Dear NWRC Supporter,

Thanks for your interest in this years syndicate. If you made the
stable visit last weekend you will have had chance to see the horse
(s) in the flesh doing some light work on a wet and windy Sunday! As
Paul Clarkson is managing this years syndicates the terms will not
be quite so flexible as last time - details are as per the web page
below which now includes some photos and also a specimen agreement
form:

http://www.evans996.freeserve.co.uk/FlatSyndicate.htm

Ideally members will agree to take either a 5% owned share in either
horse or a 5% leased share in the Elnadim filly ie no leased shares
available in the Atraf colt. However if members wish I will arrange
to sell a 5% share covering 2.5% in each horse i.e. a half share in
each by taking the share in joint names with another member.
Similarly, for leased shares only I will try and arrange to pair off
holders of 2.5% into full shares.

To summarise therefore the options are:

Lease a 5% share in the Elnadim filly at monthly cost of £70 wef
March or a 2.5% share at monthly cost of £35pm.
Purchase a 5% share in the Atraf colt for £400 them monthly cost of
£70pm wef March.
Purchase a 5% share in the Elnadim filly at £200 then monthly cost
of £70pm wef March.
Purchase a 2.5% share in BOTH horses at £300 then monthly cost of
£70pm wef March.
NB When a joint share is taken with another member please note that
if the other part owner were to default then the remaining owner
would take full control of the share subject to continuing monthly
payments.

To subscribe please confirm your preference in writing as soon as
possible sending cheques (for purchases) ifo NWRC Owners Group.
Subscibers will then receive confirmation of their shares and also a
copy of the final agreement and a bankers order form for the monthly
payments. Where the club sells at least 50% of the shares the horse
will run in the club's name & colours.

No further reminders will be sent thus if you do not respond to this
message I shall assume you have decided not to join the group in
2005.

Please send all correspondence to NWRC at 53 Dalebrook Rd, Sale,
Cheshire, M33 3LB in the first instance and then once things are set
up Paul Clarkson will take over control of the communication updates.

Best Regards

Phil Evans

PS For what its worth I have decided to take a half share in each of
the two horses!