(a) Estimating the winnings.

1. (1) In estimating the value of a race to the winner, there shall be deducted only the amount of money payable to the owners of the other horses and to other persons out of the stakes and out of the added money.
2. (2) In estimating foreign winnings, the current rate of exchange at the time of such winnings shall be adopted.
3. (3) The value of prizes not in money will not be estimated in value of the race to the winner.
4. (4) In estimating the value of a series of races in which an extra sum of money or prize is won by winning two or more races, the extra sum or prize shall be estimated in the last race by which it was finally won.

(c) Winnings defined.

1. (1) Winnings during the year shall include all prizes from first of January preceding to the time appointed for the start and shall apply to all races in any country; and winning shall include dividing or walking over.
2. (2) Winning of a fixed sum is understood to be winning it in one race, unless specified to the contrary.

(d) In a walkover.

1. (1) In case of a walkover, one-half of the money offered to the winner is given.
2. (2) When a walkover is the result of arrangement by owners of horses engaged, no portion of the added money nor any other prize shall be given.

(e) Disposition of money or prize. Any money or prize which, by the conditions of the race is to go to the horse placed second or in any lower place in the race, shall, if the winner has walked over or no horse has been so placed, be dealt with as follows:

1. (1) If part of the stake, it shall go to the winner.
2. (2) If a separate donation from the association or any other source, it shall not be given at all.
3. (3) If entrance money for the race, it shall go to the association.