THE MEMORIAL TOURNAMENT

JEFF ADAMS: I'm Jeff Adams of the Tour Communication Staff. We'll be very brief. Jack has to get out to the clinic, and we know you have work to do. We're going to hear from Tim for a moment, hear from Jack for a moment, then we'll open it up to a few questions. Then we will pass out some press kits and also have a photo opportunity. With that, I'd like to turn it over to Tim for the announcement of the Presidents Cup.

TIM FINCHEM: Thank you, Jeff. This is just an announcement about the results of the Presidents Cup last year in Melbourne. As you know, it was the first time the Presidents Cup was played outside the United States. We had a tremendous amount of support from the Australian public sector, Prime Minister Howard who served as the honorary chairman of the event. We had tremendous competition. The first two President Cups resulted in a total of $1.5 million being donated to charity. As you know the amount of the expenses of the Presidents Cup are paid and then all the net proceeds are divided by the players and the captains and they designate charitable recipients for the funds. This year we're delighted to announce that $2.9 million will be donated by these players and captains. 29 shares of $100,000 each, that's the 24 players, Hal Sutton who was on the team and because of a family emergency was unable to play, the two captains, and of course the co-captains, William Grady for the International Team and Jackie Nicklaus, who's sitting down here in front, the assistant captain for the United States team. We wanted to make this announcement here at the Memorial and ask Jack to be a part of it because Jack's serving as captain we think had an awful lot to do with the success of the Presidents Cup in Melbourne. From the day that he accepted the job to serve as captain, it created a tremendous amount of interest in Australia. His remarks for two years regarding Royal Melbourne and the way he conducted the team, we thought, also had a lot to do with the success of the tournament and we're delighted to make this announcement at your tournament here at Memorial and to recognize that what happened in Melbourne is going to propel the Presidents Cup to bigger and better things in the future. With that, I'll pass it over to you, sir.

JACK NICKLAUS: Thank you, Tim. Let me just say that I think it's a real honor that you chose here to announce that proceeds are going to charity. We appreciate that very much, Tim. I know that I enjoyed having Jack be my assistant at Royal Melbourne. It was a lot of fun. I think that we both would like to have won, I'm sure, but we had a great match down there. The people, Australian people and all the organizations, the Prime Minister, got behind this event just unbelievably well. And I think that the enthusiasm for what happened in that event will carry the Presidents Cup for a long time. The honor to go down there and do that, be part of it, it was a pretty big deal. I think that was kind of neat. And to have your son by your side doing that was fun. Barbara of course was there, and Barbara really did all the work. Jackie and I were just out in front, as usual. (Laughter.) We all know that. (Laughing). It was an honor to do so, Tim, and I appreciate the opportunity for you allowing me to say thank you.

TIM FINCHEM: Thank you. I just also would like to recognize Mike Bodney in the back. We had a tremendous staff in Australia. He stepped up and did a great job and we're delighted he could make it to this announcement here today. I guess we'll take one or two questions.

JEFF ADAMS: We'll take one or two questions, then we will do our photo-op and everybody can get back to work. Is everybody just bashful? No questions? Guess the 2.9 says it all. If there's no questions, we'll take a couple of photos.

JACK NICKLAUS: We have one thing, first of all. I know those of you may have seen these, Ken Venturi has been named Captain for the Presidents Cup team, and what are we, 2001 --

JEFF ADAMS: 2000.

JACK NICKLAUS: 2000, he'll have a great experience. I think that's a great honor for Ken and I'm sure he'll enjoy it very much. I wish him all the best. I know Ken's not here today, he's probably got some work to do. But we'll enjoy that honor very much.

TIM FINCHEM: Thank you very much.