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<br />I <br />r '1 <br />I , <br /> <br />E:c <br /> <br />ERELlP <br />440 Park Avenue South <br />New York, NY 10016--8012 <br />Tel: 212.576,1400 <br />Fax: 212,576,1414 <br />\WJW.ere-cpa,com <br /> <br />Member of CPAmerica International <br /> <br />, <br /> <br />I'''' <br />r <br />r 1 <br />I : <br />! <br /> <br />accountants Bt advisors <br /> <br />r 1 <br /> <br />ACCOUNTANTS' REVIEW REPORT <br /> <br />If <br />[1 <br />I ' <br />\ <br /> <br />r 1 <br /> <br />l.:,. <br /> <br />[ : <br />i [,: <br />: [": <br />I l <br />; [~l <br />I j' <br /> <br />r 1 <br /> <br />If <br />r 1 <br />It <br />r' <br />l'li <br /> <br />r ~. <br />Ll <br />fi1 <br />Lr <br />~ 1 <br />( <br />LJ <br />:.1 <br />~~ <br />(' <br /> <br />L"l <br />" <br /> <br />To the Shareholder <br />Development Counsellors International <br /> <br />We have reviewed the accompanying balance sheets of Development Counsellors <br />International, L TD (an S corporation) as of December 31, 2008 and 2007, and the related <br />statements of income and retained earnings, and cash flows for the years then ended, and <br />the accompanying supplementary information, which is presented only for supplementary <br />analysis purposes, in accordance with Statements on Standards for Accounting and <br />Review Services issued by the American Institute of Certified Public Accountants. All <br />information included in these fmancial statements is the representation of the <br />management of DeveLopment Counsellors International, LTD. <br />, <br /> <br />A review consists principaHy of inquiries of company personnel and analytical <br />procedures applied to financial data. It is substantially less in scope than an audit in <br />accordance with generally accepted auditing standards, the objective of which is the <br />expression of an opinion regarding the financial statements taken as a whole. <br />Accordingly, we do not express such an opinion. <br /> <br />Based on our reviews, we are not aware of any material modifications that should be <br />made to the accompanying financial statements in order for them to be in conformity with <br />generally accepted accounting principles, <br /> <br />Our review was made for the purpose of expressing limited assurance that there are no <br />material modifications that should be made to the combining financial statements in order <br />for them to be in conformity with generally accepted accounting principles, The <br />information included in the accompanying consolidating supplementary schedules is <br />presented only for supplementary analysis purposes. Such information has been <br />subjected to the inquiry and analytical procedures applied in the review of tbe basic <br />financial statements, and we are not aware of any material modifications tbat should be <br />made thereto. <br /> <br />New York, NY <br />April 25, 2009 <br /> <br />., <br /> <br />f' <br /> <br />L( <br />I <br />I ' <br /> <br />r.. ,.... <br />'~;~ .,,,,f <br />U I <br /> <br />~-..' <br />