The Memorial Tournament and Morgan Stanley Announce Sponsorship

Dublin, Ohio - March 12, 2003 - The Memorial Tournament and Morgan Stanley announced today the confirmation of a four-year sponsorship relationship. Beginning with the 2003 Memorial Tournament, to be played May 26 - June 1 at Muirfield Village Golf Club in Dublin, Ohio, Morgan Stanley will sponsor the Tournament's broadcast coverage on CBS Sports and ESPN.

"On behalf of the Memorial Tournament and Muirfield Village Golf Club, we are thrilled to form a relationship with Morgan Stanley," Tournament founder and host Jack Nicklaus said. "Morgan Stanley's support will allow the Tournament to continue to conduct one of the premier tournaments in golf, one that offers equal appeal to the players, spectators and national and international television viewers. I am proud to welcome such a respected worldwide company that shares in our commitment to the game, its players and the fans."

"We're very happy to be teamed with the Memorial Tournament and Jack Nicklaus, its legendary founder," said Morgan Stanley Chairman and Chief Executive Officer Philip J. Purcell. "The Memorial Tournament offers everything we could want in a golf sponsorship: an outstanding professional field; a challenging world class course; dedicated, knowledgeable fans in the gallery and watching on television; and finally, the kind of hospitality that clients will remember for years to come."

Morgan Stanley is a global financial services firm and a market leader in securities, investment management and credit services with more than 600 offices in 28 countries.

Each year the Memorial Tournament is dedicated to the memory of a person, living and deceased, who has distinguished himself or herself in the game of golf. The Honorees for the 2003 Memorial, as named by the Captains Club are, Bill Campbell, one of the most distinguished amateur players in American golf history as well as a current Memorial Tournament Captains Club Member, and Julius Boros, who won 18 times on the PGA Tour between 1952 and 1968, including three major championships.

The Memorial Tournament presented by Morgan Stanley will be broadcast live for 13 hours in 2003. ESPN will air early round action on Thursday, May 29, and Friday, May 30, from 3:00-6:00 p.m. CBS will continue to televise third-round play on Saturday, May 31, from 3:00-6:00 p.m., and the network will provide 18-hole coverage of Sunday's final round from 2:00-6:00 p.m. (All times are Eastern).

For ticket information please call (614) 889-6700