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<body> <Table Width="550" border="0" style="border-collapse: collapse" cellpadding="0"><TR><TD Width="35"><IMG SRC="//www.totalmotorsport.com/images/spacer.gif" WIDTH="35" HEIGHT="1"></td><td> <CENTER><Table border="0" width="100%"> <TR><TD width="100%" align="center"><B><FONT FACE="Tahoma" SIZE="5">ELSEWHERE AROUND THE WORLD</FONT></B></TD></TR> <TR><TD width="100%" align="left"><B><FONT FACE="Tahoma" SIZE="2">22/01/2002</FONT></B></TD></TR> <TR><TD width="100%" align="center"><B><FONT FACE="Tahoma" SIZE="4">Reynard reduces work force</FONT></B></TD></TR> <TR><TD width="100%" align="center"><B><FONT FACE="Tahoma" SIZE="3">Over 50 laid off</FONT></B></TD></TR> <TR><TD width="100%" align="center"><FONT FACE="Tahoma" SIZE="1">  </FONT></TD></TR> <TR><TD width="100%" align="left"><FONT FACE="Tahoma" SIZE="2">The current economic conditions within the motorsport industry has led Reynard Motorsport to reduce its workforce, with just over 50 redundancies in various divisions of the company announced today.<BR> <BR> Reynard, like many similar companies within motorsport has experienced a downturn in demand for its products and services, particularly in the USA. In response, the company has streamlined its operations to ensure that the company continues to maintain the high levels of service and quality that it is renowned for, with the appropriate cost levels.<BR> <BR> Adrian Reynard, Chairman of Reynard Motorsport, comments, “It has been a difficult time for us over the last few months and this has, unfortunately, led to a need to tighten our belts to ensure we can operate efficiently. This has inevitably caused a loss of jobs in some areas. My commitment to the company has never been stronger and we have a dedicated management team that is aligned and focused on these challenges. We are all working very hard to maintain our leading position within the marketplace during these tough times.”<BR> </FONT></TD></TR> </TABLE><BR> </CENTER> <BR><CENTER><font size="1" color="#808080" face="Tahoma">Copyright ©2000-©2023 TotalMotorSport</font></CENTER> </td> </tr> </table> </body>