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Crowe Horwath <br />Crowe Homath LLP <br />Independent Member Crowe Horwath International <br />10 West Market Street, Suite 2000 <br />Indianapolis, Indiana 46204 -2975 <br />Tel 317.632.1100 <br />Fax 317.635.6127 <br />www.crowehorwath.com <br />CITY OF SOUTH BEND, INDIANA <br />South Bend, Indiana <br />PURPOSE OF THE REPORT <br />Crowe Horwath LLP ( "Crowe ") has performed an analysis of the City of South Bend's <br />(the "City ") distributive share of the St. Joseph's County Economic Development Income Tax <br />( CEDIT). The results of our analysis are contained in this Consultant's Report (the "Report"). <br />The purpose of this Report is to estimate CEDIT revenue coverage on the outstanding <br />County Economic Development Income Tax Refunding Revenue Bonds, Series 2006 A, the <br />Taxable County Economic Development Income Tax Refunding Revenue Bonds, Series 2006 B <br />(collectively, the "Outstanding Obligations ") and the proposed Economic Development Income <br />Tax Bonds of 2015 (the "Bonds "). <br />The Report is based on estimates, assumptions, and other data developed by Crowe <br />from knowledge of and participation in other CEDIT financings and studies; and data supplied <br />by the City and the State of Indiana Department of Local Government Finance. <br />In the course of preparing this Report, we have not conducted an audit of any financial <br />or supplemental data used in the accompanying exhibits and schedules. We have made <br />certain projections that may vary from actual results because events and circumstances <br />frequently do not occur as estimated and such variances may be material. We have no <br />responsibility to update this Report for events and circumstances occurring after the date of this <br />Report. <br />If you have any questions regarding this Report, please call Herschel Frierson at (317) <br />269 -2377. <br />C -4 <br />