Clients and friends,

I am excited to announce that Stout had another phenomenal year in 2022. Through a combination of organic and strategic growth, we grew our revenue 27% and added over 450 new professionals.

This year, we integrated five firms, each with a unique skillset and value offering: Methodical Valuation & Advisory, Genova Group, Davis & Hosfield, The Claro Group, and Vantage Point Advisors. It has been a joy to welcome the women and men from these firms into Stout, learning from them and integrating their expertise. They all share our values and focus on great client service.

In addition to this, we opened offices in Charlotte and San Diego, and we ranked as the top fairness opinion advisor in the United States by Refinitiv's Global Mergers & Acquisitions Review. We also ranked second globally for fairness opinions in 2022.

At Stout, we believe in the notion of stewardship and creating entrepreneurial opportunities for the next generation at our firm. We seek to achieve this purpose within a collaborative environment while delivering superior value to our clients. We are committed to providing each of our clients with premier expertise, deep industry knowledge, and unparalleled responsiveness.

Our people make us the great firm we are, and the exceptional service we provide clients is directly related to how we serve our own colleagues. In every interaction with both clients and one another, we seek to live out our core values: being Positive and Team-Oriented, Accountable, Committed, Entrepreneurial, Relationship-Focused, Super-Responsive, and Great at Communicating. We value the unique experiences, perspectives, and backgrounds of all our colleagues and foster an environment that allows them to grow personally and professionally. In 2022, we continued to affirm our commitment to diversity, equity, and inclusion through programs like our Women's Resource Group, which was created to allow our firm's talented women to unite and network.

While 2022 has been a fun journey, I am even more excited with what the future holds. As conveyed in the following annual report, it is interesting to see where we have been, how we have grown, and all the great people that have made it possible. On behalf of everyone at Stout, thank you for allowing us to serve you.

I can't wait to see what this upcoming year brings.

Craige Stout, Chief Executive Officer