NASDAQ-100 OPEN

March 25, 2004

Nick Bolletieri

Paul Orehovec

Donna Shalala

MARGOT WINICK: Good morning, everyone. I'm Margot Winick from the University of Miami Communications Office. We're here this morning to announce a unique and new partnership between the University of Miami and IMG Academies. Representing those entities, we have President Donna Shalala, who will start us off this morning, and Nick Bollettieri from the tennis academy. Please...

DONNA SHALALA: Thank you. We're delighted to announce an educational partnership. The University of Miami is going to the IMG Academies, working with Nick, to establish educational opportunities for the players. Many of the players are young and want an opportunity, initially, to learn English but also to be able to take advantage of some of the great programs at the University of Miami. This was put together by our continuing education program headed by Vice President Paul Orehovec. We're actually going to take these programs over to Bradenton, and our faculty members will be going over there to teach and to work with the young people that are part of the IMG Academies.

NICK BOLLETTIERI: Well, there is one thing that wasn't mentioned in any of the correspondence. This deal is predicated on Nick receiving his law degree, because I attended the University of Miami Law School in 1955, but I didn't do too well and so I went into the business of coaching tennis (smiling). We're delighted at the academy for, really, a reason that is very important that's brought out to everybody. The academy does not stand just for sports; it stands for education. The majority of boys and girls who attend the academy go on to college with a partial or total scholarship. This year there will be 35 graduating seniors that will go on to a college just basic from tennis alone, not counting your other multiple sports. What's important is that we've developed a brand of being the "best of the best" in the world. The University of Miami has developed the same. When you put two No. 1s together, the result for the recipients is fantastic. For that, I am very pleased and very honored to be with the University of Miami, but I am also thrilled to think that a concept that I started in 1982 of developing the first in-house boarding academy has developed to be the brand of the world. Then I joined with Mr. Mark McCormack of IMG in 1987, and this relationship has been fantastic. We hope that this is the beginning of great things - not just for the University of Miami and for the IMG Academies, but for the children of the world.

DONNA SHALALA: What this will do is strengthen the educational programs. Strong minds and strong bodies are exactly what you're about and also what we're about.

NICK BOLLETTIERI: That's right.

DONNA SHALALA: So bringing together the excellence of two great institutions is really exciting for us, and in particular for us to put our brand alongside yours and provide opportunities for these young people. And Sebastian is thrilled, too, because Sebastian is a pretty good tennis player. He's getting some free lessons out of this, I understand.

NICK BOLLETTIERI: I'm going to put aside my $1500 fee and put that for charity (smiling). We're certainly looking forward to this.

DONNA SHALALA: You make an exception for ibises.

NICK BOLLETTIERI: Yes, ma'am.

DONNA SHALALA: Good. Questions?

DONNA SHALALA: Well, actually, we're going to grow the program. We're starting with intensive English-language teaching, and we may, over time, be adding actual courses. So these young people can get a head start on college with the possibility of eventually actually giving people an opportunity to easily transfer those credits either to the University of Miami or to other institutions. As Nick indicated, many of these young people go on with tennis scholarships. The important thing is that they continue their education and not interrupt the education process as part of the overall program. That's what their parents want for them, I think, and it's what they want for themselves. So trying to make all of this seamless so they can continue their tennis as well as make sure that they're ready for universities, with perhaps offering a number of different courses there.

NICK BOLLETTIERI: What it also brings, it brings to the students an atmosphere that they are actually in college before they go to college, and that's very important. We also have a new segment at the academy of teaching kids how to speak, how to dress, and how to react to the press and to other people.

DONNA SHALALA: That program we may bring to the University of Miami, and we may hire Nick to do some of that (smiling).

NICK BOLLETTIERI: Well, that's very important. I'm delighted that the academy really is jumping into this great opportunity because, really, the fall-back of the academy has always been, "Well, it's sports and they neglect education." That's not true. Because today, 99 percent of the graduating seniors at our institution must go to college. Sponsorships have dried up, and it's boiling down to getting into a good university and being prepared to go to a good university. Getting in is one thing; you can't get in unless you have the preparation. That's why we joined in with the University of Miami.

DONNA SHALALA: And of course we have extensive experience working with student athletes. We have some of the finest college athletic programs in the country, and we will add that expertise in this partnership. I think Mark McCormack, who is also a friend of mine, is probably looking down on this as a wonderful opportunity.

DONNA SHALALA: Well, he has a lot of very good players. Of course the academies have more than just tennis players over there. It may, around the edges, but we want what's best for these young people. There will be lots of opportunities for these very talented young people.

NICK BOLLETTIERI: We must answer that question very delicately. What we are trying to do is to develop this for all the universities throughout the country. That's the role of the University of Miami. They already are approached by the best athletes in the world to come to play for Miami. What the University of Miami has done is actually given an opportunity for children to go to any university in America.

DONNA SHALALA: And to be ready to go to another American University.

DONNA SHALALA: I don't know the answer to that. Paul?

PAUL OREHOVEC: Greg Breunich and one of my staff have been talking for about a year and a half. They happen to come together with some other things we were doing, and it just, over time, developed into a wonderful marriage.

DONNA SHALALA: The University of Miami has a long history of having programs in different places. We actually offer degrees in places like the Bahamas. We are the only institution in the country that offers an MBA taught in Spanish on our campus here. We offer an American-style degree and a journalism degree taught in Spanish. So we do have some other sites for the university that offer specific programs. Our continuing education program has been particularly energetic. We have just added a high school, a virtual high school, an accredited high school, that young people who are traveling or are living with their parents in isolated places will be able to finish high school, a very high-quality high school, that's done through the Internet and through support from teachers on the other end. It's not just a distance learning; it's more integrated than that. So we're looking for opportunities, but this is a particularly good one that fits with both of our goals - excellence in athletics, excellence in academics, and opportunity for young people.

NICK BOLLETTIERI: I believe that came about really through a sheer accident. Greg Breunich, who represents our company, sort of got into this conversation. We didn't say, "Let's get one close by." We got one that just sort of came about, and the relationship has really developed to this point that we're going to be starting it.

DONNA SHALALA: But it's really because we're the best, right (smiling)?

SEBASTIAN: (Shaking his head yes).

DONNA SHALALA: This fall?

PAUL OREHOVEC: Well, we've already started the intensive English program. We have about 30, 35 students that we're already teaching over at Bradenton. This summer we start moving into some study skills and test prep, which our continuing education school has done very well with. Then, hopefully, this fall we're hoping to start some regular college credit courses, one or two, and then hopefully it will grow from there.

DONNA SHALALA: Which means the student athletes will get a head start.

NICK BOLLETTIERI: There's a great benefit to this. We recommend that a lot of graduating high school students that haven't reached their really high point of playing or are in the middle of making a decision, "Should they turn pro? Go to college?" they will take one year off. So this gives us an opportunity to tell the parents that those boys and girls can take some courses preparing them for college. So this is a big plus for us.

DONNA SHALALA: We'll identify courses that are transferrable to any college in the country, because everybody has the same kind of core. Good, thank you. Nick, it's a pleasure.

NICK BOLLETTIERI: Yes, ma'am. Thank you (applause).