Looking at the races before and after the Excelsior for the 3rd and 5th place finishers it is tough to make the argument that the Excelsior figure is any more than a point or two too high.
Doyouknowsomething - 86/95/99/98/93
Discreet Lover - 92/92/93/85/85
I don't have the subsequent figures for Hereditary or Admiral Blue since I can't get Formulator on this device but Hereditary came in with 95/89/84 and ran a 94 or 95 while Admiral Blue came in with 94/96 and ran about a 91. Lot of races you can nitpick at the Beyer figures but the Excelsior does not seem like a good example.
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