MINUTES – COUNCIL 13 NOVEMBER 2003

The Council of the International Federation met at 14:30 hrs on Thursday 13th November 2003 at Palacio de Congresos, Barcelona, Spain.

Contents

CONTENTS 1 (A) REPORT FROM THE EXECUTIVE COMMITTEE 4 (B) REPORT ON ‘CONNECT TO SAILING’ 4 PRESENT: 1 (C) REPORT ON ICE SAILING 5 ALSO IN ATTENDANCE 2 (D) REPORT ON RADIO CONTROLLED SAILING 5 MINUTES 2 (E) REPORT ON WORLD SPEED SAILING RECORDS 6 1. CALL TO ORDER 2 (F) REPORT FROM THE INTERNATIONAL FOUNDATION FOR (A) PREAMBLE FROM THE CHAIRMAN 2 DISABLED SAILING (IFDS) 6 (B) ATTENDEES, ALTERNATES AND APOLOGIES 2 (G) REPORT FROM ATHOC 7 I. APOLOGIES 3 (H) REPORT FROM BOCOG 7 II. ALTERNATES 3 I. CITY OF QINGDAO 7 II. PREPARATION FOR THE SAILING EVENT 7 2. MINUTES OF PREVIOUS MEETINGS 3 III. FUTURE WORK 7 (A) MINUTES OF THE COUNCIL MEETING, MAY 2003 3 (I) REPORT ON THE OLYMPIC ORGANISATIONS 8 I. MATTERS ARISING 3 (B) MINUTES OF THE ANNUAL MEETING OF THE 5. ANNOUNCEMENTS 8 INTERNATIONAL SAILING FEDERATION (IOM) LTD 3 (A) ISAF RACE OFFICIALS 8 (C) MINUTES OF THE EXECUTIVE COMMITTEE MEETINGS3 (B) 2004 GENERAL ASSEMBLY 8 I. 21-23 MAY 2003 3 (C) ELECTION COMMITTEE 8 II. 7-9 SEPTEMBER 2003 3 6. ANY OTHER BUSINESS 8 (D) MINUTES OF THE EVENTS COMMITTEE MEETING, MAY (A) PROCESS FOR RECEIVING SUBMISSIONS AND 2003 3 RECOMMENDATIONS 8 3. FINANCE 4 (B) MOVE OF VENUE FROM SINGAPORE TO BARCELONA8 (A) MANAGEMENT ACCOUNTS 4 APPENDIX A – BUDGET FOR 2004 10 (B) SUBSCRIPTIONS AND OTHER FEES 4 APPENDIX B – LIST OF RACE OFFICIALS FOR THE OLYMPIC (C) BUDGETS 4 REGATTA 2004 13 4. REPORTS 4 Present: President - Chairman HM King Constantine President of Honour (ex officio non voting) George Andreadis Vice President Fernando Bolin Vice President Nucci Novi Ceppellini Vice President David Kellett Vice President Göran Petersson Vice President Kenneth Ryan Vice President James Schoonmaker Vice President Fiona Barron (GBR) Representatives of Group A - United Kingdom & Ireland Ken Ellis (GBR)

Dierk Thomsen (GER) Representatives of Group B - Central Europe George Wossala (HUN)

Kamen Fillyov (BUL) Representatives of Group C - East Europe Tomasz Holc (POL)

Giorgio Lauro (ITA) Jean Pierre Champion (FRA) Representatives of Group D - South Europe Zvi Ziblat (ISR)

Arturo Delgado (ESP) Representative of Group E - Iberian Peninsula

The word ‘Federation’ used throughout this document refers to the ‘International Sailing Federation (IOM) Ltd’ and, where necessary, its subsidiary companies and the successors of the same.

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Sadi Claeys (BEL) Representative of Group F - Low Countries

Kim Andersen (DEN) Representatives of Group G - Scandinavia Bjorn Unger (SWE)

Oleg Ilyin (RUS) Representative of Group H - Euro-Asian

Barrie Harmsworth (UAE) Representative of Group I - Africa and Middle East

Yasuo Hozumi (JPN) Representatives of Group J - East Asia Jang Yeon-Moon (KOR)

Teo Ping Low (SIN) Representative of Group K - South and Central Asia

Joe Butterfield (NZL) Representatives of Group L - South West Pacific David Tillett (AUS)

Maximo Riveiro Kelly (ARG) Representative of Group M - South & West South America

Harry Adler (BRA) Representative of Group N - Central & East South America

Jane Moon (CAY) Representative of Group O - North South America, Central America Eric Tulla (PUR) and Caribbean

Charles Cook (USA) David Irish (USA) Representatives of Group P - North America Stephen Tupper (CAN)

Ross Robson (RSA) Representative of Group Q - Africa – South of the Sahara

Jeff Martin (GBR) Representative for the ISAF Classes Teresa Whelan (GBR) Representative for women’s sailing Hans Zuiderbaan (NED) Representative for offshore sailing Arve Sundheim Secretary General (ex officio non voting) Brian Southcott Treasurer (ex officio non voting) Also in Attendance Simon Forbes Technical Manager Craig Mitchell Events & IT Coordinator Jerome Pels Director of Sailing Luissa Smith Development & Information Manager NB: The Council session was an open meeting. The list of observers is not recorded.

Minutes

1. CALL TO ORDER At the outset of the meeting, Council held a minutes silence for all the friends of the Federation that have recently passed away. Council noted in particular the passing of Council member Alexander Sobolev (RUS).

(a) Preamble from the Chairman Council received introductory comments from the chairman on the items of business on the agenda for the meeting.

(b) Attendees, Alternates and Apologies The President noted the apologies from those members unable to be at the meetings and read out the list of alternates representing permanent members:

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i. Apologies Council received apologies as follows: King Harald V of Norway - President of Honour Saeed Hareb (representative of group I) Heebum Kwon (representative of group J Cory Sertl (representative for women’s sailing) ii. Alternates Oleg Ilyin (RUS) representing group H Barrie Harmsworth (UAE) representing group I for Saeed Hareb Jang Yeon Moon (KOR) representing group J for Heebum Kwon Teresa Whelan (GBR) representing women’s sailing for Cory Sertl

2. MINUTES OF PREVIOUS MEETINGS

(a) Minutes of the Council Meeting, May 2003 Council noted the minutes of the Council meeting, 24-25 May 2003. i. Matters Arising Council noted that the Secretariat have started to register absent Council members when they are not present for a vote during the meetings. One member of staff will take note of Council members entering and leaving the room so that the minutes can record the votes cast accurately. The offshore representative raised a matter under item 10(a) (iii) of the minutes about the working party for a new Grand Prix rating rule. Council noted that, whilst the minutes were a true record of the recommendations received by Council in November 2002, the Grand Prix Rule is an initiative of ORC, RORC and US Sailing. The group will report to these stakeholders and the Chairman of the Offshore Committee will inform Council of any developments.

(b) Minutes of the Annual Meeting of the International Sailing Federation (IOM) Ltd Council noted the minutes of the annual meeting of the International Sailing Federation (IOM) Ltd, 25 May 2003. There were no matters arising.

(c) Minutes of the Executive Committee Meetings Council noted the minutes of the Executive Committee meetings: i. 21-23 May 2003 There were no matters arising ii. 7-9 September 2003 Council noted that because the International Olympic Committee, the Association of Summer Olympic Sports, Association of Winter Olympic Sports and the General Assembly of International Federations had scheduled their meetings for the same period in May, the Executive Committee had approved a change of date for the 2004 ISAF Mid Year Meetings to 3-6 June. A Council member noted that Secretariat had recorded the change of dates in the minutes of the Executive Committee meetings, September 2003 and on the website. The Secretary General confirmed that, in addition, he would advise any future changes to dates by e-mail. Council member Charles Cook (USA) also advised Council that US Sailing will assist delegates to receive the necessary visas to the US by sending out individual invitations, and asked that delegates request the invitations as soon as possible so that the necessary procedures for entry can be followed in due time.

(d) Minutes of the Events Committee meeting, May 2003 Council noted the minutes of the Events Committee meeting, 22-23 May 2003. There were no matters arising.

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3. FINANCE

(a) Management Accounts Council received a report from the Secretary General on the income and expenditure statement for the period 1 January to 30 September 2003. On the subject of income, at the end of the third quarter the Federation had used £400,000 of the budgeted £947,000 from the Olympic monies. The Secretary General advised that the Federation would probably need to use the rest before the end of 2003 and therefore there would be no surplus to the budgeted figures as in earlier years. On the subject of expenditure, the Secretary General advised that the original prediction that the cost of the annual conference in Barcelona would be consistent with the budget approved for the meetings in Singapore were too optimistic and the arrangements at the venue will cost more than expected. In summary, the Secretary General advised that the estimated income and expenditure to the end of 2003 would be consistent with the budget figures.

(b) Subscriptions and Other Fees Council noted the unpaid Member National Authority (MNA) and Class subscriptions as at 30 September 2003: Federacion Algerienne de Voile £ 546 2003 Subscription Federated States of Micronesia £ 50 2003 Subscription Associacion Navigacion a Vela Guatemala £ 546 2003 Subscription Philippine Sailing Association £ 1,036 2003 Subscription Council noted that the number of unpaid subscriptions is an improvement on earlier years.

(c) Budgets Council received a recommendation from the Executive Committee on a budget for 2004 and noted that they had not included the financial implications of any decisions taken by Council at their meetings 14-15 November 2003. Council noted that, compared to the circulated budget, the Executive Committee had agreed to increase the proposed budget for Connect to Sailing to £20,000. Council also noted that the expected draw down from the Olympic monies would be higher than the last three years. This is mainly because of the high costs of securing suitable accommodation for the ITOs at the Olympic Regatta in Athens 2004. The Secretary General advised that the Federation should still hold reserves of about £1.5 million at the end of 2004. Decision (i) On a proposal by Maximo Riveiro-Kelly (representative of Group M), seconded by Kamen Fillyov (representative of Group C), Council unanimously approved the proposed budget for 2004 in principle (attached as appendix A). (ii) The Executive Committee will review the budget at their meetings in February 2004, in the light of the decisions made by Council at their meetings 14-15 November 2003, and present a revised budget for Council’s approval at the Mid Year Meetings.

4. REPORTS

(a) Report from the Executive Committee Council received a summary report from the President on the activities of the Executive Committee since the last Council meeting, May 2003.

(b) Report on ‘Connect to Sailing’ Council received a report from Malav Schroff (GBR) on the ‘Connect to Sailing’ project approved in principle by Council in May 2003.

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The project has prompted the Member National Authorities (MNAs) in the UK, Republic of Ireland, Portugal, Australia and Singapore to start task forces for the promotion of the sport. US Sailing is intending to start their programme soon and the working group hope to link up with initiatives already underway in France and Poland. The working group are also confident that, with financial support from the Federation, they can develop a suitable platform for the development of a completely new strategy to redefine the sport of sailing, make it more exciting and the first choice for youth. Council asked the Executive Committee to put priority on the project. The President advised that the Executive Committee are hoping that the sailing industry, which is a partner in the project, will match their initial investment of £20,000. If the project is successful over the next 12 months, and with the receipt of the Athens Olympic money, the Executive Committee will consider investing extra resources in the project.

(c) Report on Ice Sailing Council received a report from Tomasz Holc (POL) on the Ice Sailing group activities in 2003. Ice sailing takes place in nearly 30 countries, on three continents. Today the International DN Ice Association has 2,200 registered competitors from over twenty countries, which are racing regularly. The winter season of 2003 was the first season of a new initiative – the ice optimist – that proved to be an excellent cooperation with the International Optimist Class. There is now quite a large fleet of 'Ice Optimists' racing in northern Europe. Whilst the rig has some minor changes, the sails carry the Optimist logo. During this years clinics there were sixty young sailors taking part in the Ice Optimist events and training sessions. Council noted that the International DN Ice Yacht Racing Association had originally prepared a submission to become an international class association for consideration in November 2003, but that they have now withdrawn this submission. They keep their membership as ‘Affiliate Member’ for the time being. The group would like clear answers from the Federation on a way forward for ice sailing to become an Olympic sport. The Secretary General advised that there are clear guidelines on what sports the IOC accepts into the winter games and, because sailing is a summer sport, it might be more suitable for the ice sailors to set up a separate international winter sports federation, apply for membership to GAISF and seek recognition as an official winter sport.

(d) Report on Radio Controlled Sailing Council received a report from Jan Dejmo (SWE) on the activities of the Radio Controlled Sailing group in 2003. The organisation held the first radio controlled world championships in 1982 with rated equipment that made it possible for a whole fleet of boats to be sailed at the same time. In 2003, the races are limited to about 20 boats so that the competitors can easily identify their boats on the course. The organisers divide each fleet into heats, and decide the competitors in each heat by the results of their last race. One of the benefits of this system is that sailors in the bottom third of the competition can still cross the finish line as a winner in their heat, thus encouraging people into the sport. One of the other key successes of radio sailing is that the umpires are among the sailors during the racing rather than closed off on a committee boat, making the sport truly inclusive. The newest class, the 1-metre, has become by far the most popular because it is a less expensive choice compared to the other. The 1-metre class had its world championship in Royal Vancouver Yacht Club in 2003 and has about 15,000 owner-drivers. At the other end of the scale, the 1.3-metre class are extreme machines, with a draught of 70cm and a mast height of 2.1 metres. Council noted that the Executive Committee have asked the radio sailing division to consider their membership within the Federation since the name, at present, is misleading. As an independent organisation, the radio sailing division has been able to develop the class rules rapidly but according to the ISAF standard. However, by acting as a rule making authority, the organisation, by its own admission, has neglected its work as a class association. The radio sailing division has therefore convinced the 1-metre sailors that they should form an international class association. A future proposal to ISAF would probably be that the radio

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sailing classes affiliate directly to ISAF as ordinary classes and that the radio sailing division becomes a multi-class association representing the smaller groups of boat owners.

(e) Report on World Speed Sailing Records Council received a brief history and a report from John Reed (GBR) for the Speed Record Council. Council noted with sadness, the death of Sir Peter Johnson who was the chairman of the World Speed Sailing Record Council. Peter was one of the three titled chairmen of the WSSRC since the formation of the body in 1972 when Sir identified the need to give credence to speed claims by yachtsmen. In those days, the organisation was solely concerned with recording the speed of a yacht sailing one way over a 500-metre course. The period from 1972 to the mid 80s was one of considerable activity, occasioned by the growth of windsurfing and their enthusiasm for speed sailing. They dominated the speed sailing events and all the record lists. In the late 1970s, Sir Reginald Bennett, a man of great character and humour, took up the Chairmanship. In the 1980s, the then IYRU asked WSSRC to extend its responsibility to ocean records following several high profile and fraudulent claims. This is where the third titled chairman Sir Peter Johnson entered the scene. Peter was a prominent journalist and a yachting historian and his knowledge formed the basis on which the WSSR built the ratification of the current world records. His initial draft of the WSSR rules has remained largely unchanged until the present day. There were thirty ocean record attempts in 2003 at the date of the meeting. From this, a total nine records were broken and three new records established. Four speed sailing events over the 500-metre course have taken place under the observation of the WSSR but the 10 year old out right record of 46.52 knots remains unbroken. Council noted the enthusiasm of the organisation for the job of administering speed records under sail, and that they carry it out with efficiency and economy and at no cost to the Federation or the Member National Authorities.

(f) Report from the International Foundation for Disabled Sailing (IFDS) Council received a report from Åsa Llinares (SWE) on the activities of the International Foundation for Disabled Sailing (IFDS) in 2003. In 2003, the International Foundation for Disabled Sailing (IFDS) held their world championships in Athens with 99 sailors from 21 countries and 3 continents. The event, sailed in Sonars, was also the second qualification event for the Para Olympic Games. Council noted that the International Olympic Committee (IOC) has asked all the Olympic sports to include more severely disabled and female athletes and, by modifying their classification system to encourage more severely disabled people to compete, that is one of the aims of International Foundation for Disabled Sailing (IFDS) for the future. In 2004, there will be the International Foundation for Disabled Sailing (IFDS) single-person dinghy world championships in Melbourne, Australia. The event will be sailed in ‘International Liberty’ dinghies. The boats can accommodate the most severely disabled people, those with high spinal injuries or people that sail with ventilators. The two-person keelboat World Championship events, later in 2004, will be sailed in ‘Martin 16s’ which can also be sailed by severely disabled people using electronic controls. In addition, there are plans for a mini conference on disabled sailing in Singapore. The International Foundation for Disabled Sailing (IFDS) hold three World Championship events per year and Council members noted that, if necessary, the Federation would support applications for further disabled sailing world championships organised by the association. Council also noted that the International Foundation for Disabled Sailing (IFDS) have changed their status to become an association but have kept the name; members at the AGM adopted the new constitution this year in Athens. Finally, the International Foundation for Disabled Sailing (IFDS) expressed their thanks to Luissa Smith and Emma Little for their hard work in administering the association and its events.

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(g) Report from ATHOC Council received a report from the organising committee on the preparations for the Olympic regatta, 2004. Council noted the mascot for the Olympic regatta 2004, launched by ATHOC in 2003 and inspired by the ancient games dating back to the 7th century BC. The second test event took place in Athens at Ayias Kosmas from 20-28th August. Two-hundred and seventy five boats participated in the event, with 395 athletes from 42 nations. ATHOC used the entire venue, as will be used during the Olympic regatta. Council also received details of the competition schedule for 2004. The venue will open on 30th July, the same day as the Olympic village. The draw for the equipment for the men’s single handed event will take place on 5th August. The organising committee have scheduled five medal ceremonies on the 21st, 22nd, 25th, 26th and 28th August, before the closing ceremony.

(h) Report from BOCOG Council received a report from Shuxia Meng, deputy secretary general of the Chinese Yachting Association, on the preparations for the Olympic regatta, 2008. i. City of Qingdao Qingdao is about an hour’s flight from Beijing, lying in the temporal climate region, the area has a very distinctive characteristic of mild and pleasant marine climate with an annual average temperature of 12.2 degrees Centigrade. The city has seven different districts with total area of 11,000 sq. kilometres and a population of about 9 million. The district of Qingdao has a coastline of 730 kilometres with a number of ports - one of which is the third largest in China – plus islands and beaches. There are already nine international airlines and there will be a direct flight from Frankfurt to Qingdao by the year 2006. Train travel in China is very popular so there are 50 railways linking Qingdao and other major cities in. Qingdao beer it is very famous but apart from the beer factory there and there are also several leading industrial enterprises and two universities specialising in marine scientific research. ii. Preparation for the Sailing Event BOCOG set up the Qingdao Sailing Committee on 11th June 2003; the mayor of Qingdao is the President and there are four other vice presidents. The committee has established a website where local people can express their opinions on the arrangements. The committee has received many good ideas and suggestions and they invited Council members to visit the website and give their feedback. The government of Qingdao has already put a large amount of money into city construction, including traffic and environmental protection such as highway development and a new terminal building for Qingdao airport, which will be finished in March 2004. The city is also building a walkway along the coast so that the citizens have a better view of the sea and the sailing events. The main sailing area where the wind is more constant will be slightly outside Qingdao bay. The mayors and leaders from Qingdao have paid several visits abroad (e.g., Barcelona, Kiel and Athens) to get better knowledge and understanding of sailing venues. In addition, there have been many key meetings with International Olympic Committee (IOC) and ISAF leaders. iii. Future Work Work to ensure the construction of the Olympic sailing venue and set up a complete system of the hydrometeorology monitoring is a priority. Also important is work to protect the environment during the construction process and the training of staff of the organising committee, volunteers, and especially the race officials. The Qingdao organising committee will work closely with the Federation and make a detailed programme, to start in 2004. The organising committee have proposed the names of two race managers to the Federation; these people, once approved, will have direct contact with the Federation on all future work. Council members asked for the hydro meteorological data that is being prepared to be available via the ISAF website as soon as possible. Council noted that the International Olympic

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Committee (IOC) has moved the dates for the Olympic Games to one month later than originally publicised.

(i) Report on the Olympic Organisations Council noted that the ASOIF, GAISF and the International Olympic Committee (IOC) previously held their meetings on separate dates and at alternate venues. For 2004, they will jointly hold their meetings in Lausanne during May.

5. ANNOUNCEMENTS

(a) ISAF Race Officials Council received the lists of International Measurers, International Umpires, International Race Officers and International Judges approved by the Race Officials Committee for appointment and re-appointment in 2004. Council also received the list of officials appointed for the Olympic regatta 2004. (Attached as appendix B)

(b) 2004 General Assembly Council noted that there would be no annual meeting of the International Sailing Federation (IOM) Ltd during the Mid Year Meetings 2004. This is because of the scheduling for the General Assembly, which, according to the constitution must be the same meeting. The Directors of the Company (Council) will therefore approve the accounts in May so that the auditors can file them in line with the relevant Companies Acts. To follow due process, the shareholders (Member National Authorities (MNAs)) will vote on them during the General Assembly in November 2004.

(c) Election Committee To appoint the Election Committee for the General Assembly, 2004 (Article 77) – deferred to the Mid Year Meetings 2004

6. ANY OTHER BUSINESS

(a) Process for Receiving Submissions and Recommendations The Secretary General briefly outlined the process for receiving the submissions and recommendations at the meetings 14-15 November 2003. The Secretariat will compile all the recommendations and the opinions on each submission into one item in a new book that the Secretariat will circulate to Council members at the beginning of the meeting. According to the agenda, Council will follow the submissions in sequence. The Secretariat has kept the numbering of deferred submissions from the year that Council received them but Council will deal with them together with relevant submission on the same subject. There will be no full reports from committee chairmen but, where the committees have made recommendations not based on submissions, the chairman will be able to speak more freely on these issues.

(b) Move of Venue from Singapore to Barcelona Council noted that the Federation had moved the annual conference out of Singapore on rather short notice because of a potential problem with SARS, and that the Executive Committee had to find a new location quickly. Fortunately, Barcelona came forward and the Federation was able to hold the meetings at the Palacio de Congresos thanks to personal support from Snr Enric Puig Planas. However, the move put the staff under great pressure to accomplish everything in such a short period. Council thanked the staff for their hard work in achieving a successful conference under this pressure. In addition, Council commended the staff for the highly successful ISAF Rolex World Sailor of the Year Awards, held on Wednesday 12th November 2003.

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Circulation: ISAF Council Member National Authorities Affiliate Members Associate Members ISAF Classes Committee Chairmen ISAF Secretariat

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APPENDIX A – BUDGET FOR 2004

ISAF INCOME AND EXPENDITURE STATEMENTS

CONSOLIDATED MANAGEMENT ACCOUNTS - 1ST JANUARY TO 30TH SEPTEMBER 2003 PROPOSED BUDGET - 1ST JANUARY TO 31ST DECEMBER 2004

A BC

(Exchange rate = Euro 1.43/£) £ £ Euros £ Euros Income Normal Income £650,000 £645,234 € 916,121 £550,000 € 786,500 Olympics £947,000 £400,000 € 572,000 £1,060,000 € 1,515,800 ITOs - Olympic Regatta 2004 £0 £0 € 0 £75,000 € 107,250

TOTAL Income £1,597,000 £1,045,234 € 1,488,121 £1,685,000 € 2,409,550

Expenditure Committees / Activities £626,000 £378,285 € 538,761 £613,000 € 876,590 Olympics £140,000 £50,412 € 29,190 £220,000 € 314,600 Administration £831,000 £608,794 € 870,576 £852,000 € 1,218,360

TOTAL Expenditure £1,597,000 £1,037,492 € 1,438,527 £1,685,000 € 2,409,550

£0 £7,742 € 49,594 £0 € 0

INCOME A BC

(Exchange rate = Euro 1.43/£) ££Euros£Euros Member National Authority (MNA) Subscriptions £220,000 £232,306 € 332,197 £175,000 € 250,250 Affiliated Member Subscriptions £1,000 £473 € 676 £1,000 € 1,430 ICA Subscriptions £15,000 £15,540 € 22,222 £15,000 € 21,450 New Class Application Fees £1,000 £2,250 € 3,218 £1,000 € 1,430 Licensed Builder Fees £10,000 £13,993 € 20,010 £14,000 € 20,020 Fees on New Boats Built £150,000 £104,955 € 143,522 £125,000 € 178,750 Olympic Solidarity Donations £20,000 £24,805 € 35,472 £24,000 € 34,320 Olympic Solidarity Training £3,000 £3,715 € 5,313 £4,000 € 5,720 Publications & Technical Specifications £9,000 £4,738 € 6,775 £5,000 € 7,150 ISAF Merchandise £0 £2,236 € 3,198 £1,000 € 1,430 Special Events £0 £23,420 € 33,490 € 0 America's Cup/Approval Fees £140,000 £149,689 € 214,055 £55,000 € 78,650 Sponsorship £0 £0 € 0 £50,000 € 71,500 World Sailor of the Year £70,000 £62,745 € 89,725 £75,000 € 107,250 International Foundation for Disabled Sailing (IFDS) £1,000 £1,370 € 1,959 £1,000 € 1,430 Website £2,000 £0 € 0 £1,000 € 1,430 Evaluation Events £8,000 £3,000 € 4,290 £3,000 € 4,290 Income £650,000 £645,234 € 916,121 £550,000 € 786,500

Olympics £947,000 £400,000 € 572,000 £1,060,000 € 1,515,800 ITOs - Olympic Regatta 2004 £0 £0 € 0 £75,000 € 107,250

TOTAL INCOME £1,597,000 £1,045,234 € 1,488,121 £1,685,000 € 2,409,550

COLUMN A: APPROVED REVISED BUDGET FOR 2003 COLUMN B: ACTUAL FIGURES FOR THE PERIOD ENDING 30TH SEPTEMBER 2003 COLUMN C: PROPOSED BUDGET FOR THE PERIOD ENDING 31ST DECEMBER 2004

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CONSOLIDATED MANAGEMENT ACCOUNTS - 1ST JANUARY TO 30TH SEPTEMBER 2003 PROPOSED BUDGET - 1ST JANUARY TO 31ST DECEMBER 2004

EXPENDITURE A BC

(Exchange rate = Euro 1.43/£) £ £ Euros £ Euros Committee / Activities ISAF Meetings £150,000 £62,669 € 89,617 £155,000 € 221,650 Executive Committee Meetings £25,000 £20,152 € 28,817 £25,000 € 35,750 Executive Expenses £30,000 £23,543 € 33,666 £30,000 € 42,900 Committees' Activities £50,000 £14,359 € 20,534 £27,000 € 38,610 Race Officials Programme £70,000 £43,788 € 62,617 £75,000 € 107,250 International Foundation for Disabled Sailing (IFDS) £1,000 £273 € 390 £1,000 € 1,430 Athletes Participation Programme £0 £9,825 € 14,049 £22,000 € 31,460 Special Events £0 £3,047 € 4,358 £5,000 € 7,150 America's Cup / (MNA) Share £80,000 £86,984 € 124,388 £0 € 0 ISAF Events £5,000 £10,152 € 14,518 £5,000 € 7,150 Evaluation Events £15,000 £1,278 € 1,828 £10,000 € 14,300 Marketing & Sponsorship £4,000 £3,459 € 4,946 £5,000 € 7,150 World Sailor of the Year £70,000 £1,824 € 2,609 £70,000 € 100,100 Media Relations (inc 'ISAF Television' Project) £0 £194 € 278 £30,000 € 42,900 Connect to Sailing £0 £29 € 41 £20,000 € 28,600 Website & IT Development £20,000 £17,025 € 24,346 £25,000 € 35,750 Rankings £1,000 £750 € 1,073 £1,000 € 1,430 Insurance £40,000 £27,424 € 37,030 £45,000 € 64,350 Building Fees - Class & Designer Share £30,000 £28,763 € 41,131 £30,000 € 42,900 Plaques Purchased £3,000 £1,628 € 2,328 £2,000 € 2,860 Measurement £0 £1,617 € 2,312 £0 € 0 Technical Inspection Programme £10,000 £1,578 € 2,256 £5,000 € 7,150 Olympic Solidarity - General £4,000 £4,930 € 7,050 £5,000 € 7,150 Publications £18,000 £12,992 € 18,578 £20,000 € 28,600

TOTAL Committees / Activities £626,000 £378,285 € 538,761 £613,000 € 876,590

EXPENDITURE A BD

(Exchange rate = Euro 1.43/£) £ £ Euros £ Euros Olympics Staff Salaries £45,000 £30,000 € 42,900 £48,000 € 68,640 Classes Administration £40,000 £16,000 € 22,880 £40,000 € 57,200 IOC Meetings £7,000 £818 € 1,170 £2,000 € 2,860 Olympic Regatta 2004 / 2008 £18,000 £3,594 € 5,139 £100,000 € 143,000 Anti Doping Program £30,000 £0 € 0 £30,000 € 42,900

TOTAL Olympics £140,000 £50,412 € 29,190 £220,000 € 314,600

COLUMN A: APPROVED REVISED BUDGET FOR 2003 COLUMN B: ACTUAL FIGURES FOR THE PERIOD ENDING 30TH SEPTEMBER 2003 COLUMN C: PROPOSED BUDGET FOR THE PERIOD ENDING 31ST DECEMBER 2004

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CONSOLIDATED MANAGEMENT ACCOUNTS - 1ST JANUARY TO 30TH SEPTEMBER 2003 PROPOSED BUDGET - 1ST JANUARY TO 31ST DECEMBER 2004

EXPENDITURE A BC

(Exchange rate = Euro 1.43/£) £ £ Euros £ Euros Administration Salaries £420,000 £327,290 € 468,024 £460,000 € 657,800 Employment costs £95,000 £63,941 € 91,436 £100,000 € 143,000 Other staff costs £10,000 £12,114 € 17,324 £15,000 € 21,450 Office rent & rates £80,000 £61,066 € 87,324 £80,000 € 114,400 Office running costs (inc. heat, light & power) £15,000 £13,067 € 18,686 £18,000 € 25,740 Equipment rental & renewals £30,000 £12,262 € 17,535 £15,000 € 21,450 Travelling & entertaining £30,000 £3,838 € 5,489 £18,000 € 25,740 Telecommunications £19,000 £11,585 € 16,566 £20,000 € 28,600 Printing, stationery & postage £21,000 £22,285 € 31,868 £27,000 € 38,610 Legal & audit fees £22,000 £14,494 € 20,726 £20,000 € 28,600 New IOM Trust £0 £1,443 € 2,064 £0 € 0 International subscription fees £3,000 £2,395 € 3,425 £3,000 € 4,290 ISAF Goods £5,000 £2,499 € 3,573 £5,000 € 7,150 Bank charges & interest £6,000 £5,368 € 7,676 £6,000 € 8,580 Depreciation £70,000 £38,901 € 55,629 £60,000 € 85,800 Debtors £5,000 £16,246 € 23,232 £5,000 € 7,150

TOTAL Administration £831,000 £608,794 € 870,576 £852,000 € 1,218,360

COLUMN A: APPROVED REVISED BUDGET FOR 2003 COLUMN B: ACTUAL FIGURES FOR THE PERIOD ENDING 30TH SEPTEMBER 2003 COLUMN C: PROPOSED BUDGET FOR THE PERIOD ENDING 31ST DECEMBER 2004

Page 12 of 13 Last Updated: 23-Jan-04 COUNCIL – 13 NOVEMBER 2003 (CONT.)

APPENDIX B – LIST OF RACE OFFICIALS FOR THE OLYMPIC REGATTA 2004 Technical Delegates

Göran Petersson SWE Jerome Pels ISAF

International Jury

David Tillett AUS Chairman Jack Lloyd NZL Bernard Bonneau FRA Vice Chairman Marianne Orvin NOR Middelthon Eva Andersson SWE Bill O'Hara IRL Mohamed Azzoug ALG Takao Otani JPN Aaron Botzer ISR George Panagiotou GRE Sally Burnett GBR Joern Richter GER Charles Cook USA Ralph Roberts NZL John Doerr GBR Ana Maria Sanchez del ESP Kamen Fillyov BUL Campo Ferrer Josje Hofland-Dominicus NED Jan Stage DEN Oleg Ilyin RUS Totos Theodossiou CYP Giorgio Federico Lauro ITA Eric Tulla PUR Quanhai Li CHN Stephen Tupper CAN Pertti Lipas FIN

Course representatives

Paul Bastard FRA Anthony Lockett GBR Annika Ekman SWE John Parrish NZL Nelson Horn Ilha BRA Rafael Serrano ESP Helmut Jakobowitz AUT Paul Ulibarri CAN

Measurement Committee

Jean-Pierre Marmier SUI Chairman Simon Forbes ISAF Cliff Norbury GBR Also measurer Mistral

Measurers

Santi Bastida ESP 470 John Koopman USA Francesco Ciccolo ITA Jean-Luc Michon FRA Laser John Goldsmith AUS Tornado Nicki Nocke GER Europe Barry Johnson AUS 49er Juri Saraskin EST

Page 13 of 13 Last Updated: 23-Jan-04