2008-03-26 (Wednesday 26 March 2008) Following the meeting that was held at the Société Nautique de Genève in Switzerland with representatives from both SNG and Golden Gate Yacht Club, Lucien Masmejan, lead counsel for the defending yacht club, expresses:

“Despite having had great hopes for today’s meeting with GGYC, we were very disappointed with the outcome. GGYC adopted the same approach that it took last year coming to the meeting with a fixed position rather than to discuss and find a resolution in accordance with Justice Cahn’s Order.

We are particularly frustrated by the GGYC’s assertion that the agreement made in front of Justice Cahn to ‘toll the case’ so that the Defender would have 10 months notice as per the Deed of Gift no longer applies and that racing should take place in October 2008.

GGYC confirmed that it has already started building its boat for the America’s Cup Match and stated that SNG has time to build a boat by October 2008 but should this not be possible that SNG should compete in an existing boat. This clearly is an extension of the GGYC’s strategy to win the America’s Cup at all costs as it would guarantee an absurdly miss-matched race – precisely the opposite of the racing that we have come to expect from the America’s Cup.

We remain committed to trying to move the fight from the court room back to the water but the actions of GGYC are making this extremely difficult to achieve. GGYC has successfully guaranteed itself entry via the Courts to the America’s Cup Match for the first time, despite its strong statements that its legal action was for the benefit of all Challengers. We will use all avenues open to us to ensure that they are forced to compete in a competitive race in the spirit and tradition of the America’s Cup.”