1. All horses are offered for sale in one-twelth shares or multiples thereof. 2. The purchase price for the share includes: The capital cost and beneficial ownership of the horse until it is sold All training, veterinary, blacksmith, travel, race entry and other administration fees for a period of one year from receipt of payment. It excludes the costs of travel to and race entry for racing outside Great Britain (see note below).

3. While every effort will be made to take account of the wishes of shareholders, the choice of trainer is the ultimate responsibility of Centaur Racing Limited. 4. Day to day decisions on the maintenance of the horse are the responsibility of the trainer as chosen by Centaur Global Limited. 5. Decisions regarding the running plans and career of the horse will be made by the trainer in consultation with Centaur Racing.

6. The costs of racing abroad (including transport and entry fees) are not covered by the initial purchase price. 7. For the purposes of this contract, "abroad" includes both Northern and the Republic of Ireland. 8. If it is felt that there are sound reasons for the horse to race abroad, all shareholders will be consulted as to whether they are prepared to fund the associated costs. 9. Prize money from such races will be allocated only to those shareholders, who agreed to fund the associated costs.

10. The horse will not be insured by Centaur Global Limited as it is felt that the cost of insurance is not commensurate to the risk. All shareholders are free to take out such insurance as they feel necessary on their share of the racehorse. 11. If required, Centaur Racing Limited would be happy to supply details of insurance companies which cover bloodstock risks.

12. All shareholders will be entitled to one owner's badge per share every time their horse runs. Every attempt will be made to satisfy requests for further badges but this cannot be guaranteed. Normally, further badges will be available free or at a discounted charge.

13. All prize money received (with the exception of prize money attained while racing abroad - see Paragraphs 6 to 9) will be split equally amongst shareholders according to their shareholding. 14. Please note that: Prize money takes up to eight weeks before it is lodged in our accounts. Payment will be made by cheque as soon as the prize money has cleared. There are a number of deductions from the prize money declared in the press, which are entirely outside the control of Centaur Racing Limited. The final owner's prize money is declared in the racecard. Full details of how each payment is calculated will be supplied.

15. Shareholders are free to sell their share to any third party so long as they inform Centaur Racing of the sale. 16. Centaur Racing are under no obligation to buy back any share once sold. However the Company may be able to assist in the sale of a share on request. If Centaur Racing is able to facilitate the sale of a share an administration fee of 10% of the sale value will be charged.

17. Shares in horses, which have been purchased using the instalment method, shall become void if one or any of the instalments are not paid. The share will then revert back to the ownership of Centaur Global Limited.

18. The shareholders of each horse will meet formally on an annual basis. At this meeting the shareholders will determine: Whether the horse will be retained. If so, the level of the monthly charge for the following year to cover the fees as identified in Paragraph 2. 19. If it is decided to sell the horse at the end of the year, the horse will be sold at the next suitable auction or in a private sale, whichever is deemed to be the most cost-beneficial. This decision will be made by Centaur Racing Limited. 20. Proceeds from the sale, net of all related costs, will be divided equally amongst shareholders, according to their holding.