Golfsmith International Holdings (GOLF)

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, we are not required to provide the information required by this item.

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As a smaller reporting company, we are not required to provide the information otherwise required by this Item.

As a smaller reporting company, we are not required to
provide the information otherwise required by this Item.

Other than the new risk factor described below, there have been no changes in our risk factors with respect to our quarter ended September 27, 2008 from those disclosed in our annual report on form 10-K filed with the SEC on March 6, 2008.

Our business may be adversely affected by a downturn in economic conditions that can result in decreased demand for our products.

Due to the discretionary nature of sporting goods, our revenues are heavily influenced by the condition of the U.S. economy and economies in other regions of the world. Unfavorable conditions in these broader economies can result in decreased consumer spending, which in turn can have a material negative effect on our revenues and this could have a material adverse effect on our financial position and results of operations.

There have been no material changes in our risk factors with respect to our quarter ended June 28, 2008 from those disclosed in our annual report on form 10-K filed with the SEC on March 6, 2008.

There have been no material changes in our risk factors with respect to our quarter ended March 29, 2008 from those disclosed in our annual report on form 10-K filed with the SEC on March 6, 2008.