Wetherly Comments On Negotiations

On Thursday, February 18, Attractions Hippiques president and chief operating officer Ian Wetherly sent a memo to all Attractions Hippiques employees regarding the Quebec horsemen's associations' rejection of the proposal put forth by RSM Richter

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"Considering our most recent meetings and mediation sessions held last week with them (the horsemen's associations), we are surprised and disappointed with their decision, especially as it was clearly indicated that the associations have no serious alternative plan," Wetherly wrote.

French and English versions of the memo appear below in their entirety.

Le 18 février 2009

À tous les employés d’Attractions Hippiques,

Nous vous informons que les associations équines ont officiellement rejeté la proposition développée par le contrôleur RSM Richter. Considérant les rencontres et les séances de médiation tenues avec elles la semaine dernière, nous sommes surpris et déçus de ce rejet, surtout qu’il a été clairement démontré que les associations n’ont aucune autre solution sérieuse à proposer.

La proposition de RSM Richter suggère un montant minimum annuel de bourses s’élevant à 13 millions de dollars auquel s’ajoutait une formule de partage de revenus qui, selon nous, peut augmenter les bourses annuelles jusqu’à 16,7 millions de dollars d’ici quelques années. Ce montant annuel de 16,7 millions de dollars représente le montant minimum annuel de bourses stipulé dans l’entente initiale de 2006.

Malgré ce rejet par les associations, nous sommes toujours engagés à poursuivre notre restructuration avec ou sans leur support.

Je vous informerai prochainement de l’évolution de la situation.

Bien à vous,

Ian G. Wetherly
Président et Chef de l’Exploitation

February 18, 2009

To all Attractions Hippiques employees,

I would like to inform you that the horsemen associations have rejected the proposal put forth by RSM Richter. Considering our most recent meetings and mediation sessions held last week with them, we are surprised and disappointed with their decision, especially as it was clearly indicated that the associations have no serious alternative plan.

The proposal provided for a minimum of $13 million of purses annually and a revenue sharing formula which in our opinion would likely increase purses at the $16.7 million level within several years. The total of $16.7 million was the minimum purse level in the 2006 initial agreement.

We irrespectively remain committed to pursue our restructuring, with or without association support.

I will further update you on our progress.

Ian G. Wetherly
President and Chief Operating Officer