Stuart S. Janney III: Before we break for intermission I would like to share a few short news items. Yesterday The Jockey Club released its annual projection for the next year's foal crop. At this point we expect the 2020 foal crop to be 20,500.

Secondly, our Thoroughbred Safety Committee has issued two more recommendations. The first one calls for a centralized electronic storage of all veterinary treatment records. The second one, and I admit it is one we have wrestled with, calls for the elimination of the riding crop for encouragement. And it includes new penalty guidelines for breach of the rule. Eliminating the use of the riding crop as a means of encouragement has received increasing attention among international racing regulatory authorities. To date, however, no racing jurisdiction, no major racing jurisdiction, has enacted a rule calling for a strict ban of its use in a race with the exception of Norway, which has prohibited the use of the crop for more than 20 years.

Consumer research conducted earlier this year indicated that making penalties stricter for violations of rules regarding use of the riding crop received the most support among current and potential fans. The committee recommends that the riding crop be used only to avoid dangerous situations to horse or rider. No horse or rider will be disadvantaged by such a rule and we will still have fair winners. The recommendations are available in their entirety on The Jockey Club website.

I'm also proud to announce that we have recently added four more individuals to the Thoroughbred Safety Committee. They're Dr. Rick Arthur, Jim Lawson, Tom Robbins, and D.G. Van Clief. I thank them for being willing to serve.

Finally, I would like you to know, in order to commemorate the 125th anniversary of the creation of The Jockey Club, we have produced and released a 28-minute video detailing the history of the organization. It's available on The Jockey Club website, and I hope you'll take the opportunity to view it.

In the meantime, please enjoy watching this short video from Godolphin. We'll take a 10-minute break after that. And we have got a lot of ground to cover, needless to say, in the second part of the program. So thank you.