Executive Summary

Executive Summary

April 26, 2005

Cleveland-Cuyahoga County Convention Facilities Authority Finance Committee

Members of the Authority:

PricewaterhouseCoopers LLP is pleased to present this report on the demand and economic implications associated with the development of a new or renovated Cleveland Convention Center. The analyses presented herein are based on the work plan described in our contract dated November 16, 2004, estimates and assumptions from previous studies, information developed from supplemental research, knowledge of the industry and other sources, including information that was provided by representatives of the Cleveland Convention Center, Cleveland Convention and Visitors Bureau, and Cleveland-Cuyahoga County Convention Facilities Authority. These sources of information and bases of significant estimates and assumptions are stated in the report. To the best or our knowledge and belief, the statements of facts contained in this report, upon which the analysis and conclusion(s) expressed are based, are true and correct. Information, estimates and opinions furnished to us and contained in the report were obtained from sources considered reliable and believed to be true and correct. However, no representation, liability or warranty for the accuracy of such items is assumed by or imposed on us, and is subject to corrections, errors, omissions and withdrawals without notice. Information provided to PricewaterhouseCoopers was taken without verification or audit and was assumed to be correct. No single item of information was completely relied upon to the exclusion of other information. Some assumptions made herein inevitable will not materialize and unanticipated events and circumstances may occur; therefore, actual results will vary from the estimates, and the variations may be material. Further, we neither evaluated management’s effectiveness nor are responsible for future marketing efforts and other management actions upon which actual results will depend.

The accompanying analyses do not constitute an audit, examination, review or compilation of historical or prospective financial information conducted in accordance with Generally Accepted Auditing Standards or with standards established by the American Institute of Certified Public Accountants ("AICPA"). Accordingly, we are unable to express any opinion or any other form of assurance with respect to whether the recommendations and conclusions are presented in conformity with AICPA presentation guidelines.

Our analyses are based on estimates and assumptions developed in connection with this engagement. Some assumptions, however, inevitably will not materialize, and unanticipated events and circumstances will occur; therefore, actual results achieved during the period covered by the accompanying financial analyses will vary from the estimates contained therein and the variations may be material. We take no responsibility for any events, economic conditions, supply and demand factors, or other circumstances affecting the findings or estimates provided in this report that take place subsequent to our last day of our fieldwork, January 28, 2005.

This report and analysis included herein, are intended solely for the use of the Cleveland-Cuyahoga County Convention Facilities Authority and are not intended for any other use or use by any other entity. Neither this report nor its contents, nor any reference to PricewaterhouseCoopers LLP may be included or quoted in any offering circular loan agreement, loan application or appraisal without prior written consent of PricewaterhouseCoopers.

It is assumed that legal, engineering, or other professional advice, as may be required, will be obtained from professional sources. This report did not ascertain the legal and regulatory requirements applicable to the proposed new/renovated center and hotel, including but not limited to zoning, other state and local government regulations, permits, and licenses. Our analyses will not be used for legal or technical guidance in such matters. Further, no effort was made to determine the possible effect on this project of present or future government legislation, including environmental or ecological matters or interpretations thereof.

We have appreciated the opportunity to work with representatives of the Cleveland-Cuyahoga County Convention Facilities Authority and look forward to the opportunity to continue to assist you. Please don’t hesitate to contact Robert Canton at (813) 218-2917 if you have any questions or comments.

Very truly yours,

PriceWaterhouseCoopers

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