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Plante <br />moran <br />Plante ~ Moran, PLLC <br />Suite 500 <br />2601 Cambridge Court <br />Auburn Hills, MI 48326 <br />Tel: 248.375.7100 <br />Fex: 248.375.7101 <br />plantemoren.can <br />Independent Auditor's Report <br />To the Edw. C. Levy Co. <br />We have audited the accompanying divisional balance sheet of Schmidt Construction (a division <br />of Edw. C. Levy Co.) az of December 3 I , 2003. 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 condutted our audk in accordance with auditing standards generally accepted In the United <br />States of America. Those standards require that we plan and perform the audit to obtain <br />reasonable assurance about whether the divisional balance sheet is free of material <br />misstatement. An audit includes examining, on a test basis, evidence supporting the amounts <br />and disclosures in the divisional balance sheet. An audit also includes assessing the accounting <br />principles used and significant estimates made by management, az well az evaluating the overall <br />divisional balance sheet presentation. We believe that our audit of the divisional balance sheet <br />provides a reasonable basis for our opinion. <br />The Division haz excluded certain azset retirement obligations from property and liabilities in the <br />accompanying balance sheet that, in our opinion, should be recorded in order to conform with <br />accounting principles generally accepted in the United States of America. The effect of this <br />departure from accounting principles generally accepted in the United States of America has not <br />been determined. <br />In our opinion, except for the effects of not recording certain asset retirement obligations az <br />discussed in the preceding paragraph, the divisional balance sheet referred to above presents <br />fairly, in all material respects, the divisional financial position of Schmidt Construction az of <br />December 31, 2003, in conformity with accounting principles generally accepted in the United <br />States of America <br />f ~.se,, Pc~ e <br />April 2, 2004 <br />~~~a <br />n <br />A xvNMde awnmm of utlepenYiu+vaunXp 11ma <br />