Ass-essi-nent-and Reserve Funtlin.-Dis.closure, $6nirriary.

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1 Ass-essi-nent-and Reserve Funtlin.-Dis.closure, $6nirriary. Ciearwood HOA For Fiscal Year Beginning: 1/1/2015 # of Units: 1355 a) Budgeted Amounts: Total Reserve Contributions:.00 $ Operating Assessments: $420, $ Recommended amount: Total -.: pe'r. unit* Reserve Contributions: $317, $ Funding Plan Objective: Full Funding per: Year per: Year b) Additional assessments that have already been scheduled to be imposed or charged, regardless of the purpose, if they have been approved by the board and/or members: Date Due Total Arnourit Per Unit* P Ur 4 ose N/A N/A Total:.00 c) Based on the most recent Reserve Study and other information available to the Board of Directors, will currently projected Reserve account balances be sufficient at the end of each year to meet the association's obligation for repair and/or replacement of major components during the next 30 years? No d) If the answer to "c'' is no, what additional assessments or other contributions/loans to Reserves would be necessary to ensure that sufficient Reserve Funds will be available each year during the next 30 years? Assessment gi..tre Total Amount Per$U84ni9t* $1,292 N/A N/A Total: $2,140 e) All computations/disclosures are based on the fiscal year start date of: Fully Funded Balance (based on formula defined in ROW 64, (24 Projected Reserve Fund Balance: Percent Funded: Reserve Deficit (surplus) on a mathematical avg-per-unit* basis: From the 4/ Reserve Study by Association Reserves and any minor changes since that date. 1/1/2015 $3,526, $1,729, ,1% $1, * If assessments vary by the size or type of unit, allocate as noted within your Governing Documents. fig) See attached 30-yr Summary Tables, showing the projected Reserve Funding Plan, Reserve Balance, and Percent Funded, under the recommended and actual budgeted Reserve Funding Plans. Prepared by: Association Reserves (Jiin Talaga, RS) Date: 4/ The financial representations at the time of preparation are based on the Reserve Study for the fiscal year shown at the top of this page and the best estimates of the preparer. These estimates should be expected to change from year to year. Some information on this form has been provided to Association Reserves, and has not been independently verified. Association Reserves, com

2 X'.,Pgaga7,(100.10,WV-1 aw$l Fiscal Year Beginning: 01/01/15 Interest: 0.84 Inflation: 3.0% Starting Fully Annual Loans or Projected Reserve Funded Percent Reserve Special Interest Reserve Year Balance Balance Funded Ratin Contribs. Assmts Income Ex enses ,729,872 $1,796,196 $1,684,250 $1,764,555 $1,769,949 $3,526,406 53,692,008 $3,681,543 $3,877,580 $4,005, % 48.7% 45.7% 45.5% 44.2% $14,099 $13,917 $13,791 $14,133 $13,686 $144,250 $322,339 $129,960 $205,214 $327, $1,652,700 $4,018, % ' $13,274 $195, $1,666,879 $4,174, % $13,429 $185, $1,691,406 $4,352,024 38,9% $13,379 $246, $1,654,548 $4,479, % $13,346 $181, $1,683,030 $4,685, % $13,783 $129, $1,763,789 $4,959, % $186,475 $12,428 $628, $1,344,277 $4,735, % Weak $11,376 $51, $1,500,634 $5,106, % Weak $11,850 $246, $1,462,801 $5,297, % Weak $10,378 $537, $1,132,612 $5,202, % Weak $9,044 $209, $1,129,091 $5,452, % Weak $9,401 $112, $1,222,014 $5,817, % Weak $8,211 $595, $831,434 $5,706, % Weak $5,301 $538, $494,383 $5,660, % Weak $4,299 $114, $580,668 $6,059, % Weak $3,107 $584, $196,244 $5,997, % Weak $891 $367, $26,518 $6,168, % Weak $283 $176, $44,316 $6,548, % Weak $1,150,000 $4,225 $382, $1,012,370 $6,742, % Weak $7,674 $309, $906,864 $7,028, % Weak $3,825 $1,057, $49,602 $6,564, % Weak $1,750,000 $4,550 $912, $1,088,263 56,249, % Weak $8,755 $192, ,101,342 $6,679, % Weak $9,174 $114, $1,192,816 $7,215, % Weak $6,427 $981, $414,540 $6,888, % Weak $2,869 $310,949 Association Reserves, Inc, 4/22/2014 Page 1 of 1

3 , 61:12=721: :: 744 e 2v,f7t--Fel7r4s--;%w?C':',000, kokof At.4 Fiscal Year Beginning: 01/01/15 Interest: 0.8%1 Inflation: 3.0% Starting Fully Annual Loans or Projected Reserve Funded Percent Reserve Special Interest Reserve Year Balance Balance Funded Ratin Contribs. Assmts Income Ex enses 2015 $1,729,872 $3,526, % $317,500 $14,585 $144, $1,917,707 $3,692, % $327,025 $15,417 $322, $1,937,811 $3,681, % $336,836 $16,390 $129, $2,161,076 $3,877, % $346,941 $17,921 $205, $2,320,724 $4,005, % $357,349 $18,754 $327, $2,369,417 $4,018, % $368,070 $19,718 $195, $2,561,634 $4,174, % $379,112 $21,346 $185, $2,776,715 $4,352, % $390,485 $22,873 $246, $2,943,360 $4,479, % $402,200 $24,520 $181, ,188,742 $4,685, % $414,265 $26,747 $129, $3,500,255 $4,959,220 70,6% Strong $426,693 $27,295 $628, $3,325,829 64,735, % Strong $439,494 $28,262 $51, $3,742,092 $5,106, % Strong $452,679 $30,876 $246, $3,979,489 95,297, % Strong $466,259 $31,669 $537, ,940,374 95,202, % Strong $480,247 $32,728 $209, $4,244,309 $5,452,359 77,8% Strong $494,655 $35,612 $112, $4,661,623 $5,817, % Strong $509,494 $37,086 $595, $4,612,937 $5,705, % Strong $524,779 $36,983 $538, $4,635,871 $5,660, % Strong $540,522 $38,934 $114, $5,100,838 $6,059, % Strong $556,738 $40,847 $584, $5,114,418 $5,997, % Strong $573,440 $41,894 $367, $5,362,661 $6,168, % Strong $590,644 $44,712 $178, $5,819,056 $6,548, % Strong $608,363 $47,630 $382, $6,092,402 $6,742, % Strong $526,614 $50,191 $309, $6,459,551 $7,028, % Strong $645,412 $50,212 $1,057, $6,097,614 $6,564, % Strong $664,774 $47,966 $912, $5,897,991 $6,249, % Strong $684,718 $49,335 $192, $6,439,891 $6,679, % Strong $705,259 $54,081 $114, $7,085,057 $7,215, % Strong $726,417 $55,866 $981, $6,886,163 $6,888, % Strong $748,210 $57,047 $310,949 Association Reserves, Inc. 4/22/2014 Page 1 of 1

Association: Location: # of Units: Report Period: Clearwood HOA Assoc. #: 7223-3c Ye Im, WA 1355 January 1,2015 through December 31,2015 Results as-of 1/1/2015: ting Reserve Balance : eserve Balance:.

4 Association: Location: # of Units: Report Period: Clearwood HOA Assoc. #: c Ye Im, WA 1355 January 1,2015 through December 31,2015 Results as-of 1/1/2015: ting Reserve Balance : eserve Balance:... verage Reserve ficit (Surplus ) ercent Funded: 00% Full F unding Annual Reserve Co ntrib 0%Th reshold AnnualRese rve Contribution ase lino contribution (min:to maintain reserves above e commended 2015 Special Assessment for Reserves:,.... Most Recent Reserve Contribution Rate:. Economic Assumptions: NetAnnual "After Tax" Interest Earnings Accruing to Reserves 0.80% Annual Inflation Rate 3.00% This is an "Update No-Site-Visit" Reserve Study, based on a prior Report prepared by Association Reserves for your 2014 Fiscal Year. No site inspection was performed as part of this Reserve Study. This Reserve Study meets or exceeds all requirements of the RCW and was prepared bya credentialed Reserve Specialist(RS). Your Reserve Fund is 49.1% Funde d. Comparatively, the % level is where association statistically e njoyfiscal stability with low risk of special assessmentand/or deferred maintenance. Based on this starting point and your anticipated future expenses, our recommendation is to increase your Reserve contributions to within the 70% to 100% Full Funding level as noted above (Tables and charts herein reflect Full Funding as recommended contribution). Full and 70% contribution rates are designed to achieve the stated funding objective by the end of our30-year report scope. Association Reserves, Inc. 4/22/2014

5 Table 1. Executve Summary c # Component arakowv,* Life (yrs) Rem. Life (yrs) INEMIZ Current Future 100 Spillways, Concrete - Repa irireplace $60,000 $67, Spillways, Gates &Weirs -Replace $5,300 $7, Bridge - Arch 10 6 $11,550 $13, Bridge - Blue Lake, Lower Spillway 10 3.$5,950 $6, Bridge - Blue Lake, Upper Spillway 10 3 $5,950 $6, Bridge Bearlslancl 10 3 $ $4, Bridge - Brookside 10 3 $8,250 $9, Bridge = Blue Lake, Inlet 10 3 $5,300 $6, Bridge Longrnire 10 5 $10,650 $12, Bridge - Rampart 10 3 $10,950 $11, Bridge - Reichel 10 3 $8,300 $5, Beach bulkheads Longmire 16 2 $11,100 $11, Beach bulkheads Madrona 16 5 $27,850 $32, Beach bulkheads Otter 15 8 $5,300 $6, Beach bulkheads Reichel $17,800 $24, Beach bulkheads Sunset $31,800 $48, Beach bulkheads Windy $5,650 $9, Cabana Division 7 (well #4) $15,000 $27, Cabana - HI Lo $15,000 $21, Cabana - Longmire 25 5 $15,000 $17, Cabana - Madrona $15,000 $29, Cabana - Otter Beach $15,000 $26, Cabana - Pool $15,000 $24, Cabana - Reichel $22,000 $36, Cabana - Sunset $15,000 $22, Cabana - Vine Lane 25 5 $15,000 $17, Cabana-Windy $15,000 $ Dock- Clear Lake $19,000 $44, Dock- Blue Lk Fishing ( 1 of 4) 30 2 $23,300 $24, Dock- Blue Lk Fishing ( 2 of 4) 30 4 $23,300 $26, Dock- Blue Lk Fishing ( 3 of 4) 30 6 $23,300 $27, Dock- Blue Lk Fishing ( 4 of 4) 30 8 $23,300 $29, Dock-Horseshoe (a- right) 30 0 $21,850 $53, Dock - Horseshoe (b - left) $19,650 $34, Dock Horseshoe (c - rear) $21,350 $48, Dock - Longmire (fish, swim) $36,850 $49, Dock- Madrona (fish, swim) $24,550 $44, Dock-Otter (fishing) 30 3 $35,400 $38, Dock-Otter (swim) $8,350 $12, Dock Reichel (swim) $8,350 $13, Dock-Sunset (fish, swim) $24,550 $45, Dock Windy (fish, swim) $34,460 $72, Fence- Chain Link 3 3 $10,000 $10, Fence - Front and Back Gates $16,350 $24, Fence Office $5,160 $8, Restroom - Well # $21,860 $29,365 Association Reserves, Inc. ii 4/22/2014

6 Table : Executive Summary c # Component Life (yrs) Rem. Life (yrs) Current Future 151 Restroom - Blue Water $7,500 $12, Restroom - Loop 20 1 $7,500 $7, Restroom - Rampart $7,500 $10, Restkoom - Hi-Lo $7,500 $10, Restrooms Longmire 20 9 $15,000 $19, Restroom - Madrona $7,500 $10, Restroom - Otter Beach $15,000 $22, Restroom - Perimeter $7,500 $10, Restroom - Sports Court 20 8 $ $9, Restroom - Reichel 20 9 $15,000 $19, Restroorn - Sunset 20 9 $7,500 $9, Restroom IMndy $7,500 $10, Restroom - Woodside $7,500 $10, Trails Maintain/Repair 4 2 $6,160 $5, Re ic hel Beach Sprinkler System N/A 1 $8,150 $8, Basketball Court Longm ire $8,000 $17, Tennis - Longrnire (replace) 40 5 $21,900 $25, Tennis - Longrn ire (seal) 10 5 $7,100 $8, Tennis & Bsktbl Hi Lo (replace) $42,100 $60, Tennis - Rampart 45 5 $28,950 $33, Balifield 7 Field Upgrade N/A 0 $10,900 IlraraMIAMMQ1-14-WINOICTUZAMMIWMOWATOZ EMil 200 Road ProjectD-1: Resurface 50 1 $230,650 $237, Road ProjectD-2: Resurface 50 4 $179,300 $201, Road ProjectD-3: Resurface 50 7 $179,300 $220, Road ProjectD-4: Resurface $230,650 $309, Road ProjectD-5a: Resurface $243,350 $ Road ProjectD-5b: Resurface $243,350 $390, Road ProjectD-6: Resurface $256,200 $449, Road ProjectD-7: Resurface $128,050 $245, Road Proj ect 8: Resurface $320,150 $670, Road Project9: Resurface $320,150 $732, Road Projectl 0: Resurface $576,400 $1,441, Road Projecti 1: Resurface $576,400 $1,574, Roads replaced in $230,650 $381, Roads replaced in $391,950 $796,754 :44114a* A:4211-0MalWatesat -Fig- " 214 Playground Equip-Vine Lane 15 9 $5,300 $6, Playground Equip - Pool 15 6 $21,950 $26, Playground Equip - Perimeter $32,850 $44, Playground Equip - Reichel Beach 10 5 $15,350 $17, Playground Equip Hi Lo $20,750 $31,386 Association Reserves, Inc. 4/22/2014

7 'Table Executive SLIm Maly c Rem. Current Future Life # Component (yrs) Life (yrs) --- efiff/usiptar 220 Pool Bldg interior Remodel 5 2 $5,450 $5, Pool - Bldg Siding 40 6 $30,100 $35, Pool - Deck Resurface 12 8 $44,800 $56, Pool - Deck Resurface (wood) 18 6 $13,200 $15, Pool - Fence Replacement 20 2 $21,850 $23, Pool - Bldg Roof (front) $6,600 $9, Pool - Bldg Roof (rear) 20 2 $6,600 $7, Pool - Heaters 15 1 $21,850 $22, Pool/Spa - Filters 20 1 $6,600 $6, Spa -Heater 20 1 $5,300 $5, Spa -Resurface 8 0 $5,450 $6, Pool - Bldg Exterior Paint/Seal 5 1 $5,300 $5, Pool - WinterCov er/bla nket 12 5 $15,350 $17, Pools- Replaster 20 0 $50,300 $90, Pool/Spa - & Coping $17,600 $30, Pool Plumbing - Repair 10 0 $10,600 $14,246 9k` -'1 'Ziartir" 291 Security Card Readers -Replace $23,000 $34, Security - Gate Operators 15 8 $12,050 $15, Security - Sally Arm System 7 1 $5,300 $5, Security Spikes $6,600 $9,136 'TAO ffie 300 Maintenance Bldg -Exterior 10 6 $5,850 $6, Mainienance Bldg -0v rhd Bay Doors $6,600 $10, Ma intenance Bldg -Roof $9,800 $14, Mainbnance Bldg -Shop Heaters 20 4 $6,850 $7, Maintenance Bldg Carport $90,000 $371,903.#1q 1 #11A-FfiliO tipme-sear'' 310 MaintEquip- Backhoe 20 3 $65,650 $71, Backhoe Major Update N/A 3 $6,300 $5, MaintEquip -Boom Lift Genie Prtbl 20 7 $15,850 $19, MaintEquip -BobcatExcavator 15 9 $46,450 $60, MaintEquip - John Deere Mower 12 3 $7,100 $7, Ma intequip - Kubota Tractor 20 4 $21,900 $24, MaintEquip - Fuel Tank & Pumps $24,600 $43, MaintEquip - Kabota RI)/ 12 1 $22,300 $22, MaintEquip Sander(old) 15 2 $7,600 $8,063 Association Reserves, Inc. iv 4/22/2014

8 Tab c 1: ExecutweSumniary c Life (yrs) Rem. Ufe (yrs) Current Future # Component a n qu p.aner new 329 MaIntEquip - Plow (old) 15 2 $6,600 $7, MaintEquip - Plow (new) $6,600 $8, MaIntEquip - StreetSweeper 10 4 $19,150 $21, Ma IntEquip Vac Truck 12 4 $40,400 $45, Ma intequip Truck 2010 Ford F $40,400 $48, MaintEquip -Truck 1999 Ford F $27,300 $28, MaintEquip - Kubota replc S $21,150 $26, MaintEquip - Truck 1991 S $21,200 $28, MaintEquip - Truck 1999 Dakota 10 0 $23,950 $32, Flatbed Trailer for Excav ator 10 8 $5,150 $6, Office Bldg -Carpet, Paint 12 3 $5,450 $5, Office Bldg -Roof $5,450 $7, Office Bldg -Structure $38,250 $54, Office- Deck 26 2 $7,650 $8, Office Computer Upgrade 5 3 $13,150 $14, Total Funded Components Note: a Life of "N/A" means a one-time expense, not expected to repeat. Highlighting denotes projects anticipated to occur in the initial year. Association Reserves, Inc, 4122/2014

Assessmen atici Reserve Ftincling Disclosure Sumrnary

Assessmen atici Reserve Ftincling Disclosure Sumrnary Clearwood Water System For Fiscal Year Beginning: 111/2015 # of Units: 1355 a) Budgeted Amounts: Total AVbrage Per unit* -. Reserve Contributions: