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<br />E:l: <br /> <br />accountants &: advisors <br /> <br />DEVELOPMENT COUNSELLORS INTERNATIONAL, LTD. <br />(AN S CORPORATION) <br /> <br />DECEMBER 31, 2008 AND 2007 <br /> <br />TABLE OF CONTENTS <br /> <br />Accountants' Report <br /> <br />Financial Statements: <br /> <br />Balance Sheets <br /> <br /> <br />Statements of Income and Retained Earnings <br /> <br />Statements of Cash Flows <br /> <br />o <br /> <br /> <br />< <br /> <br /> <br />a <br /> <br /> <br />:.: <br /> <br /> <br />I <br />d <br />~ <br />& <br />I <br /> <br />Notes to Financial Statements <br /> <br />Supplementary Information <br /> <br />ERE LLP <br /> <br />440 Park Avenue South <br />New York, NY 10016-8012 <br />Tel: 212.576.1400 <br />Fax: 212.576.1414 <br /> <br />www.ere-cpa.com <br />Member of CPAmerica Interna~onal <br />