Michelin and IMS announce ticket refund process

MICHELIN AND INDIANAPOLIS MOTOR SPEEDWAY ROLL OUT TICKET REFUND PROCESS FOR F1 FANS

INDIANAPOLIS, Friday, July 15, 2005 - Michelin North America, Inc. and the Indianapolis Motor Speedway (IMS) announced today the details of the ticket refund process for ticket holders to the 2005 Formula One United States Grand Prix (USGP). All tickets purchased for race day (June 19, 2005) are eligible for the Michelin ticket refund.

"By working with the Indianapolis Motor Speedway, we've created a thorough and quick process to reach out to all those fans present at the United States Grand Prix and offer them the face value refund of their race day ticket," said Jim Micali, chairman and president of Michelin North America, Inc. "In addition to the ticket refund, we will provide 20,000 tickets to the 2006 USGP at Indianapolis to dedicated fans who purchased tickets to this year's race. We hope through these gestures to encourage the further development of F1 in the United States."

"Although many different parties had an influence on the race run at the Indianapolis Motor Speedway on June 19, Michelin has made a tremendous commitment to the fans of the United States Grand Prix," said IMS President and Chief Operating Officer Joie Chitwood. "We've been working closely with Michelin to work out the details of the ticket refund process and we commend them on their commitment to a speedy and full response to the fans."

For the vast majority of ticket purchasers, no action will be required to receive the Michelin ticket refund. IMS has begun sorting information on their USGP Account Holders automatically so Michelin can provide ticket refunds directly to them. USGP Account Holders will be mailed a letter next week detailing the ticket refund process.

Other individual race day ticket holders can submit their ticket stubs, along with a completed Stubbed Ticket Claim Form to IMS beginning Aug. 8. Stubbed ticket refund requests must be postmarked by Aug. 29, 2005 to be included in the ticket refund process.

The ticket refund will be administered by the Indianapolis Motor Speedway. On Aug. 8, details of the process and claim forms for individual ticket holders will be available online at www.indianapolismotorspeedway.com, at the IMS Ticket Office or on request by phone at 1 877 950-USGP ( 1 877 950-8747). Details of the program will also be posted on Michelin websites.

Michelin refund checks for USGP Account Holders and for individual ticket claims are expected to be issued and mailed between Sept. 19 and Sept. 26.

If the United States Grand Prix at Indianapolis is included on the 2006 Formula One schedule, Michelin will also purchase 20,000 tickets to that event. These tickets will be made available to fans that purchased tickets for the 2005 race. Details of the 2006 Michelin ticket distribution process are being finalized and will be announced after the Formula One calendar for 2006 has been released by the FIA.

-ims-