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Contents : May 29 2009 Tom A. McFerson CPA ABV Gatto McFerson CPAs 528 Arizona Avenue Suite 201 Santa Monica California 90401 Re: Current Economic Environment for Veterinarians in California - April Dear Tom As we mentioned in our previous letters our nation's economy has taken a major turn for the worse. The veterinary industry usually resilient during tough financial times has significantly felt this slowdown. Given the current state of events we thought it would be a useful service to our clients colleagues and friends to track how the veterinary industry is performing throughout California. The previous letters reported the results for October 2008 through March 2009. This letter looks at April 2009. We are currently tracking monthly revenue numbers for almost one-hundred and ten practices. We have segregated these practices into three classes: Small Animal Southern California (up to and including Bakersfield) Small Animal Northern California and Specialty & Referral. The results are attached to this letter. We are tracking: o How our industry performed for the first four months of 2009 as compared to 2008. o How our industry performed during the month of April 2009 as compared to April 2008 (this was the seventh full month of the worsening crisis). o How the above numbers look after removing any price increases in 2009. This gives us the true growth/decline of these practices. 528 Arizona Ave Ste 201 Santa Monica CA 90401 310-393-2434 Fax: 310-393-8777 Page 2 According to our numbers it appears that the small animal general practices in Northern and Southern California have stabilized with Northern California performing slightly better in April 2009. Specialty and referral practices dipped again reporting revenue drops of 11% to 12% for the month compared to the prior year. It appears that the results for May have been mixed. We will gather May 2009 data and once it has been analyzed we will send you the results. The more veterinary practices that we include in our sample the more accurate a picture we can paint of what is happening economically so if you know of any practice owners who might like to take part please let us know. Financial data can be submitted directly to us via our website www.gattomcferson.com. Once they have shared information they would be added to distribution list. All information will be kept strictly confidential. Results will also be posted on our website. Please let us know if you have any questions or comments on the above information. Sincerely Tom A. McFerson CPA 528 Arizona Ave Ste 201 Santa Monica CA 90401 310-393-2434 Fax: 310-393-8777 Veterinary Practice Performance in California April 2009 Gross Revenues One Month Ended February 28 2009 One Month Ended March 31 2009 One Month Ended April 30 2009 Four Months Ended April 30 2009 Small Animal - Southern California Increase/(decrease) as compared to prior year Increase/(decrease) as compared to prior year adjusted for price increases -2.47% -1.48% 1.55% 1.26% -3.04% -2.53% 0.02% 0.34% Small Animal - Northern California Increase/(decrease) as compared to prior year Increase/(decrease) as compared to prior year adjusted for price increases -1.02% 1.56% 4.40% 2.67% -1.35% 1.24% 4.08% 2.27% Specialty - California Increase/(decrease) as compared to prior year Increase/(decrease) as compared to prior year adjusted for price increases -9.80% -5.20% -11.19% -8.51% -10.59% -7.21% -12.53% -9.44% www.gattomcferson.com

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