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Ericsson Racing Team (STO:ERIC) PROTEST AGAINST ERICSSON 4 DISMISSED BY INTERNATIONAL JURY

Ericsson Racing Team (STO:ERIC) SINGAPORE (Jan. 8, 2009) - The International Jury for the Volvo Ocean Race today dismissed a protest against overall race leader Ericsson 4 for allegedly being in violation of the rules of the Volvo Ocean Race.

"We're happy with the decision of the International Jury and thank them for their good work," said Ericsson 4 skipper Torben Grael. "The protest was dismissed on all accounts, and we look forward to getting this race back on the water."

The Rule Management Group (RMG) for the Volvo Open 70 Rule alleged that Ericsson 4 was in violation of the class rule because it had replaced the crash box in the bow last August during the final days of pre-race training in the Canary Islands.

The RMG protest was based on three aspects: that Ericsson 4 was required to inform the RMG of the new crash box, an alleged breach of Volvo Open 70 Rule 3.1, and acceptance by the RMG that the new crash box was exactly the same as the old one.

"[T]he Jury finds there was no obligation for Ericsson 4 to inform the Rule Management Group of the change. The protest is therefore dismissed," said International Jury Chairman Bryan Willis.

"We think it's unfortunate to have spent four days on something that should've never required so much energy," said Ericsson Racing Team General Manager Richard Brisius. "We've had to halt our preparations for the In-Port Race to accommodate the measurement process. We feel vindicated by the outcome and the decision of the International Jury."

The crash box is a sacrificial piece of the bow intended to break away or deform in the event of a collision (much like a bumper in a car) leaving the hull intact. The piece was replaced in the Canary Islands because it had been damaged during training.

The new crash box was a like-for-like replacement made at the Ericsson Racing Team boatyard in Kista, Sweden, from the same mold. Ericsson Racing Team admits that it would've been prudent to notify the RMG of the change, but there is no specific rule imposing an obligation to do so and there was never an intention to mislead the RMG.

ENDS

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

LINK: http://hugin.info/135770/R/1281003/286323.jpg

Ericsson Racing Team

http://www.ericssonracingteam.com

ISIN: SE0000108656

Stock Identifier: SSE.ERICR

US: ERICY

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