Byerley syndication Racing Ltd

                         BYERLEY RACING LIMITED, 21 ELTON COURT, SANDYCOVE, CO.DUBLIN, IRELAND. Company reg. no: 424025

Byerley Thoroughbred Racing purchases the syndicate racing horses at the yearling sales through well renowned Bloodstock Agents and the horse is
registered with HRI under Byerley Thoroughbred Racing. Byerley Thoroughbred Racing then offers a number of shares (generally between 4 -12) in a number of syndicates.
Each racehorse shareowner enters into an agreement with the company to share in prize money and the sale of the horse, generally at the
end of its 3 y-o career. Byerley Thoroughbred Racing acts as a Management Agent to each of the racehorse shareowners involved in the racing syndicates
and provides a level of service unrivalled within the industry. Byerley Thoroughbred Racing keeps in regular touch with the racehorse trainers, regularly
visiting the yards to carefully monitor the syndicate horses' progress and wellbeing, with each syndicated horse managed to maximise its
full potential. The racing syndicates are managed with a comprehensive agreement to protect the individual racehorse shareowners right's and benefits.
Each shareowner pays a Monthly Training and Management fee which covers all training and gallop fees, routine day-to day veterinary & farriers fees, horse insurance and all horse registration costs. Race entry fees, jockeys riding fees and associated raceday costs are not included in the Monthly Fee. These extra costs are deducted from the monies/credit in balance after the horse is sold, hence no further calls are made for additional fees to the shareowners.The duration of each flat syndicate is generally for a minimum of two seasons when the horse is sold at the end of its three year-old career, unless the syndicate members agree to keep the horse in training.Once the horse is sold, the syndicate is wound up and the accounts are reviewed by the auditors. Any surplus of income over expenditure is distributed to the shareowners. In the unlikely event of a deficit, the cost will generally be borne by BR thereby ensuring that no further calls for funds are made.Whilst to date we have only initially purchased yearlings or two year-olds for Flat racing syndicates, we launched our first N.H racing syndicate in November '07 for the forthcoming NH season. Our current flat racehorses for the 2008 Flat season are in training with John Oxx, Ger Lyons and David Wachman. In our first year jockeys who rode for Byerley TR include:- Johnny Murtagh, Mick Kinane, Kieren Fallon, Fran Berry, Kevin Manning and NH rider Barry Geraghty. Jessica Harrington will be training our first dual-purpose horse for the 2008 N.H & flat season's.Our current flat racehorses for the 2008 Flat season are in training with John Oxx, Ger Lyons and David Wachman