Mr. Denis Duggan:

Last year, we varied the price and used it as a differentiator. Historically, we would see a number of applications for adults every year, as we refer to them, whether yearlings, two-year-olds or three-year-olds. Up until the end of 2022, in our organisation, it was the exact same price whether you registered a new foal born today or in five years, unlike in the thoroughbred world, where price was used to incentivise people to register a foal in the year it was born. We have changed that for that exact reason. We use price to change behaviour.