FBR Open

PHOENIX -- The Thunderbirds announced that Friedman, Billings, Ramsey Group, Inc. (NYSE: FBR), a leading national investment bank, will be the sole title sponsor of the FBR Open, the new name for the Phoenix Open, the world's best-attended golf tournament.

The Thunderbirds, a prominent Phoenix civic organization and charitable benefactor for 71 years and host of the Open since 1939, reached agreement for a five-year partnership with FBR. The agreement was concluded after an exhaustive and selective 18-month search, and marks the first time The Thunderbirds have invited a national corporation to become a title sponsor and partner in the event, which is held at the Tournament Players Club of Scottsdale and raises millions of dollars for more than 150 charities each year.

"To say we are thrilled to have FBR on board as our new title sponsor would be an understatement," said 2004 tournament chairman Greg Hoyt. "Thanks to the rising costs of hosting a PGA TOUR event and a slumping economy it's no secret that the Phoenix Open has been looking for a relationship with an organization that shares similar charitable goals and objectives as our own. This new relationship with FBR should enable the Thunderbirds to give more money to charity over the next few years than ever before."

"FBR is both honored and pleased to become the title sponsor of one of the most successful and well-attended tournaments on the TOUR," said Eric F. Billings, co-chairman and co-CEO, Friedman, Billings, Ramsey Group, Inc. "This golf classic represents the best in competitive spirit, sporting excellence and unbridled integrity -- characteristics that we hold highly at FBR. In addition, we are particularly thrilled with the high level of charitable giving generated by this tournament. When we discovered many of the character traits of our own organization mirrored in The Thunderbirds, particularly dedication and commitment to helping others, we were convinced this partnership would be a great one."

Besides the name change and the world-wide recognition that FBR will receive as the title sponsor, FBR will also be the primary television advertiser on the weekend network broadcast on ABC in 2004. FBR will also sponsor the USA Network telecast on Thursday and Friday. In addition, FBR's logo will appear on caddy vests, official tournament scoreboards, tee markers, walking scorer placards, print and broadcast advertising, all printed collateral and pin flags on the TPC of Scottsdale's Stadium Course during the tournament.

"We very much appreciate FBR's commitment to sponsor the FBR Open for the next five years," said PGA TOUR Commissioner Tim Finchem. "The FBR Open has a rich history, not only in terms of exciting competition, but through The Thunderbirds' strong support of Valley of the Sun charities. This relationship will serve to strengthen an already strong and vibrant event."

Longtime Phoenix Open sponsor and 2003 Phoenix Open presenting sponsor Xerox will remain on board as the "Official Document Company" for the FBR Open and will continue to have an active role in the golf tournament.

Over the past ten years Xerox has had the opportunity to help the community and build extended business relationships through the Phoenix Open," said Mike MacDonald, president, North American Solutions Group, Xerox. "The Phoenix Open and the charities it provides for, serve as an excellent example of people working together. Xerox expects to remain part of the new FBR Open through sponsorship of the pro-am and the Ladies Invitational."