Equine Market Show Signs of Stabilizing

Equine Market Show Signs of Stabilizing A measure of stability seems to be returning to the equine market as measured by a capacity crowd at the 2009 Virginia Hunter & Sport Horse Spring Sale. While the average price fell, it was less of a decline that expected by sale management. Good horses and ponies still command solid prices as evidenced by a 55% increase in the high seller s price and only a modest 8% decline in the average price of he top 10 sellers. Major Thoroughbred Sales have experienced declines of 40% to 60%. Bidding was active throughout the day on most of the animals offered. People are spending less money on everything these days and the horse market is not immune to that, said Tim Jennings of Professional Auction Services, Inc. What we did see is bidders on every horse and buyers for most of them, particularly the good horses. According to Jennings year to year same sale comparisons are improving, meaning that the year to year declines are not as bad now as they were last fall. We saw declines of 25% to 30% last fall, continued Jennings, and now we are seeing smaller declines. Jennings continued, There were people at the sale that were surprised by the lower prices. They haven t made the connection that the current deep recession has a huge impact on the horse and pony markets. We have to listen to what the market tells us these animals are worth. As sellers we can t dictate that, the buyers determine the market. This is a periodic adjustment in a livestock market that is based on supply exceeding demand and demand being depressed by economic conditions said Jennings. I have seen three of these adjustments since 1978 and the first two were followed by periods of strong growth. I expect the same this time. Jennings added that there are active buyers for horses at all levels now. Prices may be down, but the buyers are out there. 2009 Change Price...$1,964.00...Down 18% Median Price...$1,200.00...Down 24% Premier Session...$4,538.00...Down 20%... $15.800.00...UP 55%...$250.00... Unchanged # at $10,000 or more...2...down 43% Top 10...$7,220.00...Down 8% Bottom 10...$295.00...Down 12%

2009 Virginia Hunter & Sport Horse Spring RESULTS Sale Results - All Sessions $1,964 $15,800 Percent Sold 70% $176,725 # Sold 90 Not Sold 39 s 14 Horse Session $1,676 $67,050 $6,500 # Sold 40 Not Sold 23 s 5 $250 Horse Supplement Session $1,163 $4,650 $2,200 # Sold 4 Not Sold 3 s 3 $600 Pony Session $1,441 $44,675 $5,500 # Sold 31 Not Sold 8 s 6 $250 Pony Supplement Session $675 $1,350 $800 # Sold 2 Not Sold 1 s 0 $550 Premier Session $4,538 $59,000 $15,800 # Sold 13 Not Sold 4 s 0 $1,100 15 First Street Berryville, VA 22611 (800) 240-7900 Fax (540) 955-0881 E-mail : info@professionalauction.com Web Site: www.professionalauction.com Professional AUCTION SERVICES, INC.

High Selling Horses 2009 Virginia Hunter & Sport Horse Spring Sale 51 Horatio 2004 Grey Irish Draught Gelding Sire Star Kingdom Dam Western Storm Consignor Autumn McCullough, nt $15,800.00 Consignor Consignor Consignor Consignor Consignor 57 Root For Me 2000 Grey Thoroughbred Mare Sire B Hoedown Dam Girl of the Valley Elizabeth Sherrill 64 Capriccio 2001 Bay Oldenburg Mare Sire Contucci* (Han) Dam Rhapsody* (Old) Pamela J. Dors Evergreen Farms, LLC 116 s Magic 2000 Bay Warmblood Cross Gelding Sire Unknown Dam Unknown Strain Family Horse Farm 128 Old Acres Sugarwood 1996 Bay American Warmblood Mare Sire Unknown Dam Unknown J. M. Reifman 8 Krimpet 2005 Palomino Crossbred Welsh Gelding Sire Unknown Dam Unknown Barbara Briggs Fox Print Farm $10,000.00 $9,500.00 $6,500.00 $6,000.00 $5,500.00

Consignor Consignor 114 HW s Wrubydoux 2004 Bay Hanoverian / Oldenberg Gelding Sire Walk On Top Dam Haila Catherine Grimes Grimes Sport Horses 61 Super Star 2003 Bay Holsteiner Stallion Sire Specialist Dam Starlet Catherine Winter Schandwin Farm $5,300.00 $5,000.00

Results By 2009 Virginia Hunter & Sport Horse Sale Totals $1,962 $15,800.00 $100.00 $176,575 # Sold 90 Not Sold 39 s 14 American Holsteiner $2,700 $2,700 American Warmblood APHA Appaloosa Appaloosa Cross AQHA Belgian Warmblood Cleveland Bay $3,788 $7,575 $1,375 $2,750 $825 $1,650 $1,500 $1,500 $2,500 $10,000 $4,200 $4,200 Cleveland Bay Cross $1,850 $14,800 $2,700.00 $2,700.00 $6,000.00 $1,575.00 # Sold 2 Not Sold 0 s 0 $1,750.00 $1,000.00 # Sold 2 Not Sold 1 s 0 $850.00 $800.00 # Sold 2 Not Sold 1 s 0 $1,500.00 $1,500.00 $3,550.00 $450.00 # Sold 4 Not Sold 8 s 1 # Sold 0 Not Sold 1 s 0 $4,200.00 $4,200.00 $4,050.00 $1,100.00 # Sold 8 Not Sold 1 s 0

Results By 2009 Virginia Hunter & Sport Horse Sale Crossbred Crossbred Welsh Dutch / Hanoverian Dutch / TB Half Arab / QH Half Arab / Trak Half Welsh Hanoverian Cross Holsteiner $725 $2,900 $1,466 $27,850 $950 $950 $1,008 $3,025 $2,863 $5,725 $5,000 $5,000 Holsteiner / TB Cross $1,000.00 $500.00 # Sold 4 Not Sold 0 s 0 $5,500.00 $100.00 # Sold 19 Not Sold 6 s 2 # Sold 0 Not Sold 1 s 0 # Sold 0 Not Sold 1 s 0 # Sold 0 Not Sold 1 s 0 $950.00 $950.00 $1,275.00 $750.00 # Sold 3 Not Sold 1 s 0 $5,300.00 $425.00 # Sold 2 Not Sold 1 s 1 $5,000.00 $5,000.00 # Sold 0 Not Sold 0 s 1

Results By 2009 Virginia Hunter & Sport Horse Sale Irish Draught Irish Sport Horse Morgan Norwegian Fjord Oldenburg $15,800 $15,800 $2,250 $2,250 $5,050 $10,100 Oldenburg / Trakehner Percheron / Hanoverian POA / Paint Cross QH QH Cross $700 $700 $1,363 $2,725 $2,100 $2,100 $15,800.00 $15,800.00 $2,250.00 $2,250.00 # Sold 1 Not Sold 2 s 0 # Sold 0 Not Sold 1 s 0 # Sold 0 Not Sold 0 s 1 $9,500.00 $600.00 # Sold 2 Not Sold 0 s 0 # Sold 0 Not Sold 1 s 0 # Sold 0 Not Sold 0 s 1 $700.00 $700.00 $1,575.00 $1,150.00 # Sold 2 Not Sold 2 s 1 $2,100.00 $2,100.00 # Sold 1 Not Sold 1 s 0

Results By 2009 Virginia Hunter & Sport Horse Sale Quarter Pony Selle Francais / TB TB TB Cross TB / QH Thoroughbred Trakehner Cross Warmblood Warmblood Cross Welsh $1,200 $1,200 $1,121 $7,850 $1,850 $3,700 $2,800 $8,400 $1,428 $14,275 $675 $675 $6,500 $6,500 $1,613 $9,675 # Sold 0 Not Sold 0 s 1 $1,200.00 $1,200.00 $3,500.00 $275.00 # Sold 7 Not Sold 2 s 2 $2,200.00 $1,500.00 # Sold 2 Not Sold 1 s 0 $4,400.00 $1,000.00 # Sold 3 Not Sold 0 s 0 $10,000.00 $250.00 # Sold 10 Not Sold 1 s 2 # Sold 0 Not Sold 2 s 0 $675.00 $675.00 $6,500.00 $6,500.00 # Sold 1 Not Sold 2 s 0 $3,200.00 $375.00 # Sold 6 Not Sold 1 s 1

RESULTS Sorted by Gender 2009 Virginia Hunter & Sport Horse SpringSale GELDING MARE $15,800 $250 $10,000 $100 $2,303 $1,655 # Sold 37 Not Sold 24 s 10 # Sold 51 Not Sold 15 s 4 STALLION $5,000 $1,950 $3,475 # Sold 2 Not Sold 0 s 0 Sale Totals $1,962 $15,800 # Sold 90 Not Sold 39 s 14

2009 Virginia Hunter & Sport Horse Spring Sale Results By 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 $1,100 $2,200 $563 $1,125 $1,695 $8,475 $1,653 $16,525 $3,553 $28,425 $2,668 $18,675 $1,661 $11,625 $1,788 $14,300 $2,903 $29,025 $1,506 $12,050 $1,435 $7,175 $2,069 $8,275 $1,484 $11,875 $1,025 $2,050 $2,700 $2,700 $488 $975 $1,100 $1,100 $1,500 $700 # Sold 2 Not Sold 2 s 0 $750 $375 # Sold 2 Not Sold 0 s 0 $3,550 $550 # Sold 5 Not Sold 2 s 1 $5,500 $100 # Sold 10 Not Sold 4 s 1 $15,800 $625 # Sold 8 Not Sold 5 s 4 $5,000 $250 # Sold 7 Not Sold 2 s 1 $3,500 $600 # Sold 7 Not Sold 8 s 2 $9,500 $275 # Sold 8 Not Sold 9 s 3 $10,000 $250 # Sold 10 Not Sold 3 s 0 $3,500 $250 # Sold 8 Not Sold 2 s 0 $3,200 $300 # Sold 5 Not Sold 0 s 1 $4,200 $975 # Sold 4 Not Sold 0 s 0 $6,000 $450 # Sold 8 Not Sold 1 s 1 $1,200 $850 # Sold 2 Not Sold 0 s 0 $2,700 $2,700 $700 $275 # Sold 2 Not Sold 0 s 0 # Sold 0 Not Sold 1 s 0 $1,100 $1,100 Totals $1,962 $15,800.00 $100.00 $176,575 # Sold 90 Not Sold 39 s 14

Top Bids - NOT SOLD 2009 Virginia Hunter & Sport Horse Not Sold at $13,200.00 110 Illiana 2004 Bay Belgian Warmblood Mare Sale Not Sold at Not Sold at $6,500.00 65 Caspian 2001 Chestnut Irish Sport Horse Gelding $6,200.00 69 Campanero 2002 Chestnut Dutch / TB Gelding Not Sold at $5,800.00 147 2001 Grey QH Gelding Whos In The Dark Not Sold at Not Sold at $5,200.00 166 Grinsen 2001 Bay Oldenburg / Trakehner Gelding $5,000.00 62 Wap s Finesse 2001 Chestnut Appaloosa Mare Professional AUCTION SERVICES, INC. 15 First Street Berryville, VA 22611 (800) 240-7900 Fax (540) 955-0881 E-mail info@professionalauction.com Web Site: www.professionalauction.com

2009 VIRGINIA HUNTER & SPORT HORSE SPRING SALE - RESULTS Hip # $1,964 # Sold 90 $15,800 # Not Sold 39 Horse Sex 1 Hello Beautiful Crossbred 4 mare 2 High Hopes Sienna Half Welsh 7 mare 3 I Believe In Angels Half Welsh 5 mare Percent Sold s Price $250.00 $1,275.00 $1,000.00 70% 14 NS NS Price 4 Ironwood Erik Aleksander Norwegian 5 gelding 5 It s My Party Crossbred 5 gelding $1,075.00 6 Just Fine & Dandy-Wine Quarter Pony 7 gelding 7 Kenfel Danny Boy Welsh 13 gelding 8 Krimpet Crossbred 4 gelding 9 Lily Crossbred 10 mare 10 Lily Crossbred 5 mare 11 Lucy POA / Paint 13 mare 12 Lynden s On A Whim Crossbred 11 mare $5,500.00 $3,500.00 $625.00 $700.00 $300.00 13 Maggie Mae Crossbred 9 mare NS $1,150.00 14 Midnight Masquerade Half Welsh 2 mare $750.00 15 Panda Crossbred 4 mare 16 Mini Me Crossbred 6 gelding NS $525.00 17 Morton s Dream Sequel Welsh 16 gelding 18 My Girl Crossbred 4 mare 19 Severn Folly Welsh 10 mare 20 Rosey (Valentine s Sweet Crossbred 3 mare 21 Lynden s Whimsical Crossbred 4 mare $700.00 $1,500.00 $1,600.00 $725.00 $500.00 22 Pony Boy Crossbred 5 gelding 23 Severn Apollo Welsh 5 gelding NS $1,350.00 24 Pocos Baby Jackk APHA 7 gelding 25 Simply Irresistable Crossbred 1 mare 26 Teddy Crossbred 9 gelding 27 Abrakadabra Welsh 11 gelding $1,750.00 $700.00 $250.00 $3,200.00 28 You Know Who QH 8 gelding 29 Bit Of Paris Crossbred 8 mare NS $2,500.00 30 Sweetie Crossbred 4 mare $875.00 31 Waps Yogi Berry Crossbred 3 gelding NS $850.00 32 Babycakes Half Welsh 5 mare NS $650.00 33 Banbury Trumpet Vine Crossbred 7 gelding $2,000.00 34 Brandywine s Secret Crossbred 7 mare NS $3,300.00 35 s Camille Crossbred 8 mare 36 Charmsley Follee Crossbred 9 mare 37 Curtis QH 5 gelding 38 Evans Armand Welsh 3 gelding 39 Dawson Crossbred 10 gelding $500.00 $3,700.00 $1,575.00 $2,000.00 $1,300.00 40 Diamonds And Kisses Half Arab / QH 3 gelding NS $250.00 41 Frodo Crossbred 8 gelding 42 GF Valentino Welsh 4 gelding 43 Going For The Gold Crossbred 4 mare $2,000.00 $1,800.00 $2,100.00 Professional AUCTION SERVICES, INC. 15 First Street Berryville, VA 22611 (800) 240-7900 Fax (540) 955-0881 E-mail info@professionalauction.com Web Site: professionalauction.com

2009 VIRGINIA HUNTER & SPORT HORSE SPRING SALE RESULTS Hip # Horse Sex Price NS NS Price 44 Grey Flannell Crossbred 3 gelding $550.00 45 Evans Jura Welsh 2 gelding $375.00 46 Sharper Image Crossbred 7 gelding NS $4,000.00 47 Butterball Appaloosa 10 gelding 48 Carisma Crossbred 13 mare 51 Horatio Irish Draught 5 gelding 52 IdleHour Amarula Cleveland 5 mare $800.00 $550.00 $15,800.00 $1,850.00 53 Kildalton Rover Irish Sport 4 gelding NS $2,500.00 54 IdleHour Firefly Cleveland 14 mare $1,200.00 55 Mist Asset AQHA 8 gelding NS $3,250.00 56 IdleHour Night Flight Cleveland 12 stallion 57 Root For Me Thoroughbred 9 mare 58 IdleHour Slippers Cleveland 18 mare 59 Seavita Thoroughbred 13 mare 60 IdleHour Center Stage Cleveland 3 mare 61 Super Star Holsteiner 6 stallion $1,950.00 $10,000.00 $1,100.00 $1,200.00 $1,650.00 $5,000.00 62 Wap s Finesse Appaloosa 8 mare NS $5,000.00 63 IdleHour Mayflower Cleveland 1 mare 64 Capriccio Oldenburg 8 mare $1,500.00 $9,500.00 65 Caspian Irish Sport 8 gelding NS $6,500.00 66 IdleHour Raindance Cleveland Bay 12 mare 67 IdleHour Arusha Cleveland 6 mare 68 Theatrical Affair Thoroughbred 10 mare $4,200.00 $4,050.00 $250.00 69 LL Campanero Dutch / TB 7 gelding NS $6,200.00 101 s Happy Jack QH Cross 10 gelding 102 Happy Times TB / QH 6 gelding $2,100.00 $4,400.00 103 s Stolly QH Cross 8 gelding NS $1,850.00 104 HG s Another Birdie Thoroughbred 9 mare 105 How Do You Like Me Now? Crossbred 7 gelding 106 Hunter TB / QH 9 gelding $375.00 $1,000.00 $3,000.00 107 LL Iota Zip AQHA 6 gelding NS $1,850.00 108 LS Tee J Hollywood Red AQHA 13 gelding NS $1,800.00 109 IdleHour Fantasy Cleveland 7 mare $1,500.00 110 Illiana Belgian 5 mare NS $13,200.00 111 In The Dark TB 7 gelding 112 s Tator QH 12 gelding 113 s FQHR Poco McKeag Warmblood 9 gelding 114 HW s Wrubydoux Hanoverian 5 gelding 115 Iron Alliance AQHA 6 mare 116 s Magic Warmblood 9 gelding 117 Kinnie TB 6 mare $3,500.00 $1,150.00 $675.00 $5,300.00 $3,000.00 $6,500.00 $400.00 118 IdleHour Waltzing Matilda Cleveland 1 mare NS $400.00 119 Gliding Melinda Thoroughbred 16 mare $275.00 120 If It s Dark Hanoverian 5 gelding R 121 Luke And Like It AQHA 9 gelding NS $2,750.00 122 Maverick QH 10 gelding NS $4,800.00 123 Miss Sadie TB 12 mare $975.00 124 s Ima Rowdy Bartender AQHA 7 gelding NS $2,650.00 125 Murphy Irish Sport 11 gelding 126 No Commotion Appaloosa 10 gelding 127 Jordan s Rose Thoroughbred 8 mare $2,250.00 $1,500.00 $550.00

2009 VIRGINIA HUNTER & SPORT HORSE SPRING SALE RESULTS Hip # Horse Sex Price NS NS Price 128 Old Acres Sugarwood American 13 mare $6,000.00 129 Portrait Of Royalty AQHA 3 gelding 130 Mocha TB 8 mare 131 Priscilla TB 9 mare $3,550.00 $275.00 $1,000.00 132 s Zipped To The Bar AQHA 7 gelding NS $3,150.00 133 Proper English Thoroughbred 6 mare 134 Randolph American 15 gelding 135 RH Rowdy Boy APHA 4 gelding $2,700.00 $1,000.00 136 Merry Scarlet TB Cross 17 mare NS $250.00 137 River TB 13 gelding $700.00 138 Ruby TB 5 mare NS $2,800.00 139 Ritz Hanoverian 5 gelding NS $1,600.00 140 Gentle Ben Warmblood 9 gelding NS $2,350.00 141 Scooter Thoroughbred 9 gelding 142 Spring Lane Hanoverian 11 mare 143 Spring Reign Thoroughbred 8 mare $525.00 $425.00 $500.00 144 Stella Trakehner 7 mare NS $2,550.00 145 Swallowfield Clover Half Arab / 4 mare 146 Truckload Of Art AQHA 9 mare $950.00 $3,000.00 147 Whos In The Dark QH 8 gelding NS $5,800.00 148 LS Rain Crossbred 13 mare 149 Wrangle Me In Thoroughbred 8 gelding 150 Almost Anna Rose Thoroughbred 6 mare 151 Amaretta American 6 mare $775.00 $350.00 $250.00 $1,575.00 152 Bastian Warmblood 4 gelding NS $1,600.00 153 BHF Beauty Secret Morgan 10 mare NS $375.00 154 Boris TB Cross 13 gelding 155 Calliope s Lyric Selle Francais 5 mare 156 Charlie TB 11 gelding $1,500.00 $1,200.00 $1,000.00 157 Check Her Calender AQHA 4 mare NS $4,100.00 158 Dare To Be Brilliant AQHA 13 mare $450.00 159 Dark Side Of The Moon AQHA 4 mare NS $1,000.00 160 Della Percheron / 8 mare 161 Dixie s Defender TB 7 gelding NS $850.00 162 Dudes Te APHA 8 gelding NS $2,150.00 163 Entourage TB 11 gelding 164 Fancy That Crossbred 8 mare $625.00 165 Ginger Trakehner 1 mare NS $1,100.00 166 Grinsen Oldenburg / 8 gelding NS $5,200.00 167 Guinness Holsteiner / 7 gelding 168 Mika TB Cross 4 mare 169 Leo TB / QH 10 gelding 170 Midnight Appaloosa 14 gelding 171 Petite Delight Oldenburg 7 mare $2,200.00 $1,000.00 $850.00 $600.00 172 Time To Tango Thoroughbred 7 gelding NS $375.00 173 Bailey Dutch / 8 mare NS $2,050.00 174 Bay Cove AQHA 3 mare 175 Double Jeopardy TB 8 gelding 176 Mighty Ambitious Thoroughbred 5 gelding