Scottsdale, Arizona -Troon Golf, the world’s leading luxury golf management company announces a record first quarter as its prestigious portfolio grew by 10 golf properties, extending the company’s global presence to new markets worldwide.

“A buoyant first quarter further confirms Troon Golf’s commitment to generate positive financial results for our partners and sensational club experiences for our guests,” stated Troon Golf Chairman and Chief Executive Officer, Dana Garmany. “As we continue to realize our global vision, Troon Golf remains the only golf management company in the industry to focus solely on the specific needs of high-end luxury golf properties and developments.”

First Quarter 2002 Acquisitions

Estrella Mountain Ranch, Goodyear, Arizona – Open since 1999, Estrella Mountain Ranch Golf Club features a brilliant desert design by Jack Nicklaus II and is the focal point of the 20,000-acre Estrella Mountain Ranch master planned community stretching through the desert foothills south of Phoenix.

Flying Horse Ranch, Colorado Springs, Colorado — Located in El Paso County just north of Colorado Springs, a new Tom Weiskopf Signature golf course is the chief attraction in a 1600-acre mixed-use development by Classic Homes. Troon Golf has been engaged to assist with development of golf course, membership sales and golf club operations.

Poplar Hills Golf Club, Farmville, Virginia – PGA Tour veteran Curtis Strange collaborated with Rick Robbins and Associates Design in his Signature golf course for the Poplar Inn and Conference Center and eventual residential development near to Hamden-Sydney College and Longwood Colleges. The striking layout plays through pastureland and stands of pines and hardwoods.

Georgia Tech Club, Alpharetta, Georgia – In partnership with The Melrose Company and Weitz Corporation in the creation of the Georgia Tech Club, Troon Golf is playing a major role in the development of this innovative world-class recreational community. The golf facilities at the Georgia Tech Club will help support the University by serving as the host facility for alumni, business associates, supporters, and faculty; as well as provide a state-of-the-art practice and learning facilities for the Georgia Tech golf program.

Oblong Valley Country Club, Amenia, New York – Now under construction in Dutchess County, NY utilizing “only the very best available”, Oblong Valley Golf Club is an exclusive golf development in this affluent area along the Hudson River. Scheduled to open in Fall 2003, the renowned Troon Golf Experience at this sumptuous private facility will feature a Jack Nicklaus Signature golf course.

Newport National Golf Club, Newport, Rhode Island – The long awaited Newport National Golf Club, is located on the Portsmouth/Middletown town line only five minutes from the historic Newport Waterfront. Beautifying over 400 acres on Aquidneck Island, the 36-hole complex already stands as one of the Northeast’s finest golf club developments.

CapCana, Dominican Republic – Contracted by Grupo del Caribe, Troon Golf is overseeing the construction of three Jack Nicklaus Signature golf courses, and will manage all golf club operations after the first CapCana course opens in 2002. The golf courses are the focal point of the multi-billion-dollar 30,000-acre world-class resort under development on the eastern tip of the island.

Denarau Golf & Racquet Club, Denarau Island, Fiji – This exclusive sports club is only 20 minutes from Nadi International Airport, and a five-minute walk from the Sheraton Resorts and Villas. Designed to blend with the Denarau Island’s extensive tidal waterways, picturesque water features are an added challenge to the championship golf course.

Arabian Ranches, Dubai, United Arab Emirates – In collaboration with Peter Harradine, Ian Baker Finch makes his design debut in the formidable Dubai desert. Construction begins in this spring to meet the opening date in late 2003. Arabian Ranches will offer residential memberships, while the developers consider the construction of a resort hotel. A second golf course will open at a later date.

Tres Vidas Acapulco Golf Club, Acapulco, Mexico – Built in 1995 and designed by Robert von Hagge, this course is an 18-hole masterpiece situated on the Pacific Ocean with five of its holes extending over the beach. It also features nine lakes, “moguls,” palm trees and sand traps.

Headquartered in Scottsdale, Arizona, Troon Golf manages operations at more than 115 golf courses located in 23 states and 10 countries. Additionally, 21 Troon Golf facilities have been awarded a Top 100 ranking by national or international publications. Troon Golf properties include The Westin Turnberry Resort, Ayrshire, Scotland; Horseshoe Bay Golf Club, Egg Harbor, Wisconsin; Legend Trail Golf Club, Scottsdale, Arizona; The Montgomerie Dubai, Dubai, United Arab Emirates; Maderas Golf Club, San Diego, California; and Wyndham El Conquistador Resort & Country Club, Las Croabas, Puerto Rico.