Jeff Gordon, Kevin Harvick And Other Top NASCAR Drivers Team Up With Bugs Bunny, Taz And Other Looney Tunes For Racing Showdown

(May 23, 2002 – Charlotte, NC) – Ladies and Gentleman, start your engines! Warner Bros. Consumer Products, Chevrolet and Action Performance Companies, Inc. announced today that the legendary Looney Tunes characters will return to the world of NASCAR Winston Cup on Saturday, September 7th, 2002, when they re-unite in the fast lane with their Team Monte Carlo drivers for the ultimate racing showdown, the Monte Carlo 400 With The Looney Tunes – The Rematch!, at Richmond International Raceway in Virginia. The announcement, which was made at a special event this afternoon in Charlotte, NC (the site of this weekend’s NASCAR race), kicked off Food Lion Speed Street festivities and featured NASCAR drivers Jeff Gordon, Kevin Harvick, Jeff Green, Terry Labonte, Jimmie Johnson, Mike Skinner, Joe Nemechek and Bobby Hamilton, as well as Warner Bros.’ beloved Looney Tunes characters. Today’s event unveiled five of the nine stunning Looney Tunes-branded Chevrolet Monte Carlos, in addition to the event pace car, which will be part of the Richmond race this September. Each car has a unique design capturing the spirit of each driver and their Looney Tunes character teammate in bold paint schemes. Building on the success of last year’s event, the program will expand in 2002 as nine Looney Tunes-themed Monte Carlos take to the track. Additionally, this year’s program expands to include two Looney Tunes-themed cars going head-to-head in the NASCAR Busch Series race on Friday, September 6th. The irreverent Looney Tunes characters first partnered with NASCAR at Richmond International Raceway in 2001, when seven NASCAR teams “swapped paint” and featured Looney Tunes graphics on their Chevrolet Monte Carlos. Super star drivers such as Jeff Gordon and Kevin Harvick thrilled fans on the track and off. Gordon took the pole position in the Bugs Bunny-emblazoned car and Harvick bumped and grinded his Taz-themed car into a second place finish. Not taking a trip to the winner’s circle during the 2001 race was tough for perennial winners Bugs Bunny and Jeff Gordon. This year, Bugs and the rest of his Looney Tunes pals are taking off the gloves, rolling up their sleeves, and tapping into their portfolio of ACME devices to take the ultimate prize. And this time, no more “mister nice guys.” It’s all or nothing in 2002 when each character returns to the track with their distinguished counterpart to claim their long-awaited victory in one of the most exciting promotional experiences in NASCAR history. Also this year, the irreverence of the Looney Tunes will extend into the NASCAR Busch Series as two Looney Tunes-branded cars take to the track during the Friday night race. The drivers and characters teaming up to compete in the Busch Series race will be announced at a later date. “Without question, this exciting program and all the related promotions are for the benefit of the fans,” said Jim Campbell, Monte Carlo Marketing Director. “Without the fans, none of this would be possible. It’s our way of showing our appreciation for the fans’ unwavering support and enthusiasm for this great sport.” Expected to be the biggest race-related NASCAR promotion ever, this year’s program will be fully supported by a comprehensive national promotional campaign including participation from the following key partners; Warner Bros. Consumer Products, Chevrolet, Action Performance, America Online, NASCAR, Warner Bros. Online, NASCAR.com, TNT and Richmond International Raceway. Elements of the program will include a national sweepstakes, television, print and broadcast campaigns, online and radio promotions, on-site exposure and initiatives, point-of-purchase displays and much more. “Warner Bros. Consumer Products, Chevrolet and Action Performance are teaming up once again to bring NASCAR fans around the country the biggest and best race event of the season,” said Jordan Sollitto, Executive Vice President, Worldwide Marketing for Warner Bros. Consumer Products. “Like their NASCAR driver counterparts, Bugs Bunny, Taz, Daffy Duck and the rest of the Looney Tunes crew are full of personality and competitive spirit. Everyone will be a winner -- especially the fans.” A key element of this integrated marketing promotion is the partnership with Action Performance, which will provide ample opportunity for NASCAR fans to show support for their favorite drivers through an array of Looney Tunes-branded collectible merchandise. “The Looney Tunes and their NASCAR driver sidekicks have anticipated this rematch for the past year and Action Performance is thrilled to be part of this great program,” said Fred Wagenhals, President, Chairman, and CEO of Action Performance. “With some of NASCAR’s top drivers participating in the program, the Monte Carlo 400 With The Looney Tunes – The Rematch! is sure to be one of the most exciting events of the season.” Doug Fritz, President of Richmond International Raceway added: “We are excited that the Looney Tunes characters are returning to Richmond International Raceway for the second consecutive year and are expanding their involvement in our race weekend activities. Hosting the world's most famous characters reinforces our family philosophy and makes our NASCAR weekend 'Under the Lights' even more prestigious." About Warner Bros. Consumer Products Warner Bros. Consumer Products is a division of Warner Bros., an AOL Time Warner Company, and is one of the leading licensing and retail merchandising organizations in the world. About Chevrolet Monte Carlo Chevrolet is the leader in offering spirited, functional cars and strong rugged trucks with which customers form lasting relationships. The Monte Carlo sport coupe has the heart and soul of a champion, having won more races and more championships than any other car in the modern era of NASCAR. The Monte Carlo embodies the spirit of its NASCAR counterpart through its emphasis on performance-oriented driving excitement. About Action Performance Companies, Inc. Action Performance Companies, Inc. (NYSE: ATN) is the leader in the design, promotion and distribution of licensed motorsports merchandise. The Company’s products include a broad range of motorsports-related die-cast replica collectibles, apparel, souvenirs and other memorabilia. The Company markets and distributes products through a variety of channels, including the Racing Collectables Club of America (RCCA), online at goracing.com, trackside at racing events, mass retail department stores and a worldwide network of wholesale distributors and specialty dealers. This press release contains forward-looking statements. The Company’s actual results could differ materially from those set forth in the forward-looking statements. Factors that might cause such differences include, among others, the ability to successfully execute its business plan, the success of new marketing programs, future trading activity, and other risks discussed in the Company’s Form 10-K, dated September 30, 2001, on file with the U.S. Securities and Exchange Commission. About Richmond International Raceway Richmond International Raceway has one of the richest traditions in all of motor sports. The track has hosted NASCAR Winston Cup Series events since 1953 and today is home to two exciting NASCAR weekends and an Indy Racing League weekend. Richmond International Raceway also holds the prestigious distinction as the only track on the NASCAR Winston Cup Series circuit to host two nighttime races, both of which are annual sell-outs. All events at the 3/4-mile D-shaped oval are "Under the Lights". The facility holds more than 102,000 fans, has 34 luxury suites and is one of the most well-liked and respected racetracks by the drivers in each of the six series that competes at the track. Also known as 'The Action Track', Richmond International Raceway is famous for superspeedway-type racing coupled with tight action seen on short tracks." # # #