Exercise-induced hematological alterations were studied in 20 four-year old foals, 11 Andalusian and 9 Arabian. They were subjected to a test exercise program consisting of 4 levels of gradually increasing intensity (15, 20, 25 and 30 km/hr) with a duration of 5 min each. Blood samples were taken during resting, after each exercise level and at 10 and 30 min of recovery from exercise. The following hematic parameters were analyzed: red blood count, hematocrit value, hemoglobin, volumetric indexes (MCV, MCH and MHCH) and total plasma proteins. The alterations as a result of the physical effort were studied as well as any possible differences between the two breeds. The Arabian foals showed higher total plasma protein concentrations when resting, after each exercise level and at 10 mins of recovery time. The other variables studied remained with similar values in the two breeds without any significant changes.