Formula BMW USA awards five Junior Scholarships for 2007 Season

FORMULA BMW USA AWARDS FIVE JUNIOR SCHOLARSHIPS FOR 2007 SEASON

Woodcliff Lake, NJ - September 27, 2006... BMW of North America, LLC announced
today the names of the five young drivers that will be awarded a 2007 Formula
BMW USA Junior scholarship. Each will receive $40,000 towards participation in
the 2007 Formula BMW USA championship and automatic free enrollment in Formula
BMW USA Education and Coaching Program.

Returning from the two-day scholarship shoot-out held at the Formula BMW Racing
Center at the Circuit de la Communitat in Valencia, Spain on September 18 and
19 are Ian Costa (17), of Danville, Calif.; Timothy Hollowell (17), of
Indianapolis, Ind.; Eric Morrow (17), of Indianapolis, Ind. and Jeffrey
Petriello (18), of Montreal, Quebec, Canada.

The fifth scholarship was awarded to Daniel Morad (16), of Markham, Ontario,
Canada. As the 2006 Rookie Champion, Morad will receive a Junior scholarship
for 2007 and return for a second year with Formula BMW USA.

While Morad had proven himself in this season's championship, the four new
Junior drivers were selected during a competition held between 18 young drivers
invited back to Valencia from three previous Formula BMW USA licensing courses
held in July and August.

The program culminated with two evaluation sessions where all drivers were
scored by four instructors, including BMW Touring Car drivers Dirk and Joerg
Mueller, Formula BMW USA driving coach Peter Argetsinger and Formula BMW Racing
Center Coordinator Mike Strotmann. During the sessions, the instructors
provided feedback while keeping an expert eye out for those who had the
potential to wear the BMW Junior colors and race in the distinctive BMW
Motorsport livery. Each driver had the opportunity to demonstrate his driving
expertise while receiving professional instructions in the basic theory and
practical requirements of Formula BMW, with the instructors placing greater
value on each candidate's progress curve than their initial ability.

The five young men awarded with a 2007 Formula BMW USA scholarship will join a
select group of very talented Formula BMW USA Junior alumni. Since Formula BMW
began in North America in 2004, 16 young men have competed as Juniors and set a
high standard as they have continued their racing careers.

The 2006 season Juniors David Garza, Maxime Pelletier, Robert Thorne, Jordan
Dick and Robert Wickens continued the strong performance of the 2004 and 2005
groups of Formula BMW USA Juniors with Wickens winning the overall title.

2004 Junior James Hinchcliffe won the inaugural Formula BMW USA Rookie title.
Along with fellow Junior Graham Rahal, he went on to race in the Star Mazda
Series in 2005. Both moved up to the Champ Car Atlantic Championship Series
this year where Rahal finished second and Hinchcliffe tenth in driver points.

In 2005, the top-four finishers in both the Overall Championship and in the
Rookie point standings were Formula BMW USA Juniors with the Overall and Rookie
title won by Junior driver Richard Philippe. Philippe joined the Atlantic
Series in 2006 finishing 15th in the points. Runner-up Kevin Lacroix has raced
in Star Mazda Series in 2006 where he currently stands second in points.
Third-place finisher in 2005, Robert Wickens, received a 2006 Formula BMW USA
scholarship and returned for a second year with the series where he clinched
the 2006 Formula BMW USA championship. 2005 fellow Juniors Reed Stevens and
Adrien Herberts also decided to return to Formula BMW USA in 2006. They
finished third and 12th in the Overall points respectively.

Other 2004 Junior drivers who successfully climbed up the ladder in motorsport
are Tom Milner and Jonathan Summerton. Milner, who raced a BMW Team PTG M3 in
the Rolex Sports Car Series in 2005, is racing a Panoz in the 2006 American Le
Mans Series. Summerton raced in the Formula BMW Germany in 2005 and is now
competing in the highly-competitive F3 Euro Series where he currently stands
13th.

The BMW Junior program continues to be one of the hallmarks of BMW's commitment
to motorsport by providing young drivers with the best start possible into
motorsport by training them to the highest possible levels, drawing on the vast
expertise and experience of BMW Motorsport. Beginning in 1977, the BMW Junior
program has been instrumental in providing an excellent foundation for many
young drivers, among them Marc Surer, Eddie Cheever, Manfred Winkelhock and
Sebastian Vettel. Underlining BMW's commitment to the discovery and grooming of
future young talent, the scholarship shoot-out has been designed so that the
most talented drivers, rather than the most financially healthy, succeed.

Background:
Formula BMW is the world's leading entry-level championship in Formula racing.
In 2006 the series will be held in Germany, the UK, Asia and the USA. More than
80 up-and-coming drivers, some as young as 15-years old, will compete
worldwide. Racing five times in support of the Formula One World Championship,
Formula BMW offers a worldwide stage, training through a multifaceted Education
and Coaching Program and BMW's longstanding Junior scholarship for deserving
drivers.

The FB02 race car is propelled by a 140 bhp BMW engine, reaching speeds up to
140 mph. The design exceeds the FIA safety requirements for its class, with the
BMW Motorsport developed FORS (Formula Rescue Race Seat), and the mandatory
HANS (Head and Neck Support) safety system.

From November 24 to 26, 2006 the Circuit de la Comunitat Valenciana Ricardo
Tormo will host the second Formula BMW World Final. Young racing drivers from
the four regional Formula BMW series will compete against each other with the
winner receiving a test drive with the BMW Sauber F1 Team.