TRUE TEMPER ANNOUNCES NEW WEST COAST OPERATIONS

Memphis, Tennessee - December 9, 1998 - After careful analysis and planning, True Temper Sports has made the decision to consolidate its True Temper and Grafalloy composite operations into one expanded, state-of-the-art facility in El Cajon, California. This move will result in the closure of the current True Temper production facility located in Olive Branch, Mississippi. The consolidation of operations is scheduled to be completed no later than the 2nd quarter of 1999.

The new facility more than doubles the existing Grafalloy location and will utilize world-class cellular manufacturing workflow and automated production techniques. The move will allow the combined operations to drive innovation, quality and improved efficiency. The goal is to continue to create top selling premium products, such as the True Temper EI-70 and Grafalloy ProLite. Both companies' brands are expected to maintain their individual identities in the marketplace. True Temper and Grafalloy customers should experience no interruption of shaft supply or service during the consolidation.

Commenting on the move, Scott Hennessy, CEO of True Temper states, "We are very excited about the potential of having expanded production capabilities, increased capacity, and the ability to drive product and service improvements for our customers. This new facility will invest not only in new production techniques, but also be able to accommodate the processing of new materials."

True Temper Sports is the leading manufacturer of golf shafts in the world, and is consistently the number one shaft on Tour. The Company markets a complete line of shafts under the True Temper, Grafalloy, and True Temper Titanium Shaft brands, and sells these brands in over 30 countries throughout the world. The Company employs over 700 people in seven facilities, located in the U.S, Europe, Japan and Australia.