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We have provided detailed revenue projections along with expense ratios and cash flows <br /> 4110 available for debt service in Section 9 of our report. Our financial projections for the proposed <br /> hotel assume that product recommendations will be implemented, affiliation with a national <br /> franchise, competent management and effective marketing. <br /> This report and financial projections have been produced for Charlie Hall's internal use and <br /> presentation to potential buyers, investors and lenders. Otherwise, neither the report nor its <br /> contents may be referred to or quoted in any registration statement, prospectus, appraisal, loan <br /> or other agreement or document without our prior written consent. If you need additional copies <br /> of the full report or the Executive Summary, or if you have any questions or comments <br /> regarding this report, please contact us. <br /> Sincerely, <br /> / / 1 i <br /> Jeff Coy (.,:y <br /> Morgan Nederhiser <br /> President - Vice President <br /> • <br /> III <br />