As we enter the home stretch of 2005, we want to update you on developments at Brookwood Associates.

Our team has grown to 21 investment banking professionals in our Atlanta and Charlotte offices. With six Managing Directors and one Director, we have maintained our high proportion of senior bankers to total professional staff. Our strategy of providing hands-on, very-experienced, senior-level attention to a select number of assignments has been received well by our clients and referral sources.

2005 is proving to be one of the best years ever for owners to sell businesses. Consequently, Brookwood is in the midst of a period of record activity. We have closed eight assignments since the beginning of 2005, bringing our total M&A transactions closed since January 2002 to 33. Most of our clients are located east of the Rockies, and we continue to focus on transactions between $20 million and $250 million in value. Our targeted industries include business services, consumer products, distribution, healthcare, manufacturing, restaurants, retail and technology.

Private equity firms are a more important factor than ever in the M&A marketplace, and consequently more of our assignments today involve these firms. We have also witnessed a higher level of activity among another important client sector, privately-owned and family-owned businesses.

We appreciate the confidence our clients have placed in us, and we are thankful for the loyal referral sources that have helped us to build our business. During this bull market for mergers and acquisitions as well as financings, we welcome the opportunity to speak with you about opportunities in sell-side or buy-side M&A, debt and equity financing, bankruptcy/restructuring advisory and fairness opinions.