9~o O001La keFore stBl vd. ,Sui te40 4~Ne wOrl ea ns,L A70127~Te1 :C5 04)2449400~Fax: C504 )2 44-8 240 F ON TR AEBN LC EI OM FCAR ONKE TT ENCTO SRPORATI 1NDEPENDENTAUDITOR'SREPORT BALANCESHEETS STATR EMT ENN TSOE FRR EVEI NUE,EXPENSESANDCHANGESIN STATEE MEAI NTSED OFA CAN SHNFGS LOWS NOTESTOTHEFINANCIALSTATEMENTS SUPPL E M E N T A R Y I N F O R I SC CH HE ED DU UL LE EO OF FO RT EH NE TM ARA LT NO I CN O: E 5 1 S N I C O MM E 1 8 S C H E D U L E O F O P E R AU T IT N G E X PE E N S EB S 1 9 S C H E D U L E OF A C C O N S R E C I V A L E T R A D 2 S C H E D U L E O F A C C O U N T S R E C E I V A B L E O T H EE R 20 1 2 2 SC CH H E D U L E O F A C C O U N T S R E C E I V A B L E T E N A N T A D V E R T S I I N G S E D U L E O F C A S H R E C E I P T S A N D D S I B U R S E M E N T S RESTRICTEDASSETS 23 INDES P E N D E N T A U D I T O R ' S R E P O R T O N I N T E R N A L C O N T R O L T R U C T U R E B A S E D O N A N A U D I T O F F I N A N C I A L S T A T E M E N T S PU ED RI FT OI RMGES DTA INND AACR CD OS RDANCEWITHGOVERNMENT A N INDEA P ND D ERO N A UN IN T R ' SGS RT E P O R TO N O MUR P LO I N ESD B A N AE CU CI OT DTF AF NI CD EA WOC II TA HL OA VT EE RNM MEN ET NCS TP AE DF IA TR IM NC GE T1 AS NE DDAO RN DSAN L T H E Rt C .o S P I G TP & C O Mo P A N Y AUC o r p o r a i o n f CE e r t fH i e d u b l i c Ac u n t a n t s INDEPENDENTAUDITOR'SREPORT ToT d c Th he eBFo ea r nr chof MD ai rr ke et to Cr os ro pf orat ion,l nc W e h v a e an u d t i e d t h e c a c o m p a n y n g b l a n c e s e s t o f t h e F e r n h M r k e t C o r p o r an i t o ,9 I n c . t ( h e M k r s h y e em th ha er re et a) l t, da e se an t tt ee mp er ni te sf ou fn rd vo e nf e ut ee ,i eC xi pt ea no sf eN se aw nh dO ce hr al na gn es s, ia ns ro ef aD t ic ne dc e ea ab ne r ir n3 g1 s, a1 n9 d9 i5 sa t cd sn a h1 l9 f o4 w, sa fn od r t e y e r a s t h e n e n d d e . T h e e s i f n a n c l t e n h e b l t t s m n a a g e m e t n . O u r e r s p o n s b i i i l y t s i o t ei xa prs et sa am noe pt is ni oa nre ont her t se es ipo f nn ns a ci ii ai ly tao s tf m" e eh ne sM t ba ar ek s det o' n ouraudit s. W e c o n d u c t d e o u r a u d t i s n i c a c o r d a n c e w i h t g e n r e a l y l a c c e p e t d a u d t i n i g s t n a d a r d s a n d G o v r e n m n e t A u d t i i g n S t a n d a d r s , i s u e d y b t h e C o m p t o r l e l r G e n e a r l o f t h e U n t i e d S a l t e . s T h o s e s t n a d a r d s e r q u i e r t h a t w e p a l n a n d p e f r o r m t h e a u d t i o t o t b a i n e r a s o n a l b e a s u r a n e c a b o u w h tu e h e r t h i f n a n c a i l t t a e en n t a r e f e r e o f m a tea i r as l m s t a e t mtm e t .n A n u d i t n i cl u d e a e s s na i g t ht e a i i p e u d i f m t a t s u i g tc hc eo on vt en ag r le lp ir f nn ac ni cl as i ls ts s ae tm ma e ed ns ts pg rn ei sc ea nn at t te os i nt .i We em bi ea ld ee i vb ey hn ta a og ue rma ae un d, ta i ss pw oe r vl is da ese uv sa wl tt i hn a r e a o s n a b l e b a s s i f o r o u r o p n i i o n . A s d n O i a l e n e t y h t t e i k t Cas od pi r oc ru as ts oe i noi ndN a ae eTE r ni oI t, it nh ee t nf dn ea dn tc oi ps et r sa et nm ti fe at rs i ypr l he t es in f nt ao nn cl ai i lt pe og sa tc i oi i nv ,i es r so uf tt l sh oe fF or pe en rc ah iM t ou na sr ai ne d c s h l f o w s f t h C t y o f N e w O r e l a n s n o c f n o r m i y w t h e n e r l a y l a c c e p e t d a c c o n t n g p r n i c i p e l s . I n o u r o p i n o i n , t h e i f n a n c i a l t s a t m e e n s t e r f e r e r d o t a b o v e p e r s e n t f a r i y l , i n l a l m t a e r a i l r e p s e c t tn hd ef it nh ae ncr is lu a pl os sio if t oi nt os fo tp he er Fa rt eo nn cs hMa arc kh ea tn Cg oe rs poi ra ti ot i nc ,a ns I ch .,f ao sw os fDf cet e mhe be) ra 3r 1s ,1t 9e 9n 5ae nn dde 1d 99s 4, , a e t i n d n s l o r e , h n i c on f o r m t i y w t i h g n e e r a ly a c c e p e t d a c o u n t n i g p r n i c p i le s . O u r a u d t i s w e e r p r e f o m r e d f o r t h e p u r p o s e o f f o r m n i g a n o p i n o i n o n t h e b a s c i i f n a n i c a l s a t t m e e n s tr ae ks ee nnt ad saf wr hp ou lr ep .os Ts heof aa cd cd oi mt po an na yl na i gna sl us pe ps ea l mnd eni as t rn yot nfa i or mr au ii t or ndop nar pt ao gf st e 1e 5b ta rs h oc ugf hna 2c 3it sl i p e o e i y e q e h i i n a s t e m ea t n . S u c h i nl o f r m o i h a bn e e s b j c e e di t o h t e ua di tl ngst i pt oed r edi c ura el sm apa pt ir l ei dl ir ne ts hp ee ac ut dii s t o h c i a e n d n n s r y a n e a s n rf ea at l te onb i ts oi thf en ba an sc ci i is f nt na a ct im an le tt s as es t ma e, nn si t tu ao ku er nt ao sp ai wo hn o, li ea .f March21,1996 1001La keFor estBl vd. ,Sui te40 4~Ne wOrl ean s,LA7 0127~Tel: (504 )2449400~F ax:( 504)244 -824 0 FA RL EA NN CC HEMS AHRE KET ES TCORPORATI ON,I NC B ASOFDECEMBER31,1995AND1994 ASSETS CurC e r n t A s so e t s h N t ) na I vs e s( m t e ne s: t ( Note3) R e c i e v a b e l s :2 T a r d e t h Ta et ne ar n( tN Ae d) es v rti si ng Pr eO p d i E x p e n e TotalCs urentAsset s Res tri ct e d B o n d u F n d n I vestments(Not e3 B o n d R e v e n e u D e b t S r e v c i e O pb e r a i t o n A nR d M i a n e t nance D e t S r e v c i e e s r e v e M a n i t e a n n c e R e s r e v e B o n d R e d e m p t o i n Capi t m o s Ta ol tI lRp a er sv te im r ct ee dnt Asset s Prop t a p Ae cr cy u, mPl un at l e, t dAn Dd epE rq cu e ii am ie t on nt, NNe ( tt o eO4f ) Ot he r A s s e t : s U t l i t i y D e p o s t i s I v n e n t o y r A d v a n c e s T o T h e C a p i a t l I m p r o v m e ent F u n d N ( o t e 8 ) Other alOtherAsset s TOTALTot SeeAecompanyingNotestotheFinanci alSta tements 2 1995 1994 2 13 70 7, ,0 86 71 26 63 09 3, .8 36 56 7 9 9 , 6 3 4 9 7 , 9 9 6 8 9 , 5 0 9 1 1 3 , 4 8 0 1 2 , 5 3 2 1 7 , 0 6 2 3 6 . 4 1 0 4 1 , 2 4 646,018 1,513, 004 5 0 145, 0 3 , 5 8 5 4 7 9 1,1 46 2 7 , 7 6 3 3 1 , 3 1 9 2 6 1 , 0 0 0 2 6 1 0 , 0 0 50 ,2 01 5 15 0, 1 , 93 7 9 9 7 4 2 2,5 46 61 4. ,5 12 78 2 64 45 2, 73 , 94 2 7,292, 856 5, 221. 533 9 4 4, 17 6 8, 77 . 66 1 0 579 8, ,7 79 38 6 5 11 9. 70 , 46 3 593,5 28 92 2 10, 422, 789$7. 970.622 F O NC BR AE LN AC NH CEMA SHRK EEE TT SCO (CR OPO NTR IA NT UI EDN ),I ASOFDECEMBER31,1995AND1994 1995 1994 L I ABI L I IT I ESANDFUNDEQUITY L A L T I E I S CI urB e r n t L i a b l i i t e s : A c c o u n s t P a y a b e l 1 1 A c c r e d E x p n es s 13 65 5, 41 , 72 13 12 69 5, ,8 39 29 1 1 1 8 , 2 7 7 , 6 1 1 O t h eu r L a i b l i te i e i s R e n t l a D p e o s i s t 5 9 5 , 8 7 3 8 , 7 4 4 D u e T o C i y t A g e n c e i s N e t N ( t o e 7 4 8 5 4 , 5 4 3 1 5 , 3 1 8 D e f e r e d R e v e n u e s 8 3 , 9 7 3 , 9 6 4 Au cr cr r u d e n I t e e r s t P a y a b l e 4 6 , 0 0 5 , 3 7 5 C e n t P o r i t o n O f R e v e n u e B o n d s Paya l b e N ( o e t 5 ) 1 7 5 0 , 0 0 1 5 5 , 0 0 Tot alCurr entLiabi lt ies 1. 045. 448 1, 021,230 2 Long T e r m D e b t : Revenu B a e( Note5 0 Te oo an t ld Ls abP i iy ta i l eb i sl 1,7 73 05, 8 40 , 40 8 19 92 . 40 1, .0 20 30 2 FUNCD EQ U TY I :Capi i e 2,897, 720 1, 285,144 Ro en tt ar nb i eu dt Ed aP re nr ngt i sa :ndI R e s e v r e B o n d e n t u e r 6 4 2 , 7 9 2 2, 464, 172 Addi t o i n a l R e se v r e F o rBond n I d e n u t r e N ( o te 9 ) 0 4 3 2 , 2 0 8 T o a t l R e s e v r e P e r B o n d I n d e n u t r e 2 4 , 6 4 1 , 7 2 1 0 . 7 5 . 0 0 0 Unr e d 3 02, 4 6 Tse or av t le FundEquit y 8, ,2 48 6 34 , 49 13 6, 06 . 29 9, .2 34 96 0 TOTAL $10,422, 789$7. 970,622 SeeAccompany ingNot estot heFi nanci alStat emen ts F RE NC HM ARSKE TC OVRP ORA TI ON ,I NC. S CT HAAT NEM GEE SNT INRO EF TARE NEE I DNU EAE R,E NX INP GE SNSES,AND FORTHEYEARENDEDDECEMBER31,1995AND1994 9 5 OpeR r t a n i gl Rc eo v ne e ues t a n I m 41 89 , 77 ,7 27 $41 ,9 49 04 3, 0 42 Oe hn t e m 0 Tr oI tn ac $o Ope er ati ngRe venues 56 41 , 81 9. .8 69 29 6 5,6 02 37 0, 02 , 62 4 OpeG r t a n i g E x e p n s e s : 1 , 1 1 1 , 6 e n e a r l A n d A d m n i i t s r a i t e v 9 4 0 , 6 0 2 80 13 5, 31 , 03 3 S h o p i p n g C e n t e r 1 0 , 2 5 , 7 5 1 F a m r e r s / ' F e l a M a k r e t 6 2 7 , 5 9 0 6 9 5 9 P a k r n i g L o s t 6 2 3 , 2 2 2 6 3 0 6 , 4 9 T e n n a t A d v r e t s i n i g 6 0 0 0 , 8 0 6 0 1 4 , 2 5 V s i i o t r s ' C e t n e r 4 1 6 0 , 2 9 13 85 5 6 , 9 9 D e c a i t o i n 52 1. 8 1 5 4 6 . 9 5 Be ap dr D e b t E x p e n s e 4 4 6 . 7 9 7 5 . 8 5 T t o a l O p e a r t n i g E x e p n s e s 4 . 5 2 9 7 . 6 8 4 . 3 9 1 4 . 7 8 O p e a r t n i g I n c m o e 9 9 5 8 . 5 8 6 3 8 5 . 8 6 NonI ot pe er as r tt nI i gn Rm ev ee nue/( Expense s n e c o 9 9 7 , 2 4 4 5 , 6 0 9 9 5 2 . 0 7 6 8 4 , 33 5 n I t e e r s t E x p e n e s 4 0 5 . 1 7 2 2 , 7 T o t a l N o n p o e r a i t n g n [ c o m e E ( x p e n e s s 1,000, 375 615,86 23 N e t I n c o m e , B e o f r e E x t a r o r d n i a y r t I e m Extr a o r d n i a y r R e n i L ( o s s F o r m S e t t e l m e n t O f P e n d ngLa i wsui t)(Not e10] 0 1 ( 3 3 , 0 0 Ne t I n c o m e 1 , 0 0 0 3 . 7 5 4 8 2 , 8 20 3 ncR ee r at sa en ned I RE ea sr ri e vn eg dPerBondIn i n s d e nt u e r 1,3 8 9 1 , 7 2 ) 39 ( 2 , 2 3 N t e C h n a g e n I U n e r s e v r e d R t e a n i e d E r a n n i g s 3 8 8 7 , 9 7 ) 9 0 , 5 92 1 Reta n i e d E a r n n i g s U n r e s e v r e d n g 3,669. 246 3, 578,655 RetB ae ng i ei dn Ei an re nO nf i gY se -a Ur nreser ved E n d O 1 Y a r 3,280, 449$3, 669,246 SeeAcc ompan yingNotestotheFi nanci alStat eme nts F R N C A E C RP O R O S TE AT EH MM EN TR SK OT F CO AS HF LA OT WI SN F N RA3 95 1 994 CO AR ST HHE FL OYE WA SRF RE OD MED OD PE EC RE AM TI NB GE C1 T, I1 V9 T9 I E5 I SAND1994 $91 59,858$638,586 O a n g I n o c m e Rp ee cr ot ci n i a i l t o i n o 1 N e t C s a h F l o w F r o m O p r e a i t n g A c t v i t i e i s : 1 0 0 0 E x t a r o d r i a n r y L os s 0 43 33 5, , 6 9 5 e p r c e i t a o i n 52 . 8 1 5 ChD a g n e s I n A s s e s t n a dLi abi lt ie s: 21 6 , 8 6 3 ( 6 1 3 ] N e t R e c e v i a b e l s 0 2, 5 9 6 N o t e s R e c e v i a l b e 4 , 8 3 4 , 1 8 3 5 P r e p i a d E x p e s n e s 5 ( , 3 0 0 0 U t l i t i y D e p o s t i s 1 , 0 3 7 , 1 0 1 3 I n v n e t o y r 9 2 4 4 ( , 5 6 5 Oc br t eu re Ad sx tp e se A c o u n s t P a a y b e l 1 4 9 , 7 8 7 5 , 9 6 7 6 A E n s e s 1 5 0 ( , 1 8 2 3 C o t n n i g e n t L a i b l i t i es 0 13 04 0, 01 , 05 0 O h t e r L a i b l i t i e i s 4 ( ( 7 0 R t e a a i a g e P a y a l b e 4 2 , 67 3 ( 7 2 2 R n e t a l D p e o s t i s 8 4 3 (2 2, 7 , 2 2 D f e e r e d R e v e n u s e 40 4 3 12 7 0, 1 , 3 6 8 1 3 , 2 6 D u e T o O t h e r A g e n i c e s 7 ( 5 0 A c r c u e d I t n e e r s t P a y b a l e 7 ( 7 5 NC t e C s a h r P o v d i e d F r o m O e p r a i t g n A c i t v t i e i s 1 . 5 1 4 2 , 4 7 9 3 9 8 , 1 7 ASHFL O W S F R O M I N V E S T N I G A C T I V T I I S E P y a m e t n s F o r C a p t i a l A q i u s t i o i n s 2 , 5 9 9 0 , 3 3 ( 8 0 5 1 3 4 5 6 , 9 0 n I t r e e s t O n I n e v s t m e n s t 9 9 7 , 2 4 4 , 1 1 8 1 , 4 7 Pa ul cO r haf eI s Oe fs Im ve n en st msen t ts 4,2 51 93 1, 231 3,275, 3 0 8 9 S e n v t (1 ,121, 109 47. 434 0 a s h( Us e d} ro P v d i e d I n n I v es i t n g A c t vi i ti es CAN Se HtC L F O W S R F O M I F N A N C I N G A C T V I I T E I S B o n d P r n i ci p i a l R p e a ym e n t s 1 6 5 0 , 0 0 1 5 0 0 , 0 01 n I t e e r s t P a d 5 ( 9 2 . 0 7 6 ( 9 2 , 0 3 A d v a n e c s T o O t h r e u F n d s 5 7 8 7 . 3 6 4 5 2 8 , 9 N tC e s a h U e s d n I i F n n a c i g n Act ivi ti es 8 ( 0 2 , 4 9 3 6 7 2 0 , 4 9 4 0 9 , 0 8 5 ) 3 1 5 , 1 33 5 N e t O ( c e r e s a e ~ n I c r e s a e I n C a s h C e $6 23 39 0, ,8 06 66 1$3 62 34 9, ,7 81 66 Ca as sh h, ,B ng E din oi fn Yg eo af rYear SeeAccompan yingNote st ot heFina nci alSta tements F RENEC ItM AIR KE TNC ORPI ORA TI ON ,IN CTS N FOOT RTS iT li ,O ]YT El AE RF EI NA DENC DA DEL CS ET MAT BEEM RE 3N 1,1995 SUMMARYOFSIGNIFICANTACCOUNTINGPOLICIES G1 e n e a r l T h e F r e n c h M a r k e t C o r p o a r t on ,I n c.( t h eM a r k et ) wo a s f r o m ed Ja n ua y r 1 , 9 7 2 , br y h t e C i yk t o f N e w O ls r e a n ,n ( C Ni O t o o r v df e f o r e h p e a r t o n n a d m a n i t e n n a o ' e r e b h i y n r e if nt ch ue l dl e, in f vc eh buM ia dr l ne i gt sP ar no dpe ht t ei Fo aw ms r ee sd r My a) rt ke ep .C t Tt hi eo MN ae rw kt eO tr sle i aa ns o. ni -T ph oe r is f te cp or ro pp oe rt ai is t oc ne t s y w e n n e ) i e r c t o s r ch oa nt si is to nw i gne od ftb wy et lh ve eC mit mo e bf eN rse apO por nl i ta en ds ba yd ha t edm Mai yi os rt or fed Nb ey wa OB ro la ar e nd so .fl B a i s s o f A c o c u n i t n g T h e M a r k t e a f l s l u n d e r t h e e n t e p r r i e s u f n d a c c o u t n i n g m e h t o d s dr ei sc ci ip r bl es dbw yhi Gc oh vu et ri ni mes nt e th ae la Ac cc cr ou ua nl tb na i gi ,s Aof ua dc tc i no i gun at nn dg Fif nr af nn ci aa lc Ri ea pl os rt tt nm i ge Gnt ( Ap Aur Fo Rs )a p n e l z s i o i n a e p es T h e i f n a n c a i l s l a e t m e n s t o f h t e M a r k e t a e r n o t n i t en d e d 1 oa n dOd o n o l p res enteit herti le i f n a n c i a l p o s t i o i n , o r r e s u t l s o f o p e r a i t o n s o f / h e C t i y o f N e w r e l a n s . 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F N4 B0 C 0 0 0 587 4 $ 14 1, 0 49 $112, 0 0 0 0 6 897 38 1 21 62 4, 87 , 98 3 C0 A40 SI4 IO8 N40 HAND 87 1, 41 , 02 0 264, $ 230, 061$376, 971$ 376, 971 F u d s he d l b t r h t e r d i f he t De b t S r v c i e R es rv e eF uu ds ha lb c t r an n f s e e ' d by t h e Tc re u s et t eo o h t e D e b te S e r v c i e F u a n n smay b e n e cn e s a r t o p a h t e it r n c p i a l a n d n i t e e r s t o n tn hd ei bn os nu dc sh sl a ho eu at ma r i t y o n e h e f u n d s he dt l o f rs h t ee ce rs ep de tc i ov fe hl t eyb De ec bm ty Se ed ru ve cp i ea Fd up na dy aa rb el inw uh s fe in f ce iv ee tr n .l ~ Maint enanceRes erveAceou F u d h e o h im nt n r e d l d ar rn sd e es rh ve el fn of ro tr hl ee puc rr pd oi et s of ft pe at yM ne i ga he t ee ca oe te s oe fRe ms e ev re gt nF e cu yn os rh ma ib a oe ra rh ee pl ai ra ss , e e e s o h e nn ce e ew sa sl as ya r fd ou rr hp t ela ac s fm eoe rnt ff e iw ci ih enr ts op pe rc att ont i ofM ha t erk Me ar. kS eu tc oh "c 1 to os pt rs evr nt e o l s s o f r e ve n e . Fe unr dd se hm el dpt fo on ro hf t ebo cn ed r ds i. tofth eBondRedempti onFunds hallbcusedfor h t e i F u n d s h e l d f o r h t e c e r d i t o f t h e C a p i a t l h n p r o v e m n e l F u nda sr hk ae lt bs euse dt o p y a t h e c o s t o f c a p t i a l m i p o r v e m e n t p o r j e c s t ' n a ~ d e t o t l i e M ' pr opert ies. ha v ment s,re stri ct edandunres tri cted,a restat eda tcost,w, hich pt pe rs oO xu ie mn at ts esA mal ri kn ev te .st T na r i n e a t t e sf o a q %e 2 on ft gA rd ov se at s ls ei sg si haT lh be cl pa as de i bg yr te he em te en nt nw a tr si th om tt ho es Mt an ra kn tt e op rr tv hi ed pe us rt ph ot sa eos fu pm roe vu da i il nt go d v e r t s i n i g p , b u i l t y a n d g e n r e a l b u s n e s p o m o i o no f i f l e M a k r t . Pa r p o e r O , , P a l n t ac n d E q u p i m e n t P r oi p es r y t , p l n a t a n d e q u p i m e n te a e r e r c o r d e d a t c o st . M a i n e t n a n c e a n d e r p a i r s a e r c h a g r e d o t o p r e a t o i n s a s n i c u r e r d , w h r e e a s s g i n i i f c a n t enu r ei wl alc sat uf drr be tt e ti ee mme r en nt ss. t recapit a ali zed.Deduct ionsarema def romproper ty,pla ntand q e p n n o r I TN hV eE nST i esM v tmE eN nT tsS oftheMar ketatI)ece mber31,1995,consi stofthefolowing Qiene rall; undI ll ve~ stn lents 177872 Re stri ct edBondFundhavest ment s 2,464, ,1 72 2,642, 044 T a s ' m s o i o v n i i ah se ui s mM er dk be yt hi t ev Mes at kh r ee tn at ta yr ee ac ra et ne dg . Cr ae ed t gb oe rl yw 1y1 no i cg lM ui de ea sn nt i vi ed si tc ma et no tn so hf t at th ae rl ee iv ne sl uo ef r dr ok r r g e s e t r e d o r on f r w h c i h t e e s c u r t i i s e az e r h e d l b t h e a k r e o r t i s a g e n t n i h t e M a r k e 's t s n a m e . C a t g e o y r 2 i n c u l d e s u n i n s u e r d a n d u n r e g s i t r e e d n i v e s m t e n s t o f r w h c i h h t e s e u c r i i t e s a r e h e d l b y t h e i f n n a c i a l n i s t t i u i t o n ' s t u r s t d e p a t r m n e t o r g a e n t i n t h e M a r k t e 's n a m e . C a t g e o r y 3 i n c u l d e s u n i n s u e r d a n d u n r e g s i e t r c d i n v e s m t e n s t f o r w h c i h h t e se ct ue riM iea t sr ae rt e' hen dam l be y. thef in anciali nsti tut ionorbyit strus tde parhnenl, ora gent,butnot n i h k s CAVR MA ARLU KI I; 1 7 ' AR LYI UN "G V I h o l r t e n n GS o v e l n r l C l I [ Secur it ies $~642, 044$0$0$. 2~_ 642, 044$2 ~6 42,04 4.Pi ~OPEI/TY,PLANT,ANDEQUIPMENT , Propert y,plant ,andequi pmentcons istoft hef olo wi ng D 1E 9C 95EMBER31, 1994 B u i d l i n g a n d h n p r o v c m e n s t 8 , 9 7 6 9 , 0 4 6,1 6 7 7 9 , 7 8 M a k r e t a n d S t a l E q u p i m e n t 3 2 , 3 5 4 1 , 0 1 2 7 Pf arc ke nl i g' Lu oi lpment 53 7 , 8 7 2 4 52 5 , 0 0 2 2 O i q 1 , 2 1 0 7 1 2 , F u r n t i u e r an d F x i t r u e s 6 , 0 2 6 1 27 6 ,9 56 04 0 V e h i c e l s 2 6 , 8 9 6 O 6 , 8 9 4 V i s t i o s r C n e t e r E q u p i m n e t 4 5 , 5 1 7 4 5 , 5 1 U r s u i l n e F o l o d w a l l G a e t 4 2 7 , 3 9 8 2, 7 ,8 39 97 8 Const ruct ioninPro gress 40,674 45 8 0 , 0 7 2 , 0 2 2 8 , 1 3 2 2 , 9 A c c um u l l a e d D e pr e c a i i t on 3,409, ( 170) (2, 910, 7658 ) N e t P r o p e t r y , P l a t n , a n d Equi pme nt 7, 292,85 2 $5,221 ,533 Ds ep pe rc et cv ae i tl o. i nc hargedtoexpensewas$521, 815a nd$435,695for1995a nd1994 e r i y / I RE evV eE nN ueU BE onB dOPN aD yaS bP eA l cY oA ns iB sL sE t oft hef ollowingatDecembe r3 995~ Curen!1 _ Lo_ ngTer m. Qu ~r ent1994Long-Ter na 6 % F r i t s l c a c s h o d l m o r g t a g e e r v e n u e b o n d , s d a e t d tme1, J 9 1 7 3 , d u e i n a n n u a l r p i n i c p a l n i s a t l h n n e t s a r n g n i g r f o m $ 9 , 0 0 0 0 l o 27 $ 05, ,i 0n 00l bea gi nni ngJ une1 9 J1 un7 ef ,2a I 00p 0ymentdue,$1 75,000$735, 000$155, 000$ 920.00 10 M t n u alsdonoti t ncludetheser viceofanyopt ionsf li ntmayb eavai lhi cl vi am ri om usf tt eu nr ae nr se t .n 7.DUETOOTHERAGENCIES Thisaccountcons ist soft hef oll owi ngasofDec ember31 1995 1 994 )UEFROMOTItERAGENCI I ES R e m i b u r e s m e n t f o r m t h e V e i u x C a r e ' C o m m s i s o i n f o r S c i k a n d Ae nm nub alrs Lm eavn eEf xm pc ndhe lup i ese r 37, 488$36,404 R Poi nl alu bae fore sat ar l ro eset i xpeU ndip ur t res 44, 600 5,05 4 T oUl a l D ue Fr o m Ot he r A ge n c i es 82, 088 41, 458 D I ; , 3 0 " 0 T H I R ~ A G E N C I E S ~O R e m i b u s r e m n e t t o h I e C t i y o f N e w l r e a n s ( C N O ) f o r f u n d s u s e d to mi ee t he t Market' spayroll t o 246, 837) (119,662 ) ~o Rb el ng ta pi an ys mgr ee nte s, a ei r qh uit ee r dC nO i heleas t eand ( a e N (320, 705) (237,11 4) Totf ar ln Dc uh eis Toa Oe hem t rAn gt ew nct csh i ( 5 6 7 5 , 4 2 ) ( 3 5 6 7 , 7 6 NI' ;TDUETOOTt JERAGENCIES 485, ( 454)$(315, 31 8) ) 12 8.ADVANCETOTIlECAPI TALIMPROVEMENTSFUND T h e M a r k e t a d vt a n c e d f n d s t o h e C t y o fi N w O r et l a n s ' ( C O )e C a p i a t h n p r o e m n t F i u l n D l n e r au on f rd ef mo er nr te on i no ev da ao dn vt ao nB eu c wi ad si tg ot e, s ra vi eb au si ad mg ae tl ca hs ne i gd co ot nh re t bM i uN ta or i nk tt of to hm el at mh oe uC nN tv pO l. ec dT gh ee d b y t h e C N O f o r h t e e r n o v a t o i o . m t n o j w al s c o m pn et l tr ei du at te ada op t tp ar lo oxi c tn s oa fp pj a pe rc ot x6 iA mt aD t0 ee yc l $T 2b 3e , 0r 03 ,1 0, 01 09 o9 f5 w, hh ce i hr ,e to hv ea Ct ii yn t op fr No ee wc O e b m er t l y $ 1 , 0 0 0 , 0 .e h e r e m a i n n i g p o r i t o n w s a pa d i b y tt he Mr ra a kn es tc .o 9.D E B T C O V E N A N T S T h r 's t d n u t e t n o t n i o n e a s e d i g h a n n e o fe sM pl ea c fk i ee d aB mo op un n tI s id ne vn a rr oe i uA si fg ur ne dm sa .e Sn cc e tn o i na 5s 0tc . 3 (v c ) on ft h t er ng I da er n tn u et r oe fm Ml oi tt r ge an ga ec a n d P e d g e S u p e l m e n t 1 , e r q u r s e h t ta m a ou n e q u a l t o o ne o f u r h t of t e h a m o u n t a e o, r a n x t r t o n n n Dl eo cc ea mt bd e, rf 3O 1,p 1e 9r 9t 5i ,g hr t eE Mp ae rn ks ee ts wr ae sm ia ni cn oi mn ph ie l aO np cn ee wa ti i hn ao la ld al pM pn ia l ci bt a le ea dn ec be tf c: ou vn ed n. aA nt ss .of l o t w e v r e a t D c e e m b e 3 1 , 1 9 9 4 , h t e M r a k e t w s a o t n i c m p a i c e . T h r e e o e r , a n ao dj usl ha nn ec nt. of$432,208wasrec ordedi n1994toilust rat et hee ffec toft hisnon10.c LOmp SSi FRe OMSETTLEMENTOFPENDINGLAWSUIT O n S e p e t m b e r 9 , 1 9 8 7 a n n i d i v i d u a l i f e l d s u t i a g a n i s t t h e M a r e k ! a n d o hr t e r s c a l i m n d a m a g e s o f r p e r s o n a l n i j u i r e s t h a t a l g e d e l y w e e r s u t s a n i e d o n S e p t e m b we hc ie em l ab le hr l c1 F1 e9 l a9 M, rr a ke$ t2 .3 T3 h, e0 a0 o. f rA ems eo nf tD onc i ee dm cb sr a e3 wa, s1 s9 e9 t4 l, dh e wil ha t li ee h p2 a0 l i, n1 i9 t f8 f6 oi ng D o t s s, ea tb ei l mi ee ns tt w, ab sl as c4 cd rf ui edp ar ni dr ty he e0 er xs pf eo nr st ee we ae st rl em uce d et do1 bf yt ti hs ec $at 1e 0t 0i 0e , 0b 0l Cy of no ir t nt gh ei nt 1 i l t y a i h e n o a h s t e n e h s ; e h r fi e o r c , o n y l $ 1 3 3 0 , 0 0 w a s r e c o g n z i e d a s n a e x p e n s e d u r n i g i f s a c l y e a r 9 1 9 4 . S oMDc 1 h a a d h p i f ; hu ob ws ec vq eu re ,n ht t et ac ke r em tb ce or nh t3 n1 e d, s9 h9 t a4 t, tt he et CM tr i yk oe ft Np ei wst Oe re e$ l a2 n3 s3 s, h0 o0 u0 lt do rt eh me i bl ua sn r et ti hf et mi i' f )r t a t t s a i e N O e c e o h a n ah le ep l ga ey dm ie nn ut j rs ir ee .l s Te hd et Mo ai ri ks ec ts se i ts a tn mc e pt th ne i gC ot t et r sw oa lc vt eh te hd si i mr at ti en rs wu ir hr t hf t et Ce ip yl t oi f. Nf ef ws O r l e a n ; s h o w e v e , r t h e e r s o m e u n c e r a i n y t o h e o l c a t b i i l y t o f h t i s r e c i e v a b c l t o t h s i u n e c r t i a n t y , n o r e e c i v a b e l w a s r e c o d r e d b y t h e M a r k t e a t 1 ) e c m c b e r 3 1 , 1 994D ,u oe r 1995. 13 11.EMPl tASISOFAMATTER 14 o 16 0000 000 17 F R E N CU H M R E T C OR P O AM T I S N FC OH RE TD HL EE YA EO AFK RO ET NH DE ER DI DC ER CO EE MO BN E, RIN 3C 1. ,1 995AND1994 D ~ E ~ , C R P I T ~ I . C OM MONAREAASS T NE GSS CM HE AN RT GS ES KE IN OA SKNTADVERTISI V I S T I O R S C E N T E R S A L E S MI SCELLANEOUS TOTALOTHE RINCOME 1 955, 2 32 1 19 5 39 4, ,2 59 04 0 3 88 3, ,8 89 90 4 611,899 ~1 q9 4230 2 14 56 1, ,O27 3 0 ,0 00 4 4 155, ,5 24 24 1 627, 022 SEETHEACCOMPANYINGI NDEPENDENTAUDITOR'SREPORTONSUPPLEMENTARYINCOME 18 F SR CEN HT EC DH UM LY EA OK FE OT PC EO RR AP TO NER I GA ET XIO PN N, E SN EC S. F O R H E ER A R EN D E D D C E M B E RI 3 1 ,1 995AND1994 ! D _ E S C R P I T I O N ~9 9 ~ 1994 GE NPE R A L A N D A D M I N I S T R A T V I E E R S O N A L S E R V C I E S 39 7 0 , 8 0 6 C O N T R A C T U A L S E R V I C E S 4 75 08 5, ,8 42 02 1 S U P P L I E S A N D M A T E R I A L S 72 7, ,3 49 03 3 3 T L G E NCE R A L A N DADMI NI STRATI VE 940,602 1, 14 16 1. ,9 14 60 3 SO HT OA P P N I G E N T E R : P E R S O N A L S E R V I C E S 5 7 4 7 , 2 6 3 3 7 , 7 3 1 C O N T R A C T U A L S E R V I C E S 3 4 6 2 , 8 3 4 1 3 , 7 5 3 S U P P L E I S A N D M A T E R A I L S 1 0 4 7 , 4 2 6 3 , 8 1 T LE SH O P P I N GMC EN T E R 1,025, 751 815, 3039 FO AT RA M R S / F L E A A R K E T : P E R S O N A L S E R V I C E S 3 7 4 7 , 9 2 2 9 8 0 , 4 4 CU ONTL RE AS CTN UALA SERE VI CI ES 228 46 10 , 92 22 84, 14 , 71 4 7 TOTS ALPP FAI RMEA RSD/M FLET AR MA ALS RKET 622 7, 596 , 0 601 3, 959 MOO N W A L K / EL Y S I AN FI E L D PARKINGLOTS C O N T R A C T U A L S R E V C I E S 6 2 3 , 2 2 2 6 3 0 6 , 4 T A L AAR P K N I G L T S 623,222 63 0, 649 9 TEO NT A NS T D V E R T IO S N I G : P E R O N A L S R E V C I E S 58 1, ,2 81 62 8 54 51 9, ,7 66 57 8 C O N T R A C T U A L S E R V C I E S 5 4 TOTALTENANTADVERTISI NG 6 0 0 , 0 8 0 6 0 1 . 4 2 5 VISI T S : CO OP NR TC RE AE CN TT UE AR LSA ET RE VR II CA EL SS 14 03 2, ,7 26 62 7 17 14 1, ,4 26 39 0 S U P L I S A N D M T O T A L V I S T I O R S C N E T E R 1 4 6 0 , 2 9 1 8 5 , 6 9 9 D E P RE C I A TI O N 52 1 8 , 1 5 435 , 6 9 5 B A D D E B T E X P E N S E 4 4 6 , 7 9 7 , 5 8 TOTALOPERATINGEXPENSES 4,529, 768 $4.391, 47 85 SEETHEACCOMPANYI NGINDEPENDENTAUDI TOR'SREPORTONSUPPLEMENTARYI NFORMATION 19 F O N SR CE HN EH DD UM LC EA OR FE AT CR CC OR UP NO TR S9A RT EI CEN I, VI ABC L. E-TRADE A S OC F E E MK B E 3O 1 , 1 9 5 A N D 9 1 4 9 TOTALS1994 COAM ENA _B~ ~_ ENTAL. ~ RM EAON 1995 AU RN TT TOSA WLL EY A' RE 0 6 3 5 6 3 5 4 , 1 2 A S P RALINES 18 0 9 5, ,7 44 96 1$ 4 5, ,2 90 20 4$1 22 1, ,9 44 16 5$ 1 11 9, 89 , 69 8 C A F E D U M O N D E 2 , 4 6 5 6 9 , 6 3 F R E N C H M A R K E T C A N D L E S H O P 1 , 4 1 9 1 , 0 4 6 C O O K ET R Y N 'H O R E L A NS S T YLE 14,7 9 2 6 9 1 6 1 , 8 4 2 2 7 , 6 5 L I T T L E O Y S O P 8 6 1 , 7 4 5 2 , 5 3 1 4 7 , 0 7 B E L L A L U N A R E S T A U R A N T 7 4 8 6 , 2 5 6 2 1 , 0 0 4 1 7 9 , 6 6 G A Z E B O 0 3 , 3 4 5 3 , 3 4 5 0 E V A N S ' C R E O E L C A N D Y 0 3 , 6 5 2 3 , 6 5 2 3 1 , 4 8 M E R R Y C H R I S T M A S / A L L T H A T J A Z Z 3 , 3 5 1 1 , 1 8 9 4 , 5 4 0 3 3 , 5 5 FI IC SK HLE MD ARP KI EK TRESTAURANT ( 0 3 , 7 8 3 3 , 7 8 3 4 5 , 4 3 T N 6 1 4 9 6 0 7 o 1 ) 4 , 8 4 6 3 1 , 5 9 C A R R B I E A N C O R N E R 1 , 4 2 5 3 , 4 2 1 M E D T I R E R A N E A N C A F E 0 3 , 1 7 7 3 , 1 7 7 0 H A E D T O T O E 8 8 7 5 6 9 1 , 4 5 6 1 5 , 1 0 I T S ' O U R S E C R E T 0 6 3 8 6 3 8 5 9 8 O L D C R A F T C O T T A G E 0 1 , 7 5 7 1 , 7 5 7 3 7 , 8 1 8 1 J O U T E R I E 3 0 2 6 9 4 9 9 6 1 7 , O O N A T O I N A L P A R K S E R V C I E 4 , 0 3 5 0 4 , 0 3 5 4 0 , 3 0 E S K W E V O G T 0 1 , 2 2 9 1 , 2 2 9 2 4 , 2 7 F A R M E R ' S M A R K E T 0 0 0 0 LC AETC NRE I HA AM NDMSACHINE 739 0 1,6 7 3 9 1 5 , 5 6 I 0 6 8 2 8 2 6 1 80 11 2 2, 897 2 C O T T O N C A B A N A C L U B 5 2 2 1 , 2 9 0 A R T A T T A C K 1 0 1 0 1 AFRI CANART 104 0 104 0 0 TOT A L A C C O U N T S R E C E V I A B E L TRADE $52, 872$ 46,762$99,634$ 97, 996 SEETHEACCOMPANYI NGINDEPENDENTAUDI TOR' SREPORTONSUPPLEMENTARYI NFORMATION 20 FC RENCD HL MO ARKA ETCCO ORN POSRR ATC ONV I I NL C .-OTHER S ASHOE FU DEE CEMF BC ER31U ,T 995E 1 ANEI D,A 9B 1 4E 9 DESC ~RI P. TI ON PARKINGLOT_ K O I S K T E N A N T S F RE NC HSQU ART ER FESTIVAL A F DI SR PM UE TR EDM BA ILR IK L NE GT S MI SCELANEOUS TOTALACCOUNTSRECEIVABLE-OTHER 1~ _ 89 75 ,415 94 ,0 01 2 1, ,5 80 90 7 0 2 , 8 0 0 5 6 , O 6. 682O 89. 508 113, 480 SEE] "HEACCOMPANYI NGI NDEPENDENTAUDITOR'SRE PORTONSUPPL EMENTARYI NF ORMATI ON 21 FC REND CHME AF RKEC TCOU RPT ORAR TC ONI I ,I NB CE . SING S ASHE OFDUL ECO EMBA ERCO 31,N 19S 95E ANE DV1A 99L 4-TENANTADVERTI 19 ~q51,724 A U N S A L Y SDP ' RAT LE NNEA I SNT 3,2 1 0 C A F ET D UL M OR N E F R E N C H M A K E T C A ND L E S HOP 4 9 0 C O K R E Y N ' O R L E A N S S T Y L E 6 9 L T I T E L T O Y S H O P 3 4 6 B E L L A U L N A R E S T A U R A N T 3 , 3 1 9 G A Z E B O 1 9 0 E V A N S ' C R E O L E C A N D Y 2 8 7 M R E R Y C H R S I T M A S / A L L T H A T A J Z Z 3 8 F S I K M A R K E T R E S T A U R A N T 3 2 2 C A R R B I E A N C O R N E R 5 0 MEA ED DI TT EO RRT AOE NEANCAFE 75 14 7 1 3 H T I S ' O U R S E C R E T 2 4 6 O L D C R A F T C O T T A G E 2 1 1 A R T T O W E A R 1 1 8 B I O J U T E R I E 2 0 2 L A T I N H A N D S 0 I C E C R E A M M A C H N I E 9 COTTONCABANACLUB 291 5 TOIA L A C C O U N T S R E C E I V A B L E IENANTADVERTI SING 12.532 19941 ,0 4 8 7 3, 94 43 7 1, 0 4 6 8 8 2,6 8 4 2 0 8 1 9 1 4 , 2 13 45 , 41 8 7 0 2 3 38 00 1 4 3 4 9 8 4 4 7 1 7 9 1 3 689 7 7. 1 062 SEE[HEACCOMPANYINGI NDEPENDENTAUDI TOR'SREPORTONSUPPLEMENTARYINFORMATI ON 22 8~ o8oo~ 0 ,q 0 C~ z 23 5w L UC To H E R C . S Ee I G H C Mo PA Nn Y A r p o r a t i o n o fP C r i t f e i dT P& u b l cO i A c u n a t t s I N D E P E N D E N T A U D T I O R S ' R E P O R T O NFI NT ERIN ALCONTROL S T R U C T U R E B A S E D O N A N A U D T I O F N S A N C E WT IA TTHEM GOEN VET RSNP MER EFNO TRAM UE DD ITI IN NGACSC TO AR ND DI AA RN DC SAL ToTTh e r o heB Fo ra er nd co hf MDai ke r ec tt Crs oo pf r orati on,Inc W e h a vf e a u d t i e d t h e i f n ad ne cd iD ale tc s ae embe t er n3 s1, t of1 h9 t e95 Fa en r nd ch19 M9 a4 r, ka en td Coh ra pv oe ri as is t oe nd ,l no cu .r (tr hp eo Mrt at kh r ee tr )o ,n as o f a n d o r h t e y e a s r e n m u e e d a t e d M a r c h 2 1 , 1 9 9 6 . W e h a v e c o n d u c e t d o u r a u d t i n i a c c or d n a c e woi t h g n e e r al y a c e pt e d au d t i n i g s a t n d a r d sa n d G o v e n r m e n t A u d i i t n g S a t n d a r d , s i s s u d e b y t h e C m p t r o l r e G e n e r l a o f h t e U n i e t d S t t a e s . T h o et s s t a n d a d r s r e q u r i e h t a t w e p l a n a n d p e r f o m r h t e a u d i t t o o b a t i n r a e s o n a b e l a s s u a r n c e a b o u whet herthef inancia ls tat emen tsarefreeofma teri almiss tat ement . T h e m a n g a e m e n t o f t e h M a k r e t , s i e r s p o n s b i l e f o r e s a t b i l s h n i g a n d m i a n t i a n n i g a n i n e t r n a l c o n r t o l t s u r t c u r e . I n f u l i f l n i g t h i s r e p s o n s i i b i l t , y e s t m i a e t s a n d u j d g m e n s t b y m a n a g e m e n t a r e e r q u i e r d o t a s s e s s h t e e x p e t c e d b e n e i f t s a n d r e l t a e d c o s t s o f i n e t r n l a c o n t r o l t s r u c u t r e p o l c i i s e a n d p r o c e d u e r s . T h o b j e c i t v e s os f a n n i t r n l a o t n r o sr r t u t u e r a e r t o o v i d e a n gf a e m e t w i h t r er a o s n a l e , u t n t u n s s f d d g t i do se i pa ob ss to i ol i nt ,e a, na ds tu hr aa tc te ae r nt sh aa ct ic t oa ns se at rl ea xe e ec cs ua te eg du ia nr ae cp or ra da ai nn cs em wlo ts i hs mr ao nm an gu en ma eu nt th so ' az ue hd t ob ru is ae z tb oo i nr n a d r e c o r d d e p o r p e r y l t o p e m r t i t h e p e r p a r a i t o n o f i f n a n c i l a s a t t e m e n t s i n a c c o d r a n c e w i h t gr nec e ru ar le y, ae cr co er ps to dr e ar ce cg ou ul nr ii t ni ge rm p ia ny ci pn le se e .r Bh ee ce as us so ec oc fu na i hn ed en r no tt ib l me id ae t tt oc i nt se n. i an yl i, np er t ro nj ac lt ci on nt ro of l t s u t i a t s v t l r e d A s o e o n a y e v a u l a i t o n o f h t e t s r u c u t r e t o u f t u e r p e i r o d s i s s u j b e c t t o t h e r s i k h t a t p r o c e d u e r s m a y b e c o m nf ap do el qc ui as ean t bd ec ap ur sc eed ou fr ce hs nm a ga ey sd net i cr oi nr da tt i o. i nsortha tt heefec tive nessoft hedes ignandoper ati one oi i e o e o e n I p a l n n i g n a n d p e r f o m r n i g o u r a u d t i o f h t e i f n a n c a i l s a t t e m e n t s o f t h e M a k r e t , o f r h t e y e r a e d n e d D e c m b e r 3 , 9 9 5 n a d 1 9 9 4 , w eo o b a t n e d a n n e r t s a n d n g f td h er n i t e n r a l o n re o se r t u c u t e . W h t o n n l u r e a d t n h g ei r lt ve e ar ne ts pp oe lc c1 i it e1 st ah ne dr pi rt oe cr ea dl uc eo r snt nr a ws ht ei tc ht eu rr t, ew h yue hd ao vb et bi en ee ni pa ln ao cu dn e ne i os pa en rd ti a og i nco ,f nt a dt wl ed as si en sr so df e o c t n r o l r s i k n i r d e t o d e e t r m n i ed o u r a u d i i t n g p o p i o n h io n i t m s n o dr i ece ad nu or pe is nf oo i nrt oh ne thp eu ir no es t neao r lf oex c tp n rr oe ls ss ung r t ct uo ru er . Ap ci ci oo dn r io nn gl yt ,e wf en da oc na ol ts ea xt pe ese r sn st uca hd ann ot pt no i ip or no .v 1001La keFor estBi rd,Sui te40 4~Ne wOr lean s,LA7 0127~Tel: (504 )2449400~F ax:( 504)244 -824 0 Fn od rp tr ho ec pe ud rr pe os ein s ot fh te hf so i rl eo pw oi rn ,g t wca et he ag vo er cs a: l ss if iedthes igni fcantint ernalcont rolst ruct urepol ic ies a u ie Acc o u n j t ~ n g C o n r t o l : s R e v e n u e , A c c o u n t s R e c e v i a b l e , a d n C a sh R e e c i p t s C y c e l P u r c h a e s s , A c c o u n t s P a y a b e l , a n d C a h s D i s b u s r e m e n t s C y c l e P r o pr e t r y , P ag l n t , an n d E qa u pc i m n e t G i i Ce on me pa il l aL ne ed c we ir ha t Ld aF wi sn nn a da Rl eR ge up lo ar it t on ng s F o r a l l f h t ee ca on nd rp t or lo cc ae td eu gr oe is r ea sn ld iw teh s de be a or vt eh ,e ea oe bb te ie a nn ep dl nc a ud ni dn eo rp te s ar na dt no i gn oa fn hw t ee da es ss gs i ns od f e r t i i s th ywh v a e i , d e e cl oe nv ra t on lo rp so i kl .c O u r c o n s i d r e a t o i n o f h t e n i t e n r a l c o n t o r l s c u r d c a i y s o t e t ne i tc ee ns r aa lri cod ni rs t ol los tra s ul ct ur rp eor tt ha tle a mco gn i hd tit bt er rt pu e oe tw r ao bu el l cn oo nt do tn i ie oe ns ss nr a dl ,od ai cc cl os de r ia nl gl ym l ,a wt or us li dn nh oe t n s y l c e e b i o n s t h a t a r e a l o s c n s d i e r e d t b e m a e t r a i l w e a k n e s e s u n da e r h t e s a t n d a r d s e t s b i l s h d e b yl t h e An m e r c i a n n I s t t i ut e t o f C e t r i i f e d P u b la c i A c c o uo n a t n t s . A m t e i r a l w a k n e s s i a r e p t r a b e c o d t i o i n w h i c h e d e s g n o o p r i t o n o f n e o r m o r e o f h t e n i t e n r a l ce o n t o r l s t ua r c t u r eo e e l m e n s t d o e sn n oi t r e d u e c oh t a r e li t a v i e lr y l oe w e l v e l h t e r s i k t h a t e r o r r s o r i r e g u l i r a i t e s i n a m o u n s t h t a t w o u l d b e m t a e r a i l i n e r l t a o i n t o h t e i f n a n c a i l s t t a e m e n t s b e i n g a u d t i e d m a y o c c u r a n d n o t b e d e t e c e t d w i h t i n a i t m e y l p e r o i d b y e m p o l y e e s i n t h e n o r m a l c o u r s ot fu pc et rr fe oa mnd r ngi i to hp ee rra i at so in gs nt eh da uw ne cc to on i ns si .de Wt eb ne om tea der ni olw me aa tk en t re ss is ne voa vs l id ne gf he t eda ib to n ev re n. alcont roe l s r u ts i tf r o t a s in H o w e v r e , w e n o t d e m t a t r e s n i v o v l i n g t h e i n e t r n a l c o n r t o l s t u r c t u e r a n d i s l o p r e a t o i n h t a t w e h a v re pa oc rh te2 d1 t, o19 h9 t e6. manageme ntoftheFrenchMarketCorporat ion,Inc. ,inasepar ateleterdatee d M r Te hw isO re pr oea tn r is si nH to ew nde ev de f, ot rh ti hr ee ip no or f rt mi atm oa i ntt or fo tf hep Bb ol ai rdr oc for Dd r, i ea cn odi t st r ,mdi nt a ar gb eu mt nn e ti ,s an no dt tl hi ei Cte ty. i of N l . r s s e u c e s s i io m d Mar ch21,1996 25 L To H E R C .S I G H C M PA N Y AU C r p o r a t i o n fP o CE e r i t f e i dT P& u b l cO i Ac o u n t a n t s N I D E P E N D E N T A U D I T O R ' S R E P O R T O NACT OEM ME PN LIT AS NCE B A S E D O N A N A U D I T O F F I N A N C A I L S PERFORMEDINACCORDANCEWI THT GOVERNMENTAUDITINGSTANDARDS ToTTh r s he eB Fo ra er nd co hf MD ai re kc tto e Cr oro pf or ati on,Ine W t i n t s m s h t n e r r i t n th k t oe fe ah na dv oa f ru hi t ee yt eh ae sf r en na dc ei da Dl ea ct ee mbe en rt 3o ,f l 1e 99F 5r nc a dh 1M 99a 4k ,e at nC do hp ao vr ea so i sn u, dI e oc u. r( ee r pM ora tr the e) r, oa e ns d t a d Me a r cd h 2 1d , 1 9 9 6. Wo ever cn om ne dn ut cA eu t dd oi ui rgS ut a dn id tar nds, i ai cs ou c re dd ab ny cet wiC to hmp ,t ~ er no el ae r lr yGen l ce a cr ea pl to ef dth ae uU dn ti i nt i gdS tt s aa ne ds a. dsTho r as d n G t n a s h e e t th s ae nt dh ae dst r ref qn ua rn i eia hl t ~ as tat ' wm ee pn lt ana anf dee po rf e fm or mat hi t em aui ds it tt te ome on bt t. inrea a sonabl eassur anceaboue t w r h e i c t e s r e r e r l s a C o m l p a i n c e wI t i h aw l , s re g u a l t o i n s , o c nt r ac t s ,a a nd g a r n t sa p a p l c i ab l e oA t t he F r e n ch M a r k e t C o r p o a r t o i n , n c , . s i h t e r e s p o n i s b l i t i y o f h t e M a k r e t ' s m n a g m e e n . t s p a r t o f o b t a n i i g ee r ar so or nm ae bd et l ae ss us rao nf et c ae boM uta wr hk ee tt hs erc ho t emp il f ni an nc ce alw i st ai lh emc ee nr ta si arep fr ev r eis oi fn ms ato ef ial r lw mis s, tr ae eg t mul nt e ti ,n wn e p f t h ' a t t n o o a a o s , c o n r t a c s t , a n d g a r n t . s H o w e v e , r h t e o j b e c i t v e o f o u r a u d t i o f h t e i f n a n c a i l s a t t e m e n t s w a s n o t o t p o r v i d e a n o p n i i o n o n o v e r l a l c o m l p a i n c e w i h t s u h c p r o v s i o i n s . A c c o r d n i g l y , w e d o n o t x e p r e s s uchanopini s on. T h e r e s u t l s o f o u r e t s t s d s i c l o e s d n o i n s a t n c e s o f n o n o c m p i l a n c e t h a t a e r r q e u i r d e t o b e e r p o t r d e u n d e r G o v e r n m e n t A u d t i n i g S a t n d a r d s . Ti hy so i ef r pN oe rw tiO si nr te ea nn ds edH so ow ele l yv fe or rt th hi es ir ne oo f rr mt ai ts oa i nm oa ft tt hr eo Bfop ar db ofr De io rr ed toa c rn ,i s mt ad ni as gt ei mu et ni ,na t ni dsn to ht e C t l . , p e u li c c d s r b o Na er wch O2 rl1 an1 e s9 ,6 Louisi ana M , 9 1000lLa keFore stBl vd. ,Sui te404~Ne wOrl eans ,LA701 27~Te l:( 504)2 44-94 00~Fa x:(5 04)2448240
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