Figure 2 H2 ( Jul-Dec) from Pellucid's Cognilogic capability. (See Figure 3 below.) Walking down through the line items, if current conditions hold we have roughly 144M rounds "exposed" to the current restrictions. If the year-on-year rounds "comps" are a 35% deficit that would cost us roughly 50M rounds in the year-end tally. The fortunate thing is that our current GPH forecast is showing a solid mid-single digit improvement over last year which is reflected in the middle section. Using weighted averaging for H2, we should be able to recover ~4M rounds against our COVID deficit, all other things being equal. That leaves us with this back-of-the-envelope projection that COVID likely Figure 3 costs us about a 10% decline by year end. In doing the analysis I stumbled upon two favorable factors that will actually help minimize the damage if we're able to be back in (unconstrained) business by 7/1: * * The annual rounds distribution nationally "tilts" to H2 vs. H1 by 54%/46% The annual GPH distribution nationally (weighted by rounds contribution of the Pellucid 45 weather-based regions) also "tilts" to H2 vs. H1 by 53% vs. 47% That's the "glass-half-full" news I have for you on this topic. While talking with colleague Stuart Lindsay, he pointed out that the picture is going to be very different for northern courses who didn't have the benefit of a relatively strong Q1 before Figure 4 www.PellucidCorp.com The Pellucid Perspective 9http://www.PellucidcorP.com