Victoria Pendleton finished fifth on Pacha Du Polder as Nina Carberry and On The Fringe won the St James's Place Foxhunter Chase at Cheltenham.
The double Olympic cycling champion had her mount at the rear of the field for much of the race but as her rivals tired she moved up.
But Carberry was far too strong with 13-8 favourite On The Fringe recording back-to-back wins in the race.
"It's probably the greatest achievement of my life," said Pendleton.
"I'm overwhelmed - thank you to everyone who has made this possible. I feel honoured."
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