Facilities Advisors, inc Telegraph Road, Suite 203 Ventura California 93003

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1 Facilities Advisors, inc Telegraph Road, Suite 203 Ventura California Tel. (877) Fax. (805) Website: June 24, 2010 Eider Creek Homeowners Association Alice Martin 35 Pilot Knob Lane Telluride, Colorado Dear Alice, Transmittal of Reserve Study Report Attached is your draft reserve study for your review. We find that the Association gets the best final reserve study when the Board or management staff works on an interactive basis with our firm. Consequently, we ask that you review this draft to make sure that it includes all components, and that the assumptions used appear reasonable. We have determined this initial cash flow analysis based upon information you have provided, and our inspection, observations, inquiry, and judgment. The next page, entitled How to read your reserve study report, explains how to read and understand the draft report. It explains how the various schedules tie together. Please contact us with any changes you desire or questions you may have. If you believe the draft report meets your needs, please notify us and we will finalize the report for final issuance. The Executive Summary (Table 1) is designed to meet your statutory budget disclosures. Most of our clients simply copy this section to insert in their budget package. GAP/rov Report # 1245 V Sincerely, Gary Porter, RS, PRA Gary Porter, RS, PRA

2 How to Read Your Reserve Study Report Table 1 Executive Summary This schedule is designed to provide summary disclosures of the more detailed reserve study report. It is suitable for distribution to members. Table 21 Annual Cash Flow Forecast This schedule presents, in a table format, the cash flow for the time period encompassed by the study, normally 30 years. Shown are beginning cash balances, contributions, loans or special assessments, interest earnings, anticipated expenditures and ending cash balances. Total Expenditures per this schedule agrees to total expenditures per the Table 3, Expenditure Schedule. Table 22 Expenditure Schedules These schedules show expenditures summarized by category and component, then by year, for all years in a table format. The total expenditures at the bottom of the schedule agrees to total expenditures per the Cash Flow Summary (Table 2). Table 23 Percent Funded Exhibit This report provides the system's breakdown by category and component for allocation of the estimated beginning balance of the Reserve Funds. The percent funded shows you the relative strength of your reserve fund. It is generally held that anything over 70% is adequate, and that anything under 30% is too low. Amounts in between call for careful analysis. For associations that are well funded, our goal is to achieve 100% funding at the end of the 30year projection period. For associations with much lower beginning percentages, our goal is generally to achieve 70% funding at the end of the 30year projection period. The current replacement cost, ideal balance, and balance allocation per this schedule agrees to the component list. Table 24 List This is the schedule that deserves most of the review attention by management and the Board of Directors. You should review this schedule for accuracy of the dates placed in service, useful lives and current replacement costs. Since all other exhibits in the reserve study are based upon calculations made from the basic data contained in this schedule, the final report is only as accurate as the data contained in this schedule. The current replacement cost, ideal balance, and balance allocation per this schedule agrees to the percent funded schedule, Table 4. Table 25 AICPA Supplemental Disclosures This schedule presents the disclosures required to accompany your annual audit or review report. While your auditor may summarize this data, the Association is responsible for compiling the required disclosures. This is presented in the format required by the American Institute of CPAs.

3 Facilities Advisors, inc Telegraph Road, Suite 203 Ventura California Tel. (877) Fax. (805) Website: June 24, 2010 Eider Creek Homeowners Association Alice Martin 35 Pilot Knob Lane Telluride, Colorado # 1245 Invoice For Professional Services rendered: Reserve Study With Site Visit Report # 1245 V Contract Amount Less: Deposits Received Amount Now Due $ $ 1,100 $ 1,100 0 Substitute Form W9 Information: Facilities Advisors, inc. is a corporation, so it is not necessary to issue a Form 1099 to Facilities Advisors, inc.. However, should you require this for your internal files, Facilities Advisors, inc.'s federal ID # is Our address is shown above.

4 Eider Creek Homeowners Association Reserve Study Report Reserve Study With Site Visit For 30Year Projection Period Beginning 01/01/11 Insert cover photo here, then size to fit Proper photo size for this page is 4.1 wide by 3.2 high Facilities Advisors, inc Telegraph Road, Suite 203 Ventura California Tel. (805) Fax. (805) Website: Copyright 2009 Facilities Advisors, Inc. Report Prepared by: Report Reviewed by: Report # 1245 V Gary Porter, RS, PRA Pierre del Rosario, PRA

5 Report # 1245 V Eider Creek Homeowners Association Reserve Study Table of Contents Section 1 Narrative Report Preparer s Report Report Snapshot Report Introduction Physical Analysis Financial Analysis Summary of significant assumptions Disclosures Limitations of Reserve Study Report Terminology Executive Summary Section 2 Summary Financial Exhibits Level Exhibit 2 1 Annual Cash Flow Forecast Exhibit 2 2 Expenditure Summary Exhibit 2 3 Percent Funded Summary Exhibit 2 4 List Summary by Exhibit 2 5 AICPA Supplemental Disclosures Page Section 3 Detail Financial Exhibits Level Exhibit 3 1 Annual Cash Flow Detail Exhibit 3 2 Expenditure Detail Exhibit 3 3 Percent Funded Detail Exhibit 3 4 List Detail by Major Maintenance Observations Presenting the report in the natural sections as listed above facilitates understanding of the data. The narrative provides the essential overall framework and structure. level reports allow the reader to grasp the high level picture without being distracted by too much detail. level reports are easy to understand because they are always presented on a single page. level reports, depending upon the number of components, may consist of many pages. The purpose of component level reports is not to allow the reader to immediately grasp an overall understanding, but to understand the detail that supports the summary, category level reports. It is generally easy to relate to an individual component, and that is generally the level upon which individual expenditures are made.

6 Page 1 1 Report # 1245 V Preparer's Report Page 1 1 Board of Directors Eider Creek Homeowners Association Telluride, Colorado Reserve Study With Site Visit I have prepared the accompanying projected Replacement Program Funding Analysis of Eider Creek Homeowners Association as of and for the thirtyyear period beginning. This report presents, in the form of a forecast, information that is the representation of management, and does not include evaluation of the support for the assumptions underlying the forecast. I do not express an opinion or any other form of assurance on the accompanying report or assumptions. Furthermore, there will usually be differences between the projected and actual results because events and circumstances frequently do not occur as expected, and those differences may be material. I have no responsibility to update this report for events and circumstances occurring after the date of this report. Gary Porter, RS, PRA Gary Porter, RS, PRA June 24, 2010

7 Page 1 2 Report # 1245 V Report Snapshot Page 1 2 Association Name: Location: # of Units: Initial Year Report Period: 30Year Projection Period: Projected Reserve Balance at 12/31/10 Ideal Reserve Balance at 12/31/10 Percent Funded at 12/31/10 Recommended Annual Contribution to Reserves 2011 Recommended Special Assessment 2011 Estimated Interest Rate: Estimated Inflation Rate: Estimated Contingency Rate: Estimated Tax Rate: Eider Creek Homeowners Association Telluride, Colorado 58 through December 31, 2011 Years 2011 to 2040 $ $ $ $ 216, , % 55, % 1.50% 0.00% 15.00% The Association is a 7 building condominium development consisting of 58 units. The Association is located in Telluride, Colorado. The project was developed in The Association's percent funded is 025.5%, which is considered poor. Generally, any funding level at less than 30% is considered weak, which means that insufficient funds have been set aside for reserves in the past. This means that an aggressive funding plan must usually be adopted to build the fund up to an appropriate level. The status of the Association's Reserve Fund is evaluated primarily by attempting to measure its strength. While there are subjective considerations that can be applied, the percent funded calculation represents the most universally accepted objective measure of the strength of the reserve fund. The discussion in the paragraph above evaluates the strength of the Association's reserve fund.

8 Page 1 3 Report # 1245 V Page 1 3 Report Introduction The property described in this report is a common interest development. As such, it contains common areas and facilities that are owned "in common" by the members. As the elected governing body of the Association, the Board of Directors is responsible for maintenance of the common areas and the sound financial management and operation of the Association. One of the primary duties of the Board of Directors is the preparation and/or review of the annual budget. The annual budget process must, at a minimum, address two areas; Operating Funds and Reserve Funds. The net result is a determination of the annual assessment to be charged to members, which will consist of an operating assessment and a reserve assessment. The operating budget is intended to provide for all annually recurring expenses of the Association, including routine maintenance of common areas. Such routine maintenance is the basis of the facilities maintenance plan, and to a large degree, will dictate the timing and amount of future expenditures of the reserve fund. The normal budget process is to estimate the required expenditures for the Association's governance, business, member services, and maintenance activities, then determine the assessment required to provide for those costs. By its nature, this is geared to an annual cycle. That portion of the annual budget related to reserves generally consists simply of the assessment. Because of the multiyear approach of the reserve budget, the reserve study itself is the budget tool used to determine the assessment amount. The current year reserve assessment amount is simply extracted from the 30year reserve funding plan and inserted into the annual budget. The reserve study funding plan is an integral part of the annual budget process and overall financial plan for the Association. Reserve funds are a part of the monthly or annual assessments paid by owners of an individual unit or lot. These funds are intended to be set aside specifically for major repairs and replacements and not be used for any other purpose. These funds are accumulated by the Association, earn interest, and should be expended as approved by management only for major repairs and replacements of the common area components. This Reserve Study assists the Board of Directors by providing the information to determine the appropriate amount of money to assess owners. Specifically, the reserve study report provides a 30year funding plan to assure an equitable assessment structure to provide for the non annual major repairs and replacements of common area components. The report is a financial projection that is based upon an evaluation and Visit of the common area components. Because the reserve study is a projection of future events, it necessarily is based upon a number of assumptions. The reserve study process is an exercise in refining those assumptions to those most likely to occur. Future events occurring near term are inherently more predictable than those occurring long term. That is why it is necessary to perform periodic updates to the reserve study; to update and refine the assumptions based on the passage of time and actual maintenance activities that have The reserve study consists of two parts; the physical analysis, and the financial analysis. The findings of the physical evaluation, including identification of components, condition, useful and remaining life, and replacement cost, are summarized in this report. The financial analysis consists of the evaluation of the current reserve funding status, and a 30year projection of cash inflows and outflows.

9 Page 1 4 Report # 1245 V Page 1 4 Physical Analysis The physical analysis itself consists of two parts; a site visit wherein: All common area components are identified Measurements or counts are made or verified of components is assessed. and an analysis, usually performed after we complete the site Visit, consisting of determining what components are to be included in the reserve funding study, and the useful (normal) life and remaining life, and repair or replacement cost of each component to be included in the funding study. The identification of all common area components is not necessarily a completely transparent process. We rely upon components identified in prior reserve studies, inquiries of management, depreciation schedules, asset listings, plot maps, building plans, vendor or contractor representations, and insurance records, in addition to our own observations to attempt to correctly identify all common area components. We rely upon management representations and governing documents to determine maintenance responsibility, as it is not always clearly identified. An example is "exclusive use common property," such as a balcony deck. In some associations, it is the association's maintenance responsibility. In others, it is the unit owner's responsibility. We also provide a list of observed, major, common area components that are excluded from the reserve study. Measurements or counts of common area components are included, except for certain items where an "allowance" factor is included. We attempt to quantify counts and measurements in accordance industry standards and the Association's maintenance plan. As an example, we may not measure roofing or painting if we have firm bids or contracts that specify a cost, as the measurement then becomes irrelevant, except for cost verification purposes. s are included in the study at the level where costs are anticipated to be incurred, not grouped so that detail data becomes meaningless. is assessed on a subjective basis considering a number of factors: original useful life, age, quality, rate of wear and tear, management representations, and maintenance plan. The maintenance plan is the most important factor, as often components will be replaced long before their useful life has ended, strictly for aesthetic purposes. For many associations, the appearance is of paramount The components to be included in the reserve study is based upon a number of factors. CAI National Reserve Study Standards established a four part test: 1) The component must be a common area maintenance responsibility 2) The component must have a limited life 3) The limited life must be predictable 4) The component must be above a minimum threshold cost. Based on the above standards, most small equipment and tool items are excluded from the study. Most building infrastructure components are also excluded from the study. Again, however, the Association's maintenance plan may override these considerations. For instance, if smaller, low cost items such as pool equipment, which may otherwise be excluded based on individual cost to replace, are considered to be part of the swimming pool "system," then it would be appropriate to include such items in the reserve study. Likewise, small tools may be grouped for this purpose to provide a funding vehicle for non annual expenses that simply do not fit into the operating budget.

10 Page 1 5 Report # 1245 V Page 1 5 Physical Analysis (Continued) We normally will also prepare a list of all known components that are excluded from the reserve study, along with an explanation of why certain common area components, or items that might normally be considered common area components, are excluded from the study. This list is normally presented in general terms rather than as a detail list of individual components. Most associations find this useful in understanding why certain items are excluded. Useful life is usually based on our experience with similar components. However, other factors that may factor into this decision are the Association's maintenance plan, warranty periods, assumptions regarding quality, wear and tear, maintenance procedures, and climate conditions. The useful life is also used as the normal replacement cycle for calculation of future major repairs and replacements. Remaining life will normally be the difference between a component's age and its useful life. However, we will often modify remaining life based on observed condition, maintenance history, and the Association's maintenance plan. Also, because maintenace records are often sketchy, and staff and board members have changed, it is often very difficult to determine when a component was actually placed into service. The date placed in service may end up being an estimated date, calculated from the estimated remaining useful life. The following categories help us establish guidelines for determining useful life and remaining life. Cyclic Regular Items like road slurry or wood painting fall into this category. Such components have a very predictable life cycle. That life cycle may vary based upon local climate, usage, exposure to weather, or similar issues, but will generally stabilize for the components of a given property and have a reasonably high degree of predictability concerning both useful and remaining life. Cyclic Irregular Items like deck surfaces and roofing fall into this category. These items have a normal life span great enough that climate, level of preventive maintenance, owner care, and other issues can materially affect the actual life. Predictable but Irregular NonCatastrophic Failure This category includes pool pumps, spa heaters, and other items which can be expected to wear out with some predictability (regular or irregular), but do not need to be replaced until failure. With these items the Association may well have accumulated the money for repair or replacement and then actually wait for failure to spend this money. This does not affect the reserve contribution prior to the expected replacement date, but once that date is reached assessments can be reduced until failure because adequate reserves are on hand. Catastrophic Failure With these items waiting until failure is not appropriate. A hydraulic elevator falls into this category. In these cases, a fund is built for a general replacement time frame, then a decision is made to repair or replace before failure. Outdated Design/Aesthetics This category refers to items where aesthetics are a major concern. Examples include light fixtures, window coverings, and other items that may be quite functional past the time they are desirable. They should be recognized and reserved for in order to keep the common area from appearing dated and unappealing.

11 Page 1 6 Report # 1245 V Page 1 6 Physical Analysis (Continued) Cost estimates can be derived from a number of different sources. Since the preparation of a reserve study is an attempt to refine estimates as much as possible, the use of "real costs" is our goal. That means we try to use the most reliable costs available, and if they're not available, go to the next most reliable source. In order of reliability, costs were obtained from: Actual cost of most recent repair Bid for repair not yet undertaken Contractor or vendor estimate Facilities Advisors inc. cost database (continually updated) Construction cost estimating guides Site Visit Observations The site exhibits a number of deferred maintenance issues, some of which require immediate attention. Overall condition of of project is below standard, with a number of substandard repairs being observed.

12 Page 1 7 Report # 1245 V Page 1 7 Financial Analysis The financial analysis of a reserve study consists of two steps. The first step is to calculate future expenditures based upon the information obtained from the physical analysis; the estimated replacement cost and estimated remaining life for each component. This is a transparent, straightline calculation. However, to be realistic, inflation must be added into the claculation or your funding goal will fall short of the future amount needed. In addition, we generally recommend adding a minor contingency factor into the projected future cost of each component, simply as a precaution against estimating mistakes in replacement costs or replacement dates. The second step is to build a stream of estimated future cash infows to adequately provide for the projected future expenditures. Agin, this is a relatively straightforward calculation, until you begin to factor in adjustments. The projection of cash inflows starts with the first year reserve assessments. While many associations reques that we calculate the "ideal" assessment amount, for most associations that is impractical. The fact is that the Association generally already knows the maximum "politically acceptable" assessment for the first year. We honor that, because with a 30year budget, we can make up any deficiency in future (the remaining 29) years. The projection of cash inflows should also consider interest income, related income tax expense, annual assessment adjustments, and the possibility of loans or special assessments. The decision to consider interest income as part of reserve fund cash inflows is not necessarily a given. Some associations establish a policy to transfer any interest income earned to the operating fund, and have a higher fixed reserve assessment to compensate. The advantage of this is that you will not have to "estimate" interest income. This also eliminates the need to estimate income tax expense related to the interest income. We generally recommend that annual reserve assessments be increased yearly as an offset to the effects of inflation. Failure to do so will likely leave the Association in an underfunded situation, unless the entire reserve assessment structure is rechallenged and revised yearly. We will frequently recommend using commercial bank loans as part of a funding plan when an association finds itself in an underfunded situation and needs cash sooner than will be provided based on annual assessments. This has two benefits; (1) it avoids special assessments, (2) it smooths out cash flow. There is, obviously, a cost to this; the interest expense that will be incurred over the life of the loan. While we don't actively advocate loans, we recognize that loans are being used far more frequently in reserve study funding plans. We always try to construct a funding plan to avoid a special assessment. However, occasionally it is unavoidable, and results from prior years underfunding of reserves.

13 Page 1 8 Report # 1245 V Page 1 8 Financial Analysis (Continued) The Association's funding plan can be built using one of three recognized goals; Baseline funding, Threshold funding, or Full funding. The goal of Baseline funding is simply to make sure your cash balance does not drop below zero. Threshold funding establishes a funding goal greater than Baseline funding, but less than 100% funded. Full funding establishes a goal of 100% funding. This is interpreted as having 100% of the funds needed at a given point in time (the ideal balance), not as having 100% of the replacement cost of all components. We generally recommend a goal of 100% funded by the end of the 30year funding projections, and earlier if possible. This gets directly to the heart of the funding issue; "fairness." The general consensus is that if an association starts out with a 100% funding plan, that means that the individuals who enjoyed the benefit of the "wearing out" of the common area components paid for that benefit. Unfortunately, very few associations are 100% funded. That means that assumptions must be made as to how to "catch up" the funding to reach the goal of 100% funded. A special assessment for that purpose is generally considered impractical, so the deficit is made up over some period of time. The percent funded calculation is generally regarded as the best objective measure of the strength, or status, of an association's reserve fund. Percent funded measures the ideal balance against the funds actually set aside for reserves. There is general consensus amongst industry professionals that a percent funded ratio of less than 30% represents a poorly funded reserve fund. 30% to 70% is considered weak, but acceptable, 70% is considered adequate. Our position is that 90% is considered "strong." Again, our goal is generally to achive 100% at the end of the 30year projection period. The Association's projected reserve assessments for the 30year funding period are shown in the chart below. The detail of this is shown in Exhibits 2 1 and 3 1. Annual Reserve Contributions $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $ Years

14 Page 1 9 Report # 1245 V Financial Analysis (Continued) Page 1 9 The Association's estimated reserve expenditures for the 30year financial projection period are shown in the chart below. The detail of this is shown in Exhibits 2 2 and 3 2. Annual Reserve Expenses $250,000 $200,000 $150,000 $100,000 $50,000 $ Years The Association's projected per cent funded for the 30year financial projection period are shown in the chart below. The detail of this is shown in Exhibits 2 3 and 3 3. Percent Funded $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $ Years Balances Ideal Balance

15 Page 1 10 Report # 1245 V Summary of Significant Assumptions Page 1 10 The following significant assumptions were used in the preparation of this reserve study report. If the actual replacement costs or remaining lives vary from the assumptions used in this analysis, the impact could be significant on future assessments. Accordingly, an annual review of the analysis is necessary to see if the Board, within its authority, should increase the regular assessments, pass special assessments or reschedule future replacement dates. Generally, only longterm major repair and replacement activities for components with a life of 2 years or longer and a cost of $1,000 or more have been considered in this analysis. The Association will not have to replace the components that have a remaining life of more than 30 years. Those components are assumed to be permanent, lifetime components. A projection of events 30 years in the future can only be made in general terms. However, as the Association matures, certain components may deteriorate and the remaining physical life will be reduced such that those components may need to be reevaluated to determine if they should be included in future studies. The Board of Directors will implement and/or continue preventive maintenance and repair programs to prevent abnormal deterioration of the common areas. The analysis assumes that no unusual conditions will occur, such as weather, vandalism, unusual use, or unforeseen obsolescence. Measurements and quantities were obtained by count, measurement, or estimation from plans provided by the Board of Directors unless otherwise noted, and are assumed to be a close approximation to actual. Proper construction and installation of all improvements is assumed, unless otherwise noted. This analysis assumes that the Association membership wishes to continue the use and maintenance of all amenities currently in place. The Association carries comprehensive property insurance to cover most insurable risks, such as allrisk property liability, and theft. Current financial information was supplied by the Board of Directors and is assumed to be reasonably accurate as of the date of this analysis. Funded cash balances were not audited nor confirmed directly with financial institutions as a part of this analysis. The Association will collect and set aside reserve assessments on an annual basis, in order that sufficient funds will be available when expenditures are scheduled or necessary. The Board of Directors does not anticipate any special assessments other than those that may be scheduled as part of the attached 30year funding projection.

16 Page 1 11 Report # 1245 V Page 1 11 Summary of Significant Assumptions (continued) The following assumptions were used in preparing this report: Current Replacement Cost Future Replacement Cost Investment Accounts Average Interest Rate Estimated Reserve Cash Balance at December 31, 2010 Annual Contribution for 2011 Estimated Rate of Inflation per the Board of Directors Contingency Rate $ $ $ $ 1,373,099 1,758, % 216,150 55, % 0.00% s Excluded from this report Major Building Structures Utilities Underground Street base Hardscape Reason Not Included Lifetime Lifetime Lifetime

17 Page 1 12 Report # 1245 V Page 1 12 Disclosures Neither Facilities Advisors, inc. nor its owners individually have other relationships with the Association that would represent a conflict of interest. Your Facilities Advisors, inc. Reserve Specialist is Gary Porter. Mr. Porter has been preparing reserve studies since 1982, and has performed hundreds of reserve studies. He was also the author of the 1988 book, The Reserve Study Manual, which was one of the first comprehensive publications regarding what was a relatively new process at that time. Mr. Porter has long been involved in the reserve study industry, having been involved in the creation of national standards for both CAI's Reserve Specialist (RS) credential and APRA's Professional Reserve Analyst (PRA) credential. He has conducted a number of seminars on reserve topics for both CAI National Conferences as well as various local CAI chapters, and has presented seminars for the California Association of Community Managers. Mr. Porter has testified as an expert witness regarding reserves on a number of occasions. Mr. Porter has many years of construction experience, having built several projects acting as an ownerbuilder. Mr. Porter holds the Professional Reserve Analyst (PRA) desgination issued by APRA. Mr. Porter holds the Reserve Specialist (RS) designation issued by CAI. In addition he is presently enrolled in a facilities management certificate program that will result in receiving a designation as a Facilities Management Professional. Mr. Porter was, for several years, an active partner in a public adjusting company that performed public adjusting services for many associations damaged in various earthquakes. This required complete evaluation and appraisal of the costs to reconstruct association properties valued at tens of millions of dollars. He is presently completing courses required for licensing as a public adjuster. Mr. Porter is also a CPA and possesses the skills directly applicable to preparation of a financial forecast for future major repairs and replacements. Mr. Porter is registered as a Reserve Study Specialist (RSS) with the Nevada Division of Real Estate, Certificate # 35. The skillset involved in the above described experience and designations represent the skills most directly applicable to evaluation of existing facilities for purposes of a reserve study. The site visit included observations of all visible common area components, unless otherwise indicated on the detail component listing. No destructive testing was performed. We are not aware of any material issues which, if not disclosed, would cause a significant distortion of the Association's reserve status or funding plan.

18 Page 1 13 Report # 1245 V Limitations Page 1 13 Facilities Advisors, inc. has relied upon certain information provided by Association representatives in the performance of this reserve study. Such information includes, but is not necessarily limited to, financial data, identification or quantification of common area components, and historical maintenance information. Such information is deemed reliable by Facilities Advisors, inc. The reserve study is a reflection of information provided to Facilities Advisors, inc. and this report has been assembled for use by the Association. This report has not been audited, nor subjected to a forensic or quality analysis, or background checks of historical records. The reserve balance projected in this report is based upon information provided by the Association to Facilities Advisors, inc. and was not audited. Information provided to Facilities Advisors, inc. by the Association about reserve projects is considered reliable. The onsite visit cannot be considered a project audit or a quality visit.

19 Page 1 14 Report # 1245 V Terminology Page 1 14 Report Effective Date Effective date of report based on the Association fiscal year end. Current Replacement Cost Calculation based upon unit cost, measurement basis, and quantity. Common Area The areas of a project whose ownership is under an undivided interest basis. These areas are shared equally between all owners, in use and maintenance. A specific item of the common areas that requires major repair or replacement (pool pump, tennis court net, couch, roof, etc.). Compound Interest A financial calculation that takes into account that interest, added to the principal at specified compounding periods, also earns interest. Funds Actual monies that are on deposit or to be collected. Future Cost Estimated cost to replace at a specific future date based upon estimated current replacement cost and the rate of inflation applied on a compounded basis for a specified period. Measurement Basis The basis in which costs are measured for reserve items (sq. yd., linear feet, etc.). Project Date Date that the first unit was delivered for occupancy. Estimated Life Estimated total life of a reserve component, for recurring replacement cycles. Remaining Life An estimate of the service life of a particular component made after the first year in which a reserve item has been in place. Adjusted Life Changed life for the first replacement cycle only of a component. Date Placed in Service The initial date that a component is placed in service. Special Assessment Supplemental contributions by owners (in addition to the normal contributions) usually assessed when longterm maintenance or replacements of reserve items are of immediate nature and sufficient funds are not available to pay for these items. Unit This is an actual residence or condominium.

20 Page 1 15 Report # 1245 V Executive Summary Page 115 This two page summary identifies the major characteristics of the project and may normally be copied and provided to members to meet your disclosure requirements. If you prefer to receive a copy of these pages in Excel format so that you may format it to meet your needs, please contact us and we will provide a copy for your use. Contact Name: Address: Alice Martin 35 Pilot Knob Lane Telluride, Colorado Business Phone: Project Completion Date: Visit Date: Report Effective Date: Type of Project: /1/1979 5/25/2010 1/1/2011 Condominium Association Number of Units 58 Projected Reserve Balance at 12/31/2010 $ 216, Annual Contribution to Reserves $ 34,800 $ 55,680 Monthly Contribution to Reserves $ 2, $ 4, Monthly Contribution to Reserves Per Homeowner $ $ Percentage Increase to Contribution to Reserves for % Minimum Funding Level $ 1,000 Estimated Interest Rate 2.00% Estimated Inflation Rate 1.50% Estimated Contingency Rate 0.00% Estimated Tax Rate 15.00% This financial projection was prepared for the Association by Facilities Advisors, Inc., and is based upon certain assumptions regarding condition, replacement costs, and estimated useful lives of the components contained in this study. Estimated replacement costs are based upon bids received, prior costs paid, construction costs manuals and other sources. This study is limited to those components contained herein. Certain components have been omitted as they have useful lives in excess of the scope of this study (30 years), or major repair and replacement costs are included in the operating budget. Funding has been calculated using a pooled, cash flow calculation. Assumptions for interest earnings on invested funds, the inflation rates estimated for future replacement costs, and the applicable net income tax rate are shown above. The Board of Directors has determined that, based upon the reserve study, no special assessments are presently anticipated for any year covered by this study. However, actual expenditures may vary from the estimated amounts, and the variations may be material. Therefore, amounts accumulated in the reserve fund may not be adequate to meet future needs. The Board regularly updates assumptions and estimates used in the reserve study in order to have accurate financial projections of future cash needs.

21 Eider Creek Homeowners Association Page 1 16 Report # 1245 V Page 1 16 Executive Summary Major s Estimated Useful Life Summary of Major s Estimated Remaining Life As of December 31, 2010 Current Replacement Cost Allocation of Cash Actually Set Aside Ideal Funding % Funded Paint 12 to to 5.5 $ 104,601 $ 18,309 $ 56, % Lighting 25 to to , , % Paving 10 to to ,363 7,557 50, % Doors 24 to to ,700 6,695 20, % Fencing 20 to to , % Signs 10 to to % Roofing 20 to to ,031 68, , % Building Exteriors 1 to to , , , % Planters 2 to to % Totals $ 1,373,099 $ 216,150 $ 846, %

22 Section 2 Report # 1245 V Section 2 Summary Financial Exhibits Level Page 2 Financial exhibits following this page provide details of the Association's reserves. The report is divided into two sections. Section 2 includes summary level reports only generated at the level. Section 3 includes detail reports only generated at the level. Presenting the report in this manner facilitates understanding of the data. level reports allow the reader to grasp the high level picture because category level reports are always presented on a single page. level reports, depending upon the number of components, may consist of many pages. The purpose of component level reports is not to allow the reader to immediately grasp an overall understanding, but to confirm the accuracy of the summary, category level reports. Section 2 Exhibits Level Exhibit 2 1 Cash Flow Projection Summary Exhibit 2 2 Expenditure Summary Exhibit 2 3 Percent Funded Summary Exhibit 2 4 List Summary by Exhibit 2 5 AICPA Supplemental Disclosures

23 Exhibit 2 1 ThirtyYear Cash Flow Projection Report # 1245 V Exhibit 2 1 Cash Flow Projection Summary Page 2 1 Introduction The following Cash Flow Projection summarizes the cash inflows and outflows of the reserve fund for the thirtyyear projection period. This analysis incorporates the assumptions set forth in the Summary of Significant Assumptions disclosed in the narrative section of this report, section 1 5. The projected assessments should reflect the amounts set forth in the Association's annual budget. Starting Reserve Cash Balance The starting point for the Cash Flow Projection is the estimated combined cash and investment balance at the first day of the fiscal year of the 30 year projection period. Since this report is prepared prior to that actual date, the amount must be estimated. Several factors must be considered; the current cash balance, the estimated reserve fund transfers from the interim report date until year end, estimated expenditures from the interim report date until year end, and estimated interest earnings from the interim report date until year end. For purposes of this analysis, estimated interest income is ignored as being an immaterial amount. The balance is thus calculated as: Balance per financial statements as of Deposits from financial statement date to end of year Expenditures from financial statement date to end of year Starting Cash Balance for Financial Projection $ $ $ $ 174,390 41, ,150 Funding Methods and Goals The following Cash Flow Projection is calculated using what is generally referred to as the "Cash Flow" method. In this method, the cash inflows are calculated to provide funding for the estimated cash outflows, aggregated for all components, of the reserve fund for the thirtyyear projection period. An alternate method, generally referred to as the "Straight Line" or "" funding method exists, but is not used in this reserve study report. The funding goals recognized in CAI's National Reserve Study Standards are: Baseline Funding is a funding plan wherein cash inflows are generated just to have sufficient cash for future year; in other words, just making sure your cash balance does not go below zero. This is generally considered a risky goal as it leaves no margin for error, thereby exposing members to the risk of special assessments. Threshold Funding is a funding plan that sets an arbitrary objective at a level above baseling funding, but below 100% funding. Full Funding essentially sets the objective of being 100% funded. The funding goal established in this reserve study report is to reach Full Funding by the end of the 30year projection period. Annual Reserve Contributions $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $ Years

24 Exhibit 2 1 Report # 1245 V Exhibit 2 1 ThirtyYear Cash Flow Projection Page 2 1 Year Fiscal Year End Beginning Balance Income Investment Earnings Net of Taxes Expenses Ending Balance Percent Funded Ideal Balance 1 12/31/11 $ 216,150 $ 55,680 $ 3,813 $ (39,344) $ 236, % $ 865, /31/12 236,299 57,072 4,011 (57,827) 239, % 865, /31/13 239,555 58,499 4,127 (52,138) 250, % 870, /31/14 250,043 59,961 3,143 (190,261) 122, % 737, /31/15 122,886 61,460 2,131 (56,573) 129, % 738, /31/16 129,904 62,997 1,296 (170,326) 23, % 625, /31/17 23,871 64, (3,867) 85, % 679, /31/18 85,497 66,186 1,987 (3,365) 150, % 734, /31/19 150,305 67,841 2,847 (33,476) 187, % 761, /31/20 187,517 69,537 3,701 (9,116) 251, % 814, /31/21 251,639 71,275 4,844 (4,691) 323, % 873, /31/22 323,067 73,057 6,083 (3,573) 398, % 934, /31/23 398,634 74,883 6,340 (126,212) 353, % 874, /31/24 353,646 76,755 4,620 (240,524) 194, % 698, /31/25 194,497 78,674 2,717 (147,993) 127, % 614, /31/26 127,896 80,641 1,589 (149,452) 60, % 528, /31/27 60,674 82,657 1,690 (5,146) 139, % 587, /31/28 139,876 84,724 1,885 (142,704) 83, % 508, /31/29 83,780 86,842 2,122 (4,741) 168, % 569, /31/30 168,003 89,013 3,523 (10,589) 249, % 625, /31/31 249,950 91,238 4,978 (5,449) 340, % 689, /31/32 340,717 93,519 6,552 (4,150) 436, % 755, /31/33 436,639 95,857 8,196 (4,914) 535, % 823, /31/34 535,777 98,254 9,907 (4,276) 639, % 893, /31/35 639, ,710 11,687 (5,064) 746, % 964, /31/36 746, ,228 12,872 (82,834) 780, % 960, /31/37 780, ,808 14,119 (5,218) 894, % 1,034, /31/38 894, ,454 16,098 (4,540) 1,014, % 1,111, /31/39 1,014, ,165 18,154 (5,376) 1,138, % 1,189, /31/40 1,138, ,944 18,843 (174,993) 1,096, % 1,099,234 Totals $ 216,150 $ 2,444,503 $ 184,798 $ (1,748,733) $ 1,096,718

25 Exhibit 2 2 Report # 1245 V Exhibit 2 2 Expenditure Summary Page 2 2 Annual Reserve Expenses $250,000 $200,000 $150,000 $100,000 $50,000 $ Years

26 Exhibit 2 2 Report # 1245 V Exhibit 2 2 Expenditure Summary /31/11 12/31/12 12/31/13 12/31/14 12/31/15 12/31/16 12/31/17 12/31/18 12/31/19 12/31/20 Page of 3 Paint $ $ $ $ $ $ 113,576 $ $ $ $ Lighting $ $ $ $ $ $ $ $ $ $ Paving $ $ 54,751 $ $ $ $ $ $ $ $ 5,649 Doors $ $ $ $ $ $ $ $ $ 29,491 $ Fencing $ $ $ $ $ $ $ $ $ $ Signs $ 504 $ $ $ $ $ $ $ $ $ Roofing $ $ $ $ $ $ $ $ $ $ Building Exteriors $ 3,030 $ 3,076 $ 51,617 $ 190,261 $ 56,037 $ 56,750 $ 3,315 $ 3,365 $ 3,416 $ 3,467 Planters $ 505 $ $ 520 $ $ 536 $ $ 552 $ $ 569 $ Concrete Maintenance $ 35,306 $ $ $ $ $ $ $ $ $ Totals $ 39,344 $ 57,827 $ 52,138 $ 190,261 $ 56,573 $ 170,326 $ 3,867 $ 3,365 $ 33,476 $ 9,116

27 Exhibit 2 2 Report # 1245 V Exhibit 2 2 Expenditure Summary Page of /31/21 12/31/22 12/31/23 12/31/24 12/31/25 12/31/26 12/31/27 12/31/28 12/31/29 12/31/30 Paint $ $ $ $ $ $ $ $ 135,934 $ $ Lighting $ $ $ $ 3,780 $ $ $ 654 $ $ 112 $ Paving $ $ $ $ $ $ $ $ $ $ 6,561 Doors $ $ $ $ $ $ $ $ 910 $ $ Fencing $ $ $ $ $ $ $ $ 1,952 $ $ Signs $ 585 $ $ $ $ $ $ $ $ $ Roofing $ $ $ 73,476 $ 80,134 $ 88,563 $ 89,898 $ $ $ $ Building Exteriors $ 3,520 $ 3,573 $ 52,131 $ 156,611 $ 58,808 $ 59,555 $ 3,850 $ 3,909 $ 3,968 $ 4,027 Planters $ 587 $ $ 604 $ $ 623 $ $ 642 $ $ 661 $ Concrete Maintenance $ $ $ $ $ $ $ $ $ $ Totals $ 4,691 $ 3,573 $ 126,212 $ 240,524 $ 147,993 $ 149,452 $ 5,146 $ 142,704 $ 4,741 $ 10,589

28 Exhibit 2 2 Report # 1245 V Exhibit 2 2 Expenditure Summary Page of /31/31 12/31/32 12/31/33 12/31/34 12/31/35 12/31/36 12/31/37 12/31/38 12/31/39 12/31/40 Paint $ $ $ $ $ $ $ $ $ $ 162,693 Lighting $ $ $ $ $ $ $ $ $ $ Paving $ $ $ $ $ $ 78,428 $ $ $ $ 7,621 Doors $ $ $ $ $ $ $ $ $ $ Fencing $ $ $ $ $ $ $ $ $ $ Signs $ 680 $ $ $ $ $ $ $ $ $ Roofing $ $ $ $ $ $ $ $ $ $ Building Exteriors $ 4,088 $ 4,150 $ 4,212 $ 4,276 $ 4,340 $ 4,406 $ 4,472 $ 4,540 $ 4,608 $ 4,678 Planters $ 681 $ $ 702 $ $ 723 $ $ 745 $ $ 768 $ Concrete Maintenance $ $ $ $ $ $ $ $ $ $ Totals $ 5,449 $ 4,150 $ 4,914 $ 4,276 $ 5,064 $ 82,834 $ 5,218 $ 4,540 $ 5,376 $ 174,993

29 Exhibit 2 3 Report # 1245 V Table 4 Percent Funded Schedule Page 2 3 Certain State Civil Codes require that associations disclose to homeowners (and homeowners in turn to potential buyers) the current estimate of the amount of cash reserves necessary... to perform these tasks, and the amount of accumulated cash actually set aside. Additionally, they must indicate what percent the amount of money set aside (the Reserve Fund Balance ) is of the current estimate of the amount of cash reserves necessary. This percentage is commonly referred to as an association's Percent Funded figure. Just as there are two different approaches to calculating assessments, there are two different approaches to calculating the Percent Funded figure. The most easily understood method is the Straight Line approach. Using this approach, the amount of money to be set aside for a component for each year is multiplied by the number of years that component has aged. In the case of our example, if our $100,000 component with a 5 year life ($20,000 per year) was two years old, then $40,000 would be expected to be on hand. This is done individually for each component, and then the results are added together. Again, this can be done using either the current or future costs. Proponents of the Future Cost method argue that the current estimate is not the current cost, but rather the current estimate of what the cost of repair will be when it is needed (i.e., the Future Cost). The problem with this approach is that the calculations do not take into account that Reserve Fund monies earn interest, and the amount of this interest can be significant. If a straightline approach were used, the 100% funding level would indicate excess funds on hand and would be misleading. Additionally, an association which has less than 100% Funded StraightLine may well have enough money. In this case the disclosure would also be misleading. Percent Funded $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $ Years Balances Ideal Balance

30 Exhibit 2 3 Report # 1245 V Page 2 3 Exhibit 2 3 Percent Funded Summary 10 Remaining Life Current Replacement Cost Balance Allocation Ideal Funding % Funded Paint 12 to 12 $ 104,601 $ 18,309 $ 56, % Lighting 25 to 25 $ 3,675 $ 514 $ 1, % Paving 10 to 24 $ 58,363 $ 7,557 $ 50, % Doors 24 to 40 $ 26,700 $ 6,695 $ 20, % Fencing 20 to 20 $ 1,500 $ 59 $ % Signs 10 to 10 $ 500 $ 71 $ % Roofing 20 to 45 $ 469,031 $ 68,537 $ 212, % Building Exteriors 1 to 45 $ 673,230 $ 109,201 $ 470, % Planters 2 to 2 $ 500 $ 50 $ % Concrete Maintenance 33 to 33 $ 35,000 $ 5,157 $ 34, % Totals $ 1,373,099 $ 216,150 $ 846, %

31 Exhibit 2 4 Report # 1245 V Exhibit 2 4 List Summary by Page 2 4 The following table represents a list of the components considered in this study. Each component is identified based on a category. The estimated lives are designated in years. While the Board of Directors has final discretion as to what items are included the the reserve study, it is common that many assets (components) exist that may not be included in the reserve funding plan. Examples of such items are those components deemed to have a remaining useful life in excess of 30 years, those items of such low dollar value that they are considered immaterial, and those items that are routinely paid for from the operating budget. List Paint $800,000 Lighting $700,000 Paving $600,000 Doors $500,000 Fencing $400,000 Signs $300,000 Roofing $200,000 Building Exteriors $100,000 Planters $ Concrete Maintenance

32 Page 24 Report # 1245 V Page 2 4 Exhibit 2 4 List Summary by 10 # of Items Useful Life Remaining Life Current Cost Future Cost Balance Allocation Ideal Funding % Funded 2011 Funding Paint to to 5.5 $ 104,601 $ 113,591 $ 18,309 $ 56, % $ 4,242 Lighting 9 25 to to ,675 4, , % 149 Paving 2 10 to to ,363 60,403 7,557 50, % 2,367 Doors to to ,700 30,406 6,695 20, % 1,083 Fencing 1 20 to to ,500 1, % 61 Signs 1 10 to to % 20 Roofing to to , ,264 68, , % 19,019 Building Exteriors 29 1 to to , , , , % 27,300 Planters 1 2 to to % 20 Concrete Maintenance 1 33 to to ,000 35,307 5,157 34, % 1,419 Totals 118 $ 1,373,099 $ 1,758,762 $ 216,150 $ 846, % $ 55,680

33 Page 2 5 Report # 1245 V Page 2 5 Exhibit 2 5 AICPA Supplemental Disclosures This supplemental information about reserves is a required presentation for associations that present financial information such as compiled, reviewed, or audited financial statements in accordance with Generally Accepted Accounting Principles (GAAP). 10 Estimated Remaining Estimated 12/31/ Major Life in Years Current Cost Allocation Funding Paint 5.5 to 5.5 $ 104,601 $ 18,309 $ 4,242 Lighting 13.7 to , Paving 1.6 to ,363 7,557 2,367 Doors 8.4 to ,700 6,695 1,083 Fencing 17.6 to , Signs 0.5 to Roofing 12.6 to ,031 68,537 19,019 Building Exteriors 0.7 to , ,201 27,300 Planters 0.7 to Concrete Maintenance 0.6 to ,000 5,157 1,419 Totals $ 1,373,099 $ 216,150 $ 55,680

34 Page 3 Report # 1245 V Page 3 Section 3 Financial Exhibits Level Section 3 level reports immediately following this page consist of: Exhibit 3 1 Annual Cash Flow Detail Exhibit Expenditure Detail by Year by Exhibit Expenditure Detail by by Year Exhibit 3 3 Percent Funded Detail Exhibit List Detail by Major Exhibit List Detail Inventory with Photos

35 Sample Planned Development Association January 1, 2010 Page 3 1 Report # 1239 V Table 3 1 Cash Inflows By Year Page 3 1 Year Ended Description Annual Amount Total by Year 12/31/11 Annual Assessments $ 55,680 12/31/11 Interest Income, Net of Taxes $ 3,813 Total for Fiscal Year 2011 $ 59,493 12/31/12 Annual Assessments $ 57,072 12/31/12 Interest Income, Net of Taxes $ 4,011 Total for Fiscal Year 2012 $ 61,083 12/31/13 Annual Assessments $ 58,499 12/31/13 Interest Income, Net of Taxes $ 4,127 Total for Fiscal Year 2013 $ 62,625 12/31/14 Annual Assessments $ 59,961 12/31/14 Interest Income, Net of Taxes $ 3,143 Total for Fiscal Year 2014 $ 63,104 12/31/15 Annual Assessments $ 61,460 12/31/15 Interest Income, Net of Taxes $ 2,131 Total for Fiscal Year 2015 $ 63,591 12/31/16 Annual Assessments $ 62,997 12/31/16 Interest Income, Net of Taxes $ 1,296 Total for Fiscal Year 2016 $ 64,293 12/31/17 Annual Assessments $ 64,572 12/31/17 Interest Income, Net of Taxes $ 922 Total for Fiscal Year 2017 $ 65,494 12/31/18 Annual Assessments $ 66,186 12/31/18 Interest Income, Net of Taxes $ 1,987 Total for Fiscal Year 2018 $ 68,173 12/31/19 Annual Assessments $ 67,841 12/31/19 Interest Income, Net of Taxes $ 2,847 Total for Fiscal Year 2019 $ 70,688 12/31/20 Annual Assessments $ 69,537 12/31/20 Interest Income, Net of Taxes $ 3,701 Total for Fiscal Year 2020 $ 73,238 12/31/21 Annual Assessments $ 71,275 12/31/21 Interest Income, Net of Taxes $ 4,844 Total for Fiscal Year 2021 $ 76,119

36 Sample Planned Development Association January 1, 2010 Page 3 1 Report # 1239 V Table 3 1 Cash Inflows By Year Page 3 1 Year Ended Description Annual Amount Total by Year 12/31/22 Annual Assessments $ 73,057 12/31/22 Interest Income, Net of Taxes $ 6,083 Total for Fiscal Year 2022 $ 79,140 12/31/23 Annual Assessments $ 74,883 12/31/23 Interest Income, Net of Taxes $ 6,340 Total for Fiscal Year 2023 $ 81,224 12/31/24 Annual Assessments $ 76,755 12/31/24 Interest Income, Net of Taxes $ 4,620 Total for Fiscal Year 2024 $ 81,375 12/31/25 Annual Assessments $ 78,674 12/31/25 Interest Income, Net of Taxes $ 2,717 Total for Fiscal Year 2025 $ 81,392 12/31/26 Annual Assessments $ 80,641 12/31/26 Interest Income, Net of Taxes $ 1,589 Total for Fiscal Year 2026 $ 82,231 12/31/27 Annual Assessments $ 82,657 12/31/27 Interest Income, Net of Taxes $ 1,690 Total for Fiscal Year 2027 $ 84,348 12/31/28 Annual Assessments $ 84,724 12/31/28 Interest Income, Net of Taxes $ 1,885 Total for Fiscal Year 2028 $ 86,609 12/31/29 Annual Assessments $ 86,842 12/31/29 Interest Income, Net of Taxes $ 2,122 Total for Fiscal Year 2029 $ 88,964 12/31/30 Annual Assessments $ 89,013 12/31/30 Interest Income, Net of Taxes $ 3,523 Total for Fiscal Year 2030 $ 92,535 12/31/31 Annual Assessments $ 91,238 12/31/31 Interest Income, Net of Taxes $ 4,978 Total for Fiscal Year 2031 $ 96,217 12/31/32 Annual Assessments $ 93,519 12/31/32 Interest Income, Net of Taxes $ 6,552

37 Sample Planned Development Association January 1, 2010 Page 3 1 Report # 1239 V Table 3 1 Cash Inflows By Year Page 3 1 Year Ended Description Annual Amount Total by Year Total for Fiscal Year 2032 $ 100,071 12/31/33 Annual Assessments $ 95,857 12/31/33 Interest Income, Net of Taxes $ 8,196 Total for Fiscal Year 2033 $ 104,053 12/31/34 Annual Assessments $ 98,254 12/31/34 Interest Income, Net of Taxes $ 9,907 Total for Fiscal Year 2034 $ 108,161 12/31/35 Annual Assessments $ 100,710 12/31/35 Interest Income, Net of Taxes $ 11,687 Total for Fiscal Year 2035 $ 112,397 12/31/36 Annual Assessments $ 103,228 12/31/36 Interest Income, Net of Taxes $ 12,872 Total for Fiscal Year 2036 $ 116,100 12/31/37 Annual Assessments $ 105,808 12/31/37 Interest Income, Net of Taxes $ 14,119 Total for Fiscal Year 2037 $ 119,928 12/31/38 Annual Assessments $ 108,454 12/31/38 Interest Income, Net of Taxes $ 16,098 Total for Fiscal Year 2038 $ 124,551 12/31/39 Annual Assessments $ 111,165 12/31/39 Interest Income, Net of Taxes $ 18,154 Total for Fiscal Year 2039 $ 129,319 12/31/40 Annual Assessments $ 113,944 12/31/40 Interest Income, Net of Taxes $ 18,843 Total for Fiscal Year 2040 $ 132,787

38 Page Report # 1245 V Exhibit Expenditure Detail By Year By 38 of 104 Page Item # Date Location Amount Fiscal Year Ended 12/31/ /1/11 Repair Allowance Buildings Building Exteriors $ 3, /1/11 Repair Allowance Common Areas Planters $ /1/11 Signs Replace Common Areas Signs $ /1/11 Concrete Replacement Common Areas Concrete Maintenance $ 35,306 Total for Fiscal Year 12/31/11 $ 39,344 Fiscal Year Ended 12/31/ /1/12 Repair Allowance Buildings Building Exteriors $ 3, /1/12 Resurface Street & Parking Lot Paving $ 54,751 Total for Fiscal Year 12/31/12 $ 57,827 Fiscal Year Ended 12/31/ /1/13 Stairs Replace Building 100 Building Exteriors $ 8, /1/13 Railing Replace Building 100 Building Exteriors $ 6, /1/13 Decks Replace Building 100 Building Exteriors $ 34, /1/13 Repair Allowance Buildings Building Exteriors $ 3, /1/13 Repair Allowance Common Areas Planters $ 520 Total for Fiscal Year 12/31/13 $ 52,138 Fiscal Year Ended 12/31/ /1/14 Stairs Replace Building 200 Building Exteriors $ 8, /1/14 Railing Replace Building 200 Building Exteriors $ 6, /1/14 Decks Replace Building 200 Building Exteriors $ 35, /1/14 Stairs Replace Building 600 Building Exteriors $ 12, /1/14 Railing Replace Building 600 Building Exteriors $ 9, /1/14 Decks Replace Building 600 Building Exteriors $ 35, /1/14 Stairs Replace Building 700 Building Exteriors $ 16, /1/14 Railing Replace Building 700 Building Exteriors $ 9, /1/14 Decks Replace Building 700 Building Exteriors $ 53, /1/14 Repair Allowance Buildings Building Exteriors $ 3,169 Total for Fiscal Year 12/31/14 $ 190,261 Fiscal Year Ended 12/31/15 1 8/1/15 Stairs Replace Building 400 Building Exteriors $ 8, /1/15 Railing Replace Building 400 Building Exteriors $ 6, /1/15 Decks Replace Building 400 Building Exteriors $ 37, /1/15 Repair Allowance Buildings Building Exteriors $ 3, /1/15 Repair Allowance Common Areas Planters $ 536 Total for Fiscal Year 12/31/15 $ 56,573 Fiscal Year Ended 12/31/16 2 7/1/16 Stairs Paint Building 400 Paint $ /1/16 Railing Paint Building 400 Paint $ /1/16 Decks Paint Building 400 Paint $ 3, /1/16 Wood Siding Paint Building 400 Paint $ 12,094

39 Page Report # 1245 V Exhibit Expenditure Detail By Year By 39 of 104 Page Item # Date Location Amount 12 7/1/16 DoorsEntryPaint Building 400 Paint $ /1/16 DoorsStoragePaint Building 400 Paint $ /1/16 Stairs Paint Building 100 Paint $ /1/16 Railing Paint Building 100 Paint $ /1/16 Decks Paint Building 100 Paint $ 3, /1/16 Wood Siding Paint Building 100 Paint $ 10, /1/16 DoorsEntryPaint Building 100 Paint $ /1/16 DoorsStoragePaint Building 100 Paint $ /1/16 Stairs Paint Building 200 Paint $ /1/16 Railing Paint Building 200 Paint $ /1/16 Decks Paint Building 200 Paint $ 3, /1/16 Wood Siding Paint Building 200 Paint $ 11, /1/16 DoorsEntryPaint Building 200 Paint $ /1/16 DoorsStoragePaint Building 200 Paint $ /1/16 Stairs Paint Building 300 Paint $ /1/16 Railing Paint Building 300 Paint $ /1/16 Decks Paint Building 300 Paint $ 3, /1/16 Wood Siding Paint Building 300 Paint $ 12, /1/16 DoorsEntryPaint Building 300 Paint $ /1/16 DoorsStoragePaint Building 300 Paint $ /1/16 Stairs Replace Building 500 Building Exteriors $ 8, /1/16 Stairs Paint Building 500 Paint $ /1/16 Railing Replace Building 500 Building Exteriors $ 6, /1/16 Railing Paint Building 500 Paint $ /1/16 Decks Replace Building 500 Building Exteriors $ 38, /1/16 Decks Paint Building 500 Paint $ 3, /1/16 Wood Siding Paint Building 500 Paint $ 12, /1/16 DoorsEntryPaint Building 500 Paint $ /1/16 DoorsStoragePaint Building 500 Paint $ /1/16 Stairs Paint Building 600 Paint $ /1/16 Railing Paint Building 600 Paint $ /1/16 Decks Paint Building 600 Paint $ 3, /1/16 Wood Siding Paint Building 600 Paint $ 11, /1/16 DoorsEntryPaint Building 600 Paint $ /1/16 DoorsStoragePaint Building 600 Paint $ /1/16 Stairs Paint Building 700 Paint $ /1/16 Railing Paint Building 700 Paint $ /1/16 Decks Paint Building 700 Paint $ 4, /1/16 Wood Siding Paint Building 700 Paint $ 11, /1/16 DoorsEntryPaint Building 700 Paint $ /1/16 DoorsStoragePaint Building 700 Paint $ /1/16 Repair Allowance Buildings Building Exteriors $ 3, /1/16 Wood Siding Paint Trash Enclosure Paint $ /1/16 DoorsPaint Trash Enclosure Paint $ 54 Total for Fiscal Year 12/31/16 $ 170,326 Fiscal Year Ended 12/31/ /1/17 Repair Allowance Buildings Building Exteriors $ 3, /1/17 Repair Allowance Common Areas Planters $ 552 Total for Fiscal Year 12/31/17 $ 3,867

40 Page Report # 1245 V Exhibit Expenditure Detail By Year By 40 of 104 Page Item # Date Location Amount Fiscal Year Ended 12/31/ /1/18 Repair Allowance Buildings Building Exteriors $ 3,365 Total for Fiscal Year 12/31/18 $ 3,365 Fiscal Year Ended 12/31/ /1/19 DoorsEntryReplace Building 400 Doors $ 3, /1/19 DoorsStorageReplace Building 400 Doors $ /1/19 DoorsEntryReplace Building 100 Doors $ 2, /1/19 DoorsStorageReplace Building 100 Doors $ 2, /1/19 DoorsEntryReplace Building 200 Doors $ 2, /1/19 DoorsStorageReplace Building 200 Doors $ 1, /1/19 DoorsEntryReplace Building 300 Doors $ 3, /1/19 DoorsStorageReplace Building 300 Doors $ 1, /1/19 DoorsEntryReplace Building 500 Doors $ 2, /1/19 DoorsStorageReplace Building 500 Doors $ /1/19 DoorsEntryReplace Building 600 Doors $ 1, /1/19 DoorsStorageReplace Building 600 Doors $ 1, /1/19 DoorsEntryReplace Building 700 Doors $ 2, /1/19 DoorsStorageReplace Building 700 Doors $ 1, /1/19 Repair Allowance Buildings Building Exteriors $ 3, /1/19 Repair Allowance Common Areas Planters $ 569 Total for Fiscal Year 12/31/19 $ 33,476 Fiscal Year Ended 12/31/ /1/20 Repair Allowance Buildings Building Exteriors $ 3, /1/20 Slurry Seal Street & Parking Lot Paving $ 5,649 Total for Fiscal Year 12/31/20 $ 9,116 Fiscal Year Ended 12/31/ /1/21 Repair Allowance Buildings Building Exteriors $ 3, /1/21 Repair Allowance Common Areas Planters $ /1/21 Signs Replace Common Areas Signs $ 585 Total for Fiscal Year 12/31/21 $ 4,691 Fiscal Year Ended 12/31/ /1/22 Repair Allowance Buildings Building Exteriors $ 3,573 Total for Fiscal Year 12/31/22 $ 3,573 Fiscal Year Ended 12/31/ /1/23 Wood Siding Replace Building 100 Building Exteriors $ 48, /1/23 Roof Building 100 Roofing $ 71, /1/23 Gutters & Downspouts Building 100 Roofing $ 2, /1/23 Repair Allowance Buildings Building Exteriors $ 3, /1/23 Repair Allowance Common Areas Planters $ 604 Total for Fiscal Year 12/31/23 $ 126,212 Fiscal Year Ended 12/31/24

41 Page Report # 1245 V Exhibit Expenditure Detail By Year By 41 of 104 Page Item # Date Location Amount 9 9/1/24 Light Building Exterior Building 400 Lighting $ /1/24 Light Building Exterior Building 100 Lighting $ /1/24 Wood Siding Replace Building 200 Building Exteriors $ 51, /1/24 Light Building Exterior Building 200 Lighting $ /1/24 Roof Building 200 Roofing $ 76, /1/24 Light Building Exterior Building 300 Lighting $ /1/24 Light Building Exterior Building 500 Lighting $ /1/24 Wood Siding Replace Building 600 Building Exteriors $ 50, /1/24 Light Building Exterior Building 600 Lighting $ /1/24 Wood Siding Replace Building 700 Building Exteriors $ 50, /1/24 Light Building Exterior Building 700 Lighting $ /1/24 Gutters & Downspouts Building 200 Roofing $ 2, /1/24 Repair Allowance Buildings Building Exteriors $ 3, /1/24 Roof Trash Enclosure Roofing $ 955 Total for Fiscal Year 12/31/24 $ 240,524 Fiscal Year Ended 12/31/25 7 8/1/25 Wood Siding Replace Building 400 Building Exteriors $ 55, /1/25 Roof Building 400 Roofing $ 86, /1/25 Gutters & Downspouts Building 400 Roofing $ 2, /1/25 Repair Allowance Buildings Building Exteriors $ 3, /1/25 Repair Allowance Common Areas Planters $ 623 Total for Fiscal Year 12/31/25 $ 147,993 Fiscal Year Ended 12/31/ /1/26 Wood Siding Replace Building 500 Building Exteriors $ 55, /1/26 Roof Building 500 Roofing $ 87, /1/26 Gutters & Downspouts Building 500 Roofing $ 2, /1/26 Repair Allowance Buildings Building Exteriors $ 3,793 Total for Fiscal Year 12/31/26 $ 149,452 Fiscal Year Ended 12/31/ /1/27 Repair Allowance Buildings Building Exteriors $ 3, /1/27 Repair Allowance Common Areas Planters $ /1/27 Light Parking Area Common Areas Lighting $ 654 Total for Fiscal Year 12/31/27 $ 5,146 Fiscal Year Ended 12/31/28 2 7/1/28 Stairs Paint Building 400 Paint $ /1/28 Railing Paint Building 400 Paint $ /1/28 Decks Paint Building 400 Paint $ 3, /1/28 Wood Siding Paint Building 400 Paint $ 14, /1/28 DoorsEntryPaint Building 400 Paint $ /1/28 DoorsStoragePaint Building 400 Paint $ /1/28 Stairs Paint Building 100 Paint $ /1/28 Railing Paint Building 100 Paint $ /1/28 Decks Paint Building 100 Paint $ 3, /1/28 Wood Siding Paint Building 100 Paint $ 13, /1/28 DoorsEntryPaint Building 100 Paint $ 364

42 Page Report # 1245 V Exhibit Expenditure Detail By Year By 42 of 104 Page Item # Date Location Amount 28 7/1/28 DoorsStoragePaint Building 100 Paint $ /1/28 Stairs Paint Building 200 Paint $ /1/28 Railing Paint Building 200 Paint $ /1/28 Decks Paint Building 200 Paint $ 3, /1/28 Wood Siding Paint Building 200 Paint $ 13, /1/28 DoorsEntryPaint Building 200 Paint $ /1/28 DoorsStoragePaint Building 200 Paint $ /1/28 Stairs Paint Building 300 Paint $ /1/28 Railing Paint Building 300 Paint $ /1/28 Decks Paint Building 300 Paint $ 3, /1/28 Wood Siding Paint Building 300 Paint $ 14, /1/28 DoorsEntryPaint Building 300 Paint $ /1/28 DoorsStoragePaint Building 300 Paint $ /1/28 Stairs Paint Building 500 Paint $ /1/28 Railing Paint Building 500 Paint $ /1/28 Decks Paint Building 500 Paint $ 3, /1/28 Wood Siding Paint Building 500 Paint $ 14, /1/28 DoorsEntryPaint Building 500 Paint $ /1/28 DoorsStoragePaint Building 500 Paint $ /1/28 Stairs Paint Building 600 Paint $ /1/28 Railing Paint Building 600 Paint $ /1/28 Decks Paint Building 600 Paint $ 3, /1/28 Wood Siding Paint Building 600 Paint $ 13, /1/28 DoorsEntryPaint Building 600 Paint $ /1/28 DoorsStoragePaint Building 600 Paint $ /1/28 Stairs Paint Building 700 Paint $ /1/28 Railing Paint Building 700 Paint $ /1/28 Decks Paint Building 700 Paint $ 5, /1/28 Wood Siding Paint Building 700 Paint $ 13, /1/28 DoorsEntryPaint Building 700 Paint $ /1/28 DoorsStoragePaint Building 700 Paint $ /1/28 Repair Allowance Buildings Building Exteriors $ 3, /1/28 Wood Siding Paint Trash Enclosure Paint $ /1/28 DoorsReplace Trash Enclosure Doors $ /1/28 DoorsPaint Trash Enclosure Paint $ /1/28 Rail Fence Replace Common Areas Fencing $ 1,952 Total for Fiscal Year 12/31/28 $ 142,704 Fiscal Year Ended 12/31/ /1/29 Repair Allowance Buildings Building Exteriors $ 3, /1/29 Repair Allowance Common Areas Planters $ /1/29 Light Building Exterior Trash Enclosure Lighting $ 112 Total for Fiscal Year 12/31/29 $ 4,741 Fiscal Year Ended 12/31/ /1/30 Repair Allowance Buildings Building Exteriors $ 4, /1/30 Slurry Seal Street & Parking Lot Paving $ 6,561 Total for Fiscal Year 12/31/30 $ 10,589 Fiscal Year Ended 12/31/31

43 Page Report # 1245 V Exhibit Expenditure Detail By Year By 43 of 104 Page Item # Date Location Amount 106 9/1/31 Repair Allowance Buildings Building Exteriors $ 4, /1/31 Repair Allowance Common Areas Planters $ /1/31 Signs Replace Common Areas Signs $ 680 Total for Fiscal Year 12/31/31 $ 5,449 Fiscal Year Ended 12/31/ /1/32 Repair Allowance Buildings Building Exteriors $ 4,150 Total for Fiscal Year 12/31/32 $ 4,150 Fiscal Year Ended 12/31/ /1/33 Repair Allowance Buildings Building Exteriors $ 4, /1/33 Repair Allowance Common Areas Planters $ 702 Total for Fiscal Year 12/31/33 $ 4,914 Fiscal Year Ended 12/31/ /1/34 Repair Allowance Buildings Building Exteriors $ 4,276 Total for Fiscal Year 12/31/34 $ 4,276 Fiscal Year Ended 12/31/ /1/35 Repair Allowance Buildings Building Exteriors $ 4, /1/35 Repair Allowance Common Areas Planters $ 723 Total for Fiscal Year 12/31/35 $ 5,064 Fiscal Year Ended 12/31/ /1/36 Repair Allowance Buildings Building Exteriors $ 4, /1/36 Resurface Street & Parking Lot Paving $ 78,428 Total for Fiscal Year 12/31/36 $ 82,834 Fiscal Year Ended 12/31/ /1/37 Repair Allowance Buildings Building Exteriors $ 4, /1/37 Repair Allowance Common Areas Planters $ 745 Total for Fiscal Year 12/31/37 $ 5,218 Fiscal Year Ended 12/31/ /1/38 Repair Allowance Buildings Building Exteriors $ 4,540 Total for Fiscal Year 12/31/38 $ 4,540 Fiscal Year Ended 12/31/ /1/39 Repair Allowance Buildings Building Exteriors $ 4, /1/39 Repair Allowance Common Areas Planters $ 768 Total for Fiscal Year 12/31/39 $ 5,376 Fiscal Year Ended 12/31/40

44 Page Report # 1245 V Exhibit Expenditure Detail By Year By 44 of 104 Page Item # Date Location Amount 2 7/1/40 Stairs Paint Building 400 Paint $ /1/40 Railing Paint Building 400 Paint $ /1/40 Decks Paint Building 400 Paint $ 4, /1/40 Wood Siding Paint Building 400 Paint $ 17, /1/40 DoorsEntryPaint Building 400 Paint $ /1/40 DoorsStoragePaint Building 400 Paint $ /1/40 Stairs Paint Building 100 Paint $ /1/40 Railing Paint Building 100 Paint $ /1/40 Decks Paint Building 100 Paint $ 4, /1/40 Wood Siding Paint Building 100 Paint $ 15, /1/40 DoorsEntryPaint Building 100 Paint $ /1/40 DoorsStoragePaint Building 100 Paint $ /1/40 Stairs Paint Building 200 Paint $ /1/40 Railing Paint Building 200 Paint $ /1/40 Decks Paint Building 200 Paint $ 4, /1/40 Wood Siding Paint Building 200 Paint $ 16, /1/40 DoorsEntryPaint Building 200 Paint $ /1/40 DoorsStoragePaint Building 200 Paint $ /1/40 Stairs Paint Building 300 Paint $ /1/40 Railing Paint Building 300 Paint $ /1/40 Decks Paint Building 300 Paint $ 4, /1/40 Wood Siding Paint Building 300 Paint $ 17, /1/40 DoorsEntryPaint Building 300 Paint $ /1/40 DoorsStoragePaint Building 300 Paint $ /1/40 Stairs Paint Building 500 Paint $ /1/40 Railing Paint Building 500 Paint $ /1/40 Decks Paint Building 500 Paint $ 4, /1/40 Wood Siding Paint Building 500 Paint $ 17, /1/40 DoorsEntryPaint Building 500 Paint $ /1/40 DoorsStoragePaint Building 500 Paint $ /1/40 Stairs Paint Building 600 Paint $ /1/40 Railing Paint Building 600 Paint $ /1/40 Decks Paint Building 600 Paint $ 4, /1/40 Wood Siding Paint Building 600 Paint $ 16, /1/40 DoorsEntryPaint Building 600 Paint $ /1/40 DoorsStoragePaint Building 600 Paint $ /1/40 Stairs Paint Building 700 Paint $ /1/40 Railing Paint Building 700 Paint $ /1/40 Decks Paint Building 700 Paint $ 6, /1/40 Wood Siding Paint Building 700 Paint $ 16, /1/40 DoorsEntryPaint Building 700 Paint $ /1/40 DoorsStoragePaint Building 700 Paint $ /1/40 Repair Allowance Buildings Building Exteriors $ 4, /1/40 Slurry Seal Street & Parking Lot Paving $ 7, /1/40 Wood Siding Paint Trash Enclosure Paint $ /1/40 DoorsPaint Trash Enclosure Paint $ 78 Total for Fiscal Year 12/31/40 $ 174,993 Total Expenditures for 30year Projection Period $ 1,748,733

45 Page Report # 1245 V of 104 Page Exhibit Expenditures By By Year Item # Location 12/31/11 12/31/12 12/31/13 12/31/14 12/31/15 12/31/16 12/31/17 12/31/18 12/31/19 12/31/20 1 Stairs Replace Building Exteriors Building 400 $ $ $ $ $ 8,568 $ $ $ $ $ 2 Stairs Paint Paint Building 400 $ $ $ $ $ $ 122 $ $ $ $ 3 Railing Replace Building Exteriors Building 400 $ $ $ $ $ 6,544 $ $ $ $ $ 4 Railing Paint Paint Building 400 $ $ $ $ $ $ 383 $ $ $ $ 5 Decks Replace Building Exteriors Building 400 $ $ $ $ $ 37,708 $ $ $ $ $ 6 Decks Paint Paint Building 400 $ $ $ $ $ $ 3,313 $ $ $ $ 7 Wood Siding Replace Building Exteriors Building 400 $ $ $ $ $ $ $ $ $ $ 8 Wood Siding Paint Paint Building 400 $ $ $ $ $ $ 12,094 $ $ $ $ 9 Light Building Exterior Lighting Building 400 $ $ $ $ $ $ $ $ $ $ 10 Roof Roofing Building 400 $ $ $ $ $ $ $ $ $ $ 11 DoorsEntryReplace Doors Building 400 $ $ $ $ $ $ $ $ $ 3,403 $ 12 DoorsEntryPaint Paint Building 400 $ $ $ $ $ $ 380 $ $ $ $ 13 DoorsStorageReplace Doors Building 400 $ $ $ $ $ $ $ $ $ 454 $ 14 DoorsStoragePaint Paint Building 400 $ $ $ $ $ $ 54 $ $ $ $ 15 Stairs Replace Building Exteriors Building 100 $ $ $ 8,315 $ $ $ $ $ $ $ 16 Stairs Paint Paint Building 100 $ $ $ $ $ $ 122 $ $ $ $ 17 Railing Replace Building Exteriors Building 100 $ $ $ 6,054 $ $ $ $ $ $ $ 18 Railing Paint Paint Building 100 $ $ $ $ $ $ 365 $ $ $ $ 19 Decks Replace Building Exteriors Building 100 $ $ $ 34,126 $ $ $ $ $ $ $ 20 Decks Paint Paint Building 100 $ $ $ $ $ $ 3,090 $ $ $ $ 21 Wood Siding Replace Building Exteriors Building 100 $ $ $ $ $ $ $ $ $ $ 22 Wood Siding Paint Paint Building 100 $ $ $ $ $ $ 10,976 $ $ $ $ 23 Light Building Exterior Lighting Building 100 $ $ $ $ $ $ $ $ $ $ 24 Roof Roofing Building 100 $ $ $ $ $ $ $ $ $ $ 25 DoorsEntryReplace Doors Building 100 $ $ $ $ $ $ $ $ $ 2,722 $ 26 DoorsEntryPaint Paint Building 100 $ $ $ $ $ $ 304 $ $ $ $ 27 DoorsStorageReplace Doors Building 100 $ $ $ $ $ $ $ $ $ 2,269 $ 28 DoorsStoragePaint Paint Building 100 $ $ $ $ $ $ 271 $ $ $ $ 29 Stairs Replace Building Exteriors Building 200 $ $ $ $ 8,441 $ $ $ $ $ $ 30 Stairs Paint Paint Building 200 $ $ $ $ $ $ 122 $ $ $ $ 31 Railing Replace Building Exteriors Building 200 $ $ $ $ 6,255 $ $ $ $ $ $ 32 Railing Paint Paint Building 200 $ $ $ $ $ $ 371 $ $ $ $ 33 Decks Replace Building Exteriors Building 200 $ $ $ $ 35,552 $ $ $ $ $ $ 34 Decks Paint Paint Building 200 $ $ $ $ $ $ 3,171 $ $ $ $ 35 Wood Siding Replace Building Exteriors Building 200 $ $ $ $ $ $ $ $ $ $ 36 Wood Siding Paint Paint Building 200 $ $ $ $ $ $ 11,383 $ $ $ $ 37 Light Building Exterior Lighting Building 200 $ $ $ $ $ $ $ $ $ $ 38 Roof Roofing Building 200 $ $ $ $ $ $ $ $ $ $ 39 DoorsEntryReplace Doors Building 200 $ $ $ $ $ $ $ $ $ 2,722 $ 40 DoorsEntryPaint Paint Building 200 $ $ $ $ $ $ 304 $ $ $ $ 41 DoorsStorageReplace Doors Building 200 $ $ $ $ $ $ $ $ $ 1,815 $ 42 DoorsStoragePaint Paint Building 200 $ $ $ $ $ $ 217 $ $ $ $ 43 Stairs Replace Building Exteriors Building 300 $ $ $ $ $ $ $ $ $ $ 44 Stairs Paint Paint Building 300 $ $ $ $ $ $ 122 $ $ $ $ 45 Railing Replace Building Exteriors Building 300 $ $ $ $ $ $ $ $ $ $ 46 Railing Paint Paint Building 300 $ $ $ $ $ $ 383 $ $ $ $ 47 Decks Replace Building Exteriors Building 300 $ $ $ $ $ $ $ $ $ $ 48 Decks Paint Paint Building 300 $ $ $ $ $ $ 3,313 $ $ $ $ 49 Wood Siding Replace Building Exteriors Building 300 $ $ $ $ $ $ $ $ $ $

46 Page Report # 1245 V of 104 Page Exhibit Expenditures By By Year Item # Location 12/31/11 12/31/12 12/31/13 12/31/14 12/31/15 12/31/16 12/31/17 12/31/18 12/31/19 12/31/20 50 Wood Siding Paint Paint Building 300 $ $ $ $ $ $ 12,094 $ $ $ $ 51 Light Building Exterior Lighting Building 300 $ $ $ $ $ $ $ $ $ $ 52 Roof Roofing Building 300 $ $ $ $ $ $ $ $ $ $ 53 DoorsEntryReplace Doors Building 300 $ $ $ $ $ $ $ $ $ 3,403 $ 54 DoorsEntryPaint Paint Building 300 $ $ $ $ $ $ 380 $ $ $ $ 55 DoorsStorageReplace Doors Building 300 $ $ $ $ $ $ $ $ $ 1,815 $ 56 DoorsStoragePaint Paint Building 300 $ $ $ $ $ $ 217 $ $ $ $ 57 Stairs Replace Building Exteriors Building 500 $ $ $ $ $ $ 8,676 $ $ $ $ 58 Stairs Paint Paint Building 500 $ $ $ $ $ $ 122 $ $ $ $ 59 Railing Replace Building Exteriors Building 500 $ $ $ $ $ $ 6,626 $ $ $ $ 60 Railing Paint Paint Building 500 $ $ $ $ $ $ 383 $ $ $ $ 61 Decks Replace Building Exteriors Building 500 $ $ $ $ $ $ 38,182 $ $ $ $ 62 Decks Paint Paint Building 500 $ $ $ $ $ $ 3,313 $ $ $ $ 63 Wood Siding Replace Building Exteriors Building 500 $ $ $ $ $ $ $ $ $ $ 64 Wood Siding Paint Paint Building 500 $ $ $ $ $ $ 12,094 $ $ $ $ 65 Light Building Exterior Lighting Building 500 $ $ $ $ $ $ $ $ $ $ 66 Roof Roofing Building 500 $ $ $ $ $ $ $ $ $ $ 67 DoorsEntryReplace Doors Building 500 $ $ $ $ $ $ $ $ $ 2,722 $ 68 DoorsEntryPaint Paint Building 500 $ $ $ $ $ $ 304 $ $ $ $ 69 DoorsStorageReplace Doors Building 500 $ $ $ $ $ $ $ $ $ 907 $ 70 DoorsStoragePaint Paint Building 500 $ $ $ $ $ $ 109 $ $ $ $ 71 Stairs Replace Building Exteriors Building 600 $ $ $ $ 12,629 $ $ $ $ $ $ 72 Stairs Paint Paint Building 600 $ $ $ $ $ $ 183 $ $ $ $ 73 Railing Replace Building Exteriors Building 600 $ $ $ $ 9,358 $ $ $ $ $ $ 74 Railing Paint Paint Building 600 $ $ $ $ $ $ 557 $ $ $ $ 75 Decks Replace Building Exteriors Building 600 $ $ $ $ 35,464 $ $ $ $ $ $ 76 Decks Paint Paint Building 600 $ $ $ $ $ $ 3,171 $ $ $ $ 77 Wood Siding Replace Building Exteriors Building 600 $ $ $ $ $ $ $ $ $ $ 78 Wood Siding Paint Paint Building 600 $ $ $ $ $ $ 11,383 $ $ $ $ 79 Light Building Exterior Lighting Building 600 $ $ $ $ $ $ $ $ $ $ 80 Roof Roofing Building 600 $ $ $ $ $ $ $ $ $ $ 81 DoorsEntryReplace Doors Building 600 $ $ $ $ $ $ $ $ $ 1,701 $ 82 DoorsEntryPaint Paint Building 600 $ $ $ $ $ $ 190 $ $ $ $ 83 DoorsStorageReplace Doors Building 600 $ $ $ $ $ $ $ $ $ 1,588 $ 84 DoorsStoragePaint Paint Building 600 $ $ $ $ $ $ 190 $ $ $ $ 85 Stairs Replace Building Exteriors Building 700 $ $ $ $ 16,839 $ $ $ $ $ $ 86 Stairs Paint Paint Building 700 $ $ $ $ $ $ 244 $ $ $ $ 87 Railing Replace Building Exteriors Building 700 $ $ $ $ 9,358 $ $ $ $ $ $ 88 Railing Paint Paint Building 700 $ $ $ $ $ $ 557 $ $ $ $ 89 Decks Replace Building Exteriors Building 700 $ $ $ $ 53,195 $ $ $ $ $ $ 90 Decks Paint Paint Building 700 $ $ $ $ $ $ 4,756 $ $ $ $ 91 Wood Siding Replace Building Exteriors Building 700 $ $ $ $ $ $ $ $ $ $ 92 Wood Siding Paint Paint Building 700 $ $ $ $ $ $ 11,383 $ $ $ $ 93 Light Building Exterior Lighting Building 700 $ $ $ $ $ $ $ $ $ $ 94 Roof Roofing Building 700 $ $ $ $ $ $ $ $ $ $ 95 DoorsEntryReplace Doors Building 700 $ $ $ $ $ $ $ $ $ 2,382 $ 96 DoorsEntryPaint Paint Building 700 $ $ $ $ $ $ 266 $ $ $ $ 97 DoorsStorageReplace Doors Building 700 $ $ $ $ $ $ $ $ $ 1,588 $ 98 DoorsStoragePaint Paint Building 700 $ $ $ $ $ $ 190 $ $ $ $

47 Page Report # 1245 V of 104 Page Exhibit Expenditures By By Year Item # Location 12/31/11 12/31/12 12/31/13 12/31/14 12/31/15 12/31/16 12/31/17 12/31/18 12/31/19 12/31/20 99 Gutters & Downspouts Roofing Building 100 $ $ $ $ $ $ $ $ $ $ 100 Gutters & Downspouts Roofing Building 200 $ $ $ $ $ $ $ $ $ $ 101 Gutters & Downspouts Roofing Building 400 $ $ $ $ $ $ $ $ $ $ 102 Gutters & Downspouts Roofing Building 500 $ $ $ $ $ $ $ $ $ $ 103 Gutters & Downspouts Roofing Building 600 $ $ $ $ $ $ $ $ $ $ 104 Gutters & Downspouts Roofing Building 700 $ $ $ $ $ $ $ $ $ $ 105 Gutters & Downspouts Roofing Building 300 $ $ $ $ $ $ $ $ $ $ 106 Repair Allowance Building Exteriors Buildings $ 3,030 $ 3,076 $ 3,122 $ 3,169 $ 3,217 $ 3,266 $ 3,315 $ 3,365 $ 3,416 $ 3, Repair Allowance Planters Common Areas $ 505 $ $ 520 $ $ 536 $ $ 552 $ $ 569 $ 108 Resurface Paving Street & Parking Lot $ $ 54,751 $ $ $ $ $ $ $ $ 109 Slurry Seal Paving Street & Parking Lot $ $ $ $ $ $ $ $ $ $ 5, Wood Siding Paint Paint Trash Enclosure $ $ $ $ $ $ 576 $ $ $ $ 111 Roof Roofing Trash Enclosure $ $ $ $ $ $ $ $ $ $ 112 DoorsReplace Doors Trash Enclosure $ $ $ $ $ $ $ $ $ $ 113 DoorsPaint Paint Trash Enclosure $ $ $ $ $ $ 54 $ $ $ $ 114 Light Building Exterior Lighting Trash Enclosure $ $ $ $ $ $ $ $ $ $ 115 Light Parking Area Lighting Common Areas $ $ $ $ $ $ $ $ $ $ 116 Rail Fence Replace Fencing Common Areas $ $ $ $ $ $ $ $ $ $ 117 Signs Replace Signs Common Areas $ 504 $ $ $ $ $ $ $ $ $ 118 Concrete Replacement Concrete Maintenance Common Areas $ 35,306 $ $ $ $ $ $ $ $ $ 118 Totals $ 39,344 $ 57,827 $ 52,138 $ 190,261 $ 56,573 $ 170,326 $ 3,867 $ 3,365 $ 33,476 $ 9,116

48 Page Report # 1245 V Exhibit Expenditures By By Year Item # Location 1 Stairs Replace Building Exteriors Building Stairs Paint Paint Building Railing Replace Building Exteriors Building Railing Paint Paint Building Decks Replace Building Exteriors Building Decks Paint Paint Building Wood Siding Replace Building Exteriors Building Wood Siding Paint Paint Building Light Building Exterior Lighting Building Roof Roofing Building DoorsEntryReplace Doors Building DoorsEntryPaint Paint Building DoorsStorageReplace Doors Building DoorsStoragePaint Paint Building Stairs Replace Building Exteriors Building Stairs Paint Paint Building Railing Replace Building Exteriors Building Railing Paint Paint Building Decks Replace Building Exteriors Building Decks Paint Paint Building Wood Siding Replace Building Exteriors Building Wood Siding Paint Paint Building Light Building Exterior Lighting Building Roof Roofing Building DoorsEntryReplace Doors Building DoorsEntryPaint Paint Building DoorsStorageReplace Doors Building DoorsStoragePaint Paint Building Stairs Replace Building Exteriors Building Stairs Paint Paint Building Railing Replace Building Exteriors Building Railing Paint Paint Building Decks Replace Building Exteriors Building Decks Paint Paint Building Wood Siding Replace Building Exteriors Building Wood Siding Paint Paint Building Light Building Exterior Lighting Building Roof Roofing Building DoorsEntryReplace Doors Building DoorsEntryPaint Paint Building DoorsStorageReplace Doors Building DoorsStoragePaint Paint Building Stairs Replace Building Exteriors Building Stairs Paint Paint Building Railing Replace Building Exteriors Building Railing Paint Paint Building Decks Replace Building Exteriors Building Decks Paint Paint Building Wood Siding Replace Building Exteriors Building of /31/21 12/31/22 12/31/23 12/31/24 12/31/25 12/31/26 12/31/27 12/31/28 12/31/29 12/31/30 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 146 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 458 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 3,965 $ $ $ $ $ $ $ 55,071 $ $ $ $ $ $ $ $ $ $ $ $ $ 14,475 $ $ $ $ $ $ 675 $ $ $ $ $ $ $ $ $ $ $ 86,211 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 455 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 65 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 146 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 437 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 3,698 $ $ $ $ $ 48,505 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 13,137 $ $ $ $ $ $ 540 $ $ $ $ $ $ $ $ $ 71,412 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 364 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 325 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 146 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 444 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 3,795 $ $ $ $ $ $ 51,061 $ $ $ $ $ $ $ $ $ $ $ $ $ $ 13,623 $ $ $ $ $ $ 540 $ $ $ $ $ $ $ $ $ $ 76,995 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 364 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 260 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 146 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 458 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 3,965 $ $ $ $ $ $ $ $ $ $ $ $

49 Page Report # 1245 V Exhibit Expenditures By By Year Item # Location 50 Wood Siding Paint Paint Building Light Building Exterior Lighting Building Roof Roofing Building DoorsEntryReplace Doors Building DoorsEntryPaint Paint Building DoorsStorageReplace Doors Building DoorsStoragePaint Paint Building Stairs Replace Building Exteriors Building Stairs Paint Paint Building Railing Replace Building Exteriors Building Railing Paint Paint Building Decks Replace Building Exteriors Building Decks Paint Paint Building Wood Siding Replace Building Exteriors Building Wood Siding Paint Paint Building Light Building Exterior Lighting Building Roof Roofing Building DoorsEntryReplace Doors Building DoorsEntryPaint Paint Building DoorsStorageReplace Doors Building DoorsStoragePaint Paint Building Stairs Replace Building Exteriors Building Stairs Paint Paint Building Railing Replace Building Exteriors Building Railing Paint Paint Building Decks Replace Building Exteriors Building Decks Paint Paint Building Wood Siding Replace Building Exteriors Building Wood Siding Paint Paint Building Light Building Exterior Lighting Building Roof Roofing Building DoorsEntryReplace Doors Building DoorsEntryPaint Paint Building DoorsStorageReplace Doors Building DoorsStoragePaint Paint Building Stairs Replace Building Exteriors Building Stairs Paint Paint Building Railing Replace Building Exteriors Building Railing Paint Paint Building Decks Replace Building Exteriors Building Decks Paint Paint Building Wood Siding Replace Building Exteriors Building Wood Siding Paint Paint Building Light Building Exterior Lighting Building Roof Roofing Building DoorsEntryReplace Doors Building DoorsEntryPaint Paint Building DoorsStorageReplace Doors Building DoorsStoragePaint Paint Building of /31/21 12/31/22 12/31/23 12/31/24 12/31/25 12/31/26 12/31/27 12/31/28 12/31/29 12/31/30 $ $ $ $ $ $ $ $ 14,475 $ $ $ $ $ $ 675 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 455 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 260 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 146 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 458 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 3,965 $ $ $ $ $ $ $ $ 55,761 $ $ $ $ $ $ $ $ $ $ $ $ 14,475 $ $ $ $ $ $ 540 $ $ $ $ $ $ $ $ $ $ $ $ 87,511 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 364 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 130 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 219 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 667 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 3,795 $ $ $ $ $ $ 50,934 $ $ $ $ $ $ $ $ $ $ $ $ $ $ 13,623 $ $ $ $ $ $ 337 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 227 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 227 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 292 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 667 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 5,693 $ $ $ $ $ $ 50,934 $ $ $ $ $ $ $ $ $ $ $ $ $ $ 13,623 $ $ $ $ $ $ 472 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 318 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 227 $ $

50 Page Report # 1245 V Exhibit Expenditures By By Year Item # Location 99 Gutters & Downspouts Roofing Building Gutters & Downspouts Roofing Building Gutters & Downspouts Roofing Building Gutters & Downspouts Roofing Building Gutters & Downspouts Roofing Building Gutters & Downspouts Roofing Building Gutters & Downspouts Roofing Building Repair Allowance Building Exteriors Buildings 107 Repair Allowance Planters Common Areas 108 Resurface Paving Street & Parking Lot 109 Slurry Seal Paving Street & Parking Lot 110 Wood Siding Paint Paint Trash Enclosure 111 Roof Roofing Trash Enclosure 112 DoorsReplace Doors Trash Enclosure 113 DoorsPaint Paint Trash Enclosure 114 Light Building Exterior Lighting Trash Enclosure 115 Light Parking Area Lighting Common Areas 116 Rail Fence Replace Fencing Common Areas 117 Signs Replace Signs Common Areas 118 Concrete Replacement Concrete Maintenance Common Areas 118 Totals 50 of /31/21 12/31/22 12/31/23 12/31/24 12/31/25 12/31/26 12/31/27 12/31/28 12/31/29 12/31/30 $ $ $ 2,064 $ $ $ $ $ $ $ $ $ $ $ 2,184 $ $ $ $ $ $ $ $ $ $ $ 2,351 $ $ $ $ $ $ $ $ $ $ $ 2,387 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 3,520 $ 3,573 $ 3,627 $ 3,681 $ 3,737 $ 3,793 $ 3,850 $ 3,909 $ 3,968 $ 4,027 $ 587 $ $ 604 $ $ 623 $ $ 642 $ $ 661 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 6,561 $ $ $ $ $ $ $ $ 689 $ $ $ $ $ $ 955 $ $ $ $ $ $ $ $ $ $ $ $ $ $ 910 $ $ $ $ $ $ $ $ $ $ 65 $ $ $ $ $ $ $ $ $ $ $ 112 $ $ $ $ $ $ $ $ 654 $ $ $ $ $ $ $ $ $ $ $ 1,952 $ $ $ 585 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 4,691 $ 3,573 $ 126,212 $ 240,524 $ 147,993 $ 149,452 $ 5,146 $ 142,704 $ 4,741 $ 10,589

51 Page Report # 1245 V Exhibit Expenditures By By Year Item # Location 1 Stairs Replace Building Exteriors Building Stairs Paint Paint Building Railing Replace Building Exteriors Building Railing Paint Paint Building Decks Replace Building Exteriors Building Decks Paint Paint Building Wood Siding Replace Building Exteriors Building Wood Siding Paint Paint Building Light Building Exterior Lighting Building Roof Roofing Building DoorsEntryReplace Doors Building DoorsEntryPaint Paint Building DoorsStorageReplace Doors Building DoorsStoragePaint Paint Building Stairs Replace Building Exteriors Building Stairs Paint Paint Building Railing Replace Building Exteriors Building Railing Paint Paint Building Decks Replace Building Exteriors Building Decks Paint Paint Building Wood Siding Replace Building Exteriors Building Wood Siding Paint Paint Building Light Building Exterior Lighting Building Roof Roofing Building DoorsEntryReplace Doors Building DoorsEntryPaint Paint Building DoorsStorageReplace Doors Building DoorsStoragePaint Paint Building Stairs Replace Building Exteriors Building Stairs Paint Paint Building Railing Replace Building Exteriors Building Railing Paint Paint Building Decks Replace Building Exteriors Building Decks Paint Paint Building Wood Siding Replace Building Exteriors Building Wood Siding Paint Paint Building Light Building Exterior Lighting Building Roof Roofing Building DoorsEntryReplace Doors Building DoorsEntryPaint Paint Building DoorsStorageReplace Doors Building DoorsStoragePaint Paint Building Stairs Replace Building Exteriors Building Stairs Paint Paint Building Railing Replace Building Exteriors Building Railing Paint Paint Building Decks Replace Building Exteriors Building Decks Paint Paint Building Wood Siding Replace Building Exteriors Building of /31/31 12/31/32 12/31/33 12/31/34 12/31/35 12/31/36 12/31/37 12/31/38 12/31/39 12/31/40 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 175 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 548 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 4,746 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 17,324 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 544 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 78 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 175 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 523 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 4,426 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 15,723 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 436 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 389 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 175 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 532 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 4,542 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 16,305 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 436 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 311 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 175 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 548 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 4,746 $ $ $ $ $ $ $ $ $ $

52 Page Report # 1245 V Exhibit Expenditures By By Year Item # Location 50 Wood Siding Paint Paint Building Light Building Exterior Lighting Building Roof Roofing Building DoorsEntryReplace Doors Building DoorsEntryPaint Paint Building DoorsStorageReplace Doors Building DoorsStoragePaint Paint Building Stairs Replace Building Exteriors Building Stairs Paint Paint Building Railing Replace Building Exteriors Building Railing Paint Paint Building Decks Replace Building Exteriors Building Decks Paint Paint Building Wood Siding Replace Building Exteriors Building Wood Siding Paint Paint Building Light Building Exterior Lighting Building Roof Roofing Building DoorsEntryReplace Doors Building DoorsEntryPaint Paint Building DoorsStorageReplace Doors Building DoorsStoragePaint Paint Building Stairs Replace Building Exteriors Building Stairs Paint Paint Building Railing Replace Building Exteriors Building Railing Paint Paint Building Decks Replace Building Exteriors Building Decks Paint Paint Building Wood Siding Replace Building Exteriors Building Wood Siding Paint Paint Building Light Building Exterior Lighting Building Roof Roofing Building DoorsEntryReplace Doors Building DoorsEntryPaint Paint Building DoorsStorageReplace Doors Building DoorsStoragePaint Paint Building Stairs Replace Building Exteriors Building Stairs Paint Paint Building Railing Replace Building Exteriors Building Railing Paint Paint Building Decks Replace Building Exteriors Building Decks Paint Paint Building Wood Siding Replace Building Exteriors Building Wood Siding Paint Paint Building Light Building Exterior Lighting Building Roof Roofing Building DoorsEntryReplace Doors Building DoorsEntryPaint Paint Building DoorsStorageReplace Doors Building DoorsStoragePaint Paint Building of /31/31 12/31/32 12/31/33 12/31/34 12/31/35 12/31/36 12/31/37 12/31/38 12/31/39 12/31/40 $ $ $ $ $ $ $ $ $ $ 17,324 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 544 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 311 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 175 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 548 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 4,746 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 17,324 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 436 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 156 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 262 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 798 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 4,542 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 16,305 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 272 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 272 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 349 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 798 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 6,813 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 16,305 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 381 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 272

53 Page Report # 1245 V Exhibit Expenditures By By Year Item # Location 99 Gutters & Downspouts Roofing Building Gutters & Downspouts Roofing Building Gutters & Downspouts Roofing Building Gutters & Downspouts Roofing Building Gutters & Downspouts Roofing Building Gutters & Downspouts Roofing Building Gutters & Downspouts Roofing Building Repair Allowance Building Exteriors Buildings 107 Repair Allowance Planters Common Areas 108 Resurface Paving Street & Parking Lot 109 Slurry Seal Paving Street & Parking Lot 110 Wood Siding Paint Paint Trash Enclosure 111 Roof Roofing Trash Enclosure 112 DoorsReplace Doors Trash Enclosure 113 DoorsPaint Paint Trash Enclosure 114 Light Building Exterior Lighting Trash Enclosure 115 Light Parking Area Lighting Common Areas 116 Rail Fence Replace Fencing Common Areas 117 Signs Replace Signs Common Areas 118 Concrete Replacement Concrete Maintenance Common Areas 118 Totals 53 of /31/31 12/31/32 12/31/33 12/31/34 12/31/35 12/31/36 12/31/37 12/31/38 12/31/39 12/31/40 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 4,088 $ 4,150 $ 4,212 $ 4,276 $ 4,340 $ 4,406 $ 4,472 $ 4,540 $ 4,608 $ 4,678 $ 681 $ $ 702 $ $ 723 $ $ 745 $ $ 768 $ $ $ $ $ $ $ 78,428 $ $ $ $ $ $ $ $ $ $ $ $ $ $ 7,621 $ $ $ $ $ $ $ $ $ $ 825 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 78 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 680 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 5,449 $ 4,150 $ 4,914 $ 4,276 $ 5,064 $ 82,834 $ 5,218 $ 4,540 $ 5,376 $ 174,993

54 Page 3 3 Report # 1245 V Exhibit 3 3 Percent Funded Detail 54 of 104 Page 3 3 Item # Project/ Area/ Location/ Unit Life Current Replacement Cost Balance Allocation Ideal Funding % Funded 1 Stairs Replace Building Exteriors Building $ 8,000 $ 1,043 $ 6, % 2 Stairs Paint Paint Building % 3 Railing Replace Building Exteriors Building , , % 4 Railing Paint Paint Building % 5 Decks Replace Building Exteriors Building ,208 4,590 30, % 6 Decks Paint Paint Building , , % 7 Wood Siding Replace Building Exteriors Building ,268 9,669 29, % 8 Wood Siding Paint Paint Building ,138 1,950 6, % 9 Light Building Exterior Lighting Building % 10 Roof Roofing Building ,300 15,137 46, % 11 DoorsEntryReplace Doors Building , , % 12 DoorsEntryPaint Paint Building % 13 DoorsStorageReplace Doors Building % 14 DoorsStoragePaint Paint Building % 15 Stairs Replace Building Exteriors Building ,000 1,111 7, % 16 Stairs Paint Paint Building % 17 Railing Replace Building Exteriors Building , , % 18 Railing Paint Paint Building % 19 Decks Replace Building Exteriors Building ,832 4,561 30, % 20 Decks Paint Paint Building , , % 21 Wood Siding Replace Building Exteriors Building ,176 9,352 28, % 22 Wood Siding Paint Paint Building ,109 1,769 5, % 23 Light Building Exterior Lighting Building % 24 Roof Roofing Building ,150 13,769 42, % 25 DoorsEntryReplace Doors Building , , % 26 DoorsEntryPaint Paint Building % 27 DoorsStorageReplace Doors Building , , % 28 DoorsStoragePaint Paint Building % 29 Stairs Replace Building Exteriors Building ,000 1,077 7, % 30 Stairs Paint Paint Building % 31 Railing Replace Building Exteriors Building , , % 32 Railing Paint Paint Building % 33 Decks Replace Building Exteriors Building ,696 4,537 30, % 34 Decks Paint Paint Building , , % 35 Wood Siding Replace Building Exteriors Building ,664 9,400 29, % 36 Wood Siding Paint Paint Building ,483 1,835 5, % 37 Light Building Exterior Lighting Building % 38 Roof Roofing Building ,825 14,174 43, % 39 DoorsEntryReplace Doors Building , , % 40 DoorsEntryPaint Paint Building % 41 DoorsStorageReplace Doors Building , , % 42 DoorsStoragePaint Paint Building % 43 Stairs Replace Building Exteriors Building , % 44 Stairs Paint Paint Building % 45 Railing Replace Building Exteriors Building , % 46 Railing Paint Paint Building % 47 Decks Replace Building Exteriors Building , , % 48 Decks Paint Paint Building , , % 49 Wood Siding Replace Building Exteriors Building , , % 50 Wood Siding Paint Paint Building ,138 1,950 6, % 51 Light Building Exterior Lighting Building %

55 Page 3 3 Report # 1245 V Exhibit 3 3 Percent Funded Detail 55 of 104 Page 3 3 Item # Project/ Area/ Location/ Unit Life Current Replacement Cost Balance Allocation Ideal Funding % Funded 52 Roof Roofing Building ,300 1,203 3, % 53 DoorsEntryReplace Doors Building , , % 54 DoorsEntryPaint Paint Building % 55 DoorsStorageReplace Doors Building , , % 56 DoorsStoragePaint Paint Building % 57 Stairs Replace Building Exteriors Building ,000 2,185 6, % 58 Stairs Paint Paint Building % 59 Railing Replace Building Exteriors Building ,110 1,669 5, % 60 Railing Paint Paint Building % 61 Decks Replace Building Exteriors Building ,208 9,617 29, % 62 Decks Paint Paint Building , , % 63 Wood Siding Replace Building Exteriors Building ,268 9,404 29, % 64 Wood Siding Paint Paint Building ,138 1,950 6, % 65 Light Building Exterior Lighting Building % 66 Roof Roofing Building ,300 14,639 45, % 67 DoorsEntryReplace Doors Building , , % 68 DoorsEntryPaint Paint Building % 69 DoorsStorageReplace Doors Building % 70 DoorsStoragePaint Paint Building % 71 Stairs Replace Building Exteriors Building ,000 1,624 10, % 72 Stairs Paint Paint Building % 73 Railing Replace Building Exteriors Building ,892 1,204 8, % 74 Railing Paint Paint Building % 75 Decks Replace Building Exteriors Building ,696 4,561 30, % 76 Decks Paint Paint Building , , % 77 Wood Siding Replace Building Exteriors Building ,664 9,449 29, % 78 Wood Siding Paint Paint Building ,483 1,835 5, % 79 Light Building Exterior Lighting Building % 80 Roof Roofing Building ,825 3,835 11, % 81 DoorsEntryReplace Doors Building , , % 82 DoorsEntryPaint Paint Building % 83 DoorsStorageReplace Doors Building , , % 84 DoorsStoragePaint Paint Building % 85 Stairs Replace Building Exteriors Building ,000 2,166 14, % 86 Stairs Paint Paint Building % 87 Railing Replace Building Exteriors Building ,892 1,204 8, % 88 Railing Paint Paint Building % 89 Decks Replace Building Exteriors Building ,544 6,841 45, % 90 Decks Paint Paint Building , , % 91 Wood Siding Replace Building Exteriors Building ,664 9,449 29, % 92 Wood Siding Paint Paint Building ,483 1,835 5, % 93 Light Building Exterior Lighting Building % 94 Roof Roofing Building ,825 3,835 11, % 95 DoorsEntryReplace Doors Building , , % 96 DoorsEntryPaint Paint Building % 97 DoorsStorageReplace Doors Building , , % 98 DoorsStoragePaint Paint Building % 99 Gutters & Downspouts Roofing Building , , % 100 Gutters & Downspouts Roofing Building , , % 101 Gutters & Downspouts Roofing Building , , % 102 Gutters & Downspouts Roofing Building , , % 103 Gutters & Downspouts Roofing Building , %

56 Page 3 3 Report # 1245 V Exhibit 3 3 Percent Funded Detail 56 of 104 Page 3 3 Item # Project/ Area/ Location/ Unit Life Current Replacement Cost Balance Allocation Ideal Funding % Funded 104 Gutters & Downspouts Roofing Building , % 105 Gutters & Downspouts Roofing Building , % 106 Repair Allowance Building Exteriors Buildings 1 3, , % 107 Repair Allowance Planters Common Areas % 108 Resurface Paving Street & Parking Lot 24 53,469 7,491 49, % 109 Slurry Seal Paving Street & Parking Lot 10 4, % 110 Wood Siding Paint Paint Trash Enclosure % 111 Roof Roofing Trash Enclosure % 112 DoorsReplace Doors Trash Enclosure % 113 DoorsPaint Paint Trash Enclosure % 114 Light Building Exterior Lighting Trash Enclosure % 115 Light Parking Area Lighting Common Areas % 116 Rail Fence Replace Fencing Common Areas 20 1, % 117 Signs Replace Signs Common Areas % 118 Concrete Replacement Concrete Maintenance Common Areas 33 35,000 5,157 34, % 118 Totals $ 1,373,099 $ 216,150 $ 846, %

57 57 of 104 Page Report # 1245 V Page Ehibit List Detail by Major Item # Location Quantity Meas Basis Unit Cost Life Date Placed in Service Useful Rem Replacement Cost Est. 1st Replace Date Current Future 1 Stairs Replace Building Exteriors Building Each 4,000 8/1/ /1/15 $ 8,000 $ 8,569 2 Stairs Paint Paint Building SF 2 7/1/ /1/ Railing Replace Building Exteriors Building LF 13 8/1/ /1/15 6,110 6,545 4 Railing Paint Paint Building LF 1 7/1/ /1/ Decks Replace Building Exteriors Building SF 18 8/1/ /1/15 35,208 37,712 6 Decks Paint Paint Building SF 2 7/1/ /1/16 3,051 3,314 7 Wood Siding Replace Building Exteriors Building SF 6 8/1/ /1/25 44,268 55,085 8 Wood Siding Paint Paint Building SF 2 7/1/ /1/16 11,138 12,096 9 Light Building Exterior Lighting Building Each 55 9/1/ /1/ Roof Roofing Building SF 18 8/1/ /1/25 69,300 86, DoorsEntryReplace Doors Building Each 300 6/1/ /1/19 3,000 3, DoorsEntryPaint Paint Building Each 35 7/1/ /1/ DoorsStorageReplace Doors Building Each 200 6/1/ /1/ DoorsStoragePaint Paint Building Each 25 7/1/ /1/ Stairs Replace Building Exteriors Building Each 4,000 8/1/ /1/13 8,000 8, Stairs Paint Paint Building SF 2 7/1/ /1/ Railing Replace Building Exteriors Building LF 13 8/1/ /1/13 5,824 6, Railing Paint Paint Building LF 1 7/1/ /1/ Decks Replace Building Exteriors Building SF 18 8/1/ /1/13 32,832 34, Decks Paint Paint Building SF 2 7/1/ /1/16 2,845 3, Wood Siding Replace Building Exteriors Building SF 6 8/1/ /1/23 40,176 48, Wood Siding Paint Paint Building SF 2 7/1/ /1/16 10,109 10, Light Building Exterior Lighting Building Each 55 9/1/ /1/ Roof Roofing Building SF 18 8/1/ /1/23 59,150 71, DoorsEntryReplace Doors Building Each 300 6/1/ /1/19 2,400 2, DoorsEntryPaint Paint Building Each 35 7/1/ /1/ DoorsStorageReplace Doors Building Each 200 6/1/ /1/19 2,000 2, DoorsStoragePaint Paint Building Each 25 7/1/ /1/ Stairs Replace Building Exteriors Building Each 4,000 8/1/ /1/14 8,000 8, Stairs Paint Paint Building SF 2 7/1/ /1/ Railing Replace Building Exteriors Building LF 13 8/1/ /1/14 5,928 6, Railing Paint Paint Building LF 1 7/1/ /1/ Decks Replace Building Exteriors Building SF 18 8/1/ /1/14 33,696 35, Decks Paint Paint Building SF 2 7/1/ /1/16 2,920 3,171

58 58 of 104 Page Report # 1245 V Page Ehibit List Detail by Major Item # Location Quantity Meas Basis Unit Cost Life Date Placed in Service Useful Rem Replacement Cost Est. 1st Replace Date Current Future 35 Wood Siding Replace Building Exteriors Building SF 6 8/1/ /1/24 41,664 51, Wood Siding Paint Paint Building SF 2 7/1/ /1/16 10,483 11, Light Building Exterior Lighting Building Each 55 9/1/ /1/ Roof Roofing Building SF 18 8/1/ /1/24 62,825 77, DoorsEntryReplace Doors Building Each 300 6/1/ /1/19 2,400 2, DoorsEntryPaint Paint Building Each 35 7/1/ /1/ DoorsStorageReplace Doors Building Each 200 6/1/ /1/19 1,600 1, DoorsStoragePaint Paint Building Each 25 7/1/ /1/ Stairs Replace Building Exteriors Building Each 4,000 7/1/ /1/43 8,000 13, Stairs Paint Paint Building SF 2 7/1/ /1/ Railing Replace Building Exteriors Building LF 13 7/1/ /1/43 6,110 9, Railing Paint Paint Building LF 1 7/1/ /1/ Decks Replace Building Exteriors Building SF 18 7/1/ /1/43 35,208 57, Decks Paint Paint Building SF 2 7/1/ /1/16 3,051 3, Wood Siding Replace Building Exteriors Building SF 6 7/1/ /1/53 44,268 83, Wood Siding Paint Paint Building SF 2 7/1/ /1/16 11,138 12, Light Building Exterior Lighting Building Each 55 9/1/ /1/ Roof Roofing Building SF 18 8/1/ /1/53 69, , DoorsEntryReplace Doors Building Each 300 6/1/ /1/19 3,000 3, DoorsEntryPaint Paint Building Each 35 7/1/ /1/ DoorsStorageReplace Doors Building Each 200 6/1/ /1/19 1,600 1, DoorsStoragePaint Paint Building Each 25 7/1/ /1/ Stairs Replace Building Exteriors Building Each 4,000 6/1/ /1/16 8,000 8, Stairs Paint Paint Building SF 2 7/1/ /1/ Railing Replace Building Exteriors Building LF 13 6/1/ /1/16 6,110 6, Railing Paint Paint Building LF 1 7/1/ /1/ Decks Replace Building Exteriors Building SF 18 6/1/ /1/16 35,208 38, Decks Paint Paint Building SF 2 7/1/ /1/16 3,051 3, Wood Siding Replace Building Exteriors Building SF 6 6/1/ /1/26 44,268 55, Wood Siding Paint Paint Building SF 2 7/1/ /1/16 11,138 12, Light Building Exterior Lighting Building Each /1/ /1/ Roof Roofing Building SF /1/ /1/26 69,300 87, DoorsEntryReplace Doors Building Each /1/ /1/19 2,400 2, DoorsEntryPaint Paint Building Each /1/ /1/

59 59 of 104 Page Report # 1245 V Page Ehibit List Detail by Major Item # Location Quantity Meas Basis Unit Cost Life Date Placed in Service Useful Rem Replacement Cost Est. 1st Replace Date Current Future 69 DoorsStorageReplace Doors Building Each /1/ /1/ DoorsStoragePaint Paint Building Each /1/ /1/ Stairs Replace Building Exteriors Building Each 4, /1/ /1/14 12,000 12, Stairs Paint Paint Building SF /1/ /1/ Railing Replace Building Exteriors Building LF /1/ /1/14 8,892 9, Railing Paint Paint Building LF /1/ /1/ Decks Replace Building Exteriors Building SF 18 6/1/ /1/14 33,696 35, Decks Paint Paint Building SF /1/ /1/16 2,920 3, Wood Siding Replace Building Exteriors Building SF /1/ /1/24 41,664 50, Wood Siding Paint Paint Building SF /1/ /1/16 10,483 11, Light Building Exterior Lighting Building Each /1/ /1/ Roof Roofing Building SF /1/ /1/47 62, , DoorsEntryReplace Doors Building Each /1/ /1/19 1,500 1, DoorsEntryPaint Paint Building Each 35 7/1/ /1/ DoorsStorageReplace Doors Building Each 200 6/1/ /1/19 1,400 1, DoorsStoragePaint Paint Building Each 25 7/1/ /1/ Stairs Replace Building Exteriors Building Each 4,000 6/1/ /1/14 16,000 16, Stairs Paint Paint Building SF 2 7/1/ /1/ Railing Replace Building Exteriors Building LF 13 6/1/ /1/14 8,892 9, Railing Paint Paint Building LF 1 7/1/ /1/ Decks Replace Building Exteriors Building SF 18 6/1/ /1/14 50,544 53, Decks Paint Paint Building SF 2 7/1/ /1/16 4,380 4, Wood Siding Replace Building Exteriors Building SF 6 6/1/ /1/24 41,664 50, Wood Siding Paint Paint Building SF 2 7/1/ /1/16 10,483 11, Light Building Exterior Lighting Building Each 55 9/1/ /1/ Roof Roofing Building SF 18 7/1/ /1/47 62, , DoorsEntryReplace Doors Building Each 300 6/1/ /1/19 2,100 2, DoorsEntryPaint Paint Building Each 35 7/1/ /1/ DoorsStorageReplace Doors Building Each 200 6/1/ /1/19 1,400 1, DoorsStoragePaint Paint Building Each 25 7/1/ /1/ Gutters & Downspouts Roofing Building LF 9 8/1/ /1/23 1,710 2, Gutters & Downspouts Roofing Building LF 9 8/1/ /1/24 1,782 2, Gutters & Downspouts Roofing Building LF 9 8/1/ /1/25 1,890 2, Gutters & Downspouts Roofing Building LF 9 8/1/ /1/26 1,890 2,387

60 60 of 104 Page Report # 1245 V Page Ehibit List Detail by Major Item # Location Quantity Meas Basis Unit Cost Life Date Placed in Service Useful Rem Replacement Cost Est. 1st Replace Date Current Future 103 Gutters & Downspouts Roofing Building LF 9 7/1/ /1/47 1,782 3, Gutters & Downspouts Roofing Building LF 9 7/1/ /1/47 1,782 3, Gutters & Downspouts Roofing Building LF 9 7/1/ /1/53 1,890 3, Repair Allowance Building Exteriors Buildings 1 Each 3,000 9/1/ /1/11 3,000 3, Repair Allowance Planters Common Areas 1 Each 500 9/1/ /1/ Resurface Paving Street & Parking Lot SF 3 8/1/ /1/12 53,469 54, Slurry Seal Paving Street & Parking Lot SF 0 8/1/ /1/20 4,894 5, Wood Siding Paint Paint Trash Enclosure 340 SF 2 7/1/ /1/ Roof Roofing Trash Enclosure 120 SF 7 7/1/ /1/ DoorsReplace Doors Trash Enclosure 2 Each 350 7/1/ /1/ DoorsPaint Paint Trash Enclosure 2 Each 25 7/1/ /1/ Light Building Exterior Lighting Trash Enclosure 1 Each 85 7/1/ /1/ Light Parking Area Lighting Common Areas 6 Each 85 8/1/ /1/ Rail Fence Replace Fencing Common Areas 1 Each 1,500 8/1/ /1/28 1,500 1, Signs Replace Signs Common Areas 1 Lot 500 7/1/ /1/ Concrete Replacement Concrete Maintenance Common Areas 1 Lot 35,000 8/1/ /1/11 35,000 35, Total $ 1,373,099 $ 1,758,762

61 Page Report # 1245 V Exhibit Detail Inventory With Photos Number 1 Stairs Replace Building Exteriors Location Building 400 Quantity 2 Each Cost per unit $4, Current replacement cost $8, Future replacement cost $8, Date placed in service 8/1/1980 Life 35 Adjusted life of 104 Page Number 2 Stairs Paint Paint Location Building 400 Quantity 72 SF Cost per unit $1.56 Current replacement cost $ Future replacement cost $ Date placed in service 7/1/2004 Life 12 Adjusted life 12 Number 3 Railing Replace Building Exteriors Location Building 400 Quantity 470 LF Cost per unit $13.00 Current replacement cost $6, Future replacement cost $6, Date placed in service 8/1/1980 Life 35 Adjusted life 35

62 Page Report # 1245 V Exhibit Detail Inventory With Photos Number 4 Railing Paint Paint Location Building 400 Quantity 470 LF Cost per unit $0.75 Current replacement cost $ Future replacement cost $ Date placed in service 7/1/2004 Life 12 Adjusted life of 104 Page Number 5 Decks Replace Building Exteriors Location Building 400 Quantity 1,956 SF Cost per unit $18.00 Current replacement cost $35, Future replacement cost $37, Date placed in service 8/1/1980 Life 35 Adjusted life 35 Number 6 Decks Paint Paint Location Building 400 Quantity 1,956 SF Cost per unit $1.56 Current replacement cost $3, Future replacement cost $3, Date placed in service 7/1/2004 Life 12 Adjusted life 12

63 Page Report # 1245 V Exhibit Detail Inventory With Photos Number 7 Wood Siding Replace Building Exteriors Location Building 400 Quantity 7,140 SF Cost per unit $6.20 Current replacement cost $44, Future replacement cost $55, Date placed in service 8/1/1980 Life 45 Adjusted life of 104 Page Number 8 Wood Siding Paint Paint Location Building 400 Quantity 7,140 SF Cost per unit $1.56 Current replacement cost $11, Future replacement cost $12, Date placed in service 7/1/2004 Life 12 Adjusted life 12 Number 9 Light Building Exterior Lighting Location Building 400 Quantity 10 Each Cost per unit $55.00 Current replacement cost $ Future replacement cost $ Date placed in service 9/1/1999 Life 25 Adjusted life 25

64 Page Report # 1245 V Exhibit Detail Inventory With Photos Number 10 Roof Roofing Location Building 400 Quantity 3,960 SF Cost per unit $17.50 Current replacement cost $69, Future replacement cost $86, Date placed in service 8/1/1980 Life 45 Adjusted life 45 Management estimate 64 of 104 Page Number 11 DoorsEntryReplace Doors Location Building 400 Quantity 10 Each Cost per unit $ Current replacement cost $3, Future replacement cost $3, Date placed in service 6/1/1979 Life 40 Adjusted life 40 Number 12 DoorsEntryPaint Paint Location Building 400 Quantity 10 Each Cost per unit $35.00 Current replacement cost $ Future replacement cost $ Date placed in service 7/1/2004 Life 12 Adjusted life 12

65 Page Report # 1245 V Exhibit Detail Inventory With Photos Number 13 DoorsStorageReplace Doors Location Building 400 Quantity 2 Each Cost per unit $ Current replacement cost $ Future replacement cost $ Date placed in service 6/1/1979 Life 40 Adjusted life of 104 Page Number 14 DoorsStoragePaint Paint Location Building 400 Quantity 2 Each Cost per unit $25.00 Current replacement cost $50.00 Future replacement cost $54.30 Date placed in service 7/1/2004 Life 12 Adjusted life 12 Number 15 Stairs Replace Building Exteriors Location Building 100 Quantity 2 Each Cost per unit $4, Current replacement cost $8, Future replacement cost $8, Date placed in service 8/1/1978 Life 35 Adjusted life 35

66 Page Report # 1245 V Exhibit Detail Inventory With Photos Number 16 Stairs Paint Paint Location Building 100 Quantity 72 SF Cost per unit $1.56 Current replacement cost $ Future replacement cost $ Date placed in service 7/1/2004 Life 12 Adjusted life of 104 Page Number 17 Railing Replace Building Exteriors Location Building 100 Quantity 448 LF Cost per unit $13.00 Current replacement cost $5, Future replacement cost $6, Date placed in service 8/1/1978 Life 35 Adjusted life 35 Number 18 Railing Paint Paint Location Building 100 Quantity 448 LF Cost per unit $0.75 Current replacement cost $ Future replacement cost $ Date placed in service 7/1/2004 Life 12 Adjusted life 12

67 Page Report # 1245 V Exhibit Detail Inventory With Photos Number 19 Decks Replace Building Exteriors Location Building 100 Quantity 1,824 SF Cost per unit $18.00 Current replacement cost $32, Future replacement cost $34, Date placed in service 8/1/1978 Life 35 Adjusted life of 104 Page Number 20 Decks Paint Paint Location Building 100 Quantity 1,824 SF Cost per unit $1.56 Current replacement cost $2, Future replacement cost $3, Date placed in service 7/1/2004 Life 12 Adjusted life 12 Number 21 Wood Siding Replace Building Exteriors Location Building 100 Quantity 6,480 SF Cost per unit $6.20 Current replacement cost $40, Future replacement cost $48, Date placed in service 8/1/1978 Life 45 Adjusted life 45

68 Page Report # 1245 V Exhibit Detail Inventory With Photos Number 22 Wood Siding Paint Paint Location Building 100 Quantity 6,480 SF Cost per unit $1.56 Current replacement cost $10, Future replacement cost $10, Date placed in service 7/1/2004 Life 12 Adjusted life of 104 Page Number 23 Light Building Exterior Lighting Location Building 100 Quantity 8 Each Cost per unit $55.00 Current replacement cost $ Future replacement cost $ Date placed in service 9/1/1999 Life 25 Adjusted life 25 Number 24 Roof Roofing Location Building 100 Quantity 3,380 SF Cost per unit $17.50 Current replacement cost $59, Future replacement cost $71, Date placed in service 8/1/1978 Life 45 Adjusted life 45 Management estimate

69 Page Report # 1245 V Exhibit Detail Inventory With Photos Number 25 DoorsEntryReplace Doors Location Building 100 Quantity 8 Each Cost per unit $ Current replacement cost $2, Future replacement cost $2, Date placed in service 6/1/1979 Life 40 Adjusted life of 104 Page Number 26 DoorsEntryPaint Paint Location Building 100 Quantity 8 Each Cost per unit $35.00 Current replacement cost $ Future replacement cost $ Date placed in service 7/1/2004 Life 12 Adjusted life 12 Number 27 DoorsStorageReplace Doors Location Building 100 Quantity 10 Each Cost per unit $ Current replacement cost $2, Future replacement cost $2, Date placed in service 6/1/1979 Life 40 Adjusted life 40

70 Page Report # 1245 V Exhibit Detail Inventory With Photos Number 28 DoorsStoragePaint Paint Location Building 100 Quantity 10 Each Cost per unit $25.00 Current replacement cost $ Future replacement cost $ Date placed in service 7/1/2004 Life 12 Adjusted life of 104 Page Number 29 Stairs Replace Building Exteriors Location Building 200 Quantity 2 Each Cost per unit $4, Current replacement cost $8, Future replacement cost $8, Date placed in service 8/1/1979 Life 35 Adjusted life 35 Poor Substandard prior repair noted Number 30 Stairs Paint Paint Location Building 200 Quantity 72 SF Cost per unit $1.56 Current replacement cost $ Future replacement cost $ Date placed in service 7/1/2004 Life 12 Adjusted life 12

71 Page Report # 1245 V Exhibit Detail Inventory With Photos Number 31 Railing Replace Building Exteriors Location Building 200 Quantity 456 LF Cost per unit $13.00 Current replacement cost $5, Future replacement cost $6, Date placed in service 8/1/1979 Life 35 Adjusted life 35 Poor Substandard prior repair noted 71 of 104 Page Number 32 Railing Paint Paint Location Building 200 Quantity 456 LF Cost per unit $0.75 Current replacement cost $ Future replacement cost $ Date placed in service 7/1/2004 Life 12 Adjusted life 12 Number 33 Decks Replace Building Exteriors Location Building 200 Quantity 1,872 SF Cost per unit $18.00 Current replacement cost $33, Future replacement cost $35, Date placed in service 8/1/1979 Life 35 Adjusted life 35

72 Page Report # 1245 V Exhibit Detail Inventory With Photos Number 34 Decks Paint Paint Location Building 200 Quantity 1,872 SF Cost per unit $1.56 Current replacement cost $2, Future replacement cost $3, Date placed in service 7/1/2004 Life 12 Adjusted life of 104 Page Number 35 Wood Siding Replace Building Exteriors Location Building 200 Quantity 6,720 SF Cost per unit $6.20 Current replacement cost $41, Future replacement cost $51, Date placed in service 8/1/1979 Life 45 Adjusted life 45 Number 36 Wood Siding Paint Paint Location Building 200 Quantity 6,720 SF Cost per unit $1.56 Current replacement cost $10, Future replacement cost $11, Date placed in service 7/1/2004 Life 12 Adjusted life 12

73 Page Report # 1245 V Exhibit Detail Inventory With Photos Number 37 Light Building Exterior Lighting Location Building 200 Quantity 8 Each Cost per unit $55.00 Current replacement cost $ Future replacement cost $ Date placed in service 9/1/1999 Life 25 Adjusted life of 104 Page Number 38 Roof Roofing Location Building 200 Quantity 3,590 SF Cost per unit $17.50 Current replacement cost $62, Future replacement cost $77, Date placed in service 8/1/1979 Life 45 Adjusted life 45 Management estimate Number 39 DoorsEntryReplace Doors Location Building 200 Quantity 8 Each Cost per unit $ Current replacement cost $2, Future replacement cost $2, Date placed in service 6/1/1979 Life 40 Adjusted life 40

74 Page Report # 1245 V Exhibit Detail Inventory With Photos Number 40 DoorsEntryPaint Paint Location Building 200 Quantity 8 Each Cost per unit $35.00 Current replacement cost $ Future replacement cost $ Date placed in service 7/1/2004 Life 12 Adjusted life of 104 Page Number 41 DoorsStorageReplace Doors Location Building 200 Quantity 8 Each Cost per unit $ Current replacement cost $1, Future replacement cost $1, Date placed in service 6/1/1979 Life 40 Adjusted life 40 Number 42 DoorsStoragePaint Paint Location Building 200 Quantity 8 Each Cost per unit $25.00 Current replacement cost $ Future replacement cost $ Date placed in service 7/1/2004 Life 12 Adjusted life 12

75 Page Report # 1245 V Exhibit Detail Inventory With Photos Number 43 Stairs Replace Building Exteriors Location Building 300 Quantity 2 Each Cost per unit $4, Current replacement cost $8, Future replacement cost $13, Date placed in service 7/1/2008 Life 35 Adjusted life 35 Good 75 of 104 Page Number 44 Stairs Paint Paint Location Building 300 Quantity 72 SF Cost per unit $1.56 Current replacement cost $ Future replacement cost $ Date placed in service 7/1/2004 Life 12 Adjusted life 12 Good Number 45 Railing Replace Building Exteriors Location Building 300 Quantity 470 LF Cost per unit $13.00 Current replacement cost $6, Future replacement cost $9, Date placed in service 7/1/2008 Life 35 Adjusted life 35 Good

76 Page Report # 1245 V Exhibit Detail Inventory With Photos Number 46 Railing Paint Paint Location Building 300 Quantity 470 LF Cost per unit $0.75 Current replacement cost $ Future replacement cost $ Date placed in service 7/1/2004 Life 12 Adjusted life 12 Good 76 of 104 Page Number 47 Decks Replace Building Exteriors Location Building 300 Quantity 1,956 SF Cost per unit $18.00 Current replacement cost $35, Future replacement cost $57, Date placed in service 7/1/2008 Life 35 Adjusted life 35 Good Number 48 Decks Paint Paint Location Building 300 Quantity 1,956 SF Cost per unit $1.56 Current replacement cost $3, Future replacement cost $3, Date placed in service 7/1/2004 Life 12 Adjusted life 12 Good

77 Page Report # 1245 V Exhibit Detail Inventory With Photos Number 49 Wood Siding Replace Building Exteriors Location Building 300 Quantity 7,140 SF Cost per unit $6.20 Current replacement cost $44, Future replacement cost $83, Date placed in service 7/1/2008 Life 45 Adjusted life 45 Good 77 of 104 Page Number 50 Wood Siding Paint Paint Location Building 300 Quantity 7,140 SF Cost per unit $1.56 Current replacement cost $11, Future replacement cost $12, Date placed in service 7/1/2004 Life 12 Adjusted life 12 Good Number 51 Light Building Exterior Lighting Location Building 300 Quantity 10 Each Cost per unit $55.00 Current replacement cost $ Future replacement cost $ Date placed in service 9/1/1999 Life 25 Adjusted life 25 Good

78 Page Report # 1245 V Exhibit Detail Inventory With Photos Number 52 Roof Roofing Location Building 300 Quantity 3,960 SF Cost per unit $17.50 Current replacement cost $69, Future replacement cost $131, Date placed in service 8/1/2008 Life 45 Adjusted life 45 Prior Invoice Excellent Recently replaced, with snow melt system 78 of 104 Page Number 53 DoorsEntryReplace Doors Location Building 300 Quantity 10 Each Cost per unit $ Current replacement cost $3, Future replacement cost $3, Date placed in service 6/1/1979 Life 40 Adjusted life 40 Good Number 54 DoorsEntryPaint Paint Location Building 300 Quantity 10 Each Cost per unit $35.00 Current replacement cost $ Future replacement cost $ Date placed in service 7/1/2004 Life 12 Adjusted life 12 Good

79 Page Report # 1245 V Exhibit Detail Inventory With Photos Number 55 DoorsStorageReplace Doors Location Building 300 Quantity 8 Each Cost per unit $ Current replacement cost $1, Future replacement cost $1, Date placed in service 6/1/1979 Life 40 Adjusted life 40 Good 79 of 104 Page Number 56 DoorsStoragePaint Paint Location Building 300 Quantity 8 Each Cost per unit $25.00 Current replacement cost $ Future replacement cost $ Date placed in service 7/1/2004 Life 12 Adjusted life 12 Good Number 57 Stairs Replace Building Exteriors Location Building 500 Quantity 2 Each Cost per unit $4, Current replacement cost $8, Future replacement cost $8, Date placed in service 6/1/1981 Life 35 Adjusted life 35

80 Page Report # 1245 V Exhibit Detail Inventory With Photos Number 58 Stairs Paint Paint Location Building 500 Quantity 72 SF Cost per unit $1.56 Current replacement cost $ Future replacement cost $ Date placed in service 7/1/2004 Life 12 Adjusted life of 104 Page Number 59 Railing Replace Building Exteriors Location Building 500 Quantity 470 LF Cost per unit $13.00 Current replacement cost $6, Future replacement cost $6, Date placed in service 6/1/1981 Life 35 Adjusted life 35 Poor Wood railing was replaced with a horizontal steel railing that is not well secured Number 60 Railing Paint Paint Location Building 500 Quantity 470 LF Cost per unit $0.75 Current replacement cost $ Future replacement cost $ Date placed in service 7/1/2004 Life 12 Adjusted life 12

81 Page Report # 1245 V Exhibit Detail Inventory With Photos Number 61 Decks Replace Building Exteriors Location Building 500 Quantity 1,956 SF Cost per unit $18.00 Current replacement cost $35, Future replacement cost $38, Date placed in service 6/1/1981 Life 35 Adjusted life of 104 Page Number 62 Decks Paint Paint Location Building 500 Quantity 1,956 SF Cost per unit $1.56 Current replacement cost $3, Future replacement cost $3, Date placed in service 7/1/2004 Life 12 Adjusted life 12 Number 63 Wood Siding Replace Building Exteriors Location Building 500 Quantity 7,140 SF Cost per unit $6.20 Current replacement cost $44, Future replacement cost $55, Date placed in service 6/1/1981 Life 45 Adjusted life 45

82 Page Report # 1245 V Exhibit Detail Inventory With Photos Number 64 Wood Siding Paint Paint Location Building 500 Quantity 7,140 SF Cost per unit $1.56 Current replacement cost $11, Future replacement cost $12, Date placed in service 7/1/2004 Life 12 Adjusted life of 104 Page Number 65 Light Building Exterior Lighting Location Building 500 Quantity 8 Each Cost per unit $55.00 Current replacement cost $ Future replacement cost $ Date placed in service 9/1/1999 Life 25 Adjusted life 25 Number 66 Roof Roofing Location Building 500 Quantity 3,960 SF Cost per unit $17.50 Current replacement cost $69, Future replacement cost $87, Date placed in service 8/1/1981 Life 45 Adjusted life 45 Management estimate

83 Page Report # 1245 V Exhibit Detail Inventory With Photos Number 67 DoorsEntryReplace Doors Location Building 500 Quantity 8 Each Cost per unit $ Current replacement cost $2, Future replacement cost $2, Date placed in service 6/1/1979 Life 40 Adjusted life of 104 Page Number 68 DoorsEntryPaint Paint Location Building 500 Quantity 8 Each Cost per unit $35.00 Current replacement cost $ Future replacement cost $ Date placed in service 7/1/2004 Life 12 Adjusted life 12 Number 69 DoorsStorageReplace Doors Location Building 500 Quantity 4 Each Cost per unit $ Current replacement cost $ Future replacement cost $ Date placed in service 6/1/1979 Life 40 Adjusted life 40

84 Page Report # 1245 V Exhibit Detail Inventory With Photos Number 70 DoorsStoragePaint Paint Location Building 500 Quantity 4 Each Cost per unit $25.00 Current replacement cost $ Future replacement cost $ Date placed in service 7/1/2004 Life 12 Adjusted life of 104 Page Number 71 Stairs Replace Building Exteriors Location Building 600 Quantity 3 Each Cost per unit $4, Current replacement cost $12, Future replacement cost $12, Date placed in service 6/1/1979 Life 35 Adjusted life 35 Number 72 Stairs Paint Paint Location Building 600 Quantity 108 SF Cost per unit $1.56 Current replacement cost $ Future replacement cost $ Date placed in service 7/1/2004 Life 12 Adjusted life 12

85 Page Report # 1245 V Exhibit Detail Inventory With Photos Number 73 Railing Replace Building Exteriors Location Building 600 Quantity 684 LF Cost per unit $13.00 Current replacement cost $8, Future replacement cost $9, Date placed in service 6/1/1979 Life 35 Adjusted life of 104 Page Number 74 Railing Paint Paint Location Building 600 Quantity 684 LF Cost per unit $0.75 Current replacement cost $ Future replacement cost $ Date placed in service 7/1/2004 Life 12 Adjusted life 12 Number 75 Decks Replace Building Exteriors Location Building 600 Quantity 1,872 SF Cost per unit $18.00 Current replacement cost $33, Future replacement cost $35, Date placed in service 6/1/1979 Life 35 Adjusted life 35

86 Page Report # 1245 V Exhibit Detail Inventory With Photos Number 76 Decks Paint Paint Location Building 600 Quantity 1,872 SF Cost per unit $1.56 Current replacement cost $2, Future replacement cost $3, Date placed in service 7/1/2004 Life 12 Adjusted life of 104 Page Number 77 Wood Siding Replace Building Exteriors Location Building 600 Quantity 6,720 SF Cost per unit $6.20 Current replacement cost $41, Future replacement cost $50, Date placed in service 6/1/1979 Life 45 Adjusted life 45 Number 78 Wood Siding Paint Paint Location Building 600 Quantity 6,720 SF Cost per unit $1.56 Current replacement cost $10, Future replacement cost $11, Date placed in service 7/1/2004 Life 12 Adjusted life 12

87 Page Report # 1245 V Exhibit Detail Inventory With Photos Number 79 Light Building Exterior Lighting Location Building 600 Quantity 5 Each Cost per unit $55.00 Current replacement cost $ Future replacement cost $ Date placed in service 9/1/1999 Life 25 Adjusted life of 104 Page Number 80 Roof Roofing Location Building 600 Quantity 3,590 SF Cost per unit $17.50 Current replacement cost $62, Future replacement cost $108, Date placed in service 7/1/2002 Life 45 Adjusted life 45 Management estimate Good Number 81 DoorsEntryReplace Doors Location Building 600 Quantity 5 Each Cost per unit $ Current replacement cost $1, Future replacement cost $1, Date placed in service 6/1/1979 Life 40 Adjusted life 40

88 Page Report # 1245 V Exhibit Detail Inventory With Photos Number 82 DoorsEntryPaint Paint Location Building 600 Quantity 5 Each Cost per unit $35.00 Current replacement cost $ Future replacement cost $ Date placed in service 7/1/2004 Life 12 Adjusted life of 104 Page Number 83 DoorsStorageReplace Doors Location Building 600 Quantity 7 Each Cost per unit $ Current replacement cost $1, Future replacement cost $1, Date placed in service 6/1/1979 Life 40 Adjusted life 40 Number 84 DoorsStoragePaint Paint Location Building 600 Quantity 7 Each Cost per unit $25.00 Current replacement cost $ Future replacement cost $ Date placed in service 7/1/2004 Life 12 Adjusted life 12

89 Page Report # 1245 V Exhibit Detail Inventory With Photos Number 85 Stairs Replace Building Exteriors Location Building 700 Quantity 4 Each Cost per unit $4, Current replacement cost $16, Future replacement cost $16, Date placed in service 6/1/1979 Life 35 Adjusted life of 104 Page Number 86 Stairs Paint Paint Location Building 700 Quantity 144 SF Cost per unit $1.56 Current replacement cost $ Future replacement cost $ Date placed in service 7/1/2004 Life 12 Adjusted life 12 Number 87 Railing Replace Building Exteriors Location Building 700 Quantity 684 LF Cost per unit $13.00 Current replacement cost $8, Future replacement cost $9, Date placed in service 6/1/1979 Life 35 Adjusted life 35

90 Page Report # 1245 V Exhibit Detail Inventory With Photos Number 88 Railing Paint Paint Location Building 700 Quantity 684 LF Cost per unit $0.75 Current replacement cost $ Future replacement cost $ Date placed in service 7/1/2004 Life 12 Adjusted life of 104 Page Number 89 Decks Replace Building Exteriors Location Building 700 Quantity 2,808 SF Cost per unit $18.00 Current replacement cost $50, Future replacement cost $53, Date placed in service 6/1/1979 Life 35 Adjusted life 35 Number 90 Decks Paint Paint Location Building 700 Quantity 2,808 SF Cost per unit $1.56 Current replacement cost $4, Future replacement cost $4, Date placed in service 7/1/2004 Life 12 Adjusted life 12

91 Page Report # 1245 V Exhibit Detail Inventory With Photos Number 91 Wood Siding Replace Building Exteriors Location Building 700 Quantity 6,720 SF Cost per unit $6.20 Current replacement cost $41, Future replacement cost $50, Date placed in service 6/1/1979 Life 45 Adjusted life of 104 Page Number 92 Wood Siding Paint Paint Location Building 700 Quantity 6,720 SF Cost per unit $1.56 Current replacement cost $10, Future replacement cost $11, Date placed in service 7/1/2004 Life 12 Adjusted life 12 Number 93 Light Building Exterior Lighting Location Building 700 Quantity 7 Each Cost per unit $55.00 Current replacement cost $ Future replacement cost $ Date placed in service 9/1/1999 Life 25 Adjusted life 25

92 Page Report # 1245 V Exhibit Detail Inventory With Photos Number 94 Roof Roofing Location Building 700 Quantity 3,590 SF Cost per unit $17.50 Current replacement cost $62, Future replacement cost $108, Date placed in service 7/1/2002 Life 45 Adjusted life 45 Management estimate Good 92 of 104 Page Number 95 DoorsEntryReplace Doors Location Building 700 Quantity 7 Each Cost per unit $ Current replacement cost $2, Future replacement cost $2, Date placed in service 6/1/1979 Life 40 Adjusted life 40 Number 96 DoorsEntryPaint Paint Location Building 700 Quantity 7 Each Cost per unit $35.00 Current replacement cost $ Future replacement cost $ Date placed in service 7/1/2004 Life 12 Adjusted life 12

93 Page Report # 1245 V Exhibit Detail Inventory With Photos Number 97 DoorsStorageReplace Doors Location Building 700 Quantity 7 Each Cost per unit $ Current replacement cost $1, Future replacement cost $1, Date placed in service 6/1/1979 Life 40 Adjusted life of 104 Page Number 98 DoorsStoragePaint Paint Location Building 700 Quantity 7 Each Cost per unit $25.00 Current replacement cost $ Future replacement cost $ Date placed in service 7/1/2004 Life 12 Adjusted life 12 Number 99 Gutters & Downspouts Roofing Location Building 100 Quantity 190 LF Cost per unit $9.00 Current replacement cost $1, Future replacement cost $2, Date placed in service 8/1/1978 Life 45 Adjusted life 45 Management estimate Need to Install Do not exist should be installed to reduce damage to concrete walkways from snow / rain runoff from roof

94 Page Report # 1245 V Exhibit Detail Inventory With Photos 94 of 104 Page Number 100 Gutters & Downspouts Roofing Location Building 200 Quantity 198 LF Cost per unit $9.00 Current replacement cost $1, Future replacement cost $2, Date placed in service 8/1/1979 Life 45 Adjusted life 45 Management estimate Need to Install Do not exist should be installed to reduce damage to concrete walkways from snow / rain runoff from roof Number 101 Gutters & Downspouts Roofing Location Building 400 Quantity 210 LF Cost per unit $9.00 Current replacement cost $1, Future replacement cost $2, Date placed in service 8/1/1980 Life 45 Adjusted life 45 Management estimate Need to Install Do not exist should be installed to reduce damage to concrete walkways from snow / rain runoff from roof Number 102 Gutters & Downspouts Roofing Location Building 500 Quantity 210 LF Cost per unit $9.00 Current replacement cost $1, Future replacement cost $2, Date placed in service 8/1/1981 Life 45 Adjusted life 45 Management estimate Need to Install Do not exist should be installed to reduce damage to concrete walkways from snow / rain runoff from roof

95 Page Report # 1245 V Exhibit Detail Inventory With Photos 95 of 104 Page Number 103 Gutters & Downspouts Roofing Location Building 600 Quantity 198 LF Cost per unit $9.00 Current replacement cost $1, Future replacement cost $3, Date placed in service 7/1/2002 Life 45 Adjusted life 45 Management estimate Need to Install Do not exist should be installed to reduce damage to concrete walkways from snow / rain runoff from roof Number 104 Gutters & Downspouts Roofing Location Building 700 Quantity 198 LF Cost per unit $9.00 Current replacement cost $1, Future replacement cost $3, Date placed in service 7/1/2002 Life 45 Adjusted life 45 Management estimate Need to Install Do not exist should be installed to reduce damage to concrete walkways from snow / rain runoff from roof Number 105 Gutters & Downspouts Roofing Location Building 300 Quantity 210 LF Cost per unit $9.00 Current replacement cost $1, Future replacement cost $3, Date placed in service 7/1/2008 Life 45 Adjusted life 45 Prior Invoice Good Recently added

96 Page Report # 1245 V Exhibit Detail Inventory With Photos Number 106 Repair Allowance Building Exteriors Location Buildings Quantity 1 Each Cost per unit $3, Current replacement cost $3, Future replacement cost $3, Date placed in service 9/1/2010 Life 1 Adjusted life 1 Management estimate Good 96 of 104 Page Number 107 Repair Allowance Planters Location Common Areas Quantity 1 Each Cost per unit $ Current replacement cost $ Future replacement cost $ Date placed in service 9/1/2009 Life 2 Adjusted life 2 Management estimate Good Number 108 Resurface Paving Location Street & Parking Lot Quantity 18,125 SF Cost per unit $2.95 Current replacement cost $53, Future replacement cost $54, Date placed in service 8/1/1988 Life 24 Adjusted life 24 Management estimate Good

97 Page Report # 1245 V Exhibit Detail Inventory With Photos Number 109 Slurry Seal Paving Location Street & Parking Lot Quantity 18,125 SF Cost per unit $0.27 Current replacement cost $4, Future replacement cost $5, Date placed in service 8/1/2010 Life 10 Adjusted life 10 Management estimate Good 97 of 104 Page Number 110 Wood Siding Paint Paint Location Trash Enclosure Quantity 340 SF Cost per unit $1.56 Current replacement cost $ Future replacement cost $ Date placed in service 7/1/2004 Life 12 Adjusted life 12 Management estimate Good Number 111 Roof Roofing Location Trash Enclosure Quantity 120 SF Cost per unit $6.50 Current replacement cost $ Future replacement cost $ Date placed in service 7/1/2004 Life 20 Adjusted life 20 Management estimate Good

98 Page Report # 1245 V Exhibit Detail Inventory With Photos Number 112 DoorsReplace Doors Location Trash Enclosure Quantity 2 Each Cost per unit $ Current replacement cost $ Future replacement cost $ Date placed in service 7/1/2004 Life 24 Adjusted life 24 Management estimate Good 98 of 104 Page Number 113 DoorsPaint Paint Location Trash Enclosure Quantity 2 Each Cost per unit $25.00 Current replacement cost $50.00 Future replacement cost $54.30 Date placed in service 7/1/2004 Life 12 Adjusted life 12 Management estimate Good Number 114 Light Building Exterior Lighting Location Trash Enclosure Quantity 1 Each Cost per unit $85.00 Current replacement cost $85.00 Future replacement cost $ Date placed in service 7/1/2004 Life 25 Adjusted life 25 Management estimate Good

99 Page Report # 1245 V Exhibit Detail Inventory With Photos Number 115 Light Parking Area Lighting Location Common Areas Quantity 6 Each Cost per unit $85.00 Current replacement cost $ Future replacement cost $ Date placed in service 8/1/2002 Life 25 Adjusted life 25 Management estimate Good 99 of 104 Page Number 116 Rail Fence Replace Fencing Location Common Areas Quantity 1 Each Cost per unit $1, Current replacement cost $1, Future replacement cost $1, Date placed in service 8/1/2008 Life 20 Adjusted life 20 Management estimate Good Number 117 Signs Replace Signs Location Common Areas Quantity 1 Lot Cost per unit $ Current replacement cost $ Future replacement cost $ Date placed in service 7/1/2001 Life 10 Adjusted life 10 Management estimate Good

100 Page Report # 1245 V Exhibit Detail Inventory With Photos Number 118 Concrete Replacement Concrete Maintenance Location Common Areas Quantity 1 Lot Cost per unit $35, Current replacement cost $35, Future replacement cost $35, Date placed in service 8/1/1978 Life 33 Adjusted life 33 Management estimate Good Severe deterioration noted, caused by no gutters on roofs 100 of 104 Page 3 4 3

101 Page 3 5 Page 1 Exhibit Maintenance Observations Hole in Concrete located in front of building 300 This is a safety hazard that should be corrected immediately. A person could easily catch a heel in this hole and fall, causing injury. Slip and fall injuries are the most common type of injury in associations. Missing light fixture leaves "live" electrical wires exposed This is a safety hazard that should be corrected immediately. Failure to ciorrect this situation expsoes the Association to liability. Balcony Railing located at building 500 This replacement railing is poorly secured to the building and has an unacceptable level of "give" when one presses against the railing. This is a safetly hazard that should be corrected immediately. This does not necessarily require replacement of the railing, but does require properly securing the railing to the building.

102 Page 3 5 Page 2 Exhibit Maintenance Observations Concrete deterioration Concrete in several locations exhibits a very high degree of deterioration, primarily as a direct result of failure to install gutters and downspouts on the buildings. Snow, ice, and rain runoff over many years has destroyed the concrete surface. This results in uneven surfaces that could contribute to "slip and fall" injuries. This has also contributed to subsidence of the concrete (see next point) in several areas. We recommend that engineering professionals be engaged to evaluate this matter. Thise individuals can provide appropriate guidance. It is also necessary that gutters and downspouts be installed on all roofs to avoid recurrance of this issue. The minor cost of gutters and downspouts in the past would likely have avoided the large expense that will be necessary to correct this situation now. Concrete subsidence This is primarily occuring in front of buildings 600 and 700. The subsidence is severe, in some cases almost three inches. Determining the cause and recommended repair is far beyond the scope of this reserve study. We recommend that you engage an engineering firm specializing in these types of issues to determine the cause and suggest a repair plan. We have included an anticipated expenditure in 2011, but cannot reliably predict a correct amount. The purpose of the anticipated expenditure is just to make sure that at least some amount of money is set aside for this issue. Stairs and Railings This staircase and railing (I believe on Building 200, my notes did not indicate the location) were previously repaired using substadnard material. The stairs are not treated wood, and have not been kept painted, so will fail much sooner that would normally be indicated. Further, the railing is not adequately reinforced and has too much "give." I don't believe it is necessary to replace this immediately, but it should be repaired correctly when it is ultimately replaced.

103 Page 3 5 Page 3 Exhibit Maintenance Observations Dry rot This window was not properly installed and sealed. It exhibits dry rot which has already been patched and painted. However, the patch and paint are merely a band aid approach and do not correct the underlying problem of improper window installation and sealing. It appears this situation will continue to deteriorate, and could eventually cause structural damage. If members are allowed to replace windows, which appears to be the case, the Association should issue installation standards and mandatory inspections to assure proper installation. Unsecured wiring This wiring should be secured to avoid potential electrical hazard. Enclosed deck It appears that the Association has allowed certain members to enclose their decks to increase living area. Such allowances should not be made unless the Associations has ascertained that is is appropriate under their governing documents. It is wise to seek legal advice on such issues, because it affects common areas, even if they are exclusive use common areas. The issue I noted here is that there does not appear to be proper roof drainage, which could cause future problems. That detemination is outside the scope of this reserve study.

104 Page 3 5 Page 4 Exhibit Maintenance Observations Downspout not attached This was noted; should be corrected as part of overall roofing / gutters and downspouts improvement plan. Roof damage I was not able to determine the nature of the damage to this roof. This should be evaluated as part of the overall roofing improvement plan. Dry rot The railroad tie support for the landing at the end of building 100 is deteriorating. When it fails completely the stair landing will collapse. It appears there is earth/wood contact due to poor design. While failure is not imminent, this should be addressed before it becomes a problem.