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THE TOUR CHAMPIONSHIP

November 1, 2006

Tim Finchem

ATLANTA, GEORGIA: Pre-Round

BOB COMBS: Ladies and gentlemen, welcome to the TOUR Championship presented ed by Coca-Cola. I appreciate your attendance here as we always do.

And for those of you that have been with us for many times throughout the year, thanks for the time and attention you give to the PGA TOUR.

This is something we've done for the last several years to have the commissioner reflect a little bit on this year, but primarily reflect ahead. He'll make a few remarks, and then we'll have time for Q and A.

COMMISSIONER TIM FINCHEM: Thank you, Bob. Thank you, and good afternoon. Thanks for being with us this week at the TOUR Championship presented by Coca-Cola. Let me just first of all quickly thank the East Lake Foundation and Tom Cousins for their hospitality this week and for creating something very special here. I think this is our sixth time to visit.

We have a great partnership this week with Coca-Cola and the Southern Company, a partnership that we think has made the tournament better every year, and we're looking forward later this afternoon to presenting the Payne Stewart Award at 4:30 over on the 1st tee.

I thought what I'd do is just recap a few things in terms of where we are and where we're going, and then hopefully just a few minutes and then throw it open to questions on anything you'd like to talk about.

First of all, we had a great season during the course of the year. This concludes the official money portion of the season. Certainly Tiger had another great individual performance and has a string going. We've also had some other great performances from our veterans, but I think there's been a lot of discussion the last year or two about the extent to which young players are coming up and a lot of talk about the internationalization of the Tour.

I think it's important to note that in 2006 we had a really great rookie class. We had 11 rookies finish -- will finish in the Top 125. Four of those, Trevor Immelman, J.B. Holmes, Eric Axley, Troy Matteson, all won tournaments in their rookie year, and I think that's an indication of the strength of the young guys coming up.

On The International side, we had an increased percentage of our exempt players from outside the United States, and 12 tournaments were won by our international players. We continue to see a strong interest around the world by upcoming players to come play in the United States, and we continue to see a lot of good young players coming up.

On the Nationwide Tour we had our best year ever, without question, $17 million in prize money, some very successful new events in South Carolina, California, Maryland -- well, in Maryland and Georgia organized for next year.

It's interesting that the competitive level of the Nationwide Tour is really very difficult to distinguish now from the PGA TOUR itself. We had 12 of 21 of 2005 Nationwide Tour alumni were in the Top 125. We had eight players from the Nationwide Tour earn over a million dollars this year on the PGA TOUR. To date over 195, 196 -- I think it's 196 tournaments on the PGA TOUR have been won by players from the Nationwide Tour.

As has been the case for the last four decades, really, every year that goes by, there is an increasing number of really good players that can play at this level, and it's just a question of playing at the right level at the right time and being consistent.

The Champions Tour also had a good year. We had a great finish between Jay Haas and Loren Roberts for the Schwab Cup. Charity dollars will exceed $10 million for the third straight year, and we had new winners and veteran members performing well.

I think the important thing about the Champions Tour is that the transition that began in 2000 when Watson, Wadkins, and Kite came over is now almost complete. We said, I think in '01 or '02, that by 2007 you would see just a fundamental redo of the leaderboards on the Champions Tour, and that's certainly come to pass when you consider Jay Haas and Curtis Strange and Larry Nelson, Chip Beck, the players that have come out in the last five or years six.

Fred Funk is off to a good start on that Tour, and we look forward to next year Mark O'Meara and Nick Price turning 50. That will complete that phase, which if you go back and look at the fields from '95, '96, '97, '98, and '99 and compare them to next year and now looking forward to next year, it's just a fundamental evolution of the Tour.

Beyond the competition last year we reached the billion dollar mark in charity, and we're off to a good start on the second billion this year with it looks like over $100 million. The international growth we're seeing, I think, is largely driven by the number of international players who are playing this Tour is really astounding.

We now are at over 200 countries. Our television passes 450 million homes outside of the United States. The focus of interest in Asia and South America to go along with the historical focus in Australia, South Africa, Japan. And Europe is astounding, really, in terms of the interest level in PGA TOUR golf.

And of course importantly, our sponsorship is at an all-time high. So that's kind of a brief recap. As we get into questions I'd be happy to talk about 2006, but most of our energy for the last two years has been focused on what's going to happen after 2006: New television agreements, new organizational structure, and new competitive structure.

I know many of you here today are aware of a lot of what I'm going to talk about for the next four or five minutes, but I think it's important that we are in a sea change, if you will, the direction we're going on the PGA TOUR, and I think it's important that we use every opportunity to review some of those details so more and more people really get a handle on where we're headed.

Let me start first with the season-long competition, the FedEx Cup. This is a major shift for the PGA TOUR. It is designed to really do three things: One, increase the importance of every week on the PGA TOUR, and as a consequence we think improve the quality of fields on average as we go through the season; secondly, create our version of the playoffs. Like most other sports, playoffs are the most dynamic portion of the season, and we want to take advantage of the opportunity to create some playoffs that we think will drive fan interest, television interest, and carry our audience somewhat further into the year.

As part of that, we also recognize that in doing that we have the opportunity to, we think, lift the value of the sport as a whole for us across the year. We want to thank FedEx. I think it was a year ago today that we announced our partnership with FedEx. We said at that time that not only are they a global brand, but they are incredibly skilled marketers. All the work that's gone on since that announcement confirms, certainly in my mind, that we picked the right partner. We have some people who are dedicated to making this a very special thing in golf as we enter what we now call the New Era.

We will begin the FedEx Cup at the Mercedes Benz Championship in Hawaii. It will provide players the opportunity to accumulate points throughout the year going through the Wyndham Championship in Greensboro, and at that point -- which is the weekend after the PGA Championship -- at that point, we will take that points list and convert it and re-seed it based on that finish position in Greensboro to begin the playoffs, four weeks of playoffs played on good golf courses in big markets, starting with Barclays Classic in New York, going to the Deutsche Bank Championship in Boston and BMW Championship, which will be in Chicago and alternate out of Chicago, and then back here to Atlanta for the TOUR Championship presented by Coca-Cola.

Additional points are awarded based on the seed position, and then players accumulate additional points in the playoffs. The top seed going into the playoffs is awarded 100,000 points to start, and then in increments going down from there. The fields will be full-field events the first three weeks, and each of these events will carry significant purses in their own right.

We think that the idea of having all the players play week after week is unique in the game. It's going to create a lot of interest, and we feel comfortable that we can carry our audience a couple weeks into the football season to make this season finale in Atlanta very special indeed.

The second thing I would comment on is THE PLAYERS Championship. Obviously moving THE PLAYERS Championship to May is something that's been talked about for a decade. A lot of you throughout the last few years have been vocal in the value of moving The PLAYERS to May from a timing standpoint with the Masters in April and the Open in June, et cetera, especially the members of the print press.

I think you've indicated the ability to focus more on The PLAYERS in May. Our hesitation over the years has been agronomic, and we are just about to complete in ten days a total rebuild of our golf course, the stadium course at Sawgrass, now called the Players Stadium.

I think most of you are aware of the details. We rebuilt the drainage, we sand capped all the fairways, we've put sub-vac, push-pull systems under all of our greens, we regrassed all the surfaces, and we will open for play on November 13th.

We just happened to pick a year to do this work when we had zero hurricanes, almost no rain, and I don't believe, with the exception of an inch and a half of rain from Ernesto, we didn't lose a day in construction time. We made a few tweaks here and there that we'll talk about another time, but substantially we think it will continue to enhance the golf course, but it's very, very special.

We tore down the old clubhouse and rebuilt a new clubhouse. It's on kind of a different schedule. It's on schedule, that's the good news. The bad news is, as I've said over and over, that the schedule has an opening about two hours before the first tee time of The PLAYERS. It's a little tight to the tournament, but we think we'll get it done. It's just spectacular, and it's going to be a great addition to the quality and texture of The PLAYERS.

The third thing I'll mention is television. We had NBC officials here today, and we're going into a new environment. Again, another change for us with a two-network partnership as opposed to three, and a single-platform carrier for all of our early rounds with the Golf Channel. CBS and NBC, we think, are ideal partners for this arrangement.

The Golf Channel not only will telecast all of our early rounds on Thursday and Friday live, but will replay it prime time every week all year long on Thursday and Friday evening, plus a lot of ancillary programming, and of course the four-round coverage of our first three tournaments early in the year as well as the Fall Series.

It's a very different direction for us. I might just pause here. This is the last official money event that we're doing with ABC, ESPN, and comment that they've been a great partner for us for a good number of years. We are indebted to them for the energy they put into this partnership.

I would also point out, however, that they're still our partner. We have an ongoing relationship with ESPN. The world has changed. There are a lot of different distribution vehicles for media and telecasting messages, and we are partnering with ESPN and utilizing some of those avenues, but our tournament coverage will be with CBS and NBC, and totally from a cable standpoint on The Golf Channel. While we thank ABC and ESPN, we look forward to this new environment.

The next thing I'd mention -- I should mention, also, HD television. Every weekend we'll be on HD next year. 16 or 17 percent of American households today are HD capable. By the time our network agreements run in 2012, that will be in the 60 percentile. If you just go down to your local electronics dealer and look at where the prices are going on HD television, it's becoming -- it will be mainstream in a very short period of time.

And of course I think for our sport in particular, perhaps only hockey rivals, I think, the impact that HD television will have on viewer enthusiasm for a sport on television, and we're very excited about that development.

We conclude the season next year with the Fall Series, seven good events, $32 million in prize money, finishes out our eligibility for the following FedEx Cup season, as well as access to a lot of tournaments the following year.

Let me just -- I get a lot of questions about the Fall Series, and I think the only way to understand the role of the Fall Series is to really step forward in time and consider what PGA TOUR golf is in the FedEx world. It's no longer about the calendar year as much as it is a FedEx Cup competition that lasts from the Mercedes Championships to get back to the TOUR Championship in Atlanta, and then a Fall Series that means a separate set of things in terms of the import to the players and the character of those tournaments and their impact on charity.

Lastly, I would just say, to talk about next year and the following year, is that we made a lot of other changes in the schedule. We've moved away from a couple of tournaments, we added a couple of tournaments, we have a number of new sponsors, and we have a number of new golf courses. We've changed some dates around.

If you just walk through our schedule week in and week out next year, a significant percentage of the schedule is better. And we like that direction. We want to make every tournament as good as we can make it, and right here in Atlanta the BellSouth Classic will enjoy much better weather and agronomic conditions next year than they have the last few years, just as an example.

Let me conclude by saying that as it relates to the future, we're extremely enthusiastic. We have begun to get a terrific reaction from what these changes mean to presenting the best players in the world to play in this kind of competitive format.

We are going to put enormous amounts of energy with all of our partners behind bringing this forward in aggressive fashion, and we're looking forward to the results.

With that, I will pause and be happy to try to answer any of your questions.

BOB COMBS: Thank you, commissioner.

Q. FedEx Cup Series question. What do you see happening next year with the FedEx Cup Series? More starts from top players? What are things that will be different as a result of this series?

COMMISSIONER TIM FINCHEM: Well, the first thing and the most important thing is that we hope that there is -- and we believe that there will be a fan connection to what the FedEx competition is. That fan connection must be driven by the enthusiasm for the players about what the FedEx competition is.

If that occurs, then if nothing else happened, we'd be much better off because people have asked me, Why are you making any changes? The PGA TOUR is doing great. Look at the purse history for the last six, seven, eight years. Look at the charitable increases. Look at your television distribution. Why are you making any changes?

Well, the answer is that if you're not going forward, you're going backwards. All the other sports are investing millions of dollars in being more competitive with each other and with us, and you have to continue to find ways to connect with the fan.

Our hope and our belief is that the fans will connect to this competition, and there will be a different way to look at the best players in the world competing. Rather than events week after week that are isolated in their context, we now have two things going on, we have an event going on, and we have a piece of a year-long going on, and that's very important.

And then I think that if that happens it creates more value for the sponsors. It creates more value for our television partners. It creates even a bigger magnet for the best players in the world to want to come play here, which is important.

But then the secondary piece is it does have the possibility of creating a situation where players will play more. Either they'll try to play about the same and move those events into the FedEx Cup and continue to play in the fall, but how those player patterns work out is just something we're going to have to see in 2007.

I think on the Fall Series, if you go down the list and talk to players, most of them don't know. Most of them have a sense that, Well, I can't very well not play for four months, so I'm going to play golf. I don't want my game to get rusty, and I like those purses.

Our sense is we're going to get reasonably good fields in the fall, and the fall is going to perform well. In addition to that, our average field quality during the season will improve a little bit. If that happens it's a bonus, but that fan connectivity is the driving value here.

Q. Is it fair to say this is the biggest change in Tour history? Maybe, I guess, the all-exempt Tour, but I don't know that most people knew what that meant. Is there an element of risk with this at all? Do you think that you will be judged by how this thing comes off? I guess that's three questions.

COMMISSIONER TIM FINCHEM: I don't think it's unfair to suggest that it's the biggest change certainly in the modern era from a competitive structure standpoint. If it doesn't come off -- we've talked about that. I don't see any downside. I mean, I think that if -- if the reaction were flat, it's not a negative. I mean, I don't think there's a hurtful thing. But as I say, we feel very strongly that there are going to be a lot of positives.

As far as the third thing goes, I don't really think about those things. I get asked that all the time. I have a quote in my office somewhere that says that if you're going to wait for everybody to agree with you before you do something, you'll never do anything. I think at some point you've got to make a call.

We happened to do, I think, a good job of testing sponsor interest and player interest, and we did some focus groups with fan interest. I think we sense a very strong feeling from the players about what this can be.

Now, I said that about The Presidents Cup in 1994, and when we were on the 1st tee the first day of competition with president Ford, who was the chairman that year, we had fog. I've been answering these questions for weeks about, you know, What's The Presidents Cup? Why are you doing this? And I pointed out that there was zero history, comparing it to the Ryder Cup.

Not only was there a difference in history, there was zero history. So there we were in the fog waiting to get some history, and finally we had a tee shot. I said, Well, we've got some history. And since then it's grown. Well, I think it's going to be the same thing. It's going to take a year or two for people to really get their arms around it. Players have got to get enthused about it. They're excited about it, but their enthusiasm should grow as they get into the competition, and I think those playoff events are going to mean a lot for whoever gets in.

Q. You said just in the first question that it would create more of a connection with fans and it would add more value to the sponsors. Do you see that the connection with fans of the PGA TOUR is waning? And do you also see that the value for the sponsors is waning if this is why you created that?

COMMISSIONER TIM FINCHEM: I don't see it waning. Three years ago at our 20/20 conference we had a company called DYG come in, and actually they came in again this week to make a presentation. But they did a presentation on society today and time constraints.

Without boring you with all the details, the sad fundamental bottom line is that getting people in today's world to do anything, watch something on television, certainly get up, get in a car, go to a tournament, is more challenging than it was 30 or 40 years ago just because there are so many options.

They even pointed out that in today's world, psychiatrists -- you used to go and spend an hour on the couch. Now you do it for 15 minutes and pay for 15 minutes. That's just the way the world is. When USA Today came along, it was all about snippets of news 25 years ago, and that's the recognition.

So you're fighting for fans' time, interest, and attention. All the sports are doing that and all entertainment vehicles are doing that, and we have to -- if we're going to stay even, we have to work harder, and hopefully this initiative is going to help us move up. That's what we're hoping to do.

Q. The other aspect of the FedEx Cup, obviously coming here again next year, the $10 million payout, some players have said for the top guys that $10 million doesn't change their life a bit, and for some of the other guys it'll obviously change their life. What guarantee is there that some of the bigger names will definitely show up for all the playoff events and the season finale?

COMMISSIONER TIM FINCHEM: There aren't any guarantees, but I must tell you that I've talked, I think, to every single player who has been a perennial Top 30 player in the past ten years, and I am totally confident that we're going to put on some playoff events next year that are going to be extraordinary.

You know, I often hear comments like that about, Well, players are making so much money it's not an incentive anymore. I don't think we should look to the FedEx Cup as being a competition that the money, which is significant, is the dominating criteria. I think it's impactful, but what we want the FedEx Cup to be -- and hopefully it will be -- is when you win the season it really meant something.

Again, I think the big change is when you've got all the players that are in contention for something playing four weeks in a row it's unique, it's different, and I think the players are relating to that.

I must say, I found a lot of enthusiasm from players on that point.

Q. Do you have any guarantee from Tiger that he'll play all four?

COMMISSIONER TIM FINCHEM: I don't have guarantees from anybody.

Q. What's your confidence level? Where do you get your confidence level that he will play?

COMMISSIONER TIM FINCHEM: They tell me they want to play. They're looking forward to -- they like the way the competition sets up.

The biggest comment I've had from players, and it's not a negative really, it's a question as we laid this plan out, wasn't playing in the playoffs. I mean, if you've heard one refrain from Tiger and other players, top players over the years, it's they want to play against all the best players more often. That's what they like, certainly what he likes. That's why he plays in the events he plays in, because that's where all the best players are.

But the only question I've gotten is the seeding. If a player plays at an exceedingly high level and he basically has to start over again, is that fair? Actually they're not starting over again. They have a bit of an edge because the seeding -- it's kind of like home field advantage maybe in team sports.

But my reaction to that, in every conversation and my reaction back has been the same. If the New York Yankees win 315 games and they win 20 more games than everybody else, they still start over. That's what the playoffs are all about. And in every single conversation the reaction back is, Yeah, I get that. That makes sense to me.

What the players have asked for, Let's make it as much as possible like a real playoff. That's what we've tried to do, and I think there's real enthusiasm. We're just going to have to see how it plays out in '07. I, for one, am pretty confident it's going to be spectacular.

Q. The system you unveiled in the summer in New York, is that the system under which we're going to play the first year, or might there be adjustments once we get started?

COMMISSIONER TIM FINCHEM: I'm sorry?

Q. The points system you pulled out in New York, is that the points system we're going to be for sure playing in the first year? Some players have talked about some adjustments possibly in terms of dropping guys or reducing fields --

COMMISSIONER TIM FINCHEM: There has been, as you suspect, some discussion about a half of dozen things already in the draft plan. And in a couple of areas -- because we hadn't thought about this aspect or that aspect, we went back and thought about it again.

We had some conversations with players, but we have determined after all is said and done, to stay the course with what was presented -- because it gets pretty confusing, and get through the first year, and then we probably will start to learn and make some tweaks. But we're going to stick with what we laid out in New York. I think that's correct. We're not recommending in our last board meeting before the Cup starts, we're not recommending any changes.

Q. Perhaps this is old, but I am, too (laughter). Once again, reinforced by members, when you have dropouts, why do you not replenish the field with the next logical contestants?

COMMISSIONER TIM FINCHEM: The technical reason is we don't have an alternate list for this tournament. You have to be eligible for this tournament. You have to finish the last week's event in the Top 30, and that's it. That's just the way the rules are written.

Over the years we've had an injury here and an injury there, a dropout here. Not much, but in each case sometimes we've reevaluated, and everyone feels this is the way to go. Similar to in the match play there we have brackets, the top 64. And if two guys dropped out we don't add anybody, we just tee it up with 62. That's kind of the way it works.

Q. For several generations players have defined their years and their careers with major titles, maybe the Money List, scoring average. I'm curious where you see the FedEx Cup fitting in that pantheon, if you will? Do you see it rivaling the major championships? Do you see it as something all unto itself?

COMMISSIONER TIM FINCHEM: Well, "rival" I don't know if that is the right word. I don't think we are setting out here to try to rival the major championships or -- I usually say THE PLAYERS Championship whenever I say major championship. But what we're trying to do is balance a little bit the interest level week in and week out with the spiked interest level we'll see at majors, World Golf Championships.

A lot of that spiking comes from the best players playing, but also some of it has to do when you see things like a race for Player of the Year, when Tiger and Vijay were battling it out that late in the season for that a few years ago, or a player who gets a streak going; Tiger is into his second big one now. Those kind of things that carry over, create more interest in what otherwise would not be quite as big an event.

Also, when you see situations where a couple of top players are really pitted head to head, the Mickelson-Woods match from years ago in Doral, the year Ernie and Tiger went to a playoff in Hawaii I think was the highest-rated golf tournament on cable in history. So those kinds of things can generate more interest.

What we see the FedEx Cup doing is doing that on a weekly basis. You're still going to have the great big tournaments there, and that's the history and culture of the sport. We're all for that. We just want to see more week-to-week interest and being able to have a platform.

We're not going into this today, but we're going to use this platform to reach out to fans in a lot of unique ways that we think are going to be interesting over the next five years.

Q. You've mentioned players like to go head to head against the best players -- and talked about a lot of other things -- but this week the big story so far is that neither Tiger nor Phil chose to play here for various reasons. We wonder what you think of that? Can your new system keep that from happening again?

COMMISSIONER TIM FINCHEM: Well, I'm against it (laughter). I'm disappointed, candidly. There's no other way to characterize it. I'm disappointed.

Phil was not a surprise to me. Now that I know the details of Tiger's thing from last week, I understand how he came to his conclusion. It doesn't make me less disappointed, but I understand how he got there. And I recognize that there were -- I recognize, A, there were some unique circumstances this year that changed his schedule dramatically, and I recognize that he's had a good, solid run of commitment to this tournament.

Having said that -- and I don't want to diminish my disappointment -- but to answer the last part of your question about the future, I don't have any reservations. I think that, if anything, if you just look at Tiger for a minute, the notion that he played seven out of nine, he played at a very high level, and then for him to get his game to where he wants it to be to compete at this level he needed some time away, which is historically his pattern. He will gear his schedule to get to a level, and then he'll disappear for a few weeks. That has been his pattern.

There's nothing about next year that would lead you to believe that next year doesn't work for him to be able to accomplish all that. And, again, he has been consistent in his career. He does what he says he's going to do, and I think he's been unequivocal about being here next year and playing the FedEx Cup from the getgo and looking forward to the playoffs.

My guess is that if he's playing anywhere near the level he did this year, he's going to be right in the hunt next year and he's going to be 100 percent. There's nothing in this instance that leads me to conclude anything else.

As far as Phil goes, Phil has, in more than one year, disappeared earlier in the fall not to reappear for a good period of time. And, again, the structure for next year gives him the flexibility to do that without missing any of those tournaments.

Now, I must say that some of you have written that the reason for the schedule has to do with that. That's just not the case. It is coincidental. But the notion -- we were faced with trying to build a playoff structure. We had to do it after the PGA Championship. We couldn't carry it very far into football and have it really have huge impact, and so it came out basically the way it did.

Now, they operate very differently in the fall. Tiger will go to Asia later in the fall, but in this case both of them had the opportunity to take some time off after the TOUR Championship.

But on both counts, I know how excited Tiger is about the playoffs and about the FedEx Cup, and I know how his schedule works. There's nothing from this instance that leads me to believe that we have anything to worry about for next year. We'll see what happens when we get there, of course, but I just want to underscore it doesn't -- I'm disappointed that he's not here. I think we all are.

Q. I know the FedEx Cup is going to be a big deal, but it seems to me that the Golf Channel component is going to be hugely important given that they're going to be carrying the weight in some form or fashion every week, and that your relationship, and to some degree the success, is almost going to be symbiotic. Are you confident these guys can pull this off, given it's their first trip around the block with the varsity product? Can they bring the numbers? And if they don't does that impact sponsorship and endorsements?

COMMISSIONER TIM FINCHEM: Well, let me answer that in two parts. The answer to the first part is, yes. Without getting into details, they there are taking steps to strengthen -- I think they're pretty good now. They've taken a number of steps to strengthen their capabilities in ways that will unfold here in the next few weeks.

When we entered into this partnership, we had a belief that we were marrying a good partner. I think you're right, we are sort of joined at the hip in many ways. We think they're committed. They have resources. Comcast is committed at the very highest levels as a corporate entity. The answer to your question is yes.

Now, they've got work to do, and it's not like falling off a log. They'll get better. As time goes on, we all do in whatever we do.

The second part of your question is part of our confidence in the numbers relates to two things yet to happen. One is increased distribution. There's 70 million homes now, or maybe we're up to 75 million now. When we negotiated last year they were like 70, 68. They're on a trend to get to over 90 million homes by '08 or so, and we think that's important. We know their plan, and it's real comparable.

The other piece is getting the attention of the viewers. Now, the magic there we think is the consistency of the platform on Thursday and Friday all year long, and the fan base -- right now over the years you had to look for us -- where are you on Thursday? Where are you on Friday?

My father watches The Golf Channel about 60 hours a week. He's 87. When he can't find something on The Golf Channel, he needs help. We're on The Golf Channel every Thursday and Friday, every Thursday and Friday night replay. That's a great platform. Once that kicks in with our fan base, it's a marvelously strong lead-in to our weekend program.

This isn't going to be an answer we're going to get in the first weeks or months of next year. We're going to watch for it to continue to build, and then we'll know we've struck a great partnership in terms of value, but we've got one in terms of commitment.

BOB COMBS: Thank you, Tim. We'll try to tick off any other questions as the week moves on, but we very much appreciate your attention and interest.

End of FastScripts.

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