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Date:   1/22/2004                        COMPTROLLER OF PUBLIC ACCOUNTS - PROPERTY TAX DIVISION                         Page:      1
Time:     14:31                                      2003 Property Value Study                                          Rpt: VAL7000
                                                     Confidence Interval Detail
                                                        101-917-101 Pasadena

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                                                              (1)                         (2)
  (1)                  (1)                        (1)       Stratum         (1)         Sample
Stratum              Category                 Local Value    Ratio      State Value      Size
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  1      A  - Single-family Residences        927,911,531     .9285     999,366,215       50
  2      A  - Single-family Residences        925,571,275     .9721     952,135,866       50
  3      A  - Single-family Residences        929,081,659     .9940     934,689,798       50
  4      A  - Single-family Residences        922,840,976     .9989     923,857,219       50
  5      B  - Multi-family Residences         135,887,134     .7668     177,213,268        8
  6      B  - Multi-family Residences         137,583,603     .9549     144,081,687        6
  7      B  - Multi-family Residences         135,547,840     .9357     144,862,499        9
  8      B  - Multi-family Residences         128,196,476     .9325     137,476,114        5
  9      F  - Commercial Real                 333,093,696     .8879     375,147,760       12
 10      F  - Commercial Real                 334,494,427     .9420     355,089,625        7
 11      F  - Commercial Real                 337,155,815     .9684     348,157,595        7
 12      F  - Commercial Real                 325,949,971     .9413     346,276,395        6
 13      L  - Commercial Personal             194,427,295     .8812     220,639,236        8
 14      L  - Commercial Personal             195,245,936     .9762     200,006,081        9
 15      L  - Commercial Personal             197,046,946    1.0017     196,712,535        7
 16      L  - Commercial Personal             190,907,137     .9589     199,089,725        6

Random Totals:                              6,350,941,717             6,654,801,618      290
 Cat J Exception Values:                                0                         0
 Cat D1 Exception Values:                         124,760                   116,517
 Other Exception Values:                                0                         0
Exception Totals(3):                              124,760                   116,517
Test Values(4):                             6,351,066,477             6,654,918,135

Margin of Error Percent:                                    5.0000000
Margin of Error Value:                                    332,745,907
Confidence Interval Values:
  State Lower Limit:                                    6,322,172,228  (State Test Value Minus Margin of Error Value)
  Local Test Value:                                     6,351,066,477  (Within Confidence Interval Limits)
  State Upper Limit:                                    6,987,664,042  (State Test Value Plus Margin of Error Value)
Value Assigned (5):                                     7,201,149,190  (See ISD Summary Worksheet)


Sources:

(1) See Stratified Ratio Detail Report VAL7214.
(2) Number of parcels sampled by staff.
(3) Exception value includes, if tested, D1, the J sample, and any parcels in A,B,C,D,F1,G or L1 marked as exception properties.
(4) Unstudied categories and sub-categories were not included in the test values.
(5) Includes local value of unstudied property categories and sub-categories.