1890 Kountry Lane, P.O. Box 1830

Fort Dodge, Iowa 50501

Phone (515) 576-1118

Fax (515) 955-2170

2010 Philadelphia Street, Suite 8

Ames, Iowa 50010

Phone (515) 232-4535

Fax (515) 232-4538

To Whom It May Concern:

Please allow this correspondence to serve as a reference for Ray Holtorf.

I have had the pleasure of working with Ray for the past 4 years.  In that time, Ray and I worked together on matters concerning Human Resources, Marketing and other various business functions of Woodruff Construction Company.

Ray was very knowledgeable in all areas in which he served for Woodruff Construction Company and quickly adapted to new training needs and changes that frequently occur in our industry.  He brought to our organization a level of enthusiasm and excitement that one does not normally find in today’s business world.

I was able to maintain a very high level of confidence that Ray would make the best decisions in the interests of our company.  He not only maintained a professional level at all times, but conducted himself as though an “owner” who had a vested interest in the well being of Woodruff Construction Company.

I feel Ray Holtorf would be a valuable asset to any organization or venture in which he decides to pursue.

David A. O’Brien
V.P. Project Development
Woodruff Construction Company
515-576-1118

GENERAL CONTRACTOR / CONSTRUCTION MANAGER / DESIGN BUILD

FORT DODGE, IOWA                                                       

AMES, IOWA

RayHREF(1).doc

07/23/02