Cheever Chooses Chevy for IRL

    INDIANAPOLIS, Dec. 4, 2002 - Red Bull Cheever Racing announced today
that the team will be powered by Chevrolet in Indy Racing League
competition. Team owner/driver Eddie Cheever Jr. also announced a technical
partnership with Team Menard, one of GM's affiliated engine builders.

    "We are delighted that Red Bull Cheever Racing will use the new 2003
Chevy Indy V8," said GM Racing program manager Joe Negri. "Eddie scored
GM's historic first IRL victory in January 1997, and he won the
Indianapolis 500 with GM power. When Cheever Racing switched to our rival's
engine, the team became our most formidable competition. We are pleased to
welcome Eddie Cheever Jr. and Red Bull Cheever Racing back to the GM camp."

    Cheever won races in three consecutive years with GM engines. He
captured the season-opening rounds in Orlando, Fla., in 1997 and 1999, and
he won the Indianapolis 500 in May 1998.

    "This team has had some great battles with General Motors these past
few years," Cheever said. "Next season we are starting a new battle in the
IRL and this time I am pleased to be with American automaker Chevrolet.

    "When we sat down to analyze the best fit for our team, everything
pointed to Chevrolet," Cheever continued. "The way they have structured
their racing program allows teams to actively participate in the research
and development. This is one of the founding principles of the IRL and one
I believe will be vital to winning races and championships in the upcoming
years."

    Buddy Rice, a 26-year-old racer from Phoenix, recently signed a
multiyear contract with Red Bull Cheever Racing. Rice competed in five IRL
races in 2002, finishing as runner-up in his first start for Cheever
Racing. He posted four top-five finishes and completed every lap of every
race.

    "Chevrolet is also pleased to begin a long-term relationship with
Cheever Racing driver Buddy Rice," Negri said. "We have watched his
progress keenly as he advanced through the open-wheel ranks, and we were
impressed by his performances in the IRL last season. Buddy is a talented
young American racer, and the fact that he owns a customized Chevy pickup
and a hot rod Chevy Nova makes him an ideal driver for an American icon
like Chevrolet."

    "I am excited about the team's choice to use the Chevrolet engine,"
Rice said. "I have always been a huge Chevy fan. I grew up with the brand,
first with my dad's Chevys and now with my own. I already believe in their
product and am proud to be representing Chevrolet in the IRL."

    The team will use Chevrolet engines prepared by Menard Engine Group
in Indianapolis. Menard-built GM engines have won 10 IRL events and
two championships since 1997. Menard Engine Group is one of GM Racing's
affiliated engine builders that is developing the all-new 2003 Chevy Indy
V8 engine. This GM-designed powerplant is the successor to the 2002 Chevy
engine that won 14 of 15 races and swept the manufacturer, driver and team
championships. It is 3 inches shorter, 3 inches narrower and 35 pounds
lighter than its predecessor. Dyno tests of the 2003 Chevy Indy V8 engine
began in July 2002, and track testing commenced in October.

    John Menard and Eddie Cheever Jr. have formed MCT, a research
and development company, to develop the new generation of IRL engines and
chassis.

    "Compared to years past, everything is stepping up in the Indy
Racing League," said John Menard. "We need to step it up, too. MCT will
bring more resources and input to our team to improve our technical
abilities for the 2003 championship. It will also allow us to make better
use of the technology available from GM Racing."

    "GM Racing believes that the addition of Red Bull Cheever Racing
to Chevrolet's roster of teams and the technical capabilities of MCT
will strengthen our competitive position in the IRL," Negri noted. "When
combined with GM's own technical and human resources, Chevrolet will be
well positioned to continue its winning tradition in open-wheel racing.
This announcement underscores Chevrolet's commitment to the IRL and
represents another key element in our strategy for success."

    Red Bull Cheever Racing will make its competition debut with the new
Chevy Indy V8 in the season-opening IRL race at Homestead-Miami Speedway on
March 2, 2003.