JUNE 9, 2003

Schumacher renews contract through 2006

Ferrari announced today that it has extended the contracts of many members of the current race team through the end of the 2006 season - including Michael Schumacher.

Ferrari announced today that it has extended the contracts of many members of the current race team through the end of the 2006 season, and follows a great deal of speculation regarding the future of the team.

Michael Schumacher is the most notable of the contract renewals. His original contract with Ferrari was signed in 1996, and was currently set to expire at the end of 2004. The German has brought about much success for the Italian team including four Constructors' Championships as well as three Drivers Titles. Schumacher extended his agreement with Ferrari until the end of the 2006 season.

Frenchman Jean Todt will also continue his position with the team as Managing Director of Ferrari Racing. Reporting to him will be Technical Director Ross Brawn, Engine Director Paolo Matinelli, Chief Designer Rory Byrne and head of engine design Gilles Simon. All of whom have also renewed their contracts through the end of the 2006 season.

Michael Schumacher, who is currently in North America preparing for next weekends Canadian Grand Prix, said, "I love this sport I do and I feel extremely comfortable at Ferrari. It was therefore almost something to be taken for granted that I would extend my contract to the end of the 2006 season. The fact that Jean Todt and other key personnel in the team have also confirmed they plan to stay with Ferrari for the same period of time made this decision even easier to take. I am really pleased to be able to work with a team like this, with great friends, in the hope of enjoying even more success together. We have some exciting seasons ahead of us and, as usual, I am ready to give these great challenges my best shot. Ferrari is like a second family to me and I am proud to be part of this marvellous group."