TROON GOLF OPENS MIDDLE EAST OFFICE IN DUBAI

Scottsdale, AZ — With a growing portfolio of golf developments in excess of $1.6 billion in the Middle East, Troon Golf, the world leader in luxury golf development, management and marketing, has expanded its global operations to include new offices in Dubai, United Arab Emirates. Dubai’s rapid emergence as an international golf destination necessitated Troon Golf’s more permanent base of operation in the region.

“Troon Golf is immensely proud to stand as a forerunner in the development of this region as a world-class golf destination,” stated Troon Golf Chairman and Chief Executive Officer, Dana Garmany, speaking from the Middle East office during the official opening. “Troon Golf has been very active in the Middle East golf market since 2001 with our management of the award-winning Montgomerie Golf Club. With new golf properties underway in United Arab Emirates, Kuwait and Qatar, this new office allows our more immediate and effective management as we continue to grow.”

Located in Dubai Media City, the Troon Golf Dubai office will coordinate the activity of more than 600 Troon Golf associates. The company is currently overseeing the construction of the Ernie Els Signature Course and Butch Harmon Golf Academy at Dubai Sports City, and will continue to manage golf operations for this exclusive residential community when it opens in 2006.

Troon Golf also recently contracted with Kuwait International Golf Company to develop and manage the first grass 18-hole golf course in that country. Peter Harradine, a fourth-generation golf course architect, is designing the layout to fit within the exclusive Hunting & Equestrian Club. The first nine holes will open in December 2004, with the full complement complete by spring 2005. In Qatar, Troon Golf is partnering with Doha Golf Club, home to the prestigious Qatar Masters tournament, and will work closely with the management team to introduce the heralded Troon Golf ExperienceSM.

“Our commitment to this region is long term. We believe that our greater presence in Dubai signals to the world that Troon Golf is the one truly international golf management, development and marketing company,” said Garmany. “Again, we are extremely honored to play a vital role in the development of golf the Middle East.”

The Troon Golf Dubai office is the company’s fifth office worldwide, fanning out from corporate headquarters in Scottsdale, Arizona, and including offices in Tokyo, Japan; Brisbane, Australia; and Milan, Italy.

Troon Golf manages operations at more than 140 courses located in 26 states and 12 countries. Additionally, 28 Troon Golf facilities enjoy a Top 100 ranking by national or international publications. Troon Golf properties include The Westin Turnberry Resort, Ayrshire, Scotland; Talking Stick Golf Club, Scottsdale, Ariz.; Maderas Golf Club, San Diego, Calif.; Lake of Isles Golf Club, North Stonington, Conn.; Vista Ridge Golf Club, Erie, Colo.; Kooindah Golf & Country Club, New South Wales, Australia; and Bearwood Lakes Golf Club, Berkshire, England.