PEARL VALLEY GOLF ESTATES. Home Owners Association Annual General Meeting held at Pearl Valley Clubhouse. 11 April 2013

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1 1 Welcome AP welcomes all to the 2013 AGM AP confirmed that a quorum was present 2 Apologies No Apologies 3 Approval of minutes of the AGM held on 12 April 2012 Paul Clark proposed minutes as accepted and seconded by Johnny Trytsman. 4 Matters Arising from the previous minutes None 5 Developer s Report 5.1 Andre Pepler introduced Ettienne de Kock (EDK), Developer s representative to the meeting EDK noted that he has been involved since February intends to run the estate as a developer moving forward. It is now time to fix the problems. He is in talks with smaller developers inside the boundaries as well as a few external parties in terms of future developments. No radical changes are intended and he is prioritizing the problems areas of current concern. This is not an event and needs to be dealt with it as a process. EDK noted the value of the HOA Workshop with the members and noted his appreciation. Through these workshops and along with the trustees the following will be reviewed; - Levy and fee structure - HOA control structures - Vision moving forward

2 - Increase of CAPEX EDK noted that responsibility is a two way street and the bank would want the combined approach to take on a constructive approach. 5.2 Gerhard Visser: GV noted that the bank s goals are unrealistic and that they need to accept responsibility of past decisions. EDK noted that he can t answer for past decisions, others but that they are here now to deal with the process. 5.3 Paul Clark: PC disagreed. The directors should be here to answer for previous decisions made. EDK noted that he is the person to deal with the current situation. 5.4 Johnny Trytsman: He feels the members are treated the same way as Dubai World did and that the bank is trying to keep the HOA in a small pocket 5.5 Pete Richardson: The bank and members need to have the same vision. Everyone bought into a private estate. 5.6 Wayne Elsom: The bank should contribute to the high levies when golf course not up to standard. 5.7 EDK noted that he will request representation from the directors and will report back via the trustees. 5.8 Wouter de Vos asked if they are talking to any external developers. EDK noted that he is in talks to a local developer. 5.9 General Manager s Report This year very different from last year and very difficult to highlight the positives. In January we had the big fire. The commitment from all involved, from workers to home

3 owners, was fantastic and needs to be commended. In May 2012 we Business rescue was initiated which presented a gloomy tone for the rest of the year. May December staff resigned and 61 positions were terminated. This put huge pressure on management team. GM noted his vision is a 5 star service. We can t run a business without the right people, every year there are retrenchments and it is extremely difficult to get the right people on board. GM noted that there is a very different relationship in place with the bank than DW please give the bank time Tracy Clark: Family & Leisure Cricket nets very positive response from all Boule courts planning in progress to be built soon adjacent pool area. Playroom for kiddies is in planning where old deli was. Teenage room downstairs is on hold for now. TC noted that she resigned from her role as trustee 5.11 David Chaffe: Security & Architecture DC noted that as trustees they are realistic and that everyone will have to work hard along with the bank. Actions speak louder than words. Security all in place and no concerns of note Architecture working together with Jean Nortier on a few problem areas.

4 6 Chairman s Annual Report 1. Trustees AS per PVHOA constitution: 9 PVHOA trustees (including chairperson). Current trustees: Trustee Appointment Portfolio 1 Andre Pepler Chairperson, Developer representative 2 Tracy Clark Members Representative Gardens, Family and Leisure 3 David Chaffe Members Representative Security and Architecture 4 Janet Welham Members Representative Finances 5 Louis Meyer Developer Representative 6 Basil de Sousa Developer Representative 7 Gawie Marx Developer Representative General Manager 8 Jean Nortier Developer Representative Development, Secretary HOA 9 Pieter Schoeman Developer Representative Finance 2. General Managers Gawie Marx is the General Manager (since 1 June 2011) representing the current shareholders as ultimate shareholders of Pearl Valley Golf Estates (Pty) Ltd and owners of unsold land. 3. Sectional Title Body Corporate Pearl Valley Resort Lodges Sectional Title Body Corporate appointed Trustees and a managing agent in terms of the Sectional Title Act. The individual sectional title owners and the Body Corporate are members of the PV Home Owners Association. Currently 66 lodges completed along with 24 remaining to be constructed.

5 Pearl Valley Estate Pearl Valley Properties: Currently 53 long term tenants - 6 months plus and 30 short term tenants There are currently 43 registered private rentals on the estate Roughly 75 of the 290 completed properties are used periodically through the year by swallows Of the 290 homes completed on the estate the demographics are roughly made up as follows; 44% - permanently residing including homes let out 36% - leisure use weekend or holiday homes 20% - swallows We do request that homeowners forward us the relevant information relating to the use of their properties to enable us to have accurate demographical statistics available. Pearl Valley II A Record of Decision (RoD) with various conditions was signed by the Minister of Environmental Affairs and Planning in July An extension to the amended Rod issued in August 2009 was approved expiring March Security Adriaan Bosch doing an excellent job on security Vetus Schola supplies the main estate security services including access gates. Security remains a high priority to both the trustees and management. Various initiatives have been implemented during 2011 and to date, Andre Pepler asked Adriaan Bosch to communicate on Security. Adriaan Bosch went through the current security system upgrade and explained to the members the details surrounding the upgrade.

6 Architecture and Construction Private Plots 79 Residential houses completed 290 Residential houses under construction 11 Regular on site building inspection reports in regards to the quality of construction as well as adherence to the guidelines are carried out of the homes under construction with reports provided to the owners for feedback. General Rates and Taxes: The Freedom Route Committee, a committee consisting of Pearl Valley and Val de Vie HOA s are in process of legally challenging Drakenstein Council re the rates and taxes charges. Pearl Valley HOA has continued its membership with ARC (Association of Residential Communities) ARC acts in the interest of residential communities nationwide. 7 Financial Matters Janet Welham: Presentation and consideration of the balance sheet and the income statement of the HOA for the last financial year Janet Welham presented the financial statements handed out to the members present at the meeting and circulated to all prior the meeting as part of meeting notice. She also commented on the sent out by Mike Latham Gerhard Visser discussed out of play areas JW noted that they are working on a solution Janet Welham summarized the budget:

7 Open areas cost very serious and needs to be resolved Security current 80/20 share with developer Shortfall is R2.9m, The Developer contribute +- R500 more per erf above CAPEX Consideration and approval of levy structure and budget presented: Two members (2) present voted against the proposed budget, the remainder voted in favor therefore the proposed budget and levy structure were unanimously approved. 8 Voting for Special Resolution no. 16 The meeting unanimously voted for Special Resolution no. 16 Vote for proposal: Paul Clark Seconded: David Chaffe 9 Election of Trustees other than the Developer s representatives The following trustees made themselves available for re-election; David Chaffe, Janet Welham Patrick McGurk, Colin Laity and Mike Latham were nominated for election. Ballot papers were handed out to vote for four of the nominated trustees The following members were elected as trustees for 2013/2014; Chaffe, David Welham, Janet Latham, Mike McGurk, Patrick Andre Pepler congratulated the newly elected trustees 11 The meeting was adjourned