Board Meeting Summary

Meeting Date: Wednesday 10th March 2010

Tote contribution to the 49th levy: 2010/11

HBLB at its March Board meeting agreed that the contribution by the HTB in respect of the 49th Levy period would be determined on the basis that the HTB will contribute, in respect of off-course SP and Tote odds, cash, internet, interactive, and telephone British horserace betting business and on-course SP cash and credit British horserace betting business as if it were a bookmaker for the purposes of the 49th Levy Scheme, and in respect of Tote Direct, at the rate of 10% of British horserace betting gross profits.

Tristram Ricketts Fellowship 2010/2011

HBLB at its March Board meeting approved the principles of the application process for the 2010/2011 Tristram Ricketts Fellowship, including that those in full-time education or training should not be precluded from applying and that the overall approach should be to raise the number of quality applications, linking the Fellowship with initiatives capable of being implemented practically at the end of the year.

The Racing Post will run a feature on Glen Sparkes’ report during March and will provide appropriate support and coverage going forward. The deadline for applications would be 30th April 2010.

Northern Racing College

HBLB at its March Board meeting approved an upfront payment of £101,430 in 2010 to Northern Racing College from the agreed training allocation in order to replace their round gallop.

Breeders’ Prizes Scheme

HBLB at its March Board meeting received a presentation from Kirsten Rausing -Chairman of the Thoroughbred Breeders’ Association (TBA) and Julian Richmond-Watson - former Senior Steward of the Jockey Club, TBA’s representative on the BHA Racing Committee and a small breeder - on the Breeders’ Prizes Scheme, following a review by the TBA, Weatherbys and HBLB.

The Board generally endorsed the principles underpinning the Scheme and agreed that the HBLB Executive with the TBA should discuss further potential enhancements to the Scheme.

Financial Planning & Reporting Cycle

HBLB at its March Board meeting agreed that the financial reporting and planning cycle remain unchanged and HBLB would therefore continue to prepare budgets and management accounts on a calendar year basis.

50th Levy Negotiations – BHA Submission

HBLB at its March Board meeting received a presentation from Racing’s appointees setting out proposals for the 50th Levy Scheme. It was also decided that the details of the proposals be kept confidential.

2010 Budget Savings

HBLB at its March Board meeting agreed that reductions in expenditure of £4.6m be made in 2010 and that a further report would be made to the April meeting.