Contents. 0.1 Chairman s message 2

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2 Contents 0.1 Chairman s message Welcome to a great adventure Our knowledge is your power Meet your experts Celebrate your success Exclusive membership and ownership Our proposal to you Limitless racing excitement The investment case Club racing silks Club structure Own the thrill Talk to us 30 1

3 0.1 chairman s message I have had a very long-standing passion for the excitement and glamour of horseracing - both as a participant and as an administrator. While still in the Army I was a licensed amateur jockey, I have owned racehorses for many years, both in the UK and in Australia, and for 10 years I was CEO of the Royal Hong Kong Jockey Club. I now look forward to sharing this experience and this passion for racing with members of the exclusive Palace House Turf Club. Palace House offers members the opportunity to own racehorses competing in premium fixtures at the world s most exclusive racecourses, and to participate as shareholders in the building of a substantial international business. For this exciting venture, Palace House has gathered together the finest trainers and bloodstock agents in Europe and Australia, each of whom has a wealth of racing expertise and experience. Although we cannot guarantee any profits from racehorse ownership, we will very definitely be aiming to achieve a satisfactory surplus. Moreover, the international expertise we have now assembled will give Palace House a real chance of becoming a leading force in the industry; in this way, Club members will be able fully to enjoy the excitement, the satisfaction and the lifestyle choices that come with high-profile ownership in this exclusive Sport of Kings. I look forward to welcoming you to our owners facilities in Europe and Australia. General Guy Watkins Chairman: Palace House Turf Club Advisory Panel 2

4 This is a real team game... Sir Michael Stoute Palace House Turf Club Trainer 10 times Champion Trainer 3

5 0.2 welcome to a great adventure The thunder of hooves. The electrifying roar of the crowd. The final exhilarating rush to the finish. In a toast to victory, you raise a chilled glass of champagne with high-society friends as your champion colt streaks home first. Welcome to the glittering adventure of racehorse ownership. A world of high-octane sport and premium parties flowing with champagne and celebrities. All this is yours with Palace House Turf Club as we invite you to invest in stunning thoroughbreds that will be competing in the most prestigious flat race meetings in Europe and Australia. Of course, you ll relish the adrenaline-pumping thrill of running your own horses in the world s most exciting and profitable racing markets together with the Palace House team, which includes some of the most famous and successful names in the racing industry. 4

6 welcome to a great adventure Membership of this select Club also secures you privileged access to a dazzling lifestyle of elite social occasions and to exclusive briefings from our trainers and experts on the racing prospects of your horses. Mix with royalty, the aristocracy, beautiful actresses and models, stars from the world of film, fashion and sport. Attend society celebrations and VIP dinners by special invitation. Our concierge service will secure you fast-track reservations and impossible-to-get tickets for sought-after events. Enjoy elite membership of prestigious clubs and legendary gaming destinations. Baccarat and a fivestar supper in a private salon at Aspinalls, anyone? Whatever your individual needs, social or sporting, we re there to fulfil them. We believe passionately in bespoke. With Palace House, life is unique, exciting and unforgettable life the way you love to live it. 5

7 0.3 our knowledge is your power Palace House Turf Club s global expertise and reach give you exclusive insight into international racehorse ownership and high-level racing competition. Our world-class trainers, bloodstock agents and racing managers are based in the UK and Australia. So you have access to their knowledge of the sport wherever your horses compete, in both the northern and southern hemispheres. Access at the stables, on the gallops, at the track or over dinner. CAPITALISE ON THEIR EXPERTISE Their ability to purchase, with a veteran buyer s fine eye, a thoroughbred of true, competitive quality. Their skill in spotting a horse s winning potential. The talent to hone that potential and turn it into prize money. The intelligence to select the right race for the right horse to maximise the prospect of victory. Our knowledge is of course forward-facing. Our understanding of modern horseracing is next to none. But it is a knowledge empowered by an astonishing heritage. For our UK racing headquarters is in Newmarket, the historic and prestigious home of thoroughbred horseracing and the sport s global centre today. It is the largest racehorse training facility in Britain and host to most major British horseracing institutions: the Jockey Club, the National Stud and Tattersalls, the racehorse auctioneers. 6

8 our knowledge is your power Newmarket has over 70 horse training stables, two large racetracks the Rowley Mile and the July Course and some of the most extensive horse training grounds in the world. In addition to our Newmarket racing headquarters, we also have a central office on Pall Mall, London, opposite the legendary Turf Club. Outside the UK we maintain offices in Shanghai, and our trainers are based in Melbourne and Sydney, the two largest horseracing centres in Australia: between them they host most of the country s top fixtures. Palace House brings all this expertise, experience, heritage and prestige together in an extraordinary offer for you to be a part of the exclusive world of thoroughbred ownership. 7

9 0.4 meet your experts The Palace House racing strategy will be driven in the northern hemisphere by Racing Manager Barry Hills, and in the southern hemisphere by Racing Manager Russell Warwick. Both report to General Guy Watkins, former CEO of the Hong Kong Jockey Club. The depth of their experience and quality of their leadership will make Palace House a force to be reckoned with GENERAL GUY WATKINS: CHAIRMAN Guy Watkins was a career soldier in the British Army for more than 30 years, reaching the rank of Major General. In 1986 a lifelong interest in horses and horseracing prompted him to leave the Army early to become Chief Executive of the Royal Hong Kong Jockey Club. During his 10 years in Hong Kong, the Club made huge strides in advancing the quality, success and international reputation of Hong Kong s racing. Over that same period, the annual betting turnover rose from HK$ 24.4 billion to a staggering HK$ 80.7 billion. Since then, Hong Kong s racing has continued to progress and prosper, and the Club is now firmly established as a racing authority of international importance. Palace House will aim to emulate much of the ethos of the Hong Kong Jockey Club - especially as regards probity and exclusivity. Guy Watkins immense knowledge of the global racing industry and his relationships with the people in it make him the ideal choice to guide the success of Palace House. 8

10 meet your experts racing managers BARRY HILLS: RACING MANAGER NORTHERN HEMISPHERE If you judge a man by results, then Barry Hills is a legend. This UK-based veteran trainer has enjoyed over 3,200 wins, including 10 Classics, numerous Group 1s and a Prix de l Arc de Triomphe. Even Barry s entry into the world of training over 40 years ago is the stuff of dreams. As a young head lad he won enough money from a single bet on the Lincoln Handicap to set himself up as a trainer. And the rest is glittering history. One of horseracing s bestknown and most successful trainers, Barry is a member of the small, elite group to have trained over 3,000 winners. Even after decades in the game, Barry enjoys a gamble, and he once remarked: I ve got all these horses and I know more about them than most people, so I have an edge. I may as well use that edge to make some money from the bookmakers. RUSSELL WARWICK: RACING MANAGER SOUTHERN HEMISPHERE Think seasoned, savvy, totally professional, and you have the measure of Russell Warwick. Russell has, quite simply, an unrivalled knowledge of the racing industry in the southern hemisphere. What better man, then, to be in charge there, working on your behalf? Russell has been in the horseracing industry for more than 30 years. He is a founder and CEO of Westbury Stud and Chairman of the Auckland Racing Club. He manages racehorses in training for a small number of select owners including Palace House. And Palace House has certainly got him excited. He says: Palace House has the potential to make a significant impact on the horseracing industry in the southern hemisphere. I am delighted to be part of the team. Like so many successful men, he likes to take an astute risk based on expert knowledge, long experience and fastidious attention to planning. It is an approach that has paid exciting dividends for Barry s owners over the years, so we are delighted to have him on board. 9

11 meet your experts uk trainers Sir Michael Stoute Sir Mark Prescott Five-year win/place percentage 58% Five-year prize money (UK only) (USD) 26.6m To use racing parlance if you will forgive us, Sir Michael is a thoroughbred. His track record of winners is impeccable and so is his client list. He has won all the English Classics and trains for Her Majesty The Queen. In fact, in addition to Palace House, Sir Michael has trained horses for owners from the world s leading racing dynasties: Prince Khalid Abdullah, Sir Evelyn de Rothschild and His Highness The Aga Khan. Their endorsement of his skills speaks volumes of course. But his winners speak even more loudly Sir Michael s English Classic wins include five victories in the Epsom Derby and two in the Epsom Oaks. He has triumphed at Royal Ascot too. This Newmarket veteran has also lifted the Dubai World Cup, the Breeders Cup, the Japan Cup and the Hong Kong Vase. Sir Michael was the only trainer in the 20th century to win an English Classic in five successive seasons and has been Champion Trainer 10 times. No wonder many of his rivals call him a genius. It is good to know he is on our side. Five-year win/place percentage 39% Five-year prize money (UK only) (USD) 3m Sir Mark is an awfully smart operator. His skill lies in carefully placing horses in races that perfectly suit their individual capabilities. It is a strategy that has paid off brilliantly. Sir Mark, a distinguished baronet, has no fewer than 1,300 winners to his name. And he has consistently enjoyed the highest win/horse ratio of all the UK s trainers. He trains at historic Newmarket yard Heath House, wonderfully positioned at the foot of the Warren Hill gallops and run with military precision. But Sir Mark is no slave driver when it comes to his charges. He is well known and hugely respected as a patient trainer, whose horses are given time and not rushed. Again, it is a style that has netted impressive results. His is a small, boutique yard and he selects his owners carefully. They include strong horseracing players such as Pearl Bloodstock, Cheveley Park and Kirsten Rausing. Sir Mark also has a well-deserved reputation as a raconteur who does not hold back on his views. Palace House members can look forward to being entertained! 10

12 uk trainers ED DUNLOP Winning is in Ed Dunlop s blood. His father is celebrated Arundel trainer John Dunlop, who scored his first Derby success in 1978 when Ed was just nine. Ed has clearly inherited a talent, and is now a successful trainer in his own right. He has won 37 Group races (20 in Group 1) including the Epsom Oaks with Snow Fairy, who also took the Hong Kong Cup. Five-year win/place percentage 43% Among other leading horses he has trained is Irish Oaks and Epsom Oaks winner Ouija Board, who also romped home in the Prince of Wales s Stakes at Royal Ascot. Ed is based at the La Grange stables in the heart of Newmarket. Five-year prize money (UK only) (USD) 4.2m 11

13 meet your experts AUSTRALIAN TRAINERS Five-year win/place percentage 44% Five-year prize money (USD) 31m peter moody Peter trains one of the top two racehorses on the planet. This achievement reflects the calibre of the team who will be looking after your horses in Australia. His prize mount Black Caviar, the horse rated second highest in the world behind Frankel, secured her unbeaten record run of 21 wins with victory at the Group 1 Goodwood in Adelaide. She was Australian Racehorse of the Year and Champion Australian Sprinter It will be interesting to see the level of success that Melbourne-based Peter, Australia s number one trainer of Group Winners , can achieve with Palace House. For he is no one-horse show. Peter also trained Typhoon Tracy, who has won a clutch of Group 1 races in Australia. Racing with a Moody-trained horse will make our Australian operation very exciting indeed robert smerdon Hailing from the famous Smerdon training dynasty, Robert operates from Melbourne, where he has trained stayers and sprinters to many Group 1 wins. He is considered one of Australia s most versatile trainers and consistently finishes amongst the top trainers there each year. joe pride This young Sydney trainer, who runs an exclusive boutique stable, has enjoyed a meteoric rise. Joe has trained 12 Group winners (seven in Group 1). And he has finished in the top four in the Sydney Trainers Premiership for the last four seasons. john o shea John is an outstanding young trainer. He has already accumulated many Group winners and maintains one of the best strike rates among his Sydney rivals. John runs a small yard and is well known for his great attention to detail when preparing his horses for competition. Five-year win/place percentage 39% Five-year prize money (USD) 16.3m Five-year win/place percentage 41% Five-year prize money (USD) 14.4m 12

14 meet your experts the bloodstock agents peter doyle Peter, who operates in the UK and Ireland, has been in business since His purchases won 234 races in 2011, including 13 Group races and 17 Listed contests. Among Peter s horses are Canford Cliffs, Paco Boy and Dick Turpin. john foote John Foote is one of the leading bloodstock agents in Australia. Purchases include Silent Witness, the world s fastest sprinter in 2005, Australian champion miler Planet Ruler and Hong Kong Horse of the Year Electronic Unicorn. phil cataldo Phil Cataldo is a specialist bloodstock agent in New Zealand. New Zealand horses have had huge success on the track in Australia and Hong Kong, so we are very pleased to be working with Phil and benefiting from his experience. 13

15 0.5 celebrate your success You re investing in a business. But you can measure your profits in pleasure, too. We will arrange bespoke visits and itineraries so you enjoy both the racing action and sparkling entertainment away from the course in a style that suits you. Here is just a sample of the glittering lifestyle that you will experience with Palace House Turf Club membership. Enjoy your wealth in a refreshing new way. Join us and celebrate your success 14

16 celebrate your success VIP pick-up When you visit us in the UK or Australia you will be received at the airport and taken to a VIP reception suite where baggage and passport checks will be discreetly managed. A premium vehicle will take you to your luxury hotel or, if you prefer, to the course or stables in Newmarket or Melbourne for a champagne welcome. Luxury accommodation Members will stay at a leading hotel in the heart of London. Choose between The Dorchester, Claridge s, The Ritz or The Connaught. You will enjoy similar treatment in Melbourne and Sydney, with a stay, for example, at Melbourne s Crown Hotel and Casino. An on-site multilingual hospitality team will ensure your schedules and activities are completely tailored to your needs. Extraordinary access and information Members will have face-time with managers and trainers, entry to owners enclosures, and access to the gallops and training yards. You will also benefit from special pre-race briefings with trainers and jockeys on racing prospects to assist with any gaming decisions. If you are in the UK, you can take lunch and, if you wish, overnight accommodation at the legendary Jockey Club in Newmarket. Special events Palace House hosts exclusive social occasions on and off the racecourse attended by society and celebrity guests. On-course events will take place at the top racetracks in the UK and Australia, where the Palace House Members Enclosure will signify the very best in premium hospitality. Exclusive memberships You will be entitled to special entry to leading members clubs in London, Melbourne and Sydney, and top gaming clubs in the UK and Australia. Concierge service A beautifully crafted Palace House membership card and smart phone app will allow members to instantly dial up exclusive reservations for premier dining, society events and VIP access. Celebrities You will have the opportunity to meet and socialise with famous Palace House Global Ambassadors from the worlds of sport, film, theatre, the arts and fashion. Live action direct You will receive, direct to your mobile device or computer, live feeds of races in which your horses are competing if you cannot be at the track. Stable and gallop cams Even when at home or travelling on business, you will be able to keep a close eye on your investment with exclusive cam facilities and feeds that give you up-tothe-minute information on the horses progress. Sponsorship Members can be involved in sponsorship activity around Palace House events that effectively profile their commercial interests in prestigious settings. 15

17 0.6 exclusive membership and ownership Benefits summary Access to top-quality thoroughbred horses chosen and managed by the Club s experts. Access to leading trainers with excellent track records through the Club s network. Exclusive access to Club-managed private ownership syndicates. Access to exclusive owners areas at top racecourses around the world for personal and corporate hospitality. Pre-race trainer and jockey briefings on racing prospects exclusive to Club members. Stable and gallop web cams and videos. Club events at major racecourses in the UK and Australia. Membership of leading members clubs and gaming clubs in the UK and Australia. 16

18 In the last 22 years we have always managed to train more winners per horse than anybody else Sir Mark Prescott Palace House Turf Club Trainer Trainer of over 1,300 winners 17

19 palace house turf club member itinerary Palace House provides bespoke itineraries for you and your guests in the UK and in Australia. Our Shanghai, London and Sydney teams will work with you to create a truly memorable experience. Sample itinerary DAY 1 DAY 2 DAY 3 DAY 4 Arrive at London Heathrow; VIP arrival via exclusive members lounge. Limousine chauffeur transfer to Dorchester Hotel. Personal multilingual welcome on arrival. Presentation of exclusive Dunhill member gift and commemorative bound itinerary and member pack. Evening cocktail reception and dinner at Aspinalls Club. Early-morning transfer by limousine or helicopter to Newmarket, the home of thoroughbred racing. Exclusive vantage point on the world-famous gallops to watch Palace House horses in action. Luxury morning picnic and coffee selection. Visit to the stables of Palace House trainers Sir Michael Stoute, Sir Mark Prescott and Ed Dunlop. Meet with trainers and jockeys. Champagne luncheon at the prestigious Jockey Club. Transfer to Dorchester in limousine. Morning race day breakfast reception. Transfer by helicopter to Ascot. Arrival at Palace House Turf Club Members Club. Visit to Owners Enclosure. Luxury luncheon and drinks reception. Meet and greet Palace House Global Ambassadors. Presentation by Sir Mark Prescott that offers you special insights into the world of toplevel racing. Exclusive race day action; expert analysis by a range of Palace House pundits. Visit to the Winner s Enclosure. Transfer to Ascot Palace House Members Enclosure. Exclusive race day action and viewing. Transfer by luxury limousine to London Heathrow VIP departures or to Dorchester. Presentation of commemorative luxury gift. DAY 5 London experience day. Itineraries and activities recommended by Palace House Hospitality Team. Afternoon transfer to London Heathrow VIP departures. Evening reception hosted by General Guy Watkins. Transfer to Dorchester. Ritz Casino Race Day cocktail event hosted by Palace House. 18

20 0.7 our proposal to you Your investment It is relatively modest; details of joining fee, including processing and administration fees, are available on request. The joining fee will entitle Founder Members to six Charter Shares in the Club. These shares represent the economic interest of the member in the Club and its horses. With the capital contributed through joining fees we will purchase, train and race horses in the UK and Australia. Each $5 million of capital will allow for approximately 10 horses to be acquired. Every member will have an equal stake in every horse. Founder Members have their annual subscription waived as part of their Founder member benefits. Corporate membership is available and maximum membership is 450. Membership is managed by, and at the discretion of, the Palace House Turf Club Membership Committee. This is comprised of Members Representatives and Managers Representatives. Your MARKETS Go into business with Palace House and profit from two brilliantly buoyant markets. Between them, the UK and Australia offer more than 300 courses, over 3,000 meetings a year with over USD 600 million in prize money, large liquid gaming environments, and some 40,000 horses in training. The competitive arena is huge. The opportunities immense. The potential returns exciting And we aim to grow Palace House into a major industry player and to extend operations into breeding and ownership of training yards. Increase in capital, introduction of new members and joining fees for additional members will be at the discretion of the Membership Committee. 19

21 our proposal to you Your REWARDS You receive 25 per cent of all net prize money. You also receive 25 per cent of capital value uplift on the sale of Palace House horses and 25 per cent of any stud fees. The balance of profits is reinvested in new horses in order to grow the business. Sometimes the winnings will be modest, as will revenue from horse sales. Sometimes the sheer pleasure of owning a winning horse will outweigh your profits. At other times, your returns can be rather more substantial. Because our seasoned buyers and trainers mean business. Spectacular thoroughbreds produce excellent returns. Australian colt Sebring was bought for USD 130,000. After an astonishing career he was sold to stud for a reported USD 45 million. Frankel, probably the world s finest racehorse, is said to be worth USD 190 million and is, of course, still racing. So will our trainers create another Frankel? Will you own the successor to Black Caviar? Of course we cannot yet say. But our experts past record is outstanding. So we can only look ahead to the future They aim for the best. Winning big is their game. And they intend to win big for you. 20

22 0.8 limitless racing excitement Your playing field is vast. We aim to run your Palace House horses in the UK, Australia and two other great racing nations France and Ireland. Your season is endless. Operating in both the northern and southern hemispheres means you can enjoy racing your horses all year round. These snapshots of the UK and Australian racing industries show the competitive possibilities and earning potential at your fingertips as a Palace House member. THE UK RACING INDUSTRY Turf season April to October Number of courses including Royal Ascot, Newmarket, Epsom, Goodwood and Doncaster 36 Meetings a year 900 Top races Epsom Derby and Oaks, 2000 Guineas, 1000 Guineas, St Leger, King George VI, QEII Prize money (USD) 105 million Horses in training; focus on racing two-year-olds and three-year-olds 9,000 Large liquid gaming market Annual wagering (USD) 8.8 billion Domestic bloodstock industry is substantial, with values based on racecourse success Regulated by British Horseracing Authority 21

23 limitless racing excitement THE AUSTRALIAN RACING INDUSTRY Turf season 363 days per year Number of courses including Caulfield, Flemington and Randwick 360 Meetings a year 2,700 Top races Melbourne Cup, Australia Oaks, VRC Oaks, Victoria Derby, Golden Slipper, Caulfield Thousand Guineas, Caulfield Cup Prize money (USD) 550 million Horses in training 31,000 Large liquid gaming market Annual wagering (USD) 14.4 billion Domestic bloodstock industry is substantial and linked to New Zealand Regulated by Australian Racing Board 22

24 0.9 the investment case Palace House Turf Club will own all its horses: approximately 10 horses in Club ownership initially 50 per cent in the UK, 50 per cent in Australia. Initial capital will be USD 5 million. This sum funds purchase price and two years in training. This sum will grow as new members join. Members will share in the risks and rewards of ownership of the Club horses. Investment return is driven by: Purchasing skills Trainer ability and race placement skills Racecourse success strategy The Club will purchase top-quality horses only: in training, ready to run and as yearlings. There will be a bias towards fillies with top-class pedigrees, given the more attractive risk/reward ratio they offer. The Club aims to place horses in premium races (Group and Listed) at the best racecourses in Europe and Australia. The investment return is derived from prize monies and capital uplift. 23

25 the investment case capital uplift Listed below are examples of tax-free gains obtained by leading horses in recent years. They will give you an idea of the possible returns, including capital uplift from sales, through membership of Palace House Turf Club. Horse name Purchase price Prize winnings Sale price/ (USD 000) (USD 000) est. capital value (USD 000) Frankel Owner bred Black Caviar N/A Sebring 130 Starspangledbanner 120 Makfi 50 Arapaho Miss 22 Il Quello Veloce 50 Princess Coup 260 Samantha Miss 1,500 Canford Cliffs N/A Goldikova N/A * to date (and still racing) 2,400* 5,800* 2,357 2,300 1, ,500 1,750 1,521 7, ,000 8,000 45,000 10,000 18, ,000 3,850 8,000 4,000 PRIZE MONIES The Club s horses will be chasing prize monies of some USD 105 million in the UK and USD 550 million in Australia. In addition, we will be looking to compete in top races in France and Ireland. Here you can see examples of prize money won in the UK and Australian markets. Top 5 UK prize money earners 2010 (USD 000) 1. Workforce 1, Twice Over 1, Harbinger 1, Starspangledbanner Rip Van Winkle 835 Top prize: Epsom Derby: Winner (USD 000) 1,150 Total prize money available p.a. (USD 000) 105,000 Horses in training 9,000 Number of registered owners with horses in training 8,800 Number of owners with 21+ horses in training 70 Top 5 Australian prize money earners 2010/11 (USD 000) 1. Americain 3, So You Think 3, Black Caviar 2, Sepoy 2, Descarado 1,927 Top prize: Melbourne Cup: Winner (USD 000) 3,600 Total prize money available p.a. (USD 000) 550,000 Horses in training 31,000 Number of registered owners total 12,971 Number of owners with 10+ horses in training

26 1.0 club racing silks Registered Palace House Turf Club racing colours BODY PINK/GREY CHEVRON SLEEVE GREY/PINK STARS CAP PINK/GREY STARS 25

27 1.1 club structure Palace House Turf Club has been structured as a Hong Kong incorporated limited company which is 100 per cent owned by the members. The Club has its own Board of Directors comprised of members and representatives of the management company. In addition, there is an Advisory Panel chaired by General Guy Watkins. Also sitting on this Advisory Panel is Michael Greville. Michael is a solicitor, the Managing Partner of international law firm Watson, Farley &Williams and an expert on the management and operation of exclusive members-only clubs. He is currently Commodore of the Royal Ocean Racing Club and a member of the Royal Yacht Squadron. Management of the Club s racing activities is undertaken by the management company, Palace House Management Limited, under the terms of a management agreement. The CEO of the management company is Craig Niven, a fund manager with a lifetime interest in the horseracing industry. Craig has been active in the People s Republic of China since 1995 when he founded Griffin Mining. The Commercial Officer is David Butler, former marketing director of Honda F1 Racing, with a 20-year track record in high-profile global sports marketing. All Club horses will be owned by limited partnerships in either the UK or Australia and 100 per cent owned by the Club. The Club has been structured in a tax-efficient manner. There will be no tax due in the UK or Australia on either prize monies or on capital gains arising from the sale of horses. The Club has a set of Rules and a Constitution designed to ensure that it operates as an exclusive members-only club, operating in accordance with the Racing Rules in the UK and Australia. Membership is by invitation only. There is a Membership Committee comprised of existing members, members of the Advisory Panel and a representative of the management company. All new members must be approved by the Membership Committee. 26

28 1.1 club structure Members subscriptions $ Palace House Turf Club Limited (HK) Palace House Management Limited (BVI) Palace House Racing LLP (UK) Palace House Racing LLP (AUS) Horse ownership Horse ownership 27

29 1.2 own the thrill Sir Michael Stoute Palace House has very good, dedicated staff with a successful track record Sir Mark Prescott I have been training racehorses for 37 years but I remain consumed by the task of sending out more and better winners each year. I look forward to welcoming Palace House members and their horses to Heath House and meeting up with you at the racetrack 28

30 own the thrill Ed Dunlop I have been involved in the development of Palace House since its inception and I believe it represents one of the most exciting new developments in international horseracing for many years. I look forward to sending out winners for the Club and its members in Europe and Australia. We have a fantastic team in place to achieve this and we are dedicated to giving you, the owners, the very best in communication and information about your horses. See you at Royal Ascot and the Melbourne Cup Russell Warwick Palace House has the potential to make a significant impact on the horseracing industry in the southern hemisphere. I am delighted to be part of the team 29

31 1.3 talk to us Shanghai Office Sandra Zhu Palace House Turf Club Limited 15F Plaza 66, Tower Nanjing Road West Shanghai szhu@phtclub.com London Office Craig Niven Palace House Management Limited 18 Pall Mall London SW1Y 5LU cniven@phtclub.com Professional advisers Legal advisers Auditors and tax advisers Bankers Insurance brokers Watson, Farley & Williams in association with Lau, Leong & Co Pacific Place 88 Queensway Hong Kong Grant Thornton 101 Cambridge Science Park Milton Road Cambridge United Kingdom Barclays Bank plc Queen Victoria House Victoria Street Isle of Man United Kingdom Lycetts The Coach House Newmarket Suffolk United Kingdom 30