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Jaguar Announces Formula One Plans

14 September 1999

Decision Expected to Help Global Recognition

    MAHWAH, N.J., Sept. 14 / -- Jaguar is to enter the FIA Formula One World 
Championship.  This was announced today at the Frankfurt Motor Show by Jaguar's 
Chairman Dr. Wolfgang Reitzle.  Jaguar's first race as Formula One entrants 
will be the first round of the FIA World Championship -- the Australian Grand 
Prix in Melbourne in March next year.

    "Jaguar has a long and distinguished record in motorsport," said Dr.
Reitzle.  "We have won Le Mans seven times, and we have twice been world
sports car champions.  We have also won the Monte Carlo rally as well as
countless other events.  The next logical move is Formula One.

    "The move into Formula One will undoubtedly benefit Jaguar technologically.  
It will also clearly promote a wider global recognition of the Jaguar brand 
as we significantly expand our product range over the next few years."

    Jaguar's decision to enter Formula One came after Ford Motor Company
purchased the Stewart-Ford Formula One team in June.  Prior to purchasing the
team, Ford had a long-standing technical relationship with the
Milton Keynes-based Stewart team.  The team will now be renamed Jaguar Racing.

    Neil Ressler, Ford Motor Company vice president and chief technical
officer with ultimate responsibility for all the Company's motorsport
programs, said:  "Jaguar's technical input to the Formula One program will
begin immediately.  The Coventry-based engineering teams can certainly
contribute to the racing program, and I also believe that Jaguar's production
car engineers can learn a great deal from the racing team.  The need to solve
problems quickly breeds a nimble and innovative culture, which we will be able
to transfer to the road car development programs.  I regard the technology
transfer as one of the biggest single benefits of Jaguar's decision to enter
Formula One."

    Engines for the team will continue to be designed, developed and built by
Cosworth Racing.  Cosworth Racing, which is based in Northampton, U.K., is
wholly owned by Ford Motor Company.  Trevor Crisp, Jaguar's group chief
engineer for powertrain engineering has been appointed managing director of
Cosworth Racing and will head up the Formula One engine development program.
Crisp will take over from Dick Scammell, who has made a major contribution to
the development of the Ford Cosworth racing engines over many years.  Scammell
announced his intention to retire after a lifetime in the motor racing
industry.

    Jonathan Browning, Jaguar's managing director said:  "Our previous
involvement in motorsport firmly convinced us that a successful racing program
brings major marketing benefits.  Formula One is a massive global sport
watched by many millions of motoring enthusiasts at the race circuits and on
television.  It can be a valuable showcase for Jaguar technology as we expand
our product range."

    The team will continue to race in its current livery until the end of the
season when the name of the team will be formally changed to Jaguar Racing.
    Jackie Stewart, founder of the Stewart-Ford team, will continue as
chairman and chief executive officer.

    "Jackie is a legend in motor racing," said Dr. Reitzle.  "And I am
delighted that he will remain with the team.  His invaluable experience will
be of enormous benefit to Jaguar Racing."

    Stewart said:  "When Ford bought the Stewart-Ford Team, I had always hoped
that Jaguar would become involved in the Formula One program.  My family were
Jaguar dealers in Scotland, my brother Jimmy raced for Jaguar and some of my
earliest racing successes were with the lightweight Jaguar E-Type and several
other models.  I have a great fondness for the company and I look forward to
helping Jaguar Racing achieve its very clear ambitions in Formula One."

    Paul Stewart, currently chief operating officer for Stewart Ford, will
continue in that role at Jaguar Racing.