Merger Update

Invitation to Comment

Anticipated acquisition by Aldersgate Investments Limited of Arena Leisure plc

The Office of Fair Trading is considering whether arrangements are in progress or in contemplation which, if carried into effect, will result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation may be expected to result in a substantial lessening of competition within any market or markets in the United Kingdom.

Affected sector: Horse racecourses

Please send written representations about any competition or public interest issues to:

Tim Geer

Office of Fair Trading

Fleetbank House

2-6 Salisbury Square

London EC4Y 8JX

Email: [email protected]

Fax: 020 7211 8916

to arrive by 14 February 2012.