CORNERSTONE COMPLETES THE SALE OF TRUE TEMPER SPORTS

Memphis, TN – March 15, 2004 – Cornerstone Equity Investors, LLC announced today that it has completed the sale of True Temper Corporation to management and Gilbert Global Equity Partners and related entities. The specific terms of the agreement were not disclosed. Upon the closing of the transaction, all of True Temper’s customers, employees, and suppliers will experience a smooth and seamless transition. No changes in trade policies or personnel are anticipated with the pending change of ownership.

About Cornerstone Equity Investors

Cornerstone Equity Investors, LLC is one of the largest and most experienced private equity firms in the United States. Since 1984, the professionals of Cornerstone have raised over $1.2 billion in committed capital. Cornerstone focuses on lower middle market leveraged buyouts of corporate divisions, closely held private companies and micro and small capitalization public companies in the business services, consumer, healthcare and technology manufacturing industries. For more information, please visit www.cornerstone-equity.com.

 About Gilbert Global Equity Partners

Gilbert Global Equity Partners is one of the largest and most experienced private equity firms in the United States with a capital base of over $1.0 billion. Gilbert Global was founded in 1997 upon the team's departure from Soros Capital L.P., the principal private equity vehicle of the Quantum Group of Funds. Gilbert Global information is available via its home page at www.gilbertglobal.com.

About True Temper Corporation

True Temper Corporation is the parent company of True Temper Sports, Inc., the leading manufacturer of golf shafts in the world, and consistently the number one shaft on the PGA Tour and on all professional tours globally…bypassing all other manufacturers combined. In addition to golf shafts, the company produces a full line of performance sports products for the bicycle, hockey and sporting goods industry.

The Memphis based Company employs over 800 people worldwide and operates 10 facilities, located in the United States, Europe, Japan, China and Australia. The True Temper and Grafalloy branded products are sold and marketed in over 30 countries throughout the world.