Menard, Inc. - Page 20

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          until 1995, TMI was active in the United States Auto Club (USAC)            
          and then moved to the Indy Racing League (IRL)13 during 1996.               
               Although, as TMI’s president, Mr. Menard made most of the              
          major business decisions, he did not run the day-to-day                     
          operations of the company.  With the exception of the latter part           
          of 1998,14 Larry Curry ran TMI’s daily operations.  Mr. Norquist,           
          Menards’s corporate controller, managed TMI’s accounting                    
          functions.                                                                  
               B.  TMI’s Racing Activities in 1997 and 1998                           
                    1.  Race Participation                                            
               During the 1997 and 1998 IRL racing seasons, TMI                       
          participated in 8 and 11 events, respectively, including both               
          Indianapolis 500 (Indy 500) races.  Tony Stewart and Robbie Buhl            
          were TMI’s principal drivers for those two seasons.  Although TMI           
          never won the Indy 500, Tony Stewart was the 1997 IRL champion.             
               For the 1997 IRL racing season, Tony Stewart drove car No.             
          2, referred to as “Glidden/Menard/Special”, and Robbie Buhl drove           
          car No. 3, referred to as “Quaker State/Menards/Special” or                 
          “Menard/Quaker State Special”.  For the 1998 IRL racing season,             
          Tony Stewart drove car No. 1, “Glidden/Menard/Special”, and                 


               13The Indy Racing League (IRL) holds approximately 10 races            
          each year in the United States.  The principal race is the                  
          Indianapolis 500.                                                           
               14Tom Knapp ran TMI’s day-to-day operations at the end of              
          1998.                                                                       




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