Dear PGA TOUR Caddie,

Many thanks from all of us at Valspar for participating in our first year in the PGA TOUR

Caddie Hat Program. We were pleased to cast an appreciative spotlight on you, the

often-unsung heroes of the game.

Our involvement this year grew naturally from our sponsorship of the Valspar Championship

in March. At Innisbrook, we enhanced our Caddie amenities out of appreciation for the

tremendous support you provide.

In addition to the program’s basic rewards, we added some extras for those caddies who

wore Valspar hats.

- Four annual Caddie-only dinners (most recently at the Wyndham Championship)

- A variety of randomly awarded gifts

- A $2,500 bonus to each hat-wearing caddie whose player won the tournament

(we paid out 10 times this season)

- Special trip awards based on player performance/TV appearances

• Valspar Caddie of the Quarter

• Valspar Caddie of the Year – the ultimate prize: a “full home of paint”

- And, a supply of bright, colorful hats

We had a lot of fun with the Caddie Hat Program this year and hope you did, too. Let us

know if you have any suggestions for next year because we’re already starting to plan.

Thanks again for participating.

Sincerely,

Gary E. HendricksonChairman and CEOValspar