Appendix: Deloitte Letter

February 22, 2007

Infrastructure Ontario
777 Bay Street, Suite 900
Toronto, Ontario M5G 2C8

Dear Sir

ASSESSING VALUE FOR MONEY: A GUIDE TO INFRASTRUCTURE ONTARIO'S METHODOLOGY

We have been pleased to be associated with the development of your Value for Money methodology. We have reviewed "Assessing Value for Money: A Guide to Infrastructure Ontario's Methodology" (the "Guide").

A value for money assessment consists of a comparison of the estimated total costs of delivering a public infrastructure project using alternative finance and procurement as opposed to the traditional public sector project delivery method.

We confirm that the value for money methodology described in the Guide will, if properly applied using valid assumptions, yield fair and accurate results.

We also confirm that the methodology is consistent with best practices observed in other Canadian and international jurisdictions.