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PGA TOUR'S UNITED KINGDOM TAX APPROACH:

INTRODUCTION

This tax strategy is drafted in respect to the United Kingdom and applies to the year ending 31 December 2018. PGA TOUR, Inc. and Subsidiaries (collectively the “TOUR”) regards this publication of our tax strategy as complying with the duty under paragraph 22(2) of Schedule 19 of the Finance Act 2016 in the current financial year.

TOUR is the world’s premier membership organization for touring professional golfers, co-sanctioning more than 139 tournaments on the PGA TOUR, PGA TOUR Champions, Web.com Tour, PGA TOUR Latinoamerica, Mackenzie Tour-PGA TOUR Canada and PGA TOUR Series - China. Our mission is to entertain and inspire our fans, deliver substantial value to our partners, create outlets for volunteers to give back, generate significant charitable and economic impact in the communities where we play, and provide financial opportunities for PGA TOUR players. TOUR’s tax strategy reflects our commitment to our players, our employees, our fans, to innovation and integrity and being the best at what we do.

Our commitment is established through the following principles:

1. TAX PLANNING

Generally, we seek to structure our affairs in a manner that supports our business operations and accurately reflects the economics of each transaction. We do not engage in artificial tax arrangements. We adhere to relevant tax law and seek to minimize the risk of uncertainty or disputes. We seek external tax specialist assistance when necessary, in order to be satisfied with our assessment of risk presented by each circumstance.

2. RISK MANAGEMENT

Our approach is to ensure we understand and comply with the legal and regulatory obligations that relate to us with regards to UK taxation. We maintain a low level of risk through the effectiveness of the organization’s internal controls relating to tax. Our main objectives include accurate and timely submission and acceptance of all our returns and payments, ensuring all tax filing positions are supported with appropriate supplemental documentation, confirming our tax team is adequately resourced, and maintaining key personnel to manage our tax compliance issues. The board of directors and officers seek compliance with tax legislation as key to managing our tax risk.

3. RISK LEVEL AND DEALING WITH HMRC

Since we have comparatively minimal activity in the United Kingdom, we have had limited interactions with Her Majesty’s Revenue and Customs (HMRC) in the past. Our team will comply with all relevant legal disclosures and tax regulations to satisfy our low risk appetite in the UK. We hope to avoid disputes, and will work collaboratively with authorities in this regard.