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CHARLES J. REED & ASSOCIATES . Certified Public Accountants 2828 Remington Green South - Tallahassee, Florida 32308 Phone (850) 386-7072 Fax (850) 254-1941 Independent Auditors' Report . June 4,2009 Board of Directors McMahon Associates, Inc. Fort Washington, Pennsylvania We have audited the statement of direct labor, f~inge benefits, and general overhead of McMahon Associates, Inc. (the Company) for the year ended December 31, 2008. This statement is the responsibility of the Company's management. Our responsibility is to express an opinion on this statement based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards for financial audits contained in the Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the statement is free of material misstatements. An ,audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the statement of direct labor, fringe benefits, and general overhead. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall statement presentation. We believe that our audit provides a reasonable basis for our opinion. As described in Note 2, the Company's policy is to prepare its statement of direct labor, fringe benefits, and general overhead on the basis of accounting practices prescribed by Part 3 I of the Federal Acquisition Regulations and certain other Federal and State regulations, whi,ch practices differ from generally accepted accounting principles. Accordingly, the accompanying statement is not intended to present and, in our opinion, does not present fairly the results' of operations of the Company in conformity with generally accepted accounting principles. In our opinion, the statement referred to above presents fairly, in all material respects, the direct labor, fringe benefits, and general overhead of McMahon Associates, Inc., for the year ended December 3 I , 2008, on the basis of accounting described in Note 2. Members American Institute of Certified Public Accountants Florida Institute of Certified Public Accountants