Dear Valhalla Golf Club Member,

We hope this message finds you and your families doing well. It is hard to believe we are
approaching winter and the thirty-fifth golf season at Valhalla has passed. It has been an
exciting fall with the golf course renovation taking shape and we are looking forward to a
fantastic 2022. We would like to bring you up to speed on conversations that are ongoing
regarding the future at Valhalla.

Valhalla continues to be a source of great pride for the PGA of America who partnered
with the Gahm family continuing Dwight Gahm’s dream of bringing championship golf to
Louisville, Kentucky while maintaining a world-class golf facility. Under the ownership of
the PGA of America, the Club and membership have flourished. The major investments
made in Valhalla over the past twenty-five years have allowed the Club to remain on a
path of excellence to continually improve the experience for Valhalla members and all
who visit.

One of the primary missions of the PGA of America is to provide programs and support
which best enhance the PGA of America as an association as well as provide
opportunities for PGA Members. We would like to inform you that the PGA of America
was recently provided a letter of interest related to a potential partnership and/or sale
from a party familiar with the PGA of America and others are expected to be in the open
process. As one can imagine, the PGA of America has a number of priorities based on
our far-reaching mission and must deploy resources accordingly. We believe that
exploring a potential partnership that would allow us the potential to provide a greater
level of resources to Valhalla and continue its upward momentum is our responsibility to
this special place. Conversations are in the early stages at this time, but if the PGA of
America were to move forward with such a partnership, at a minimum we would have to
ensure the following strategic requirements were met:

• Assurance that the standards of excellence at Valhalla Golf Club be maintained

or enhanced including commitment to the existing Valhalla Golf Club staff and
continued employment of PGA Members.
• Opportunity for Valhalla Golf Club to continue to act as a championship venue to
include the PGA maintaining operational control at minimum through the 2024
PGA Championship.
• A commitment to enhancing facilities at Valhalla Golf Club that could further the
experience enjoyed by club members and PGA Members.
• Retention of PGA Member and Kentucky PGA Section benefits.
• PGA of America to continue as a long-term partner with Valhalla Golf Club.
We would like to emphasize the PGA will not consider a partnership and/or sale unless it
is in the best interest of the PGA Membership, Valhalla Golf Club Membership, the
heritage of the facility, and the game of golf.

We will share more information with you as it becomes available. Rest assured the PGA
of America has the best interest of Valhalla Golf Club and the Valhalla members at the
top of mind just as it has for the past twenty years. Thank you for your continued support
of the Club and our team members!

Sincerely,

Jim Richerson, PGA

President, PGA of America

Keith Reese, PGA

General Manager