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<br />through the start of construction, ERA has conducted a number of subsequent surveys and each <br />time the anticipated number of rounds has declined. <br /> <br />The estimated number of annual rounds for Callippe Preserve Golf Course in 2006.07 is now <br />projected at ",000, a reduction of over 2)% from the estimate 10 years ago, This reduction is <br />based on the following factors: <br /> <br />. Overall golf play increased slightly in the late 1990's and has decreased <br />significantly nationwide, particularly in the Bay Area since 2000, <br /> <br />. The proliferation of competing public play golf courses in our area: <br />Poppy Ridge. Livermore <br />The Bridges. San Ramon <br />Course at Wente. Livermore <br />Dublin Ranch. Dublin <br />Mountain House. Tracy <br />Metropolitan - Oakland (formerly Lew Galbraith) <br />Monarch Bay - San Leandro (formerly Tony Lema) <br />Three (3) new public play courses in Brentwood <br /> <br />. A depressed regional eC0nomy since 2000, <br /> <br />According to the National Golf Foundation (NGF), the number of golf rounds played increased <br />slowly in the late 1990's, reaching its peak in 2000, Since that time there has been a steady <br />decline in the annual number of golf rounds played. The NGF reports that the number of adult <br />golfers nationally dropped 3.9%, from 28.4 million in 2003 to 27.3 million in 2004. The <br />number of core golfers - those playing at least eight (8) annual rounds - was 12.8 million in <br />2004, which is 4,7% lower than the 13.4 million recorded in 2001 <br /> <br />As noted above, the East Bay has seen the completion of a number of competing golf courses, <br />some of which were anticipated by ERA (e,g" Poppy Ridge, Course at Wente, The Bridges, one <br />Brentwood course), and some which were not (Dublin Ranch, two additional Brentwood <br />courses, and Metropolitan). The impact of the regional economy has certainly had an impact on <br />the number of golf rounds played in the area, as disposable income and leisure expenditures <br />have dropped for many of Callippe Preserve's target clientele in the past five (5) years, Golf <br />Datatech tracks golf rounds played in regional areas nationwide and, for the period January 2005 <br />to June 200" San Francisco Bay Area golf rounds were down 9,9% from the same six.month <br />period in 2004. <br /> <br />SR 0,:2)5 <br />Page 4 <br />