TRUE TEMPER SPORTS TO LAUNCH TITANIUM GOLF SHAFTS

Memphis, Tennessee - November 9, 1998 - True Temper Sports announced today that they will begin offering a complete range of titanium golf shafts, effective December 15th of this year. The extensive line of titanium wood and iron shafts will be marketed under the name and trademark of True Temper Ti™.

This launch is made possible through an exclusive alliance the company has entered into with Titanium Sports Technologies (TST) of Kennewick, Washington. Under the arrangement, True Temper will take on worldwide development and distribution of the all-titanium product line. Titanium Sports will exit the golf shaft market over the next 30 days, but will be contracted for the future by True Temper as a manufacturer for the product.

Commenting on the transaction, Scott Hennessy, president and CEO of True Temper stated, "We are very excited to market this new range of titanium shafts under the True Temper brand! It allows us to further broaden our shaft offering with a complete range of materials and provides us even greater opportunities for future innovations in shaft design and technology".

"This announcement is just one more piece of an exciting product development strategy that will position our company for accelerated growth in the future. It follows up on the successful recapitalization of True Temper Sports with Cornerstone Equity Partners in late September, and the acquisition of Grafalloy just two weeks ago", notes Hennessy.

Greg Hoffman, CEO of TST, shares Hennessy's enthusiasm. "True Temper's distribution, product development and marketing strengths will allow Titanium golf shafts to achieve a whole new level of success in today's global marketplace."

True Temper Sports is the leading manufacturer of golf shafts in the world, and is consistently the number one shaft on the PGA Tour. In addition to golf shafts, the company produces a full line of specialty tubing products for the bicycle and sporting goods industry. The company's broad product line includes proprietary and standard shaft models sold to virtually every company in golf. The Company employs over 670 people worldwide and operates eight facilities, located in the U.S, Europe, Japan and Australia. True Temper branded products are sold and marketed in over thirty countries throughout the world.