News For Immediate Release

News For Immediate Release Records Set at 2003 Virginia Hunter & Bloodstock Spring Sale The largest crowd ever assembled at a Virginia Hunter & Bloodstock Sale packed Frying Pan Park in Herndon, Virginia to see a record breaking sale average set at the Virginia Hunter & Bloodstock Spring Sale, held March 22, 2003. New records were set in many statistical categories including average sale price at $2,775; average price for horses at $3,183; and number of horses and ponies sold for $5,000 or more at 21. Sellers from thirteen states and Canada offered their horses to nearly 2,000 potential buyers. Horses and ponies came from as far away as Saskatchewan, Canada; Maine; and Florida. Buyers from thirteen states took new horses or ponies home. "This was an impressive sale in light of the current economic conditions and the fact that it was held just three days after the start of a war. " stated Mike Jennings, President of Professional Auction Services, Inc. "As far as we can tell, this is the highest average sale price in over twenty years. The Virginia Hunter & Bloodstock Sales have made tremendous progress since we purchased the company in the summer of 1998. Our goal is to establish reliable auction markets for show horses, field hunters, recreational riding horses horses and poines, breeding stock and prospects at the Virginia Hunter & Bloodstock Sales and the Eastern Fall Hunter & Sport Horse Sale in Maryland, much like the auctions we produce for the Quarter Horse and Paint market. said Jennings. Since 1993 Professional Auction Services, Inc. has sold 11,820 Quarter Horses at auction for nearly $50,000,000 and has sold Quarter Horses for as much as $400,000.00. The Hunter & Bloodstock sales are becoming very reliable markets where buyers can market their horses to hundreds of potential buyers and sellers can shop through a large number of horses and ponies in one place. The Virginia Hunter & Bloodstock Spring Sale was produced by Professional Auction Services, Inc. of Leesburg, Virginia. Professional Auction Services, Inc. was founded in 1978 by Mike Jennings and Tim Jennings and has managed nearly 200 Horse Auctions with sales of $80,000,000.00. Auctioneers for the Sale were Mike Jennings of Professional Auction Services, Inc. and Troy Graham. For complete results and further information contact Professional Auction Services, Inc. at (800) 240-7900. PO Box 1399 - Leesburg, VA 20177 (800) 240-7900 Fax (703) 777-5580 e-mail: PASINC@aol.com website: www.professionalauction.com

Results * Sale Average price (horses actually sold): $2,775 (Increase of 2%) * # of Horses Sold for $5,000 or more: 22 (Increase of 17%) Top Ten Average: $7,600 * Top 25 Average: $6,199 (Increase of 7%) Top 50 Average: $4,659 Ponies Average: $2,234 * Horses Average: $3,183 (Increase of 10%) Median Price: $2,000 * New all-time record for the Virginia Hunter & Bloodstock Sales Breakdown of Average Prices High Low # Not All Horses Average Median Seller Seller # Sold Sold # %sold All Horses & Ponies $2,775 $2,000 $10,000 $250 107 52 16 67% Yearlings $1,088 $1,700 $475 2 1 1 67% 2 Year Olds $1,189 $975 $2,600 $650 9 3 0 75% 3 Year Olds $2,456 $7,200 $400 4 5 1 44% 4 Years & Older $2,981 $2,350 $10,000 $250 92 43 14 68% High Low # Not All Horses Average Median Seller Seller # Sold Sold # %sold All Horses & Ponies $2,775 $2,000 $10,000 $250 107 52 16 67% All Mares $2,369 $1,675 $7,600 $250 47 22 10 68% All Stallions 0 1 0 0% All Geldings $3,093 $2,500 $10,000 $400 60 29 6 67% Open Mares $2,404 $1,675 $7,600 $250 45 22 10 67% Bred Mares $1,575 $2,100 $1,050 2 0 0 100% High Low # Not All Horses Average Median Seller Seller # Sold Sold # %sold All HORSES $3,183 $2,750 $10,000 $250 61 42 12 59% All PONIES $2,234 $1,550 $7,600 $400 46 10 3 82%

Hip # VA HUNTER & BLOODSTOCK SPRING SALE - RESULTS Average $2,775 # Sold 107 s 16 Percent Sold 67% High Seller $10,000 Low Seller $250 Horse Breed Age Sex Price NS NS Price 1 Iris Crossbred 1 mare NS $100.00 2 Irish Mist 11 mare 3 s Stitch Shetland X 8 gelding $4,600.00 $400.00 4 Java Welsh / QH 4 gelding NS $1,100.00 5 Kiss Me Kate Welsh X 13 mare 6 Lalique Welsh / TB 10 mare 7 Lavender - N - Lace Welsh / QH 4 mare 8 Lil Bit Welsh Cross 9 mare 9 Madison Avenue QH / Welsh 8 mare 10 Mandy Jo s Phoebe Shetland 13 mare 11 Match Maker Pinto / Welsh 5 mare $1,025.00 $2,500.00 $775.00 $4,700.00 $1,450.00 $1,550.00 12 Mr Gold N Blue AQHA 3 gelding NS $500.00 13 Kemosabi Welsh / Pinto 12 gelding $2,350.00 14 Nickelodeon Welsh 6 gelding NS $675.00 15 Noble Ambition POA 2 mare 16 s Count Chocula Morgan / 14 gelding $825.00 $1,550.00 17 Mystical Magic Welsh / 8 mare NS $1,350.00 18 Little David Pinto 2 gelding 19 Millun Dollar Lady AQHA 11 mare 20 Peanut Brittle Pinto 7 mare 21 PF Flyer Welsh/ TB 6 gelding 22 Riverbend Welsh / X 8 gelding 23 Sam I Am QH 6 gelding $700.00 $1,025.00 $1,550.00 $3,500.00 $1,500.00 $1,000.00 24 Sand Dancer Welsh / QH X 8 mare NS $925.00 25 Shenandoah Goodnight Welsh / TB 7 mare 26 Shes Sura Cowgirl AQHA 4 mare 27 Sassafras Welsh Cross 3 mare 28 Promise Me A Dream POA 1 mare 29 Show-N-Tel Welsh / TB 11 gelding 30 Sonnys Wildfire ApHC 10 gelding $3,000.00 $2,250.00 $725.00 $475.00 $6,100.00 $2,500.00 31 Spirit Lady Grey Welsh/ Arab 5 mare NS $875.00 32 Sporty George VPBA 6 gelding $1,350.00 33 Starlight Welsh / TB 9 mare 34 Tattle Tale Welsh X 2 mare 35 Tonka Toy Connemara / 2 mare $1,675.00 $650.00 36 s Nellie Welsh Cob / 8 mare NS $1,875.00 37 Summer Rain QH Cross 5 mare NS $7,400.00 38 Short Track Welsh Cross 2 gelding 39 Wynnbrook ViJay Welsh / TB 3 gelding 40 T.O.F. Amber Prelude Welsh 6 mare 41 Tidewater s Spirit Dancer Half Welsh 6 mare $850.00 $7,200.00 $2,000.00 $1,675.00 P.O. Box 1399 Leesburg, VA 20177 (800) 240-7900 Fax (703) 777-5580 E-mail PASINC@aol.com Web Site: www.professionalauction.com Professional Auction Services, Inc.

VA HUNTER & BLOODSTOCK SPRING SALE RESULTS Hip # Horse Breed Age Sex Price NS NS Price 42 Arabella QH Pony 12 mare $1,375.00 43 s Cisco Pony 11 gelding 44 Cappuccino POA 13 gelding $2,450.00 $1,575.00 45 OUT - Catalina British Riding 3 mare 46 Cotton Ginny Welsh / QH 6 mare 47 Donovan Welsh 6 gelding 48 Clabbers Cutter KC ARHR 7 mare 49 Double Dipped Pinto 10 mare 50 Ashes Of Roses Welsh Cross 4 mare 51 Dr. Pepper Welsh X 11 gelding 52 Glencoe Jigger Welsh 3 gelding $1,750.00 $600.00 $700.00 $2,700.00 $3,850.00 $4,000.00 $400.00 53 Fine Art Con / TB / 11 mare 54 s Leelo Shetland 7 gelding NS $700.00 55 Ginger Snap QH Pony 11 mare 56 Hullabaloo Welsh X 8 mare $1,025.00 $6,500.00 57 OUT - Golden Opportunity QH / Palomino 12 gelding 58 Harley Welsh X 6 gelding 59 Everyday Ellie Welsh Cross 6 mare 60 Pajama Party Paint 10 gelding $800.00 $7,600.00 $1,000.00 101 Impressive Rowdy APHA 5 gelding NS $3,000.00 102 Ivan TB / QH Cross 12 gelding $2,250.00 103 Johnny Gee TB / Perch 7 gelding NS $3,900.00 104 Jordan TB 12 gelding $2,750.00 105 Journey Draft / Paint 2 mare NS $900.00 106 Kaptive TB 12 gelding NS $2,150.00 107 King Hanoverian x 6 gelding $6,000.00 108 Kivalo Hungarian 11 mare NS $3,100.00 109 La Petite Trakehner / 7 mare NS $950.00 110 Lavas Uneek Miss Thoroughbred 9 mare 111 Lean On Me Appendix QH 5 gelding 112 Lewcetiously APHA 7 gelding $4,650.00 $3,000.00 $5,100.00 113 Luther TB / Belgian 4 gelding NS $3,100.00 114 Lincoln Warmblood 14 gelding NS $2,050.00 115 Liquid Light AQHA 2 gelding 116 Little Fast Fredi AQHA 11 gelding 117 RL Docs Lill Debbie AQHA 6 mare 118 Longbow Lake TB 7 gelding 119 LTC Dudley Do It TB 8 gelding 120 Luna Belgian / TB 13 mare $2,600.00 $3,000.00 $4,450.00 $7,000.00 $1,350.00 $4,725.00 121 Macsparky Thoroughbred 11 gelding NS $900.00 122 Madison Warmblood 8 gelding 123 Mocha Hungarian / 4 gelding 124 Magyar Felhos Hungarian 2 mare 125 s Cloud Nine QH / TB 6 gelding $575.00 $3,700.00 $900.00 $3,900.00 126 s Willie TB 5 gelding NS $825.00 127 s Sir Bart Hanoverian x 6 gelding NS $7,500.00 128 Ms Awesome Rio ApHC 3 mare NS $500.00 Page 1

VA HUNTER & BLOODSTOCK SPRING SALE RESULTS Hip # Horse Breed Age Sex Price NS NS Price 129 LTC Show Biz App / Arab 5 gelding NS $12,000.00 130 Mirage TB 12 mare 131 Natasha Thoroughbred 1 mare 132 Mambo Irish Draught 4 gelding $1,475.00 133 Nickel Pete TB / Perch 6 gelding NS $2,400.00 134 Magyar Lacey Hungarian 2 mare 135 Navajo Appaloosa 10 gelding 136 Nebelsohn Hanoverian 7 gelding 137 s The Vegas Version AQHA 6 gelding 138 Nothingupthesleeve TB 7 gelding $1,525.00 $1,850.00 $4,100.00 $3,550.00 $9,500.00 139 LTC Sierrassi Tippin Time QHX 11 gelding NS $2,200.00 140 Pandarama AQHA 2 mare NS $800.00 141 Nathan TB/WBX 3 gelding $1,500.00 142 Orthello Dutch / X 8 gelding NS $4,000.00 143 Toronto Han / Clyde / 8 gelding NS $3,000.00 144 Podero Thoroughbred 5 gelding 145 Proud Navy TB 16 gelding 146 Quest TB 6 gelding 147 s Artful Luck AQHA 4 mare $1,100.00 $2,500.00 $5,200.00 148 Rapped In Cotton APHA 5 mare NS $2,600.00 149 Rising Above TB 13 mare $500.00 150 OUT- Robbin s Spirit Thoroughbred 14 mare 151 On Your Mark TB/WBX 1 mare $1,700.00 152 Snow Owl Dutch X 5 gelding NS $7,000.00 153 Aniston Hungarian / 4 mare NS $3,300.00 154 Sadie Han / TB 13 mare 155 Sal s Sis Thoroughbred 8 mare $1,050.00 156 Secretariat s Majic TB / Han 6 gelding 157 Duke Hanoverian x 4 gelding $3,750.00 158 s Dance Fancy Thoroughbred 6 mare NS $2,600.00 159 OUT - Simon Says TB 8 gelding 160 Siroco Belgium 8 gelding 161 Skipa Spanish Shane AQHA 5 gelding 162 Soprano Warmblood 10 gelding $7,000.00 $3,300.00 163 Avril Been Hungarian / 5 mare NS $3,400.00 164 Snap Dragon TB 7 mare 165 Santiago Flush Thoroughbred 7 gelding 166 Soleto TB 9 mare 167 ls Easily Dynamic AQHA 6 gelding 168 Sterling Silver TB 12 gelding 169 Tanners Ride AQHA 10 gelding $1,075.00 $750.00 $1,825.00 $7,700.00 $2,000.00 $6,200.00 170 Sonny At Last APHA 6 gelding NS $2,700.00 171 Tommy Girl X Breed 2 mare NS $1,200.00 172 Tricia s Banner Thoroughbred 8 mare 173 Carlyle TB / Perch 5 gelding 174 Triscadactaphobia AQHA 5 mare 175 True Force TB 6 gelding $5,700.00 $2,950.00 $1,050.00 Page 2

VA HUNTER & BLOODSTOCK SPRING SALE RESULTS Hip # Horse Breed Age Sex Price NS NS Price 176 Ultrasonic Speed Thoroughbred 5 gelding $3,050.00 177 VT Lorcan Irish Sport 2 gelding 178 Walldoria Oldenburg 4 mare $975.00 $7,000.00 179 Wellintanz German-Bred 4 gelding NS $5,700.00 180 Will TB 7 gelding NS $1,100.00 181 Wind Dancer Holsteiner X 7 gelding 182 Zoe TB 12 mare $10,000.00 $600.00 183 Chance TB / QH 5 gelding NS $1,550.00 184 OUT - 2nd Best Thoroughbred 9 mare 185 A Spanish Harlan AQHA 6 gelding $1,775.00 186 AA Seeking Trouble APHA 4 gelding NS $1,375.00 187 Annie Halfmoon QH / Arab 4 mare 188 Another Angel Thoroughbred 10 mare $250.00 $350.00 189 Bar Flowers Princess AQHA 4 mare NS $4,350.00 190 OUT - Char Mar s Odyssey Thoroughbred 10 gelding 191 Big Red Warmblood 5 gelding 192 Burglars Bride Thoroughbred 4 mare NS $1,150.00 193 Dagwood TB / Belgian 4 gelding NS $3,100.00 194 2nd In Command TB 8 gelding NS $950.00 195 Chloe Percheron / 5 mare $1,050.00 196 Encore Polish 6 mare 197 City Limits TB 12 gelding NS $2,200.00 198 Coverts Last Spot Thoroughbred 7 mare $1,500.00 199 Cowboy AQHA 3 gelding NS $1,550.00 200 Curds And Whey Thoroughbred 10 mare NS $850.00 201 Goliath Clydesdale / 5 gelding NS $4,400.00 202 Danzared Thoroughbred 5 gelding $525.00 203 Daubin TB / Belgian 4 gelding NS $2,300.00 204 Dashing Spot Of Cash APHA 3 stallion NS $2,000.00 205 Designer s Brat Breeding 5 mare NS $1,100.00 206 Filigree TB/PT/WB 3 mare NS $1,500.00 207 OUT - First Only Thoroughbred 14 gelding 208 Flying Numbers Thoroughbred 5 gelding $1,150.00 209 Gentle Rythym Thoroughbred 7 mare NS $775.00 210 Gibson TB 5 gelding 211 Hamlet Canadian TB 8 gelding 212 Hemps Irish Mist AQHA 6 gelding 213 High Praise TB WB X 12 gelding 214 Magique Fanette Thoroughbred 6 mare $400.00 $1,125.00 $6,500.00 $6,000.00 $2,100.00 215 Hanna Clyde / TB 14 mare Page 3