FRANCE GALOP - PROFESSIONAL ACCOUNTS DEPARTMENTS OPERATING MANUAL AND MANAGEMENT RULES

Transcription

1 FRANCE GALOP - PROFESSIONAL ACCOUNTS DEPARTMENTS OPERATING MANUAL AND MANAGEMENT RULES

2 OPERATING MANUAL AND MANAGEMENT RULES OF YOUR PROFESSIONAL ACCOUNT CONTENTS : PREAMBLE 1. OPENING AN ACOUNT 2 POWER OF ATTORNEY 3. ACCOUNT OPERATING RULES Principles Various dates of operation Pending entries 4. OPERATIONS BETWEEN SOCIO-PROFESSIONAL PERSONS Race operations Cash operation Transfer order Cash deposits and withdrawals Issuing cheques and bank transfers 5. OPERATIONS CARRIED OUT ON YOUR ACCOUNT Crediting your professional account Withdrawal operations 6. OVERDRAWN ACCOUNTS 7. ACCOUNT FROZEN OR STOPPED 8. FRANCE GALOP SERVICES 9 TAXATION : VALUE ADDED TAX 10 YOUR ACCOUNT STATEMENT Five key points 11 YOUR CONTACTS Page 2/33

3 Preamble Introduction The aim of this manual is to inform you of the working principles and management rules of your France Galop account. In no way is it a substitute for the Flat Racing Rules established by the France Galop Committee and approved by the Ministry of Agriculture. We hope that this manual will be a practical guide and a useful working tool to help you better understand how your account is managed and how best to contact the France Galop teams. This booklet is provided free of charge by the Service des Comptes Professionnels (Professional Accounts Department) of France Galop upon request. The Professional Accounts Department is at your disposal for any further information and hopes you will appreciate the booklet. Definition of the term socio-professional The generic term socio-professional encompasses all persons involved in the flat racing sector, be they owners, trainers, breeders, jockeys either professionally or by way of a hobby or pastime. Page 3/33

4 1. Opening an account Statutory conditions Opening an account, except in the case of breeders, is subject to approval by France Galop Stewards. The France Galop Licence Department has notified you of this approval and given you your account number. Holding an account in our books means that you belong to one of the following categories : You are a breeder registered by the Haras Nationaux in the SIRE file and identified by France Galop You have been authorised by France Galop to race horses, as : Whole owner of one or several horses, Sole lessee of one or several horses following a contract registered with France Galop Joint lessee following a contract with France Galop grouping several lessees * Leading business partner or business partner in a business partnership registered with France Galop * Lessor, your lease having been approved by France Galop * Owner of one or several interest shares in a syndicate Holder of a special power of attorney on behalf of a limited liability company or partnership * Distribution of prize money and racing costs, at the request of the contractors, is automatically charged to their accounts by France Galop You are a licensed professional trainer (i.e. working for several owners public - or under contract with one owner only particulier ), you hold an authorisation to train or a permit to train, You are the holder of a jockey, apprentice or rider licence or of an authorisation as gentleman rider or lady rider. Page 4/33

5 Your account number The account number assigned to you looks as follows : C Identifier Activity code Country code For France Galop, this account number is your identifier It shall be quoted in all correspondence with France Galop as also when connecting with France Galop Minitel server and Internet. General information You have been asked for the following information : Has a third party a power of attorney to carry out operations on your account? What is your bank domicile? Have you a resident or non-resident status? In your racing activity, have you chosen the option liable for VAT? France Galop s services as well as the operating rules of your account depend on your answers to these questions. Page 5/33

6 2. Power of Attorney Article 23 of the French Rules of Racing states that any person accredited with France Galop stewards may act as a proxy for a legal or physical person holding an account with France Galop. The power of attorney allows you, as principal, to authorize a third party, the proxy, to carry out the following operations on your account : Deposit cash or cheque to credit the account Make a transfer towards another France Galop account held by a third party through a transfer order form. A power of attorney does not allow the proxy to withdraw money from the principal s account at France Galop. Restrictive conditions may be applied to the scope of the power of attorney: Laying down a maximum amount for transfer operations Page 6/33

7 Limiting transfer operations towards identifiable accounts. A person holding a proxy shall not transmit to a third party all or part of the vested proxy. Several proxy holders may be designated by the owner of the account; they shall act separately when carrying out operations. France Galop shall not be held liable in the case of non-respect of the power of attorney s operating rules by the proxy holder. When the Professional Accounts Department registers or updates a power of attorney, this shall be confirmed in writing to the principal as a security measure to confirm that the operation has duly been registered. A proxy form may be obtained from the France Galop Licences Department. Page 7/33

8 3. Account Operating Rules Principles Operations carried out on your professional account shall correspond to a racing activity. Since France Galop does not have the status of a banking entity, it is obliged to check the nature of the operations entered in the accounts. Thus, any legal or physical entity (apart from the proxy holder) who issues a cheque or makes a bank transfer to credit your account shall first hold an account with France Galop. Moreover, the Professional Accounts Department shall not have to pay, on behalf of socioprofessionals, for the various services (landscaping, photography ) carried out on behalf of third persons who do not hold an account with France Galop. Distinction between the various dates of operations Date of effect The date of effect corresponds to the date of the event generating the accounting entry. Example: the date of effect of accounting operations for a race corresponds to the date of the race, the date of effect of a transfer corresponds to the date of input by the operator of the Professional Accounts Department. Date of processing The date of processing corresponds to the date of validation of the accounting entry, i.e. when crediting or debiting a given account. Example: the date of processing of accounting operations for a race corresponds to the date of crediting or debiting the account of a socio-professional entity. The total balance of your account is automatically updated on the date of processing of the operation. Date of availability The date of availability in the case of a deposit corresponds to the actual date when an account holder can have available the amount resulting from the operation which has credited the account. In the case of a debit operation, the date of availability corresponds to the actual date when an account is debited. The balance of your account is automatically updated on the effective date of availability of the operation. The discrepancy between the date of effect and the date of availability is justified by the operations validating the racing activity and auditing of the balances. The credit (pay-in) date corresponds to the date when your account is credited with the amount resulting from the operation. The debit (pay-out) date corresponds to the date when your account is debited with the amount resulting from the operation. Page 8/33

9 The following table presents these discrepancies per type of event Event Operation Date of effect Date of processing Date of availability Race Pay-in : Prize money Premiums Race day D + 4 D + 11 Pay-out : Entries Forfeits Trainer % Membership fees Riding fees Race Pay-out Pools Training Pay-out : Exercise gallops Training Pay-out : Account-toaccount transfer (writing out a transfer order) Window transaction Bank transfer Cheque pay-in (France) Fee Pay-in Pay-out Cash deposit/ withdrawal Pay-in Race day Entry closing day Entry registration 1 st day of following month Anniversary date of training declaration Entry date of transfer operation Registration of service Anniversary date of training declaration Entry date of transfer operation Registration of service Anniversary date of training declaration Entry date of transfer operation Date of visit Date of visit Date of visit Entry date of transfer operation Entry date of transfer operation Pay-out Pay-in Entry date of Entry date of D + 11 Pay-out cheque pay-in cheque pay-in It may happen that the lapse of time before validation of a race oversteps the period of 4 clear days. Entry date of transfer operation Entry date of cheque pay-in Page 9/33

10 Example: retrieving prize money Mr Dupont, an owner, has a France Galop account which, on 2 September, presents a total credit balance of available funds amounting to 800. His trainer decides, on 9 September, to enter his horse in a race. Mr Dupont, the owner, in accordance with the racing conditions, pays the amount of 200 uros on 10 September. His account is duly debited with this amount that same day and presents a balance of 600 of available funds. On 13 September, the day of the race, Mr Dupont s horse wins a place worth 3,000 prize money. On the evening of the race and in the course of the following five days corresponding to the time needed for validation of the race, Mr Dupont s account continues to show a credit balance of 600. On 18 September, after validation of the race, Mr Dupont s account is credited with the purse win of and debited with the regulatory deductions (trainer, jockeys, union contributions ) totalling 800. After account entry of these racing items, Mr Dupont s account shows a total balance of but with available funds of 600. On 20 September, Mr Dupont decides to go and withdraw 1,200. After consulting his account, withdrawal is refused because of insufficient available funds. Only on 25 September, after 11 clear days, does Mr Dupont s account present an available balance of Mr Dupont is no w in a position to withdraw an amount from his account, e.g. 1,500, while making sure that his account has sufficient provision, which he prudently estimates at 600. Automatic checking of balances A horse shall only be entered into a race if: - the full balance of its owner s account is in credit. - the owner s account has not been subject to a warning off by France Galop. A debit accounting operation (cheque issue, transfer or credit order, cash withdrawal) shall only be authorised if the account in question presents an available credit balance. Page 10/33

11 In the latter case, the operation shall be left pending as mentioned below. To avoid finding yourself in a position whereby you cannot enter a horse or whereby you would have to pay reminder costs because of a debit balance, France Galop proposes a direct debit on your bank account to replenish your professional account in such a way that it maintains a minimum outstanding balance of 300. Pending entries When the Professional Accounts Department receives a request from a socio-professional person for payment to a third party, it is possible that the transaction cannot be carried out immediately for the following reasons: The person requesting payment has no power of attorney on the account; The person requesting payment is acting on behalf of a company whose statutes France Galop has not received ; A non-resident has requested transfer of his/her balance to an account abroad; the Professional Accounts Department before making the transfer - shall enquire of the bank designated what the transfer charges are before proceeding with the transfer. The account is overdrawn or has insufficient funds for the operation; The supporting invoice justifying the operation involving a non-resident has not been produced; The supporting documents needed for specific and identifiable operations have not been transmitted. The operation shall then be classified as pending. Its execution and accounting shall be suspended until such time as the situation has been adjusted. Daily monitoring of pending operation entries will show when a suspension can be ended and the operation carried out immediately where conditions so allow. After a period of two months, all pending entries are discharged and all supporting documents (transfer orders, bills ) sent back to the relevant account holder. We would thus recommend that, before making any payment request, you first check that: Your account shows the appropriate credit balance ; You are in a position to hand over to us the necessary supporting documents. Page 11/33

12 4. Operations between socio-professional persons General The operating principle of a professional account with France Galop is as follows: Credit operations: entries corresponding to prize money paid by France Galop. Debit operations: entries corresponding to the distribution of prize money gained (trainers, jockeys ) from races ; withdrawal entries on winnings. Breakdown of racing operations After validation of a race in which you were involved, allocation of winnings and corresponding levy operations are automatically carried out by France Galop on your account and on that of the partners concerned. Breakdown of winnings and levies is done in accordance with the usual percentages laid down in the Rules of Racing. If you have signed a lease or partnership contract and have made the prior request, France Galop automatically executes the breakdown of winnings and levies and directly credits or debits the accounts of the relevant partners in proportion to their participation. In the absence of a request for automatic distribution, operations relating to the race event are only entered on the accounts of the leading lessees and partners. Cash operations between socio-professionals Only by way of exception does France Galop authorise certain cash-flow operations between holders of professional accounts. These operations are closely monitored. Other cash operations between socio-professional persons are as follows: Transfer orders Cash deposits and withdrawals Cheque issue or bank transfer towards another socio-professional person. Page 12/33

13 All payments between socio-professionals holding an account with France Galop are done by writing out a transfer order. Requests for account-to-account transfer operations must be sent, bearing the original hand signature of the account holder, to France Galop either by way of a transfer order slip or a letter. The following conditions apply prior to any operation between socio-professionals: The account shall have sufficient funds to meet the amount to be debited; The accounts of the persons concerned shall not have been frozen totally blocked or otherwise disqualified in accordance with Article 82 of the Rules of Flat Racing; The transfer order slip shall be correctly and fully filled in and accompanied by supporting documents where necessary. Transfer orders This form, supplied by France Galop, indicates the details of the accounts to be debited or credited, as well as the respective names of the account holders. The transfer order slip shall carry the original signature of the issuer, who must be the holder of the account to be debited or his proxy. If this form is incorrectly or insufficiently filled in, the Professional Accounts Department will not be in a position to carry out the operation. The dates of effect, processing and availability in an account-to-account transfer operation are one and the same. The individual accounts are all debited and credited at the time of the accounting entry. You may obtain books of transfer order forms from the Clerk of the Scales on France Galop race tracks and from the Professional Accounts counter. The Professional Accounts Department will also, at your request, send you further copies, free of charge. Page 13/33

14 Supporting receipts, bearing all details required, shall be sent in with the transfer order forms: For any operation involving an amount above 3000, inclusive of tax For any operation involving a resident and a non-resident For any operation involving two non-residents For any operation involving a physical person and a legal entity. Without these supporting documents, and until such time as they are obtained, the processing of the operation shall be suspended and entered as pending. Cash deposits and withdrawals Cash deposits Any socio-professional person or his/ her proxy may apply to the France Galop counter and deposit cash to credit his/ her account or that of a third socio-professional person. Page 14/33

15 If you wish to credit the account of another socio-professional person, you will be asked first to fill in a cash deposit slip to credit your own account and then to send in an accompanying transfer order slip indicating the details of the socio-professional payee s account. Should the person making the deposit not hold an account with France Galop, the France-Galop cashier may ask for proof of identity. The official in charge of the deposit operation fills in the relevant cash deposit slip with the name and account number of the payee. The dates of effect, processing and availability of funds shall be the date of the operation. The amount becomes immediately available on the beneficiary s account. Cash withdrawals The account holder alone, upon presentation of a proof of identity, is authorized to withdraw cash from his account. Page 15/33

16 Power of Attorney does not authorize a proxy to withdraw funds from the account of his principal (notwithstanding family relationships). Issuing cheques and bank transfers We would remind you that any physical or legal person that writes out a cheque or requests a bank credit transfer to another socio-professional entity, must hold a France Galop account. Cheques and bank transfers shall imperatively be made out payable to France Galop. In order to credit the account of a third party (socio-professional), after writing out a cheque or requesting a credit transfer, you will also have to attach a transfer form so that our services may make the transfer from one account to the other. For bank transfers, the dates of effect, processing and availability correspond to the date of entry of the operation; For bank cheques, clearable in France, the date of effect and the date of processing correspond to the date of entry of the operation, whereas the funds will only be made available on the beneficiary s account after a period of 11 clear days. In the case of cheques clearable abroad; availability of funds will depend upon the dates of credit notification at the bank concerned. Page 16/33

17 5. Cash operations carried out on your account Crediting your professional account In order to credit your account, you may: make a cash deposit make out a cheque payable to France Galop make a bank credit transfer to the France Galop account apply for a direct debit authorisation Cash deposits are made at the France Galop counter by filling in the relevant cash deposit slip. A letter with your name and account number must be sent along with the cheque or transfer order slip to ensure prompt crediting of your account. Withdrawal operations on your professional account Cash withdrawals Page 17/33

18 The account-holder alone, upon presentation of proof of identity; is authorised to withdraw cash from his/her account. Notification of cash withdrawals should first be made at the accounting desk of the Professional Accounts Department so as to ensure that the available balance is sufficient to cover the withdrawal requested. A receipt, stamped by the accounting department is given you for presentation to the cashier when withdrawing the funds. Cash withdrawals are limited to 3000 per day. For cash withdrawals above 3000, the cashier should be notified 48 hours in advance with fax confirmation. Other fund-drawing requests Page 18/33

19 Requests for withdrawal of funds can be made: preferably through our Minitel or Internet server connections in writing by post by fax by mailing or faxing a request form for cheque or transfer. Upon receipt of your request, France Galop will ensure that the available balance of your account will allow for withdrawal of funds. If the balance is satisfactory, France Galop will execute the request by cheque or transfer. We recommend that you systematically request bank transfers so as to guarantee security and prompt availability of funds. To this end, we would urge you to send the Professional Accounts Department all particulars of your bank or postal account, including IBAN. You will receive confirmation by post that your bank details have been registered to guarantee safe and prompt withdrawal of funds. Page 19/33

20 Specific case : purchase of a horse in a claiming race On the day of a France Galop claiming race, M. Durand, a licensed trainer, has got his eye on one of the horses. He knows that that entered horse might interest Mme Dupont, an owner whose horses he has been training for many years. M. Durand fill in the prescribed claim form, taking care to mention that the horse is claimed on behalf of a person whose name will be revealed within 48 hours. After scrutiny of all claim forms, M. Durand s claim turns out to be the highest bid ; he thus becomes buyer of the horse. The Stewards Secretary, will check whether the claimer s account or that of the claimer s principal is not overdrawn, or frozen or in any way disqualified, which would invalidate the operation. In a meeting with Mme Dupont, the latter confirms her intention to buy the horse because she deems the results are promising. M. Durand, the trainer, following up his commitment in writing out the claim, faxes France Galop to the effect that the purchase has been made on behalf of Mme Dupont, the owner. He knows that, if the 48-hour lapse of time is not respected, he will de facto become owner of the horse and will be liable for the amount written on the claim form. As soon as it receives the race report mentioning the terms of the claim, the Professional Accounts Department of France Galop, duly informed about the transaction, debits Mme Dupont s account, as purchaser, with the amount of the purchase, sending her, where applicable, an invoice to cover any surplus over the claiming price. The seller s account will be credited with the corresponding amount only after a lapse of 11 days from the date of the race and only if the registration card has been received by the Professional Accounts Department; In order to ensure a smooth transaction, we would recommend that you: check carefully that your claim form is free of any errors or omissions which could render it invalid; that your account or that of your principal has sufficient funds for the operation. Claim forms are at your disposal on racetracks from the Clerk of the Scales. Instructions for use of the claim form are given on the back of the form. Page 20/33

21 6. Overdrawn accounts Your France Galop account should not be overdrawn. So long as your total balance remains overdrawn, follow-up reminders will be sent you at regular intervals, and billed according to our current tariff conditions. Owners: 1 st reminder : Reminder of the overdraft and call for funds 2 nd reminder : Reminder charged 13 including VAT 3 rd reminder : Reminder charged 32 including VAT. Account frozen. All race entries refused (Article 81 of the Rules of Racing) Other socio-professionals 1 st reminder : Reminder of the overdraft and call for funds 2 nd reminder : Reminder charged 13 including VAT 3 rd follow-up: Reminder charged 32 including VAT. Account frozen. We would further recommend that the balance of your account be sufficiently covered to pay for various expenses and entries. Page 21/33

22 7. Account frozen or stopped Freezing an account Your account may be subjected to partial or total freeze. A frozen owner account entails refusal to enter horses in racing events for that owner. Temporary freezing If the your account continues to be overdrawn, despite reminders, your account will be temporarily frozen. Once the overdraft has been settled, the account will be reactivated by France Galop as soon as the credit balance has been confirmed. Definitive freezing Your account may be definitively frozen by decision of the France Galop Stewards if the Rules of Racing have been seriously infringed or if a dispute has arisen between socio-professionals. Stopping an account Article 82 of the Rules of Racing states the general principle and consequences for a person or horse that has been put on the forfeit list. This entails partial freezing of your account as a result of a request received from outside France Galop. The forfeit list is registered with France Galop Legal Disputes Department. This entails refusal of withdrawals on the account according to the relevant forfeit list rules. Your account may be stopped : for the following reasons : By order of Social Security for Agriculture, By order of the Tax Revenue Office, On the grounds of inheritance or succession, By order of sequestration, At the request of a third physical person (legal administrator, beneficiary of alimony ) At the request of any other administrative or legal authority. Upon confirmation that the above situations no longer obtain, (receipt of discharge order), the Legal Disputes Department ( Service Contentieux ), on the basis of evidence supplied, immediately takes steps to allow free functioning of your account. Page 22/33

23 8. France Galop Services You may obtain further information on France Galop services, in the general conditions of flat racing as well as in our annual price list. The following main services are accessible on France Galop website : / Minitel server 3614 HIP For security reasons, with a view to protecting your interests, the France Galop staff is not authorised to communicate the balance of your account to you by telephone. This information is of a confidential nature and will be communicated to you by post through our services. The attribution by the Licence department of a password enables you to access the website and our Minitel server which have a twin purpose: to allow you access to the accounting entries on your account (consulting the balance, requesting cheques, VAT balance ) to allow you, if you are a trainer, to carry out operations such as declaration, transfer or entries of horses. Page 23/33

24 By entering you account number, consisting of the first six digits and your password, you will gain access to your account updated as per the date of consultation. You will find the following information: Total balance of your account Funds available on your account Date of last statement of account and total balance of this statement VAT balance to be declared for the period Interrogation of operations corresponding to date of effect Interrogations corresponding to reference number of race Interrogations corresponding to name of horse Interrogations corresponding to activity (owner, trainer, breeder). Licence renewal charges Settlements for renewal of training and/or riding authorisations are automatically debited on your account by France Galop. Union and Association contributions Each year, on the basis of information furnished by socio-professionals Unions and Associations, and at their request, France Galop, acting on behalf of these entities, debits your account with your corresponding contribution. France Galop is not liable to justify these debit operations. These are done on the sole basis of information transmitted by professional unions and associations; on behalf of their members. Subscriptions and publications Each year, France Galop issues a great number of publications open to subscription. If you so wish, as an account holder, you may subscribe either by: Direct debit on your account Or by a cheque payment when sending in the subscription or request for renewal of subscription Page 24/33

25 Membership fees Pursuant to Article 4 of the France Galop statutes, all members of the parent racing association must pay a yearly membership fee, the amount of which is laid down by the Committee. As a member of France Galop, a contribution payment is due if your activity is : Breeder or owner (in conformity with Article 4 of the Rules of Racing) having entered at least one runner since 1 st January of the year preceding the current year; Trainer holding a professional trainer licence, training authorisation or training permit and exercising that activity in France ; Jockey holding a valid French licence. You must have come of age and the profession of jockey must be your sole professional activity. France Galop automatically debits your account on an annual basis. Training fees Training fees are levied on the owner s account, on the anniversary date of the horse s declaration in the training centre which is normally done by the trainer. The debit operation is made automatically on a monthly basis through France Galop s computer system. The fee amount is due at the beginning of the month for the ongoing month. Furthermore, any levy period already started entails total payment of the levy, even if the horse concerned changes trainer shortly afterwards. Page 25/33

26 9. Taxation : Value Added Tax Scope In order to know whether your racing activity is liable for Value Added Tax, we would refer you to the instructions indicated on our internet website france-galop.com under the heading Fiscalité (= taxation). Syndicates and professional associations are also there to help you with any questions in this respect. Declaration of VAT liability The France Galop Professional Accounts Department collects and registers your VAT form This administrative document is available on our internet website france-galop.com and can be sent you by our services if you so request. Your VAT number, registered by our services, allowing you to gain an increase in incentives on the basis of supporting invoices, will be confirmed to you in writing. We would ask you to notify us of any later change concerning your VAT situation. Page 26/33

27 10. Account statement As a holder of a France Galop account, you will receive an account statement presenting the total available balance of your account as per the last day of the previous month. Your account statement will inform you of accounting operations entered since the previous statement. If, concerning that period, you receive prizes, premiums allowances and fees that included VAT, we would remind you that the summary statement, included with your statement, constitutes an invoice issued by France Galop on your behalf, detailing all compulsory information. This form, like the statement itself, constitutes an accounting document. For this reason, you must file it away carefully, since third parties such as the Tax Authorities, Social Security... could ask it to produce it as a supporting document. The summary list of the statement of account gives you the following information : the value amounts of prizes, premiums and allowances received during the month including corresponding VAT, the VAT balance concerning the operations of the month, mentioned on your statement, the statement of your total available balance on the last day of the month, a space set aside for ad hoc communication by France Galop Page 27/33

28 A duplicate copy may be sent to you following the France Galop tariff conditions. Your statement of account will be on a monthly basis if you are : liable for VAT in view of your status in the Institution a licensed trainer a racing association In all other cases, your statement of account is sent you on a quarterly basis. The operations listed on your statement of account are classified under three main headings detailing the entries corresponding to racing, training and other activities. Within each heading, the entries are classified chronologically by date of availability. Your monthly balance for each activity is detailed at the bottom of the heading. The summary list informs you of the monthly balances and of the annual cumulative amount for each heading. This form gives you an overall and detailed view of your activity for the previous period The summary statement shows you the monthly balance of the various operations concerning the accounting items. Page 28/33

29 Racing activity The racing item details the following information: date and place of the race meeting number and name of the race date of availability of the race operations name of your horse and its placing at the finish the list of credit and debit operations Training activity Two sub-headings are to be seen: fees and exercise gallops : Levy operations for gallops and training fees are shown: per training centre per date of levy per trainer per horse Page 29/33

30 Miscellaneous activities Five sub-headings are to be seen: purchase of horses (claimed horses) sale of horses (horses put for claiming) cash flow (account-to-account transfers, bank transfers, cash withdrawals and deposits...) foreign (transactions abroad, statements of foreign accounts) services secured by France Galop or carried out on behalf of third persons (subscriptions, association fees, reminders, licence services, miscellaneous payments...) Your statement of account shows : - the totality of the monthly operations corresponding to the sub-headings presented above - the total balance of the heading miscellaneous activities, - the total balance of your account as per the last day of the month. Your electronic statement of account At your request, and following our tariff conditions, France Galop can provide your statement of account electronically (computer file). This new service enables you to download information on your racing activity directly onto your books. We would invite you to address the request to the Professional Accounts Department of France Galop. Page 30/33

31 How your professional account works The five key points to remember 1) France Galop is empowered to register operations involving individuals, physical and legal entities who hold accounts in its books. 2) The term of availability of payment entries corresponding to racing activities and paid-in cheques is 11 clear days. 3) The transfer order is the main medium for operations between socioprofessional entities 4) Cheques and bank transfers should be made out to France Galop and accompanied, where applicable, by a transfer order. 5) Before any request for payment, be sure that the account has sufficient funds. Page 31/33

32 11. YOUR CONTACTS The Professional Accounts Department is at your disposal for the processing of all operations concerning your account with France Galop. For cash operations, we are open every day from 9 to France Galop staff is at your disposal every day from 9 to The voice mail of the Professional Accounts Department is activated outside working hours Please, leave us a message with your name and surname, your account number, telephone number and the reason for your call The Professional Accounts Department will get back to you as soon as possible Contacts for everyday operations Telephone Person in charge of the Professional Account Department Murielle Touchard Contacts for everyday operations : Province s racing associations, reminders Jean-Louis Prioville Current account management (balances, pay-out, pay-in operations) Thierry Hennaut Annick Deparois Claiming operations, destruction allowances, power of attorney : Dominique Tavernier Jockey books Frédéric Abbey Contacts with foreign racing authorities, VAT-related matters Laurent Trainaud Horse transport, refunds Chantal Caroff Fund transfers, cash Sandrine Raimbault Page 32/33

33 Fax n for services appearing on previous page : Legal affairs (forfeit list, inheritance, succession) Corinne Comte Fax n for above service : Specific requests and questions Any requests or questions may be mailed by post, fax or to the Professional Accounts Departments ( Comptes Professionnels ). The Professional Accounts Department will do its best to give you a prompt and satisfactory answer Postal mail address : France Galop Service des Comptes Professsionnels 46 Place Abel Gance Boulogne Cedex France Telefax : [email protected] The Professional Accounts Department at France Galop has been organised to improve the quality of service rendered to its members. We would remind you that within the framework of the French Law n of 6 August 2004 on civil liberties Informatique et Libertés, you may at any time consult and amend any data concerning yourself. This right of amendment can be exercised by writing to the following postal mail address : France Galop Service des Comptes Professionnels 46 Place Abel Gance Boulogne Cedex Page 33/33