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First Chairman Of New Premier Race Series

Paolo Cantarella, CEO Of Fiat S.P.A, Appointed First Chairman Of New Premier Race Series

The car Manufacturers being Members of ACEA, Association of European Carmakers (Ford, DaimlerChrysler, Renault, Fiat and BMW), have signed today an agreement under which they have approved the principles and scope of the company which will set up the new premier global open wheel single seat motor racing series which will start operating not later than on January 1st, 2008.

Such company will be incorporated by the said Manufacturers within the next days. Additional manufacturers willing to take part to the new series may in the future become partners. The chairman will rotate annually. Paolo Cantarella, CEO of Fiat S.p.A., has been designated as first chairman.

The goal of the Manufacturers is to promote the interest of the sport, to make sure that the races are made freely available to the broadest possible public world-wide and that the income generated benefits mainly to those who invest in order to render the competition possible, i.e. the Manufacturers and the independent Teams.

May 18, 2001

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