New Chairman of the Board Announced For Petersen Museum

Los Angeles, CA. January 23, 2008 –-The Petersen Automotive Museum Foundation, owner and operator of the non-profit 501 (c)(3) Museum and pioneer in automotive education, announced today the election of Los Angeles Attorney Steve E. Young as the Foundation’s new Chairman of the Board for 2008. Young has served on the Board since 2004, has been a member of the museum since its inception in 1994, and is one of the
original members of the principal support group, “The Checkered Flag 200”. Previous chairperson Alexandria C. Phillips continues in her role as the Board’s chief financial officer. Additional directors include
Secretary David Sydorick, William Tilley, and Margie Petersen, wife of the late Robert E. Petersen. Dick Messer continues in his capacity as the Executive Director of the Museum.

Steve Young is a prominent business and entertainment litigator and partner at the Los Angeles-based law firm of Freeman, Freeman & Smiley, LLP. The Board recognizes his leadership capabilities and his vision for the year ahead, which includes seeking out opportunities to cover a
broader segment of automotive culture and establishing a research facility.

“I deeply appreciate the trust and confidence placed in me by my colleagues on the Board. As Chairman, I will do my utmost to live up to the very high standards set by my predecessor, Alexandria Phillips,” says Steve Young. “I am confident that with the continued support of my colleagues on the Board, our support groups, museum members and staff,
we will continue to broaden the horizons of this great institution.”

Naturally driven by his personal connection to the hobby, Young’s longtime devotion to The Petersen transcends the museum’s walls. A private automobile collector and enthusiast, Young at various times has owned Hot Rods, vintage and modern Ferraris, muscle cars, classic and
modern Corvettes, and a number of historic racing cars in which he has competed.

The Petersen Automotive Museum Foundation’s agenda for 2008 includes the expansion of the Board of Directors to support scheduled educational programs and extensive exhibition plans. Named after Robert E. Petersen, the founder and former owner of Petersen Publishing, the Museum is an
independent non-profit institution run by an independent Board of Directors. The Museum is self-sustaining with operating revenue provided by corporate sponsorships, museum attendance, parking fees, individual gifts, and special events, including the museum’s Tribute Nights and
annual Gala.

“I am very excited about the future of the Petersen Automotive Museum with the outstanding leadership we have had in the past, and that we’ll continue to have in years ahead,” says Executive Director, Dick Messer.