Tuesday March 7th, 2000

Foster's, an official sponsor of Formula One Grand Prix around the globe, announced today that it would dramatically increase its involvement with Grand Prix racing, among others taking over the naming rights for the British Grand Prix as of this year. Foster's is already the title sponsor of the Belgian Grand Prix.

"There is no sport in the world today which can claim to be more truly global than Formula One Grand Prix Racing," President and CEO of Foster's, Ted Kunkel, said. "Foster's, which is the world's fastest-growing, international beer brand, has always been a great partner for this sport. With this new agreement, we are acknowledging that the Grand Prix relationship also delivers the magnitude of global audiences and positive brand associations we expect from a sponsorship investment."

In a press release by Foster's, the company said that about 600 million viewers will watch the Foster's British Grand Prix, in addition to Foster's current portfolio of European races. In North America, Foster's presence at the maiden race of the U.S. Grand Prix as well as a debut at the Canadian Grand Prix will bring large new audiences to the beer maker, the company said.

"The compelling combination of Foster's and Grand Prix, in markets as diverse as Britain, Europe, North America, South America and Asia, is almost unstoppable," Mr Kunkel said. "The values of the Foster's brand - which emphasise youthful exuberance, spectator excitement and enjoyment, and our own special Australian approach to living life - have made it a brand which is at home in more than 140 countries and on the grid at Grand Prix circuits around the world."