Ogden Mills Phipps: Thank you, Jim, Dan and Mike. We spent a lot of time with them over the last few months and we appreciate their efforts.

McKinsey has advised some of the world's leading businesses, governments, and institutions as they faced challenging issues. We believe wholeheartedly that the strategies they have developed and actions they have recommended for Thoroughbred racing and breeding will benefit every faction of this industry once implemented.

The Jockey Club is doing what it can to effect positive change in this industry. Undertaking this study and making a firm commitment to implement its recommendations are evidence of that.

We are taking a number of other measures to improve the sport and I have one more that we are proud to announce today: a rule book change to ban repeat offenders from doing business with our Registry.

There should be no place in this sport for those who consistently violate our medication rules, and The Jockey Club today is backing that up with this rule change in Principal Rules and Requirements of The American Stud Book.

We encourage other industry groups, particularly regulators at the various state racing commissions, to use their respective powers to do the same.

A press release summarizing today's conference, with a link to that rule change, will be distributed shortly and it will be available on The Jockey Club's website.

I would like to again thank our presenters, all of you who are here today and everyone watching the live video feed for your interest in our sport.

I hope you have a good afternoon.