RE: Silverstone

David,

It was good to meet you and discuss Silverstone. I am going to talk to Bernie Ecclestone about the BRDC on a private basis and I have discussed, also privately, with a friend who is a longstanding F1/Siverstone afficienado.

One question is how you envisage the division of responsibility operating between everything that happens on the track and what happens around it, ie how would BRDC continue to exercise control of the racing ? I understand that BRDC would be selling the land in order to bring investment in the track but what would be the financial/governance relationship between you and the BRDC ?

EFTA00904827

Has anything advanced since we spoke ? Do you have any further ideas about a "British component ?
best
Peter

Lord Mandelson
Chairman, Global Counsel LLP

1 Knightsbridge Green, London, SW1X 7NW

Dear Peter

Thank you for your email and the time you took to review the materials

Please find attached our last offer to Silverstone which we led to believe would have been successful.

The only item that was outstanding was the "rental "amount for the Silverstone track which was still being negotiated.

Confidentialy,we were and still are prepared to go much higher on the annual rental for the track.

My partner will be in the UK later this week and over the weekend through Tuesday and would welcome to update you further if you had the time available.

In appreciation,
David

DAVID MITCHELL
Mitchell Holdings LLC
815 FIFTH AVENUE
New York NY 10065
USA