Pending AC Jury Resignation

A press release issued by ACM today....

32nd America's Cup – Jury announcement

Valencia, 25th January 2006 – America's Cup Jury member Gabrielle Kaufmann-Kohler has been nominated as a candidate to the Board of Directors of a sponsor to one of the 12 America's Cup teams.

The nomination will be submitted to a vote of the hareholders at the general shareholders' meeting in mid-April. Hence, to avoid any conflict of interest, Gabrielle Kaufmann-Kohler has made it clear that she will withdraw from the Jury for the 32nd America's Cup if elected a member of the Board.

She adds that she would very much regret having to leave her functions as a Jury member, but that this move was required to ensure that the Jury remained a fully independent body.

Clearly this qualifies as "Good News, Bad News."

Good news for Alinghi sponsor UBS, to whose Board Ms Kaufmann-Kohler has been nominated. Her election in April to the UBS Board is said to be highly likely. Gabrielle is very well known in Swiss, indeed European, business circles and no doubt will be a strong addition to UBS board on which Alinghi head Ernesto Bertarelli also serves. UBS has been a strong AC and sailing sponsor for which the entire Cup community is grateful, and hopefully will continue as such for many years to come.

Bad news, at least in the short term, as it appears we will be losing Gabrielle's acknowledged competence on the Cup jury.

Under the Protocol, Jury members are appointed jointly by the Defender and the Challenger Commission. CC Chairman George Clyde has appointed a nominating committee to consider possible successors in concert with the Defender, and a smooth transition is expected.