1. The effects of exercise on the production rate of nitric oxide (NO) in exhaled air (VNO) and 20 1 min-', respectively, and induced cyclical changes in the breathing pattern.4. Exercise induced a linear increase in VNO with work intensity to a maximum (428 1 + 31'6 pmol min-' kg-) which coincided with the maximal oxygen uptake for the horses (138 3 + 11 7 ml min-' kg-), although a further increase in VNO (779 3 + 38-4 pmol min-' kg-') occurred immediately after exercise. The changes in VNo correlated well with the tidal volume (r = 0-968; P < 0-01) and the haematocrit (r = 0-855; P < 0-01). 5. In the first 2 min of high intensity exercise, inhaled NO (80 p.p.m.) significantly (P < 0 05) reduced the pulmonary artery pressure: during the first minute, pulmonary artery pressure was 83-1 + 7-6 mmHg compared with a control value of 94 4 + 6-3 mmHg, and during the second minute, 84-2 + 7-1 mmHg compared with a control value of 98-4 + 4-7 mmHg.There were no other significant changes in cardiovascular or respiratory indices, including cardiac output, measured during exercise between control and inhaled NO tests. 6. The results show that exhaled NO is released from the airways of the horse and may contribute to the regulation of pulmonary vascular tone during exercise.