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.- <br />~IL~I~~'IE <br />d <br />ICI®~~, ~.~,~ <br />Certified Public Aoeountante <br />Management Cansiltants <br />(248) 952-5200 <br />F1UC (248) 952-5202 <br />To the Edw. C. Levy Co. <br /> <br />We have audited the accompanying divisional balance sheet of Schmidt Construction (a division <br />of Edw. C. Levy Co.) az of December 31, 1999. The divisional balance sheet is the responsibility <br />of the Division's management. Our responsibility is to express an opinion on the divisional <br />balance sheet based on our audit. <br />We conducted our audit in accordance with generally accepted auditing standards. Those <br />standards require that we plan and' perform the audit to obtain reasonable assurance about <br />whether the divisional balance sheet is free of material misstatement. An audit includes <br />examining, on a test basis, evidence supporting the amounts and disclosures in the divisional <br />balance sheet. An audit also includes assessing the accounting principles used and significant <br />estimates made by management, az well az evaluating the overall divisional balance sheet <br />presentation. We believe that our audit provides a reasonable bazis for our opinion. <br />In our opinion, the divisional balance sheet referred to above presents fairly, in all material <br />respects, the divisional financial position of Schmidt Construction az of December 3 I , 1999 in <br />conformity with generally accepted accounting principles. <br />~~~ ~ ~~, Q ~ ~' <br />March 17, 2000 <br />.tea <br />B99P~ <br />A gq+Ga fella dMya~6f~ vlm,R',y anV <br />Independent Auditor's Report <br /> <br />Suite l00 <br />1450 West Long Idre Road <br />Troy, Michigan 48098 _ <br />