Transcript of a Presentation by Your CEO (3rd Quarter 2002 Report, Fergie Inc.)

Last quarter's numbers are in. These power point charts show doginess has increased 5 % compared to last quarter.You have met your doginess goals. The quality of overall snugliness has improved according to a customer satisfaction survey conducted by the independent consulting firm of Milo Marketing Group.

Pee and poo poo turnaround time have held steady. Operations went full steam even during the two week hiatus when production of snoodliness was outsourced to Bob and Sue Associates.

The board of directors would like to congratulate Jason H., a leader who has been with the firm for over a year since headquarters moved from Pasadena to Rancho Park. Thanks to Anna L. for bringing new energy and doginess optimization skills to the table. Kudos also go out to Fergie Inc. sucontractors Denise, Rebecca, and Alex H. Give yourselves a big round of applause.

COO Mun M. is committed to reducing the pee smell by the the end of Q4. After the Sod-on-the-Porch Project failed, pee stench was at an all time high. However, with last month's launch of the Wee-Wee-Pad network, the smell has already been reduced according to Jon Carlo Testing Services who report that the office has gone from "reeks" to "kind of smells like pee in here, no offense." We believe with this new technology along with our new partnership with vendor, Carpet Train, who will be providing replacement carpet scraps, we will effectively keep pee smell to a minimum.

A few of you have asked me if there will be Christmas bonuses this year. Though profitability is up from last year, unfortunately we still have a ways to go. I remind you that we did get everyone enrolled in the veterinary insurance program in November and everyone received complimentary tetanus shots at that time. I'll just say it out right. Cash flow could be better. So, no bonuses at this point. However, if revenues increase and fewer citations for night barking are issued, there will be raises in store for top performers in the New Year.