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DEUTSCHE BANK CHAMPIONSHIP

September 5, 2004

Jay Monahan

Seth Waugh

NORTON, MASSACHUSETTS

SETH WAUGH: We felt that bringing the event here was something that the community deserved and that would be something very special on the calendar of the players and all golf fans around the world and we have tried very hard to do that. And we have hoped we have accomplished a lot of that.

One aspect we talked about this year or during the course of the years was feedback from the players in terms of the golf course and experience that they are having. We think that we have also delivered on that front this year.

So we are very pleased today to announce that we will be at TPC Boston for the next two years, which is what our contract is.

We could not be more pleased with what's going on out there over the last couple of days. The amount of work that we've done with on the course has gotten rave reviews from the players and Tom and his staff have done a fantastic job, as has the Tour through Chris Gray and a lot of the design changes as well as the conditioning.

So I had a nice conversation yesterday with Tim Finchem to discuss this, and he is completely on board and very pleased about this. We also talked a lot about what we want to do going forward. We are not done in making this better. We view it always as a work-in-progress, trying to make it more and more special and we will continue to do that.

Over the course of the next year, or next fall, I should say, we will be doing the same process as last time which is a postmortem tournament. We talk about everything involved with the tournament, the golf course and the event around it, etc. to begin planning for next year. Jay gets Tuesday off and then starts again, and Tim is totally committed to that. He agrees that this is a venue that we can really make one of the places that people really look at; the golf course, not only the place that looks forward to coming back to year after year.

I've said many times over the last year, Boston has certainly done everything it can possibly do to have us want to make this our home. The fans, you all in the press, have been fantastic, our clients have loved it and we can't thank everybody enough for making us part of the local community which we felt like from all over.

Obviously the field continues to improve. We are very excited, we think we have the best leaderboard, perhaps of the year out there, and we'll do this quickly so we can all go out and enjoy that. We are particularly pleased with the international aspect of it, which we think differentiates ourselves a bit and obviously speaks well to our own personality which is that of a global bank.

As a New England native, I'm glad to say that this will be our home and we look forward to this having be a tradition for a time to come. I don't want anybody to read into the fact that I'm saying two years, other than the fact that is what our contract is, and that's obviously all I can commit to today. That doesn't mean there's not [] something out there after two years. We had like to make it that, again it's felt like home from the beginning and we think we've now delivered something that is really special, and the golf course is the one thing that we needed to deliver on and we think we have done that.

Q. What was the final piece of the puzzle?

SETH WAUGH: It was probably the rescue club I hit off the first tee on Thursday. (Laughter.)

No, I think again, we have waited to -- we really just want to hear from the players. Players have a lot of choices and a lot of places to go to. If we want to make this -- when they think about the fall, we want to have them think about the Deutsche Bank, and there's a lot of things around that. There's all of the great stuff Jay does in organizing the event, all of the entertainment that Boston has provided, etc., etc. which creates an experience, not just a golf course for the day, but an experience. And the last thing that was not there was the golf course.

People obviously had input last year that was not -- this was not a golf -- they were coming despite the golf course, as opposed to because of the golf course, if you will. And we wanted to change that. We wanted to make that whole experience included the quality of the course, and that's one of the great places we play every year. And we have spent, I have spent, I know Jay has spent even more time talking to everybody that we know and don't know and asking them for input.

I think one of the other things -- and it's all been terrific. I think the other thing that's very important about that is that we asked for input last year and reacted to it; the fact that we delivered what we said we were going to deliver. There's some ownership now; people like Jim Furyk who spent hours and hours going through the course hole-by-hole. Went to Jacksonville to review with Chris Gray and his staff and came back and said, "Boy, you guys really delivered on that, it wasn't just talk." I think we created a precedent now, which is, we will listen again and try to make it even better. And you guys, as our clients as well, they are our clients, if you will, we want to work on making it better, and we will solicit their feedback towards doing that. So I think that partnership has been a big part of it.

Q. Tiger talked this week about Boston being a big part of the puzzle in an underutilized region, in your conversations, definitely this is a market they want to be coming to every year?

SETH WAUGH: Absolutely. I think we all knew that it was a golf-starved area, and we didn't realize how starved until last year. I remember last year sitting out there handing the check, and I'm a suit that nobody cares about; it's raining; the tournament is over, and there are guys on the top of the grandstands yelling "four more years."

People care. Here, you're welcomed, as opposed to other markets where you're an afterthought, or even an inconvenience in some places. Whereas Boston, greatest sports fans in the world. All you've got to do is go to Fenway to understand that. It's just a place that deserves to have it. Where else would you rather be on Labor Day weekend than New England, on days like this?

There's no question that this is a market that is special. I don't mean to say there are not other special cities, but this is a special city. It's perfect for our personality, our client base and perfect for golf and deserves to have a place here.

Q. How important was -- inaudible?

SETH WAUGH: Huge. You know, it's a big part of our character of our bank, and at the end of the day -- and Jay said it well at the draw party on Wednesday night. At the end of the day, it's all about what we are doing for the kids. Great shots up there and it's entertainment. But the thing we are most proud about is we set a record for a first-year event, and hope we set a record for a second-year event this year.

We added the Pro-Am on Monday to boost that and a number of other things. We have a wonderful charity auction at the awards party for the TOUR Wives Association which created about $70,000 that night, which is another great thing.

When we talk about branding, it's about advertising, it's about a lot of things and certainly delivery for our clients, etc., etc. But it's about what our character is and doing the right thing. We have had a very long history of that in that institution and the Americas. You know, we look at that every day, in terms of not only money raised, but commitment to community, and particularly commitment to kids. The fact that this is driven, all of the charities are driven towards children, which we view as our future is big, is huge for us and the thing we are most proud of.

Q. Inaudible?

SETH WAUGH: There are two impacts: Thursday and through the weekend are big days for us, because we are thanking an awful lot of our clients for being here, and the Pro-Am day particularly is that, but also throughout here. We are trying to directly create better relationships. You spend a day at a beautiful place with somebody, as opposed to a phone call or a meeting in an office, I think you end up with a different relationship.

So from a direct business perspective, try not to put a total number on it, but it's very significant. And no question that the people I've spent time with around this event I have a different relationship with today than before we did this. So that's one aspect of it.

The other is just creating more weight for the institution. Creating a brand that people know. I don't know how many kids could have spelled Deutsche Bank a year ago in Boston, or certainly pronounced it, and now it sort of rolls off the tongue. I think people know who we are and have gotten to now our personality from a regional perspective and a national perspective. And that sort of branding that that sort of weight it's hard to put a sort of return of investment on that, but you know you need it. What is Coke's brand worth? It's worth a huge amount and we want to have that brand. We have it in Europe and we're going to have it in the U.S., and we've made a lot of steps towards doing that. And I think that has clearly picked up our business, absolutely. You have a different conversation with a client now than you did a year ago. You don't have to explain yourself. He knows who you are, or she knows who you are.

Q. Inaudible?

JAY MONAHAN: First of all, obviously thrilled that we're announcing today that we are extending through 2006. My wife and I moved three months ago within the area. So if I had to move again, I think it I would have been in big trouble at home.

But most importantly I think, as Seth said, for the bank, for everyone associated with the event, our sponsors, volunteers, our staff, everyone has worked so hard to make certain that we have one of the very special events on the PGA TOUR. And for the bank to make this announcement today is a reflection that we are, if not there, we are headed in the right direction and I think we will continue to grow. This is going to be a destination for the players and this is going to be the best event on the PGA TOUR, and that's what the next two years will allow us to do and hopefully beyond that as well.

The second part of your question? Yes, we are Labor Day every single -- certainly for the next two years, we'll be finishing on Monday Labor Day. Again, that's another unique element to our event and something we're proud of. I think you'll see tomorrow particularly with the leaderboard developing the way it is, that this Monday finish is going to be a real asset for this championship.

Q. Inaudible?

JAY MONAHAN: I just looked outside the window now and I looked at play this morning starting at 9:30, I think this is working. Last year our numbers on Monday. We trended up all week long into Monday. I expect that to certainly be the case tomorrow, given what we see on the leaderboard.

SETH WAUGH: We thought about that early on. And certainly from a television perspective I think it's interesting to have a Monday finish and not competing with other things. And we have a late coverage, 7:00 finish and we think that's been terrific from a fan and client perspective. Selfishly for us, we wondered, it is a family weekend; so what we have tried to do is create a family experience. I talked before about experience, not just a golf tournament, and we have worked very hard from a client perspective; if you're coming, bring your family, bring your kids, we'll have different things for them around.

That's the wonderful thing. If you go out there, it's families. We're all golf junkies in one way or another, but a lot of kids are golf junkies, too. We have tried to make it that sort of holistic family; embrace that instead of try to separate the two, and I hope we have accomplished that.

Q. (Inaudible.)

JAY MONAHAN: We are at 25,000 people a day and that's where we will be today and tomorrow. I think going forward just like we did last year and as Seth alluded to, we'll assess every single element of this championship and determine whether or not we're going to go higher than that.

But clearly we want to get -- we want to make this as a comfortable environment as we possibly can, as exciting an environment as we possibly can. I think that we are there. I don't know if, you know, the question is, whether adding additional people will take away from that, and I'm not -- at this point we are pretty comfortable with where we are.

Q. What would be your ordinary time frame for -- you're halfway through a four-year contract, do you have to start working on it sooner rather than later?

SETH WAUGH: Yeah, we'll look at that this fall, too. I think we've had a great experience. We really do want to be in it for the long haul. That's a lot of different things to think about, the television contract coming up, etc., etc.

We'll assess all of that and probably will be having some conversations this year, let's say, about whether it makes sense for all parties, not just ourselves, the Tiger Woods Foundation and the TOUR as to whether or not this should be -- they should think about rolling in sooner rather than later, so we will look at all of that.

Q. Are there any other alternatives being considered over the past year while you were making this decision?

SETH WAUGH: Yes and no. When we first decided to do the event, we certainly looked at a lot of things and there's been a lot of rumors about the West Coast in particular. And we certainly looked at that because there's an interesting television in that, right. Suddenly you're in prime time instead of Monday Night Football on Monday.

But for us, again, I keep saying, more important to the experience, more important to the place and a place that deserved it, and so, we always have it in the back of our mind that if we couldn't deliver what we thought was a world-class events in all aspects.

But certainly this year we wanted to give us a chance to respond to what we heard. So this year we really did not consider anything going forward. We wanted the TPC in Boston, and the staff here has done an unbelievable job. They are family with us now and we wanted them to succeed. We have been rooting for that all along and they have delivered.

Over the course of the last year, the answer is no, if we had not been able to deliver, frankly if the tour had not delivered -- and the members who I have not mentioned and should have mentioned in the first bit have lived through the changes and been terrific. So if we did not have a product today, if we were not sitting here for a product that we thought was everything that we needed it to be, then yeah, we would be thinking about other things. But this year the answer is no.

Q. Has the Tiger Woods Foundation and Tiger indicated if it will fit -- inaudible -- in the schedule next year?

JAY MONAHAN: He's certainly been a part of this decision today, and you know, last year's record-setting charitable performance is something that he was thrilled with. I know he's been thrilled with everything he's seen out here to date.

And as he said to you all yesterday, we're trying to make a real connection with the community, and that's why this decision today that's announced through 2006 has been made. And I would expect that given what we are all doing for his foundation that this is something that will be on his calendar for years to come.

Q. Inaudible?

JAY MONAHAN: The towns of Norton and Mansfield have been absolutely fantastic. And it started from the minute we finished our event last year, you can see with the event this year, we have upgraded our parking through great effort and great support through both towns. They asked us to come to a joint meeting at the end of the event last year and essentially asked us a question, how can we help. We delivered three or four things that we needed help with; they delivered them back to us. They really have taken an active interest in keeping this event here. So I would expect that there would be a lot of happy faces around both towns, and we thank the towns for all they have done for us.

SETH WAUGH: The other party that I neglected to thank, which I have done every time I've spoken and didn't do today is the State and city officials as well. The governor has been unbelievable, the mayor of Boston. Everybody has been fantastic to us, so everybody has been rooting for this. I don't know if you guys watched the Golf Channel, not to talk about somebody else's media, but Vince Cellini on Thursday was saying how this place deserved this event. And as a result, it's really a total effect of the fact that everybody involved; whether it be the Red Sox, whether it be the governor; whether it be the mayor and certainly the fans; and certainly all you guys has made the decision easy. There's no place we'd rather be. You guys deserve it.

Q. Inaudible?

SETH WAUGH: We had been building towards it and we certainly had gotten a lot of feedback from players throughout the summer. A number of guys have come to play and this week we were waiting for the practice rounds through the Pro-Am through the first day or two of competition and it's held up. So it became pretty obvious probably Thursday, Friday that we wanted to commit, and as we said we would like to do what we say we are going to do. I know I've had this conversation with a number of you to say we would like to make the decision this week and create a tradition. We want to make this something that people associate with Boston, but also associate with this week. We don't want to be moving the thing around. We want to have everybody know where it's going to be, how it works, how good it is, and that's what we wanted all along. Certainly the product has now been delivered and has made that decision easy.

End of FastScripts.

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