New Zealand Thoroughbred Racing Annual General Meeting Presentation - - PowerPoint PPT Presentation

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New Zealand Thoroughbred Racing Annual General Meeting Presentation - - PowerPoint PPT Presentation

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New Zealand Thoroughbred Racing Annual General Meeting Presentation by the Presentation by the Chairman and Chief Executive

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SLIDE 1

New Zealand Thoroughbred Racing Annual General Meeting

Presentation by the Presentation by the Chairman and Chief Executive

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SLIDE 2

FY13 FY13 Budget Actual Number of race meetings (actual/scheduled) 366 358 (8) Number of races (conducted/scheduled) 3,040 3,007 (33) NZRB funding (net of RIU costs) 71,371,152 73,412,267 2,041,115 NZTR nominations and acceptance 3,482,050 2,870,338 (611,712) NZTR race day services & other racing income 915,000 981,449 66,449 NZTR operating income 3,244,287 2,946,515 (297,772) Stakes funding (47,511,517) (47,169,600) 341,917 Club & meeting funding (19,686,217) (19,276,703) 409,514 Description Variance

  • Club & meeting funding

(19,686,217) (19,276,703) 409,514 NZRB servicing charges (3,820,053) (3,758,987) 61,066 NZTR operational expenses (5,802,258) (5,779,368) 22,890 Special projects (410,000) (166,508) 243,492 Industry marketing initiatives (400,000) (301,367) 98,633 NZTR Surplus (before infrastructure) 1,382,444 3,758,036 2,375,392 Racecourse infrastructure provision (1,000,000) (2,000,000) (1,000,000) NZTR Surplus (after Infrastructure) 382,444 1,758,036 1,375,592

FY13 NZTR operational expenses (excluding marketing) was under FY12 levels

NZTR AGM 2013 Page 2

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SLIDE 3

Description FY12 Actual FY13 Forecast FY13 Actual Result

  • 1. NZRB distributions to NZTR

$69.6m $71.4m $73.4m

  • 2. Prize money funded by NZTR *

$44.4m $47.5m $47.2m ±

  • 3. Average minimum base prize money

$14,503 $15,629 $15,687

  • 4. Average field size

10.6 10.7 10.4 ×

  • 5. Females as % of individual winners

45.8% 47.2% 47.0% ±

  • 5. Females as % of individual winners

45.8% 47.2% 47.0% ±

  • 6. NZTR operating expenses (excl. marketing)

$5.45m $5.80m $5.78m

  • 7. Ownership participation

12,462 12,504 12,106 ×

  • 8. Race meeting attendance *

480K 510K 487K ±

  • 9. Races conducted *

3,061 3,040 3,007 × 10.NZRB thoroughbred international royalties * $9.3m $10.6m $9.5m ±

NZTR AGM 2013 Page 3

* 10 of 39 KPI’s were impacted by the abandonment of a record 101 races in FY13

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SLIDE 4

NZTR AGM 2013 Page 4

Full details of can be found in the NZTR Performance Report 2013 at www.nzracing.co.nz

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SLIDE 5

!"#$%

$2.95m $3.59m ($0.34m) $0.23m $2.20m $5.36m

FY08 FY09 FY10 FY11 FY12 FY13 (F)

Net Current Assets (inc infrastructure provision)

  • $3,151,743
  • $570,231
  • $3,947,244

$101,785 $2,069,892 $3,499,519

FY08 FY09 FY10 FY11 FY12 FY13 (F)

NZTR Profit and Loss

NZTR AGM 2013 Page 5

($0.34m)

FY08 FY09 FY10 FY11 FY12 FY13 (F) $5.84m $5.27m $1.32m $1.42m $3.49m $6.99m FY08 FY09 FY10 FY11 FY12 FY13 (F)

Net Assets

  • $3,947,244

$69.9m $76.8m $68.0m $67.2m $73.5m $79.9m FY08 FY09 FY10 FY11 FY12 FY13 (F)

NZRB Distribution (including normalised for RIU)

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SLIDE 6

!#&''

13,592 16,102 18,508 21,771 24,492 9,796 11,750 12,704 13,443 15,695 12,171 17,574 21,698 23,959 28,976 35,559 45,426 52,910 59,173 69,163 FY09 FY10 FY11 FY12 FY13

Races Covered by NZRB

Total Thoroughbred races covered by NZRB Total Harness races covered by NZRB $105.0m $113.7m $104.8m $118.9m $123.6m $10.4m $13.3m $19.3m $19.5m $18.9m $148.5m $146.4m $148.7m $158.5m $163.2m FY09 FY10 FY11 FY12 FY13 Forecast NZRB Domestic EBIT International Royalties NZRB Expenses

NZRB International Royalties and Domestic EBIT

$115.4m $142.5m $138.4m $124.1m $127.0m

NZTR AGM 2013 Page 6

Total Harness races covered by NZRB Total Greyhound races covered by NZRB NZRB Domestic EBIT International Royalties NZRB Expenses 34.4% 33.8% 31.7% 30.6% 29.0% 8.7% 6.8% 5.8% 5.2% 4.3% FY09 FY10 FY11 FY12 FY13

Domestic Thoroughbred as % Races/Sales

Domestic Thorougbred as Percentage NZRB Sales Domestic Thorougbred as Percentage Races Covered 53.5% 53.6% 54.9% 53.8% 53.8% 53.3% 32.8% 32.2% 31.0% 30.3% 29.2% 29.3% 13.7% 14.2% 14.1% 15.9% 17.0% 17.4% FY08 FY09 FY10 FY11 FY12 FY13

NZRB Domestic Sales by Code

Domestic Thoroughbred Domestic Harness Domestic Greyhound

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SLIDE 7

$364.7m $144.5m $217.8m $339.8m $182.0m $102.7m Thoroughbred Harness Greyhound

Comparison of Totalisator Turnover on New Zealand races FY13

NZRB Totalisator Sales on New Zealand Races Australian Totalisator & FOB Sales on New Zealand Races

  • Totalisator turnover on New Zealand

thoroughbred races was higher in Australia than in New Zealand for the second successive year

  • This trend is likely to continue in

perpetuity

  • Thoroughbred royalties have been

impacted by:

NZTR AGM 2013 Page 7

$7.4m $8.4m $8.8m $9.3m $9.5m FY09 FY10 FY11 FY12 FY13

Royalties Paid by Australian Wagering Operators on NZ Thorougbred Racing

NZRB Totalisator Sales on New Zealand Races Australian Totalisator & FOB Sales on New Zealand Races

impacted by:

  • Unfavourable exchange rate issues
  • 119 less thoroughbred races

covered by Tabcorp

  • Reduced Sky 1 coverage Monday

through Friday post 2pm races

  • FY13 average export turnover by race

was up 6.1% in $AU

  • Promotion of New Zealand thoroughbred

racing in Australia remains poor

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SLIDE 8

"('(%)#$(''

7192 7107 7427 7509 7426 3549 3461 3327 3218 3021 1494 1505 1466 1462 1394 254 255 265 251 243 21 21 19 22 22 12510 12349 12504 12462 12106 FY09 FY10 FY11 FY12 FY13

Owners Participation

5,826 5,794 5,682 5,610 5,481 3,088 3,068 3,048 3,061 3,007 FY09 FY10 FY11 FY12 FY13

Individual Starters and Races

NZTR AGM 2013 Page 8

11.1 10.9 10.7 10.6 10.4 5.9 5.8 5.7 5.8 5.7 0.00 2.00 4.00 6.00 8.00 10.00 12.00 FY09 FY10 FY11 FY12 FY13

Average Field Size

<0.25 <=0.25<1 <=1<3 <=3<10 <=10

227 221 205 219 213 1,224 1,237 1,203 1,166 1,151 FY09 FY10 FY11 FY12 FY13

Licensed Trainers and Jockeys

Jockeys, Apprentices, Amateurs Licensed Trainers Number of individual starters Number of races

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SLIDE 9

FY14: Looking further down the track

NZTR AGM 2013 Page 9

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!"#*(%)+),

37.0% 13.0% 50.0% Decrease level of involvement Increase level of involvement Maintain level of involvement

Owners - Future Level of Participation

29.0% 27.0% 44.0% It has decreased It has increased It is about the same

Trainers - Future Level of Participation

NZTR AGM 2013 Page 10

37.0% 24.0% 39.0% It has decreased It has increased It is about the same

Breeders-Future Level of Participation

50.0% 38.0% 12.0% Improved Unchanged Declined

NZTR Performance Compared to 3 Years Ago

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SLIDE 11

*(%

Owners Trainers Breeders

  • Increasing

costs/decreasing return

  • n investment
  • Poor overall racing

experience/facilities

  • Declining interest from

new shareholders

  • Prize money
  • Increasing costs
  • Programming of races
  • Retaining clients
  • Finding new owners
  • Involvement of future

generations in racing

  • Profitability down, costs

rising

  • Prize money
  • Service fees

NZTR AGM 2013 Page 11

new shareholders

  • Affordability
  • Fees – nominations,

acceptances, riders

  • Quality of tracks
  • Professionalism of track

riders

  • Quality of training tracks

and facilities

  • Lack of track work riders
  • Loss of interest in racing
  • Economic climate
  • No breeding incentives
  • Fostering interest and

participation in racing

  • Weakness of domestic

racing

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!"#-'$('

  • Research carried out by Interbrand highlighted the following critical

challenge:

  • New Zealanders do not see thoroughbred racing as ‘fashionable’ or

‘relevant’ to them

  • New Zealand Thoroughbred Racing needs to redefine itself as more

exciting, relevant and engaging to generate growth in on-course attendance, ownership and wagering

  • For 150 years the New Zealand racing industry has:
  • Looked ‘inside-out’ to develop strategies of improvement, catering

to a shrinking participation base (prizemoney, races per day to best suit club operations, etc), now 6% of New Zealanders

  • Need to look ‘outside-in’ to grow participation and engage a

proportion of the 94%

NZTR AGM 2013 Page 12

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.)'!"#-'/01

Process Threshold Issues

  • Series of facilitated workshops:
  • NZTR board
  • NZTR management
  • Major race club chairmen and

chief executives

  • Major racing organisations

including NZTA, NZTBA, NZTROF, NZJA, NZTM 1. Sustainability (consolidation) of racing activity

  • Bigger
  • Smaller
  • Same

2. Support of business development and innovation

  • Need for broader and stronger

NZTR AGM 2013 Page 13

NZTROF, NZJA, NZTM

  • Meetings with cluster managers
  • Strategic alignment with NZRB
  • Regional meetings with race clubs to

explain strategy

  • Regional stakeholders forum for

launch of strategic plan

  • Need for broader and stronger

engagement with existing or potential customers beyond “prizemoney” 3. Winning in key markets

  • Auckland
  • Waikato

4. Racing innovation

  • Synthetic training and trialling

track would be a key signal of innovation

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SLIDE 14

#%%2

“A” Priorities “B” Priorities “C” Priorities

Business Development and Innovation Event management Brand development Race club governance and business support Infrastructure Digital media strategy Broadcast strategy Sectional timing Veterinary science Racing Product Reduction in races Re-setting premier meeting base

  • Iconic enhancement
  • Feature meeting prize

money

  • G2 prize money

Special interest funding Race meeting funding support Nomination relief G1 prize money G3 prize money Listed prize money

Recommended racing and non-racing priorities are designed to support a broadening of racing’s appeal to the 94% of people who currently do not see racing as engaging or relevant to them

NZTR AGM 2013 Page 14

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!#''

NZTR AGM 2013 Page 15

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!"#''

NZTR AGM 2013 Page 16

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!"#.)

Race Structure Race Club Partnership Agreements

  • Branding

Digital Media Racing Innovation New hierarchical structure of meetings Increased prize money Events management Race club financial capability NZRB infrastructure fund supporting 14 venues Synthetic Brand

  • racing as a

sport Website

  • Social media

Broadcast strategy Racing “product” Business development prize money levels Saturday meetings at best venues Venue development and prioritisation Stakeholder insights Improved governance Synthetic training and trialling track Auckland international venue High value drainage and irrigation strategy

  • racing

channel

NZTR AGM 2013 Page 17

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/!"##%34)

Description FY13 Actual FY14 Budget Variance Number of race meetings (actual/scheduled) 358 364 6 Number of races (conducted/scheduled) 3,007 2,940 (67) NZRB funding (net RIU costs) 73,412,267 72,180,124 (1,232,143) NZTR nomination & acceptances 2,870,338 2,204,000 (666,338) NZTR race day services & other racing income 981,449 1,003,000 21,551 NZTR operating income 2,946,515 3,082,000 135,485 Stakes funding (47,169,600) (47,952,893) (783,293) Club & meeting funding (19,276,703) (19,783,500) (506,797)

NZTR AGM 2013 Page 18

Club & meeting funding (19,276,703) (19,783,500) (506,797) NZRB servicing charges (3,758,987) (3,762,531) (3,544) NZTR operational expenses (5,779,368) (5,737,000) 42,368 Special projects (166,508) (705,000) (538,492) Industry marketing initiatives (301,367) (400,000) (98,633) NZTR Surplus (before infrastructure) 3,758,036 128,200 (3,629,836) Racecourse infrastructure provision (2,000,000) 2,000,000 NZTR Surplus (after infrastructure) 1,758,036 128,200 (1,629,836)

  • Surplus budget after prize money increases and nomination relief
  • NZTR operational expenses (excluding marketing) under FY12 levels
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/#5'$

Base Case FY13 FY14 FY15

Iconic (minimum race prize $40K) 5 6 Premier 1 (minimum $30K) 15 14 Premier 2 (minimum $20K) 47 22 20 Feature (minimum $15K) 84 92 94 Tier 2 Feature (minimum $7K) 43 41 41 Industry (minimum $7K) 192 189 189 Total 366 364 364

NZTR is developing a hierarchal structure of prize money, with an initial focus on lifting prize money levels the top 20 “premier” race meeting and all “feature” race meetings from 1 January 2014

NZTR AGM 2013 Page 19

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SLIDE 20

6 '

Description Open R85 R75 R65 3&4YO 2YO Maiden Iconic $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 N/A Premier 1 $40,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 Premier 2 $40,000 $30,000 $25,000 $20,000 $20,000 $20,000 $20,000 Feature $25,000 $17,500 $17,500 $15,000 $15,000 $15,000 $10,000 T2 Feature $15,000 $12,000 $10,000 $8,000 $8,000 $8,000 $7,000 Industry $12,000 $8,000 $8,000 $7,000 $7,000 $7,000 $7,000

Minimum stakes from 1 January 2014:

NZTR AGM 2013 Page 20

Description Open R85 R75 R65 3&4YO 2YO Maiden Iconic $0 +$10,000 +$15,000 +$20,000 +$20,000 +$20,000 N/A Premier 1 $0 $0 +$5,000 +$10,000 +$10,000 +$10,000 $10,000 Premier 2 $0 $0 $0 $0 $0 $0 $0 Feature $0 +$2,500 +$2,500 +$2,500 +$2,500 +$2,500 ($2,500) T2 Feature $0 $0 $0 $0 $0 $0 $0 Industry $0 $0 $0 $0 $0 $0 $0

Variance in minimum stakes compared to pre 31 December 2013:

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6 $)/

$ % Wellington Cup G2 $200,000 Wellington Cup $200,000 $0 0.0% Thorndon Mile G1 $200,000 Thorndon Mile $200,000 $0 0.0% Desert Gold 3YOF G3 $70,000 Desert Gold 3YOf $70,000 $0 0.0% R94 Summer Cup $40,000 R94 Summer Cup $40,000 $0 0.0% R94 Douro $40,000 R94 Douro $40,000 $0 0.0% Rating 90 $30,000 Rating 85 $40,000 $10,000 33.3% Variance Saturday 15-Jan-14 Saturday 29-Jan-11 Premier Iconic

Wellington

NZTR AGM 2013 Page 21

Rating 90 $30,000 Rating 85 $40,000 $10,000 33.3% Rating 80 $25,000 Rating 75 $40,000 $15,000 60.0% Rating 70 $20,000 Rating 65 $40,000 $20,000 100.0% Rating 70 $20,000 Rating 65 $40,000 $20,000 100.0% Spec Condition $20,000 3YO SW $40,000 $20,000 100.0% Total $665,000 $750,000 $85,000 12.8%

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6 $)/

Canterbury

Saturday 29-Jan-11 Saturday 25-Jan-14 Variance Feature Feature $ % Open H LR $45,000 Open H $50,000 $5,000 11.1% Open 2000m $18,000 Open 2000m $25,000 $7,000 38.9% Rating 80 $10,000 Rating 75 $17,500 $7,500 75.0% Rating 80 $10,000 Rating 75 $17,500 $7,500 75.0% Rating 70 $10,000 Rating 65 $15,000 $5,000 50.0% Rating 70 $10,000 Rating 65 $15,000 $5,000 50.0%

NZTR AGM 2013 Page 22

Rating 70 $10,000 Rating 65 $15,000 $5,000 50.0% Rating 70 $10,000

  • $10,000
  • 100.0%

Maiden $7,000 Maiden $10,000 $3,000 42.9% Maiden $7,000 Maiden $10,000 $3,000 42.9% 2&3YO $10,000 2&3YO $10,000 $0 0.0% Total $137,000 $170,000 $33,000 24.1%

Note: 1 less race in 2014

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SLIDE 23

6 $)/

Matamata

Friday 21-Jan-11 Friday 17-Jan-14 Variance Industry Industry $ % Rating 80 $7,000 Rating 75 $8,000 $1,000 14.3% Rating 70 $6,000 Rating 70 $7,000 $1,000 16.7% Rating 70 $6,000 Rating 70 $7,000 $1,000 16.7% Maiden $5,000 Maiden $7,000 $2,000 40.0% Maiden $5,000 Maiden $7,000 $2,000 40.0% Maiden $5,000 Maiden $7,000 $2,000 40.0%

NZTR AGM 2013 Page 23

Maiden $5,000 Maiden $7,000 $2,000 40.0% Maiden $5,000 Maiden $7,000 $2,000 40.0% Maiden 3yo $5,000 Maiden 3yo $7,000 $2,000 40.0% Total $44,000 $57,000 $13,000 29.5%

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'))'%

Major Event Endorsement New Experience Innovation Product Innovation Media Innovation Virtual Innovation

Auckland Cup Week Karaka Million Auckland Boxing Day New Zealand Twilight racing and shortened programmes New championships and series

  • Ambassador

program Sectional timing Wifi on-course On-course bet Media hub Online broadcast Thoroughbred racing channel Race graphical Apps development Personalised

  • nline form

Interactive website New Zealand Cup Wellington Cup Carnival Hawke’s Bay Carnival International campaign support Racing tourism University racing club Fashion club Social racing On-course bet packs Behind the scenes race day tours “high-value” punter rooms Jackpot Race graphical displays Personalities and heroes Owners’ service centre Trainers service centre

NZTR AGM 2013 Page 24

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SLIDE 25

!"#

Undertaken or underway FY12 and FY13 NZTR

  • $

FY14 Priorities NZTR

  • $

Ruakaka inside track construction $500,000 Synthetic training/trials track at Cambridge or Matamata $2,000,000 Riccarton drainage projects $245,000 Ellerslie irrigation $250,000 Otaki drainage $20,000 New Plymouth irrigation $40,000 10 Simtrack running rail & Auckland plastic rail pilot $273,817 Matamata irrigation $150,000

NZTR AGM 2013 Page 25

Auckland plastic rail pilot Te Rapa and Riccarton plastic rail $156,255 Wingatui drainage $25,000 Judicial towers $535,727 Pukekohe plastic rail $56,097 4 sets new hurdles $43,670 Judicial towers $114,791 New hurdles, brush $17,500 Total $1,730,867 Total $2,680,387

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SLIDE 26

Appendices

NZTR AGM 2013 Page 26

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*")# 7)

Group 1 (115-110) F&M (110-105) 2YO (110-105) 2YOF (105-100)

Registered Race Date Conditions Distance APC Benchmark APC Tolerance 2011-12 2012-13 Warnings

Otaki Maori WFA 23/02/2013 3UP WFA 1600 115 110 112.8 117.5 Hawkes Bay Challenge Stakes 1/09/2012 3UP WFA 1400 115 110 116.8 116.8 Second Century Stakes 9/03/2013 3UP WFA 2000 115 110 113.8 116.5 Waikato Sprint 9/02/2013 3UP WFA 1400 115 110 113.3 114.0 NZ Thoroughbred Breeders Stakes 6/04/2013 FM WFA 1600 110 105 109 109.0 Horlicks Plate 22/09/2012 3UP WFA 1600 115 110 117.8 113.8 Galaxy Stakes 26/12/2012 3UP WFA 2000 115 110 113.3 113.8 Captain Cook Stakes 8/12/2012 3UP WFA 1600 115 110 113 113.3 Ormond Memorial 6/10/2012 3UP WFA 2040 115 110 115 113.0 NZ 1000 Guineas 17/11/2012 3YF SW 1600 110 105 108 107.3

NZTR AGM 2013 Page 27

NZ 1000 Guineas 17/11/2012 3YF SW 1600 110 105 108 107.3 Telegraph Handicap 19/01/2013 HCP 1200 115 110 107.5 110.8 First Warning Maintained Railway Handicap 1/01/2013 SWP 1200 115 110 107 110.3 First Warning Maintained NZ Derby 2/03/2013 3Y SW 2400 115 110 111.3 110.0 Ellerslie Sires Produce 9/03/2013 2Y SW 1200 110 105 104.5 105.0 First Warning Maintained Manawatu Sires Produce 30/03/2013 2Y SW 1400 110 105 106.3 104.8 NZ 2000 Guineas 10/11/2012 3Y SW 1600 115 110 108.8 109.5 First Warning Maintained International Stakes 9/02/2013 3UP WFA 2000 115 110 113.5 109.0 First Warning Maintained NZ Oaks 16/03/2013 3YF SW 2400 110 105 109.5 104.0 Thorndon Mile 26/01/2012 3UP WFA 1600 115 110 106.8 108.0 Second Warning Issued Levin Classic 30/11/2012 3Y SW 1600 115 110 109 107.3 Second Warning Maintained Auckland Cup 6/03/2013 HCP 3200 115 110 113 104.5 First Warning Issued Easter Handicap 13/04/2013 HCP 1600 115 110 110.3 104.5 First Warning Issued

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*")# 7)

Group 2 (110-107) F&M (105-102) 2YO (105-102) 2YOF (100-97)

Registered Race Date Conditions Distance APC Benchmark APC Tolerance 2011-12 2012-13 Warnings

Auckland TB Breeders Stakes 24/11/2012 FM WFA 1400 105 102 102.8 111.5 Lady Norrie Stakes 15/12/2012 FM WFA 1600 105 102 108.5 110.3 Dulcie Stakes 27/04/2013 FM WFA 2000 105 102 106.3 108.8 Sir Tristram Fillies Classic 9/02/2013 3YF SW 2000 105 102 109.3 107.0 Ladies Mile 26/12/2012 3YF SW 1600 105 102 109.8 105.8 Royal Stakes 1/01/2013 3YF SW 2000 105 102 105.5 105.8 Avondale Guineas 17/02/2013 3Y SW 1600 110 107 110.3 109.5 Churchill Stakes 14/11/2012 3UP HCP 1600 110 107 106.3 109.5 Matamata Breeders Stakes 23/02/2013 2YF SW 1200 100 97 100.3 99.3 Awapuni Gold Cup 30/03/2013 SWP 2000 110 107 109 109.0

NZTR AGM 2013 Page 28

Awapuni Gold Cup 30/03/2013 SWP 2000 110 107 109 109.0 Wakefield Challenge Stakes 19/01/2013 2Y SW 1200 105 102 100.5 102.8 Second Warning Maintained Hawke's Bay Guineas 6/10/2012 3Y SW 1400 110 107 105.5 106.8 First Warning Mantained ARC (Geo. Adams) Tattersall 1/01/2013 HCP 1600 110 107 104.8 106.5 Second Warning Issued Japan/NZ International Trophy 23/03/2013 HCP 1600 110 107 105 106.0 Second Warning Issued Great Northern Guineas 26/12/2012 3Y SW 2100 110 107 110.3 105.5 First Warning Mantained Championship Stakes 1/01/2013 3YSW 2100 110 107 103.5 105.3 Second Warning Issued Wellington Cup 26/01/2013 HCP 2400 110 107 108.5 105.0 First Warning Mantained Waikato Guineas 2/02/2013 3Y SW 2000 110 107 110.8 104.8 First Warning Mantained Wellington Guineas 27/10/2012 3Y SW 1500 110 107 103.5 104.8 Second Warning Issued Avondale Cup 17/02/2013 HCP 2200 110 107 107.5 104.5 First Warning Issued Counties Cup 24/11/2012 3UP HCP 2100 110 107 103 102.3 Downgrade to Group 3 Queen Elizabeth Handicap 1/01/2013 HCP 2400 110 107 99.8 101.8 Second Warning Issued

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SLIDE 29

*")# 7)

Group 3 (105-102) F&M (100-97) 2YO (100-97) 2YOF (95-92)

Registered Race Date Conditions Distance APC Benchmark APC Tolerance 2011-12 2012-13 Warnings

Westbury Classic 6/03/2013 FM SWP 1400 100 97 105.5 110.3 Thames Valley Stakes 17/11/2012 3UP WFA 1600 105 102 110.8 113.8 Manawatu Challenge Stakes 22/12/2012 WFA 1400 105 102 102.8 113.3 Foxbridge Plate 18/08/2012 3UP WFA 1200 105 102 108.3 110.3 Evergreen Stakes 13/10/2012 FM WFA 1400 100 97 104.5 104.8 Sarten Memorial 22/10/2012 3Y SW 1400 105 102 108.5 109.5 Great Northern Challenge Stakes 1/12/2012 SWP 1600 105 102 109.3 109.3 Alison Stakes 6/11/2012 3UP WFA 2000 105 102 104.5 109.0 Sunline Vase 6/03/2013 3YF SW 2100 100 97 104.8 103.5 Desert Gold Stakes 26/01/2013 3YF SW 1600 100 97 109.3 102.8

NZTR AGM 2013 Page 29

Desert Gold Stakes 26/01/2013 3YF SW 1600 100 97 109.3 102.8 Eulogy Stakes 15/12/2012 3YF SW 1600 100 97 107.0 102.5 Cuddle Stakes 16/03/2013 FM HCP 1600 100 97 105.0 102.5 Gold Trail Stakes 22/09/2012 3YF SW 1200 105 102 104.0 107.5 Trentham Stakes 19/01/2013 WFA 2100 105 102 109.8 107.3 Manawatu Classic 30/03/2013 3Y SW 2000 105 102 105.8 107.0 Kings Plate 2/03/2013 SWP 1200 105 102 103.8 107.0 G R Kelt Memorial 6/10/2012 3UP HCP 1400 105 102 104.3 106.5 Lowland Stakes 2/03/2013 3YF SW 2100 100 97 103.0 101.3 Cambridge Breeders 27/04/2013 3Y SW 1200 105 102 103.5 105.0 Canterbury Gold Cup 20/04/2013 WFA 2000 105 102 102.5 105.0 Winter Cup 4/08/2012 HCP 1600 105 102 100.5 105.0 Eclipse Stakes 1/01/2013 2Y SW 1200 100 97 100.0 100.0 Thompson Handicap 27/10/2012 HCP 1600 105 102 103.5 104.8 Taranaki Stakes 16/02/2013 HCP 1800 105 102 107.0 104.8

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SLIDE 30

*")# $87)

Group 3 (105-102) F&M (100-97) 2YO (100-97) 2YOF (95-92)

Registered Race Date Conditions Distance APC Benchmark APC Tolerance 2011-12 2012-13 Warnings

Waikato Gold Cup 15/12/2012 HCP 2400 105 102 100.3 104.0 Concorde 8/12/2012 HCP 1200 105 102 102.5 103.8 Wellington Stakes 19/01/2013 3Y SW 1600 105 102 104.8 103.0 Taranaki 2YO Classic 16/02/2013 2Y SW 1200 100 97 102.8 98.0 Mr Tiz Trophy 9/03/2013 3Y SWP 1200 105 102 109.0 102.5 New Zealand Cup 17/11/2012 3UP HCP 3200 105 102 103.5 102.5 Marton Metric Mile 15/09/2012 3UP HCP 1600 105 102 103.0 102.0 Stewards Stakes 14/11/2012 3UP HCP 1200 105 102 102.5 101.8 Hawkes Bay Cup 20/04/2013 HCP 2200 105 102 102.3 101.8 Second Warning Issued White Robe 2/02/2013 HCP 1600 105 102 100.5 101.8 Second Warning Issued

NZTR AGM 2013 Page 30

White Robe 2/02/2013 HCP 1600 105 102 100.5 101.8 Second Warning Issued Manawatu Cup 22/12/2012 HCP 2300 105 102 102.5 100.3 First Warning Issued Rotorua Cup 11/05/2013 HCP 2200 105 102 101.8 99.5 Second Warning Issued