Exhibit 12 illustrates how the supply forecasts are modeled through the annual additions and losses to the supply. The model starts in 2004 with the number of active pharmacists of a particular age, sex and education level. Each year new graduates are added to the supply and those pharmacists who have separated from the workforce due to deaths and retirements are removed. The number of new graduates added to the supply each year and those lost through separations determines the supply of pharmacists at the end of each projection year.