For the BMW WilliamsF1 team the changes to the circuit certainly did not help them as the old circuit was well suited for the BMW P82 engine. However both Ralf and Juan Pablo got on with the job of setting their cars up ready for qualifying and the race.

For Juan Pablo his session would be trouble free with him setting the sixth fastest time of the session, but for Ralf he would become the first driver to spin some twenty minutes into the session. Ralf was able to keep his engine running and return to the pits.

After their installation laps it was very much the case of using the practice session to gain experience of the new circuit. Juan Pablo would take to the track first, shortly followed by Ralf. They would set times early in the session good enough for fourth and fifth respectively. After several laps neither driver was able to improve their lap times. While this was taking place Ferrari's Michael Schumacher would set the fastest lap time.

As the session progressed both drivers would have many modifications made to their cars. Both drivers of the BMW WilliamsF1 Team would continue to put in quick laps but could not improve their best lap times. On his third run Montoya would seta  time of 1m:18.054, moving him into sixth. But for Ralf, after his spin he would slip down the order and finish in eighteenth. Come the next session expect him to set times closer to his team-mate.

For the other teams Ferrari's Michael Schumacher would be the first driver to set a lap time on the new circuit, but it would be team-mate Rubens Barrichello who would set the fastest time of the session. The Ferrari drivers were the only one's to break into the 1m:16 bracket. Rubens fastest time would be a lap of 1m:16.248, just 0.075 ahead of Michael Schumacher. Michael's only moment was a spin at the hairpin but he was able to continue.

Third, but a huge 1.2 seconds behind Rubens was BAR's Olivier Panis. Team-mate Jacques Villeneuve, subject of some discussion regarding his future with the BAR team, stopped on circuit during the closing minutes and was twelfth fastest.

For McLaren's Kimi Raikkonen he would finish and encouraging fourth fastest. But for team-mate David Coulthard his session would see him way down the times after been only able to complete just six laps before an oil leak saw him have to return to the pits. Like Ralf expect him to move up to the front of the order.

Both Nick and David had been confirmed as drivers for the McLaren team in 2003, while Mika Hakkinen announced his retirement.

Mika would comment on his retirement by saying: “At the Monaco Grand Prix in 2001 I informed Ron that I wanted to stop, but he wanted to make sure that I made the right decision and gave me the opportunity to take a sabbatical. Once I had spoken with Ron a huge weight came off my shoulders, I really enjoyed the rest of the season and was able to win at Silverstone and Indianapolis. At this year's Monaco Grand Prix I wasn't sure how I was going to feel but the visit made it clear to me that I had made the right decision and I told Ron that I was going to retire.

I have been through so much in my Formula One career and achieved a lot and I just didn't think it was worth it to push things any further. I want to spend time with my family and see Hugo growing up. I have met a lot people over the years and there are so many I want to thank personally which I will do at a later time. All I can say now is a big heartfelt thank you to everybody. I appreciate the support and friendship you have showed me over the years - thank you.”

Next was Nick Heidfeld, fifth fastest in his Sauber Petronas ahead of the of Juan Pablo Montoya and team-mate Felipe Massa. For the Jordan drivers Takuma Sato would finish a tenth of a second faster than Giancarlo Fisichella in eighth position. Fisichella had to prove his fitness prior to taking part in practice but quickly got back into the swing of things after missing the French GP.

Toyota's Allan McNish finished ahead of team-mate Salo in eleventh, while o was fourteenth. behind McNish came Villeneuve and the fastest Renault of Jarno Trulli. Renault team-mate Jenson Button was down in seventeenth.

Behind Salo came Eddie Irvine in the Jaguar. Jaguar team-mate Pedro de la Rosa was just twentieth fastest after completing just eight laps before suffering a engine failure. The final two drivers were the Minardi's of Mark Webber and Alex Yoong.