<html xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:w="urn:schemas-microsoft-com:office:word" xmlns:m="http://schemas.microsoft.com/office/2004/12/omml" xmlns="http://www.w3.org/TR/REC-html40"><head><meta http-equiv=Content-Type content="text/html; charset=utf-8"><meta name=Generator content="Microsoft Word 15 (filtered medium)"><style><!--
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--></style></head><body lang=EN-US><div class=WordSection1><p class=MsoNormal>It would be helpful to see a proposed budget for the year, as background for consideration of issues such as the degree of material support to be provided to clubs or the amount of cash reserves that are necessary or appropriate. I’d like to have projected revenues and expenses for tournaments broken out separately, not combined into a net figure. Because of the uncertainty involved, material assumptions should be specifically set out. We’d then have a benchmark by which to judge our experience as the year goes on.</p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Monty Gray</p><p class=MsoNormal><o:p> </o:p></p></div></body></html>