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</o:shapelayout></xml><![endif]--></head><body lang=EN-AU link="#0563C1" vlink="#954F72"><div class=WordSection1><p class=MsoNormal>Tony,<span style='font-size:12.0pt;font-family:"Times New Roman",serif;mso-fareast-language:EN-AU'><o:p></o:p></span></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>The apparent imbalance between %age of win pools and place pools is somewhat a reflection of reality.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>I first saw a "mathematical" calculation of one-race exotic odds based on win odds in Scott's book - I don't know whether he devised the formulae, or got them from another's work, but I instinctively knew they were flawed, and my better calculations held me in good stead for many years. But I can't beat 20% take-out by enough to bother.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>To explain via a straightforward example of the simplest one-race exotic to calculate - the Exacta.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Let's say we have calculated a 100% win market, (or SP adjusted to 100%):<o:p></o:p></p><p class=MsoNormal>1/1, 5/1, 10/1, 10/1, 20/1, 20/1, 20/1, 100/1 (=100.124298%)<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Let's say the 100/1 shot wins<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Scott then says you have a "race" between the other 7 for second, so ignoring the 0.990099% reduction to 99.1432%, Scott says the 1/1 is still 1/1 and the 5/1 shot still 5/1 etc.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>It just isn't so. 47% from my very large sample that start at 1/1 win (SP market, not adjusted to 100%), whereas only 38% of those that do not win come second, viz "win" the race for second, whereas it should be around the same 47% if 100/1 shots won the races the 1/1 shot lost, even higher in practise - eg in the above race, say the 5/1 shot wins, Scott takes the 17% of the 5/1 shot from 100%, giving 83% and says the chances of the 1/1 shot coming second having not won is 50/83 = 7/10, but they come second nothing like that often.<o:p></o:p></p><p class=MsoNormal>I'm a mere statistician by training and practise, and seldom watch races, let alone base my ratings on what I have seen, but my explanation is that whatever prevented them from winning often also prevented them from coming second (eg interference, missing the start, being poorly ridden, sea gulls, being a stallion when a mare comes on heat….).<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>At the other end, the opposite applies - a 100/1 shot is 2.5 times as likely to run second having lost, as it is to win, while a 10/1 chance is 1.43 times as likely to run second having lost as it is to win. <o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>LBL<o:p></o:p></p><p class=MsoNormal><span style='color:black'><o:p> </o:p></span></p><p class=MsoNormal><span style='color:black'><o:p> </o:p></span></p><div><div style='border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0cm 0cm 0cm'><p class=MsoNormal><b><span lang=EN-US style='mso-fareast-language:EN-AU'>From:</span></b><span lang=EN-US style='mso-fareast-language:EN-AU'> Racing <racing-bounces@ausrace.com> <b>On Behalf Of </b>Tony Moffat<br><b>Sent:</b> Tuesday, 17 April 2018 2:21 PM<br><b>To:</b> racing@ausrace.com<br><b>Subject:</b> Re: [AusRace] Place Power - a system<o:p></o:p></span></p></div></div><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Tahoma",sans-serif;color:#1F497D'>Len – thanks<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Tahoma",sans-serif;color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Tahoma",sans-serif;color:#1F497D'>I did not intend to discombobulate, flummox even – the system instruction is to use those runners with the ratio of 1.2 or better and then I went with 1.12 or similar.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Tahoma",sans-serif;color:#1F497D'>The idea was good, the execution not so.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Tahoma",sans-serif;color:#1F497D'>No, I did not sit a shift at the keyboard watching these, I did watch a couple of closing minutes for a few races, betting off my own ratings of course<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Tahoma",sans-serif;color:#1F497D'>so I saw the trending for those I observed (to state the obvious) – if you must know I spent most of the day sieving compost - and listening to an album by Hem.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Tahoma",sans-serif;color:#1F497D'>(For broad beans Northerly, yes, I wore a mask.)<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Tahoma",sans-serif;color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Tahoma",sans-serif;color:#1F497D'>The ‘Dr Z System’ focuses on discrepancies between betting patterns in the win pool and the place pool (being American it has an element of the show pool included)<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Tahoma",sans-serif;color:#1F497D'>This system is involved, if you follow it to the letter, but again its object is to identify those runners under bet in the place pool, relative to their pool portion in the win pool.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Tahoma",sans-serif;color:#1F497D'>Another variation, continuation, or some such of ‘Place Power’ –see Beat the Racetrack and Betting at the Racetrack (Ziemba and Hausch) two books full of algebra.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Tahoma",sans-serif;color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Tahoma",sans-serif;color:#1F497D'>I don’t want to seem to be disparaging about algebraic maths, finding a winner is complicated enough, without finding a value for C, when A and B are minute numbers, and those with another letter in them.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Tahoma",sans-serif;color:#1F497D'>Ok, I’m disparaging, deriding, but only because I don’t understand.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Tahoma",sans-serif;color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Tahoma",sans-serif;color:#1F497D'>Cheers<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Tahoma",sans-serif;color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Tahoma",sans-serif;color:#1F497D'>Tony<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Tahoma",sans-serif;color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Tahoma",sans-serif;color:#1F497D'><o:p> </o:p></span></p><div><div style='border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0cm 0cm 0cm'><p class=MsoNormal><b><span lang=EN-US style='mso-fareast-language:EN-AU'>From:</span></b><span lang=EN-US style='mso-fareast-language:EN-AU'> Racing [<a href="mailto:racing-bounces@ausrace.com">mailto:racing-bounces@ausrace.com</a>] <b>On Behalf Of </b>L.B.Loveday<br><b>Sent:</b> Monday, April 16, 2018 8:57 PM<br><b>To:</b> 'AusRace Racing Discussion List' <<a href="mailto:racing@ausrace.com">racing@ausrace.com</a>><br><b>Subject:</b> Re: [AusRace] Place Power - a system<o:p></o:p></span></p></div></div><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><span style='color:black'>Tony,<o:p></o:p></span></p><p class=MsoNormal><span style='color:black'><o:p> </o:p></span></p><p class=MsoNormal><span style='color:black'>I calculated Winx on final Vic TAB which I see you used, and got 2.37, so that matched, but had differences with others (eg R2, Renewal I got 1.02).<o:p></o:p></span></p><p class=MsoNormal><span style='color:black'><o:p> </o:p></span></p><p class=MsoNormal><span style='color:black'>Not to matter, I calculated 33,000 races (360,000 runners), minimum starters 8, no late scratchings, using Tatts Final Dividends, mainly to be 100% sure that what I "knew" held up.<o:p></o:p></span></p><p class=MsoNormal><span style='color:black'><o:p> </o:p></span></p><p class=MsoNormal><span style='color:black'>It did - the average ratios when Final Win Dividend:<o:p></o:p></span></p><p class=MsoNormal><span style='color:black'><o:p> </o:p></span></p><p class=MsoNormal><span style='color:black'><2.0, 2.12 <o:p></o:p></span></p><p class=MsoNormal><span style='color:black'>2.0 & <5.0 1.35<o:p></o:p></span></p><p class=MsoNormal><span style='color:black'>5.0 & <10.0 0.95<o:p></o:p></span></p><p class=MsoNormal><span style='color:black'>10.0 & <25.0 0.74<o:p></o:p></span></p><p class=MsoNormal><span style='color:black'>25.0 & <50.0 0.63<o:p></o:p></span></p><p class=MsoNormal><span style='color:black'>>=50.0 0.55<o:p></o:p></span></p><p class=MsoNormal><span style='color:black'><o:p> </o:p></span></p><p class=MsoNormal><span style='color:black'>Cheers,<o:p></o:p></span></p><p class=MsoNormal><span style='color:black'><o:p> </o:p></span></p><p class=MsoNormal><span style='color:black'>LBL<o:p></o:p></span></p><p class=MsoNormal><span style='color:black'><o:p> </o:p></span></p><p class=MsoNormal><span style='color:black'><o:p> </o:p></span></p><p class=MsoNormal><span style='color:black'><o:p> </o:p></span></p><div><div style='border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0cm 0cm 0cm'><p class=MsoNormal><b><span lang=EN-US style='mso-fareast-language:EN-AU'>From:</span></b><span lang=EN-US style='mso-fareast-language:EN-AU'> Racing <<a href="mailto:racing-bounces@ausrace.com">racing-bounces@ausrace.com</a>> <b>On Behalf Of </b>Tony Moffat<br><b>Sent:</b> Sunday, 15 April 2018 12:34 PM<br><b>To:</b> <a href="mailto:racing@ausrace.com">racing@ausrace.com</a><br><b>Subject:</b> [AusRace] Place Power - a system<o:p></o:p></span></p></div></div><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Verdana",sans-serif;color:black'>There was a time when electronic devices, communication articles the signs said, were banned on course. Computers, calculators, mobile phone bricks, anything interpreted as a communication article, you had to take them off course, you had to leave and take the devils tools with you. There were signs about this, at the entrances – no phones basically<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Verdana",sans-serif;color:black'>Place Power was a software package, chosen for installation on Canon calculators, with programs for specific HP, TI and other brands of the time – these were programmable calculators with minimal RAM and the program in the ROM and so scientific. I had an upmarket Texas Instrument (I worked for an affiliate of theirs for some years) which was hard on battery power but had a proper sized keyboard. It was a brilliant piece of hardware for the time, blue and black, with a large screen, and of a size that was a boast, a display of knowledge that perhaps you didn’t have but the device might. It came with a holster, to complete the manliness aspect, or, a vest with a sizeable elasticised pocket for it to be warmed and comforted by contact. That vest was unlikely to be worn on course I suggest. There was a pen, a plastic rod, that you used to select the keys, they had a moulded hole in their centre to accept the point, this was to prevent moisture, sweat then, from contacting the facia, where the keys were. They were sealed against Resch Pilsner, I tested that aspect. No, I never used it in the bath, or shower. It is military grade, volo 7, and meant for the Moon and Mars and beyond, truly.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Verdana",sans-serif;color:black'>You purchased the calculator wherever you could get the best deal, then you sent it to Place Power who loaded up the program, they said it was specific to each brand, each model. It came back to you in the mail, wrapped in that bubble wrap stuff, kids love it, and you went ahead with making your fortune. My program had a lot of other data with it, statistics for barriers, TAB numbers, parlay programs, all up programs, about 30 data cases in all (34 actually). <o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Verdana",sans-serif;color:black'>There is a downside to all this scientific magnificence, this being when they purged the ROM to install their program, they wiped the surveying program and the navigation program.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Verdana",sans-serif;color:black'>It was expensive, the program, the purchase of the calculator, the time element. It can be torture, in the seconds before race starting time, keying in the data elements, hitting RUN, and waiting for the BASIC program to enliven the screen with the data you need, needed. The technique, perhaps, was to enter all the data with 10 minutes to start time, run it, then update only those runners which were sorted to the top of the list.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Verdana",sans-serif;color:black'>The day-ta or da-ta, it was spelt that way in the book, 230 pages of an advertisement for the program, was the win and place dividends. The program displayed these as % values of the whole dividend field, the book %, then reduced this to a 100% market, for win divs. It did the same for place, the 300% market was reduced to 100%. The win dividend win % and the place dividend % were compared with stored data and if there was a variation, more money on the win side, or more money on the place side, or even over the whole bet then the calculator did its thing and informed you and made a betting suggestion, just off this. <o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Verdana",sans-serif;color:black'>The runner(s) to be supported were those which had less % in the place line than in the win line. The instruction was that more money had been bet, for the win, than for the place, this shows confidence, this is information not available to anybody (else – except system users).<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Verdana",sans-serif;color:black'>The method, the rationale of all of this is investigated several times in academic texts. The data revealed is used by several authors, who take the first findings forward in an endeavour to correctly isolate a runner with the best credentials, off investment input. The writings are heavy on algebra, mystic like, with assertions that .0062 is marvellous whilst .0053 is not, useless.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Verdana",sans-serif;color:black'>A starting point might be Peter Asch and Richard E Quandt ‘Racetrack Betting’ or/and ‘Market Efficiency in Racetrack Betting’. Google for more, heaps, to be non-scientific about it at all. <o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Verdana",sans-serif;color:black'>The endeavours of them all in attempting to straighten the line, the arrow that points to a dividend, is appreciated. Them and their regression analysis equations, god bless ‘em.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Verdana",sans-serif;color:black'>The process in the program is described in detail in Asch and Quandt (1986) page 117 onwards, although it, the process, is not given ownership to anybody in the expansive book that comes with the program. It just is, with flowery adjectives describing how it is good, better, best. The principle was known well before the date of manufacture of the calculator. Perhaps it was a parallel development, he asks mockingly.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Verdana",sans-serif;color:black'>When I returned to the program supplier, to have the navigation and surveying programs re-installed several years later, he told me they had sold two copies of Place Power, although copying, pirating was a common activity back then, especially for HP model 41 schemes and programs. I still have mine, giant robust device that it is, it feels like you could open bottle tops with it, hammer nails, and a child has had it as a cot toy, although this was not planned, honestly, it has no taste, no flavour. It has a heft which is comforting, and it fires up instantaneously, still does.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Verdana",sans-serif;color:black'>If a runner had 14% of the win pool and 12%, or 11% of the place or some figure less, this would ear mark itself as a runner to do further research, especially if these differences occurred later in the betting, less than 100 seconds say. It is assumed that all the money is in the pool then, bettors with known information, bettors with private information, all ups, and later money, after 100 seconds, it is an assumption though, is from bettors, little and large, private and corporate, betting into a niche now revealed. Who knows this? <o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Verdana",sans-serif;color:black'>The runner information, the dividend clauses, is similar to test done by several persons in several way (days since last start, form, last start finish position etc), and further, the runner to be supported must be 1.2 times less than the win dividend per centage holding, found by dividing the place percent dividend holding into the win dividend place holding.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Verdana",sans-serif;color:black'>Starting with Randwick R1 yesterday – selections were scored from after the race data, the final dividends.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Verdana",sans-serif;color:black'>The win dividend % holding was 10.1, the place dividend % holding was 8.5, 10.1/8.5 = 1.18 (it was 1.3 when the decision to select was made) result 2<sup>nd</sup> $2.6.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Verdana",sans-serif;color:black'>Race 2 1.53 3<sup>rd</sup> $1.60<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Verdana",sans-serif;color:black'>Race 3 1.6 2<sup>nd</sup> $2.3 – the system selected 1<sup>st</sup>,2<sup>nd</sup> and 3<sup>rd<o:p></o:p></sup></span></p><p class=MsoNormal><sup><span style='font-size:12.0pt;font-family:"Verdana",sans-serif;color:black'>Race </span></sup><span style='font-size:14.0pt;font-family:"Verdana",sans-serif;color:black'>4 1.22 1<sup>st</sup> $2.4<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Verdana",sans-serif;color:black'>Race 5 1<sup>st</sup> 1.7 $2.9<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Verdana",sans-serif;color:black'>Race 6 1<sup>st</sup> 1.47 $1.8, the system selected 2<sup>nd</sup> also<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Verdana",sans-serif;color:black'>Race 7 1<sup>st</sup> 2.36 $1.04 –this was Winx<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Verdana",sans-serif;color:black'>Race 8 3<sup>rd</sup> 1.22 $1.7<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Verdana",sans-serif;color:black'>Race 9 2<sup>nd</sup> 1.19 (it was 1.4 when selected) $3.7 –there was lots of electronic action on this race, the get out stakes v1<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Verdana",sans-serif;color:black'>Race 10 1<sup>st</sup> 1.41 $2.4 – there was lots of electronic action on this race, the get out stakes v2<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Verdana",sans-serif;color:black'>It selected a winner, a dividend, in every race bar the 1<sup>st</sup> at Caulfield – it made no selection in this race.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Verdana",sans-serif;color:black'>I did 33 races, on a spreadsheet program (Smartbet v2.05), and it selected a dividend in all of them. Too good to be true?<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Verdana",sans-serif;color:black'>Summary: Compare the win dividend with the place dividend – there are several ways.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Verdana",sans-serif;color:black'>If the win dividend appears oversubscribed, determine if the place dividend is a value bet now, $W/$P and if the runner has other attributes (decided by you) consider it for a bet. This last clause is necessary to reduce qualifiers, there can be 3 or so, depending on the betting volatility, and is suggested in the book with the program.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Verdana",sans-serif;color:black'>Winx was a selection. She had a dividend score of 2.36 (Win divided by place) and other winning attributes.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Verdana",sans-serif;color:black'>Cheers<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Verdana",sans-serif;color:black'>Tony<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p><div id=DAB4FAD8-2DD7-40BB-A1B8-4E2AA1F9FDF2><p class=MsoNormal><span style='mso-fareast-language:EN-AU'><o:p> </o:p></span></p><table class=MsoNormalTable border=1 cellspacing=3 cellpadding=0 style='border:none;border-top:solid #D3D4DE 1.0pt'><tr><td width=55 style='width:41.25pt;border:none;padding:9.75pt .75pt .75pt .75pt'><p class=MsoNormal><span style='mso-fareast-language:EN-AU'><a href="http://www.avg.com/email-signature?utm_medium=email&utm_source=link&utm_campaign=sig-email&utm_content=emailclient" target="_blank"><span style='text-decoration:none'><img border=0 width=46 height=29 style='width:.4791in;height:.302in' id="_x0000_i1025" src="https://ipmcdn.avast.com/images/icons/icon-envelope-tick-green-avg-v1.png"></span></a><o:p></o:p></span></p></td><td width=470 style='width:352.5pt;border:none;padding:9.0pt .75pt .75pt .75pt'><p class=MsoNormal style='line-height:13.5pt'><span style='font-size:10.0pt;font-family:"Arial",sans-serif;color:#41424E;mso-fareast-language:EN-AU'>Virus-free. <a href="http://www.avg.com/email-signature?utm_medium=email&utm_source=link&utm_campaign=sig-email&utm_content=emailclient" target="_blank"><span style='color:#4453EA'>www.avg.com</span></a> <o:p></o:p></span></p></td></tr></table><p class=MsoNormal><span style='mso-fareast-language:EN-AU'><o:p> </o:p></span></p></div></div></body></html>