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Pepsi Becomes Official Soft Drink of Penske Motorsports

9 February 1998

Pepsi Becomes Official Soft Drink of Penske Motorsports

        Alliance Includes Two New Title Sponsorships, Long-Term Rights
        At Four Tracks and a Separate Marketing and Vending Agreement
                       At Over 750 Penske Auto Centers

    DAYTONA, Fla., Feb. 9 -- Pepsi-Cola Company and Penske
Motorsports today announced a long-term agreement that names Pepsi the
official soft drink of Penske Motorsports, Inc. .  The alliance,
which further strengthens Pepsi's dominance of U.S. motorsports, gives Pepsi:

    *  Two new race title sponsorships -- The "Pepsi 400" Winston Cup Series
and the "Pepsi 200" Busch Grand National Series, both at Michigan Speedway.
    *  And, new long-term contracts to extend Pepsi's current pouring, vending
and presence rights at Michigan Speedway, California Speedway, North Carolina
Speedway and Nazareth Speedway.

    Under a separate agreement, Pepsi and Penske have also formed a marketing
and vending alliance at the more than 750 Penske Auto Centers across the
country.
    "Penske Motorsports has been one of the premier trademarks in motorsport
racing for decades, and we're extremely proud to be linked with such an
American racing icon," said Brian Swette, Executive Vice President and Chief
Marketing Officer, Pepsi-Cola Company.  This long-term relationship will
greatly strengthen our own decades-old foothold in motorsports, and we look
forward to doing great things together for racing fans across the country."
    "We are looking forward to our on-going partnership with Pepsi, one of the
world's most prominent brands," said Greg Penske, President, Penske
Motorsports, Inc.  "Pepsi is a leader in their category and has a rich
tradition of involvement in motorsports.  We have enjoyed a long-term
relationship with Pepsi, dating back to 1985 at Michigan Speedway.  Their
commitment to promote our sport as well as some of our other businesses will
also benefit drivers and teams, along with our tracks."
    Penske Motorsports, Inc., is a leading promoter and marketer of
professional motorsports in the United States.  Penske Motorsports owns and
operates the following through its wholly-owned subsidiaries: Michigan
Speedway in Brooklyn, Michigan; Nazareth Speedway in Nazareth, Pennsylvania;
California Speedway near Los Angeles, California; and North Carolina Speedway
near Rockingham, North Carolina.  PMI also holds a 40 percent interest in
Homestead-Miami Speedway, LLC, near Miami, Florida; and has a minority
interest in Grand Prix Association of Long Beach, Inc.  In addition, PMI
produces and markets motorsports-related merchandise and accessories such as
apparel, souvenirs and collectibles, and it distributes and sells Goodyear
brand racing tires in the Midwest and Southeast regions of the United States.
    Penske Motorsports' major shareholder is a majority-owned subsidiary of
Penske Corporation, a closely held, diversified transportation services
company which conducts its business through a number of wholly or partially
owned companies, including Penske Truck Leasing Company, Detroit Diesel
Corporation, Diesel Technology Company, Penske Automotive Group, Inc., Penske
Auto Centers, Inc., and Penske Capital Partners.  The Penske group of
businesses has annual revenue exceeding $6 billion and employs more than
28,000 around the world.
    Pepsi-Cola Company, the worldwide beverage division of PepsiCo, Inc.
, spans more than 190 countries and last year generated more than
$10 billion in worldwide sales.  Its stable of well-known brands -- including
Pepsi, Diet Pepsi, Pepsi Max, Mountain Dew, Mug Root Beer, All-Sport Body
Quencher, Lipton's Iced Tea, Lipton Brisk, Mirinda and 7UP (overseas) --
account for about one-quarter of all soft drinks consumed in the world each
year.

SOURCE  Penske Motorsports, Inc.