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USA EQUESTRIAN AND USET AGREE TO JOINT RESOLUTION OF NGB DISPUTE

A new era for equestrian sports began on Saturday, February 1, 2003, when
the United States Olympic Committee (USOC) Membership and Credentials
Committee received a plan jointly proposed by USA Equestrian (USAE) and the
United States Equestrian Team (USET) to create a new NGB for the sport
incorporating the strengths of each organization.

The joint agreement resolves the question of governance of the sport and
ends an agonizing period of dispute with a solution that all parties
heartily endorse.

The new plan became a reality when signed by USAE President Alan Balch, Vice
President David O'Connor and Treasurer Kathy Meyer and by USET Chairman
Frank Lloyd, President Armand Leone and Secretary Eric Straus.  It calls for
the formation of a new corporate entity to assume all the current functions
of USAE and USET with the main fundraising efforts handled by two new
supporting organizations.

As part of the agreement, Balch agreed to resign as a Trustee of the USET,
to instruct his attorneys to take immediate steps with the USET to resolve
the litigation Balch v. USET in a manner acceptable to both parties, and
that he will not seek to serve as an officer or director of the new NGB
until after the election cycle for 2005.

The USET agreed to nominate David O'Connor as a Trustee to its Board and all
parties agreed that O'Connor will be responsible to communicate and
coordinate all international matters between USAE, USET and the USOC during
the interim period prior to the establishment of the new NGB.

The new NGB will carry on activities currently performed by the USET and
USAE and will be responsible for providing all services required by
Equestrian Sport, both national and international, and for meeting
obligations as a USOC-designated NGB.  For the role of fundraising, the plan
calls for the creation of the USET Foundation and the USAE Trust.  The USET
Foundation will seek to raise funds for international high performance
programs while USAE Trust will raise funds for purposes relating to
equestrian industry research, education, scholarship and financial support
needs, excluding activities relating to international high performance
programs and activities.

The new NGB will be governed by a Board of Directors not to exceed 54
members.  Officers will include a President; Vice President-International
High Performance; Vice President-International-National FEI Affiliates; Vice
President-National Affiliates; Vice President-Finance & Administration;
Secretary and Treasurer.  The new NGB will be led by a paid Chief Executive
Officer (CEO).  A six member CEO Search Committee, with three individuals
appointed by USAE and three by the USET, will begin immediately to seek a
suitable individual for the CEO position.  The CEO is to be in place prior
to commencing operations of the new NGB.

USET Chairman of the Board, Frank V. Lloyd and David J. O'Connor, USAE Vice
President stated, "We are particularly delighted for the athletes, coaches,
staffs and the entire sport of equestrian; and look forward to the renewed
enthusiasm and support to make this country the top equestrian nation in the
world."

The full content of the new NGB plan outline will be available on the USAE
website at http://www.equestrian.org and on the USET website at
http://www.uset.org.

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