REMINDER Annual Meeting of Owners. Annual Meeting Tuesday, August 9, :30 p.m. Dunaway Center 23 School St., Ogunquit, ME.

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1 PRSRT FIRST CLASS US POSTAGE PAID CURLEY DIRECT PERMIT c/o Vacation Resorts International P.O. Box 399 Hyannis, MA REMINDER Annual Meeting of Owners ADDRESS SERVICE REQUESTED July 2016 You are invited, as an owner of a timeshare interval at The Falls at Ogunquit Resort Condominium Association, to be present or represented by proxy at the Annual Meeting of Owners to be held at the Dunaway Center, Ogunquit, ME on Tuesday, August 9, 2016 at 5:30 p.m. for the following purposes: To elect one (1) member to the Executive Board of the Association for a three year term; To approve the Annual Meeting Minutes from 2015; To ratify the Resort Operating Budget for the fiscal year ending September 30, 2017; To transact such other business as may properly come before the meeting. Owners are entitled to vote at the Annual Meeting of Owners and all adjournments thereof. Since a quorum of owners is required to transact business, all owners are urged either to attend the meeting or to be represented by proxy. If you do not expect to attend the meeting in person, it is vitally important that you mark, sign, date and return the enclosed Proxy/Ballot to reach us prior to August 9, Important Numbers The Falls at Ogunquit and Vacation Resorts International (VRI) The Falls at Ogunquit (207) Central Reservations Information and Assistance (800) Fax - Falls at Ogunquit (207) Fixed Week Reservation (800) GM Heather Ault-Durant (800) Float Week Reservation (800) Website: Bonus Time (800) Rental Program (800) Exchange Information Deposits with Exchange Company (800) Interval International (800) innseason@vriresorts.com RCI (877) Trading Places (800) Still Need Assistance VRI Corporate Services (508) Vacation Owner Services / VRI VRI Fax (508) Maintenance Fees (800) Payment Plans (800) nememberservices@vriresorts.com The Falls at Ogunquit Blog. For the latest at the Changes/additions to Ownership (508) resort and in Ogunquit. Check in regularly. resortservices@innseason.com If you later find that you can be present or for any other reason desire to revoke your Proxy/Ballot, you may do so at any time before voting commences. Annual Meeting Tuesday, August 9, :30 p.m. Dunaway Center 23 School St., Ogunquit, ME Agenda 1. Introductions/Roll Call 2. Approval of 2015 Annual Meeting Minutes 3. Election of Executive Board 4. Manager s Report 5. Year End Financial Report /2017 Budget Review /2017 Budget Ratification 8. Election Results 9. Open Discussion/Q&A 10. Adjournment Directions: The Dunaway Center is located adjacent to the town offices in downtown Ogunquit. School Street connects Main Street (Route 1) and Shore Road, approximately 1 1/4 miles south of The Falls at Ogunquit. Should you have any questions, please contact The Falls at Ogunquit at (207) Inside this issue: Candidate Profile Sue s News Employee Spotlight - Doreen Mullen Around Town RiverWalk Resort While you are Here

2 KEVIN CURRAN (Incumbent) Candidate Profile Education: B.S., Marketing and Finance, Babson College Qualifying Experience: 30 years of commercial and residential real estate development and marketing in senior management position for Alfred McAlpine, LLC, Edward De- Bartolo Corporation & Taylor Woodrow Communities. Objectives: We are at 99% (or very close to it) as far as efficient and owner operations are concerned. I look forward to working with the Board to get that last %. Little things are important to all of us. Sue s News We Are Ready... As in, we are ready for a fun and busy summer with all of our amazing Owners! Around Town 2016 Summer is in Full Swing! We re seeing quite a few new businesses opening up and all are thriving. The former chefs at Pine Tree Cafe opened The Greenery Cafe recently, and Lobster in the Rough in York is back! Live outdoor entertainment makes this a great place to hang out and enjoy Maine s Fresh seafood! The Arundel Barn Playhouse will not be opening this year. In it s place, the Vinegar Hill Music Theatre has opened. This Summer music features Cabaret, Folk, Rock, Blues, and classical. Cocktails are also offered from their rustic garden bar. For more information, visit Employee Spotlight Doreen Mullen Doreen began working for us in years, Wow! It s remarkable to have such a wonderful and caring person taking care of our owners all these years. We thank you Doreen for 13 years and we look forward to many many more! Put a smile on your face, make the world a better place - Doreen Mullen We ve got guest favorites this summer such as the Marginal Way Walk and craft painting and added some new activities like visiting the Center For Wildlife. Have you ever seen one of these..? Make some time for activities at The Falls! RiverWalk Resort at Loon Mountain Experience Extraordinary Now open. Call for more information. While you are Here... Make sure to pick up our 40 things to do in the area with kids brochures. This will keep them off the computer for awhile. If you want a truly unique experience look into the Casco Bay Mail Boat run Scenic Cruises. Casco Bay Lines offers many opportunities to get out on the Bay with a variety of scenic cruises in Maine offering different destinations, durations, and departure times. Pack a lunch; bring your camera, binoculars, and a sweater. You are welcome to bring your own food and drink on all cruises. Choose from a family trip with the kids to explore tidal pools or wade at one of the small beach areas. Escape for a romantic lunch or dinner, a day at the beach, or bring your bike and explore island life. There truly is something for everyone! Choose an adventure to fit your schedule! You ll see parts of Maine you d never know about. THE HEART OF OGUNQUIT MAINE IN THE MIDDLE OF ALL THE ACTION ENJOY THE NORTHEAST EXPERIENCE IN OGUNQUIT, MAINE

3 IF YOU CANNOT ATTEND THE ANNUAL MEETING, The Executive Board requests that you note your preference on this Proxy/Ballot and return it at once to reach us prior to August 9, The Falls at Ogunquit Resort Condominium Association This Proxy/Ballot will be voted according to the instructions indicated below. Proxy Solicited on Behalf of the Executive Board for the Annual Meeting of Owners to be held on August 9, The undersigned hereby appoint(s) (check one only): Billy Curran, President Other: Attending Owner Name To act as Proxy with power to vote for and act on behalf of the undersigned on any business that may properly come before the Annual Meeting of the Owners of The Falls at Ogunquit Resort Condominium Association, to be held at Dunaway Community Center on Tuesday, August 9, 2016, 5:30 p.m. or any adjournment thereof. Ballot Vote for no more than one (1) Candidate for the Executive Board from the Candidates listed below. (Qualifications and biography included in this newsletter.) *Incumbent *Kevin Curran Write In Approval of 2016/2017 Operating Budget Copy of Budget included in this Newsletter. Approve Disapprove This form is not valid unless signed by the authorized Interval Owner. Signature Signature Date Date Please Print Name(s) Legibly Unit(s)/Week(s) Number Please fold, secure, stamp, and mail to address on reverse side or fax to (508) Ballot

4 - Please Fold Here - PLACE STAMP HERE Please check if new address Secretary The Falls at Ogunquit Resort Condominium Association c/o Vacation Resorts International Post Office Box 399 Hyannis, MA Please Fold Here -

5 Falls At Ogunquit 2016 / 2017 Operating Budget REVENUES OPERATING EXPENSES Assessment Income Operating 1,758,917 Cable TV 14,632 Assessment Income Reserves 214,598 Cleaning Supplies / Uniforms 54,103 Rental Income 26,860 Electricity 61,000 Interest / Reinstatement / Bad Debt Recovery 22,833 Equipment Rental Expense 3,823 Telephone Income - Exterior Maintenance 13,246 Housekeeping Income 21,454 Gas 75,500 Internet Income - Guest Services 521 Other Income 2,958 HVAC - Internet 3,180 Total Revenue 2,047,621 Laundry Service / Carpet Cleaning 3,550 Linen Replacement 6,551 Recreation & Activities 3,014 EXPENSES Repairs and Maintenance / Supplies 35,584 Room Equipment Replacement 6,937 Wages & Benefits 687,851 Security & Outside Services 63,165 Operating Expenses 471,537 Swimming Pool / Spa 6,367 Administrative & General 552,265 Technical Services 35,207 Reserves 201,870 Telephone 8,891 Bad Debt Expense 134,098 Trash Removal 7,570 Depreciation - Vehicle Expense 4,171 Water/Sewer 64,525 Total Expenses 2,047,621 Total Operating Expenses 471,537 WAGES & BENEFITS ADMINISTRATIVE & GENERAL Salary & Wages 612,177 Advertising 2,381 Taxes & Benefits 75,674 Assessment Billing 32,993 Bank, Credit Card Fees 15,614 Total Wages & Benefits 687,851 Bookkeeping 37,631 Computer Fees 57,993 HOA Meetings 534 Insurance 73,241 License & Permits 2,743 Management Fees 92,940 Miscellaneous Expense 24,856 Office Expense 7,670 Payroll Processing Fees 5,505 Postage 9,016 Printing 9,037 Professional, Legal Fees 5,900 Property Taxes 138,644 Reservations 28,228 Subscriptions & Dues 2,434 Travel Expenses 4,905 Profit/Loss 0 TOTAL ADMINISTRATIVE & GENERAL 552,265 UNIT OPERATING TAXES RESERVES TOTAL ONE BEDROOM $ $ $ $ TWO BEDROOM $ $ $ $645.50