NEW ZEALAND GAZETTE, No. 4 — 20 JANUARY 2016

(a) All appeals to the Supervisory Panel must be lodged within 30 days of the date of the decision which is
being appealed against.

(b) The Supervisory Panel may remit the matter in question to a re-hearing by the Board or, upon hearing
evidence and if necessary any additional evidence, make such order as the Supervisory Panel thinks ought
to have been made by the Board, or such other order as in its opinion may be necessary to ensure the
determination on its merits of the real question at issue.

(c) The Supervisory Panel may in its discretion allow any party to be represented by Counsel on the
hearing of any appeal and it may have Counsel present to assist the Supervisory Panel. In all other
respects, the Supervisory Panel may establish its own procedures.

(d) It may make such order in respect of the costs and expenses of and incidental to any hearing and
determination by it as it thinks fit provided however that it may not make any order that the Board pay any
costs or expenses.

11.5 Any decision of the Supervisory Panel shall be final and conclusive as to the matter before it for hearing
and determination.

12 FINANCIAL REPORTING

12.1 Financial statements must be prepared

Every Bloodstock Reporting Entity must ensure that, within four months after Balance Date, Financial
Statements that comply with Generally Accepted Accounting Practice are completed in relation to that Balance
Date and the Financial Statements are dated and signed on behalf of the Bloodstock Reporting Entity.

12.2 Audit requirements

(a) Subject to clause 12.2(b), the Financial Statements of a Bloodstock Reporting Entity are not required to be
audited unless it is a Bloodstock Syndicate with more than 50 Participants and more than $2 million in capital,
or a Bloodstock Company with more than 50 Shareholders and more than $2 million in capital, as at its most
recent Balance Date, in which case the Financial Statements at that Balance Date must be audited by a
Qualified Auditor.

(b) The Financial Statements of a Bloodstock Reporting Entity must also be audited by a Qualified Auditor if
required by:

(i) the Board;

(ii) the Governing Document or Constitution;

(iii) a statutory audit requirement;

(iv) a resolution passed or signed by Participants/Shareholders who together hold at least 50% of the
Shares in the relevant Bloodstock Reporting Entity; or

(v) a Participant or Shareholder of the relevant Bloodstock Reporting Entity who has requested that its
Financial Statements be audited at his or her own cost.

(c) A Bloodstock Reporting Entity must provide access to the accounting records in order for any such the
audit to be conducted.

12.3 Delivery of Financial Statements

Every Bloodstock Reporting Entity must ensure that, within five months after the Balance Date, copies of the
Financial Statements that are required to be prepared under this clause 12, together with a copy of the
auditor’s report (if any) on those Financial Statements, are sent to the Participants or Shareholders as the
case may be and, if requested by the Chief Executive, are delivered to the Board.

13 NOTIFICATION OF MEMBERS OF SYNDICATE

13.1 Once the conditions in clause 4.1 have been satisfied a Promoter must notify the Chief Executive of the
names and addresses of the Participants or Shareholders, as the case may be, within 30 days of the Issue of
Shares to them under an Offer. A copy of the page of the Disclosure Statement signed by each Participant or
shareholder must be provided to the Chief Executive with that notification if it has not already been provided.

13.2 Changes of the Participants or Shareholders in a Bloodstock Syndicate or Bloodstock Company and their
addresses must be notified to the Chief Executive within 30 days of any change occurring.

14 FAIR DEALING

All Persons whether they be a Promoter, Manager or an Associated Person of a Promoter or Manager must
comply with the “fair dealing” provisions in Part 2 of the Financial Markets Conduct Act 2013 as if Shares were
“financial products” within the meaning of the Act. In broad terms, Part 2 of the Financial Markets Conduct
Act 2013 prohibits misleading or deceptive conduct, the making of false or misleading representations and the
making of unsubstantiated representations.

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