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EXHIBIT C -ANNUAL REPORT OF THE ADVISORY BOARD <br />T~czvirtr chi Co., lisic. <br />G;1rrxfi,a.l Pr~hllc 1r. riwuYrcnt?,r <br />San =)/eandro ~`r~Jtsif Management Organization <br />.San Leandro, (:aJifotnia <br />n„~:'~, n. n„r~„r. <br />rnr:,,~,rYEv~, ~r;. c,,<<~r~ <br />We have corn}ii~led the aceo~nrpany}ng st<rtentent e~f =assets, l'~iabi}itie~s and net assets ~f $an <br />T.eandro 1'railsit 14Tzuiagentent t}rgauization as of 7nnc 36, 2G05 anti the: re}aced statemet]t of <br />revenue, operating eypenses and. net assets -income tax basis, 1'or the year then ended- in <br />accordaitc'e wii}i S1Atentents on Standtvds fire Accounting artd Ite~~i~w Services issued bV <br />th;e .Americatr ~tnstlhtste of L]ertified I~Tiiblic Aecoun,Cants.- 'these financial staTements have. <br />Preen prepared on Ure acci7ttritittg -basis uscel by~ t}te Company for income fix '~iucposes, <br />w}ti~ch 'is a c,or=M}~re}iensi-ve =basis Uf accounting other than generally accepted ac~.oun~frng <br />,principles. <br />A ci~mpilatir+-n'}S litlaiti=d to Tar~se}ttiiig i,ta the farm. ctt fint'cncial sl~ifemertits infoi~ltalinn that is. <br />the re~ncsentat'ion of mattag.em~trt.- W'e have not audited or reviewed Sre acci~tttparty}ng <br />financial slaTeneents, anil, nccardingly, do not e~cpress an ~~piniorr -err any vfher forru of <br />assurance cui tttcrn. <br />~ ~: <br />Octl~ar 2R,.20p5 <br />I?~+ b~,ruu(iUn ~h-r~GUe. Sun L,enrlrk~~ C>t 9=i.57~-i^i)1 (~IOj 35~-~t9(.!(,`J ~'a_r ~ 5711) -+5'-f}90G <br />Page 2 of 4 <br />