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<br />PFM will undertake this assignment on an hourly basis, outlined below: <br />Professional Hourly Rate <br />Managing Directors $300.00 <br />Senior Managing Consultant $250.00 <br />Consultant $225.00 <br />This scope of work may evolve in accordance with our further discussions from time to <br />time. To the extent that you request additional services, and those services are agreed <br />upon by both parties, the terms set forth in this letter may be superseded by another <br />written agreement. <br />We hope this proposal meets with your approval. We are prepared to begin this <br />assignment immediately. <br />Please acknowledge this agreement in the space indicated and fax a copy back for our <br />records. <br />Best wishes, <br />Sincerely, <br />Public Financial Management <br />Julio F. Morales <br />Senior Managing Consultant <br />