UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

---

FORM 10-Q

|ý                                                             | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 
|------------------------------------------------------------- | ----------------------------------------------------------------------------------------
|For the Quarterly Period Ended March 30, 2008                
|or                                                           
|o                                                             | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|For the transition period
from                             to

Commission file number 333-72343

---

TRUE TEMPER SPORTS, INC.(Exact name of registrant as specified in its charter)

|Delaware(State or other jurisdiction of
incorporation or organization)                     |  | 52-2112620(I.R.S. Employer
Identification Number)
|------------------------------------------------------------------------------------------ |  | -------------------------------------------------
|8275 Tournament Drive
Suite 200
Memphis, Tennessee(Address of principal executive offices) |  | 38125(Zip Code)                                  
|Telephone: (901) 746-2000(Registrant's telephone number,
including area code)             

---

Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ý No o.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See
definitions of "large accelerated filer," "accelerated filer," and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one):

|Large accelerated filer o |  | Accelerated filer o |  | Non-accelerated filer ý                       |  | Smaller reporting company o
|------------------------- |  | ------------------- |  | --------------------------------------------- |  | ---------------------------
|                          |  |                     |  | (Do not check if a
smaller reporting
company) |  |                            

Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the
Act). Yes o    No ý

As of May 13, 2008, the Registrant had 100 shares of Common Stock, $0.01 par value per share, outstanding.



---





TRUE TEMPER SPORTS, INC.    INDEX

|           |  |                       |  |                                                                                       |  | Page
|---------- |  | --------------------- |  | ------------------------------------------------------------------------------------- |  | ----
|PART I     |  | FINANCIAL INFORMATION |  |                                                                                      
|           |  | Item 1.               |  | Financial Statements                                                                  |  | 1   
|           |  |                       |  | Condensed Consolidated Statements of Operations (Unaudited)                           |  | 1   
|           |  |                       |  | Condensed Consolidated Balance Sheets (Unaudited)                                     |  | 2   
|           |  |                       |  | Condensed Consolidated Statements of Cash Flows (Unaudited)                           |  | 3   
|           |  |                       |  | Notes to Condensed Consolidated Financial Statements (Unaudited)                      |  | 4   
|           |  | Item 2.               |  | Management's Discussion and Analysis of Financial Condition and Results of Operations |  | 10  
|           |  | Item 3.               |  | Quantitative and Qualitative Disclosures About Market Risk                            |  | 17  
|           |  | Item 4.               |  | Controls and Procedures                                                               |  | 17  
|PART II    |  | OTHER INFORMATION     |  |                                                                                      
|           |  | Item 1.               |  | Legal Proceedings                                                                     |  | 18  
|           |  | Item 1A.              |  | Risk Factors                                                                          |  | 18  
|           |  | Item 2.               |  | Unregistered Sales of Equity Securities and Use of Proceeds                           |  | 18  
|           |  | Item 3.               |  | Defaults Upon Senior Securities                                                       |  | 18  
|           |  | Item 4T.              |  | Submission of Matters to a Vote of Security Holders                                   |  | 18  
|           |  | Item 5.               |  | Other Information                                                                     |  | 18  
|           |  | Item 6.               |  | Exhibits                                                                              |  | 18  
|Signatures |  | 19                   

i

---





PART I. FINANCIAL INFORMATION

Item 1.Financial Statements

TRUE TEMPER SPORTS, INC. AND SUBSIDIARIES  (A wholly-owned subsidiary of True Temper Corporation)    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS  (Unaudited)
(Dollars in thousands)

|                                                    |                          | Quarter Ended |       
|--------------------------------------------------- | ------------------------ | ------------- | ------
|
|NET SALES                                           |                          | $             | 35,827
|Cost of sales                                       |                          |               | 23,329
|                                                    |                          |               |       
|                                                    | GROSS PROFIT             |               |       
|Selling, general and administrative expenses        |                          |               | 3,867 
|Amortization of intangible assets                   |                          |               | 3,734 
|Business development, start-up and transition costs |                          |               | 254   
|Loss on early extinguishment of long-term debt      |                          |               |      
|                                                    |                          |               |       
|                                                    | OPERATING INCOME         |               |       
|Interest expense, net                               |                          |               | 6,168 
|Other expenses                                      |                          |               | 43    
|                                                    |                          |               |       
|                                                    | LOSS BEFORE INCOME TAXES |               |       
|Income tax expense (benefit)                        |                          |               | 31    
|                                                    |                          |               |       
|                                                    | NET LOSS                 |               | $     
|                                                    |                          |               |       

See
accompanying notes to condensed consolidated financial statements

1

---





TRUE TEMPER SPORTS, INC. AND SUBSIDIARIES  (A wholly-owned subsidiary of True Temper Corporation)

CONDENSED CONSOLIDATED BALANCE SHEETS  (Unaudited)  (Dollars in thousands)

|                                     |                                                                                                    | March 30,
2008                             |   | December 31,
2007 |        
|------------------------------------ | -------------------------------------------------------------------------------------------------- | ------------------------------------------ | - | ----------------- | -------
|ASSETS                               |                                                                                                    |                                            |   |                   |        
|CURRENT ASSETS                       |                                                                                                    |                                            |   |                   |        
|                                     | Cash and cash equivalents                                                                          |                                            | $ | 3,766             |        
|                                     | Receivables, net                                                                                   |                                            |   | 24,272            |        
|                                     | Inventories                                                                                        |                                            |   | 29,508            |        
|                                     | Deferred tax assets                                                                                |                                            |   | 1,383             |        
|                                     | Prepaid expenses and other current assets                                                          |                                            |   | 2,019             |        
|                                     |                                                                                                    |                                            |   |                   |        
|                                     |                                                                                                    | Total current assets                       |   |                   | 60,948 
|                                     | Property, plant and equipment, net                                                                 |                                            |   | 18,515            |        
|                                     | Goodwill                                                                                           |                                            |   | 156,023           |        
|                                     | Intangible assets, net                                                                             |                                            |   | 115,677           |        
|                                     | Other assets                                                                                       |                                            |   | 7,716             |        
|                                     |                                                                                                    |                                            |   |                   |        
|                                     |                                                                                                    | Total assets                               |   | $                 | 358,879
|                                     |                                                                                                    |                                            |   |                   |        
|LIABILITIES AND STOCKHOLDER'S EQUITY |                                                                                                    |                                            |   |                   |        
|CURRENT LIABILITIES                  |                                                                                                    |                                            |   |                   |        
|                                     | Current portion of long-term debt                                                                  |                                            | $ | 5,987             |        
|                                     | Accounts payable                                                                                   |                                            |   | 10,560            |        
|                                     | Accrued expenses and other current liabilities                                                     |                                            |   | 10,108            |        
|                                     |                                                                                                    |                                            |   |                   |        
|                                     |                                                                                                    | Total current liabilities                  |   |                   | 26,655 
|                                     | Deferred tax liabilities                                                                           |                                            |   | 10,280            |        
|                                     | Long-term debt, net of current portion                                                             |                                            |   | 254,733           |        
|                                     | Other liabilities                                                                                  |                                            |   | 11,117            |        
|                                     |                                                                                                    |                                            |   |                   |        
|                                     |                                                                                                    | Total liabilities                          |   |                   | 302,785
|STOCKHOLDER'S EQUITY                 |                                                                                                    |                                            |   |                   |        
|                                     | Common stockpar value $0.01 per share; authorized 1,000 shares; issued and outstanding 100 shares |                                            |   |                  |        
|                                     | Additional paid-in capital                                                                         |                                            |   | 118,173           |        
|                                     | Accumulated deficit                                                                                |                                            |   | (56,767           | )      
|                                     | Accumulated other comprehensive loss, net of taxes                                                 |                                            |   | (5,312            | )      
|                                     |                                                                                                    |                                            |   |                   |        
|                                     |                                                                                                    | Total stockholder's equity                 |   |                   | 56,094 
|                                     | Commitments and contingent liabilities                                                             |                                            |   |                  |        
|                                     |                                                                                                    |                                            |   |                   |        
|                                     |                                                                                                    | Total liabilities and stockholder's equity |   | $                 | 358,879
|                                     |                                                                                                    |                                            |   |                   |        

See
accompanying notes to condensed consolidated financial statements

2

---





TRUE TEMPER SPORTS, INC. AND SUBSIDIARIES  (A wholly-owned subsidiary of True Temper Corporation)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS  (Unaudited)  (Dollars in thousands)

|                                                     |                                                                                           | Quarter Ended                                     |                                                    
|---------------------------------------------------- | ----------------------------------------------------------------------------------------- | ------------------------------------------------- | ---------------------------------------------------
|
|OPERATING ACTIVITIES                                 |                                                                                           |                                                   |                                                    
|                                                     | Net loss                                                                                  |                                                   | $                                                  
|                                                     | Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |                                                   |                                                    
|                                                     |                                                                                           | Depreciation                                      |                                                    
|                                                     |                                                                                           | Amortization of deferred financing costs          |                                                    
|                                                     |                                                                                           | Amortization of intangible assets                 |                                                    
|                                                     |                                                                                           | Loss on disposal of property, plant and equipment |                                                    
|                                                     |                                                                                           | Loss on early extinguishment of long-term debt    |                                                    
|                                                     |                                                                                           | Deferred income taxes                             |                                                    
|                                                     |                                                                                           | Changes in operating assets and liabilities, net  |                                                    
|                                                     |                                                                                           |                                                   |                                                    
|                                                     |                                                                                           |                                                   | Net cash provided by (used in) operating activities
|INVESTING ACTIVITIES                                 |                                                                                           |                                                   |                                                    
|                                                     | Purchases of property, plant, equipment                                                   |                                                   |                                                    
|                                                     | Acquisition of business                                                                   |                                                   |                                                    
|                                                     | Other investing activity                                                                  |                                                   |                                                    
|                                                     |                                                                                           |                                                   |                                                    
|                                                     |                                                                                           |                                                   | Net cash used in investing activities              
|FINANCING ACTIVITIES                                 |                                                                                           |                                                   |                                                    
|                                                     | Proceeds from issuance of bank debt                                                       |                                                   |                                                    
|                                                     | Principal payments on bank debt                                                           |                                                   |                                                    
|                                                     | Payment of debt issuance costs                                                            |                                                   |                                                    
|                                                     | Distribution to TTC                                                                       |                                                   |                                                    
|                                                     | Other financing activity                                                                  |                                                   |                                                    
|                                                     |                                                                                           |                                                   |                                                    
|                                                     |                                                                                           |                                                   | Net cash (used in) provided by financing activities
|Net increase (decrease) in cash and cash equivalents |                                                                                           |                                                   | (956                                               
|Cash and cash equivalents at beginning of period     |                                                                                           |                                                   | 4,722                                              
|                                                     |                                                                                           |                                                   |                                                    
|Cash and cash equivalents at end of period           |                                                                                           | $                                                 | 3,766                                              
|                                                     |                                                                                           |                                                   |                                                    

See
accompanying notes to condensed consolidated financial statements

3

---





TRUE TEMPER SPORTS, INC. AND SUBSIDIARIES  (A wholly-owned subsidiary of True Temper Corporation)        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS        (Unaudited)  (Dollars
in thousands unless otherwise indicated)

1) Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of True Temper Sports, Inc. and subsidiaries ("True Temper" or the "Company") have
been prepared in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC") for quarterly reports on
Form 10-Q and consequently do not include all the disclosures required by U.S. generally accepted accounting principles. It is suggested that these financial statements be read in
conjunction with the audited financial statements and the notes thereto included in the Company's annual report on Form 10-K for the year ended December 31, 2007. In the
opinion of management, the unaudited condensed consolidated financial statements as of and for the periods ended March 30, 2008 and April 1, 2007 include all adjustments, consisting of
only normal recurring adjustments, which are necessary for the fair presentation of results for interim periods.

The
Company's fiscal year begins on January 1 and ends on December 31 of each year. During the course of the year the Company closes its books on a monthly and quarterly
basis following a 4,4,5 week closing calendar. Since the Company uses Sunday as the last day of each period (with the exception of December) the number of days in the first and fourth quarters
of any given year can vary depending on which day of the week January 1st falls on.

On
January 30, 2004, TTS Holdings LLC, a company formed by Gilbert Global Equity Partners, L.P. and its affiliated funds ("Gilbert Global"), entered into a stock
purchase agreement with the Company's direct parent company, True Temper Corporation ("TTC"), pursuant to which TTS Holdings LLC and certain of the Company's senior management purchased all of
the outstanding shares of TTC. In connection with this acquisition, and effective on March 15, 2004, the Company repaid all of its outstanding 2002 senior credit facility, redeemed all of its
107/8% senior subordinated notes due 2008, and made certain payments of the net remaining equity of the predecessor company to the selling shareholders. These payments were financed
with the net proceeds of a new senior credit facility and new 83/8% senior subordinated notes due 2011.

This
transaction was accounted for by TTC using the purchase method of accounting. As the Company is a wholly owned subsidiary of True Temper Corporation, the Company has "pushed down"
the effect of the purchase method of accounting to the financial statements of True Temper Sports, Inc.

2) Stock-Based Compensation

On August 10, 2005 TTC issued, to certain employees in return for service, a total of 525,400 stock options and stock appreciation rights ("Equity
Incentive Awards") to purchase common stock of TTC for $13.56 per share. The Equity Incentive Awards have a term of ten years, and vest and become exercisable at various times and under various
conditions through August 10, 2012; with certain acceleration features based on performance criteria. During the year ended December 31, 2007, a total of 122,400 of these Equity
Incentive Awards were forfeited.

There
have been no Equity Incentive Awards granted, exercised or forfeited in the first quarter of 2008. The weighted average remaining contractual life of the Equity Incentive Awards is
between seven and eight years.

4

---



TRUE TEMPER SPORTS, INC. AND SUBSIDIARIES
(A wholly-owned subsidiary of True Temper Corporation)

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)
(Dollars in thousands unless otherwise indicated)

In
addition, TTC has 354,000 equity awards which vest only upon a sale of TTC and achievement of certain other terms as described in the awards. As of March 30, 2008, the events
required for vesting of these awards are not expected to occur in the near term.

3) Inventories

March 30,
2008

December 31,
2007Raw materials

$
4,506

$
5,017Work in process


4,783


4,156Finished goods


20,219


19,245Total

$
29,508

$
28,418


4) Segment Reporting

The Company operates in two reportable business segments: golf shafts and performance sports. The Company's reportable segments are based on the type of product
manufactured and the application of that product in the marketplace. The golf shaft segment manufactures and sells steel, composite, and multi-material golf club shafts for use exclusively in the golf
industry. The performance sports segment manufactures and sells high strength, tight tolerance tubular components for bicycle, hockey and other recreational sport markets. The Company evaluates the
performance of these segments based on segment sales and gross profit. The Company has no inter-segment sales.

Quarter EndedMarch 30,
2008

April 1,
2007Net sales:Golf shafts

$
31,922

$
27,501Performance sports


3,905


2,078Total

$
35,827

$
29,579Gross profit:Golf shafts

$
11,608

$
9,625Performance sports


890


392Total

$
12,498

$
10,017


5

---



TRUE TEMPER SPORTS, INC. AND SUBSIDIARIES
(A wholly-owned subsidiary of True Temper Corporation)

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)
(Dollars in thousands unless otherwise indicated)

Following
is a reconciliation of total reportable segment gross profit to total Company loss before income taxes:

Quarter EndedMarch 30, 2008

April 1, 2007Total reportable segment gross profit

$
12,498

$
10,017Less:Selling, general and administrative expenses


3,867


3,977Amortization of intangible assets


3,734


3,736Business development, start-up and transition costs


254


372Loss on early extinguishment of long-term debt





755Interest expense, net


6,168


6,005Other expense, net


43


13Total Company loss before income taxes

$
(1,568
)
$
(4,841
)


5) Comprehensive Income (Loss)

Total comprehensive loss and its components for the periods covered by this report are as follows:

Quarter EndedMarch 30,
2008

April 1,
2007Net loss

$
(1,599
)
$
(3,061
)Mark to market adjustment on derivative instruments, net of taxes


167


(16
)Total comprehensive loss

$
(1,432
)
$
(3,077
)


6) Pension and Other Postretirement Benefits

The following table reflects the Company's net periodic pension benefit expense and cash contributions to its pension plan, as well as the net periodic
postretirement benefit expense related to its unfunded health care plan for retirees, for the periods covered by this report:

Quarter EndedMarch 30,
2008

April 1,
2007Pension Plan:Net periodic pension benefit expense

$
164

$
120Cash contributions to the pension plan

$
105

$
Postretirement Health Plan:Net periodic postretirement benefit expense

$
148

$
122


6

---



TRUE TEMPER SPORTS, INC. AND SUBSIDIARIES
(A wholly-owned subsidiary of True Temper Corporation)

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)
(Dollars in thousands unless otherwise indicated)

7) Acquisition of Business

On
February 25, 2007, the Company acquired 100% of the shares of Supertop Enterprises Limited, the sole shareholder of CN Precision Co., Ltd ("CN Precision"), a
wholly foreign-owned enterprise in Suzhou, China for approximately $9.5 million, plus direct acquisition costs and certain working capital adjustments of $0.2 million. Approximately
$0.7 million of the purchase price was contingent upon the successful completion of certain contractual obligations by the seller. As of September 30, 2007, all of the contractual
obligations had been fulfilled by the seller, and the entire $0.7 million contingent purchase price had been paid.

CN
Precision is a startup steel golf shaft manufacturing facility. The Company is in the process of commissioning all of the machinery and equipment necessary to produce steel golf
shafts at CN Precision, and expects to ramp up production of steel golf shaft manufacturing in this facility during the remainder of 2008.

This
transaction was accounted for using the purchase method of accounting. In connection with the acquisition, the Company conducted an assessment and valuation of all tangible and
intangible assets acquired. The results of this exercise are reflected in the financial statements for the periods ended December 31, 2007 and March 30, 2008.

The
establishment of the intangible assets resulted in certain non-cash amortization expense beginning in 2007, as these intangible assets are amortized over their expected
economic life of 50 years.

8) Debt Refinancing

On
January 22, 2007, the Company executed an amendment to its 2006 Restated Credit Facility (the "Second Amendment"). The Second Amendment was made effective as of
December 20, 2006. The Second Amendment was executed in conjunction with a second lien financing effort, described more fully below, and related acquisition, described more fully in
Note 7. In addition to allowing the flexibility for such second lien financing, the Second Amendment also provided adjustments to certain specified financial ratios and tests included in the
2006 Restated Credit Facility. As part of the Second Amendment, the margin adder on LIBOR based loans was increased to between 3.00% and 3.25%, depending on financial ratios, beginning
January 22, 2007.

On
January 22, 2007, the Company executed a Second Lien Credit Agreement (the "Second Lien"). The Second Lien included additional term loans of approximately $45.0 million,
with $24.7 million of the proceeds being used to pay down the debt under the 2006 Restated Credit Facility. The margin adder under the Second Lien is 4.5% or 5.5%, depending on the type of
borrowing. The maturity date of the Second Lien is June 30, 2011. The Second Lien does not amortize.

As
a result of paying down $24.7 million of the borrowings under the 2006 Restated Credit Facility, the Company recognized a loss on early extinguishment of long-term debt of
$0.8 million. This loss is comprised of the write off of certain deferred financing costs related to the 2006 Restated Credit Facility and third party costs incurred in conjunction with the
Second Amendment.

7

---



TRUE TEMPER SPORTS, INC. AND SUBSIDIARIES
(A wholly-owned subsidiary of True Temper Corporation)

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)
(Dollars in thousands unless otherwise indicated)

9) Commitments and Contingencies

Product Warranties

The Company generally warrants its products against certain manufacturing and other defects. These product warranties are provided for specific periods of time
and/or usage of the product depending on the nature of the product, the geographic location of its sale and other factors. The accrued product warranty costs are based primarily on historical
experience of actual warranty claims as well as current information on product costs.

The
following table provides the changes in the Company's product warranties:

|                               |  | Quarter Ended |     
|------------------------------ |  | ------------- | ----
|
|Balance at beginning of period |  | $             | 447 
|Accruals for warranties issued |  |               | 373 
|Warranty claims paid           |  |               | (287
|                               |  |               |     
|Balance at end of period       |  | $             | 533 
|                               |  |               |     

10) Recent Accounting Pronouncements

In September 2006, the Financial Accounting Standards Board ("FASB") issued SFAS No. 157,Fair Value Measurements.SFAS
No. 157 defines fair value, establishes a framework for measuring fair value in U.S. generally accepted accounting principles and expands disclosures about fair
value
measurements. The provisions of SFAS No. 157 related to certain nonfinancial assets and liabilities are effective for financial statements issued for fiscal years beginning after
November 15, 2008. The remaining provisions of SFAS No. 157 are effective for financial statements issued for fiscal years beginning after November 15, 2007, and the Company
adopted such provisions effective January 1, 2008. The adoption of SFAS No. 157 did not have an impact on the Company's consolidated financial position or results of operations.

SFAS
No. 157 defines the inputs used to measure fair value into the following fair value hierarchy:



As
of March 30, 2008, cash flow hedging derivative assets were principally related to the fair value of foreign exchange forward contracts. The Company defines the fair value of
foreign exchange forward contracts as the amount of the difference between the contracted and current market foreign currency exchange rates at the end of the period. Management estimates the fair
value of foreign exchange forward contracts on a quarterly basis by obtaining market quotes for future contracts with similar terms, adjusted where necessary for maturity differences.

8

---



TRUE TEMPER SPORTS, INC. AND SUBSIDIARIES
(A wholly-owned subsidiary of True Temper Corporation)

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)
(Dollars in thousands unless otherwise indicated)

The
following table sets forth, by level within the fair value hierarchy, the financial assets recorded at fair value on a recurring basis as of March 30, 2008:

True Temper Fair Value Measurements at Reporting Date

Description

March 30,
2008

Level 1

Level 2

Level 3Derivatives (foreign exchange hedging contracts)

$
0.1

$


$
0.1

$



The
provisions of SFAS No. 157 for all non-financial assets and non-financial liabilities apply to fiscal years beginning after November 15, 2008.
The Company is currently assessing the impact of SFAS No. 157 for non-financial assets and non-financial liabilities on its consolidated statements of financial position
and results of operations.

In
February 2007, the FASB issued SFAS No. 159,The Fair Value Option for Financial Assets and Liabilitiesan amendment of FASB
Statement No. 115.SFAS No. 159 gives companies the option to choose to measure many financial instruments and certain other items at fair value. SFAS
No. 159 is effective for financial statements for fiscal years beginning after November 15, 2007. The Company has not elected the fair value option for any assets or liabilities under
SFAS No. 159.

In
December 2007, the FASB issued SFAS No. 141 (Revised),Business Combinations.SFAS No. 141R replaces SFAS
No. 141 while retaining the fundamental requirements in SFAS No. 141 that the acquisition (purchase) method of accounting be used for all business combinations. SFAS No. 141R
retains SFAS No. 141 guidance for identifying and recognizing intangible assets separately from goodwill and makes certain changes to how the acquisition (purchase) method is applied. SFAS
No. 141R is effective for business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2008.
The Company has not yet evaluated the impact, if any, of this requirement.

In
December 2007, the FASB issued SFAS No. 160,Noncontrolling Interest in Consolidated Financial Statementsan amendment of ARB
No. 51.SFAS No. 160 amends ARB No. 51 to establish accounting and reporting standards for the noncontrolling interest (sometimes called a minority
interest) in a subsidiary and for the deconsolidation of a subsidiary and to provide consistency with SFAS No. 141. SFAS No. 160 is effective for financial statements for fiscal years
beginning on or after December 15, 2008. The Company has not yet evaluated the impact, if any, of this requirement.

In
March 2008, the FASB issued SFAS No. 161,Disclosures about Derivative Instruments and Hedging Activities.SFAS
No. 161 is effective for financial statements issued for periods beginning after November 15, 2008, with early application encouraged. This statement amends and expands the disclosure
requirements in SFAS No. 133,Accounting for Derivative Instruments and Hedging Activities, and other related literature. The Company has not yet
evaluated the impact, if any, of this requirement.

11) Subsequent Event

On April 23, 2008, the Company entered into an interest rate swap agreement to fix the underlying LIBOR borrowing base rate on $100.0 million of its
variable rate debt at approximately 3.20% for a period of approximately 24 months.

9

---





Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with the more detailed information in the True Temper Sports, Inc. 2007 annual financial statements,
including the notes thereto, appearing in the 2007 annual report on Form 10-K, filed with the SEC on March 21, 2008.

Company Overview

True Temper Sports, Inc. ("True Temper" or the "Company"), a wholly owned subsidiary of True Temper Corporation ("TTC"), is a leading designer,
manufacturer and marketer of steel, composite, and multi-material golf club shafts for original equipment manufacturers ("OEMs") and distributors in the golf equipment industry. In addition, True
Temper produces and sells a variety of performance sports products that offer high strength and tight tolerance tubular components to the bicycle, hockey and other recreational sports markets. In
2007, golf shaft sales represented 88% of total net sales, and performance sports sales represented 12%. During the first quarter of 2008, net sales of performance sports products represented 11% of
total net sales.

Purchase Agreement for True Temper Corporation

On January 30, 2004, TTS Holdings LLC, a company formed by Gilbert Global Equity Partners, L.P. and its affiliated funds ("Gilbert Global"),
entered into a stock purchase agreement with the Company's direct parent company, True Temper Corporation, pursuant to which TTS Holdings LLC and certain of the Company's senior management
purchased all of the outstanding shares of TTC ("Gilbert Global Acquisition"). In connection with this acquisition, and effective on March 15, 2004, the Company repaid all of its outstanding
2002 senior credit facility, redeemed all of its 107/8% senior subordinated notes due 2008, and made certain payments of the net remaining equity of the predecessor company to the
selling shareholders. These payments were financed with the net proceeds of a new senior credit facility and new 83/8% senior subordinated notes due 2011.

The
Gilbert Global Acquisition was accounted for by TTC using the purchase method of accounting. As the Company is a wholly owned subsidiary of TTC, the Company has "pushed down" the
effect of the purchase method of accounting to the consolidated financial statements of True Temper Sports, Inc.

Results of Operations

The following table sets forth the components of net loss as a percentage of net sales for the periods indicated:

Quarter EndedMarch 30,
2008

April 1,
2007Net sales

100.0
%
100.0
%Cost of sales

65.1

66.1Gross profit

34.9

33.9Selling, general and administrative expenses

10.8

13.4Amortization of intangible assets

10.4

12.6Business development, start-up and transition costs

0.7

1.3Loss on early extinguishment of long-term debt



2.6Operating income

13.0

4.0Interest expense, net

17.2

20.3Other expenses (income), net

0.1

0.0Loss before income taxes

(4.4
)
(16.4
)Income tax expense (benefit)

0.1

(6.0
)Net loss

(4.5
)%
(10.3
)%


10

---



First Quarter Ended March 30, 2008 Compared to the First Quarter Ended April 1, 2007

Net Salesfor the first quarter of 2008 increased approximately $6.2 million, or 21.1%, to
$35.8 million from $29.6 million in the first quarter of 2007. Golf shaft sales increased approximately $4.4 million, or 16.1%, to $31.9 million compared to the
$27.5 million realized in the first quarter of 2007. This improvement related primarily to an increase in the unit volume of premium steel golf shaft sales commensurate with the late 2007 and
early 2008 new product launches in irons and putters from the Company's key OEM partners. In addition, the Company's golf shaft price increase implemented in the fourth quarter of 2007 also served to
increase sales in the first quarter of 2008.

Performance
sports sales increased approximately $1.8 million, or 87.9%, to $3.9 million from $2.1 million in the first quarter of 2007. This increase was the direct
result of the Company's continued diversification strategy in this segment of its business. During the first quarter of 2008, the primary driver of the sales improvement related to increased unit
volume of hockey sticks associated with new products launched in late 2007 and early 2008; as well as new customer relationships developed in these same areas as the Company continues to gain
marketshare and execute on its performance sports growth strategy.

Net
sales to international customers increased approximately $1.8 million, or 17.8%, to $12.0 million in the first quarter of 2008 from $10.2 million in the first
quarter of 2007. This increase related to revenue growth in the Company's Japanese and European golf markets, which are targeted international growth regions for the Company, as well as the routine
shifting of product assembly into China by the major golf OEMs.

Gross Profitfor the first quarter of 2008 increased $2.5 million, or 24.8%, to $12.5 million from $10.0 million in
the first quarter of 2007. Gross profit as a percentage of net sales increased to 34.9% in the first quarter of 2008 from 33.9% in the first quarter of 2007. The increase in gross profit as a
percentage of net sales was driven by several factors, including (i) fixed costs being spread over increased unit volumes in both the golf and performance sports segments, (ii) the mix
of products sold being more heavily weighted toward premium steel golf shafts which have higher margins, (iii) a global price increase effective October 1, 2007, (iv) a
significant modification to the Company's medical plan to reduce costs, and (v) programs designed to stabilize and improve the operational efficiency of the Amory, Mississippi facility.

Selling, General and Administrative Expenses ("SG&A")for the first quarter of 2008 decreased approximately $0.1 million, or 2.8%,
to $3.9 million from $4.0 million in the first quarter of 2007. SG&A as a percentage of net sales decreased to 10.8% from 13.4% in the first quarter of 2007. The decline in SG&A spending
was associated primarily with the 2007 recognition of approximately $0.2 million in costs related to certain organizational changes, including the elimination of the position of chief operating
officer.

Amortization of Intangible Assetswas relatively stable at $3.7 million during the first quarter of both 2008 and 2007. Intangible
assets were acquired in connection with (i) the Gilbert Global Acquisition in 2004, (ii) the acquisition of certain assets from Royal Precision in 2006, and (iii) the acquisition
of CN Precision in 2007. Intangible assets with definitive lives are being amortized using a straight-line method over periods from 2 to 59 years.

Business Development, Start-Up and Transition Costsfor the first quarter of 2008 decreased to $0.3 million from
$0.4 million in the first quarter of 2007. The costs incurred during both 2008 and 2007 relate primarily to expenses associated with the acquisition of CN Precision, a steel golf shaft
manufacturing facility located in Suzhou, China. These costs include certain start-up related costs to begin the commissioning of this new facility and the related production equipment.
The Company expects to ramp-up production of steel golf shafts in this new facility during 2008. See Note 7 to the

11

---



condensed
consolidated financial statements included elsewhere in this quarterly report for a further discussion of this acquisition.

Loss On Early Extinguishment of Long-Term Debtfor the first quarter of 2007 totaled $0.8 million. As a result of paying down
$24.7 million of the borrowings under the 2006 Restated Credit Facility, the Company recognized a loss on early extinguishment of long-term debt, comprised of the
write-off of certain deferred financing costs related to the 2006 Restated Credit Facility and third party costs incurred in conjunction with the Second Amendment to the same facility. No
such loss on early extinguishment of long-term debt was recognized in the first quarter of 2008.

Operating Incomefor the first quarter of 2008 increased approximately $3.4 million, to $4.6 million from
$1.2 million in the first quarter of 2007. This increase reflects the impact from gross profit, SG&A, business development, start-up and transition costs, and loss on early
extinguishment of long-term debt described above.

Interest Expense, Netfor the first quarter of 2008 increased approximately $0.2 million, or 2.7%, to $6.2 million from
$6.0 million in the first quarter of 2007. This increase was due primarily to (i) an increase in the outstanding principal balance of variable rate debt due to the issuance of the
$45.0 million second lien credit facility, and (ii) an increase in the weighted average interest rate for the Company's variable rate debt resulting from the higher LIBOR margin adder on
the Second Lien credit facility.

Income Tax Expense (Benefit)decreased in the first quarter of 2008 to an income tax expense of slightly less than $0.1 million,
compared to an income tax benefit of $1.8 million in the first quarter of 2007. This increase was due primarily to an increase in the Company's deferred tax asset valuation allowance, which was
first established in the 2007 third quarter. The effective tax rate during these periods differs from a federal statutory rate of 34% due primarily to the incremental tax rate for state and foreign
income tax purposes and the provision of the valuation allowance referred to above.

Net Lossfor the first quarter of 2008 decreased to a net loss of $1.6 million as compared to a net loss of $3.1 million in
the first quarter of 2007. This decrease reflects the impact from gross profit, SG&A, business development, start-up and transition costs, loss on early extinguishment of
long-term debt, interest expense, and income tax expense (benefit) described above.

Liquidity and Capital Resources

General

On March 15, 2004, as part of the Gilbert Global Acquisition, the Company entered into a new senior credit facility (the "2004 Senior Credit Facility")
which includes a $20.0 million non-amortizing revolving credit facility and a $110.0 million Term B loan (as amended from time to time). The term loan requires cash interest
payments and quarterly principal payments beginning June 30, 2004 and continuing through March 15, 2011.

Also
in conjunction with the Gilbert Global Acquisition, the Company issued new 83/8% Senior Subordinated Notes due 2011 (the "83/8% Notes"). The
83/8% Notes require cash interest payments each March 15th and September 15th commencing on September 15, 2004. The 83/8% Notes are
redeemable at the Company's option, under certain circumstances and at certain redemption prices, beginning March 15, 2008.

The
Company used the proceeds from the 2004 Senior Credit Facility and the 83/8% Notes to pay off the existing debt that was outstanding at closing on March 15,
2004, and to make a distribution of the net remaining equity to the selling shareholders.

On
March 27, 2006, the Company amended and restated its 2004 Senior Credit Facility (the "2006 Restated Credit Facility"). The 2006 Restated Credit Facility included additional
term loans under the

12

---



Company's
existing senior secured credit facilities of approximately $18.0 million, amendments that enabled the Company to pursue future acquisitions, and the flexibility to enable the Company
to execute on its global strategic and operational initiatives.

On
January 22, 2007, the Company executed an amendment to its 2006 Restated Credit Facility (the "Second Amendment"). The Second Amendment was made effective as of
December 20, 2006. The Second Amendment was executed in conjunction with a second lien financing effort, described more fully below, and related acquisition, both described more fully in
Notes 7 and 8 to the condensed consolidated financial statements located elsewhere in this quarterly report. In addition to allowing the flexibility for such second lien financing, the Second
Amendment also provided adjustments to certain specified financial ratios and tests included in the 2006 Restated Credit Facility. As part of the Second Amendment, the margin adder on LIBOR based
loans was increased to between 3.00% and 3.25%, depending on financial ratios, beginning January 22, 2007.

On
January 22, 2007, the Company executed a Second Lien Credit Agreement (the "Second Lien"). The Second Lien included additional term loans of approximately $45.0 million,
with $24.7 million of the proceeds being used to pay down the debt under the 2006 Restated Credit Facility. The margin adder under the Second Lien is 4.5% or 5.5%, depending on the type of
borrowing. The maturity date of the Second Lien is June 30, 2011. The Second Lien does not amortize.

As
a result of paying down $24.7 million of the borrowings under the 2006 Restated Credit Facility, the Company recognized a loss on early extinguishment of long-term debt of
$0.8 million. This loss is comprised of the write off of certain deferred financing costs related to the 2006 Restated Credit Facility and third party costs incurred in conjunction with the
Second Amendment.

The
2006 Restated Credit Facility, the Second Lien, and the 83/8% Notes contain covenants and events of default, including substantial restrictions and provisions which,
among other things, limit the Company's ability to incur additional indebtedness, make acquisitions and capital expenditures, sell assets, create liens or other encumbrances, make certain payments and
dividends, or merge or consolidate. The 2006 Restated Credit Facility and the Second Lien also require the Company to maintain certain specified financial ratios and tests including minimum interest
coverage and fixed charge coverage ratios, and maximum leverage ratios. Furthermore, the 2006 Restated Credit Facility and the Second Lien require certain mandatory prepayments including payments from
the net proceeds of certain asset sales and a portion of the Company's excess cash flows as defined within each credit agreement.

On
August 14, 2007, TTS Holdings LLC made a capital investment in the Company's parent, True Temper Corporation, of $1.7 million. These funds were then contributed
by True Temper Corporation to the Company in order to maintain full compliance with the second quarter 2007 financial covenants in the Company's 2006 Restated Credit Facility and the Second Lien
Credit Agreement.

On
September 14, 2007, TTS Holdings LLC made a capital investment in the Company's parent, True Temper Corporation, of $5.0 million. These funds were then
contributed by True Temper Corporation to the Company in order to maintain full compliance with the third quarter 2007 financial covenants in the Company's 2006 Restated Credit Facility and the Second
Lien Credit Agreement.

As
of March 30, 2008, with the contributions noted above, the Company was in compliance with all of the covenants in the 2006 Restated Credit Facility, the Second Lien, and the
83/8% Notes.

On
April 23, 2008, the Company entered into an interest rate swap agreement to fix the underlying LIBOR borrowing base rate on $100.0 million of its variable rate debt at
approximately 3.20% for a period of approximately 24 months.

13

---



Cash Flows from Operating Activities

Cash flows from operating activities were relatively neutral during the first quarter of 2008, at slightly less than $0.1 million, compared to a use of
cash totaling $7.2 million during the first quarter of 2007.

The
source of cash from operating activities of slightly less than $0.1 million during the first quarter of 2008 was primarily the result of $3.5 million in cash generated
from operations, offset by a use of cash in working capital of $3.5 million. The use of cash for working capital purposes related primarily to an increase in trade accounts receivable from
December 31, 2007 to March 30, 2008 totaling $3.1 million, or 14.6%, which was driven by the revenue increase in first quarter of 2008.

The
use of cash in operating activities of $7.2 million in the first quarter of 2007 was primarily the result of $0.6 million in cash generated from operations offset by a
use of cash in working capital of $7.8 million. The change in working capital consisted primarily of (1) an increase in accounts receivable of $4.7 million, which was an expected
increase related to the higher net sales in the first quarter of 2007 compared to the fourth quarter of 2006, and (2) an increase in inventory of $2.8 million, which relates to several
factors, including (i) an increase in the cost of nickel, a raw material used in the manufacture of steel golf shafts, (ii) an increase in the number of inventory build programs with key
global golf OEMs, and (iii) an increase in the Company's finished goods levels in anticipation of stronger second quarter 2007 sales.

Cash Flows from Investing Activities

Cash flows from investing activities were a use of cash totaling $0.4 million during the first quarter of 2008, and a use of cash totaling
$10.2 million during the first quarter of 2007. The use of cash in investing activities during the first quarter of 2008 related primarily to routine capital expenditures for machinery and
equipment. The cash used in investing activities during the first quarter of 2007 related primarily to the acquisition of CN Precision, as described more fully in Note 7 to the condensed
consolidated financial statements located elsewhere in this quarterly report.

Cash Flows from Financing Activities

Cash flows from financing activities were a use of cash totaling $0.5 million during the first quarter of 2008, and a source of cash totaling
$18.1 million in the first quarter of 2007.

The
cash used by financing activities during the first quarter of 2008 related primarily to a distribution to the Company's parent company, True Temper Corporation, to facilitate a
contractual equity repurchase associated with a severance arrangement.

The
cash provided by financing activities in the first quarter of 2007 related primarily to the events surrounding the acquisition of CN Precision, as well as a general refinancing of
term debt, and included (i) new borrowings of second lien term debt totaling $45.0 million, (ii) the repayment of $24.7 million in
first lien term debt, and (iii) the payment of $2.0 million in debt issuance costs related to the additional borrowings.

14

---



Existing Contractual Cash Obligations

The following table reflects the Company's contractual cash obligations for principal and anticipated interest payments on long-term debt, current
maturities of long-term debt, operating leases and other purchase commitments as of March 30, 2008 (dollars in millions):

|                                                       |  | Total |       | 2008 |   | 2009
through
2010 |  | 2011
through
2012
|------------------------------------------------------ |  | ----- | ----- | ---- | - | ----------------- |  | -----------------
|Long-Term Debt, Including Current Maturities (1 and 4) |  | $     | 324.4 |      | $ | 16.4              |  | $                
|Operating Leases                                       |  |       | 2.7   |      |   | 0.7               |  |                  
|Purchase Commitments(2)                                |  |       | 0.7   |      |   | 0.7               |  |                  
|                                                       |  |       |       |      |   |                   |  |                  
|Total(3)                                               |  | $     | 327.8 |      | $ | 17.8              |  | $                
|                                                       |  |       |       |      |   |                   |  |                  

---

Future Cash Generation and Use

Currently the Company's intention is to use existing cash and cash equivalents, and cash provided from future operations, if any, as allowed within the covenants
of the 2006 Restated Credit Facility, the Second Lien and the 83/8% Notes, to:



In
addition to the debt service obligations for principal and interest payments, the Company's liquidity needs largely relate to working capital requirements, capital expenditures for
machinery and equipment, and contributions to its defined benefit pension plan. The Company intends to fund its current and long-term working capital, capital expenditure and debt service
requirements through cash flow generated from operations. However, since there can be no assurance of future performance, as of March 31, 2008 the Company has the $20.0 million revolving
credit facility available for future cash requirements (as reduced by any outstanding draws, of which there were $5.0 million as of March 30, 2008). The maximum amount the Company may
use of the $20.0 million revolving credit facility is limited by the financial covenants contained within the 2006 Restated Credit Facility and is reduced by any outstanding letters of credit
(which totaled $3.4 million as of March 30, 2008). As of March 30, 2008, the Company believes that cash flow generated from operations, in addition to other financing sources,
will be sufficient to meet its cash obligations for at least the ensuing 12-month period.

15

---



In
addition to the Company's cash obligations for interest and principal payments related to its debt obligations, the Company also has a management services agreement with an affiliate
of Gilbert Global, which requires the payment of an annual management services fee of $0.5 million, as well as a transaction based advisory fee associated with any significant merger,
acquisition or financing transaction entered into by the Company. A fee of $0.6 million was paid associated with the 2007 CN Precision acquisition.

Depending
on the size, any future acquisitions, joint ventures, capital expenditures or similar transactions may require significant capital resources in excess of cash provided from
operations, and potentially in excess of cash available under the revolving credit facility. There can be no assurance that the Company will be able to obtain the necessary capital, under acceptable
terms, from creditors or other sources that will be sufficient to execute any such business investment or capital expenditure.

Recent Accounting Pronouncements

Information regarding recent accounting pronouncements is contained in Note 10 to the Consolidated Financial Statements, which is incorporated herein by
this reference.

Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 (the "Act") provides a safe harbor for forward-looking statements made by the Company. This document contains
forward-looking statements, including but not limited to Item 2 "Management's Discussion and Analysis of Financial Condition and Results of Operations". All statements which address future
operating or financial performance, events or developments that the Company expects, plans, believes, hopes, wishes, forecasts, predicts, intends, or anticipates will occur in the future, and other
similar meanings or phrases, are forward-looking statements within the meaning of the Act.

The
forward-looking statements are based on management's current views and assumptions regarding future events and operating performance. However, there are many risk factors, including
but not limited to, the Company's substantial leverage, the Company's ability to service its debt, the general state of the economy, the Company's ability to execute its plans, fluctuations in the
price and availability of energy, fluctuations in the price and availability of raw materials, potentially significant increases to employee health and welfare costs, competitive factors, and other
risks that could cause the actual results to differ materially from the estimates or predictions contained in the Company's forward-looking statements. Additional information concerning the Company's
risk factors is contained from time to time in the Company's public filings with the SEC; and most recently in the Risk Factors section of Item 1A to Part 1 of the Company's 2007 Annual
Report on Form 10-K filed with the SEC on March 21, 2008.

The
Company's views, estimates, plans and outlook as described within this document may change subsequent to the release of this statement. The Company is under no obligation to modify
or update any or all of the statements it has made herein despite any subsequent changes the Company may make in its views, estimates, plans or outlook for the future.

16

---



Item 3.Quantitative and Qualitative Disclosures About Market Risk

Interest Rate Sensitivity

The table below provides information about the Company's debt obligations as of March 30, 2008. The table presents cash flows from principal payments and
related weighted average interest rates by expected maturity dates (dollars in millions).

|                                           |                          | Expected Maturity Date |     |  |  
|------------------------------------------ | ------------------------ | ---------------------- | --- |  | -
|
|Fixed-Rate 83/8% Senior Subordinated Notes |                          | $                      |    |  | $
|                                           | Average Interest Rate    |                        |     |  |  
|2006 Restated Credit Facility              |                          | $                      | 1.0 |  | $
|                                           | Average Interest Rate(a) |                        |     |  |  
|Second Lien                                |                          | $                      |    |  | $
|                                           | Average Interest Rate(b) |                        |     |  |  

---

The
Company's operating results are affected by changes in interest rates primarily as a result of borrowings under the 2006 Restated Credit Facility and the Second Lien.
If interest rates increased by 25 basis points, interest expense would have increased by approximately $0.1 million for the quarterly period ended March 30, 2008, based on balances
outstanding during the quarterly period then ended.

On
April 23, 2008, the Company entered into an interest rate swap agreement to fix the underlying LIBOR borrowing base rate on $100.0 million of its variable rate debt at
approximately 3.20% for a period of approximately 24 months.

Information
concerning the Company's market risks related to foreign exchange rates and commodities is contained in the "Management's Discussion and Analysis of Financial Condition and
Results of Operations" section of the Company's 2007 Annual Report on Form 10-K, as filed with the SEC on March 21, 2008. This information has been omitted from this report
as there have been no material changes to the Company's risks related to foreign exchange rates and commodities as of March 30, 2008.

Item 4T.Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Evaluations required by Rule 13a-15 of the Securities Exchange Act of 1934 of the effectiveness of the Company's disclosure controls and
procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934) as of the end of the period covered by this Report have been carried out under the supervision
and with the participation of the Company's management, including its Chief Executive Officer and Chief Financial Officer. Based upon such evaluations, the Chief Executive Officer and Chief Financial
Officer concluded that the Company's disclosure controls and procedures were effective.

Changes in Internal Controls

There were no changes in the Company's internal control over financial reporting that occurred during its last fiscal quarter that have materially affected, or
are reasonably likely to materially affect, its internal control over financial reporting.

17

---





PART II. OTHER INFORMATION

Item 1.Legal Proceedings

Various claims and legal proceedings generally incidental to the normal course of business are pending or threatened against the Company. While the Company cannot
predict the outcome of these matters, in the opinion of management, any liability arising from these matters will not have a material adverse effect on the Company's business, financial condition or
results of operations.

Item 1A.Risk Factors

No changes

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds

Not applicable

Item 3.Defaults Upon Senior Securities

None

Item 4.Submission of Matters to a Vote of Security Holders

There were no matters submitted to a vote of security holders during the quarter ended March 30, 2008.

Item 5.Other Information

Not Applicable

Item 6.Exhibits

|31.1 |  | Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**
|---- |  | -------------------------------------------------------------------------
|31.2 |  | Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**
|32.1 |  | Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**
|32.2 |  | Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

---

18

---





SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized, on May 13, 2008.

| | True Temper Sports, Inc.
| | ------------------------
| |                         
| | By:                     
| | Name:                   
| | Title:                  
| |                         
| | By:                     
| | Name:                   
| | Title:                  

19

---



QuickLinks