First Quarter Highlights

Issues Being Addressed



• Subsequent to the quarter, reached an agreement to terminate our contracts and guarantees related to British Grand Prix
  • Terminate commitments after July 2004 race (contract ran through 2015)
  • One time payment of $93M; charge of approximately $80 million to Q2 results
  • Retain commitment to lease Silverstone Track and related obligations to the British Racing Drivers Club through 2007

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