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Three years ago today, we presented our vision and financial plan for
                    the future of Breeders’ Cup merchandise. Our plan focused on three core
                              merchandising principles and aggressive financial goals.




                                                   The three principles are:


                  Quality — It was apparent that the quality of merchandise needed to be raised


                  Style — Understanding the aesthetic of the Breeders’ Cup audience



                  BC Brand —  reating a timeless, stand alone Breeders’ Cup merchandise brand



                                                    The financial goals were:


                                     1. Double the e-commerce business by 2019


                                     2. Double the on-site event business by 2019

                                           3. Maintain the 3rd party business




                 We are pleased to report that while there is still plenty of blue sky in front of us,

         we accomplished these goals in less than two years. Enclosed you’ll find a brief presentation
                  highlighting the results of the past two years and previewing our future plans.


                        All of us at Upper Right look forward to continuing to work with your
                                         team on achieving our mutual goals.






                                           Sincerely,



                                                         Jimmy Dawahare




                                           

                
        	 
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