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Challengers Make Joint Application To Arbit. Panel

PRESS RELEASE NOVEMBER 24, 2002

TWO CHALLENGERS MAKE JOINT APPLICATION TO THE AMERICA’S CUP ARBITRATION PANEL

AUCKLAND, NZ, NOVEMBER 24, 2002–Team Dennis Conner and Prada Challenge, challengers for the America’s Cup, today issued the following joint statement:

"The New York Yacht Club, the longest-standing trustee of the America's Cup, and Yacht Club Punta Ala, the present Challenger of Record, have today filed a joint application with the America's Cup Arbitration Panel regarding Seattle Yacht Club (OneWorld Challenge).

"The application follows recent access to evidence in connection with the possession and use by OneWorld of other syndicates' design information.

“In the interests of the event, the applicants believe that there must be a full and timely investigation. NYYC and YCPA are now waiting for directions from the Panel. No further comment will be made whilst the application is pending"

ENDS

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