Receiving what appears to be an ACFT bombing and targeting exercise out of the Panama City area on 141.328 MHz AM and 341.1MHz AM. Call Signs heard FOX2 LEADER, RACER1, RACER2, RACER3, and RACER4. Believe there is an AWACS or EC ACFT working on 341.1 MHz giving bogie and targeting info. Tom Tallahassee, FL.