Statement by Paolo Cantarella, Chairman, ACEA and CEO of Fiat S.p.A.

Paolo Cantarella, in his capacity as Chairman of ACEA (The European Car Manufacturers Association) and on behalf of all manufacturers presently involved in Formula 1 racing, has issued the following statement.

As a result of recent developments and in the best interests of motor sport, it has been unanimously agreed to establish a joint company, the purpose of which will be to establish, as soon as possible, a new single-seat open-wheel racing car championship.

April 4, 2001

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Edward Rowe PR Manager Alfa Romeo in Australia and New Zealand Fiat in New Zealand