. Super Spars directly supplies a very wide range of high quality aluminium and carbon dinghy masts to the majority of performance dinghy and day boat builders and has distributors in 51 countries.

. Market share statistics are a little misleading as we do not chase volume at any price, preferring to have a profitable business. However, our overall share of the performance dinghy market arguably exceeds Proctor's in most if not all markets that we serve.

. Sailors using Super Spars masts over the last 20 years have an unequalled record of winning major events in classes where sailors have a choice of spar supplier. We don't include the results for classes that have one design spars (eg in our case Blaze, Buzz, ISO, Vareo, RS600, RS700, K6 etc) . Our aluminium masts are made exclusively from 6082 T6 grade alloy extrusions, which are only capable of being produced in the UK.

This confers superior performance compared with other alloy grades used by other spar manufacturers.

. Our M7+ section aluminium mast dominates the competitive 420 and 470 class fleets.

. Gold medal winners in the last 3 Olympic Games used Super Spars M7+ 470 masts . oth the UK 470 class Olympic 2004 teams will use Super Spars masts and 75% of the UK's top ranked 470 sailors use our M7+ mast.

. The ISAF World 420 event in 2003 exclusively used Super Spars masts and booms and this will be repeated in 2004 at Gdynia in Poland.

. Super Spars supplied custom carbon spars (excluding the mast) for the Mirabella V, including the Burgee, Jackstaff, Navigation light mast and Ensign staff.

. We believe our carbon dinghy spars are superior to others in the market place.

Incidentally, it is a little disingenuous of Proctor to claim that "the top flight world is coming back to Proctor" without presenting any supporting facts.

The fact is that Super Spars world wide continues to dominate the majority of performance sailing classes where sailors have a choice of spar (Albacore, GP14, Enterprise, 420, 470, 505, Pirat, Phantom carbon - need I go on? ).

Where independent statistics are available, this becomes obvious.

The following data from the 420 Class association website shows equipment used at the 2004 Open and Ladies' 420 Worlds in Melbourne (winners both using Super Spars masts):

Super Spars . . . . . . . . . . . . . . . . . . . . . . . . . .65% Proctor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .32% AG. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2% Goldspar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1% We are also actively seeking to make further acquisitions in the leisure marine trade, particularly opportunities arising as a result of impending retirement.

Yours sincerely Simon Bevan Managing Director