On August 1 of this year, Milestone Advisors celebrated its second full year in business. Throughout these first two years we have had the privilege to work with a number of you and your companies in the areas of management accounting, corporate finance and business strategy. Since forming in 2003 to serve owners and management of growth-oriented, entrepreneurial companies, Milestone has also experienced significant growth and change.

While many of you have worked with one or more of our partners and/or associates on a specific aspect of your business, you may not be familiar with the rest of our team and the breadth of services we now offer. Originally founded by Glenn Dunlap and Tom Gabbert, Milestone has grown to include a third partner, Jeff Good, and eight additional associates. While Milestone continues to provide "CFO-level" and controllership services on a fractional basis for many clients, our management accounting services have been expanded to include various levels of bookkeeping services, as well as tax planning and compliance through strategic alliances. Our corporate finance services continue to allow business owners access to efficient, cost-effective sources of capital through debt placements and equity arrangements. In addition, we have significantly expanded our services in the area of mergers and acquisitions, providing front- end strategic evaluation, due diligence and structure analysis for client companies committed to successful transaction execution. All of this growth continues to be supported by our business strategy consulting, which overlays nearly all aspects of our interactions with business owners.

As we embark on our third year of successful growth, we remain committed to helping our clients define and achieve success in their businesses. We thank you for the privilege to serve you.