Get more than 15 ballons and you are done, basicly, i got it on my third try, 16 balloons, 3 birds, and a time less than 40 secs, 39.8 i think. you just have to be lucky enough to get the balloons on your side at the start, she goes for them but gets stuck behind you, and then just avoid the occaisional bird and concentrate on the balloons, there are two rows of bal;loons after the first stretch, and you can get the one on each side if you steer quick, meaning you end up with many more ballons than needed, but you end up going in a
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pattern, straight after the race you'll see a guy to the left saying you did well to beat her, he used to guard a path in the top west that gives the unpowered caladbolg, so go there now, it isn't a seperate area, so there is no green dot on the map, and you have to get off your chocobo.