NEW ZEALAND GAZETTE, No. 4 — 20 JANUARY 2016

8. Two Valuation Reports (not required if the horse is to be leased by the syndicate)
   a. Name / Date / Value
   b. Name / Date / Value

The valuation reports are not attached. A copy of the valuation reports may be obtained ... (explain means by which these may be requested from syndicator, eg insert email link) ... or by requesting copies from New Zealand Thoroughbred Racing (syndication@nzracing.co.nz).

[If a "Greenfields Offer" insert that "copies of the valuation report(s) will be available after purchase of the Bloodstock"].

9. Veterinary Report(s)
   Name / Date

The veterinary report(s) is not attached. Copies of the veterinary report(s) may be obtained ... (explain means by which these may be requested from syndicator, eg insert email link) ... or by requesting a copy from New Zealand Thoroughbred Racing (syndication@nzracing.co.nz).

[If a "Greenfields Offer" insert that "copies of the veterinary report(s) will be available after purchase of the Bloodstock"].

10. Material Interests and Commissions

(a) Disclosures of any Material or Pecuniary Interests

[Note: Any material or pecuniary interest that the Promoter or Manager or a person associated with the Promoter or Manager has in this Bloodstock Syndicate/Bloodstock Company or its Bloodstock must be disclosed in this Disclosure Statement. If any bloodstock offered have been sold by the Promoter, or by Associated Persons of the Promoter, within 12 months prior to the Offer, the purchaser, price paid and date of each transaction within that period shall be shown.]

(set out details or state if not applicable)

(b) Confirmation of Disclosure of Commissions, etc.

The nature of all commissions, fees or rebates and other benefits that have been or may be received in the future by the Promoter or the Manager (or an Associated Person of the Promoter or Manager), specifically in relation to the Bloodstock Syndicate/Bloodstock Company or any of its Bloodstock have been disclosed in sections 4 and 5 of the Disclosure Statement. Any such commissions, fees, rebates or other benefits that may be received in the future will be disclosed to the Participants/Shareholders in writing at the material time.

11. Standard Industry Risks

[Delete Racing or the Breeding risk categories if irrelevant]

(a) Racing
(i) Not all yearlings/prospective racehorses proceed to become racehorses.
(ii) There is a significant possibility that any racehorse could injure itself and thereby need a long recuperation period or be unable to race again.
(iii) Racehorses are unlikely to have any significant value at the end of their racing career with the exception of well-bred and/or highly performed horses, suitable to become breeding stock.

(b) Breeding
(i) The Syndicate’s/Company’s primary source of income will be the sale of progeny. The price of progeny is normally determined at auction and the interest expressed in particular stock is dictated by factors such as conformation and the racetrack success of related progeny.
(ii) It would be unusual for a broodmare to produce a foal every year of its breeding life.
(iii) The commercial value of a stallion may be reduced significantly if the progeny of the stallion fail to perform to expectations on the racetrack.

(c) Special Risks or factors attaching to this Offer.

If no special risks or factors are stated an Applicant may assume that the Promoter claims there are none.

12. Governing Documents

(eg Syndicate / Partnership Agreement or Company Constitution)

[With the exception of a company constitution the governing document must be attached to the Disclosure Statement unless it has been previously provided to the Applicant]

[If applicable, state how a copy of a Company Constitution can be obtained, for example provide web link]