December 9, 1982

David McMurrey, Chairman
Coastal Real-Estate Developers
400 Baywater Blvd.
Corpus Christi, Texas

Dear Mr. McMurrey:

As agreed in our September 21 contract, we are submitting the attached report entitled The Effects of Increased Atmospheric Carbon Dioxide.

This report examines the problem of CO2 accumulation in the earth's atmosphere. The climatic changes caused by excessive CO2 concentrations in the atmosphere, and the implications of these changes, will be discussed. Also discussed are the mechanisms of the greenhouse effect, the sources of atmospheric carbon dioxide, and some possible remedies to the problem.

I hope you find this report satisfactory.

Sincerely yours,

William R. Waters, President

Environmental Research Associates, Inc.
1212 Trace Dr., Suite 3
Austin, Texas 78741