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D DAVID H. HESLEY, LTD. <br /> Certified Public Accountant&Consultant <br /> October 15, 1997 <br /> To the Partners of <br /> Silverview Estates <br /> General Partnership <br /> I have compiled the accompanying financial projections for Silverview <br /> Estates a General Partnership, for the period commencing January 1, <br /> 1998 and ending December 31, 2012, including summaries of significant <br /> accounting policies and projection assumptions, in accordance with <br /> standards established by the American Institute of Certified Public <br /> Accountants . <br /> A compilation is limited to presenting in the form of a projection, <br /> information that is the representation of management and does not <br /> 410 include evaluation of the support for the assumptions underlying the <br /> projections . I have not examined the projections and, accordingly, do <br /> not express an opinion or any other form of assurance on the accompany- <br /> ing statements or assumptions . Furthermore, even if the projected <br /> levels of rental income, operating expenses, and the projected <br /> financing arrangements are attained there will usually be differences <br /> between the projection and actual results , because events and circum- <br /> stances frequently do not occur as expected, and those differences may <br /> be material . <br /> The financial projections are designed to provide information for <br /> assistance in obtaining permanent financing and limited partner' s <br /> capital for the real estate project known as the Silverview Estates, <br /> and should not be considered or used for any other purpose. <br /> I have no responsibility to update this report for events and circum- <br /> stances occurring after the date of this report. <br /> tOh.A.X.C1 It <br /> 1 ' <br /> DAVID H. HESLEY, LTD. <br /> Certified Public Accountant <br /> 410 <br /> 2607 WxrrE BEAR AVENUE • MAPL.Ew000,MINNESOTA 55109 • OFFICE(612) 770-8505 • FAX(612) 770-0627 <br />