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PRICEWATERHO~$~COPERS ~ ~ <br />PricewaterhouseCoopers LLP <br />400 Renaissance Center <br />Detroit, MI 48243-1507 <br />Telephone (3131446 7100 <br />Facsimile 1313)4467117 <br />Report of Independent Accountants <br />To the Edw. C. Levy Co.: <br />In our opinion, the accompanying divisional balance sheet presents fairly, in all material respects, the <br />financial position of Schmidt Construction (a division of Edw. C. Levy Co.) at December 31, 1998, <br />in conformity with generally accepted accounting principles. This balance sheet is the responsibility <br />of the Division's management; our responsibility is to express an opinion on this balance sheet based <br />on our audit. We conducted our audit of this balance sheet in accordance with generally accepted <br />auditing standards which require that we plan and perform the audit to obtain reasonable assurance <br />about whether the balance sheet is free of material misstatement. An audit includes examining, on a <br />test basis, evidence supporting the amounts and disclosures in the balance sheet, assessing the <br />accounting principles used and significant estimates made by management, and evaluating the <br />overall financial statement presentation. We believe that our audit provides a reasonable basis for <br />the opinion expressed above <br /> <br />March 25, 1999 <br />1 <br />