FEDEX ST. JUDE CLASSIC

May 24, 2006

Stewart Cink

Ric Clarson

Karen Rogers

RIC CLARSON: Good morning. My name is Ric Clarson. I'm senior vice president for brand marketing for the PGA Tour, and I welcome you to this morning's announcement.

To my right is Karen Rogers, vice president, U.S. marketing for FedEx, and to my far right PGA Tour member and the Chairman of our player advisory council, Stewart Cink.

I'd like to take a second to recognize some other important people in the room as it relates to this tournament and to the new FedEx Cup. Kevin Denkey (ph), our director, sponsor Mark Kethat (ph) at FedEx, and that's then to I think in the back of the room is Jeff Maddox (ph) the manager for sponsorship marketing at FedEx.

I'd like to recognize Phil Cannon. I've known Phil a long time.

Phil, we appreciate everything you do to make this tournament one of the top stops on the PGA Tour and Henry Hughes, the Senior Vice President and chief of operations for the 3rd PGA Tour.

Today is the first in a series of key announcements as it relates to the FedEx Cup. Later this month after our Board meeting, we'll be announcing the point structure, the play off system, the pay out and some other details as it relates to the 2007 season and what amounts to a generational change on the PGA Tour.

The logo that we are about to unveil today is representative of this change and perhaps a new mindset that will take hold of the world of professional golf.

The FedEx Cup, in simple terms, new measurement of achievement on the PGA Tour. It will be a completely new way to follow our sport, to enjoy it and get excited about it as we go toward a new season in 2007.

FedEx is the partner that's making this happen for the PGA Tour. They're helping us make the PGA Tour more interesting and I think from a player's standpoint, even more competitive. They're also helping every tournament in our season become a more compelling product with more relevance, more drama, and more dollars for charity. And, again, on behalf of the PGA Tour, we can't say enough about what this tournament does for charity for Saint Jude Hospital and the community.

FedEx is continuing to demonstrate strategic innovation as they have with every sports property in which they've become involved. We've had a great and longstanding relationship, and it's going to an even higher level beginning in 2007.

At this point, I'd like to call on Stewart, a four time winner on the PGA Tour, who had two victories in 2004, to give some comments as it relates to the players's perspective.

Stewart is a two time President's Cup and Ryder's Cup; in 1996 was the Nationwide Tour Player of the Year; and following that performance with being Rookie of the Year in the PGA Tour in 1997; one of the top college golfers while attending Georgia Tech; and we all know that when it gets a little warmer, Stewart turns it on with his roots from the South and his college golf at Georgia Tech.

So, had a great week last week at the Bank of America Colonial and we even have some people putting odds on you for this week. So, Stewart.

STEWART CINK: Thanks, Ric. Actually, my roots are a lot closer to Georgia Tech. I grew up less than two hours from here, so this is my home tournament in a way. Although I live in Atlanta now, this is the first tournament I ever came to growing up back when it was at Colonial, and a lot of family and friends still make their way over for the week. So it's always good to be back and be able to be on somewhat home soil, even though it's a different state.

So, yeah, I'd like to thank FedEx, first of all, for joining with the PGA Tour for this really exciting time in our in my career in our area. I think everybody who has a PGA tour card today is really lucky, and thanks to you to be part of this. It's going to be a really exciting time for professional golf both inside the ropes and outside the ropes and for those watching on television. I think it's going to be a real exciting time, and I'm looking forward to it.

It's been a real interesting process being the chairman of the Player Advisory Council this year. We've been hitting it pretty hard lately, trying to get the point structure and all the details from the player's perspective settled. And as you can imagine, getting 16 guys from different ends of the spectrum in the world of professional golf in the same room to discuss something that's going to affect their career has been interesting. And, you know, we've had some heated discussions, and there's been a lot of talk back and forth, but I think one thing that's going to be sure will come out of this, everybody is very excited, very keen on making this the best that it can possibly be. And I think next year is really going to hit everybody upside the head pretty hard. It's going to be a lot of fun to see that happen.

I remember growing up watching other sports like everybody did and getting real excited by the playoff season and seeing how everybody would unfold, you know, home field advantage, what is going to end up going the farthest and how your team is going to end up doing. All that. We never really had anything like that on the PGA Tour until 2007 comes around.

It's just going to be a real interesting, really new way to look at the professional golf for the fans, I think, and the players are already planning for what they're going to do next year. I heard people talk about, well, you know, I don't want to skip more than one, two tournaments in a row next year because of the way the points is going to work out. You don't want to get leap frogged too much.

So, after '06 you really have to take a new look and see everybody's playing schedule and should be just fantastic. Everybody is excited about it on the tour, and I know word is just getting out now to the public, but by next year it's going to be with everybody. And so I thank FedEx for joining with us and also thanks for Stanford Financial for coming on.

FedEx has always been a great sponsor here. They really have integrated themselves with this tournament like very few other sponsors on tour have. And when you think of Memphis, you think of orange and purple. You think of FedEx. That's the way it ought to be.

Next year we're going to thank FedEx when we look at the whole PGA Tour. We're excited about it. I speak for all the players and should be a great week here this week. Thank you.

RIC CLARSON: I need some help here, Stewart and Karen, to unveil the new FedEx Cup logo.

Alright. We have a new logo. We're well underway. Now some comments from Karen Rogers.

KAREN ROGERS: Good morning. We at FedEx are excited to launch this next phase of our relationship with the PGA Tour and then combining two exciting brands that are well established with the FedEx Cup. We have the FedEx brand and with the PGA. These are great brands, very powerful, and again we at FedEx are thrilled to be part of this new, new FedEx Cup.

This program will establish FedEx in terms of our longstanding relationship with the PGA Tour and really highlight our values in terms of reliability, excellence and leadership, and for FedEx, this gives us greater visibility an opportunity to reach our customers and drive our business priorities.

That's all.

Comments? I guess really at this point, Ric, did you want to turn this over to questions or?

RIC CLARSON: Yes. What we'd like to do now is entertain any questions that may come from the floor. I will point out Stewart has a 12 o'clock tee time, so any questions that you do have that you'd like to direct at Stewart, please do those first, and Karen and I will be around afterwards.

Any questions?

Q. (Inaudible)

STEWART CINK: Florence, Alabama.

Q. (Inaudible)

STEWART CINK: I really haven't been because that's not really that's about the only sport I don't keep up with too closely, although I'm getting involved a little bit. So I really I haven't been putting pencil to paper to see how my driver is doing or my race team is doing, but I pay attention to the Champion's Tour a little bit once they went over to a point system to see how it's working. And I understand now that when I look on the golf results at the end of the week, I'm not just looking to see who made money or who finished top 10 or who won. I'm also looking to see who moved themselves where up or fell down in the standings. Just a new way to look at results and to look at the action of the past.

RIC CLARSON: Any other questions from the floor? We thank you very much for coming.

And the back of the room, when you leave, we do have the CD of the logo if you would like that. So please help yourself, and we appreciate you coming. We look forward to a great FedEx can you please. Thank you.

End of FastScripts.