Duff & Phelps Report for LB Trust Accounting Income (DRAFT)

Eileen,

Attached please find a copy of the draft narrative report along with the corresponding exhibits for your review and comment. Please let us know if you have any comments or questions regarding the report.

As I indicated yesterday, I was comfortable with the output, but this was a somewhat tortuous process. We hired D&P in mid 2008 and finally received the attached in April 2010. Our discussion tomorrow will help you follow the analysis of distributable economic net cash flow on pg V-2.

Attachments: 2010-7-21 LB Valuation of Trust Accounting Income for GFtAT_DRAFT.pdf