Keeneland rule.

BIDDING/DISCLOSURE: In accordance with KRS 330.210 and 355.2-328(4) and other applicable laws, the right to bid in this sale is reserved for all Sellers, including their disclosed and undisclosed Agents, unless otherwise announced at time of sale. Purchasers therefore agree and acknowledge that Sellers have the right to set reserves implemented by the auctioneer upon horses so entered which are not disclosed to Purchasers and also have the right to conduct by-bidding as related to their entries. Sales results reported by Keeneland may or may not reflect the fair market value of any horse(s) going through Keeneland’s sale as, among other reasons, Consignors may inform Keeneland after the sale concerning horses that may have been initially reported as a sale(s) which are, in fact, not a sale.