It was an exceptionally busy first quarter here at Alacra, as we made tremendous progress on our �4Cs� product initiatives � Compliance, Concordance, Current Awareness and Connections. We signed new customer deals for each of these products, and signed several content licensing agreements to support our 4C strategy. Robust activity in investment banking and management consulting has helped fuel our growth.

As we�ve been signing deals and expanding our product line we're hiring lots of new people (see News & Highlights). Please be on the lookout for our 2006 Customer Survey. I look forward to seeing many of you in Baltimore for SLA.

Sincerely,

Steven Goldstein
Chief Executive Officer