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North Carolina Speedway and General Mills Announce Agreement

23 February 1999

North Carolina Speedway and General Mills Announce Title Sponsorship Agreement

    ROCKINGHAM, N.C., Feb. 20 -- North Carolina Speedway and
General Mills have signed a multi-year title sponsorship agreement
for the October 23-24 NASCAR Winston Cup and Busch Series weekend, officials
announced today.
    The NASCAR Busch Series event will be held October 23, followed by the Pop
Secret Microwave Popcorn 400 NASCAR Winston Cup Series event scheduled for
October 24.
    "North Carolina Speedway is proud to align itself with a successful
company like General Mills," said Jo DeWitt Wilson, President & CEO, North
Carolina Speedway.  "Our new partnership and the enthusiasm of both companies
to promote NASCAR racing will provide tremendous marketing opportunities as
well as a commitment to providing the most exciting event weekend for our
guests."
    North Carolina Speedway welcomed the largest crowd in the history of the
track during last October's NASCAR Winston Cup event. The 1.017-mile
superspeedway has hosted NASCAR Winston Cup Series events since 1965 and
NASCAR Busch Series events since the series inception in 1982.
    "General Mills and Pop Secret Microwave Popcorn are excited to be a part
of NASCAR," said John Haugen, Director of Snacks at General Mills.  "We are
looking forward to teaming up two pursuits of perfection, NASCAR and Pop
Secret Microwave Popcorn, for one great race. We are proud to carry on the
long NASCAR tradition at 'The Rock' and hope to continue to grow with the
sport."
    The weekend begins Friday, October 22 with Qualifying for the NASCAR Busch
Series event at 1 p.m. and the Pop Secret Microwave Popcorn 400 NASCAR Winston
Cup Series event at 2 p.m. Saturday's events kick-off with the 33rd annual
Union 76/Rockingham World Pit Crew Competition at 11 a.m. The NASCAR Busch
Series race will begin at 2 p.m. followed by the Pop Secret Microwave Popcorn
400 Sunday at 12:30 p.m.
    Tickets for the Busch Series race and the Pop Secret Microwave Popcorn 400
will go on sale May 17, 1999 and may be purchased by calling the North
Carolina Speedway Ticket Office at 910-582-2861.
    Pop Secret Microwave Popcorn, sponsor of Johnny Benson and the #26
Cheerios/Pop Secret Ford Taurus, is a product of General Mills, a leading
manufacturer and marketer of consumer food products, with annual sales
exceeding $6 billion. Major U.S. businesses include Big G cereals; Betty
Crocker dessert, side dish and dinner mixes; snack products; Gold Medal flour;
and Yoplait and Colombo yogurts. The company's expanding international
operations include joint ventures focused on ready-to-eat cereals worldwide,
snack foods in Europe and China, and baking and dessert mixes in Latin
America.
    North Carolina Speedway is a facility owned by Penske Motorsports, Inc.
(PMI) , a leading promoter and marketer of professional
motorsports in the United States. PMI owns and operates the following
facilities through its wholly-owned subsidiaries:  Michigan Speedway in
Brooklyn, Mich.; Nazareth Speedway in Nazareth, Pa.; California Speedway in
San Bernardino County, Calif.; and North Carolina Speedway near Rockingham,
N.C. PMI also holds a 45-percent interest in Miami-Homestead Speedway, LLC,
near Miami, Fla. In addition, PMI produces and markets motorsports-related
merchandise and accessories such as apparel, souvenirs and collectibles
through its subsidiary, Motorsports International Corp.; and a subsidiary of
PMI 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 that 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 revenues exceeding $6 billion and employs more than
28,000 people around the world.