UK. Raymarine statement on possible sale of the business
Monday, 21 December 2009

The board of Raymarine (the “Board”) announces that it is entering into exclusive discussions with a single party over the possible sale of the business and assets of Raymarine and that it is no longer in discussions with Garmin Ltd. It is envisaged that the proposed transaction will be structured by means of a sale of Raymarine Holdings Limited, a wholly-owned subsidiary of Raymarine, and that, subject to certain limitations, the whole of Raymarine’s bank debt will be repaid on closing. Raymarine’s other creditors (including employees and suppliers) will continue to be paid in the normal course. Further to the Company’s announcements of 12 June 2009 and 17 August 2009 and its interim management statement on 19 November 2009, it is not anticipated that there will be any value remaining for ordinary shareholders.

The proposed transaction will be subject, amongst other things, to the potential buyer completing satisfactory due diligence and to the agreement of definitive documentation. Accordingly, the Board notes that there can be no certainty that the proposed transaction will be completed. In light of this, Raymarine and its banking syndicate are in constructive discussions in relation to an extension to the Raymarine group’s current banking facilities which expire on 31 March 2010.

As a result of the proposed transaction structure, the Board confirms that it is no longer in discussions with any parties regarding a potential offer for the Company under the City Code on Takeovers and Mergers.

A further announcement will be made in due course.