Wachovia Championship

May 6, 2002
PGA TOUR staff

CHARLOTTE, N.C.  --  Ken Thompson, President and CEO of Wachovia Corporation; and Tim Finchem, Commissioner of the PGA TOUR, today announced that a new official PGA TOUR event will debut next year in Charlotte, N.C. Wachovia, the fourth-largest financial services company in the United States, will be the title sponsor of the Wachovia Championship for four years, beginning May 5-11, 2003, at Quail Hollow Club.

"The PGA TOUR is excited to partner with Wachovia to bring a prominent tournament to Charlotte," Finchem said this morning during a press conference held at Wachovia Corporation's corporate headquarters. "As a leader in financial services, and a company known for its support of communities, education and employees, Wachovia reflects the same values as the PGA TOUR and is an ideal sponsor for this key new stop on the TOUR schedule."

"This unique opportunity comes on the heels of the launch of Wachovia's new brand," said Thompson. "The Wachovia Championship allows us to further our brand on a national level, offer clients exclusive benefits, demonstrate our values through a significant commitment to a respected non-profit organization, and create considerable economic impact for the city of Charlotte, our region and our state. I can't think of a more rewarding combination."

The $5.6 million purse for the tournament is one of the highest on the TOUR, and guarantees the winner more than $1 million. The prize money, renowned golf course and facility, and coveted early May time-slot are expected to draw many of the stars on the PGA TOUR to the Charlotte event. The tournament marks the return of the PGA TOUR to Charlotte and Quail Hollow after a 24-year absence.

"I am extremely pleased with the choice of Quail Hollow for this prestigious event," said Johnny Harris, President of Quail Hollow Club. "With recent improvements by Tom Fazio and minor modifications in the coming weeks, Quail will be ready to host the best golfers in the world.. We look forward to providing an exceptional experience for players and guests at the Wachovia Championship."

The tournament will be televised by USA Network on Thursday and Friday and by CBS on Saturday and Sunday.

Proceeds from all PGA TOUR events benefit charities selected by the tournament organization. The nationally known educational foundation Teach for America has been selected as the primary charitable recipient of the Wachovia Championship for 2003, in keeping with Wachovia's strong commitment to furthering education opportunities in local communities.

"We are thrilled to be selected to receive proceeds from this event," said Wendy Kopp, founder and president of Teach For America. "The achievement gap that exists between children growing up in low-income communities and those growing up in more privileged areas is an urgent national priority. Our mission is to address this problem in both the short and long run, by providing excellent teachers who increase opportunity for underserved children and by building a force of civic-minded leaders who work to affect fundamental change."

Champions for Education, Inc., a new 501(c) (3) foundation formed to raise funds for education, will manage and operate this event as the tournament host organization. Five members comprise the current board of directors:

• Johnny Harris - President, Quail Hollow Club
• Harry Jones - Mecklenburg County Manager
• Anna Spangler Nelson - President, C.D. Spangler Construction Co.; Partner, Wakefield Group
• Rick Priory -Chairman, President and CEO, Duke Energy
• Ken Thompson -- President and CEO, Wachovia Corp.