HYPOTHETICAL: =Exceed and Excel (AUS) -- =Black Caviar (AUS) B Based on the Cross of Danehill and His Sons/Royal Academy and His Sons and Grandsons Variant = 1.61

07/22/13 10:19:07 EDT

HYPOTHETICAL: =Exceed And Excel (AUS) -- =Black Caviar (AUS) B Based on the cross of Danehill and his sons/Royal Academy and his sons and grandsons Variant = 1.61

Nearctic, 54 br Northern Dancer, 61 b Natalma, 57 b Danzig, 77 b Admiral's Voyage, 59 dk b/ Pas de Nom, 68 dk b/ *Petitioner, 52 b Danehill, 86 b *Ribot, 52 b His Majesty, 68 b Flower Bowl, 52 b Razyana, 81 b Buckpasser, 63 b Spring Adieu, 74 b Natalma, 57 b =Exceed And Excel (AUS), 00 b Nearctic, 54 br Northern Dancer, 61 b Natalma, 57 b Lomond, 80 b Poker, 63 b My Charmer, 69 b Fair Charmer, 59 ch Patrona, 94 ch Citation, 45 b Watch Your Step, 56 ch Stepwisely, 41 br Gladiolus, 74 ch Carry Back, 58 br Back Britches, 64 ch Foxbritches, 58 b Hypothetical Foal Northern Dancer, 61 b Nijinsky II, 67 b Flaming Page, 59 b Royal Academy, 87 b Crimson Satan, 59 ch Crimson Saint, 69 ch Bolero Rose, 58 ch =Bel Esprit (AUS), 99 b =Wilkes (FR), 52 ch =Vain (AUS), 66 ch =Elated (AUS), 57 b =Bespoken (AUS), 90 br Adios (GB), 70 b =Vin d'Amour (NZ), 81 b =Gliteren, 69 ch =Black Caviar (AUS), 06 br Danzig, 77 b Green Desert, 83 b Foreign Courier, 79 b Desert Sun (GB), 88 b =Hotfoot (GB), 66 br =Solar, 73 ch =L'Anguissola, 67 b =Helsinge (AUS), 01 b =Lunchtime (GB), 70 ch =Snippets (AUS), 84 b =Easy Date (AUS), 77 b =Scandinavia (AUS), 94 ch =Vain (AUS), 66 ch =Song Of Norway (AUS), 82 gr =Love Song (DEN), 76 gr

Note on terminology in this report: Direct Cross refers to Dosage Profile: 4 4 7 1 0 Inbreeding: Danzig: 3S X 5D Dosage Index: 2.56 Northern Dancer: 4S X 4S X 5D the exact sire over exact broodmare sire; Rated Cross is Center of Distribution: +0.69 Nearctic: 5S X 5S the cross used to base the TrueNicks rating and may differ Natalma: 5S X 5S X 5S from the direct cross to maintain statistical significance; =Vain (AUS): 4D X 5D AEI: Average Earnings Index; AWD: Average Winning Distance (in furlongs). All currency figures converted to U.S. dollars at time of race or sale.

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HYPOTHETICAL: =Exceed And Excel (AUS) -- =Black Caviar (AUS) B Based on the cross of Danehill and his sons/Royal Academy and his sons and grandsons Variant = 1.61

Starters Considered Auction Results - All Foals Surface Performance in Rated Cross on Direct Sire/Broodmare Sire Cross for Rated Cross Direct Sire/ Type #Sold Avg Med Type Dirt Turf AW 2 Broodmare Sire Cross Weanlings 1 $17,372 $17,372 Starters 51 307 109 Additional Starters on Rated Cross 312 Yearlings - - - Winners 18 164 33 Total Starters 314 2YOs - - - SW - 17 1

Sire Broodmare Sire Sire Name =Exceed And Excel (AUS) Broodmare Sire Name =Bel Esprit (AUS) Sire AEI 1.65 Broodmare Sire AEI 0.52 Progeny AWD 6.07 f Progeny AWD as BM Sire 5.98 f Chief Earner Excelebration (IRE) ($2,663,259) Chief Earner Lottie's Lady (AUS) ($42,430)

Out of BM By Sire Line All Foals Bred on Rated Cross Sire Line with with Other Mares Other Sires All Foals Colts Fillies All Foals All Foals Foals of Racing Age 501 251 250 60,172 3,815 Starters (% Foals of Racing Age) 314 (63%) 161 (64%) 153 (61%) 36,876 (61%) 2,518 (66%) Winners (% Starters) 190 (61%) 104 (65%) 86 (56%) 21,404 (58%) 1,528 (61%) SW (% Starters) 18 (6%) 10 (6%) 8 (5%) 1,703 (5%) 107 (4%) Earnings $15,026,530 $9,394,182 $5,632,348 $1,607,206,100 $106,064,941 Avg Distance Raced 7.24 f 7.38 f 7.00 f 7.39 f 7.96 f Avg Winning Distance 6.91 f 7.07 f 6.62 f 7.36 f 7.73 f

Top 15 Foals Bred on Rated Cross Name Sex Foaled Sire/Broodmare Sire Best Race FASTNET ROCK (AUS) Horse 2001 Danehill/Royal Academy G1SW NASHVILLE (NZ) Gelding 2008 Darci Brahma (NZ)/Royal Academy G1SW MAJESTIC MUSIC (AUS) Mare 2006 Al Maher (AUS)/Royal Academy G2SW CARRIBEAN SUNSET (IRE) Mare 2005 Danehill Dancer (IRE)/Royal Academy G3SW BEACON LODGE (IRE) Gelding 2005 Clodovil (IRE)/Royal Academy G3SW GENTLEMAN'S DEAL (IRE) Horse 2001 Danehill/Royal Academy G3SW AMARILLO (IRE) Colt 2009 Holy Roman Emperor (IRE)/Royal Academy G3SW ASLANA (IRE) Mare 2007 Rock of Gibraltar (IRE)/Royal Academy G3SW DAMSELFLY (AUS) Mare 2005 Flying Spur (AUS)/Royal Academy G3SW TROUBADOUR (IRE) Gelding 2001 Danehill/Royal Academy SW JERSEY LILY (AUS) Mare 2005 Catbird (AUS)/Royal Academy SW BIGELOW (AUS) Gelding 2007 Al Maher (AUS)/Royal Academy SW WHAT'S UP PUSSYCAT (IRE) Mare 2006 Danehill Dancer (IRE)/Royal Academy SW GRAND JARDIN (AUS) Gelding 2005 Redoute's Choice (AUS)/Royal Academy SW AN GHALANTA (IRE) Filly 2009 Holy Roman Emperor (IRE)/Ali-Royal (IRE) SW

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