PARISOctober 5, 2009

CONTENT

……………..….. OSAF.…………………. Production and distribution of images and information.…………………. Interaction between local and international totes.…………………. Distributors. …………………. Revenue and costs of obtaining the signal.…………………. Profits from return on betting. …………………. Market.…………………. The opinion of the authorities from each country about simulcasting.…………………. Conclusion.

BRAZIL

VENEZUELAVENEZUELA

URUGUAY

ARGENTINA

CHILE

COLOMBIA

ECUADOR

PERU

PARAGUAY

Tomo ITomo II

Tomo III

PANAMA

FOALS

RACING

BETTING

100.147100.147138.028138.028

90.90090.900

54.80154.80172.94772.947

25.90325.903

37.669.890.384 €

11.215.141.070 €

28.757.602.187 €

Europe

America Asia

Europe

America Asia

Europe

America

Asia

24%13%

31%

32%

7%

14%37%

35%

0,52%13,92%

37,04%

48,52%

FOALS

RACING

BETTING

TV PRODUCTION

TV PRODUCTION

DISTRIBUTION

805 806

INTERACTION BETWEEN THE LOCAL AND INTERNATIONAL TOTES

SIGNAL DISTRIBUTION TO SOUTH AMERICA

805 806

REVENUE AND COSTS OF OBTAINING A SIGNAL

PROFITS FROM RETURN ON BETTING

11%operating

expenses, business

profitability

80%return on bets

3%prizes

6%acquisition of rights on images

100% of the bets

South America

100% of the bets 

North America

80%return on bets

8%Operating

Expenses,Business

profitability8%prizes

2,5 %expenses

1,5 %rights

MARKET

MARKET

MARKET

THE OPINION OF THE AUTHORITIES FROM EACH COUNTRY ABOUT SIMULCASTING

BRAZIL

ARGENTINA

PANAMA

PERU

THE OPINION OF THE AUTHORITIES FROM EACH COUNTRY ABOUT SIMULCASTING

URUGUAY

VENEZUELA

THE OPINION OF THE AUTHORITIES FROM EACH COUNTRY ABOUT SIMULCASTING

DOES BETTING ON INTERNATIONAL RACES IMPACT ON BETTING ON LOCAL RACES?

Conclusions

INVASOR (ARG)2005 Triple coronado Maroñas (Uruguay)2006 Pilmico Special (GI)2006 Suburban Handicap (GI)2006 Whitney Handicap (GI)2006 Breeder’s Cup Classic (GI)2006 Caballo del año2007 Donn Handicap (GI)2007 Dubai World Cup (GI)

CONCLUSIONS

CONCLUSIONS