,435 52,466 35,831 75,502 422.635 29.22% 2009 12,325 17,114 18,607 55,729 47,701 38369 100,903 37,172 30.751 45.105 36,013 91,993 531,682 25.80% 2010 19395 19,757 19,893 60,354 34,538 44,632 92.636 52.028 59,412 51.810 51,407 121307 627,069 17.94% 2011 14,665 36,816 40,120 95305 54,776 50.809 127.643 40,450 77335 57,688 47361 124.430 767,198 22.35%

91 FRANC HIS E IMPROVEMENT CENTER U 29 acp OC* nov dec j.D feb m.r .pr mmy Jaa Jul aug Total Growth 2007 13.818 31.152 37,856 31.678 38.663 29^06 32,752 39.589 55,079 309.793 2008 16.478 12.384 19,828 25.916 20.735 48,711 33320 26.487 28,095 31341 25,552 72.959 362.006 16.85% 2009 14.765 16.160 13,175 22,001 25.409 24.018 46,919 20.051 16,437 16,907 23.785 87.551 327.178 -9.62% 2010 7.760 7338 10,047 17,732 22.635 30313 48.923 21339 36,151 23399 30.735 95,643 352.015 7.59% 2011 9354 13.405 28,584 25.520 11,979 22,677 54.482 24.782 19348 22,816 17,457 85304 335.508 ^t.69% 2012 20386 9393 19^77 23,960 23.043 29,409 73.919 40300 28,090 33394 15392 84.985 401,848 19.77% 1 I 1 . i i 1 | | FRANC HIS E IMPROVEMENT CENTER # 30 ' ' sep ocl nov dec j.D feb m.r •pr mmy Jan Jul aag Total Growth 2007 23.100 12,194 21.634 25.481 17307 14391 21320 23,977 28.758 187.862 2008 5,003 20,471 8,883 19.017 18.829 21.131 20.963 32.015 27,983 11,450 35.818 30301 251,864 3437% 2009 10,725 7347 2,631 21.801 2^17 9.194 23,590 14.000 18,464 5,952 19.435 20,733 156.289 -37.95% 2010 3.062 3.112 2,961 13.504 1.495 3.915 24,965 16.038 17,857 6,925 9329 26.515 130.178 -16.71% 2011 8,736 16.091 21,114 18,712 17394 16.075 46.589 23.755 23356 19.193 13.152 25.060 249.427 91.60% 2012 14.957 1.406 11,963 7,796 31,481 65.089 20346 25,440 9365 11.435 25.751 224,829 -9.86% I l

92 SECTION II Franchise Improvement Centers Monthly Cash Sales (1) FRANCHISE IMPROVEMENT CENTHtW 37 Mp od DOV dec j.n feb mar apr may Jnn Jnl ang Total Growtb 2007 13.818 31.152 37.856 31.678 38,663 29306 32.752 39,589 35.079 309.793 2008 16.478 123*4 19,828 25.916 20.735 48.711 33320 26.487 28.093 31341 25,552 72,959 362.006 16.85% 2009 14.765 16,160 13.175 22.001 25.409 24.018 46319 20.051 16,437 16,907 23.785 87351 327.178 -9.62% 2010 7,760 7338 10,047 17,732 22.635 30,213 48,923 21,539 36,131 23399 30.733 95.643 352.015 7.59% 2011 9,314 13.405 28^84 25320 11.979 22.677 54.482 24.782 19348 22.816 17.457 85304 335.508 -4.69%

FRANC HIS E IMPROVEMENT CENTER M 38 1 " ' •ep od oov dec j.p feb mar apr may Jnn Jnl ang Total Growth 2007 23.100 12,194 21,634 25,481 17307 14391 21320 23.977 28.758 187.862 2008 5.003 20.471 8,883 19.017 18.829 21.131 20.963 32.015 27.983 11.450 35.818 30.301 251.864 34.07% 2009 10,725 73*7 2.631 21.801 2317 9,194 23390 14.000 18,464 5,952 19.435 20.733 156.289 -37.95% 2010 3.062 3.112 2,961 13304 1.495 3.915 24.965 16.038 17.857 6.925 9.829 26315 130.178 -16.71% 2011 8,736 16.091 21,114 18.712 17394 16.075 46389 23,735 23^56 19,193 13.152 25,060 249.427 91.60% i 1 | | FRANC HIS E IMPROVEMENT CENTER * 39 ' ' ' up od nov dec J" feb mar apr may Jnn Jnl ang Total Growth 2007 2.964 56.446 18.075 26.550 41.513 26.810 26.771 18.588 77.019 294.736 2008 5,673 7.860 8,750 32.545 24.924 26,121 28.719 34,790 13.843 14330 12.279 29380 239.116 -18.87% 2009 3,481 11381 4.959 13.952 11.119 8.428 32,444 13359 13,428 12369 17.368 42.922 187.610 -21 54% 2010 7,902 16.844 9.844 19.797 9351 7,210 45.885 11,854 21306 14305 15.987 54^10 234.495 24.99% 2011 7364 3.455 13,791 13.089 2,796 24.374 52,704 25.773 36399 17.707 23344 58.630 281.126 19.89% I 1 [ | | FRANCHISE IMPROVEMENT CENTER* 40 ' ' sep oct nov dec Jon feb mar apr may Jnn Jnl ang Total Growtb 2007 3.486 16.096 29.894 19,165 17.125 19,995 18.626 11.374 22.943 158.704 2008 8366 7378 6.147 16.989 16375 12,650 15,171 12375 10319 8.657 9.481 15.973 139.781 -11.92% 2009 3,187 5.469 3.835 14.998 6.784 10341 9.467 8330 5,789 5.356 21,452 23.126 118,234 -15.41% 2010 12,404 9357 8349 11.728 3.127 8.667 20.712 20350 14,067 10,137 5.050 26.863 150.611 27.38% 2011 5.625 2,000 6,310 9^87 10,480 8,724 23,027 14300 10.698 12.669 11.519 25.803 140.642 -6.62% 1 | FRANCHIS E IMPROVEMENT CENTER # 41 up oct DOV dec j.D feb mar apr may Jnn Jnl ang Total Growtb 2007 24.180 28337 13.072 18,481 13.116 14.724 37.959 149.869 2008 8,776 7.775 12,067 8326 20.132 22.098 20,892 19,094 23.440 19394 10.589 23.139 195.622 30.53% 2009 17,403 10.458 10,383 6.938 7.064 17317 24354 22,050 19.622 27.437 40,795 40.139 243,862 24.66% 2010 21,917 25.723 14^03 22.129 23307 28.632 36.439 37.111 39.862 29.878 31,874 31301 344.376 41.22% 2011 28,093 27342 17.281 30.414 18.452 26.089 46,677 25320 36,497 34323 26,077 58.805 375.970 9.17% 1 1 [ 1 | | | | FRANCHIS E IMPROVEMENT CENTER H 42 ' Mp oct DOV dec j«D feb mar •pr may Jnn JPI ang Total Growth 2007 3.857 11,336 18,648 9388 11.869 3.899 13.643 72,540 2008 9,611 27.811 17.331 17.945 6.949 15.108 12.750 19.603 11.953 10331 9.908 16.039 175359 141 60% 2009 7.610 18.853 18^05 23380 48.965 29368 24,627 16,937 22.082 10,621 10307 20.877 231.832 43.69% 2010 18.751 15.628 26391 21375 30.049 32.789 31,499 14,022 23301 14.781 13.463 30.802 272.631 8.27% 2011 8.724 13.935 28.651 26.182 25.905 37.303 37358 20.079 17395 22.526 14304 41398 294.260 7.93% 1 1 | FRANCHB E IMPROVEMENT CENTER* 43 ' ' ' Mp oct nov dec j.D feb mar apr aiay Jnn Jul ang Total Growth 2007 17.641 40374 28,031 32,463 19.648 11378 58,704 208.339 2008 20^61 23,522 20,795 35357 17.927 9,490 24.696 32,861 12396 21.736 20,380 41,796 281.117 34.93% 2009 11.773 9.053 7.874 20.531 11.117 16.178 30.747 30311 8.600 15300 14.676 51.011 227,571 -19.05% 2010 9.863 4.061 12.062 12.186 10.647 26.791 37334 8.760 23.024 14.915 7.992 33331 201,166 -11 60% 2011 12331 8,998 5.911 18,049 13,065 20.237 19.852 14.010 17340 10.699 10,742 41.447 192.501 -4,31%

FRANCHIS E IMPROVEMENT CENTER tt 44 ' ' ' Mp oct nov dec j.D feb mar apr may Jnn Jnl aug Total Growtb 2007 50.994 28,698 34.704 26391 22.496 36.041 199324 2008 18.19] 22,667 13,083 29^92 15,146 28.552 17330 40.140 35.143 39.433 17,505 75.785 352,769 76.81% 2009 8.603 9.938 18331 27389 18,801 14,100 45.497 17319 19.502 17310 11.216 38,904 246.910 -30.01% 2010 13.404 7.190 7.037 19,912 11,096 11.021 45305 13.619 15.989 12380 17393 39.112 213.838 -13.39% 2011 15.129 11375 10.859 29,190 12,865 23.101 57.965 24.436 13.168 19.432 15.124 52.622 285.266 33.39% 1 ! 1 i i ; : 1 | FRANCHIS E IMPROVEMENT CENTER H 45 ' ' 1 ' ' Hp oct DOV dec >n feb mar apr may Jnn Jnl ang Total Growth 2007 19.755 18.038 14,912 22.919 21.020 34387 131.231 2008 12.646 15.059 8.535 15355 16.431 17.977 12.909 14.836 12.221 13.156 19353 33.624 192.542 46.72% 2009 9312 10.034 10.722 19305 7326 12.040 14367 9316 3.140 11.931 6,000 15394 130.787 -32,07% 2010 6.054 3.743 5.846 10.179 3.826 9.716 16.689 14.713 10.743 14.092 16394 30.920 142,813 9,20% 2011 12.749 8.524 9.927 15.403 9390 15374 24.400 8329 24.556 15.998 17.928 35310 197.788 38,49%

93 FRANCHISE IMPROVEMENT CENTER* 37 sep oct nov dec j.D fob mmr opr mar JUG Jul aac Total Growtb 2007 19,755 18.038 14.912 22,919 21.020 34,587 131331 2008 12,646 15,059 8.535 15.755 16.451 17,977 12.909 14.856 12321 13.156 19353 33,624 192342 4632% 2009 9^12 10.034 10,722 19305 7.326 12,040 14367 9316 5.140 11.931 6,000 15^94 130.787 -32.07% 2010 6,034 3.743 5.846 10.179 3.826 9,716 16.689 14.713 10,743 14,092 16394 30.920 142.815 9.20% 2011 12.749 8.524 9.927 15.403 9.590 15374 24,400 8329 24,356 15.998 17.928 35310 197.788 38.49% 2012 9,948 10,897 12.643 15.683 10398 9.971 20313 15393 14,046 19,065 11361 34337 184355 -6.79% 1 | j | FRANCHBE IMPROVEMENT CENTER # 38 ' sep oct nov dec Jnn fob mar opr may jon Jul aag Total Growth 2007 19.826 64300 38370 31,011 24,002 42.868 220377 2008 13.667 12.113 9.741 43315 35.536 30352 24358 42.461 28375 30,885 20.433 83.142 374.480 69.93% 2009 6.652 3.625 8.805 20.185 25.847 15.028 47.896 21.185 12,499 36,683 27,514 72.144 298.063 -20.41% 2010 22.480 20335 9.402 31352 19321 28392 44.625 32,477 30,883 32,985 35,727 84,722 392.701 31 75% 2011 29,232 12339 21.803 41338 34.036 37,708 70,692 44,095 44,459 36,427 33.639 87350 493.038 25,55% 2012 10.813 10339 20,486 46.117 35,794 50.893 72,685 38.699 25399 26,908 27.143 85311 450387 -8,65% | t 1 | FRANCHISE IMPROVEMENT CENTER # 39 ' sep oct DOV dec j" fob mar npr may Jaa Jul aag Total Growth 2007 33,192 48.509 30,839 38.177 33393 27382 211392 2008 14^27 12389 27,185 40.023 25,501 34,160 40,030 43349 23.869 27.134 23.770 42.644 356.801 68.87% 2009 13,803 15.740 5332 22,032 27,834 24.107 43305 31,740 31,872 19,889 13380 59.186 308,320 -1339% 2010 10,425 5314 8.555 26,941 11,557 16.866 65383 20353 23.579 20,638 14309 61.619 285339 -7.49'/. 2011 7382 11.499 10,120 25,043 19,176 16.896 47.429 13.106 7.137 9.799 10305 19.941 197,633 -30.71% 2012 5,997 10.705 8.692 13.061 10,441 12.656 28,143 23.977 23.805 14.693 22,122 27,857 202.149 2.29%

FRANCHIS E IMPROVEMENT CENTER fl 40 up oct DOV dec j™ feb m.r apr mmy jan Jul aag Total Growtb 2007 40.670 36.568 25.197 16,475 19350 35,100 173360 2008 7.634 13.113 14.801 21.907 20373 19316 32.161 22.893 16367 22,636 26,063 26.880 244346 40,97% 2009 6.133 10335 11,814 32.438 29,494 22.810 47.493 20.461 30.830 17,094 16.344 53,557 298323 2230% 2010 13,922 12399 9,805 34.844 15.886 25.809 57.017 34,141 25335 32.141 21320 37,504 340323 13 89% 2011 11,958 1 5,972 20.004 39.013 15.722 30.027 52.577 36.707 26.773 23,160 23,159 49.511 344385 138% 2012 10.862 18.402 17,913 34.096 20.668 25389 54365 37329 34.014 31,173 22.983 60.763 367.857 6.75% 1 I 1 | | I FRANCHISE IMPROVEMENT CENTER tt 41 sep oct oov dec j.n feb m.r apr may jna Jul ang Total Growtb 2007 24.149 37.846 20.487 16321 27399 126.302 2008 10369 12,776 5.767 22,048 8,760 15.311 19363 30.986 11.831 18333 14376 22332 192.752 52.61% 2009 7,934 12,666 12.159 20.696 16304 13.805 31.426 21.416 31.863 18.018 17.089 31319 234.495 21.66% 2010 16.581 10.724 12.576 16.703 10.304 18.000 34.094 23.497 18.820 15.125 16.638 27309 220.573 -5.94% 2011 16.041 9,171 7378 11.713 15.741 12.623 33.727 18.490 27,791 20.002 15.195 32329 220.301 -0.12% 2012 13,080 12.736 77 281 21.437 16.169 15.663 47.639 24.773 25.075 23303 35363 59,029 316350 43.78% 1 j 1 1 1 1 I | FRANCHISE IMPROVEMENT CENTER # 42 ' •ep oct nov dec j.n feb mar apr may jun Jul aug Total Growth 2007 44.736 27.032 18366 26.060 51322 167316 2008 5.929 11387 12,308 27,031 10.405 19.689 51.487 36.550 32,120 26.750 22.071 67.674 323.421 92,84% 2009 11.113 6.705 7,180 42.128 16.401 16,740 50.837 31.187 26.411 21.117 20.557 91375 341.771 5.67% 2010 15.973 13,064 11,099 25.019 13.814 23,074 63,734 34338 28352 18386 20.799 92.713 360.665 5.53% 2011 12383 8,497 13,514 26.955 21312 18,083 77361 36.422 29320 32.636 23.179 84.452 383,814 6.42% 2012 9.626 9.106 10377 29.370 14.110 26313 86.766 20.664 30.484 26.651 20.135 96.622 380324 -0.91% I [ 1 | FRANCHISE IMPROVEMENT CENTER« 43 sep oct nov dec j.n feb mar opr may jan Jul ang Total Growth 2007 30.174 30.893 22,431 20.756 39.916 144.170 2008 12^63 7.684 3339 24.563 13.864 20.711 33333 27,999 19.973 23.827 15.571 56.870 262.297 81.94% 2009 11.080 7.852 6304 32.509 14.928 13,756 45.978 26.195 20,498 12.910 9363 60384 264.457 0,82% 2010 10.767 8.111 4,159 36398 6.161 11328 43371 20335 18356 16.058 9.889 61.191 245,824 -7.05% 2011 6.873 4397 9309 27382 10.914 16,642 32.996 17,623 14,923 18355 8.641 49.155 218.010 -11.31% 2012 13,144 1398 10308 21.177 15332 27,702 66.749 22,728 14374 20.707 17.609 66.080 297.008 36.24%

FRANCHISE IMPROVEMENT CENTER * 44 •ep oct nov dec j.n feb mmr opr may Joo jol sag Total Growth 2007 65,015 29.855 19.620 19,707 55.485 189.682 2008 7301 8390 25,469 21.459 26.119 23.827 54.527 26.488 33.698 22.608 78^04 328.490 73.18% 2009 7,832 13.572 12.414 21,737 25.822 16.166 74.681 33.941 24.889 38,068 18318 103.643 391.103 19.06% 2010 11.618 12.896 13.644 36.936 19.047 27367 83302 33.504 42.713 23,124 20377 103,940 428368 9.50% 2011 17,697 16.632 17.386 23,091 15312 15,392 67.684 41,617 25,030 20^43 6,796 84.989 351.869 -17.84% 2012 6378 9.614 8,660 37345 20.182 30.411 86.750 25.620 37.834 40.483 19,491 93,886 416.654 18.41%

94 SECTION II Franchise Improvement Centers Monthly Cash Sales (1) FRANCHISEIMPROVEMENT CENTER# 46 "P oct oov dec J.n feb m.r •pr may Jno Jol aag Total Growtb 1007 33.192 48.509 30.839 38,177 33,293 27382 211.292 2008 14,227 12,989 27,18$ 40.023 25,501 34.160 40,030 45349 23.869 27,134 23.770 42,644 356.801 68.87% 2009 13,803 15.740 5332 22.032 27.834 24.107 43305 31.740 31.872 19.889 13380 59.186 308320 -13.59% 2010 10,423 3314 8,553 26.941 11357 16.866 63383 20333 23.579 20.638 14,209 61.619 283339 -7.49% 2011 7.282 11.499 10.120 25.043 19.176 16.896 47.429 13.106 7.137 9.799 10305 19,941 197.633 -30.71% 1 FRANCHISE IMPROVEMENT CENTER tt 47 ' ' up oct nov dec J.n feb m.r •pr mmy j»D Jul ""8 Total Growth 2007 40.670 36368 23.197 16.475 19,250 33.100 173360 2008 7,634 13,113 14.801 21.907 20375 19.316 32,161 22.893 16367 22.636 26.063 26,880 244346 40.97% 2009 6.133 10335 11.814 32.458 29.494 22,810 47,493 20.461 30.830 17.094 16344 53,557 298,723 22 30% 2010 13.922 12399 9.805 34.844 13,886 23.809 37,017 34.141 23335 32.141 21.220 57,304 340.223 13.89% 2011 11.958 15.972 20.004 39.015 15.722 30.027 32.577 36307 26,773 23,160 23.159 49311 344,583 1.28%

FRANCHB E IM PRO VHWENT CENTER* 48 ' up oct oov dec j*n feb m.r •pr m*y Jua Jul •og Total Growth 2007 9396 21.419 7.136 8.181 13.583 10,024 69.739 2008 22.159 $.454 9,375 12.788 13,127 7.157 14.826 12312 11.176 16,609 28 299 24353 177.433 154.43% 2009 8.038 8.508 10.407 19^90 9.120 9300 25,648 16.109 31342 16.933 13.797 42.831 211.423 19.16% 2010 4365 6.677 15.795 19,895 12.759 4.779 43,845 22.044 34.242 18,955 28.251 58.434 270,241 27.82% 2011 14,047 11.049 17.003 16.079 14331 28360 47.856 13339 13.536 23.964 25.653 82.849 307.986 13.97% J FRANCHISE IMPROVEMENT CENTER U 49 ' "P oct nov dec j.n feb m.r •pr mmy Jaa Jnl •og Total Growth 2007 19.826 64300 38370 31,011 24.002 42,868 220.377 2008 13.667 12.115 9.741 43.313 35336 30.552 24358 42.461 28.375 30,885 20,433 83.142 374,480 69.93% 2009 6.652 3.625 8.805 20.185 25.847 15.028 47.896 21.18$ 12.499 36.683 27.314 72,144 298.063 -20.41% 2010 22.480 20335 9.402 31352 19321 28.292 44.625 32.477 30,883 32385 35,727 84.722 392.701 31.75% 2011 29^32 12339 21.803 41338 34.036 37.708 70.692 44.093 44.459 36,427 33,639 87350 493.038 25.55%

FRANCHtS E IMPROVEMENT CENTER ft 50 •cp oct DOV dec jan •pr mmy Jun Jal •oi Total 20,487 16321 126.302 24.149 37.846 27.599 2008 10369 12,776 5.767 22.048 8.760 15311 19363 11.831 18333 14,576 192.752 52.61% 30.986 22332 2009 7.934 12,666 12.159 20.696 16^04 13.805 31.426 21.416 31.863 18.018 17.089 31319 234.493 21.66% 2010 16381 10.724 12.576 16.705 10,504 18,000 34.094 23.497 18.820 13.125 16.638 27309 220.573 -5.94% 2011 16.041 9.171 7378 11.713 15.741 12.623 33.727 18,490 27.791 20,002 15,195 32329 220^01 -0.12V.

FRANCHB E IMPROVEMENT CENTER « 51 ' "p oct aov dec J" feb mar apr may jaa jnl ang Total Growth 2007 44.736 27.032 18366 26.060 51,322 167316 2008 5,929 11387 12308 27.051 10.405 19.689 51.487 36350 32.120 26,750 22,071 67.674 323.421 92.84% 2009 11.113 6.705 7.180 42.128 16.401 16,740 50.857 31,187 26.411 21,117 20,557 91375 341.771 5.67% 2010 15.973 13.064 11.099 23.019 13.814 23.074 63.734 34338 28.752 18386 20,799 92,713 360,665 5.53% 2011 12,383 8.497 133M 26.935 21312 18.083 77361 36,422 29320 32,636 23.179 84.452 383.814 642% 1 | FRANCHISE IMPROVEMENT CENTER* S2 ' ' ' •cp oct nov dec j.p feb m.r «P* may Jun Jnl ang Total Growth 2007 30.174 30.893 22.431 20.756 39.916 144.170 2008 12363 7,684 3339 24,563 13,864 20.711 35,333 27.999 19.973 23.827 15.571 56.870 262397 81.94% 2009 11,080 7.852 6304 32.509 14.928 15.756 45378 26,195 20.498 12310 9,363 60.984 264,457 0 82% 2010 10.767 8,111 4.159 36.298 6.161 11328 43,371 20335 18,256 16358 9,889 61.191 245.824 -7.03% 2011 6.873 4397 9309 27^82 10,914 16,642 32,996 17.623 14.923 18.955 8.641 49.155 218.010 -11.31% 1 1 1 1| 1 •ep oct oov dec J" feb mar "I* may jan Jnl aag Total Growth 2007 65.015 29.855 19.620 19.707 35.485 189.682 2008 730 L 8390 25.469 21,459 26.119 23.827 54327 26,488 33,698 22.608 78304 328.490 73.18% 2009 7,852 13372 12,414 21.737 25,822 16.166 74.681 33.941 24.889 38.068 18318 103.643 391.103 19.06% 2010 11,618 12.896 13.644 36.936 19.047 27,367 83302 33304 42.713 23,124 20377 103.940 428,268 9.50% 2011 17.697 16,632 17.386 23.091 15312 15.392 67,684 41.617 25.030 20343 6,796 84.989 351.869 -17.84% 1 1 1 FRANCHISE IMPROVEMENT CENTER* 54 ' ' MP oct DOV dec i.0 feb mar "Pr nay jnn Jnl ang Total Growth 2007 41.402 71.004 33.763 30.841 68.594 245.604 2008 16,053 26314 26.005 40.806 19393 29.976 48.148 66381 33.493 38.666 30,148 63.805 461.088 87.74% 2009 18.530 29.643 34.672 67.164 35.939 34.093 66.924 35320 49^31 47.900 46,528 94,173 560.417 21.54% 2010 19,437 23.070 33.035 72,095 23397 35.492 63.771 56.940 61,045 55.335 46379 146.071 638.187 13.88% 2011 33.026 24,703 33.701 82,912 43323 62,072 139.425 75325 90.761 63.093 46.146 142381 838.670 31.41%

95 FRANCHISE IMPROVEMENT CENTER # 45 •ep oct nov dec j.D feb m.r apr m«y joo jol aag Total Growtb 2007 41.402 71.004 33,763 30,841 68394 245.604 2008 16.053 26^14 26.005 40306 19393 29.976 48.148 66381 35.493 38.666 30,148 63.805 461.088 87.74% 2009 18.530 29.643 34.672 67.164 35.939 34.093 66.924 35,520 49331 47,900 46.528 94.173 560,417 21.54% 2010 19.457 25.070 33.035 72.095 23.597 35.492 63.771 56,940 61.045 53335 46,279 146,071 638.187 13.88% 2011 33.026 24.703 33.701 82,912 43323 62,072 139.425 75325 90.761 65.095 46.146 142381 838.670 31,41% 2012 22.015 27.666 37.478 88,833 69,496 53.071 140399 75,143 83,015 73,597 72.882 145.032 888.827 5.98% | FRANCHISE IMPROVEMENT CENTER * 46 ' top oct nov dec j.D feb mar apr may Juo jol aug Total Growtb 2007 21.511 33331 22,971 16.569 21315 117.597 2008 6.088 13339 15,722 25,156 25.766 37.437 40.055 24348 22389 21.628 22.510 30,829 283,167 142.50% 2009 13325 5340 4.657 17,442 10.989 17.060 24.842 8,080 9338 4330 14.835 34.713 165.131 -42.09% 2010 8.483 10.432 3,548 19,039 5310 8.771 23.795 18.459 14.722 15.979 16.931 34339 180.008 9.00% 2011 9.855 3.440 23,054 8.668 13.011 40334 18334 7.455 5.426 17.127 46.748 193.612 7.56% 2012 11.829 11347 32.130 15371 12.588 54350 8.414 20397 15,909 9317 34.677 246.062 27.09% 1 | 1 1 FRANCHISE IMPROVEMENT CENTER tf 47 Mp oct nov dec j.D feb mar apr may jon jol aug Total Growth 2007 7.102 25323 12.073 7.484 45.836 97.818 2008 4.611 17.960 13,560 28360 7.844 21.696 17.148 21359 13.184 9.025 19.582 72390 246.719 152.22% 2009 11.552 8.780 15.857 38.134 13387 17.741 38.486 16.930 18333 18.748 17.686 54,690 270.424 9.61% 2010 6.692 12372 12.380 36,940 16.019 20311 44340 2337? 21322 14359 16,346 84,983 309.441 14% 2011 6.790 11.770 23.956 47,990 28336 42,947 37372 28,055 26390 24357 34,751 34,632 347346 12% 2012 8,431 18,830 15.912 20,152 14.446 25.050 28,064 14331 12318 12319 17.023 22337 209.313 -39.74%

FRANCHISE IMPROVEMENT CENTER H 48 sep od nov dec jnn feb roar apr may jna Jul • ug Tolal Growtb 2007 9387 31,783 14.440 17372 26.702 99.884 2008 7.102 3315 9.661 20.876 12.625 16,633 18,978 33.856 16,073 11.737 23.461 47358 223.717 123.98% 2009 9334 10.479 13.015 15.899 12.955 29,025 52,731 19.770 26.723 19.660 14.427 57.480 281,518 25.84% 2010 5.715 14.490 4.070 20.458 12.873 16301 71304 27.671 23395 12.662 13.813 68343 291,395 3.51% 2011 10.572 13.571 18,797 28353 19.070 18.779 76.101 20.690 20,440 19377 11.747 64.877 322,974 10.84% 2012 1.185 2.872 7.107 13.922 9,640 29.190 68.566 29.104 22333 19.085 14.384 63,611 280,999 -13.00% 1 FRANCHISE IMPROVEMENT CENTER * 49 ' ' ' icp od nov dec jnn feb mar apr may jnn Jul mug Total Growtb 2007 4.739 35,181 17.105 10.155 54.835 122.015 2008 7.476 7.621 8.709 24392 17323 25.677 21389 23388 17,678 11.327 13.665 40.738 219.183 79.64% 2009 7.432 3.903 3.318 22.122 5.897 10.614 28,139 9354 12,750 13336 7.778 35339 160.982 -26.55% 2010 3.197 4391 9.714 11,182 6.531 9,461 36.142 12,900 18,143 10.691 9.783 39.469 171.606 6.60% 2011 4333 7.053 3,833 16368 13.340 10,446 37.659 10,140 13361 6.069 12.137 40329 175.068 2.02% 2012 2.666 6.428 9.048 15349 14,689 19,937 64371 18377 13358 11301 13.105 39.012 227341 29.80% I I | j FRANCHISE IMPROVEMENT CENTER ft 50 •ep oct nov dec Jnn feb mar apr may jun Jul •ag Total Growtb 2007 19.120 21.419 18,765 33.407 92.711 2008 7.920 9.617 12.078 23308 23.064 32,621 22.622 32341 20.803 13.985 11,889 21,136 231.906 150.14% 2009 5.381 6.362 9.775 24.508 12,188 13372 30.921 12.628 18.797 9.790 9,130 32.643 185.895 -19.84% 2010 13.184 4.611 3.196 19.989 10358 11.861 26,992 9,505 10.497 4.814 9318 37.490 161.815 -12.93% 2011 4,335 6.033 1.800 27,878 7326 17.857 5,886 6,091 9.621 10.023 14.644 110.616 -31.64% 2012 6,593 8.656 6,857 12,734 14328 8.490 23.676 9.537 11372 9.615 11.123 39379 162,460 46.87% 1 1 j i t |1 | | FRANCHISE IMPROVEMENT CENTER ft 31 ' ' sep oct nov dec jan feb mar apr may Jun Jul aug Tolal Growth 2007 2,796 13340 12364 30.786 59386 2008 10.109 3335 5.929 15.654 10.565 5.803 20.143 7.871 9.836 11.038 14.422 19.058 133.663 125.07% 2009 4.605 6309 9.051 10.739 10306 7.107 25.451 14.574 18.610 20.416 12,038 23370 162376 21.41% 2010 7.730 7.432 7.116 7.869 4.482 3.770 9,656 11.804 13352 5394 11.859 43.446 134.010 -17.42% 2011 7331 17.132 11.404 16359 16,670 24.848 43362 20304 34.805 19.073 24.908 56.142 292.438 118.22% 2012 18,658 23.891 13398 24.445 22.882 20.764 82,721 38,872 31328 31.656 24.994 75310 408,819 39.80%

| 1 1 FRANCHISE IMPROVEMENT CENTER # 52 ' 1 1 ' sep oct nov dec jan feb mar apr may jun Jul aug Total Growtb 2007 16.096 7357 16308 39.761 2008 10.602 7.501 8,152 16377 11.048 16,406 27.429 27,694 19,825 18.998 14.942 38.139 217313 446.55% 2009 8.403 931? 12.986 17.071 5,400 9359 18.138 8.660 11,713 8335 11,059 23340 143,881 -33.79% 2010 7,599 4.171 6,046 17376 6339 10.888 42,770 14.393 20326 12350 11.133 36310 190,003 32.06% 2011 1.773 8.069 10.479 12,657 2327 9382 20,169 19369 17,117 15.750 13.015 31.879 163.986 -13.69% 2012 5.246 5332 6^96 17396 4.183 10399 37,457 18.603 15397 21.771 5.555 33.420 161.453 10.65%

96 SECTION II Franchise Improvement Centers Monthly Cash Sales (1) FRANC REE IMPROVEMENT CENTER* 55 "P oct DOV dec J" feb mar •pr may J.n Jul aug ToUl Growth 2007 2)3M 35331 22.971 16369 21315 117,597 2008 6,088 13.339 15.722 25.136 25.766 37.437 40.055 24,348 22389 21.628 22.310 30.829 285.167 142.50% 2009 13^23 5,340 4,657 17.442 10,989 17,060 24.842 8.080 9338 4,330 14.835 34.713 165,151 -42.09% 2010 8.483 10,432 3348 19.039 5,310 8,771 23.793 18,459 14322 15.979 16.931 34339 180.008 9.00% 2011 9353 3.440 23.054 8.668 13.011 40.334 18.934 7.455 3.426 17,127 46.748 193.612 7.36%

FRANCHIS E IMPROVEMENT CENTER * 56 ' HP oct nov dec J»D feb roar •pr may jon Jnl nag TOU1 Growtb 2007 7,102 25323 12,073 7.484 43.836 97.818 2008 4.611 17.960 13,560 28360 7.844 21.696 17.148 21339 13.184 9.025 19.582 72.590 246.719 152 22% 2009 11352 8,780 15.857 38.134 13387 17.741 38.486 16,930 18333 18,748 17.666 54.690 270,424 9.61% 2010 6.692 12372 12.380 36.940 16,019 20.311 44.240 23.377 21322 14359 16346 84.983 309.441 14% 2011 6.790 11,770 23.956 47.990 28.536 42.947 37^72 28,035 26390 24337 34.751 34.632 347^46 12% | FRANCHIS EIMFBOVHWENT CENTER * 57 ' ' up oct nov dec J.D feb mar apr may Jnl aag Total Growtb JDQ 2007 9387 31,783 14.440 17.372 26.702 99.884 2008 7,102 3,315 9.661 20,B7fi 12,625 16.635 18.978 35,836 16.073 11.757 23.481 47.358 223.717 123.98% 2009 9354 10.479 13.013 15.899 12.933 29.023 52.731 19.770 26.723 19.660 14.427 57.480 281,518 25.84% 2010 3.713 14.490 4.070 20.438 12,873 16,501 71304 27.671 23395 12.662 13,813 68343 291.395 3.31% 2011 10,572 13371 18.797 28^53 19,070 18.779 76.101 20.690 20.440 19,977 11.747 64.877 322.974 10.84% | FRANCHIS E IMPROVEMENT CENTER # 58 M nov j.D feb mar may jun Jnl ang Total Growtb P ©ct dec •P»- 2007 4.739 35.181 17.103 10.155 34.835 122.015 2008 7.476 7.621 8.709 24392 17323 23.677 21389 23388 17.678 11327 13,665 40.738 219.183 79,64% 2009 7,432 3,903 3318 22.122 5.897 10,614 28.139 9354 12.750 13.936 7.778 33339 160,982 -26.55% 2010 3.197 4391 9.714 11.182 6331 9.461 36.142 12,900 18.145 10.691 9.783 39.469 171,606 6 60% 2011 4333 7.053 3.833 16368 13340 10.446 37,659 10.140 13361 6.069 12,137 40329 175,068 2,02%

FRANCHtS E IMPROVEMENT CENTER U 59 •cp oct nov dec j"" feb mar •pr may jDD Jol ToUl Gnmtb 2007 19.120 21.419 18,765 ••33.40I 7 92,711 2008 7,920 9.617 12.078 23^08 23,064 32.621 22.622 32.94 L 20303 13.985 11.889 21.158 231.906 150.14% 2009 5^81 6362 9.775 24308 12,188 13372 30.921 12.628 18.797 9.790 9.130 32.643 185.895 -19.84% 2010 13,184 4.611 3.196 19.989 10^58 11.861 26.992 9303 10.497 4.814 9.318 37.490 161.815 -12.95% 2011 4.335 6.035 1.800 27.878 7.226 17.857 3.886 6.091 9.621 10.023 14,644 110,616 -31.64%

FRANCHB E IMPROVEMENT CENTER • 60 Up oct nov dec jno feb mmr "Pr mmy Jan jnl •Of Total Growth 2007 2,018 23300 18.667 27.189 73.174 2008 6^73 8.747 10.696 19.796 10329 11.479 12315 23.062 11305 10.168 17.316 53.578 195.264 166.85% 2009 11.135 11.840 15337 22.621 11.928 3,746 27.093 3.612 8.016 14350 129,541 -33.66% 2010 6331 9.159 380 21.808 4392 11355 23.151 15.986 18,704 16343 10385 34.469 172.763 33.37% 2011 16.730 2309 17.085 52,594 22369 45.510 74338 20.729 44336 27.647 42304 98397 464.548 168 89% | ; | | FRANCHB II IMPROVEMENT CEN TEH Af 61 ' ' up oct nov dec j.n feb mmr "1* mmy jBO jal •>>8 Total Growtb 2007 2.796 13.340 12,264 30.786 59,386 2008 10,109 3335 5,929 15,654 10.565 5.803 20.143 7.871 9.836 11,038 14.422 19.058 133.663 125.07% 2009 4.605 6309 9,051 10.739 10306 7,107 25.451 14374 18.610 20.416 12.038 23370 162376 21.41% 2010 7.730 7.432 7.116 7.869 4.482 3.770 9.656 11.804 13352 3.3M 11.859 43.446 134.010 -17.42% 2011 7331 17.132 11,404 16^59 16.670 24.848 43.562 20304 34.805 19,073 24,908 56,142 292.438 118.22% 1 | t | | FRANCHB E IMPROVEMENT CENTER # 62 ' ' MP oct nov dec j.n feb mmr mpr mmy jna jnl • ng Total Growtb 2007 16,096 7.357 16308 39.761 2008 10,602 7301 8.152 16.577 11.048 16,406 27.429 27.694 19,825 18398 14,942 38.139 217,313 446.55% 2009 8.403 9317 12.986 17,071 3.400 9.359 18.138 8.660 11.713 8335 11,039 23340 143,881 -33.79% 2010 7399 4.171 6.046 17376 6339 10.888 42.770 14393 20.926 12350 11.135 36310 190,003 32.06% 2011 1.773 8,069 10,479 12.657 2.327 9.382 20,169 19369 17.117 15.750 15.013 31,879 163,986 -13.69% 11,11 1 FRANCHIS E IMPROVEMENT CENTER « 63 ' 1 1 up oct nov dec j.n feb mmr mpr mmy Jna Jnl ang Total Growtb 2007 30,792 18.720 38.373 87,885 2008 6.920 2.445 5.749 24.439 11340 15.495 22.924 33.476 23.167 14.592 9,776 40,003 210,326 139.32% 2009 BJS* 3343 7^47 28392 63 LS 9,478 30350 21.438 27,193 19.028 13.096 56.841 231.112 9.88% 2010 10.168 5,02$ 10.681 22.692 11.184 16.746 55344 29.848 15.477 17.751 10,787 68.839 274,462 18.76% 2011 6.438 16,889 14364 37.105 13.134 21394 68.129 17.832 26300 19,037 11.436 71,630 323,788 17.97%

97 FRANCHISE IMPROVEMENT CENTER * 53 •ep ort oov dec j.n feb mar opr may joo Jul ang Total Growth 2007 30.792 18.720 38373 87,885 2008 6,920 2.445 5,749 24,439 11340 15,495 22.924 33.476 23,167 14.392 9,776 40,003 210326 13932% 2009 8^88 3343 7347 28^92 6318 9,478 30350 21,438 27.193 19.028 13,096 36,841 231,112 9.88% 2010 10.168 5.02$ 10.681 22,692 11.184 16,746 55344 29.848 15.477 17.751 10,787 68,839 274,462 18.76% 2011 6.438 16.089 14364 37.105 13.134 21394 68.129 17.832 26.500 19.037 11,436 71,630 323.788 17.97% 2012 13.495 11369 8.811 29349 15.997 21.380 68.658 18.696 15.723 18.721 19377 39.434 301310 -6.94%

FRANCHIS E IMPROVEMENT CENTER tt 54 ' ' ' Mp ort DOV dec Jao feb mar •pr may joa Jnl aug Total Growth 2007 17,492 27.875 45367 2008 17,707 13304 8,666 23.561 16.992 22.996 27,328 26.755 20,629 24359 16,068 33,542 254.007 459.89% 2009 8,113 10,522 2,852 15.761 10.973 8.679 36.081 12,919 13,983 13.027 8.123 31.097 172.132 -32.23% 2010 9,016 11,769 10.490 30.146 9.577 20.997 45.167 27^63 41,173 26,459 32398 53.696 318.151 84.83% 2011 12.867 15.558 10.422 32,721 22.741 35.510 57,420 36,752 19,429 33378 15.153 46,993 338.944 6.54% 2012 9,973 19346 18.289 27.657 22.900 33.810 63.623 32,804 15.073 18.865 30.126 76.693 369.159 8.91% 1 1 lil.i 1 1 FRANCHISE IMPROVEMENT CENTER iM 55 ' 1 ' 1 Mp oct DOV dec jan feb mar opr may juo Jol ang Tolal Growth 2008 22300 42357 25.947 28321 21,913 27.915 14.475 10.190 10397 22.122 225,937 2009 9.717 7380 5,165 10,407 3,103 7,566 17.190 16359 15,163 10.139 7,146 24,509 133.864 -40.75% 2010 4,851 10.977 10.439 13,832 5.042 7,676 20,059 10349 5,411 6380 3,024 27,498 125,738 -6.07% 2011 16.148 22.898 22.603 33330 21364 9309 73.812 18.704 21.806 20394 20.720 77.519 338,407 183.04% 2012 6.061 1130$ 13.174 19,528 31341 14,953 74.428 15.156 27.075 15.866 14.706 53.564 297357 -17.06% I 1 1 1,1 1 1 1 FRANCHISE IMPROVEMENT CENTER* 56 ' 1 ' ' sep oct DOV dec Jaa feb mar •pr may juo Jul aag Total Growth 2008 7.527 10,080 25.010 25.347 26318 16.920 15.031 19.161 14.430 159.724 2009 10,066 4.888 2.675 22.922 8,192 14316 33.096 23,448 20.620 25.455 22.717 30.994 219,989 37.73% 2010 15,486 7,497 7314 31,880 14380 20,117 37.451 29394 21311 24.586 17.934 44331 271,801 23.53% 2011 9.851 6.433 16.857 34,073 13316 20.011 66.707 23342 29.069 30386 13.032 65.021 328398 20.79% 2012 8.665 10340 12.118 29.634 8317 11,710 70.423 18317 24.153 24.052 10.423 74.983 303.035 -7.70% f I 1 FRANCHISE IMPROVEMENT CENTER * 57 1 sep oct nov dec J.n feb mar •pr may Jun Jal aag Total Growth 2008 17332 51.616 46.039 51.785 59.405 34.611 41.886 35340 48363 386.477 2009 18,047 16.665 17.109 33.711 12.176 18,087 26,080 34.146 31,396 32.114 30321 30.880 300.832 -22.16% 2010 18,742 21.180 9.669 28.018 6.498 26.527 44.596 27,159 31336 22,179 17.156 22.563 275323 -8.41% 2011 14.079 20396 8358 22.361 5,052 19.114 40.851 32,979 20,560 33.667 31.686 51.081 300384 9.02% 2012 16.724 17,440 18396 25.432 11320 25.998 54,173 37.755 50395 47363 25.001 46375 376,072 25.20% [ 1 : 1 - FRANCHIS C IMPROVEMENT CENTER U 58 ' i *ep oct nov dec Jao feb mar npr may jun Jul ang Total Growth 2008 3.601 10330 13333 8.772 13.183 13.173 7,097 5375 16376 913*0 2009 5333 8378 4^28 7.933 13,638 9.724 23.054 11324 7.841 7310 6.904 27399 132.966 45.73% 2010 2.660 3303 1385 6,036 3302 7,937 16.500 10,008 7.784 6.682 7339 23.450 96386 -2731% 2011 4.748 5.013 5338 8.108 3.420 4,152 11,149 5.518 4332 1377 4,439 7,182 66376 -30.93% 2012 4,756 6,989 6328 9,954 9.456 10.496 14.940 23.423 21396 13.017 15.923 26.534 163,112 145.00% 1 1 1 1 1 1 1 1 1 FRANCHIS E IMPROVEMENT CENTER U 59 ' •ep oct DOV dec j.n feb mar • pr may jnn Jol ang Total Growth 2008 3,140 19.769 32,128 19,812 35/15 27365 31.113 13331 253*4 207,117 2009 3,975 11368 5332 11.599 10302 10,374 18365 22.162 27.746 14.787 15.746 25.042 178.698 -13.72% 2010 6,705 7.617 7,126 11.906 12346 8.604 16.614 18.777 18397 35.165 35.197 53.888 232342 30.13% 2011 21398 17,627 12.491 33.435 14.672 25.128 49.167 24320 31.088 28.746 31,665 45.736 335373 44.31% 2012 20,624 17368 22,141 23.187 28353 28.431 98,819 27312 21,378 22.366 13.407 70362 393.448 17.25% 1 1 I 1 i i FRANCHISE IMPROVEMENT CENTER 0 60 ' up oct DOV dec J.n feb mar •pr may jun Jal aug Tolal Growth 2008 3.418 17383 11.096 12.644 2.886 11.039 3,104 11392 9.838 82.700 2009 7.636 3,870 40,108 21,459 7.153 8.439 27,826 15,860 6345 5,868 9.185 25.723 179.472 117.02% 2010 7^71 9.481 2.437 6^55 4,151 6,724 24,726 12,758 8.623 4374 1.801 19,679 108.480 -39.36% 2011 3326 5.676 4,057 6.814 6.889 11.665 25310 11,860 11,427 9.936 18.419 42.832 158.111 45.75% 2012 5.054 13389 8,751 8,446 11.915 12,599 27,660 13,769 3.543 9339 2.099 9,916 126.982 -19.69% i i 1 1 1 | | | 1 I FRANCHISE IMPROVEMENT CENTER* 61 ' •cp oct nov dec Jan feb mar • pr may jun Jul aug Total Growth 2008 291 2.425 8.011 9303 5.073 5.679 5334 10.720 14.605 61.641 2009 4,104 2,619 290 4.965 5359 3.095 7.849 8.061 3.013 7,895 13.886 10,136 77.172 25.20% 2010 4.043 4.912 6.140 6379 3,711 4.887 21.657 7.906 9.629 8.490 5.402 16.119 99.175 28.51% 2011 5.872 11374 3.917 8.162 13,419 10.798 29,554 10,741 20,906 12,712 18.689 23.198 169342 70.65% 2012 5360 5305 8.469 11.046 13312 15.903 38,199 14.413 21.719 14.888 15.452 23.825 188.191 11.20%

98 SECTION II Franchise Improvement Centers Monthly Cash Sales (1) r FRANCHISE IMPROVEMENT CENTER* 64 up oct nov dec tmn feb mar •pr may jon Jol mug Total Gnmtb 2007 17,492 27.875 45.367 2008 17.707 13304 8.666 23361 16,992 22.996 27,328 26,753 20.629 24^39 16.068 33342 254,007 459.89% 2009 8.115 10.522 2.852 15,761 10.973 8.679 36.081 12.919 13.983 13.027 8.123 31.097 172,132 -32.23% 2010 9.016 11.769 10,490 30.146 9,577 20.997 45,167 27363 41.173 26.459 32,398 53.696 318,151 84.83% 2011 12.867 15358 10.422 32.721 22.741 35,510 57,420 36.752 19.429 33378 15,133 46.993 338.944 6.34% 1 1 FRANCHISE IMPROVEMENT CENTER* 65 •ep oct aov dec jin feb mar apr may Jon Jnl mug Totml Gnmtb 2007 6.246 24,428 30.674 2008 6,765 10313 5.421 7.373 8.698 I4.W3 11,854 15359 9354 6.617 16.870 24.039 137.108 346.98% 2009 2.320 3.003 871 4.988 6339 5.682 16.044 7,750 4.133 11.774 4,864 16.778 84.446 -38.41% 2010 1.H3 8.297 2,148 2.993 5.038 4,686 8.794 5322 6374 7.679 9.619 22.027 85.010 0.67% 2011 4.471 2.781 17^52 11387 6.927 7.705 18,326 11,482 5.615 12,861 5.352 7,663 112.022 31.78% 1 ,11 1 FRANCHBE IMPROVEMENT CENTER* 66 1 ' 1 1 MP oct nov dec l*n feb mar apr may Jno Jnl •ng Totml Growth 2008 22300 42.337 25,947 28.221 21.913 27,915 14.475 10.190 10.297 22.122 225.937 2009 9.717 7380 5,165 10,407 3,103 7.566 17.190 16359 15,163 10.159 7.146 24.509 133.864 -MJ.75% 2010 4.851 10.977 10.439 13.832 3.042 7.676 20.059 10349 5.411 6380 3.024 27.498 125.738 -6.07% 2011 16.148 22.898 22,603 33330 21364 9309 73.812 18.704 21.806 20394 20.720 77319 358.407 183.04% 1 ] | | | J FRANCHISE IMPROVEMENT CENTER It 67 ' ' •ep oct nov dec j.n feb mar apr may Jnn Jul •ng Total Growth 2008 19^46 22,676 11.558 17,182 17.933 10333 8.759 14361 40,030 162,300 2009 10314 2.451 5363 4330 7.638 10.801 40362 10354 30338 19,711 13335 55.117 210,614 29.61% 2010 10346 9.412 11384 13.488 16334 18.859 59344 11377 12374 12.854 27.821 66398 270,111 28.25% 2011 25,408 9,960 13376 25320 24358 35,838 63,965 15.011 18304 28.100 24.328 54.637 339,023 23.31%

FRANCHISE IMPROVEMENT CENTER* 68 ' up oct nov dec J" feb mar apr may Jon Jnl mng Total Gnmtb 2008 7327 10.080 25.010 25347 26318 16,920 15.031 19.161 14.430 139.724 2009 10,066 4.888 2,675 22,922 8,192 14,916 33,096 23.448 20.620 25.453 22,717 30.994 219.989 37.73% 2010 15.486 7.497 7314 31.880 14380 20.117 37.431 29.394 213M 24386 17.934 44351 271,801 2335% 2011 9.851 6.433 16.857 34.073 13316 20,011 66.707 23342 29.069 30386 13.032 65.021 328,298 20.79%

FRANCH BE IMPROVEMENT CENTER 0*9 up oct nov ate J" feb mar •pr may jna Jol •oi Total Growtb 2008 17332 51.616 46,039 31,783 39/03 34.611 41,886 35.340 48363 386,477 2009 18.047 16.665 17.109 33.711 12,176 18,087 26.080 34.146 31396 32.114 30321 30.880 300.832 -22.16% 2010 18.742 21.180 9.669 28.018 6.498 26327 44^96 27.159 31336 22.179 17.156 •M «•» 275323 -8.41% 2011 14.079 20396 8358 22361 5.052 19.114 40.851 32.979 20360 33.667 31,686 51.081 3003&4 9.02% I FRANCHISE IMPROVEMENT CENTERH 70 •cp od nov dec J" feb mar •pr may jaa jal aag Toul Growth 2008 3.601 13.233 8.772 13.173 7,097 5373 91340 10^30 13.183 16.376 2009 5^33 8378 4328 7.933 9,724 23.054 7.841 7310 6.904 132.966 45.73% 13.638 11324 27399 2010 2.660 3 303 1.585 6.036 3302 7.937 16,500 7.784 6.682 7339 23.430 96386 -27.51% 10.008 2011 4.748 5.013 5338 8.108 5.420 4,152 11.149 4332 1377 4.439 7.182 66376 .30.93% I I I I 5318 I FRANCHISE IMPROVEMENT CENTER* 71 "P OC1 nov dec Jin fob mar apr amy jaa Jal mas ToUl Growth 2008 3.140 19,769 32.128 19.812 35,415 27365 31.113 13,231 25344 207,117 2009 5.975 11368 5332 11399 10302 10,374 18365 22.162 27.746 14.787 15,746 25.042 178.698 .13.72V. 2010 6,705 7,617 7.126 11.906 12,346 8.604 16.614 18.777 18.597 35.165 35.197 53.888 232.542 30.13% 2011 21398 17,627 12.491 33,435 14.672 25.128 49,167 24320 31,088 28.746 31.665 45.736 335373 44.31% 1 I 1 1 1 |1 FRANCHBE IM PRO VEM l>T CENTER* 72 ' ' up oct nov dec Jin feb mmr apr mmy Jaa Jal aag Total Growth 2008 3.418 17383 11.096 12.644 2.886 11.039 3.104 11392 9.838 82.700 2009 7,636 3.870 40.108 21.459 7.153 8.439 27.826 15.860 6.345 5.868 9,185 25.723 179,472 117.02% 2010 7371 9,481 2.437 6.255 4.151 6.724 24.726 12,738 8.623 4.574 1.801 19.679 108,480 -39.56% 2011 3326 5,676 4,057 6.814 6.889 11.665 25310 11,860 11.427 9336 18.419 42,832 158.111 45.75% 1 i 1 1 I | | 1 | FRANCHISE IMPROVEMENT CENTER* 73 ' xp oct DOV dec J.n feb mmr apr mmy Jaa Jal mas Total Growth 2008 291 2.425 8.011 9,503 5,073 5.679 5.334 10.720 14.605 61.641 2009 4.104 2,619 290 4.965 5359 5.095 7.849 8,061 5,013 7.895 15.886 10.136 77.172 25.20% 2010 4.043 4,912 6.140 6379 3.711 4.887 21.637 7.906 9.629 8.490 5,402 16.119 99.173 28.51% 2011 5,872 11374 3.917 8.162 13.419 10.798 29,554 10341 20.906 12.712 18.689 23.198 169342 70.65%

99 FRANCHISE IMPROVEMENT CENTER # 62 sep oct nov dec jaa feb m.r apr may jDD Jnl •og Total Growtb 2008 25,506 26352 30,999 14.760 15.771 19.368 18,463 25,650 176.969 2009 7,585 3.089 10,143 8,421 11.800 13,667 26.694 17.702 10,117 12.986 10,332 16.171 148,707 -15.97% 2010 12,144 8.345 5^07 14.045 12,761 14,079 31,486 14.724 8.767 9.468 8.608 13.945 153,579 3.28% 2011 10371 11,489 10,102 17.175 18.839 29,084 28,013 27361 10316 15.583 12.975 17.837 209,845 36.64% 2012 7,152 5.997 8,330 20.029 5.577 15360 24.410 11,839 9.581 12.659 15315 19342 155,491 -25.90% 1 FRANCHISE IMPROVEMENT CENTER 0 63 i ' •cp oct aov dec jaa feb m.r apr may jun Jul •ug Total Growtb 2008 I 90,512 40.298 29341 37.981 11,787 27,405 237325 2009 15.126 11,148 9.156 22,692 12^35 25.894 42.785 36344 30.118 18,290 20,474 27.666 272,228 14.61% 2010 11.212 13.448 14314 23.682 20,178 27.156 53,963 25.785 18379 16.127 12331 45335 281,810 3.52% 2011 18,763 9.853 6.313 26^95 21,830 37,678 51,019 28386 13.703 15.487 27,663 51,720 308,810 9.58% 2012 73W 10.748 12,137 20380 19,832 11,153 43300 20,917 17,954 19.710 13,002 42398 238,925 -22.63% ] 1 1 1 FRANCHISE IMPROVEMENT CENTER * 64 ' tep oct DOV dec jaa feb m.r apr may Jnn Jul •og Total Growth 2008 1370 21,828 14344 8.517 7.489 8,528 15.808 77.684 2009 9,049 8308 4310 14384 5.987 14,826 20376 22,531 11337 23,478 15.944 16305 166,435 114.25% 2010 7.018 12,128 10.599 19.821 9.759 8.806 21,925 17,563 12.550 20311 15.681 14.408 170,569 2.48% 2011 11,591 8355 11,450 16.662 10,165 13323 22,751 17,956 15,695 19,840 12,593 31,139 191,420 12.22% 2012 9343 11.206 11354 23.088 17.597 24356 28.041 31349 25.016 20362 19.736 35306 257,054 34.29% t | | 1 1 FRANCHISE IMPROVEMENT CENTER * 65 ' ' Mp oct DOV dec jan feb mar apr may jun Jul aug Total Growtb 2008 1323 25.578 20.041 17,490 24353 22.879 40379 152.443 2009 16,013 7.612 8.190 16,678 9.605 14,784 27.502 21.128 19.841 12.879 23.051 34,479 211,762 38.91% 2010 7.636 11,061 8,033 22398 13393 18324 30.796 27.008 21,921 18.078 18,961 31,123 228,532 7.92% 2011 14.533 20.842 26.923 21,170 17.482 20,589 45.548 21354 21.444 13.895 14367 42,426 280,773 22.86% 2012 6.912 6.678 18335 23,494 15,880 15306 31.948 16369 12,643 12388 12,849 38,075 211377 -24.75% 1 | I | | J FRANCHIS E IMPROVEMENT CENTER W 66 ' ' ' sep oct nov dec J.n feb mar apr may jon Jul aug Total Growth 2008 19.965 40,428 41323 40328 35,867 64352 243,063 2009 10.455 8,076 11,829 26322 26.045 28.917 64.868 13,994 24332 36,430 25,519 43,095 322.082 32.51% 2010 11.424 14,623 6.720 16,080 32,776 31371 85386 33,193 24,155 29307 16,070 86308 387,713 20.38% 2011 18^85 28367 29,509 44,989 26.784 52,926 106,618 38,009 42,943 46381 31.138 99,011 565360 45.82% 2012 20.167 35,110 29.436 44.923 53,121 30,404 86.065 36.173 27312 43380 24.541 93377 523.809 -7.35% 1 1 1 [ 1 1 i l i l l 1 1 1 1 1 | - FRANCHISE IMPROVEMENT CENTER # 67 ' ' sep oct nov dec Jan feb mar apr may jun Jul aog Tolal Growth 2008 30,483 19,673 14312 24388 31,423 120,379 2009 12.632 13.072 12344 29,984 12,018 16327 21300 26.807 15323 15.967 18.133 18,655 212362 76.33% 2010 12.480 8300 7,830 25,705 12,835 12.198 19343 27.881 20321 22341 19.776 20312 209322 -1.39% 2011 15.051 8.931 14,650 43^85 15.960 44.176 51.197 62.171 49,995 32.600 33.890 37,097 409303 95.54% 2012 30312 16372 15.839 47,674 22358 28,409 53.096 40359 74344 44.547 46300 40.587 459.897 12.36% i 1 1 1 | | [ | FRANCHISE IMPROVEMENT CENTER tt 68 ' ' ' »ep oct aov dec Jan feb mar apr may Jun Jul oug Total Growth 2008 11,085 20309 40.473 20.847 34374 126,988 2009 8,166 4,970 9,066 23,508 21.848 12.754 31,705 22.514 20.420 19,761 17.695 51.946 244353 92.42% 2010 11,151 16,016 8.384 24,174 14,628 16.087 51,949 21345 21342 21.819 40.603 75.404 324.902 32.96% 2011 17,135 20.023 22^82 40359 12.056 27.876 58.766 19,075 31317 25,872 25,655 76.712 377328 16.14% 2012 9.480 20303 16382 58333 28.552 27363 65.910 22.638 28.951 23,836 29,713 79.197 411358 8.99% 1 I 1 1 1 1 \i : i t i 1 ! FRANCHISE IMPROVEMENT CENTER tt 69 ' ! ' sep oct nov dec j.n feb mar apr may jun Jul •ug Total Growth 2008 7,763 8,889 11,143 9,877 12.704 50376 2009 5,025 2,419 3.879 7,504 7386 9.504 22,058 26,464 22344 19.441 9.810 52.768 189,002 275.18% 2010 3,457 6.400 9.751 21351 6,826 14,884 38365 21,971 20,913 18,855 29,835 61.031 253,539 34.15% 2011 14381 6.744 11379 14,127 9.121 18,443 78302 34,665 28,030 13,451 24.542 80.713 333,798 31.66% 2012 15.492 8,690 13,502 26,033 17.452 21320 113.622 28,002 18,152 30,649 27,354 94350 414.618 24.21% I 1 I 1 f I I \ | 1 FRANCHISE IMPROVEMENT CENTER tt 70 ' ' ' *CP oct nov dec J.n feb mar •Pr may Jun Jul aug Total Growth 2008 11373 15.771 7325 5.872 13,601 53,942 2009 6,866 14,403 4.186 17,867 9,050 13303 32,032 17,788 15.481 9,932 8,105 22.116 171.029 217.06% 2010 10302 9.037 6,183 21,848 13,329 13.764 45.080 15.108 22.617 24,027 21.943 34,033 237.471 38.85% 2011 13,534 8.871 10326 25.720 13.522 27382 42,713 17.493 30.052 24,188 20319 34.984 269304 13.36% 2012 10.342 12,779 10.008 24361 12,651 22,575 57,438 20,330 16.612 12,105 14312 54.179 267,592 -0.60%

100 SECTION II Franchise Improvement Centers Monthly Cash Sales (1) FRANCHISE IMPROVEMENT CENTER tt 74 tep ort nov dec j.n feb mor apr may Jaa Jut aug ToUl Growth 2008 25306 26.252 30.999 14.760 15.771 19.568 18.463 25.650 176,969 2009 7.585 3.089 10.143 8.421 11.800 13,667 26.694 17.702 10.117 12.986 10.332 16.171 148.707 -15.97% 2010 12.144 8.345 5307 14.043 12.761 14.079 31.486 14.724 8.767 9.468 8.608 13.945 153379 3.28% 2011 10.571 11,489 10.102 17.175 18.839 29.084 28.013 27361 10,916 15,583 12.975 17,837 209,845 36.64% 1 ! | 1 FRANCHISE IMPROVEMENT CENTER tt 75 •cp ort nov dec j.n feb mar apr may Jun Jal aug Total Growtb 2008 5.009 32326 18392 22,775 10343 6.140 12,478 25.117 132380 2009 18.168 9.507 3.561 7385 6,878 1363 12.191 8305 14.962 11.995 3.110 34.148 131.373 -036% 2010 3.335 3.048 50 12.700 2360 8.744 8.986 12.194 8.150 6.142 11.865 28.578 106352 -19.12% 2011 11317 4^83 4.761 12.721 1.533 10,703 27.663 2,763 23,164 13,497 10360 26,679 149,364 4038% 1 1 [ 1 1 FRANCHIS E IMPROVEMENT CENTER M 76 ' MP ort DOV dec j.n feb m.r apr may Jua Jal aug Total Growth 2008 1 90312 40398 29,541 37,981 11.787 27,405 237.525 2009 15.126 11.148 9.136 22.692 12335 25,894 42.785 36344 30.118 18.290 20.474 27.666 272328 14.61% 2010 11.212 13.448 14314 23.682 20.178 27,156 53.963 25.785 18.379 16.127 12,231 45.335 281,810 3.52% 2011 18.763 9.853 6.313 26.395 21.830 37.678 51.019 28386 13,703 15,487 27.663 51,720 308.810 9.58% 1 | FRANCHISE IMPROVEMENT CENTER H 77 ' up ort nov dec J.n feb m.r apr may Jua Jul ang Total Growth 2008 1370 21.828 14344 8,517 7,489 8328 15.808 77,684 2009 9.049 8308 4.210 14384 5.987 14.826 20376 22331 11,337 23.478 15.944 16,205 166.435 114.25% 2010 7.018 12.128 10,599 19.821 9,759 8,806 21,925 17363 12350 20.311 15.681 14.408 170,569 2.48% 2011 11.591 8.335 11.450 16.662 10.165 13323 22.751 17.956 15.695 19.840 12.593 31.139 191.420 12.22% 1 FRANCHIS E IMPROVEMENT CENTER # 78 •ep ort DOV dec J.n feb m.r apr may Jun Jul aug Total Growth 2008 1323 25378 20.041 17,490 24,553 22.879 40379 152,443 2009 16.013 7.612 8.190 16.678 9.605 14,784 27302 21.128 19.841 12,879 23.051 34,479 211.762 38.91% 2010 7.636 11,061 8.033 22398 13393 18324 30.796 27.008 21.921 18.078 18,961 31.123 228.532 7.92% 2011 14,533 20.842 26323 21.170 17.482 20.589 45348 21354 21.444 13.895 14367 42.426 280.773 22.86% 1 1 I 1 I 1 1 1 1 FRANCHISE IMPROVEMENTCETTrnt fl 79 •ep oct nov dec j.n feb mar apr may Jun Jul aug Total Growtb 2008 19.965 40.428 41.323 40328 35.867 64.952 243,063 2009 10,435 8.076 11.829 26322 26.045 28.917 64.868 13394 24.332 36,430 25,519 45.093 322.082 32.51% 2010 11.424 14.623 6,720 16,080 32,776 31371 85,386 33.193 24.155 29.707 16,070 86308 387.713 20.38% 2011 18,285 28.367 29309 44389 26.784 52.926 106.618 38.009 42.943 46.581 31,138 99.011 565.360 45.82% 1 I I 1 1 | | FRANCHISE IMPROVEMENT CENTER * 80 ' ' •ep oct nov dec jmn feb mar apr may Jan Jal aug Total Growth 2008 30.483 19,673 14.512 24,288 31.423 120379 2009 12.632 13.072 12344 29,984 12.018 16327 21300 26.807 15.223 15.967 18.133 18.655 212,262 7633% 2010 12.480 8300 7,830 25.70$ 12.835 12.198 19,343 27.881 20,521 22,241 19.776 20.312 209.322 -139% 2011 15.051 8.931 14.650 4338$ 15.960 44.176 51.197 62.171 49.995 32.600 33.890 37.097 409,303 95.54% | FRANCHISE IMPROVEMENT CEN 1 ER ft 81 ' ' •ep oct nov dec j.n feb mar •Pi may Jun Jal aug Total Growth 2008 ll.085 20309 40,473 20.847 34,274 126.988 2009 8.166 4.970 9.066 23308 21.848 12.754 31,705 22314 20.420 19,761 17.695 31.946 244353 92.42% 2010 11.151 18.016 8384 24.174 14.628 16.087 31,949 21,345 21342 21,819 40.603 75,404 324.902 32.96% 2011 17.135 20,023 22382 40.339 12.056 27.876 58.766 19,075 31317 25.872 25,655 76.712 377.328 16.14% I 1 III 1 | | FRANCHIS E IMPROVEMENT CENTER ft 82 1 »cp oct nov dec jDn feb mar apr may Jun Jul aag Total Growth 2008 7,763 8.889 11.143 9,877 12.704 50376 2009 5.025 2,419 3,879 7.304 7.586 9.504 22.058 26,464 22.544 19,441 9.810 52.768 189.002 275.18% 2010 3.457 6,400 9.751 21331 6.826 14.884 38365 21371 20,913 18.855 29,835 61.031 253.539 34.15% 2011 14.381 6.744 11379 14,127 9.121 18.443 78302 34,665 28.030 13,451 24.542 80.713 333.798 31.66% 1 1 1 1 1 III | I | FRANCHISE IMPROVEMENT CENTER U 83 ' ' "P ort nov dec j"" feb mar apr may Jua Jul aug Total Growth 2008 11373 15.771 7325 5.872 13.601 53.942 2009 6.866 14.403 4.186 17.867 9.050 13303 32.032 17.788 15,481 9,932 8.105 22.116 171.029 217.06% 2010 10,502 9.037 6.183 21.848 13.329 13.764 45.080 15,108 22,617 24,027 21.943 34.033 237.471 38.85% 2011 13.534 8.871 10326 25.720 13.522 27382 42.713 17,493 30.052 24.188 20.319 34.984 269304 13.36%

101 FRANCHISE IMPROVEMENT CENTER* 71 **P od oov dec jan fob mar apr may juo Jul Total Growth 2008 37.677 24,300 23.415 40.677 126.069 2009 18.174 9.128 7.163 23368 20.995 38.680 62.729 34.726 40.672 38.176 34.574 69.418 397,703 213.46% 2010 11.605 11,924 5.622 36.808 21,350 23.004 70,759 31.190 34.897 24^22 22.198 110.874 404,453 1.70% 2011 20.328 8.004 11.509 37.656 23.115 24.449 93.050 37.818 32.669 33,463 33326 117.832 473,619 17.10% 2012 13.934 12.805 21.016 25.593 27,788 19.785 82.703 30.036 25343 23.067 40341 95,121 417.732 -11,80% 1 FRANCHISE IMPROVEMENT CENTER # 72 ' up oct oov dec j" fob mar •Pr may Juo Jul •"E Totml Growth 2008 3.443 67,645 71.088 2009 4.990 15.773 4.491 24.089 4337 6.767 25,664 11.787 13.517 8329 6,063 31.920 159.727 124.69% 2010 16.091 10.131 4,438 21.907 12.842 13.692 30,994 11.877 12,179 14.023 12.152 29302 189.828 18.85% 2011 10.870 7.937 9.674 16.971 13.806 19.836 31,618 15.473 22.120 18367 16.416 43.509 226.597 19.37% 2012 11.660 16.619 13,291 18.906 10.647 9,601 34,670 13.520 11356 11340 14.065 27.910 193,485 -14.61%

FRANCHISE IMPROVEMENT CENTER* 73 up oct nov dec Jaa fob mar apr may Jua Jol aug Totml Growth 2008 4.776 17.605 22381 2009 15340 7.060 18.544 34.830 12.015 24.749 47.871 27.853 32,870 31,796 24.052 50.442 327.322 1362.50% 2010 12.777 11.210 13.332 36.756 16.843 36.975 59.652 29.029 40.085 29393 35.627 99.424 421.103 28.65% 2011 24.768 16.978 18356 49.472 39351 34.046 71,975 71341 39.941 34,538 31362 120.196 332.124 31.11% 2012 22356 28.727 32,941 57.136 34.496 36,345 121.968 42,011 65,088 39.763 43,419 123,747 647.997 17.36% 1 1 1 FRANCHISE IMPROVEMENT CENTER* 74 ' sep oct nov dec J*a fob mar apr may Juo Jol mat Total Growth 2008 4396 4396 2009 10^50 9348 6.557 21369 15.666 13,118 24374 13,795 11,703 21.032 16.084 36.426 201,622 4593.23% 2010 14,563 16,113 17307 26.613 13.811 17.895 59342 42,080 37,701 23.91$ 35.181 63.042 369.463 83.25% 2011 15.401 12.828 13.108 25,499 25,842 21,449 31.638 40,675 18307 24.857 29347 35,712 296.563 -19.73% 2012 11.137 19.148 13.810 17.744 25.992 30304 16.207 24.734 21.988 10.553 28392 217,994 -26.49% 1 | FRANCHIS E IMPROVEMENT CENTER # 75 ' ' sap oct DOV dec Jaa fob mar »pr may Jua Jol •us Total Growth 2008 18.191 18.191 2009 34.700 15337 6.726 20,783 11397 11.864 24.647 15,846 29.631 21.630 32.992 40.969 266,442 1364.69% 2010 13,474 14.943 3381 24,699 16.950 24,464 33.689 22349 26.764 19.059 17.652 34.475 255,699 -4.03% 2011 28,517 11.914 9.785 22.585 14.837 13317 55332 29386 23.010 24,727 28397 40.608 304.135 18.94% 2012 16,641 14.440 29.505 27,703 38.435 20.119 61302 32.841 34.812 34311 20.976 41,038 371.923 22.29%

FRANCHISE IMPROVEMENT CENTER* 76 sep oct oov dec J" fob mar «r* may Juo Jal •us Total Growth 2009 3.481 2.855 2.471 7.160 5,607 3.205 3.035 12.945 8363 8375 20.042 11360 92.899 2010 7^49 1,838 7.523 7322 20.335 7333 19.955 12339 12.901 7.845 6,110 7,177 118,127 27.16% 2011 6309 5.028 7.833 3.865 6.515 32,067 23346 20.310 21.673 11,617 20.436 159.145 34.72% 2012 9370 11337 6389 24^42 9.671 20.479 19,121 11.168 9.427 8.802 7.017 12.636 149.579 -6,01% 1 ( | | FRANCHISE IMPROVEMENT CENTER * 77 sep oct nov dec Jan fob mar apr may Jaa Jul •ug Total Growth 2008 3326 3326 2009 7.185 5334 5,515 8392 3,035 13,129 17.150 10.403 15.450 11372 8.710 27.458 133,873 4049.81% 2010 9.729 3.483 5.460 11320 9328 18313 26.721 22,478 16.058 11,782 10.716 33310 178.598 33.41% 2011 5.415 11.547 5.019 9.819 8.189 18.715 33.536 23.948 16.087 18.199 19.873 37330 207,597 16.24% 2012 22.777 9.477 16.048 22.482 9351 16,484 33.774 8.821 11.683 15,699 8.546 29.421 206.563 -O.50% 1 I | II |,i | <">' • FRANCHIS E IMPROVEMENT CENTER » 78 icp oct nov dec j" fob mar apr may joa Jal •ug Total Growtb 2009 16303 21,401 6.602 12.757 32,682 18.996 23.488 16336 19361 41,030 208.858 2010 9.156 10.968 16.822 21.623 12.435 12330 33.618 26.689 46367 36,577 47345 62373 336,103 60.92% 2011 28.422 21350 29.913 24.086 32.329 31.520 47.178 47.490 50.801 43.078 23.171 13.137 394.897 17.49% 2012 11.789 12317 9.114 18.183 18.943 15.930 31.089 16335 9.816 4.190 13.996 31.849 193.731 -50.94% l j II t 1 ) | FRANCHIS E IMPROVEMENT CENTER # 79 ' ' **p oct nov dec Jan fob mar apr may Jua Jul •ag Total Growtb 2009 402 8316 6313 14,041 21322 15.447 22.029 15.616 18320 35.606 157.312 2010 13,543 11.902 4,685 12.564 4,294 9.142 12.829 8.094 12,668 7.856 11.638 26.630 135,845 -13.65% 2011 6.720 6.458 7.744 8.129 2,834 2.839 21.853 14.063 13.704 11312 24.558 31.642 131.756 11.71% 2012 14.607 4.835 11,881 16.713 18.143 22386 12.839 16.726 20.159 53.630 45.454 54.873 292.446 92.71% 1 1 | FRANCHISE IMPROVEMENT CENTER * SO **P oct nov dec Jan fob mar •I* may jaa Jol •ug Total Growth 2009 6,910 7,028 13.108 25.536 23.105 24.619 28.098 26.879 40,431 197.714 2010 21.690 9.712 16.738 19.807 16.532 20.186 39.140 15.070 34.900 303» 45,453 58.459 327.986 65.89% 2011 26.481 21.155 14.129 38,912 14342 19.967 72.475 35,115 33349 44.752 41.599 66,021 428.197 30.53% 2012 35.735 17.174 16,493 31354 28.433 40.627 89.869 62.450 31.422 42.809 35.146 97.122 328.554 23.44%

102 SECTION II Franchise Improvement Centers Monthly Cash Sales (1) FRANCHISE IMPROVEMENT CENTER* M sep oct nov dec J" feb mar •pr mmy jim Jul aag Tots! Growth 2008 37,677 24300 23.415 40.677 126,069 2009 18,174 9,128 7.163 23368 20,995 38.680 62,729 34,726 40,672 38.176 34,574 69.418 397,703 215.46% 2010 11.605 11,924 5,622 36,808 21,350 23.004 70.759 31,190 34,897 24322 22.198 110,874 404,453 1.70% 2011 20^28 8.004 11,509 37,656 23,115 24,449 93,050 37,818 32,669 33,463 33,526 117,832 473,619 17.10% 1 i 1 FRANCHISE IMPROVEMENT CENTER* 87 ' ' MP oct nov dec iMU feb mar apr may joa Jal aag Total Growth 2008 10,748 15375 26,023 2009 3339 3.624 3.801 2,629 1,268 195 5.725 9.789 15^78 9,997 15,777 32334 103,656 298.32% 2010 8,145 3,821 5,655 4357 934 7,541 17,975 18,727 19,182 9300 34.867 130^04 25.71% 2011 16,495 4,975 5365 8.509 2,557 10.455 26,462 28,720 23351 18393 10.814 19,040 175336 34.56% I 1 I1 FRANCHIS E IMPROVEMENT CENTER 0 88 ' ' MP oct nov dec J... feb mar apr may Jua Jul aag Total Growtb 2008 1.015 24,818 25.833 2009 10.416 9.174 9.516 23,730 11,541 9.192 29368 14.932 9,575 23,498 8,043 38354 197.139 663.13% 2010 7.085 14,998 16349 45378 17,743 25.579 51.542 21.546 17372 21,097 24,455 66,455 329.699 67.24% 2011 18.306 7399 15,105 31374 18.781 15,793 53.648 22.407 15.824 15.993 20.703 63366 298399 -9.49% t [ | FRANCHIS E IMPROVEMENT CENTER » 89 ' Mp oct nov dec Jan feb mar apr may Jua Jul aug Total Growtb 2008 3,443 67,645 71,088 2009 4.990 15,773 4.491 24,089 4337 6,767 25.664 11.787 15.517 8329 6.063 31,920 159,727 124.69% 2010 16.091 10,131 4.438 21,907 12.842 13,692 30,994 11.877 12.179 14,023 12,152 29,502 189,828 18.85% 2011 10.870 7.937 9.674 16,971 13.806 19,836 31.618 15.473 22,120 18367 16,416 43.509 226,597 19.37%

1 | FRANCHISE IMPROVEMENT CENTER* 90 ' Mp oct nov dec Jan feb mar apr may Jua Jal aug Total Growth 2008 4,776 17,605 22381 2009 15^40 7,060 18^44 34.830 12,015 24,749 47.871 27.853 32.870 31.796 24.052 50.442 327,322 1362.50% 2010 12,777 11310 13332 36.756 16.843 36375 59,652 29,029 40,085 29393 35.627 99.424 421,103 28.65% 2011 24.768 16,978 18356 49.472 39351 34.046 71,975 71341 39,941 34,538 31362 120,196 552.124 31.11% 1 1 Ill' 1 ! 1 1 FRANCHIS E IMPROVEMENT CENTER* 91 tep oct nov dec Jan feb mar •pr may Jua Jul aag Total Growth 2008 4396 4396 2009 10350 93*8 6357 21269 15.666 13.118 24374 15.795 11,703 21,032 [6,084 36,426 201,622 4593.25% 2010 14.563 16,113 17307 26,613 13,811 17.895 59342 42.080 37,701 23,915 35,181 65.042 369,463 83.25% 2011 15.401 12,828 15.108 25,499 25,842 21,449 31.638 40.675 18307 24,857 29347 35.712 296,363 -19.73% 1 1 I i | FRANCHISELMPROVEME3VTCENTER* 92 ' ' •cp oct nov dec Jan feb mar apr may Jua Jul aug Total Growth 2008 18.191 18.191 2009 34,700 15,357 6,726 20.783 11397 11,864 24,647 15,846 29.631 21,630 32,992 40,969 266.442 1364.69% 2010 13,474 14,943 5381 24,699 16.950 24.464 35.689 22.249 26,764 19.059 17,652 34.475 255.699 -4.03% 2011 28^17 11.914 9.785 22,585 14.857 13317 55332 29386 25.010 24.727 28397 40,608 304.135 18.94% ' | I ! 1 I I FRANCHISE IMPROVEMENT CENTER tt 93 Total Mp oct nov dec Jan feb apr may jal aug 5.035 8375 20,042 92,899 2009 3.481 2.855 2,471 7,160 5,607 5^05 12.945 8,263 11360 19.955 7,845 6,110 118,127 27.16% 2010 7349 1,838 7,523 7322 20.535 7.333 12339 12.901 7,177 32,067 21.675 11,617 159,145 34.72% 2011 6309 5,028 7,833 3.865 e.sis 23346 20,510 20.436 I ! 1 : I 1 FRANCHISE IMPROVEMENT CENTER* 94 •cp oct DOV dec jan feb mar apr may Jim jDl aag ToUl Growth 2008 3326 3326 2009 7,185 5.554 5,51$ 8^92 3.055 13.129 17.150 10.403 15.450 11,972 6,710 27.458 133.873 4049.81% 2010 9,729 3.483 5.460 11320 9328 18.213 26.721 22,478 16,058 11.782 10.716 33,510 178,598 33.41% 2011 5,415 11.547 5.019 9.819 8.189 18,715 33,556 23,948 16,087 18,199 19.873 37330 207,597 16,24% I I FRANCHISE IMPROVEMENT CENTER # 95 icp oct nov dec J.D feb mar apr may jun Jul •ag Total 2009 16^05 21.401 6,602 12,757 32.682 18,996 23.488 16336 19361 41,030 208,858 2010 9.156 10,968 16,822 21,623 12,435 12330 33,618 26,689 46,367 36,577 47.245 62373 336,103 60.92% 2011 28,422 21.750 29.915 24.086 32^29 31320 47.178 47,490 50.801 43.078 23.171 15.157 394,897 17.49% 1:11, I

103 FRANCHIS E IMPROVEMENT CENTER fl 81 sep oct DOV dec J»D feb mar apr may jun Jal •ug Total Growtb 2009 5.826 10.508 25.965 27,619 20.996 16,676 14,815 11338 133.743 2010 2.403 2.650 3.549 16.613 10.084 12.479 13.151 9.608 15324 19.400 12.836 118.099 -11.70% 2011 10.869 10,867 6,474 14,143 26.901 22,888 35.598 34.871 27,752 26.712 23.922 18,640 261.637 121.54% 2012 3.804 21355 23,467 29.943 20.967 30.736 51.139 38,424 36309 42356 30.068 50.731 381.099 45.66% 1 FRANCHIS E IMPROVEMENT CENTER # 82 ' sep oct DOV dec j.a feb mar apr may jan Jal • ug Total Growth 2009 54.001 17.839 17.424 11.499 14.638 58.055 173,456 2010 19.655 17.927 17.763 37.862 17.800 18393 48.523 15.571 35,022 19305 20.772 84.034 352.627 103.29% 2011 13.767 21.055 28.484 25.922 29.180 53,095 93.489 50377 23.675 25336 33,031 80.677 497.988 4 1.22% 2012 36.059 29,621 413M 60,189 35.728 38.915 145.818 50.713 54327 47397 29.126 81,767 651,752 30.88% 1 |1 | FRANCHIS E IMPROVEMENT CENTER « 83 ' ' ' •ep oct oov dec j.n feb mar apr may Jun Jal •ug Total Growtb 2010 6.032 16352 7^19 14.192 36.805 25312 27355 17391 18349 51392 220.899 2011 12.895 10.488 11303 35.625 23.744 14.778 45.549 19,853 19,117 18.938 10.403 54330 277,043 25.42% 2012 8.173 8360 7.088 19.492 12.933 18392 41382 25.499 11365 13373 5.723 28376 199.956 -27.82% 1 1 1 FRANCHISE IMPROVEMENT CENTER * 84 ' 1 ' ' "P oct DOV dec j.n feb mar apr may jan Jal •ug Total Growth 2010 22.027 21.858 11,780 10.691 7356 12316 17360 103.088 2011 12.174 13.455 16^06 13.931 22.464 11.637 18,966 15,574 9333 18.739 7312 22.786 182.797 77.32% 2012 5321 19370 16.191 17.005 17.133 14.979 27.658 17313 20391 10,061 14322 28.437 207.781 13.67% 1 i 1 FRANCHISE IMPROVEMENT CENTER* 85 ' ' Mp oct DOV dec j.n feb mar apr may Jna Jal •ug Total Growth 2010 13.787 22.744 15.492 16,640 33.400 102.063 2011 14^31 15.312 11340 18,651 14.317 19,601 33.907 20.725 23.047 26346 21333 42349 261.459 136.17% 2012 13310 10,600 8.328 23,990 24.828 18,766 48.410 17.919 22,732 20.041 17388 50,063 278,375 6,47%

FRANCHISE IMPROVEMENT CENTER M 66 ' ' •cp oct oov dec J.n feb mar apr may jun Jal •ug Total Growth 2010 10325 18.979 18.492 40.453 88.849 2011 12.427 4.718 12,516 21.393 10,983 15,416 44.601 18.542 24,194 14.622 16.140 33,588 251.140 182.66% 2012 5,093 7.807 11.062 18.103 7.946 16,952 39.539 10,997 14.121 21,983 15.442 43,432 212.477 -15.39% 1 1 1 | | | | FRANCHIS E IMPROVEMENT CENTER « 87 sep oct may Jan Jal aug Total Growtb 2010 2,139 13.663 15.802 2011 5^66 4.403 4,486 8.901 11.989 8,021 10372 7.828 12.801 13.003 11,947 18323 117.840 645.73% 2012 6.705 2.141 7,977 12,731 13.887 11.836 18,035 11.010 10.667 8.985 9,669 22.594 136337 15.61% 1 1 I'll 1 1 | | | | - FRANCHIS E IMPROVEMENT CENTER * 88 ' ' MP oct nov dec J" feb mar apr may Jnn Jal • ug Total Growth 2011 10346 23.558 26,126 25.143 20372 38.170 33.093 26.864 27.977 19.842 43.746 295.139 2012 12.139 13.446 20345 20^08 19,923 31.492 64.663 37.690 28.883 29,052 25392 58.723 361,956 22.64% [ | 1 | | FRANCHISE IMPROVEMENT CENTER tt 89 »ep oct nov dec j.n feb mar apr may Jaa Jul •ug Total Growth 2011 778 16.703 8.454 19.519 43374 38.033 29379 35325 16.468 27349 235,802 2012 12.910 10.740 18385 9306 21.897 15.892 43.406 18,938 16316 30.513 22350 63.179 283,932 20.41% I 1 | | J FRANCHISE IMPROVEMENT CENTER tt 90 sep oct nov dec j.n feb mar apr may Jua Jal •ag Total Growth 2011 6332 22.096 31.154 17388 26,123 9.647 12.871 13.458 8.794 31.084 179,047 2012 10,788 20313 10370 18.615 15.120 37.039 16,741 15.697 10346 29.625 206.828 15.52V. I I FRANCHISE IMPROVEMENT CENTER H 91 I sep od nov dec j.o feb • pr jon jal Total • us Growtb 2011 6.858 17325 20.974 44.938 46,039 40.791 35,050 40337 62368 315.480 2012 19373 26.888 29.638 40346 28342 34.100 94.642 29.929 40.453 39.797 44309 96329 524.546 I ' ! 1 66.27% FRANCHISE IMPROVEMENT CENTER U 91 Total sep od nov dec j™ feb m*r •pr may jao Jal •ug Growth 19,877 19337 27,181 233^42 2011 74,106 26,510 30.163 35^68 9.561 8.438 5,410 29,069 15313 12,734 28385 18.195 273303 17.08% 2012 50373 21.174 22,974 51.677 I I FRANCHIS E IMPROVEMENT CENTER ft 93 i sep oct oov dec J.p feb jao jal aug Total Growth 2011 43307 73.152 116,459 2012 23.634 18.647 20,642 28,182 38.561 50.326 42.959 44.954 32,583 24.479 19393 82.733 427.015 266.67%

SECTION II

104 Franchise Improvement Centers Monthly Cash Sales (1) I FRANCHISE IMPROVEMENT CENTER* 96 •ep Oft aov dec Jan feb "1* mmy Jun jal Total Growth 2009 402 8.316 6^13 14,041 21322 15.447 22,029 15.616 18320 35.606 157312 2010 13.543 11.902 4,685 12,564 4394 9.142 12.829 8,094 12.668 7.856 11.638 26.630 135,845 -13.65% 2011 6.720 6.458 7,744 8.129 2.834 2.839 21.853 14,063 13.704 11312 24.358 31.642 151.756 11.71% : ! t : i I I I FRANCHISE IMPROVEMENT CBV'TER* 97 feb jal Total Growth •ep oct nov dec Jan Jnn 2009 13.108 2S.536 23,103 24,619 28.098 26,879 40.431 197,714 6.910 7.028 2010 20.186 39.140 15,070 34.900 30399 45,453 5S.439 327,986 65.89% 21.690 9.712 16.738 19.807 16.532 2011 19.967 72,473 35.115 33,349 44.752 41.599 66.021 428.197 30.55% 26,481 21.155 14,129 38.912 14.242 ! I . i i FRANCHISE IMPROVEMENT CENTER* 98 feb •f mmy Jnn jal Total Growth •cp oct oov dec jan 2009 5,826 10,508 25.963 27.619 20.996 16.676 14.815 11.338 133.743 2010 2.405 2.650 3,549 16.613 10.084 12.479 13.151 9.608 15.324 19.400 12.836 118.099 -11.70% 2011 10.869 10.867 6,474 14,143 26.901 22.888 35.598 34,871 27,752 26,712 23.922 18.640 261.637 121.34% : I i , \ I I FRANCHISE IMPROVEMENT CEVTER* 99 feb our may Jnn jal aug Total Growth lep od nov dec jan •Pr 2009 54.001 17.839 17,424 11,499 14.638 58.055 173.456 2010 19.655 17.927 17.763 37.862 17.800 18,393 48.523 13.571 33.022 19.305 20.772 84,034 332.627 103.29% 2011 13.767 21.055 28.484 25.922 29.180 33.095 93.489 30377 23.675 25.336 53.031 80,677 497.988 41.22% I I I I I I I I I FRANCHISE IMPROVEMENT CENTER* 100 •ep od nov dec jan feb may jnn Jul aag Total Growth 2010 6,032 16.352 7.219 14.192 36.805 25312 27,333 17,591 18.349 31392 220.899 2011 12,895 10.488 11.303 35.625 23.744 14.778 45.549 19,853 19.117 18.938 10.403 54,350 277.043 23.42% I'll ! I I FRANCHISE IMPROVEMENT CENTER * 101 •ep oct nov dec jan feb •pr may Jon Jul aag Total Growth 2010 22.027 21.858 11.780 10.691 7,256 12,216 17,260 103.088 2011 12,174 13.455 16306 13.951 22,464 11.637 18.966 15.574 9 333 18,739 7,312 22.786 182.797 77.32% I I i I I- - FRANCHISE IMPROVEMENT CENTER* 102 •ep od nov dec J" feb mar apr may jun Jul •ug Total Growth 2010 13.787 22.744 15.492 16,640 33.400 102.063 2011 14331 13312 11340 18,651 14317 19.601 33.907 20.725 23.047 26.546 21.333 42.549 261.439 156.17% 1(1111 FRANCHIS E IMPROVEMENT CEVTER fl 103 •cp oct nov dec jan feb •r apr may Jun Jul •ug Total Growth 2010 10.925 18.979 18.492 40.453 88.849 2011 12,427 4,718 12.516 21393 10.983 13.416 1.601 18.54 2 24.194 14,622 16.140 55.588 251.140 182.66% I I | I I I I FRANCHISE IMPROVEMENT CENTER tf 104 tep oct DOV dec jan feb mar apr may Jun jnl •ug Growth 2010 2.139 13.663 15.802 2011 3366 4.403 4.486 8.901 11.989 8,021 10,572 7.828 12.801 13.003 11.947 18.323 117.840 645.73% I I I FRANCHISE IMPROVEMENT CENTER* 105 •ep oct nov dec jan feb apr may jnn Jul Totml Growth 10^46 23,558 26.126 25.143 20.372 38.170 33.095 26.864 27.977 19.842 43.746 295,139 I I I I I I I FRANCHIS E IMPROVEMENT CHSiTER tt 106 •cp oct nov dec Jan feb apr may jt Jal •ug Totml Growth 778 16.703 8.454 19,319 43,274 38.053 29.379 35.925 16.468 27^49 233.802 I I I I I FRANCHIS E IMPROVEMENT CENTER * 107 sep oc* nov dec Jan feb mar apr may jun Jal •ug Total 2011 6.532 22,096 31.154 17.288 26,123 9.647 12.871 13.458 8.794 31.084 179.047 II I I I I I I I I FRANCHISE IMPROVEMENT CENTER 10* Mp ocl nov dec Jon feb mar apr may jun Jul aug Total Growth 2011 6.858 17.325 20.974 44.938 46.039 40.791 35.050 40.537 62.968 315.480 III!' I : I I FRANCHISE IMPROVEMENT CENTER tt 109 feb mar apr may jun Jul aog Total •ep oct nov dec Jan 2011 19.877 74.106 26.510 30,163 19.937 27,181 35.568 233342 I I I I

105 SECTION II Franchise Improvement Centers Monthly Cash Sales (1) | FRANCHISE IMPROVEMENT CENTER # 110 •cp oct nov dec Jon feb mmr apr may Jun Jul aug Total Growth 2011 20.455 22,809 8.994 18,279 14,405 25.214 110,156 III ( I I I 1 I I I 1 1 I I FRANCHIS E IMPROVEMENT CENTER #111 •cp oct nov dec jan feb mar apr may Jun Jnl aug Total Growth 2011 43^07 73.152 116.459 L !..!..! ..1. L . A L_ I . I L . 1 1 1 . 1

FRANCHIS E IMPROVEMENT CENTER U 94 sep oct nov dec jan feb mar apr may jan Jul aug Total Growth 2012 3,232 7,129 4,444 7,716 4,587 15,244 8,194 3,102 2^59 4,158 2,898 5,176 68,439 ] I i t i 1 I I I I I I I I » FRANCHBE IMPROVEMENT CENTO* U 95 sep ort nov dec jan feb mar apr may jon jol aug Total Growtb 2012 9,662 21,098 14,665 12,850 13,548 4,953 14,342 13,345 7,525 41,994 153,982 I I I I i i I I ! I I I ! I ! FRANCHISE IMPROVEMENT CENTER ft 96 sep oct nov dec jan feb mar apr may jun jnl aug Total Growth 2012 17,819 36,267 27,633 74,290 31,820 34,537 31,578 37,050 90,080 381,074 I I I I I I I I I I I I I II FRANCHBE IMPROVEMENT CENTER U 97 sep ort nov dec jan feb mar apr may jun jnl aug Total Growtb 2012 297 7,000 13,351 15,495 11,476 9,144 7,603 11,714 21,449 97,529 I I : I I I I ! 1 I i I I I I FRANCHBE IMPROVEMENT CENTER # 98 sep ort nov dec jan feb mar apr may jun jul aug Total Growth 2012 13,500 44383 20,798 18,820 27,034 21,451 29,373 175,359 I I ! I I i 1 I i I I I I I i FRANCHBE IMPROVEMENT CENTER U 99 sep ort nov dec jan feb mar apr may jnn jul ang Total Growth 2012 7,811 38,498 27,236 15,877 24,861 20,518 22,546 157,347 i i i i i i i i i ; i i i i FRANCHBE IMPROVEMENT CENTER H 100 sep ort nov dec jan feb mar apr may jun jnl aug Total Growtb 2012 14,223 18,649 19,184 27,672 16,563 24,027 120,318 I I i I I I I ! i 1 > I I I I FRANCHIS E IMPROVEMENT CENTER # 101 sep ort nov dec jan feb mar apr may jun jul aug Total Growth 2012 16355 33,185 23,746 19,132 30,288 122,706 i FRANCHBE IMPROVEMENT CENTERft 102 sep ort nov dec jan feb mar apr may jun jul aog Total Growth 2012 12,111 32,720 27,038 63,548 135,417

These figures were obtained from the revenue reports submitted by franchisees to us. The franchisee revenue reports were not audited or independently verified by us.

106 £ ^ ITEM 20 OUTLETS AND FRANCHISEE INFORMATION

Table 1 Systemwide Outlet Summary For Fiscal Years 20092010 to 2W42012

Outlets at the Outlets at the Outlet Type Year Start ofthe Year End ofthe Year Net Change Franchised 20103009 405107 105 0=2

105 403111 -36

30442012 -mill 409102 6z9

20103009 2*30 3031 31

Company-Owned 2^113040 5031 3433 42

3OU2012 3433 3356 323

Total Outlets 20102009 433137 435136 2rl

201130W 435136 434144 -48

30+42012 434144 442158 814

Table 2 Transfers of Outlets from Franchisees to New Owners (Other Than the Franchisor) For Fiscal Years 20092010 to 30442012

State Year Number of Transfers 20123009 0

30W 0 Arizona 2011 1

2012 0

70103009 46

California 3040 6

2011 1

30092012 40

FloridaColomdo 2010 6

109 State Year Number of Transfers 2011 01

Florida 30092012

Nevada 2010

2011 40

Mieht 30092012

2010 01

30W

20Q9

New Mexico 201130+0 40

30442012

20123009 02

New York 30+0

2011

ebie 30092012 +0

Ohio 2010

2011

2012

2(1102009 01

Pennsylvania 2011 2012 20123009 01

Rhode Island aow 2011 2fil2 20103009 01 30+0 Tennessee 2011 2012 Texas 20103009 40

110 State Year Number of Transfers aow 0 2011 1 2012 0 mmow 0 20io 0 Virginia 2011 1 2012 o

20102009 12

. Totals 20113040 425

20H2012 53

111 Table 3 Status of Franchised Outlets For Fiscal Years 20092010 to 20112012

Ceased Outlets at Operations Outlets at Start of Outlets Non- Reacquired Other End of the State Year Year Opened Terminations Renewals by Franchisor Reasons Year 7,01030 1 0 0 0 0 0 1 09 701130 A I 0 0 0 0 0 1 +0 304420 I 0 0 0 0 0 1 12 , 201030 5 0 0 0 0 01 54 09 A£ 3040 5 0 0 0 0 + 4 2011 4 0 0 0 0 0 4 300920 G ^ 334 0 0 0 0 40 344 12 oh 2010 21 0 0 0 0 2 19 201130 19 1 0 0 0 0 20 44 300920 0 0 0 +12 0 38 12 m CjD 2010 2 0 0 0 0 0 2

2011 1 0 0 0 0 0 1 300920 H , 441 0 0 0 0 0 441 12 2010 11 1 0 0 0 0 12

2011 12 1 0 0 0 1 12

2012 12 I o 0 Ji o •ii - 201030 1 0 0 0 0 0 1 09 H| 201(1 1 0 0 0 o 0 I

2Q12 I 0 0 0 0 0 1 iA 2010 1 0 0 0 0 0 1

112 Ceased Outlets at Operations Outlets at Start of Outlets Non- Reacquired Other End ofthe State Year Year Opened Terminations Renewals by Franchisor Reasons Year 2011 1 0 0 0 0 0 1 300920 y 1 0 0 0 0 0 I 12 UJ 2010 +2 0 0 0 0 0 +2 1 2011 42 0 0 0 0 0 +2 300920 H 2 0 0 0 0 0 2 12 m 2010 2 0 0 0 0 0 2 i 2011 2 0 0 0 0 0 ^2 300920 » 2 0 0 0 0 0 2 12 2010 21 01 0 0 0 0 2

2011 2 01 0 0 0 0 33 300920 Ki > 43 oi 0 0 0 01 43 12 Kk 2010 40 40 0 0 0 0 30 2011 20 0 0 0 0 0 30 300920 M B 0 01 0 0 0 0 01 12 HP 2010 0 0 0 0 0 6 0 2011 0 1 0 0 0 0 1 300920 M A 41 0 0 0 0 0 41 12 MA 2010 4 0 , 0 o , 0 1 3

2011 3 0 0 0 0 0 3 300920 w[ 3 0 0 0 03 0 % 12 m 2010 3 0 1 0 0 0 2 2011 2 0 0 0 0 0 2 300920 M N 42 01 0 0 0 0 43 12 MN 2010 4 0 0 0 0 0 4

2011 4 0 0 0 0 0 4 300920 24 0 0 0 0 0 34 + 12 113 Ceased Outlets at Operations Outlets at Start of Outlets Non- Reacquired Other End ofthe State Year Year Opened Terminations Renewals by Franchisor Reasons Year NjO 2010 2 1 0 0 0 0 3

2011 3 1 0 0 0 0 4 300920 N 12 54 0 0 0 0 0 54 Nfc 2010 5 0 0 0 0 1 4 2011 4 0 0 0 0 0 4 300920 N s 44 0 0 0 0 0 44 12 m 2010 1 0 0 0 b 0 1 2011 1 0 0 0 0 0 1 300920 N . 31 0 0 0 0 0 31 12 Nt 2010 3 0 0 0 0 0 3 2011 3 0 0 0 0 0 3 300920 43 0 0 0 0 0 43 12 N^4 2010 1 0 0 0 0 0 , 1

Njvi 2011 1 0 0 0 0 0 1 300920 N f 41 40 0 0 0 0 51 12 NV 2010 5 0 0 0 0 0 5

2011 5 0 0 0 2 0 3 300920 N / 23 1 0 0 0 ,01 3 12 Nk 2010 3 0 0 0 0 0 3 2011 3 0 0 0 0 1 2 300920 © 4 62 0 0 0 0 40 52 12 2010 5 0 0 0 0 0 5 0 4 2011 5 1 0 0 0 0 6 300920 \ 46 0 0 0 0 0 12 46 2010 1 1 0 0 0 0 2 OK 2011 2 0 0 0 0 0 2

114 Ceased Outlets at Operations Outlets at Start of Outlets Non- Reacquired Other End ofthe State Year Year Opened Terminations Renewals by Franchisor Reasons Year 300920 ft i 62 0 . 0 0 0 0 62 12 a 2010 6 0 0 0 0 0 6 2011 6 0 0 0 0 0 6 300920 R 12 06 +g 0 0 0 0 44 M 2010 1 0 0 0 0 0 1 1 2011 1 0 0 0 0 0 1 300920 0 0 0 0 0 12 1 1 # 2010 1 0 0 0 0 0 1 st 2011 1 0 0 0 0 0 1 300920 0 0 0 0 0 12 1 1 Slf) 2010 1 0 0 0 0 1 0 1 2011 0 0 0 0 0 0 0

300920 1 T 4 12 30 0 0 0 0 0 30 ib 2010 3 0 0 0 0 0 3 2011 3 0 0 0 0 0 3 300920 T ( .3 0 0 0 40 34 12 1 \ iH' 2010 3 0 0 0 0 0 3 1 2011 3 01 0 0 0 0 34 3O092O u F 04 0 0 0 0 0 04 12 it 2010 0 0 0 0 0 6 0

2011 0 1 0 0 0 0 1 300920 V I 1 40 0 0 0 0 21 12 yh 2010 2 0 0 0 0 0 2 2011 2 1 0 0 0 0 3 300920 43 40 0 0 0 0 , 23 12 >*|A 2010 2 0 0 0 0 0 2

115 Ceased Outlets at Operations Outlets at Start of Outlets Non- Reacquired Other End ofthe State Year Year Opened Terminations Renewals by Franchisor Reasons Year 1 2011 2 1 0 0 0 0 3 300920 % 4 3 01 0 0 0 12 0 34 Ml 2010 3 1 0 0 0 0 4

2011 4 0 0 0 0 0 4

2012 4 0 o o 0 0 4

201030 405107 65 01 0 40 36 4O7105 09 201130 407105 510 io 0 02 62 405111 40 1 otals 204420 405111 8 0 0 215 2 409102 12

16 Table 4 Status of Company-Owned Outlets For Years 20992010 to 20442012

Outlets Outlets at Outlets Reacquired by Outlets Outlets Sold to Outlets at State Year Start ofYear Opened Franchisor Closed Franchisees End of Year G4 3009 6 0 4- 4 0 6 2010. 40 0 0 0 0 60 1 2011 60 0 0 0 0 60 M 20092012 30 61 012 0 0 3i3 cc| 2010 36 0 0 0 0 36

2011 36 0 0 0 0 36

UD 20092012 6 0 0 0 0 6

2010 3 0 0 0 0 3

Qi 2011 3 0 o o 0 3 2012 2 1 o o o 4 ILl 2010 6 1 0 0 0 7 2011 7 0 0 0 0 7

NJ| 20082012 27 1 0 0 0 38 1 2010 0 0 0 0 0 0 2011 0 0 0 0 0 0

20092012 30 0 03 0 0 3 1 2010 o o o o o 0 W 2QJUL o o o o o o 2012 0 1 o o o 1

NJ| 2010 3 0 0 0 0 3

20112009 03 0 0 0 0 03

2012 3 1 0 0 0 4 M 2010 0 0 0 0 0 0 ml 2011 0 0 2 0 0 2 M 20092012 2 0 0 0 0 2

117 Outlets Outlets at Outlets Reacquired by Outlets Outlets Sold to Outlets at State Year Start ofYear Opened Franchisor Closed Franchisees End ofYear OPj 2010 2 0 0 0 0 2

2011 2 0 0 0 0 2

30092012 92 40 0 0 0 402

2010 10 0 0 0 0 10

1 X 2011 10 0 0 0 0 10 1 2012 10 2 Q o 0 12 2010 o o 0 o 0 0 \ A mi o 0 0 o 0 0 2012 0 . 1 0 o Q I

30082010 2830 21 14 40 0 3031

Totals 20112009 3031 10 02 0 0 3433

1 20123040 3133 0 2 0 0 3356

Table 5 PROJECTED OPENINGS AS OF AUGUST 31,20442012

FRANCHISE AGREEMENTS PROJECTED NEW PROJECTED NEW SIGNED BUT FRANCHISED COMPANY -OWNED OUTLET NOT OUTLETS IN THE OUTLETS IN THE NEXT STATE OPENED NEXT FISCAL YEAR FISCAL YEAR California 0 01 40 Colorado 0 1 0 Illinois 0 0 40 Kansas 0 1 0 Kentucky 0 1 0 Maryland 0 0 40 Minnesota 0 1 fl Missouri 0 0 0

118 FRANCHISE AGREEMENTS PROJECTED NEW PROJECTED NEW SIGNED BUT FRANCHISED COMPANY -OWNED OUTLET NOT OUTLETS IN THE OUTLETS IN THE NEXT STATE OPENED NEXT FISCAL YEAR FISCAL YEAR Nevada 0 0 0 North Carolina 0 1 0 Ohio 0 1 0 South Carolina 0 0 I Tennessee 0 1 +o Texas 0 1 1 Utah 0 1 0 Washington 0 1 0 Washington, DC 0 1 0 Other 0 1 02

TOTALS 0 11 54

| The names of all Franchisees as of August 31, 20142012 and the addresses and telephone numbers of their Improvement Centers are listed as Exhibit E to this Disclosure Document. The name and last known home address and telephone number of every Franchisee who has had a franchise terminated or otherwise voluntarily or involuntarily ceased to do business under the Franchise Agreement during fiscal year 20442012 is listed on Exhibit F to this Disclosure Document. We have not had any franchises who have had a franchise not renewed or not communicated with us within 10 weeks of the date of this Disclosure Document. Ifyou buy this franchise, your contact information may be disclosed to other buyers when you leave the franchisesystem .

FiveFour franchiseesvoluntaril y ceased to conduct business and sold their outlets to another Franchisee:

Forrost Bioko Louis Cooper & Joso Antonio Mirobont Sfcv^etfJeff & John McCall Jav Jilot Four Par LLC Birdie Time Golf Training Centers. LLC Santo Barbara, CA Austin, TX Canton. OH Reno. NV PH: 310 850 2381330-492-2332 PH: 210 519 2600775-232-1174

Fred Weinberg & Jerry Cullen Joe Wise F&J-Ronald Memo & Greg Memo Sally, Robert & Jeff Brier Golf of JaoksonvilleProfessional Services. LLC GT Richmond 1, LLC Jacksonville, FL Richmond, VA PH: 352 678 2400 PH: 919 833 8391

Mike Jones & Craig Jono;

119 Jones GolfSteel Citv Ventures LLC Phoonix, AZ Las Vegas. NV Greensboro. PA PH: 970 468 6177702-834-6370 PH: 724-834-8097

Two franchisees voluntarily ceased to conduct business and sold their interests in their outiot to their remaining portnorf&koutlets to us:

Elizabeth Gran ah an Craig Roibonspios hForrest Blake Alex Speros. Gisela Boland, Jason Heinhorst Sky Golf LLC Sky Golf, LLC Michael Horeff & Robin Thurston Philadelphia, PA Los Angeles, CA GT Boston. LLC (215)431 7510 805 732 1285

PH: 310-850-2381 Denver, CO PH: 303-915-1555

We did not terminate any Franchisee's franchise agreements.

Two franchisees voluntarily ceased to conduct business and closed their outlets:

Bob Newman & Don Rosenkmns Ronald Memo & Greg Memo CTSFA,Mitzi Short Gregg Tanner Short's Sports of Westchester LLC -Gett- Professional Sorv iocs Wright Swing of Kansas. LLC_ Coral Gables, FL Las Vegas, NV 303 639 6070 • 702 m 6370

Chicago, IL Dallas, TX PH: 914-316-4858 PH: 717-534-5745

There are no Franchisees who have signed Franchise Agreements btrtthat have not yet opened.

| During the last three fiscal years, we nor any affiliate bashave signed confidentiality clauses with current or former franchises restricting their ability to speak openly about their experience with us or the GOLFTEC franchise system. During the last three fiscal years, we signed a non-disparagement clause with enefour former franohiseefranchisees. which clause was included in an Asset Purchase Agreements mutual release in Termination and Release Agreements between us and a-former franohiseefranchisees.

In some instances in the future, current and former franchiseesma y sign provisions restricting their ability to speak openly about their experience with us or the GOLFTEC franchisesystem . You may wish to speak with current and former franchisees, but be aware that not all such franchisees may be able to communicate with you.

120 No independent franchisee organizations have asked to be included in this Disclosure Document. As of the date of this Disclosure Document, there are no trademark-specific franchisee organizations associated with the franchise system that have been created, sponsored or endorsed by us or any affiliate.

ITEM 21 FINANCIAL STATEMENTS

Attached to this Disclosure Document as Exhibit G are balance sheets as of August 31, 30442012. August 31, 20113040. and August 31, 30092010. and the related statements of income and partners' capital and cash flows for the years then ended, all of which are audited.

ITEM 22 CONTRACTS

Attached to this Disclosure Document are the following franchise-related contracts:

Exhibit B Franchise Agreement Exhibit 1 Addendum to Franchise Agreement Exhibit II Guaranty and Assumption of Franchisee's Obligations Exhibit III Statement of Ownership Exhibit IV Authorization Agreement for Prearranged Payments Exhibit V Software License Agreement Exhibit VI Build-Out Program Addendum Exhibit C Development Agreement Exhibit D Collateral Assignment of Lease Exhibit H Table of Contents to-Operations Manual Exhibit I Nondisclosure and Noncompetition Agreement Exhibit J GolfTEC Certified Personal Coach Agreement Exhibit J-l Certified Personal Coach Transfer Agreement Exhibit L License Agreement (Golfsmith)/Rider to Franchise Agreement (Golfsmith) Exhibit O Termination and Release Agreement Exhibit O-l Promissory Note

ITEM 23 RECEIPTS

The last page of the Disclosure Document (following the exhibits and attachments) is a document acknowledging receipt of the Disclosure Document by you (one copy for you and one copy to be signed and returned to us).

121