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<br />~. <br />I' <br /> <br />Mr. Robert T. Herrera <br />April 3, 1997 <br />Page 2 <br /> <br />revision in view of changes in the economic or market factors affecting the proposed project, and <br /> <br />would be happy to do so. <br /> <br />Our report and estimated results are based on estimates and assumptions which are inherently <br /> <br />subject to uncertainty and variation depending upon evolving events. Some assumptions inevitably will <br /> <br />not materialize and unanticipated events and circumstances may occur, therefore, actual results <br /> <br />achieved during the period will vary and the variations may be material. <br /> <br />In accordance with the terms of our engagement letter, we did not evaluate the effectiveness of <br /> <br />management and we are not responsible for future marketing efforts and other management actions <br /> <br />upon which actual results will depend. <br /> <br />Our report and estimates are intended for your information and planning and in support of <br /> <br />financing or funding the proposed project. It should not be used for any other purpose. Neither our <br /> <br />report nor its contents nor any reference to our Finn, may be included or quoted in any offering <br /> <br />circular or registration statement, prospectus, sales brochure, loan, appraisal or other agreement or <br /> <br />document without our prior written permission. <br /> <br />We appreciate this opportunity to have been of service to you. <br /> <br />/~,;,-,N,- IJ,,'Y~~ C:IWlJ':ti <br />