Australia, 13 May 2008

The Australian Foreign Investment Review Board has approved Darley’s purchase of Woodlands Stud in a reported A$500 million deal. The sale will be completed by 16 May 2008.

Horses previously running in the cerise colours of the Woodlands Stud Syndicate will from that time on race in Sheikh Mohammed’s maroon and white colours.

Woodlands operations span the property at Denman along with another stud farm at Cootamundra. In addition there are training stables at Warwick Farm in Sydney and Flemington in Melbourne, as well as two pre-trainingcentreson the outskirts of Sydney.

There are currently approximately 230 people employed by Woodlands, all of whom will now work for Sheikh Mohammed and Darley.

His Highness Sheikh Mohammed bin Rashid Al Maktoum said “I am delighted to be making this commitment to Australian racing, to people who share my passion for thoroughbreds. I welcome the team from Woodlands and look forward to developing the champions of the future.”

The outgoing owner of Woodlands, Bob Ingham said “It has been a pleasure working with the dedicated people at Woodlands Stud and Crown Lodge. I thank them dearly for the wonderful job they have done over many years. I wish Sheikh Mohammed every success in the future.”