<SUBMISSION>
<ACCESSION-NUMBER>0000936392-08-000714
<TYPE>SC 14D9/A
<PUBLIC-DOCUMENT-COUNT>3
<FILING-DATE>20081110
<DATE-OF-FILING-DATE-CHANGE>20081107
<SUBJECT-COMPANY>
<COMPANY-DATA>
<CONFORMED-NAME>ASHWORTH INC
<CIK>0000820774
<ASSIGNED-SIC>2320
<IRS-NUMBER>841052000
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1031
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>SC 14D9/A
<ACT>34
<FILE-NUMBER>005-41392
<FILM-NUMBER>081173172
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>2765 LOKER AVE WEST
<CITY>CARLSBAD
<STATE>CA
<ZIP>92008
<PHONE>7604386610
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>2765 LOKER AVENUE WEST
<CITY>CARLSBAD
<STATE>CA
<ZIP>92008
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>CHARTER GOLF INC
<DATE-CHANGED>19920703
</FORMER-COMPANY>
</SUBJECT-COMPANY>
<FILED-BY>
<COMPANY-DATA>
<CONFORMED-NAME>ASHWORTH INC
<CIK>0000820774
<ASSIGNED-SIC>2320
<IRS-NUMBER>841052000
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1031
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>SC 14D9/A
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>2765 LOKER AVE WEST
<CITY>CARLSBAD
<STATE>CA
<ZIP>92008
<PHONE>7604386610
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>2765 LOKER AVENUE WEST
<CITY>CARLSBAD
<STATE>CA
<ZIP>92008
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>CHARTER GOLF INC
<DATE-CHANGED>19920703
</FORMER-COMPANY>
</FILED-BY>
<DOCUMENT>
<TYPE>SC 14D9/A
<SEQUENCE>1
<FILENAME>a50454a1sc14d9za.htm
<DESCRIPTION>SC 14D9/A
<TEXT>
<HTML>
<HEAD>
<TITLE>sc14d9za</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>SCHEDULE 14D-9</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>(RULE 14d-101)</B></DIV>



<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>SOLICITATION/RECOMMENDATION STATEMENT UNDER SECTION 14(d)(4)<BR>
OF THE SECURITIES EXCHANGE ACT OF 1934</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>(Amendment No.&nbsp;1)</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>ASHWORTH, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Name of Subject Company)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>ASHWORTH, INC.</B><BR>
(Name of Person Filing Statement)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>COMMON STOCK, $0.001 PAR VALUE PER SHARE</B><BR>
(Title of Class of Securities)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>04516H101</B><BR>
(CUSIP Number of Class of Securities)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Halina Balys<BR>
Vice President, Corporate Secretary and Compliance Officer<BR>
2765 Loker Avenue West<BR>
Carlsbad, California 92010<BR>
(760)&nbsp;438-6610</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">(Name, address and telephone number of person authorized to receive notices<BR>
and communications on behalf of the person filing statement)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B><I>Copies to:</I></B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Gibson, Dunn &#038; Crutcher LLP<BR>
3161 Michelson Drive, Suite&nbsp;1200<BR>
Irvine, California 92612<BR>
(949)&nbsp;451-3800<BR>
Attention: Mark W. Shurtleff, Esq.</B></DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT face="Wingdings">&#111;</FONT> Check the box if the filing relates solely to preliminary communications made before the
commencement of a tender offer.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>








<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD></TD><TD colspan="8"><A HREF="#000">Item&nbsp;4. The Solicitation or Recommendation</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;8. Additional Information</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;9. Exhibits</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="a50454a1exv99wxayx7y.htm">EX-99.(a)(7)</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>







<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Amendment No.&nbsp;1 amends and supplements the Solicitation/Recommendation Statement on
Schedule&nbsp;14D-9 initially filed by Ashworth, Inc., a Delaware corporation (the &#147;Company&#148;), with the
Securities and Exchange Commission (the &#147;SEC&#148;) on October&nbsp;20, 2008. The Schedule&nbsp;14D-9 relates to
the tender offer commenced by PHX Acquisition Corp., a Delaware corporation (the &#147;Purchaser&#148;) and
wholly owned subsidiary of Taylor Made Golf Company, a Delaware corporation (&#147;Parent&#148;), to purchase
all of the outstanding shares of common stock of the Company at a price of $1.90 per share, net to
the holder in cash (subject to adjustment and applicable withholding tax, without interest, on the
terms and subject to the conditions set forth in the Purchaser&#146;s offer to purchase dated October
20, 2008 and the related letter of transmittal), all as described in a Tender Offer Statement on
Schedule&nbsp;TO filed by the Purchaser with the SEC on October&nbsp;20, 2008, as may be amended or
supplemented from time to time. Capitalized terms used but not defined herein have the meanings
ascribed to them in the Schedule&nbsp;14D-9.
</DIV>
<!-- link2 "Item&nbsp;4. The Solicitation or Recommendation" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;4. The Solicitation or Recommendation.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>The second paragraph under the heading &#147;Background of the Offer&#148; is amended and restated as
follows:</I></B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company initially began exploring strategic alternatives toward the end of calendar year
2005. On November&nbsp;28, 2005, after interviewing a number of
potential investment bankers, the Company engaged Houlihan Lokey
Howard &#038; Zukin (&#147;HLHZ&#148;) to assist. HLHZ was selected
(i)&nbsp;because of its focus on companies comparable in size to the
Company and (ii)&nbsp;because, in addition to its national and
international presence, HLHZ maintained a significant presence in
Southern California. On
February&nbsp;22, 2006, HLHZ began reaching out to potential partners. As of May&nbsp;2006, HLHZ had
contacted 72 potential buyers (consisting of 42 strategic and 30 financial potential buyers). Of
these, 45 initially declined, and 27 executed a confidentiality agreement and received the
information memorandum. Of these, 23 declined after reviewing the information memorandum, and three
submitted an initial bid. The Company received no final bids. In connection with HLHZ&#146;s engagement,
the Company paid to HLHZ a retainer of $130,000 and reimbursed HLHZ for $104,000 in expenses. The
engagement with HLHZ was terminated on May&nbsp;16, 2007. Since that time, the Company&#146;s results of
operations and financial position have substantially and continually deteriorated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>The fifth paragraph under the heading &#147;Background of the Offer&#148; is amended and restated as follows:</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;5, 2008, the Company engaged Kurt Salmon Associates Capital Advisors, Inc. (&#147;KSA&#148;) as
the Company&#146;s financial advisor as to strategic alternatives for its Gekko Brands, LLC (&#147;Gekko&#148;)
subsidiary. KSA was recommended to the Board by Mr.&nbsp;Meyer and Mr.&nbsp;Koeneke (both of whom have
extensive investment banking experience) based on (i)&nbsp;KSA&#146;s expertise in the consumer and retail
sector, including apparel (and licensed apparel in particular), (ii)&nbsp;KSA&#146;s involvement in the
successful sale of Cutter &#038; Buck, an industry peer, (iii)&nbsp;KSA&#146;s promise of direct, senior-level
attention and effort that would likely not be available from larger investment banks or other
qualified advisors and (iv)&nbsp;KSA&#146;s track record of successfully closing acquisitions. In connection
with such engagement, KSA established a virtual data room containing data with respect to Gekko.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>The seventh paragraph under the heading &#147;Background of the Offer&#148; is amended and restated as
follows:</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;29, 2008, the Board discussed certain strategic issues and alternatives. The Board
approved amending the KSA engagement to include a potential sale of the entire Company. However,
KSA was not authorized to contact any third party about a potential sale of the Company absent
further approval of the Board, in an attempt to (i)&nbsp;prevent rumors from spreading throughout the
market when no decision had been reached about selling the Company as a whole, (ii)&nbsp;avoid
disruption to the Company&#146;s business and (iii)&nbsp;ensure that
contacts with potentially interested
parties would be meaningful. On June&nbsp;4, 2008, the Company and KSA revised their engagement letter
to include a strategic review of the whole Company, in addition to Gekko.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>The 16th paragraph under the heading &#147;Background of the Offer&#148; is amended and restated as follows:</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Meyer noted that Parent appeared prepared to move forward with a potential transaction
with an expeditious closing and had engaged a financial advisor, while Party A and Party B would
require substantial additional due diligence, were not well-placed to absorb the losses and other
challenges facing the Company, and would likely place conditions on its offer that could be
difficult or impossible to satisfy. At the meeting, the Company&#146;s legal counsel, Gibson, Dunn &#038;
Crutcher LLP (&#147;Gibson Dunn&#148;), advised the Board on its fiduciary duties in connection with a
potential sale of the Company. Thereafter, the Board adopted a resolution authorizing KSA to
contact parties &#151; in addition to Parent, Party A and Party B &#151;  that may be interested in acquiring
the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Company or any of its assets in consultation with Mr.&nbsp;Meyer, so that Mr.&nbsp;Meyer could, based on
his knowledge of the Company&#146;s business and the industry, help to determine whether potential
buyers would be qualified in order to keep the sale process focused, confidential and minimally
disruptive. The Board had not previously authorized such further
contacts in an attempt to avoid disruption to the Company&#146;s business
and ensure that contacts with potentially interested parties would be
meaningful. Mr.&nbsp;Meyer was also authorized to continue discussions with potential purchasers and to
enter into an exclusivity agreement with Parent if he deemed advisable. Finally, the Board
discussed alternatives if KSA and Mr.&nbsp;Meyer were unable to locate a suitable acquiror of the
Company, including the potential restructuring of the Company and the need for a restructuring
officer in connection therewith. KSA also provided an update on the potential sale of Gekko,
highlighting the continued challenges of promptly advancing the interest of parties in the process,
and that based on feedback from interested parties following their further diligence, the expected
sale price would likely be lower than the price paid by Ashworth for Gekko in its 2004 acquisition.
KSA also reported that two additional parties had been invited to attend a presentation by Gekko
management.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>The 34th paragraph under the heading &#147;Background of the Offer&#148; is amended and restated as follows:</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the morning of October&nbsp;10, 2008, the Board held a special meeting to discuss
developments in the sale process. Gibson Dunn provided a summary of the status of negotiations with
Parent. The Board observed that its liquidity challenges were worsening and that general market
conditions were rapidly deteriorating. The Board also reviewed the status of negotiations with
Party A. Mr.&nbsp;Meyer indicated that Party A was straightforward about the difficulty it faced moving
forward with a transaction as proposed, including with respect to a large prospective earnings
dilution and the inability to reduce substantial costs in the near term, and even suggested
possibly acquiring the Company out of bankruptcy in a pre-packaged deal. The Board also considered
management&#146;s communication that vendors were expressing increasing nervousness about the financial
position of the Company. Gibson Dunn advised the Board with respect to its fiduciary duties,
including those arising when an entity enters the zone or vicinity of insolvency. Mr.&nbsp;Meyer
indicated to the Board that he would contact Parent with a counter-offer of $3 per share or higher
to assess whether Parent would be receptive to a higher price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>The first paragraph under the heading &#147;Reasons for the Offer and the Merger&#148; is amended and
restated as follows:</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In evaluating the Offer, the Merger and the Merger Agreement, the Board consulted with the
Company&#146;s management, legal counsel and financial advisors. In reaching its decision that the Offer
and the Merger are advisable and fair to, and in the best interest of, the Company&#146;s stockholders,
and in reaching its recommendation that stockholders tender their Shares in the Offer, and, if
applicable, vote in favor of the Merger, the Board considered a number of reasons, including the
following material reasons, that the Board viewed as supporting its recommendation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>The second full (</I></B><B>i.e.</B><B><I>, non-bulleted) paragraph under the heading &#147;Reasons for the Offer and the
Merger&#148; is amended and restated as follows:</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the reasons set forth above, the Board considered the following potentially
negative reasons not to consummate the Offer and the Merger:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>The third through fifth full (</I></B><B>i.e.</B><B><I>, non-bulleted) paragraphs under the heading &#147;Reasons for the
Offer and the Merger&#148; are amended and restated as follows:</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board concluded, however, that many of these risks could be managed or mitigated by the
Company or were unlikely to have a material effect on the Offer, the Merger or the combined
company, and that, overall, the risks, uncertainties, restrictions and potentially negative reasons
not to consummate the Offer and the Merger were outweighed by the potential benefits of the Offer
and the Merger.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board did not assign relative weights to the foregoing reasons or determine that any
reason was of particular importance. Rather, the members of the Board viewed their position and
recommendation as being based on the totality of the information presented to and considered by
them. Individual members of the Board may have given different weight to different reasons.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing discussion of reasons considered by the Board is not meant to be exhaustive but
includes the material reasons considered by the Board in approving the Merger Agreement and the
transactions contemplated by the Merger Agreement and in recommending that stockholders accept the
Offer, tender their Shares and approve the Merger Agreement and the Merger. Moreover, the foregoing
is not meant to imply that the Merger Agreement and the transactions contemplated thereby were
approved unanimously, as James B. Hayes opposed the transaction and Stephen G. Carpenter, who was
not present at the meeting when the Merger Agreement was approved, subsequently indicated that he
was opposed to the transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>The information under the heading &#147;Opinion of Kurt Salmon Associates Capital Advisors, Inc.&#148; is
amended and restated as follows:</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Opinion of Kurt Salmon Associates Capital Advisors, Inc.</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Overview. </B>Pursuant to an engagement letter, dated as of May&nbsp;5, 2008, as amended on June&nbsp;4,
2008 (the &#147;Engagement Letter&#148;), the Company retained KSA as its exclusive financial advisor in
connection with the Offer and the Merger (collectively, the &#147;Transaction&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Opinion. </B>At the meeting of the Board on October&nbsp;12, 2008, KSA rendered its oral opinion to
the Board that, based upon and subject to the factors and assumptions set forth in its opinion, the
Offer Price (<I>i.e.</I>, the right, in the case of the Offer, to receive for each share of Company common
stock $1.90 in cash, and, in the case of the Merger, to convert each share of Company common stock
into the right to receive $1.90 in cash, all as described in the Merger Agreement and summarized in
KSA&#146;s written opinion) to be received by such holders, other than Dissenting Shares (as defined in
the Merger Agreement) or any shares of Company common stock held in the treasury of the Company or
owned by the Company or its affiliates, is fair, from a financial point of view, to the Company&#146;s
common stockholders as of the date the Offer Price is to be received by such stockholders. KSA
confirmed its oral opinion by delivering its written opinion, dated as of October&nbsp;12, 2008, to the
Board.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The full text of the written opinion of KSA, dated as of October&nbsp;12, 2008, which sets forth
the assumptions made, procedures followed, matters considered, and qualifications and limitations
on the review undertaken by KSA in rendering its opinion, is attached as Annex A to this Statement
and is incorporated herein by reference. The summary of KSA&#146;s opinion below is qualified in its
entirety by reference to the full text of the opinion, and the Company&#146;s stockholders are urged to
read the opinion carefully and in its entirety. KSA provided its opinion to the Board in connection
with, and for the purpose of, the Company&#146;s evaluation of the Transaction. KSA&#146;s opinion does not
constitute a recommendation to any stockholder of the Company as to whether such stockholder should
tender Shares in the Offer or how such stockholder should vote with respect to any matter.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In arriving at its opinion, KSA reviewed and analyzed such materials and considered such
financial and other factors that it deemed relevant under the circumstances. In addition, KSA has:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewed the financial terms and conditions of the draft Merger Agreement provided
to KSA and the Board by the Company&#146;s legal counsel on October&nbsp;11, 2008;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewed and analyzed certain financial and other data with respect to the Company,
which was publicly available or made available to KSA from internal records of the
Company;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewed and analyzed certain internal financial projections for the quarter ending
October&nbsp;31, 2008 and fiscal year ending October&nbsp;31, 2009, on a stand-alone basis
provided to KSA by the management of the Company;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewed and analyzed management&#146;s line of credit availability projection;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>compared the financial performance of the Company with that of certain other
publicly traded companies deemed by KSA to be relatively and reasonably comparable to
the Company or otherwise relevant to KSA&#146;s inquiry;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewed the financial terms, to the extent publicly available, of certain
transactions deemed by KSA to be relatively and reasonably comparable or otherwise
relevant to KSA&#146;s inquiry;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewed and analyzed the reported prices and trading history of the Shares from
October&nbsp;10, 2003 to October&nbsp;10, 2008;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>performed a discounted cash flows analysis for the Company on a stand-alone basis
utilizing management&#146;s financial projection for the fiscal year ending October&nbsp;31, 2009
and applying certain sensitivity analysis for the fiscal years ending October&nbsp;31, 2010
and beyond; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewed other financial studies, analyses and investigations KSA deemed
appropriate, including KSA&#146;s assessment of general economic, market and monetary
conditions.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KSA also held discussions with the management of the Company and the Board concerning the
Company&#146;s business and operations, assets, present condition and future prospects, participated in
discussions and negotiations among representatives of the Company and Parent, and undertook such
other studies, analyses and investigations as KSA deemed relevant and appropriate.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KSA relied upon and assumed the accuracy and completeness of all information supplied or
otherwise made available to KSA, discussed with or reviewed by or for KSA, or publicly available,
and KSA did not assume any responsibility for independently verifying such information and did not
undertake an independent evaluation or appraisal of any of the assets or liabilities of the Company
and was not furnished with any such evaluation or appraisal. KSA expressed no opinion regarding the
liquidation value of the Company. In addition, KSA did not assume any obligation to conduct any
physical inspection of the properties or facilities of the Company. With respect to the projections
furnished to or discussed with KSA by the Company, KSA assumed that they had been reasonably
prepared and reflect the best currently available estimates and judgment of the Company&#146;s
management as to the expected future financial performance of the Company, and KSA expressed no
opinion with respect to such forecasts or the assumptions upon which they were based. KSA further
relied upon the assurances of senior management of the Company that they were not aware of any
facts that would make such financial or other information relating to the Company inaccurate or
misleading. KSA further assumed that all material governmental, regulatory or other consents and
approvals necessary for the consummation of the Transaction will be obtained without any adverse
effect on the Company or Parent and without reducing the contemplated benefits of the Transaction
to the Company or the holders of Company common stock.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>KSA&#146;s opinion is necessarily based upon market, economic and other conditions as they exist
and can be evaluated only as of the date of the opinion. It should be understood that subsequent
developments may affect the opinion and that KSA assumed no responsibility to update, revise or
reaffirm the opinion based upon events or circumstances occurring after the date hereof. Further,
KSA expressed no opinions on matters of legal, regulatory, tax or accounting nature relating to or
arising out of the proposed Transaction and relied, with the Company&#146;s consent, on the advice of
the outside counsel and the independent accountants to the Company, and on the assumptions of the
management of the Company, as to all accounting, legal, tax and financial reporting matters with
respect to the Company and the Merger Agreement. Without limiting the generality of the foregoing,
KSA did not undertake any independent analysis of any current, pending or threatened litigation,
regulatory action, possible unasserted claims or other contingent liabilities to which the Company
or any of its affiliates is a party or may be subject, and, at the direction of the Company and
with its consent, KSA&#146;s opinion makes no assumption concerning, and therefore does not consider,
the possible assertion of claims, outcomes or damages arising out of any such matters.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with customary investment banking practice, KSA employed generally accepted
valuation methods in reaching its opinion. The following is a summary of the material financial
analyses utilized by KSA in connection with providing its opinion.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Projections. </I></B>The projections furnished to KSA for the Company were prepared by the management
of the Company. The Company does not publicly disclose internal management projections of the type
provided to KSA in connection with KSA&#146;s analysis of the Transaction, and such projections were not
prepared with a view toward
public disclosure, for the following reasons. The Company believes
that it is not customary to disclose projections in a recommendation
statement relating to a tender offer. Moreover, given changes in the
apparel industry since the projections were prepared, the Company
believes that the projections may not reflect current economic
conditions, which are much less favorable, and therefore would not be
helpful. The projections were based on numerous variables and assumptions that are
inherently uncertain and may be beyond the control of management, including, without limitation,
factors related to general economic and competitive conditions and prevailing interest rates.
Accordingly, actual results could vary significantly from those set
forth in the projections.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Comparable Public Companies Analysis. </I></B>KSA reviewed selected financial data and valuation
multiples for the Company and compared this to corresponding data and multiples for 18 publicly
traded companies deemed by KSA to be generally comparable to the Company. KSA noted that none of
the selected companies is either identical or directly comparable to the Company and that any
analysis of the selected companies necessarily involves complex considerations and judgments
concerning financial and operating characteristics and other factors that could affect the public
trading of the selected companies. KSA utilized the earnings forecasts for these companies from
publicly available data and Capital IQ.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In reviewing comparable public companies, KSA considered the following factors to be
applicable in identifying those public companies for analysis: size of the company with respect to
sales and market capitalization of the equity, similarities in product offerings and distribution,
and financial performance with respect to revenue and earnings trends. Application of these
criteria yielded the following companies which KSA deemed to be most comparable: (i)&nbsp;Delta
Apparel, Inc., (ii)&nbsp;Hartmarx Corporation, (iii)&nbsp;Bernard Chaus, Inc., (iv)&nbsp;Sport Haley, Inc., (v)
Callaway Golf Company, (vi)&nbsp;Aldila, Inc. and (vii)&nbsp;Adams Golf, Inc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KSA also considered a broader list of apparel companies with market capitalizations under $1.5
billion. This list included (i)&nbsp;Columbia Sportswear Company, (ii)&nbsp;Jones Apparel Group, Inc., (iii)
Kenneth Cole Productions, Inc., (iv)&nbsp;Liz Claiborne, Inc., (v)&nbsp;Oxford Industries, Inc., (vi)&nbsp;Perry
Ellis International, Inc., (vii)&nbsp;Phillips-Van Heusen Corporation, (viii)&nbsp;Quiksilver, Inc., (ix)&nbsp;The
Timberland Company, (x)&nbsp;Under Armour, Inc. and (xi)&nbsp;The Warnaco Group, Inc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other larger apparel companies were considered but were not deemed to be the most comparable
to the Company based on their larger and more diverse revenue base, stronger financial performance,
stronger capitalization, and greater access to financing. This list
included (i)&nbsp;adidas AG, (ii)
Gildan Activewear, Inc., (iii)&nbsp;Guess, Inc., (iv)&nbsp;Nike, Inc., (v)&nbsp;Polo Ralph Lauren and (vi)&nbsp;VF
Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Given the Company&#146;s absence of positive LTM, FY 2008E and FY 2009P (in each case as defined
below) earnings before interest and taxes (EBIT), earnings before interest, taxes, depreciation and
amortization (EBITDA)&nbsp;and net income, KSA was unable to derive and apply traditional multiples to
earnings. As a result, KSA used less customary metrics to derive multiples for the comparable
public companies. KSA calculated enterprise value to sales (including LTM, FY 2008E and FY2009P)
ratios, equity price to book value ratios and equity price to tangible book value ratios. LTM
refers to the latest twelve months, FY 2008E refers to the 2008 fiscal year estimate, and FY 2009P
refers to the 2009 fiscal year projection. Estimates and projections for comparable companies were
based on Reuters Consensus Estimates via Capital IQ.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on various judgments concerning relative comparability of each of the selected companies
to the Company, KSA did not solely rely on the quantitative results of the analysis in developing
reference ranges or otherwise applying its analysis. KSA selected a range of multiples, with more
weight given to the companies with similar size, financial performance and capitalization to the
Company. KSA&#146;s analysis resulted in a range of enterprise value to LTM sales ratios of 0.31x -
0.41x, enterprise value to FY 2008E sales ratios of 0.43x &#151; 0.53x, enterprise value to FY 2009P
sales ratios of 0.41x &#151; 0.51x, equity price to book value ratios of 0.22x &#151; 0.72x and equity price
to tangible book value ratios of 0.39x &#151; 0.89x for the comparable public companies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KSA applied the trading multiples range of comparable companies to the Company&#146;s corresponding
metrics to establish a range of implied value per share. KSA gave particular weight to the
enterprise value to LTM sales ratio, which implied a range of $0.59 to $1.90 per share. The overall
comparable public company analysis implied a value range of $1.25 to $2.92 per share. KSA compared
the implied value per share range with the offer price of $1.90. This analysis showed that, based
on the estimates and assumptions used in the analysis, the valuation multiples for the Company
implied by the Offer Price were within the range of valuation multiples calculated for the
comparable public companies.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Comparable Precedent Transactions Analysis. </I></B>KSA analyzed publicly available information
regarding numerous apparel industry transactions. In determining the transactions that KSA
considered to be comparable to the Offer and the Merger, KSA considered the following factors:
similar product offerings and distribution, similar revenue size and financial performance, and
public availability of adequate financial disclosure with respect to the transactions. KSA also
considered the all-cash form of the transaction consideration. KSA&#146;s review of comparable
transactions extended back for a period of five years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KSA, based on its experience with mergers and acquisitions and the apparel industry, selected
transactions deemed to be most comparable, which included (i)&nbsp;Radius Partners LLC and Windsong
Brands&#146; acquisition of Ellen Tracy, (ii)&nbsp;Sun Capital&#146;s acquisition of Kellwood Company, (iii)&nbsp;Perry
Ellis International, Inc.&#146;s acquisition of Laundry By Design and C&#038;C California, (iv)&nbsp;Great Circle
Ventures&#146; acquisition of Tail, Inc. and (v)&nbsp;Infinity Associates LLC, Perseus LLC and Symphony
Holdings Ltd.&#146;s acquisition of Haggar Corp.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other transactions that were considered in KSA&#146;s analysis included (i)&nbsp;G-III Apparel Group,
Ltd&#146;s acquisition of Andrew Marc, (ii)&nbsp;Prana Living LLC and Steelpoint Capital Partners&#146;
acquisition of prAna, (iii)&nbsp;VF Corporation&#146;s acquisition of Mo Industries Holdings, Inc., (iv)&nbsp;SRI
Sports Ltd.&#146;s acquisition of Cleveland Golf Company, Inc.,
(v)&nbsp;The Millwork Trading Company&#146;s acquisition of Emma James, Institutions, JH Collectables
and Tapemeasure, (vi)&nbsp;Kenneth Cole Productions&#146; acquisition of Le Tigre, (vii)&nbsp;Hartmarx
Corporation&#146;s acquisition of Monarchy LLC, (viii)&nbsp;Kellwood Company&#146;s acquisition of Royal Robbins,
(ix)&nbsp;Kellwood Company&#146;s acquisition of Hanna Andersson Corp., (x)&nbsp;New Wave Group AB&#146;s acquisition
of Cutter &#038; Buck, Inc., (xi)&nbsp;Dick&#146;s Sporting Goods, Inc.&#146;s acquisition of Golf Galaxy, Inc., (xii)
Philips-Van Heusen Corp.&#146;s acquisition of Superba, Inc., (xiii)&nbsp;Redcats USA&#146;s acquisition of The
Sportsman&#146;s Guide, Inc., (xiv)&nbsp;Berkshire Hathaway, Inc.&#146;s acquisition of Russell Corp,
(xv)&nbsp;Iconix Brand Group, Inc.&#146;s acquisition of Mossimo, Inc., (xvi)&nbsp;Apax Partners&#146; acquisition
of Tommy Hilfiger Corp., (xvii)&nbsp;Carter&#146;s Inc.&#146;s acquisition of OshKosh B&#146;Gosh, Inc., (xviii)&nbsp;Oxford
Industries, Inc.&#146;s acquisition of Ben Sherman Limited, (xix)&nbsp;VF Corporation&#146;s acquisition of Vans,
Inc., (xx)&nbsp;J.W. Childs Associates, L.P.&#146;s acquisition of Joseph Abboud Apparel Corp., (xxi)&nbsp;Jones
Apparel Group, Inc.&#146;s acquisition of Kasper A.S.L. Ltd., (xxii)&nbsp;VF Corporation&#146;s acquisition of
Nautica Enterprises, (xxiii)&nbsp;Oxford Industries, Inc.&#146;s acquisition of Viewpoint International, Inc.
(Tommy Bahama), (xix)&nbsp;Leonard Green &#038; Partners, L.P.&#146;s acquisition of Varsity Brands, Inc. and
(xxv)&nbsp;Perry Ellis International, Inc.&#146;s acquisition of Salant, Inc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KSA also considered over 100 additional transactions involving soft goods, related
accessories, and retail companies over the preceding five-year period that were deemed to be less
comparable in nature.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Given the Company&#146;s absence of positive earnings before interest and taxes (EBIT), earnings
before interest, taxes, depreciation and amortization (EBITDA)&nbsp;and net income, KSA was unable to
derive and apply traditional multiples to earnings. KSA was able to derive and apply enterprise
value to LTM sales ratios for the comparable transactions. The application of the transaction
multiples yielded a range of value from $1.76 to $3.07 per share. This analysis showed that, based
on the estimates and assumptions used in the analysis, the Offer Price of $1.90 was within the
range of valuation calculated for the comparable precedent transactions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Historic Stock Price Analysis. </I></B>KSA reviewed selected market information concerning the
Company&#146;s common stock, including stock price and trading volume over selected periods. KSA
compared the consideration to be received by the shareholders of the Company of $1.90 per share to
the Company&#146;s stock price on October&nbsp;10, 2008, the 52-week low (reached on October&nbsp;8, 2008), the
one-month close, four-week average, three-months close, six-months close and one-year close
preceding October&nbsp;10, 2008, and the 52-week high (reached on October&nbsp;12, 2007).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KSA observed that as of October&nbsp;10, 2008, the one-month trading range for the Company common
stock was $1.42 to $3.95 per share. The Company&#146;s stock price had declined 56.6% since the release
of the latest quarterly earnings on September&nbsp;9, 2008. The $1.90 per share consideration
represented a 9.8% premium to the October&nbsp;10, 2008 closing price of $1.73 and 33.8% premium to the
52-week low of $1.42 reached on October&nbsp;8, 2008. While the trading history of the Company common
stock over a 52-week period was reviewed, KSA observed that the one-month trading range for the
Company common stock was most relevant given the present commercial environment for apparel and
retail companies, severe liquidity pressures and the recently announced operating losses.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KSA did not express any opinion as to the actual value of the Company&#146;s common stock on
October&nbsp;10, 2008, or the prices at which the Company&#146;s stock may trade following the announcement
of the Merger or at any time in the future.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Discounted Cash Flow Analysis. </I></B>KSA performed a discounted cash flow analysis, calculating a
range of theoretical equity values for the Company based on the net present value of the projected
free cash flow (defined as EBIT less taxes on EBIT, plus depreciation and amortization, plus
deferred taxes, less capital expenditures, adjusted for any changes in projected working capital)
for fiscal years ending October&nbsp;31, 2009 through 2013, plus the net present value of a terminal
value. The terminal value is an estimate of the future value of the Company at the end of fiscal
year 2013 based on a terminal multiple of 2013 projected EBITDA. KSA utilized forecasted financial
results provided by the Company management for the fiscal years ending October&nbsp;31, 2008 and 2009,
and KSA estimates for the fiscal years ending October&nbsp;31, 2010 through 2013, based on the
assumptions used and provided by the Company&#146;s management for the prior projected periods and
applying a range of sensitivity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KSA calculated a range of net present values based on an assumed tax rate of 0.0% (given the
Company&#146;s significant net operating losses, the Company is not projected to pay taxes for fiscal
years 2009 &#151; 2013), discount rates ranging between 12.0% and 14.0% (based upon an analysis of the
weighted average cost of capital of the Company), and a range of EBITDA terminal multiples of 6.5x
to 7.5x applied to the projected fiscal year ending October&nbsp;31, 2013 EBITDA. KSA added the
Company&#146;s net debt as of July&nbsp;31, 2008 resulting in an implied equity value for the Company, which,
divided by the fully diluted shares outstanding as of October&nbsp;10, 2008, implied per share values of
the Company&#146;s equity ranging from a low of $0.38 to a high of $1.10. This analysis showed that,
based on the estimates and assumptions used in the analysis, the Offer Price of $1.90 was above the
range of valuation calculated in the discounted cash flow analysis.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing summary of certain material financial analyses does not purport to be a complete
description of the analyses or data presented by KSA. The preparation of a fairness opinion is a
complex process and is not necessarily susceptible to partial analysis or summary description. KSA
believes that the foregoing summaries and their respective analyses must be considered as a whole
and that selecting portions of the foregoing summaries and their respective analyses, without
considering all of the analyses as a whole, could create an incomplete view of the processes
underlying the analyses and its opinion. In arriving at its opinion, KSA did not attribute any
particular weight to any analysis or factor (positive or negative), considered in isolation, that
supported or failed to support its opinion. Rather, KSA considered the totality of the factors and
analyses performed in determining its opinion. Analyses based upon forecasts of future results are
inherently uncertain, as they are subject to numerous factors or events beyond the control of the
parties and their advisors. Accordingly, forecasts and analyses used or made by KSA are not
necessarily indicative of actual future results, which may be significantly more or less favorable
than suggested by those analyses. Moreover, KSA&#146;s analyses are not and do not purport to be
appraisals or otherwise reflective of the prices at which businesses actually could be bought or
sold. None of the selected companies reviewed as described in the above summary is identical to the
Company, and none of the selected transactions reviewed was identical to the Transaction. However,
the companies selected were chosen because they are publicly traded companies with operations and
businesses that, for purposes of KSA&#146;s analysis, may be considered similar to those of the Company.
The transactions selected were similarly chosen because their participants, size and other factors,
for purpose of KSA&#146;s analysis, may be considered similar to the Transaction. The analyses
necessarily involve complex considerations and judgments concerning differences in financial and
operational characteristics of the companies involved and other factors that could affect the
companies compared to the Company and the transactions compared to the Transaction.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KSA&#146;s opinion was provided to the Board in connection with the Board&#146;s consideration of the
proposed Transaction and was only one of many factors considered by the Board in evaluating the
proposed Transaction. Neither KSA&#146;s opinion nor its analyses were determinative of the Offer Price
or of the views of the Board or the Company&#146;s management with respect to the proposed Transaction
or the Offer Price. The type and amount of consideration payable in the proposed Transaction were
determined through negotiation between the Company and Parent, and the decision to enter into the
Offer and the Merger was solely that of the Board.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KSA, as a customary part of its investment banking business, engages in the valuation of
businesses and their securities in connection with mergers and acquisitions.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In rendering its opinion, KSA assumed that the proposed Transaction will be consummated on
substantially the same terms as described in the Merger Agreement, without any waiver of any
material terms or conditions by the Company. Further, KSA assumed that, in all respects material to
its analysis, the representations and warranties of the Company and Parent contained in the Merger
Agreement are true and correct and that each of the parties to the Agreement will perform all of
the covenants and agreements to be performed by it under the Merger Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KSA&#146;s opinion addresses only the fairness, from a financial point of view, of the Offer Price
to be paid to the holders of Company common stock in the proposed Transaction, and KSA did not
express any views on any other terms of the proposed Transaction. Specifically, KSA&#146;s opinion did
not address the Company&#146;s underlying business decision to effect the proposed Transaction as
compared to any alternative business strategies that might exist for the Company, the financing of
the Transaction or the effects of any other transaction in which the Company might engage.
Furthermore, KSA expressed no opinion with respect to the amount or nature of any compensation to
any officers, directors or employees of any party to the Transaction, or any class of such persons
relative to the Offer Price to be received by the holders of Company common stock in the
Transaction or with respect to the fairness of any such compensation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KSA did not express any opinion as to the price or range of prices at which the Company&#146;s
common stock may trade subsequent to the public announcement of the Transaction.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For services rendered in connection with the proposed Transaction, the Company has agreed to
pay KSA a non-refundable retainer fee of $100,000, credited against a contingent success fee of
1.75% of the total Transaction consideration. The entirety of such contingent success fee will
become payable only if the proposed Merger is consummated. In addition, the Company has agreed to
reimburse KSA for its expenses incurred in connection with its services and will indemnify KSA
against certain liabilities in connection with its services. KSA does not have any equity holdings
in the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the prior two years preceding the date of this opinion, KSA provided a range of general
management consulting services to an affiliate of Parent in Europe and Asia. Neither KSA nor its
affiliates have had any other significant commercial or investment banking relationships with the
Company, Parent or the Purchaser.
</DIV>
<!-- link2 "Item&nbsp;8. Additional Information" -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8. Additional Information.</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Item&nbsp;8 is supplemented by adding the following information at the end thereof:</I></B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Beers v. Ashworth, Inc., et al.</I></B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;31, 2008, Richard F. Beers, individually and purportedly on behalf of all others
similarly situated, filed a complaint against the Company, each Board member, Parent and the
Purchaser in the Superior Court of the State of California (Case No.&nbsp;37-2008-00060336-CU-MC-NC, San
Diego &#151; North County, Vista Regional Center). The complaint, which is filed herewith as exhibit
(a)(7) and incorporated by reference herein, alleges that each Board member breached his fiduciary
duties to the Company&#146;s shareholders in connection with the Company sale process and related
disclosure, and that Parent and the Purchaser aided and abetted the Board in the alleged breaches
of fiduciary duties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The complaint seeks the following relief with respect to all defendants jointly and severally:
(i)&nbsp;certification of the action as a class action, certification of the plaintiff as class
representative and certification of the plaintiff&#146;s counsel as class counsel, (ii)&nbsp;preliminary and
permanent injunctions of the Offer, (iii)&nbsp;in the event that the Offer is consummated, rescission of
the Offer or an award of rescissory damages, (iv)&nbsp;an order that the defendants account to the
plaintiff and other members of the putative class for all damages allegedly caused by the
defendants and that the defendants account for all profits and any special benefits allegedly
obtained as a result of the defendants&#146; alleged breaches of fiduciary duties, (v)&nbsp;an award to the
plaintiff of the costs of the action, including a reasonable allowance for the fees and expenses of
the plaintiff&#146;s attorneys and experts and (vi)&nbsp;such further relief as the court deems just and
proper.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link2 "Item&nbsp;9. Exhibits" -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9. Exhibits.</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Item&nbsp;9 is supplemented by adding the following exhibits:</I></B>

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="89%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 10pt">
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(a)(7)*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Complaint filed on October&nbsp;31, 2008 by Richard F. Beers, individually and on behalf of all
others similarly situated, in the Superior Court of the State of California (Case No.
37-2008-00060336-CU-MC-NC, San Diego &#151; North County, Vista Regional Center).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Filed herewith.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After due inquiry and to the best of my knowledge and belief, I certify that the information
set forth in this statement is true, complete and correct.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Dated: November&nbsp;7, 2008</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">ASHWORTH, INC.</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:<BR>
Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Allan H. Fletcher
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Allan H. Fletcher
</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(A)(7)
<SEQUENCE>2
<FILENAME>a50454a1exv99wxayx7y.htm
<DESCRIPTION>EX-99.(A)(7)
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wxayx7y</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit (a)(7)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>HARRINGTON FOXX DUBROW<BR>
CANTER</B><BR>
David E. Bower, State Bar No.&nbsp;119546<BR>
James K. Lo, State Bar No.&nbsp;227598<BR>
1055 W. Seventh St., 29th Floor<BR>
Los Angeles, CA 90017<BR>
Tel: (213)&nbsp;489-3222<BR>
Fax: (213)&nbsp;623-7929

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>LEVI &#038; KORSINSKY, LLP</B><BR>
Joseph Levi, Esq.<BR>
Juan E. Monteverde, Esq.<BR>
39 Broadway, Suite&nbsp;1601<BR>
New York, New York 10006<BR>
Tel: (212)&nbsp;363-7500<BR>
Fax: (212)&nbsp;363-7171

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Attorneys for Plaintiff

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SUPERIOR COURT OF THE STATE OF CALIFORNIA</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>SAN DIEGO &#150; NORTH COUNTY, VISTA REGIONAL CENTER</B>

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">RICHARD F. BEERS, individually and on
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CASE NO. <B>37-2008-00060336-CU-MC-NC</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">behalf of others similarly situated,
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CLASS ACTION</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Plaintiff,
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>COMPLAINT FOR BREACH OF</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>FIDUCIARY DUTY</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">v.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">DAVID MEYER, JOHN HANSON,
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">STEPHEN CARPENTER, JAMES HAYES,
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">JOHN RICHARDSON, DETLEF ADLER,
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">JAMES O&#146;CONNOR, ERIC SALUS,
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">MICHAEL KOENEKE, ASHWORTH, INC.,
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">TAYLOR MADE GOLF COMPANY, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">AND PHX ACQUISITION CORP.,
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Defendants.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plaintiff, by its attorneys, alleges upon information and belief, except for its own acts,
which are alleged on knowledge, as follows:
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;Plaintiff brings this action on behalf of the public stockholders of Ashworth, Inc.
(&#147;Ashworth&#148; or the &#147;Company&#148;) against Defendants, Ashworth and its Board of Directors seeking
injunctive and other appropriate relief with respect to a proposed transaction in which Taylor Made
Golf Company, Inc. (&#147;TaylorMade&#148;) and PHX Acquisition Corp. (&#147;Merger Sub&#148;) plan to acquire all the
outstanding shares of Ashworth through a cash tender offer at the unfair price of $1.90 per share,
under unfair terms (the &#147;Proposed Transaction&#148;). The Proposed Transaction is valued at
approximately $72.8&nbsp;million.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PARTIES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Plaintiff is, and has been at all relevant times, the owner of shares of common stock of
Ashworth.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;Ashworth is a corporation organized and existing under the laws of the State of Delaware.
It maintains its principal corporate offices at 2765 Loker Avenue West, Carlsbad, CA 92008, and
engages in the design, marketing, distribution, and licensing of sports apparel, headwear, and
accessories. It offers various men&#146;s and women&#146;s apparel, including knit and woven shirts,
pullovers, jackets, sweaters, vests, pants, shorts, headwear, and accessories under the Ashworth,
The Game, and Kudzu brand names. The company markets its products primarily in the United States,
Europe, and Canada to golf pro shops, resorts, off-course specialty shops, upscale department
stores, retail outlet stores, colleges and universities, entertainment complexes, sporting goods
dealers that serve the high school and college markets, NASCAR/racing markets, outdoor sports
distribution channels, and specialty-advertising firms for the corporate market. As of October&nbsp;31,
2007, it owned and operated 18 retail stores in Arizona, California, Florida, Georgia, Illinois,
Massachusetts, Nevada, New York, Texas, Utah,
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Virginia, and Washington. Ashworth, Inc. was founded in 1987 and is based in Carlsbad,
California. In 1994, the Company changed its name from Charter Golf, Inc. to Ashworth, Inc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;Defendant David Meyer (&#147;Meyer&#148;) has been the Chairman of the Board of the Company since
2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;Defendant John Hanson (&#147;Hanson&#148;) has been a Director of the Company since 1994.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;Defendant Stephen Carpenter (&#147;Carpenter&#148;) has been a Director of the Company since 1999.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;Defendant James Hayes (&#147;Hayes&#148;) has been a Director of the Company since 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;Defendant John Richardson (&#147;Richardson&#148;) has been a Director of the Company since 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;Defendant Detlef Adler (&#147;Adler&#148;) has been a Director of the Company since 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;Defendant James O&#146;Connor (&#147;O&#146;Connor&#148;) has been a Director of the Company since 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;Defendant Eric Salus (&#147;Salus&#148;) has been a Director of the Company since 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;Defendant Michael Koeneke (&#147;Koeneke&#148;) has been a Director of the Company since 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;Defendants references in &#182;&#182;&nbsp;4 through 12 are collectively referred to as Individual
Defendants and/or the Ashworth Board. The Individual Defendants as officers and/or directors of
Ashworth, have a fiduciary relationship with Plaintiff and other public shareholders of Ashworth
and owe them the highest obligations of good faith, fair dealing, loyalty and due care.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;Defendant TaylorMade is a Delaware Corporation with its headquarters located at Carlsbad,
California that sells golf clubs and balls under the TaylorMade brand and Adidas Golf footwear and
apparel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;Defendant Merger Sub is a Delaware Corporation wholly owned by TaylorMade that was created
for the purposes of effectuating the Proposed Transaction.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INDIVIDUAL DEFENDANTS&#146; FIDUCIARY DUTIES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;By reasons of Individual Defendants&#146; positions with the Company as officers and/or
Directors, they are in a fiduciary relationship with Plaintiff and the other public shareholders of
Ashworth and owe them, as well as the Company, a duty of highest good faith, fair dealing, loyalty
and full, candid and adequate disclosure, as well as a duty to maximize shareholder value.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;Where the officers and/or Directors of a publicly traded corporation undertake a
transaction that will result in either: (i)<FONT style="font-variant: SMALL-CAPS">&nbsp;</FONT>a change in corporate control; (ii)&nbsp;a break
up of the corporation&#146;s assets; or (iii)&nbsp;sale of the corporation, the Directors have an affirmative
fiduciary obligation to obtain the highest value reasonably available for the corporation&#146;s
shareholders, and if such transaction will result in a change of corporate control, the
shareholders are entitled to receive a significant premium. To diligently comply with their
fiduciary duties, the Directors and/or officers may not take any action that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;adversely affects the value provided to the corporation&#146;s shareholders;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;favors themselves or will discourage or inhibit alternative offers to purchase control of
the corporation or its assets;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;contractually prohibits them from complying with their fiduciary duties;
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;will otherwise adversely affect their duty to search and secure the best value reasonably
available under the circumstances for the corporation&#146;s shareholders; and/or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;will provide the Directors and/or officers with preferential treatment at the expense of,
or separate from, the public shareholders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;In accordance with their duties of loyalty and good faith, the Individual Defendants, as
Directors and/or officers of Ashworth, are obligated to refrain from:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;participating in any transaction where the Directors or officers&#146; loyalties are divided;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;participating in any transaction where the Directors or officers receive, or are entitled
to receive, a personal financial benefit not equally shared by the public shareholders of the
corporation; and/or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;unjustly enriching themselves at the expense or to the detriment of the public
shareholders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;Plaintiff alleges herein that the Individual Defendants, separately and together, in
connection with the Proposed Transaction are knowingly or recklessly violating their fiduciary
duties, including their duties of loyalty, good faith and independence owed to Plaintiff and other
public shareholders of Ashworth, or are aiding and abetting others in violating those duties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.&nbsp;Defendants also owe the Company&#146;s stockholders a duty of truthfulness, which includes the
disclosure of all material facts concerning the Proposed Transaction and, particularly, the
fairness of the price offered for the stockholders&#146; equity interest. Defendants are knowingly or
recklessly breaching their fiduciary duties of candor and good faith by failing to disclose all
material information concerning the Proposed Transaction, and/or aiding and abetting other
Defendants&#146; breaches.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CONSPIRACY, AIDING AND ABETTING AND CONCERTED ACTION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.&nbsp;In committing the wrongful acts alleged herein, each of the Defendants has pursued, or
joined in the pursuit of, a common course of conduct, and acted in concert with and conspired with
one another, in furtherance of their common plan or design. In addition to the wrongful conduct
herein alleged as giving rise to primary liability, the Defendants further aided and abetted and/or
assisted each other in breach of their respective duties as herein alleged.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.&nbsp;During all relevant times hereto, the Defendants, and each of them, initiated a course of
conduct which was designed to and did: (i)&nbsp;permit TaylorMade to attempt to eliminate the public
shareholders&#146; equity interest in Ashworth pursuant to a defective sales process, and (ii)&nbsp;permit
TaylorMade to buy the Company for an unfair price. In furtherance of this plan, conspiracy and
course of conduct, Defendants, and each of them, took the actions as set forth herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.&nbsp;Each of the Defendants herein aided and abetted and rendered substantial assistance in the
wrongs complained of herein. In taking such actions, as particularized herein, to substantially
assist the commission of the wrongdoing complained of, each Defendant acted with knowledge of the
primary wrongdoing, substantially assisted the accomplishment of that wrongdoing, and was aware of
his or her overall contribution to, and furtherance of, the wrongdoing. The Defendants&#146; acts of
aiding and abetting included, <I>inter alia, </I>the acts each of them are alleged to have committed in
furtherance of the conspiracy, common enterprise and common course of conduct complained of herein.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>I.&nbsp;CLASS ACTION ALLEGATIONS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.&nbsp;Plaintiff brings this action on its own behalf and as a class action on behalf of all
owners of Ashworth common stock and their successors in interest, except Defendants and their
affiliates (the &#147;Class&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.&nbsp;This action is properly maintainable as a class action for the following reasons:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the Class is so numerous that joinder of all members is impracticable. As of October&nbsp;28,
2008, Ashworth has approximately 14.75&nbsp;million shares outstanding.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;questions of law and fact are common to the Class, including, inter alia, the following:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Have the Individual Defendants breached their
fiduciary duties owed by them to Plaintiff and the others members of
the Class;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Are the Individual Defendants, in connection
with the Proposed Transaction of Ashworth by TaylorMade and Merger Sub,
pursuing a course of conduct that does not maximize Ashworth&#146;s value in
violation of their fiduciary duties;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Have the Individual Defendants misrepresented
and omitted material facts in violation of their fiduciary duties owed
by them to Plaintiff and the other members of the Class;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Have TaylorMade and Merger Sub aided and
abetted the Individual Defendants&#146; breaches of fiduciary duty; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is the Class entitled to injunctive relief or
damages as a result of Defendants&#146; wrongful conduct.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Plaintiff is committed to prosecuting this action and have retained competent counsel
experienced in litigation of this nature.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Plaintiff&#146;s claims are typical of those of the other members of the Class.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Plaintiff has no interests that are adverse to the Class.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;The prosecution of separate actions by individual members of the Class would create the
risk of inconsistent or varying adjudications for individual members of the Class and of
establishing incompatible standards of conduct for Defendants.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;Conflicting adjudications for individual members of the Class might as a practical matter
be dispositive of the interests of the other members not parties to the adjudications or
substantially impair or impede their ability to protect their interests.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>II.&nbsp;CLAIM FOR RELIEF</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.&nbsp;In a press release dated October&nbsp;13, 2008, the Company announced that it had entered into
an agreement to be acquired by TaylorMade through a cash tender offer at $1.90 per share.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Herzogenaurach / Carlsbad, California, October&nbsp;13, 2008&#151;Ashworth,
Inc. (NASDAQ: ASHW) and the adidas Group announced today that the
TaylorMade-adidas Golf business segment has entered into a
definitive agreement to acquire all of the outstanding shares of
Ashworth, Inc. for $1.90 per share in cash. The transaction value
is $72.8&nbsp;million (<FONT face="'Times New Roman',times,serif">&#128;</FONT>54.1&nbsp;million), which includes the assumption
of $46.3&nbsp;million (<FONT face="'Times New Roman',times,serif">&#128;</FONT>34.4&nbsp;million) of Ashworth debt based on
Ashworth, Inc.&#146;s 10-Q for the period ended July&nbsp;31, 2008. 1 The
transaction will be effected through a tender offer to be launched
shortly by a subsidiary of Taylor Made Golf Company, Inc.
(&#147;TaylorMade-adidas Golf&#146;) for all outstanding Ashworth shares. The
tender offer will be subject to, among other things, the condition
that at least a majority of the outstanding Ashworth shares are
tendered.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Through the acquisition of Ashworth, TaylorMade-adidas Golf becomes
the leading and most balanced golf apparel company with a complete
apparel offering for golfers globally. The transaction
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">enables TaylorMade-adidas Golf to widen its product range, to
further strengthen its distribution platform and to extend its
marketing presence.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&#147;Ashworth is a well-established, authentic golf apparel brand with a
strong heritage and represents an excellent addition to TaylorMade
and adidas Golf,&#148; said adidas AG Chairman and CEO Herbert Hainer.
&#147;This acquisition underscores our commitment to continued growth in
the golf category.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.&nbsp;On that same day, the Company filed a Form 8-K with the United States Securities and
Exchange Commission (&#147;SEC&#148;) wherein it disclosed the operating Agreement and Plan of Merger for the
Proposed Transaction (the &#147;Merger Agreement&#148;). The announcement and filings reveal that the
Proposed Transaction is the product of a flawed sales process and is being consummated at an unfair
price.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THE PRICE IS UNFAIR</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.&nbsp;In the few months prior to the Proposed Transaction, Ashworth stock had been trading well
in excess of the Proposed Transaction offer price of $1.90. In fact, as recently as October&nbsp;3,
2008 Ashworth&#146;s stock closed at $3.00 per share. The recent dip in Ashworth&#146;s stock price to $1.73
per share on October&nbsp;10, 2008 is not the result of any fundamental change in the Company but likely
reflects recent turmoil in the financial markets.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="a50454a1a5045401.gif" alt="(LINE GRAPH">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.&nbsp;Moreover, the Company has a book value of $5.58 per share. The purchase price of $1.90
per share offers little, if any value, for the Company as a going concern. Stated otherwise, if
the directors simply liquidated Ashworth and paid only the cash to the shareholders, the
shareholders would receive approximately 3 times more consideration than they will receive in the
Proposed Transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.&nbsp;Moreover, an analyst has set a target price of $3.75 for Ashworth&#146;s shares, which is well
in excess of the Proposed Transaction price. The Proposed Transaction price of $1.90, therefore,
represents a discount to the Company&#146;s intrinsic value.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THE PRECLUSIVE DEAL PROTECTION DEVICES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.&nbsp;As part of the Merger Agreement, Defendants agreed to certain onerous and preclusive deal
protection devices that operate conjunctively to make the Proposed Transaction a <I>fait d&#146;accompli</I>
and ensure that no competing offers will emerge for the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.&nbsp;First, the Merger Agreement contains a strict &#147;no shop&#148; provision prohibiting the members
of the Ashworth Board from taking any affirmative action to comply with their fiduciary duties to
maximize shareholder value, including soliciting proposals relating to
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">alternative tender offer or
business combinations. The Merger Agreement also includes a strict &#147;standstill provision&#148; which
prohibits, except under extremely limited circumstances, the Defendants from even engaging in
discussions or negotiations relating to proposals regarding alternative business combinations. In
addition to the no-shop and standstill provisions, the Merger Agreement includes a $2,000,000
termination fee that in combination will all but ensure that no competing offer will be
forthcoming.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.&nbsp;Section&nbsp;6.4(c) of the Merger Agreement provides a limited situation under which the
Ashworth Board may enter into discussions and negotiations for a competing unsolicited bid, <B><I>only</I></B>
after &#147;the Company Board determines in good faith (after consultation with outside counsel and its
financial advisor) that such Acquisition Proposal constitutes or is reasonably likely to lead to a
Superior Proposal (as defined in Section&nbsp;6.4(1)(iii) hereof) and (iv)&nbsp;the Company Board determines
in good faith (after consultation with outside counsel) that the failure to take the
actions referred to in clause (x)&nbsp;or (y)&nbsp;of this Section&nbsp;6.4(c) would constitute a breach of
its fiduciary duties to the stockholders of the Company under applicable Law.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.&nbsp;Further, Section&nbsp;6.4(d), provides a limited exception under which the Board may recommend
an alternative Acquisition Proposal only after &#147;if the Company Board determines in good faith
(after consultation with outside counsel) that the failure to do so would result in a breach of its
fiduciary duties to the stockholders of the Company under applicable Law, then the Company Board
may (x)&nbsp;make an Adverse Recommendation Change or (y)&nbsp;solely in response to a Superior Proposal
received after the date hereof that did not otherwise result from a breach of this <U>Section
6.4</U> cause the Company to terminate this Agreement pursuant to <U>Section&nbsp;8.1(d)(ii)
</U>(including payment of the Termination Fee, as defined in <U>Section&nbsp;8.3(c)(ii) </U>hereof) and
substantially concurrently enter into a binding Alternative Acquisition Agreement with respect to
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">such Superior Proposal.&#148; These provisions further discourage bidders from making a competing bid
for the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.&nbsp;Thus, even if the Ashworth Board receives an intervening bid that appeared to be
&#147;superior&#148; to TaylorMade&#146;s offer, they are precluded from even entering into discussions and
negotiations unless they first reasonably determine in good faith that the alternative proposal is,
in fact, &#147;superior.&#148; Consequently, this provision prevents the Ashworth Board from exercising their
fiduciary duties and precludes an investigation into competing proposals unless, as a prerequisite,
the majority of the Ashworth Board first determines that the proposal is superior.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THE MATERIALLY MISLEADING AND/OR INCOMPLETE<BR>
RECOMMENDATION STATEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.&nbsp;On October&nbsp;20, 2008, the Company filed a filed a Form 14D-9 Recommendation Statement
(&#147;Recommendation Statement&#148;) with the United States Securities and Exchange Commission (&#147;SEC&#148;) in
connection with the Proposed Transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.&nbsp;The Recommendation Statement fails to provide the Company&#146;s shareholders with material
information and/or provides them with materially misleading information thereby rendering
shareholders unable to make an informed decision as to whether to tender their shares in connection
with Proposed Transaction on or before November&nbsp;18, 2008, when the tender for the Proposed
Transaction is schedule to expire. Specifically, the Recommendation Statement was deficient, <I>inter
alia, </I>because it:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fails to disclose why the Company retained
Houlihan Lokey Howard &#038; LAM (&#147;HLHZ&#148;) as its financial advisor to assist
in the sale of the Company during 2005 to 2007 but did not retain HLHZ
to assist in the sale process started in April&nbsp;2008.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fails to disclose the fees paid to HLHZ in
connection with their retention during 2005-2007.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fails to disclose criteria used to select Kurt
Salmon Capital Advisors, Inc. (&#147;KSA&#148;) as the Company&#146;s financial
advisor.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fails to disclose the financial interest that
KSA or any of its clients has in the Company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fails to disclose why on May&nbsp;29, 2008 the Board
prohibited KSA from contacting any third parties about a potential sale
of the Company absent approval of the Board.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fails to disclose how many parties were
identified as potential buyers by KSA, how many of those potential
buyers were strategic v. financial buyers and why the Board only
authorized two potential buyers to be contacted.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fails to disclose why the Board did not
authorize additional potential buyers to be contacted until late August
2008 and why further contacts had to first be approved by Mr.&nbsp;Meyer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(viii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fails to disclose why the Board approved a Change in Control Plan on
September&nbsp;18, 2008 and whether the Board considered whether such plan
would adversely affect the sale of the Company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ix)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fails to disclose the identity of the companies
that were used in the Comparable Public Companies Analysis performed by
KSA and the criteria used for selecting such companies.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(x)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fails to disclose the multiples or any
numerical values observed for the compared companies in the Comparable
Public Companies Analysis performed by KSA.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(xi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fails to disclose the multiples or any
numerical values applied to the Company in the Comparable Public
Companies Analysis performed by KSA.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(xii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fails to disclose the conclusions and
numerical results for the Company in the Comparable Public Companies
Analysis performed by KSA.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(xiii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fails to disclose the identity of the companies that were used in the
Comparable Precedent Transaction Analysis performed by KSA and the
criteria used for selecting such companies.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(xiv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fails to disclose the multiples or any
numerical values observed for the compared companies in the Comparable
Precedent Transaction Analysis performed by KSA.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(xv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fails to disclose the multiples or any
numerical values applied to the Company in the Comparable Precedent
Transaction Analysis performed by KSA.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(xvi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fails to disclose the conclusions and
numerical results for the Company in the Comparable Precedent
Transaction Analysis performed by KSA.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(xvii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fails to disclose the discount rate used in the Discounted cash Flow
Analysis performed by KSA as well as the assumptions used in selecting
such discount rate.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(xviii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fails to disclose the projections used in the Discounted Cash Flow
Analysis performed by KSA.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(xix)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fails to disclose the terminal values used in
the Discounted cash Flow Analysis performed by KSA and the assumptions
used in selecting such terminal values.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.&nbsp;Accordingly, Plaintiff seeks injunctive and other equitable relief to prevent the
irreparable injury that Company shareholders will continue to suffer absent judicial intervention.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>COUNT I<BR>
Breach of Fiduciary Duty &#150; Failure to Maximize Shareholder Value<BR>
(Against All Individual Defendants)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.&nbsp;Plaintiff repeats all previous allegations as if set forth in full herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.&nbsp;As Directors of Ashworth, the Individual Defendants stand in a fiduciary relationship to
Plaintiff and the other public stockholders of the Company and owe them the highest fiduciary
obligations of loyalty and care. The Individual Defendants&#146; recommendation of the Proposed
Transaction will result in change of control of the Company which imposes heightened fiduciary
responsibilities to maximize Ashworth&#146;s value for the benefit of the stockholders and requires
enhanced scrutiny by the Court.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.&nbsp;As discussed herein, the Individual Defendants have breached their fiduciary duties to
Ashworth shareholders by failing to engage in an honest and fair sale process.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.&nbsp;As a result of the Individual Defendants&#146; breaches of their fiduciary duties, Plaintiff
and the Class will suffer irreparable injury in that they have not, and will not receive
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">their fair
portion of the value of Ashworth&#146;s assets and will be prevented from benefiting from a
value-maximizing transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.&nbsp;Unless enjoined by this Court, the Individual Defendants will continue to breach their
fiduciary duties owed to Plaintiff and the Class, and may consummate the Proposed Transaction, to
the irreparable harm of the Class.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.&nbsp;Plaintiff and the Class have no adequate remedy at law.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>COUNT II<BR>
Breach of Fiduciary Duty &#151; Disclosure<BR>
(Against Individual Defendants)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.&nbsp;Plaintiff repeats all previous allegations as if set forth in full herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.&nbsp;The fiduciary duties of the Individual Defendants in the circumstances of the Proposed
Transaction require them to disclose to Plaintiff and the Class all information material to the
decisions confronting Ashworth&#146;s shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.&nbsp;As set forth above, the Individual Defendants have breached their fiduciary duty through
materially inadequate disclosures and material disclosure omissions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.&nbsp;As a result, Plaintiff and the Class members are being harmed irreparably.<BR>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.&nbsp;Plaintiff and the Class have no adequate remedy at law.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>COUNT III<BR>
Aiding and Abetting<BR>
(Against TaylorMade and Merger Sub)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.&nbsp;Plaintiff repeats all previous allegations as if set forth in full herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.&nbsp;As alleged in more detail above, TaylorMade and Merger Sub are well aware that the
Individual Defendants have not sought to obtain the best available transaction for the Company&#146;s
public shareholders. Defendants TaylorMade and Merger Sub aided and abetted the Individual
Defendants&#146; breaches of fiduciary duties.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->16<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.&nbsp;As a result, Plaintiff and the Class members are being harmed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.&nbsp;Plaintiff and the Class have no adequate remedy at law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREFORE, </B>Plaintiff demands judgment against Defendants jointly and severally, as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;declaring this action to be a class action and certifying Plaintiff as the Class
representatives and their counsel as Class counsel;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;enjoining, preliminarily and permanently, the Proposed Transaction;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;in the event that the transaction is consummated prior to the entry of this Court&#146;s final
judgment, rescinding it or awarding Plaintiff and the Class rescissory damages;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;directing that Defendants account to Plaintiff and the other members of the Class for all
damages caused by them and account for all profits and any special benefits obtained as a result of
their breaches of their fiduciary duties;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)&nbsp;awarding Plaintiff the costs of this action, including a reasonable allowance for the fees
and expenses of Plaintiff&#146;s attorneys and experts; and granting Plaintiff and the other members of
the Class such further relief as the Court deems just and proper.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">DATED: October&nbsp;31, 2008
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>HARRINGTON FOXY DUBROW CANTER</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="CENTER" valign="top">/s/ James K. Lo
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
DAVID E. BOWER
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="CENTER" valign="top">JAMES K. LO</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="CENTER" valign="top">Attorneys for Plaintiff</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>LEVI &#038; KORSINSKY, LLP</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">EDUARD KORSINSKY (to be admitted <I>pro hac vice</I>)<I><BR> </I>JUAN E.
MONTEVERDE (to be admitted <I>pro hac vice</I>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->17<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>a50454a1a5045401.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 a50454a1a5045401.gif
M1TE&.#EAP@'Z`.8``+^]O$9%1OO[^MS:V/3S\FIH:>SKZ<K*R]74T^7CXL/#
MPX:%A7U\?28G*1H9&:RJJCP\/%!14\&]N-#-RIR:F0,"`UQ:6=G6TY:2CN+@
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M00X.#Q(3%IF9F20B(9*/CV%@7YZ=G3$P,%=65Q`/$!\?(*"?G]?7V)F7EZFH
MI["OKW!P<;FWM\_/S\C(R='0SZBGILG'QXF'A[^_OQ,1$?___R'Y!```````
M+`````#"`?H```?_@'\$&R5_32M(2&D><W]_'A04(7\J*1D=:A8]$FE'4G4H
M&E1(5TIU2'\)<HZLCGH!!1\<>G\*2#UI3`%J**V^O\#!PL/$Q<;'R,G*R\S-
MSL_0T=+3U,A($%,;#R\D#0U7:HY0+UM6?QH0+$P_1%L[$$H-;K8D9F%(.65_
M!U4LOT)FE*#`4>4!'!);('!1`^%`M8<0(TJ<2+&BQ8L8H;4PHZ'`$AM5*&A(
MTT7*'P-`ECRQ,J?!CRI4'CS(`8:$"AA1U`"@4V&.@2<56EAP<.+7`Q*H6GP)
M<(4$D3=P:O2ID;&JU:M8LVK=NI7$EPA8O@PI$"&`A!$_`G!Q"<;*`C/=_[;0
M^4.&1X``21P`Z56AQ`V@)'XT`'84%8B.<!N4,<>UL>/'D"-+QDBBPH\?;A*@
M.`'$28$M"@X`F7+%RID&)!S42?#'"`4I1,H$V>/C3X4)?RL<T&,$AE&D?QX(
MR5#`0>!5DY,K7\Z\N6,2?N",8%-#3A,Z/W(4<-2B094"<,P0<2/&D>L"X\CD
M<53AR@"@?Q"T8>TKP0Y4-!;\$>.F'I\_<-SAW(`$%FC@@<2D-L`$?EC0`!57
M$!$`"7#\T4(773@@!1IJ[*`&%52TL\4&(I@1@0RV,8%`%17\40(:$OB201M5
M3#%!"^7MX(84;Z"QQ1M]("CDD$06N14/:Q`@0_\#$O!``A@MI-$&BA1T4$(;
M5(20QPU.DL"#'1@,4$,!*]SP!Q,3$,`!%'\,H`-5K1#P`!0/&#!!(0AP@,`#
M<K`@!YQ&!BKHH(0R8^8?`K#61`8)$$"``8X08.8-,[`R0P89-&&(`()P*H@O
M`FA:Z*BDEFKJJ:BFJNJJK+;JZJNPLIJ%0\9(X*DO?21Q!C!G0#%`,%DDD00!
MC@C``2M-^.9('$DP,$&LT$8K;3%6F%$!$<KZTA<K)+B!07T[I%8&%;\$8$:%
MOZ#Q`PGL9@!!!17$8``-/U3P!0I=:CCMOOP*&@<96YCP!P`Y2'&L+Q/8H!V*
M%IA!AQK9.E(`O"7XT$/_!204484O!S2PA`%(&#&`%/`6@$$9\);G"P@(W$`&
M"2*084<"%?#0@`$;O&`S!#?L8%*_0`==(#<YI`##%X%]@4,K$T@!EQD6(-#P
M`03<ZD@2&U2`0P)85'##!`$(S,H!/RSQQP)&\!!3&&:(P#8?D,*0P09'Q%&;
M"K<%D`,"ML'@Q1\9D%```$144,4D0B>NN&0W2*!"#U]L83@=)]#0"@4D:)`!
M#U&L$02\:8C*2@T"_+#!3RW*9\<7K#OPKMEHX^A#`A?<8"ZZ`;!>00`(Y''%
M"S-LL?<?1(3A`.`DO!#%"WD4<,3BT$>O%0@OO)%#!0,,\8,1-=#GB!`DF","
M_PDZO/L&&87\4@$-+G2=```!Q,`N0CHXL(0`.QA!0WD"$-"$N6>H01,*P((2
MB&`"*6A`!3C0A".\H`0TFX,#!N"!!KR@`5BX`1("(+T.>M`B47"`"6S@!AET
M80!T(,'26'&&*&A@`)P;P=2`D8`!D*`/%\``O"HPF%9TC`TJ"$/:J#``%10!
M`P&H0!BF$*16H($(-L`!#6;@@#=4``0&X`&\W`"`!GRA`6:XP@?'2$9JQ&"'
M7VC!#M'P"S'L,`U_F.$OC+##"@0I!FCP'BL08*TO4.$"1X!7$1QAA3(<08]_
M0$,=MQ0!$K`B#WYP!-D,%Z,R6O*2F,RD)IEC`+']`?]?23A*!&R@`2NH00WS
M2Z4J5\G*5LZO`![8)%::@*(;E.`."KA#"0[0AUWVX9?`#*8PATG,8AKSF,A,
MIC!%D((BB*$/--`!&"R@@VJ^0`<-*(!++L/-;GKSF^`4C#<#0X(`1(%=.7@"
M":)0EAP$P!MH>$,5P/"&-SC@GOC,IS[WR4]]EN$+_0RH0//Y3S0T8`M>6((1
MXMDC-"RA"DYX`00BP(8`1."B&,WH18'B`(UZ-`(0>(,6+'*#."#@I"A-J4I7
MRM*6NO2E"+@#'B:@@)H>X`!W.$!-\X"'/M34IS\-I@*".88\*/.80P7F4'\Z
MU!5`8`P@^,(/RC!5!U2@#%;_K:-6M\K5KGKUJV`-:U=9QSHW?.&J;G"`']S`
M5@>D-:T#%>@7L*I/"*`AGQ'PPA,V4(2+(B$/$2C"#0`@!@,`8`$)P)0.0#&`
MQCKVL9"-K&0A2P4(3/:RF'UL"YR`*0.@H`8&2"RC$E"##-0`M#=P@0%NP-K6
MNI:U&0!#`5Y+VQL80`DJFT9I,96!VOQ!?JX,;C=0(]SBIG)YJ:R"`Q13AC(0
M@0@-B(T?<O"&N?K!NM>MHQ_J^(7"B=6K_]RA6=E:@>V6UPQ@\(,7<N"`*OB(
M#6_P1A4.N@7O-"`'6\BO?O5;`7+L][\`#K"`^RO@`AN8"D7`01$><(0?T"`%
M"8!!_PHF7(,4^,`$Q&K&%9`#$1Q1!`I`@(@`>&"$B/C`:,9P9C4*<$Z7K*<U
M%8"`@04,!C/X:,8XWJ\:AK"%4@1@`!)`P0<^X($'4*`$*;B`H7CP!8IL89`0
MV19$'$"K#I.@R@_9P*\BXN$#):`!)=Z*!7(K#1@`@0S64H!Y5,",!Y@!";Y]
M"`LL`)$93$Q(4BX0#G(@H`/A8`=",L'/M*)BB%R!`JPP@@TRG`PW.^%@`S)`
M!%J$("/PS4`?4`&D9%F@,4/D#E2(I7F^D(%EJ&`+6!B!@1`09DZ[NE!`(+,T
M9/`"(&RZ-40X5#(RH.17^_K7R5"#K*.A!JBTP@A@8#2PE__-;&EXNAI/4/6Q
M>1#G9EO[VLF(]4/@<.E$7T%TV`ZWN($A;(L8`0BZ'K>ZQ_ULBABA"BY8M[S%
MW>YI)``#+6A!J5M#[7G[&]@`R'<+JC#L9UQ@!W40@QCV;81<__L8$Z@V-"[@
M@1E0L#8M\X``)O"!)GC``S=```$^D($5;'E`O2[&#2Y@@'VS(@$G0``*-DWQ
MCWL`XS?0.&XNG8`YC%Q5?5"X&`A>#20\2`6Z-D(9.B"$,VS@X<.(.#4H;O&;
MQR?G&^_XQT,^\I*?W#DI)\;*6UZ?F,_<$37_.,YU'G)']/SGK:IW-(!2AB5D
M"RAF,(,#T`7UOF=2[M"(0!G"T(#_`.P;"V&P@`6`$`>_._Z2@']&PV&`!#N:
MYV,VD("R'\]YZ47>&8*/0!6^0*MSWZ`'00A"YU?O^8([PPY\8$$'6+!I(TP!
M4C)D#.MW'[3/5T/I5+GP`U*!@SHPP1$SD``'+*`!WCN?5;ZGAA%([8A-$^``
M=,B!(_(0@"XHX,7/#[^IHC\-(YCAUJVYP0::8(<Z?%($?,L`!_B`"O';?U#D
MET;#TTV$.JP`<"]@'?'V!Q<0`SVP`FE0%/>W@$.2?]$P?2[W!S#P!$J6+'T6
M*9]E!PO0"PS8@0;B@-!@!$6P>1&0;L`P`6&@'QZX@LX!@I)7`1S("BY@-<`@
M`$C@>BR8_X..X8+.8'[HAPQB$`3/HH-$"!D\V`S[QPQBH`&;5X1.F!$RP`<1
M4`<0@(/,4`=&D(5&T&<0J(1,\`%/*$OK5WV5]`<NX`$XTR8<,(2"(@<.8`:*
M887+T'`D8`/>8P1LU@QB`&77!@*V8SG*\`%/]P<2$`,7P`&(9`+R<P,Y0`,Q
M\(CQ\X@<@`(MD`0)$`,;4(`2L`&Q]`%A!Q$;$`.B1HA@^!`74(J^T`(.H0(Q
M@$C+<`%E2"A'2`Q=<%8.D#ZMD8=*2&<?1`?-)P9$P"88,!?%4!L$@``5H'W(
M(`">(@`^P(R_X`,^,"E-((W3:(W,V`3$\HS.R(R<`HT3T8VL`/^.U4".K=`$
MWRAQS&".^">'RD`&2@``$]-$=+1#00("PR`#3[<@8@`!(,"&$^`"<O,'(7!K
M)E`;-S!(^-@,>\"&K,`!`Z@</D`LH:4IU9@,`C``)AB&1C*+PU`""-`$E4>/
M9@`#);`'Q+*1K1`JB.(#-2`#G\4*SXB.F\(*&28`5*&2QW"1OE`U',F`'BD,
M&L`#&S"/YD$$E=(,,L`#/4"#/_F4$!&4P:`";``O_V<>V/,,(U`$*`*57AF5
M[FAJ89>$SD!D7WF6U2"5R("'T2`"7Q"6:!F7PJ"6QT!',=@,"!`"!_"#<MF7
MQ4"7QN"#T"``1T`$TN:7B$D,@%D,=AG_#0NP!<.7F)(9#(M)#((9#3.0!WXQ
MF9S)"I4Y#(T9#5!@+4W4F9/YF<)`EA/7`5LP!J;)F:@9#)<I#2R`!Z]YFG`I
M>=0W#0!PE[?9E[$)#*H9#7.@`.KXFV<9G'-4!H`B#6D`?L@9E\$988#2A=20
M!!$3G?PR`_$V=G\`D\W0!+X)#`!P`GPY#0<`!1UP!E4($6*0`X.(:SK9#-C9
M@1$H`"AB!RC0!!>0`01P`0#J`C(PBL#@`J*3`4X)+;Q&@";0"PI`H,DP`Q`*
M##%``^,Y#0QV!%U`=-3@`B>@!%$0GPU'!S```";8!/$I##>``GN0`08P`U<P
M%P;0!`G@`P<@_W.)T@0.@0(^,(,HT"@(0"N/8BF;MEI_,`/@%@P"T`M[D*!6
M00!P,@/GN14$*@"^P0`;<`,JX`$UH`)>^@$`P'?`\`&WY@%)NB^:<1$)0`?0
M.1'E1@TX\`8/@`0B^@4%\`+#TPH&`&C$D`&<T`<P:0%S<0$22@!R8`*VL@$S
MX`^:-P%-L(F=A!PND'(HT)7]^4E).0P"$"-0<*97X0*E6*G:.1$/``&'21&H
MB05FT`40H`8,9P$&``<!)`V$V@P9(`9L,JJ9%%,W91&HR0=5T$>E5P">Z@Q4
MMPPS(`=^P(<0X0.HJ*NDH@`5T@$=L`P[P`(.J9BY:0P?<`96T`!2,/^`YU:L
MS<`!+9"MPI`!"U`[#V`"!8")$N%QR8`'%Y@,-Q"9-4",T%H1(V`#?V`%NE<,
M0R8`7D`""VD,RBF*B58'QUF6/"!J,D"N?]`'%:`#$E"M-[`"+>`8>(`%%M"<
MCC``']"P\?$&=/`!>A`!^UH1!\`',5)3R%"4!"![>X`,RND+T^>*T*`":2`"
M,*`#$?@+<:`$.!`&6U8#0Z"+6C$"57`$%@``OK``ME8L'R`"(L`***`$-@`$
M,(`#.A"#)8"+*QL-=%``'$@'*8`,&""QE+FM2(AN#Y$`J,0#>@`#F=J3SV(`
M'!8<];<5&\`$0L`#I7DU)+!O`O`!),!@'6#_`/HA`\.7`#10AE;`E6,;#0I0
M`'#D"$9V#$@@*C.@>L=PLZV`>%/Z#&&Z?BW0;;Z0!TH`##*@9EP!<W>@D0\`
M?DE0N([0!!10(0OP`!FP!;X@CW/Q`'7P`#I;N<F``'``NW_0/<=0!O2!`I2&
ML&[+#`'`G!01`5C6"@K`1@7ZB5S1`[B8!E2P:37@!)&R`2&P0EB+`2E@`#90
MK:M'.X3B`A(0=B@@`1$Y#&)P*`8P:,7PINZVFQ*!``S0>+]P`]O+"B-`+A>1
M*WL+##.:I><``)YR$X[@`U<"L@2X`U8P`+2C-AS``';0=QFP`UC@+)Z8%21'
MJSKP'ZS@`3J@M,;@_P,'6PS:5A&S*1$!\`0<S`!-Z`AI`,`3T0<+<``M(*9G
MH\0!D`8<\`+,ZP1LJ`!F``RZZ\`A-P%ID`,50@<(S`I!4*^DD@+`^Q`P``K!
MP`5'$(M_<`<V$`=00`4QL`4\`+X781<4`"EUP``<,)_"0`!Q<)<E5;JLX'ZM
M,`!)$+K5.X<$+!%&\`-!^P<E&`P`$`,7,:>4$)FL``*(PPHX4`(H\`2AXPAT
M<&LUH,0O)\8#``,JT`'^MP-]M@"Z(,8%DFD_>#J;+`+-5PTIH#9'D(7[>P(C
MH$<R@`1!D@`((`$8H,5;D(5M`+44\0$+<))T<!@@L`8E4`4++,%L"`<JV/\*
M`/`$5YF:*G`K&=!DQB#`$T%'7Q<1CQS)DPP,0UH1"K``?$,`=_L'9Z"OCN`"
MM9$$6Q!O#*`YSW`&8+``=4`$1U`(#2`3^VL@GI6D4^`$(D@`&K`'XU(,*V`$
MJ$Q#**``(Q`)GZ&%@*,&6HALB6R39I('<!`)=!#)#]$!:4`?+L`%(T`LEE<,
M34`5=U`'1O4+&3`"SPH,,(`"MU(#1'`,.>QN6>EN%I#/?["VP9`!(B"_$R$E
MK`"@K6`%J!P&=_`!$5!J6\`!08P,*-`#,/`!%(`#$[`!;/`L3"`%91T1#9`"
MHG($84`-./("/'0#'Y``1,`#Q0`%#;#-$\`!M[;_!/6:S4<0!&Q"`&M`!$J@
M!$5P!D/]"Q/0S@\!9,U)IHY0!)K-"BGZ"$(T##$`S3LIV-1K;D1`R-*``"G0
MA'-]`3;@P!(Q`Q@@-BA`!8C&"C`PH1AP!'>0!*46`U"]##SYJ&[P`+4Q`"A@
M!JI+$3M`!@"S!61@`\S:O#@08%0`MLW)`0XP!C60!PB**![P!=GY"QY@`AYP
MV6)@!LSK!\S;SS/`:+/#6FSK"&*@`T4P!!P<#7Q0`$XJ""%PW'_@`%?0R=?!
M!<.`!)K,"DO@!P<0`ASLQZU0:$Q]H0]Q`S3H25:<6!1A`"J081>@!D(0)V<Z
M`U[0!SQJ`2)@X<M``)O)_RT:_A`6<,(Y\`(((`,7T`(7I8)WD`.LQ`0I9P$T
M`"A7X'._0``M,``FD-[(0A!*/`$B``:N28@`,-?E6M0!(+;!0``1P`#&,`%%
M$`"0%@Q.L,U_L`9DX$D)$`(U_@=K^`NX1`!5,-_*@.'KW-16008P0+(P$`&Y
M"A$UL`)EV`0J4)H>T)7E<N5Q0#H6$0=L\,4340$8D`%Q@,`"T.,2TKP@P&TK
ME09/\-LM$`4\0!\2P#[!8`!5``1VX`5YW;P8$`&]G0$4$`/N:@.]D`9D0`=U
M(`()X`31+0T$@+D(0`4U.PQ-L`-E3`QI(`8B1PP!T*:`XP!*DJG32`R#T*`,
M$/_=-!#:8H[#BZP,[&P160"R)/#?K/``1/`$$L%],.P(K,4*1>`/P-`R5_$%
MR4X1%;`!-.@#&3`&`H('07#<-;"7,Q"D/.H(-A``C/X+.GX#<_`\?X`'7N`&
MNB<$`2`$"+`%B&8%5V9."H"2$<$`%9($6*#F+^<`X3X,C&(,T>X+!O`#S<`'
M`7`"<6""-7"<'/27XYX,Y5X1Q.T+)!#/U$#6S0`^C"$!E[T5*0#CT'!&.*"2
M&_`$-/P+$J!`Y6$$7^L([ZMR!],'K<8*8G`$3^?@A)@`V!D`'2T-F>@(5)`M
MZM(*-EQ].C"]OW'BQF`"B.0#EHP`*NL(,)#2Q+`!53#_N,1PYL*@YX[,YQ,Q
M]*T@`EKN"%I4`=N18CE@X0>0`[S("@!11S]O8E_P`A3A`P-0K!N0/-HA#`)@
M`I_\!R`P`'3T!G'."ES2?$']"P8`Z2*9`\-7-28`T](`CAP0`P/(,HY`!@EP
M`U&0`WWP!5A0XP@@`EX>#.`]N-)KR17&P&1@#`*@`[9Y#`-^X:$/#!J0`QH0
MD4%/$9`OD\9P`P/``2*P[\.0!#@``EJ>`,SD"S0*"`."`S-_AH>(B8J+C(V,
M`3`YCI.4.3>-`C>:!(X"/@)_H"X#-:"4?R@8,*&333<^AAHO):>UF#YJ.3D?
M(88Q(D>:/BX9(D6*=#D\GZ<F_V9]("`^!"8#L`8FAAE%1K5-IJ=]%18$O0!2
M*G\(2A5F9F*VISL-!4Y?"H9&#@;Q_8=)"`X)R("!$Z9OFD;PD"&@":P_W[X=
MXE)B!8$#*/[<<"'`H(`+*6XT"272!RR3#OVIC.>"`(82!E<><I4`UH`R-4*(
M*""`@Z$;*IJ46!)`H`P..)C0H+'#!@PX(E;4D*C(!`$"0%(P"1)`C0H*7UYL
MR/#A3X8)ABZ4_3-AP`1^*CR,E'!)YBD;6S;X*/I%Q`0UAVZ8&/+"D($>,?ZD
M"6#@P]*R$S(<VN#B$`$$+1P<`1&#C:$-,W!\R=%`PP"[C>X$H>.G!<0$(R^T
M``/!`?\\U(AJ(/A;H4\^(FT'\,/-*,F0AS>VY(`!3A&*L29V'W$B8X*,SPD\
MU#BTA48A/P$&B`"2H=>?!#MG>$!EP@."@#(^>+A.O'[@"LQQ;P`1(,Z?)SLT
M04`!:-4E0`T2#$`#!8<\=T,-&=100@P8(#"#`1RXL$$"BZ1`@``H@)`!`%=<
M$((!=/0042@C_>%#BPY)1-6']C$"(2P(#/!"!L,(=$,"(!@BP`PH)(""?TW4
M,!5$X%!U2`UY$/2>(=_L04(`(`Q7(Y4M[;$=(CX8D$$&5$"QY1]&F*&"*494
MX&8%A9UI2`$OU'4#"23T(T89=$QBQ"J&#."F%QD=<L`Q<B;_:I\K-YA21&\U
M)*'HI)3:4L%IBQS(T0T$B.$&`W:1<02'E?ICP6TU4H%G0&A6\`,).;"::`K(
MX=D/'$!<,`D',?D00YZ)).!3J<3:8@6>!R2"AF_%-ELJ"74IDH$#?Y*0A!A+
M2.!LL:?*B40%.O!C!!'1;MN/![HZDH1DB)`00;04=&.N?>ZNU`(/,:!`Q0:&
M1)#LO``3NP$5Y^EP1,#$W1!#.HMT:Q\#1+Q!A!&%CJOEI&08*&L\.C#H2!VD
M'F("&A=,D`8:"-?G0@_TU2)!#&5)`$`13Z"5\LV5)B!!#>OAO%(&9.C!"!"H
M$D<``UC@P)`A6UQ:*AO\^`"`)/[,_S<)!86`68`'1QBP@L]V(0#&%/%X8,)U
M`@#!PP7-@>TV<0*`TO;;E&1`0AV,J%%THEQ44"BE3J.`QA8_?\DD(DU0$3(B
M,K1!]TH(5.&&+4T(]_CEF`.<`!D:,.+PI&E>K*C3!%2VDA0+&%)##P'E4<(`
M)DPP=Q,(+)XY)3+8$,\&4_1P^^_`3XJ@YWO+V2:FE'Z1``$B.+[2$>'64(`#
M,63@1P5L[("%[7\H4$80P9_B0P8<)HD(`=N9I%$)W(?O_OOV%5'\F49\P2ZE
M5220`A+WJ_2`#5)(EARHD"X^V$!T?RA!%>#G"#(A`05KN`(B8+`#`H!`!#(`
MP!.^QL`.>O_0$0:X`_$J%;I2,0<&+;++")+@GT0$X`?],\0#F/!!1C2!`WS`
MFV%4H((,(`$+(P"8`1Y2PR+:9P-%0.`?/J>HXQ7K#BD\4Q)($,,_)`%41IS$
M`XX0Q)1M0(E9#&,\/H"$GB6"B8EJT]\H90`R5-$^=2!#^\28B/&)\`\PB$#J
MZ,A',:+1>#\HUZ28(`7#G6D"$HAB'Q.!`AT4Y08E,.,B)^G!/](OD,2J0`P4
M2<E2&>`!9_C#!7B0ADZ:$G,RZ),B++DE(^"$6&6XXRF=M3()I&N6N,39`R*P
M"**1L`JFJY0&P)C+1"$`!\5,9LKN((=%Z(V$01"D,J=)S6J>B97_-7*B-;?)
MS6XZ8@)P4,0S*:5-;YKSG-:D0`-4>8AQ@LYIZ(RG/'$)%DDA`@@%,*3QE#?/
M?OJSC_5,1!&*\,8:!8"?_TRH0CT84$34`0NTF%0`X+G0BEKT=@T]1`&ZL#'C
M4?2B(`TISBC@`#,YE`H%M4\Y1<K2ECHK#QK`XB&LH`9)>A1Y+LVI3A6%`H\=
M@@I2L"G]/KK3HAH5-6%*!`->T,4FFD&?1XVJ5"EQ!P;8E`I%6"-J/``$(VP!
M`(>H7TJG2M93&H!??S``6F3`@+4H"@8D`,(?`-`&K]JF1@5@`@C:4`$>%,((
M.YA;6<UY!S*PH0(%.`^@)N&!T]3!`3;8_TX16D;)C@AI)$V`#:6:(`-=W>`#
M*I!`$:(0SOK4P``P8`,52M$J-]W#+BQH@5LIX8<&6"0&3]`6I0@PK%.@RQ`2
ML!T,J!$3121@L<F$`51MF($!>(E%IY"(;CCR!Q<0<;`S)8$0:B2!*A1`2WV;
M0PGV4%Q_7.BZD\@#`BXQ`\U6JKR.2,GA$/<'^"*B(=1T$G:;50/D_L$*5I"F
M3`2`A"@T]0]-P^E^%WQ4'PC2"EMX@'TD$($U*#>L1"`F@S=<5"NT@5G$2<(7
MWA2N5BF8PR@.8P(8!K!C;1=TF$RQC$5Z@"1TP`FZI:E06TG4&?LXH1T!K2ET
M3*DK]/C'2)9G$_].H`$]H.%@5HA"*-]YXB1;F;`O.$(>=``J%U.*#$>^LIBM
M>8`?'"R[+U94%\(\YC8G\P"00,0.2##E)K+9S7@^Y0%(X)I#%.$(.ZY1WZJ<
MYT)O*ZG%BD,6$N%E*AOZT0"K`5I;K%U*3930D,[T),70@#3S[<Z:#G48I^?I
MFXKZU)-DP`]*?:9+H_K5=*0"$5B])2-C&M:X=E^C%>7J7/NZ@[M.5!)`_>MB
MTXT!G:;4L&]M[&:#3=:TKM&RG4UMS`5;3M.NMK;==NTS18#8VPXWL;K-8V:+
M^]R4(G<VP8WN=F])W?;!`KO=36_<P+L^V:ZWOA-U[Q#/>]\`-U:E)_7_A'\'
M_.".Z#=NOFUNA#L\X0-75+X?'FH9E);2T;;/Q"F>Z1K@(V`*1\W&.4[R1H3<
M+B,O>9XQ%.AQ1[P^6@"Q%0VN<D5DH87AZP,4;AD\#P1`IN8Z>2WDT(!2_H/F
M?SC!"=R'`BG`3P,/X&3F`O#Q\#V`#!R4$PI4,-OZ;(`$!)/3"/8(\8S[HPXO
M^`+99]YP18CA#2P(WQ@J`#]=S/%R1I#YEH[0`3D]X.5;^H`.YH>:KX?]3$X(
MILD!;Q<(.6'M*:>$&,Q@A?"5@.Z*RIV<<D#%,]G@M<;3NT'7;I^_FQTU*W@!
M$CY657RT80M;,$,%(##B-]G^]KC/O>YWS_O;_YOA]/XP`N21+H8P^+<^)RA"
M1&LT@2],:@P+/!/GQ[J2!O3U"D.@U1%B``+8W^$*(H#]%M0P!/&;__SB=P,;
MT(]^(_@A!WXH0UC*X(`75.`+M>^]_O?/__[[O_\.<'M$X"H_\`,#^`4%F(`*
MN(`,V(`,N`8_$`5TP@010`<M<(%!8`08<`2_9Q\=`0$,(!*&,&P34`3<%P$I
M$`$18`$QH((N^((1T`!?4`4P6(,V>(,P6`5F$``X6(-5X`4!T`!;H()>@`8-
MH()!V`!O,'M%Z`4-@`8.4(0.,(546(56>(55*'M8N(5<B(5NTH5<:(1H@`9O
M8(0!L`0-,!T-4`5;`/\&6W`$%I`#`1``NA`!8$"'N@`!RJ$+?-B'?E@%+^"'
M@I@#8,`#`<`#-/``AZ@&7-`'(R`'CH@!?=`'%!`#DWB)F)B)FGB)`&`',*")
M,$`')P``EP@#I#B))T`'*G"*F]B*KOB*F:@`?7`'<T`!>M`')8``"O`>")`'
M"H`'O%@"`*!>=V`''``#!\"+RKB,S,B+ER$#-2`#"<`C!E"-1M(IR58?$D`%
M9D"#/5`(PQ8`40`!$$`"9(`G)%".Z+B.>-(`/]``[!B/\CB/[.B.]"B/!>B.
M\$@""8B.KU(`/T`&0)`#.G`%7)`";0`!.B`'(*`##@D"DT@#*P"+%%F1%GG_
MD9>H`!HIBQHY`7B@`'>`!W?0C"19DB9YDLIH`#)@`#/@`RMI)!#!"0)B"%>!
M&C-@`KHU01%0!RWC`7_#`!$@`G='*6A0A#C7"&D05'C$!@ZP!#[%;XPG$QSP
M!.BX`_P0>=BU`64QE<>G",!B%B3P!+U%+`]0>1=@`Q?7"&A0`1_W)GDP+PA`
M`C2D"&E0`7L$!R.6!AOP!J]"`EU)0C$0!14`!AEP)QR`#>>1#F7V!0X@!0_P
M#G\@!HBB*$*W$AN'`%V@#8?7""(@87\@!/EG4L[B*M179DM@"#`@>X1'*1;P
M>VWRE(IP)Q7@``-P>0,H+\4B!A40``M0`:N9#V[R_RI?`"TY\`7+URQQR03Q
M\@<'8`86\`=_%TZZV0)(@"=?X!M4\)?D!"V!XB9&@``_,)L5D'=?T`)P8`9?
M`)EB\)R34IDJ<9DDX`!_H`*XR0@(<%A$,`)"X(X_\`6BV2Q?T`!CY0(M4`%E
MP`!TT)^RYP1[X"P[4`9$4`850`$;<`0Y,`0N4`!`(P(&``*N8@8@<'D&L`/U
M62IB,)Q2$`8+<`8#Z`!T$`#P4``[$`1ET`)#8`8V@`;$Z0>RA)QR20%E4`#-
M^9P(4`#2&0PJT``!<`11D`-E`)O$LF85(`(7<`0-@`-*6@!?&`!]4)YPH!DV
MX"9FL`/I%I721E1Q60%;@/\"3P`"0'!_1\`"Z!"91!,&`\`$`6`'-S``2Z`!
M]E4I%6`#,Y`!:QD%`&!_US,!<^`$"<`#4E"D[_@#%M!R_!8%$?,%%%`"8/`#
M664$;D`&7R`!5]``-\`$7C`!%>`&?B!!S2(&0?``"]`"8C``,``#3*`',&I%
M44`";Z`"/N"B(?`F,?"GE)*<%``!!)```?"<=$!:D2D%'[(%5,`&;$`##<`"
M@D4I*'`!,>";]X>>#:`#%?`!=/`$+?`%5,`"#?`"#D`%`T`%3)"M]>&>_G"9
M+T`$#H`"2:`"L[``$:-Z-U`'I^)TDV<%B>,'_PF@49``N1.>4M"?&Z`$#@`!
MW2#_!D?P`1;@`#]@!E2@>*7B87`0`9AZ`7XP8GU@!"F0`4.``A'P`W_0`%XP
M=S2@!"5:*>M)``9``QJ@`6S`!$20!D=0!`AP!23P`F6P`].R`VSP`S#PA!U5
M*3)P`##P`\KI!!E0`A#PG`]PK3ZP`&_0`WO@!)*#`1.0-!J6*'5``Q/P`_8'
M!2$P`DA4`44@!P&``U50!0'`!CI`!`60!P40!M2'&O3:#Y?)>0%@`ES:#<TJ
M!7^F!690!`L`&"Z6I%!:*A\2H!E0G#E0`7;P`EMP`T6`!@4``3>P`XY)`AH@
M!&90!I77+/,@!")&`8R+`3F`!T;`,#=@:T10!9?W!\O9_ZK/Z0,X0`1$X*Y+
MP`!(X`X0V@(-8`;].09&\`,30`)F\);-8GT#6`0K4`8&.`Y_H`=F<`0E,`$V
MX`858`5[@`9$T)\'5BQ:&IXZ``:N0@;@Z2H54`4J<``#&`0RD!ENDECM::8:
MAZ8YL`5SEW>D:P!($``4X`2/U0'%-P`:(&4)L`1K<&A=,#51D`$!>@/A^0-&
MD`%$,)Q1T+P!0`=@UP'ND+"5TIJPBZD_5W`GRV*"4@%>4)N70@,U2RGK^0=T
M8!NZZ29$0`=`0`0*``$,8KZ^T2;>.91R(@[W9PAK8*!$(%=\4`%$,&4,D`.J
MU"8_`%;FLKD+BPJ(%0?65P(YT/\YBW`&==8/Z!4WI@#'<3.X\5"X6R#"Y!F?
M%2`%(]`.:K`!>.DFJ6,$E5LI)N".%8`#-U`_)"#$?B#"7Q``XOH&MJ0&9>`.
MK=LL+A:[4O`F)VM&OE(!)N`#>>!:]E0L96D(0[``0H".GFE%?OD''!`#PX$G
M(B!@VR(L'R0.B>(#01(8'+!UYR$!'V!+$D#'MK!Q*(`$JU`#6O`'=V`$`3!E
M?<!.%\``=F`(6?`OYI(%7R(`$L`!"5``"Z,D=6`"'Q`#(7`A"D`#:@``-7``
M!S``""#/]GS/^'S/=X`"^=S/_IS/?3`&LMB*>."*&HF1"$V17-"?,9?0"(T!
M<)"(0[#_`F$P6C\`!`MXC_7XCO38`&!@!E?`>><(`0T@MD:`!F)+TD9@!"9M
M!#+H!2L=TS(]TS1=TS'-!HQITSJ]TS.=GCQ]TK.F;!5PBPY=U$9MU#I`!S1P
M`CC0!WK@D#K0`FFP`Q$P`D=0!\CV`URQC_ZHT5$`!!H=UNN(@.:;>P&Z>Y>L
M?[4W8F5@OFWM!@[@!HRIJE/H!PY@UV9`A7GMA7L-AGZ-A=?#F%<XAE[@`&-8
ME&C0@S!X6#1X@R)@`D7@`G40`1@0`;S57SY@`OTU`^:A,X8P!SFP>EMB>(E2
M+Y-`KTJR"#=P`)<(13/G!W`]UW9MUUTH?WW]U[A]U_>7VW[=_X1>8,-06(1O
MT(1DR`80<-@0D(,\B(/WI]C.?8,CMMS//=TBL(0XH`888`)7D`(FP`&9S0`W
MV0L)L`$(@@(VDP&4A0AYER@>L`1`D-[$87J9QP=&5R.D+2<[20GNV2G/K`@K
ML)9N\@+7,6S9YP*ZDP(A4`-CN0C%IYUV\0`O0'K$T;N*D@.G*7V=MR6?5W6M
M)'KVL0`L5B/R[3[W/2^5:0`X4`;SDP0_T`(JL`$&@96.4+!R`@")<284[C[3
MYS[K[3X`<`1I"3P?P`1]AW'Q<`=<@`8KW@`0$`!O<`*P(..-0./!@P>8YSX:
M@`4>>SM`@`?P<P%M9T[T*@;SHP4@4/\#*U`!;<`A4LX("P`&K_P[3<=`B>0^
M'G"VQC;FJ#(#]9P`<8`"37#%/Q`0;;X(=,!.-==NE3D#"J`&:M`'"I``BO@#
M6I`$3+`"(K";&5'HB>YPE;D'.(U_#3`":2"#"T!THFZ]G-[I!W?B90E@<(#>
M<&`%^/#J?[/JK`YPZH8BYQ'DA(MTN>YNY&8`+5``"4`%?I!U]0KLP8YNY%;*
M0]":;W#A[\GLS2YNY"8#9O`&#0`%6T#MRQ[FUTYOY'8#DX<%!Q`%/"`3N#[N
MBFZF-2`%/Y<#OF.9UN[NU49N/@`#6X".?5;MX@X_<(#H^/Y/Y#8`#6`##[#P
MDE2KC/`!':#_`2W3[N^#`<Y3\,#3&*@PD6F0`AP$`RR0!N@B`20_`\5,\@3@
M`3,@`0+``.--\BBP`W)!\A\P`VB1`3J\!0T0U(HPHA+^!QZP!3__!U[[!1='
M\>XS!IY!<C"@!`5P!:KD`1P>/LF:5AX`!P4028:``````RC@`A<0]ID5]A?0
M!(#.-G0P`P,0]@9P`BCP$1<`&Y(Q`SJ`!AWP!*NV"$T0`UZ@!$B`!'-@&#L`
MF8HP`1!P!7A+*D@?/@>PPULB`>4@!B$@!B0O`4*%`C*0`1)0&3*P1H@D`86P
M`7&<DQ`Q:=7%<\Z2`95Q`9)Q!AD!!S@)^9\A`"4@^I4_\\1L\RX@_P,N8$LR
M4/F;?P&5SP<(</(2L`!Q+@"F?PAT``$L8`/6B_E%)`.46B-X(&'E3@,6P`-=
MP&>&@`(TL`3S@VQT(`)?``1L?K]+X`0ZT$<'X`254O8;H`,]L`(F$/9:E58U
M,`,7``@W?S4&?X9_&1<7!'\#`H8"%X=_`@.3-RZ3FIN<G9Z;,X(N,W]]-7\*
M'HI-AC*5KHH7*)$7"009-S4W%RXUL1>8L2<)";$A$Y,",IP)?029G]'2T]35
MUM?25B1"G`(2#@YE?AR&/@8:8IQ))#`27S\(?TD5(WU]>=CY^ON&>5+\U@08
MF"%`$,"#"!,J7,BPH<.'FK1QVS1@R9`^#_^8,)DD)IVA"1PL)3$SAXH9/8SF
M68+(LAJ"+BUCRIQ)LZ;-F]8D<MI3@<&?!#J6&'*1)DJ4)#LN\&'S`DZ<*VS,
MB&$DK\)*G#,55,'*M>NA#86\BAU+4^>F.&8<&''R1HVA$E7,F/F"!@Z",%*0
MW1D!)\,AE60A3@@0N'!+%ZP,*UZ\SZPF`1N(2(X2PE"3#QX\J-@C"`$*3X`9
M)QRS5;3ITZA3+W3\.(/K!(GSA5:=+\\5VKASZ];-FE.-'1OUS=X]C33QX\B3
M=^V-HDL$-.`<N'&R;[AR3G>.7-_.O7O"WDT0P/B!I<\9!T*%6_6^20$:]O#C
MR]_4V]"-%`FMLW__.;^_?^[U,:2?=PHT\-^!"/*VC31QX%#=>O,5F."$%(K6
M6PTXD*`A"3]40)UZ5\67784DEBA6;S+D4,$7+%;@X8,APN>>B5@U\0B--0D0
M&TZ]&2""=D,-X2"(_2'0!HXWJ0`-DC)E`,-R"U[3!`$W)G-+!BCX8,B`W4G(
MY)?L52G`C3Y02<DC8W:BI9:<^.##E(_X,*8!`PQ01P,362.$&AMLPL$37[C8
MQY80RE>"@6`F>ET"*AQR09]_/%"`!W]\((D$'W1B0@(QL#F)`3'$P,,3*G"*
MJ10N5F!&GH80,(8]]CR@1@&&S*!##@$T4$`"DR3QQ0X*C$'5/`\<<(!?__G<
ML*-B_E!R2C49\/J'`<L:4H-`AB20P1W;SI!'6$V0\L<-Q!#3!+GF&I"`#S6L
M.\@@`K3[T[4)//N'#S.$>Y``C4:3`3*<U&.(!YG`P`$'A:C`P0IU",!!'`R@
M4,<?+AQ,@1PC%,%!&DGPP4<2:3"0QL$:Q/&'%CVPPD`2?Q1`0!,2.+S!#1S`
M\`$2.UA``0,;\QRCHI[TAD"'T'F!AAGIP;"-$&:4(4*O;N3PAAETL#(/$3\T
MT,(?\5SCF6ECL/$'`9550\$<AFSPV28AS""!(2;TT`4(1>Q1P-M_H$`IUR;T
M;0(*$_B=P`8FU`!#X7^$X$/;A_]A`@P$F%#V'_\S>*`WT)@SQ%P`#DRRAQ*&
M*"T$TTY/PD`$>RQ0`3Q5@>/%/Q&PUZQ7">"3^>VJU4<`.9S`T(`63)L1PQ]-
M:'FN-^_$PR5W7G8%!6&X1V]:@(^)Z\$23UQAQA&/:J!#"3T4D,(.7P3PV?+;
M[?&"].QGWIL/,L```QTCG!##TV^!T4`:AMC@0`-PT`($&F"&)R`+?=<93/L6
MF"@K_``*FDA``1I`A"B`X0=?2(\A3G""0WR@`P#XR`ZH(`E"_<P[<&&@"L=2
M@SLLAP@+T`0*DG`%-#`@#DG``O1D4ZCX\&>%0,3*`;0`)58=H@D<V!L*Y`"C
MU&1``6'Q&DR"2,4$6>'_=YJ8P0@ZPD4QC*")J!'#%QZ0CPD8X0,=K*(:64(`
M:6'%"D2P@B9<4(<RF"$,2E@"!'8`QIO,80,K*&$T.N``,F+C`%6@P1;6R$B'
M&$"0//I!!S9A`"J\H`=NVQN1:N(#,@9`!&_`CS2T0`1#>B(153($`K90A$4V
M\I4):>,+Y:@)`E"@*0A!8$-J8(8_1(`.%1A2-,1HRDZDP0;+6B45P)!&6#I3
M'P;(%%<<.,E)S``#9B!""[;9`A#T<289^((O@>E*&99@$GPP0S$U`0,#K,,@
MAT#`$WKP`C[*9Q<7R,PS<0?'&'[J#%WLR!J^*9,;D&"<%5BG(5B`A4D04J&'
M_V"#`J!P!D\9`I%I*"<";,`>`&C$"+<!(@J0E9L]\(\3&5`;0S(PN3]8X0U9
MP(8]/#&"!\!3EPD10P(0X(*#_K("%)#F)!9@A$F0D@HNY(0#^H"$+"PK#DR`
M@@XH=X$^O($3&#E.'YY`!C`4U2M]T8T!</#%W&2@"^74!!W44-9\P($3!]C:
M(:P@%:\]P0@*O0`+T%`%._REA]4PUC4J4`(>>*"7/R4!Z#31@;3"04-]<>,A
MEFJ$+5#E!NGH0!%F!8<)\$$!$."$%NJ0@$(\8%">F(`'+/J0,P@!GIX8:Q2V
M8`&Q&`&UN-D`&CSBD!JHX$D,00`$MI"`$:SM$`<0@O\"JC&!5'Y5$W'HP21&
M`(%J4B,#=0@`&%[0`8`9`@H-.$(5`B"'0N!T$QVP`!ZL888\'`$`B`5F'3K'
MV+2F@0@D@,,<FCG9/A@A`%3)0`7^X(`7`*$!;X!!$A1`G1*`4`9WZ(,4L+"#
M/EE`"O;:A`V.<%R(Y(`$)-7$'=Z:`2L4@0@!H(-M<?N`*")D!%KHVD+R8`1:
M.B0!?$!"0V[`@RUD0`S>W$0?0C@-&S#"!U]\[B%JD(8@&V(.1K#N-$1'.OQM
MB1U(J(`2>'5>38AA"1#E1!WR4(;L`*`,"`4!$0PP@1EL[`)0<"4<^$#*_%K!
MB`3V[Q%4P`I>_J$"4;"!$BK_H.`^^"$%1V`##71@!3%4(`='(*,%EF`""42Q
M"+;C@!2.FP`6'(+-"?EPB"<!@*D>(``]ML$*Y#>)"R!K`BZVQ@R\&XW;'D(%
ME1/700)@AK?*H<,>H,HF4+`#34XB`RE(@P2D0`8-./O9T(ZVM*<M[2-$@=K8
MCL`6CL#M+5"A#D8X0@",4-DJ>*$`+_`"N==-[C>HF]WP9G<9(&`$")3!"&Z(
M]PN^\&YRHZ$"O)WR-A`0A-+]A1T>^`($SM=#O$E##`T8Z#0B\`$^U(`&%^`?
M#%#0`0_\F@,'F`(?T@`#&AA"#&J0`118((,[GV$%472"`B(0`B9DH@D<_8(.
M)M""_PKD(0T%HL$"4G"_/8BA#!KHPV<T@`0FZ.`S$UB`'\R#!"1@(`0+0(($
M8O"&JB.!"EWP>AI2`(44>/WL:$\[$J)``BI470IH!SL2"A"`)S0@``'8PA;.
M?H0V7$$*3@A``=H0`+>G70-24,+9"W`$(X0!"6H(0@&D(&Z\6Q[O?GC!Y0-0
MA?]N_O.@![T?*C!>!P3>\IT/O1/<,-[-'R$,:/A!!#BTH=K;_O:XSSV'WJ#[
MW!^A`4$(OA**$(4%!`$("Q`#$*#```TLX/G0C[[TIT_]ZEO_^<NM1A["8`4]
M-*`!E:$#$F"0A@8\@`\`)\4\BG!V-K2!Z6JO>@&Z`($O@/]ALV<?_A6.,/@Z
M*,$!:A``4K`$81``2+!Y80`!7/`%+_`&$#`%`0@=`>`$$!``:-``#N"`EF<&
M3N``]E:!6W!W%=``L%<!$,`&J]<`+S!`FO=O=X=W%^@';S`%`1`5)KAO#5`%
M5=``7\`&&*A[54`"0=A[1*@A#M![/\!['/(#M?<&/T`$T4%!9M``N><`^+4A
M&&B%'((UZ%$`!;`$3B`%4E`%3&`!2!!]3,`#U[>&;-B&U]<!:;!R#S"'=%B'
M=GB'>)B'>KB'#S`!=O`+"*!BLD`)?G$+N$$`*1`&#L`&*6``<[!O"Y`!6%`%
M?B`%R')?5+@A6MA[%/0##O`#H%C_>U@#A10DA024%G)!`G*QBE9(0`X@%T3P
M`FS`%&;`!MQV!$70$1;`;1H0!'70$7"G!%(04,18C,\74%;0`3O0$<G8`2.P
M`RL`!1T`!V(`AWJ0AVO``G#``GS8C=[XC>#HC6!A`!M0`HH``",E;'E3+?N$
M&TA$`6N3`&[G%QE0`E!T"#<0!PBPC_S8C_[XCP`9D`(YD/PX4JZ!`!E@``IY
M60HI`#/`)@;@D+'6CKM1`Y#2"0A`:],0`KQ#.<"U!U2`-W1P4C8Q!RTP:@\A
M`T?05M)P`["5`1E&D3+)$!Z`!41D"'80`>2U4')5#1=F"$\Q!340`55`!!I@
M"%:P6#8A_P0YT"\M\0`DL`(4D@'&)@V6U@EU0`$3,Y.TL0%M=PAPP(%KHP4Y
M@%O3L`4Y8`@H``0.@`!?@`4':`@98#N&<`&9,@$,X%>'H`72)`$:P`&/4`-U
MH#%SQ`%]T@<CD`$<DP1T(`0D\``,0$838`%<$`!/4@=)$``8\!@<0&ZU90?D
M5@<&P`#."`3>96*%0&-&H)3[$`1T"0DA8`14$$]&P$2;4`)70&X%8`EI$`!E
M)0=/L`."H`6-9SZ3D`='T@0QL)6'0`%`8`U3L%Z<P'HFQY6JX95DD`1D@`-0
M4`%^8`1P<`)@\`55T`8EL`!MT'A#<`KC1I<:X`"VB0=5H`<#`/\!=S``)S!6
M1J!C%`!21_`"#R`!$8`%$9`'=;`%4?`"(*`"4T`"#6`$+F`$&O($QE8"3Z!C
M#X!J-D`"5["<1&`$.5`%<%``1,"#+=`&9I"$B'(("8`&4F`&;E`$3@`$2^``
M18"!11D$GW$"2R!77U``&%`!06`M+?4)=0`I!0`"\'0$9&`&15`!R!8"!(`#
MJL($P'4(0V`!*J`"%J`$1Y"B9J``4@"*7[`'7E`!?*`"%3`&DZ``91`$"?`"
M+','9%`$&T!4**`#;_4`9$`&9/0!3$`&.[`22]4)?.``;02G.$`8)]"G0'"1
MUBD6D6$$2G$$%&`&7D`#*(!90*`"'T#_`!9@!BR``VB@!W_P`D1`ES\:%A6`
M!C-`I57@``TS`$#P#RU0!F*``$70`@)*`E_@7P$@`0$P@@U`!QY@9._0`!5`
M*X>@-"P#!4RP`:A2`16T/QD``6)P!'.0`180!;KB`1GP(8<P`!4P`P,`$F5`
M``\P%PWP`T7``D?P`0M`!+OR!RG@!AC@`YA1!5_@!FB``SQ8!E_`!SM0!']`
M`7KG!8%2`6\U>LL%`U^@K!4@!RY"%QA``BL2`!UI"`9P"E!@!E'@!W6`7?XU
M!!EP!!#P`$\`!EOP`QV6`$^:`V50"`=``D3`!*J334K0`FA0!C8+!$'`A&50
M387*"6S0.3S1_Z\D$()N8+.]%JECX94&VP=.$)9AD!C*=P@64`=-T`1)X%?:
MHB5;\*.\@@(5L`=Q`!D5T`4(\"QB0!@M4`>"D*T00`,9,`7^A0$"P`190P('
M,#9_X`4J@`(ED&$P0`1;H`!?8`$=X`0E,$$:XDEB4`?K104:D@,F\U4F4`0)
M0*ZU@@/BU`1S\`6J:`9@$`%%@`9U("XYX`#2!`-LL`=YL`9?,!=7L``O@`:U
M=0.6:T<C<`4=E`=F,"@%4`%]\`%^NCH/$`5'`$Q=`!N<``<OH`'DDPY:,`9&
M0`%_P`0D0`9NL*UGFPPU<`:/9@A]X"(!L`!L<`<7@+MWE`%2@%]TD/\!7/`"
ME%*TFU`!G5,"%8`'"'`"#EH`&1`'=P!;4(L57CF;?;`$8>D'"U`$RUA;4@`%
M%F"\=?`"3^(&%;!<&(L,-P`&`Z:61^!B;_L'+>`18G"$>L`"9>!?VLL$J^.W
M?_`%*%`&;-H*+Z"_33`"1%`&/\``*S";0&`&D?L'`2`&3M`'PWJ%@4($AN`B
M1D"N%?L"9N`B/MQV=T`!1H%%AL`#AV8(G6D(>_`#8CD'!!0$-Q`#'U8&+H,+
MAE"H*U`!1Q`!#F`#A(4`.;`%_$L%`J".8T,!50`!Y%<&HLD`>7L#2N`&@3(H
MA+4)$U`!9)`!._`&%"@%1/4'<T`&1"#'>TO_Q'_[!$30)UY@EI,`#G_`O],B
M`E2H`0Z9`:PP`YMZP#A1`E$P,53K`2<&HSL@!)1L!GP0JJ!L`<NPR!#;`(60
M`*073PX`0=-2`&7@`"S``TP@"6)0!%\Z>OXU4$7P!2/@!6E1`0D@%UY@(#7P
MI&X0+Q0@>$>P`QCX!EB3`^1PQ#KP!B[2`0C@`"YBL#-<`3I``#W7J@C``RMR
M!0^0`Q!$!U?P`E1@+]Z[F?Y<5!<G%U6P`2+PBF\0`6]PA+BJ"85Z`Q5@`SGP
M`#10`1&`QWI<`52``#XQ"2#0`$B```0@`5O@@`W0!UOP`A%@!F>0%FS:R)K`
M$V2@`%&P!'L@;I?L_Y@-X`9'X`$0X,E&[`!]PAF=X(FG/&`^0`<.T'=Y6@5H
M`P5>P`.R?!/$9JIC4`!-D``<H`0,`),'T`4+D``64``Q``9SH"6@=0=U\`-[
M\`CD*F--L`?(X@,7``(M8)A2B@@#W`<*H``W<`>G@`+"L@?VH``^@`>338A]
M,`8)(`(!0`)=EP`'T`<',`$3@`"D@)`)H`"*3;/V@"QCH`"\8@"JC0PNT`<E
M@`($P%.4@P(:<).'T"$N0@-$\`YN8!(KX@#I\%A`,'L;?0@+VP?SX"(M0*4D
M8-(9`-Q*9L*I(L<N55=_8+D\8``F$`"!@@,&_`=Y\`7X<0#`+06]^0<>$*LJ
M!1`H\>IHU&I(:*`#DG4('.('&4`&/Z$#:`"5)/`$>/-85A;6BV$!`<<8*-`"
M)!"L9&$`-)`#^*$T`6`"ZVJ91RD$5O!8-O`!=S8)3+`#,8#6'T8".5`"!S4M
MHH0"&[L)F*'@-+Y`YZ(E!7$#G60&`:`C?V#?7Z`'.K(C+X/CJ5+=\,0F:>()
E2U[C3JY",M`"]O0':P`!$"`"K,4)*(`!`7`!J?3D8%Y%@0``.S\_
`
end
</TEXT>
</DOCUMENT>
</SUBMISSION>
