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Slide 2

Why Commingling?

Why Commingling?

Advantages of a Global
Initiative

What have we done since
last year?

The experiment with
Global Trifecta

The experiment with
Global Trifecta

What have we learned?

What have we learned?

Next steps

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Slide 1

Slide 2

Why Commingling?

Racing is increasingly
international

International pari-mutuel
common pools present the answer of betting

Host and Guests

For the « Host » operator

Growth of pool size with a
potential profit for its own punters

Promotion of local big races

Fight against illegal betting
and response to piracy with « exotics»

Development of long term
cooperation

Why Commingling?

For the «Guest » operator

Immediate access to a bet with
the necessary size of pool to ensure attractive winnings

The size of the pool limits
dividends variations

Specific interest of punters
for domestic horses running abroad in big races and for prestigious « Grand
Prix »

Equality among punters (a
single dividend for all)

Advantages of a Global
Initiative

A Global Pari Mutuel initiative

Promotion of authorised operators

Promotion of World’s Best Races

Improvements in

Regulation

Best practices

Technology

Promotion of common pool

One of the key objectives : worldwide
pari-mutuel betting offer with life style-changing dividends

What have we done since
last year?

A year ago, during the 40th International
Conference of Horseracing Authorities, project of studying a common pool
betting offer on a world scale.

During the Asian Racing
Federation Conference, in Dubai, on January 21st, 2007, two decisions were
reached :

Launch of a first initiative as
an international offer for punters worldwide : a Global Trifecta

At the same time, a marketing
group was created and asked to investigate the possibility of an attractive
product with high dividends and to exchange best practices on a worldwide
basis.

The experiment with
Global Trifecta

Global Trifecta was chosen as an
« experiment laboratory »

Global Trifecta constitutes the
most widely offered exotic bet around the world.

Action plan:

Attract pari-mutuel operators
from at least three continents

Select races among the most
prestigious in each participating country

First offer on June 10th, 2007
on the Prix de Diane

The experiment with
Global Trifecta

Operational results

5 Global Trifecta offered to
date

June 10th, Prix de Diane
(France)

June 19th, St James Palace
Stakes (UK)

June 21st, Gold Cup (UK)

July 7th, Durban July Cup
(South Africa)

July 15th, Mercury Sprint
(South Africa)

Participating countries

What have we learned?

An implementation that proved complex, as
anticipated :

Differences in applicable
rules, even on a supposedly well known bet as the Trifecta

Tax differences

Commercial acceptance issues

Technical problems for the host
operator and its guests, with a risk for all of loosing handle on top
meetings.

Different IT Systems

Different interpretations of
ITSP

Different developments in
operators’ systems.

Complexity of a global project
management

What have we learned?

Achievement of life-size tests of a Global
Common pool between IFHA members.

It concretely shows how complex is the way
to Global Common pools, especially on a technical level.

The launch of a global Marketing think tank
gathering the main pari-mutuel operators.

A world wide technical working group has
been set up in order to identify and tackle the issues raised during the
Global Trifecta Trials.

Next steps

Continuation of the «Global Trifecta»
experiment  in 2007 and 2008

Recommendations from the Marketing Working
Group meeting on October 4th

Conclusions from the meeting of October 5th

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The Company

Results

2007, outlook

Activity

European actuality

Summary

TO analyses

Key Figures

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