INTERPRETATIONS

The "Rules of Racing" means the set of rules designed by racing's participants to help protect integrity within all aspects of British horseracing and currently administered and managed by the BHA.

"BHA" - British Horseracing Authority - a non-statutory trading business of British Horseracing Authority Ltd, a private company limited by guarantee without share capital (company no. 02813358).

"GBR" - Great British Racing a BHA subsidiary undertaking.

"Subsidiary undertaking" means an undertaking (a business activity) controlled by another undertaking (the parent or holding company). The financial statements of a subsidiary undertaking are normally included in the consolidated financial statements of the group.

"Syndicator" means any individual or entity with fiscal liability to consumers and businesses, whilst engaged in the forming, promoting, managing and running of a shared racehorse ownership scheme, whether or not for profit.

"Fiscal liability" means financial and other direct and indirect liabilities.

"syndicate" means racehorse ownership divided into equal percentage shares, (the product of the Syndicator's offer to consumers).

"syndicate manager" means either the Syndicator or a person(s) without fiscal liability appointed/employed by the Syndicator to manage the day to day operation of the syndicate.

"syndicatee" means a consumer who joins a syndicate.

"Racing Club" means an entertainment associated with racehorses, where the Members acquire no ownership or beneficial ownership rights to the racehorse but may acquire certain benefits such as the sharing of race prize money.

"consumer" means any individual (a syndicatee for example) who in relation to a commercial practice is acting for purposes which are outside their business.

"CMA" Competition and Markets Authority.

"FCA" Financial Conduct Authority.

"HMRC" His Majesty's Revenue & Customs.

"BEIS" The UK government department for Business, Energy and Industrial Strategy.

"Competent Authority" means a body or authority having supervisory or regulatory functions in the United Kingdom in relation to service activities.

"Participant Services" is the BHA department responsible for authorising, registering, monitoring and administering shared racehorse ownership entities (syndicates and partnerships) and also racing clubs.

"VAT" means Value Added Tax.

"IP" means 'intellectual property'. The associated rights belonging to a business (syndicate or racing club for example) include, copyright, design, patents and trade marks.

"Weatherbys" a UK conglomerate whose wide range of activities include the administration of British horseracing on behalf of the BHA.

"Pinhooking" the purchasing of a racehorse with a view to reselling at a profit. Commonly associated with buying a foal with the intention of reselling for a profit as a yearling.