FOR IMMEDIATE RELEASE

Chase-Boat Error Results In Fine

AUCKLAND - January 23, 2003 - Team Alinghi confirmed today that two contract staff using a borrowed chase boat had inadvertently strayed into a restricted sailing area and incurred a fine of 10.000 NZD.

The Team noted that the contractors were inexperienced and entered the zone by mistake while attempting to locate another Alinghi chase boat in the Hauraki Gulf. Alinghi expresses its regrets and apologizes to the New Zealand Police and Team New Zealand.

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