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COST SUMMARY <br />UNDERWRITING PROPOSALS <br />NEW, HIGH SCHOOL PROJECT <br />Wachovia Bank of America BB&T Capital <br />Management Fees $13,500 $13,500 $9,926 <br />Expenses $21,905 $23,694 $23,289 <br />Underwriting Risk 0 0 0 <br />Average Takedown $57,375 $40,500 $39,705 <br />Total Estimated Coy $92,780 $77,694 $72,920 <br />4 <br />