UPDATE: Dover Saddlery Reports Exploration of Strategic Options

Dover Saddlery, Inc. DOVR, the leading multi-channel retailer of equestrian products, today announced that its Board of Directors and senior management have initiated a process to identify and consider a range of operational, financial and strategic alternatives to better pursue its growth strategy and that may accelerate the enhancement of value for the benefit of its stockholders. At the direction of the Board, the Company has engaged Duff & Phelps Securities, LLC as its exclusive financial advisor in connection with the review process. While the Board has previously received unsolicited expressions of interest in relation to various potential strategic transactions from time to time, it is not currently in discussions with any particular party. While undertaking this process, the Board and senior management team will remain highly focused on executing the Company's long-term operational plan, which includes among other initiatives the continued rollout of its retail store expansion plan and the integration and realization of the strategic and financial benefits of the new retail stores opened over the past several years. The Company stated that there can be no assurance that the Board's exploration of strategic alternatives will result in any transaction being pursued, entered into or consummated, and there is no set timetable for the strategic review process. The Company does not intend to comment further regarding the evaluation of strategic alternatives until such time as the Board has determined the outcome of the process or otherwise has deemed that disclosure is appropriate.