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SOUTHAMPTON, (February 16, 2004) – With the Oscar nominations recently announced, the BAFTA’s awarded and public interest in the film industry at its annual peak, Boating Partners UK Ltd (BPUK) is thrilled to be able to offer individuals a unique opportunity to become involved in both the celebrity world of films AND the glamorous jet-set lifestyle of ocean racing. BPUK, in association with Kirkham Motte taxation specialists, and Defender Productions, have formed a unique merging of the British film industry and International Ocean racing to create an exciting investment opportunity.

Boating Partners was created to package, sell and organise corporate promotional programmes using the values added through participation in International Ocean Racing. They are bringing a fresh view to all aspects of ocean racing, uninhibited by pre-conceived ideas and always with the intention to win. Their overriding goal is the delivery of outstanding partnership opportunities with total partner satisfaction; to win, on and off the water.

BPUK’s portfolio of ocean races include The Mini Transat 2005, The Antarctica Cup Race 2005, a World Record attempt around Britain by powerboat this summer and their flagship campaign the Volvo Ocean Race 2005 – 2006. “We are constantly on the look out for other potentially exciting and commercially viable campaigns in ocean racing to broaden our portfolio”, said BPUK’s MD Manley Hopkinson. “That way we can offer tailor made corporate communication platforms to a wider audience. However, this exciting link up with the British Film Industry will now allow individuals access to the world of ocean racing, with all its many benefits”.

The LLP Film Fund is a tax efficient investment scheme whereby individuals investing in the existing Film Limited Liability Partnership (LLP) via the Defender Film Fund, can qualify for 100% tax relief going back 3 years for income tax and 2 years for Capital Gains tax. This reclaimed tax is split between the film fund, a tax free cash return to the investor and membership of the prestigious Boating Partners “Line Honours Race Club”. Additionally, there is a further potential return from worldwide film rights.

The LLP’s are making use of the tax law designed to assist the British Film Industry which allows for “losses on films to effect taxable income for the current year and retrospectively for up to 3 years prior”. Individuals reap the benefits of investment in the British Film Industry and gain access to the equally exciting world of ocean racing at no actual cost or outlay to themselves, and receive a cash return. It really is an outstanding win – win investment for people.

The figures in the example below have been simplified for clarity and assume annual earnings of £250,000:

Investors can then enjoy some fabulous benefits from the yachting and film worlds due to their involvement. Their membership of the ‘Line Honours Race Club’ provides them with access to and exclusive entertainment on the range of Boating Partners yachts, invitations to special events at many of the world’s premier sailing events, invitations to start, finishes and stopovers to follow the Boating Partners race yachts around the globe. Ancillary benefits will include affiliation with other prestigious clubs and use of the race club travel and accommodation booking service

Involvement with the film industry provides investors with an excellent chance of additional uplift in investment (investors own 25% of worldwide distribution rights), exclusive invitations to meet with the film producers, actors and directors and even opportunities to work in the films. A fantastic hospitality option is also available for the Cannes Film Festival - invitations and accommodation at the highly prestigious Cannes Film Festival and its numerous film premieres.

BPUK are excited to be currently organizing the hospitality package for their potential investors for this year’s annual Cannes Film Festival, May 12-23, 2004. There will be an opportunity to mix with film stars such as Jean-Claude Van Damme, Dennis Hopper, Jerry Springer, Andy Garcia and Kelly Brooke. An exclusive golf day, access to motor yachts and trips on ocean racing yachts, are just a few other fantastic opportunities that will be on offer during a glamorous, fun and unforgettable week for investors.

Last year some £300m was reclaimed from the Inland Revenue to fund similar schemes, with successful films such as “Calendar Girls” and “Girl with a Pearl Earring” funded this way. Many investors chose to maintain there anonymity but many stars have made good use of the investment opportunity including Gary Lineker, Jeremy Paxman, Simon Fuller and the Beckhams.

This unique chance cannot last forever and time is already running out for those who are interested in becoming involved. Individuals need to contact BPUK within the next few weeks if they are going to have the chance of ‘getting on board’ this year’s scheme.

For further media information please contact Angus Macdonald @ S2 Marketing Ltd.

Tel: +44 207 924 3424 Email: a.macdonald@s2marketing.co.uk

For further information on BPUK, LLP and sponsorship opportunities contact:

Tel: +44 207 924 2866 info@boating-partners.com or visit www.boating-partners.com

Through the medium of world class, International Ocean racing, Boating Partners present outstanding marketing and promotional opportunities. BPUK offers the full range of capabilities required to succeed commercially and on the water, including:

· Unrivalled Ocean Race experience; syndicate formation, commercial and race success

14 years research of the entire investment and tax market has kept Kirkham Motte at the cutting edge of financial and tax planning.

A British based film production and Investment Company specialising in Limited Liability Partnership Film Fund investment schemes."