Menard, Inc. - Page 79

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          hospitality, merchandising, business-to-business opportunities,             
          and special events.                                                         
               For purposes of valuing television exposure, in his expert             
          report, Mr. Caponigro relied on Indy racing yearend sponsor                 
          reports published by Joyce Julius and Associates, Inc. (Joyce               
          Julius).  According to Mr. Caponigro, Joyce Julius is the “most             
          prominent” sponsorship reporting service in racing.  Joyce Julius           
          measures and assigns a value to sponsors’ television exposure               
          during races.  The measurement process involves watching                    
          videotapes of the races and recording the frequency and duration            
          of verbal or visual references to sponsors’ names or logos.  In             
          order to assign a value, Joyce Julius then multiplies the amount            
          of exposure time by the cost of purchasing an identical amount of           
          television commercial time.63                                               
               The Joyce Julius report for the 1997 IRL season ranked                 
          Menards fifth out of 522 associate, series, and event (AS&E)                
          sponsors, with an estimated exposure value of $8,457,925.  For              
          the 1998 IRL season, Menards’s estimated exposure value was                 
          $3,518,165, for a sixth-place ranking among a total of 524 AS&E             
          sponsors.                                                                   




               63Critics of Joyce Julius reports question whether sponsor             
          name and logo exposure during races necessarily equates with                
          television commercial exposure and whether the logos often pass             
          too fleetingly on screen to make an impression on viewers.                  




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