FULL RESERVE STUDY Ameri-Cana Resorts Co-op, Inc. Rockledge, Florida April 13, 2017

FULL RESERVE STUDY Ameri-Cana Resorts Co-op, Inc. Rockledge, Florida April 13, 2017 This Report contains intellectual property developed by Reserve Advisors, Inc. and cannot be reproduced or distributed to those who conduct reserve studies without their written consent. Reserve Advisors, Inc. 2017

Reserve Advisors, Inc. 735 N. Water Street, Suite 175 Milwaukee, WI 53202 Ameri-Cana Resorts Co-op, Inc. Rockledge, Florida Dear Board of Directors of Ameri-Cana Resorts Co-op, Inc.: At the direction of the Board that recognizes the need for proper reserve planning, we have conducted a Full Reserve Study of Ameri-Cana Resorts Co-op, Inc. in Rockledge, Florida and submit our findings in this report. The effective date of this study is the date of our visual, noninvasive inspection, April 13, 2017. This Full Reserve Study exceeds the Association of Professional Reserve Analysts (APRA) standards fulfilling the requirements of a Level I Full Reserve Study. An ongoing review by the Board and an Update of this Reserve Study are necessary to ensure an equitable funding plan since a Reserve Study is a snapshot in time. We recommend the Board budget for an Update to this Reserve Study in two years. We look forward to continuing to help Ameri-Cana Resorts Co-op, Inc. plan for a successful future. As part of our long-term thinking and everyday commitment to our clients, we are available to answer any questions you may have regarding this study. Respectfully submitted on May 4, 2017 by Reserve Advisors, Inc. Visual Inspection and Report by: Nicole L. Lowery, PRA 1, RS 2 Review by: Andrew L. Stoutenburg, P.E., RS, Southeast Regional Engineering Manager 1 PRA (Professional Reserve Analyst) is the professional designation of the Association of Professional Reserve Analysts. Learn more about APRA at http://www.apra-usa.com. 2 RS (Reserve Specialist) is the reserve provider professional designation of the Community Associations Institute (CAI) representing America's more than 300,000 condominium, cooperative and homeowners associations.

Table of Contents 1. RESERVE STUDY EXECUTIVE SUMMARY...1.1 2. RESERVE STUDY REPORT...2.1 3. RESERVE EXPENDITURES and FUNDING PLAN...3.1 4. RESERVE COMPONENT DETAIL...4.1 Property Site Elements...4.1 Access Control, Card Reader System for Amenity Areas...4.1 Access Control, Gate Entry System...4.2 Access Control, Gate Operators with Swing Arms...4.2 Asphalt Pavement, Crack Repair, Patch and Seal Coat...4.3 Asphalt Pavement, Repaving...4.4 Bocce Ball Courts...4.9 Concrete Parking Lots...4.9 Concrete Sidewalks...4.10 Fences, Chain Link...4.11 Pipes, Subsurface Utilities...4.12 Pavilion, Roof, Asphalt Shingles...4.12 Ponds, Aerator...4.13 Roofs, Metal, Shuffleboard Courts...4.14 Shuffleboard Courts, Total Replacement...4.15 Tennis Courts, Color Coat...4.15 Tennis Courts, Fence...4.16 Tennis Courts, Light Poles and Fixtures...4.17 Tennis Courts, Surface...4.18 Clubhouse and Laundry/Shower/Wood Shop Elements...4.19 Building Services Equipment...4.19 Interior Renovations...4.20 Laundry Equipment...4.23 Roof Assemblies, Asphalt Shingles...4.24 Walls, Stucco...4.25 Windows and Doors...4.27 Pool Elements...4.28

Concrete Deck...4.28 Fence, Vinyl...4.29 Furniture...4.30 Mechanical Equipment...4.31 Pool Finishes, Plaster...4.31 Structures and Decks...4.32 Reserve Study Update...4.33 5. METHODOLOGY...5.1 6. DEFINITIONS...6.1 7. PROFESSIONAL SERVICE CONDITIONS...7.1 8. CREDENTIALS...8.1

1. RESERVE STUDY EXECUTIVE SUMMARY Client: Ameri-Cana Resorts Co-op, Inc. (Ameri-Cana Resorts) Location: Rockledge, Florida Reference: 070309 Property Basics: Ameri-Cana Resorts Co-op, Inc. is a planned unit development which is responsible for the common elements shared by 417 units. The single family homes and lots were built from 1981 to 1982. Reserve Components Identified: 31 Reserve Components. Inspection Date: April 13, 2017. We conducted the original inspection on July 3, 2008. Funding Goal: The Funding Goal of this Reserve Study is to maintain reserves above an adequate, not excessive threshold during one or more years of significant expenditures. Our recommended Funding Plan recognizes this threshold funding year in 2046 due to replacement of the pool structure and deck. Cash Flow Method: We use the Cash Flow Method to compute the Reserve Funding Plan. This method offsets future variable Reserve Expenditures with existing and future stable levels of reserve funding. Our application of this method also considers: current and future local costs of replacement 0.0% annual rate of return on invested reserves 0.0% future Inflation Rate for estimating Future Replacement Costs We exclude interest and inflation from our analysis due to recent interpretations of the Florida Administrative code by the Division of Condominiums, Timeshares and Mobile Homes. The Division has opined that any increase in reserve contributions over the length of a cash flow analysis would be considered "balloon payments" and prohibited by the Fla. Admin. Code, Rule 61B-22.0005(3)(b). Nothing in the Code purports to define balloon payments in a manner inconsistent with the general understanding of the word, which contemplates a series of smaller payments followed by a significantly larger lump-sum payment. However, the Division maintains their opinion and has cited Associations for non-compliance due to this issue. To obtain more information on the Division's position, please contact Chief of the Bureau of Compliance, Patrick Flynn (850.717.1471, patrick.flynn@myfloridalicense.com). In order to ensure compliance, the funding plan, contributions and expenditure projections shown in this study exclude any increases due to inflation or adjustments for interest. Please contact us if you would like us to prepare an alternate funding plan inclusive of these variables for your consideration. However, please note that a cash flow funding plan with any future increases in contributions would not comply with Fla. Admin. Code based on the Division s recent interpretations. Sources for Local Costs of Replacement: Our proprietary database, historical costs and published sources, i.e., R.S. Means, Incorporated. Cash Status of Reserve Fund: $771,509 as of January 1, 2017 2017 budgeted Reserve Contributions of $66,000 Page 1.1 - Executive Summary

Project Prioritization: We recommend the Association prioritize the following projects in the next five years based on the conditions identified: Repaving the asphalt pavement streets by 2018 Recommended Reserve Funding: We recommend the following in order to achieve a stable and equitable Funding Plan: Reduced reserve budget of $58,000 in 2018 Stable contributions of $58,000 in 2019 through 2047 2018 Reserve Contribution of $58,000 is equivalent to an average monthly contribution of $11.59 per homeowner In addition to the Reserve Funding Plan, we have included a Component Method Reserve Analysis in the Reserve Funding Plan at the request of the Board. This method applies the concept of simple straight line depreciation to determine an annual provision of reserve funding for each common element segregated into separate Reserve Accounts. Simply, the annual provision for reserve funding is the replacement cost of a common element (less any existing reserves) divided by its remaining useful life. Using the same physical data as in the Cash Flow Analysis, the Component Method Reserve Analysis for Ameri-Cana Resorts results in a 2018 recommended Reserve Contribution of $63,237. This difference emphasizes our recommendation to fund the Reserve Account using the Cash Flow or Threshold method of Reserve Analysis. If the Association currently calculates reserves based on the Component Method and allocates funds to individual line items, the reclassification of existing funds as pooled reserves would not be allowed unless approved by a majority vote of the owners at a duly called meeting of the Association. In lieu of obtaining a vote of the owners, a Board may vote to fund future reserves based on a pooled analysis. The Association then simply spends the funds in their existing segregated accounts on the initial repair or replacement project for that item. When all of the existing segregated funds in an account are expended, the account is eliminated thus eliminating the need to get an owner vote to reallocate. Page 1.2 - Executive Summary

Ameri-Cana Resorts Recommended Reserve Funding Table and Graph Year Reserve Contributions ($) Reserve Balances ($) Year Reserve Contributions ($) Reserve Balances ($) Year Reserve Contributions ($) Reserve Balances ($) 2018 58,000 595,853 2028 58,000 503,313 2038 58,000 341,068 2019 58,000 510,678 2029 58,000 521,863 2039 58,000 318,118 2020 58,000 568,678 2030 58,000 482,663 2040 58,000 354,743 2021 58,000 576,678 2031 58,000 495,663 2041 58,000 372,993 2022 58,000 580,478 2032 58,000 538,913 2042 58,000 333,793 2023 58,000 524,218 2033 58,000 471,298 2043 58,000 342,563 2024 58,000 459,418 2034 58,000 423,648 2044 58,000 384,013 2025 58,000 493,418 2035 58,000 481,648 2045 58,000 392,013 2026 58,000 497,593 2036 58,000 489,648 2046 58,000 123,813 2027 58,000 486,043 2037 58,000 509,098 2047 58,000 166,688 1000 800 600 400 200 0-200 -400 Recommended Reserve Contributions Reserve Expenditures Year-End Reserve Balances Years Page 1.3 - Executive Summary

2. RESERVE STUDY REPORT At the direction of the Board that recognizes the need for proper reserve planning, we have conducted a Full Reserve Study of Ameri-Cana Resorts Co-op, Inc. Rockledge, Florida and submit our findings in this report. The effective date of this study is the date of our visual, noninvasive inspection, April 13, 2017. We present our findings and recommendations in the following report sections and spreadsheets: Identification of Property - Segregates all property into several areas of responsibility for repair or replacement Reserve Expenditures - Identifies reserve components and related quantities, useful lives, remaining useful lives and future reserve expenditures during the next 30 years Reserve Funding Plan - Presents the recommended Reserve Contributions and year-end Reserve Balances for the next 30 years Reserve Component Detail - Describes the reserve components, includes photographic documentation of the condition of various property elements, describes our recommendations for repairs or replacement, and includes detailed solutions and procedures for replacements for the benefit of current and future board members Methodology - Lists the national standards, methods and procedures used to develop the Reserve Study Definitions - Contains definitions of terms used in the Reserve Study, consistent with national standards Professional Service Conditions - Describes Assumptions and Professional Service Conditions Credentials and Resources Page 2.1 - Report

IDENTIFICATION OF PROPERTY Our investigation includes Reserve Components or property elements as set forth in your Declaration. The Expenditure tables in Section 3 list the elements contained in this study. Our analysis begins by segregating the property elements into several areas of responsibility for repair and replacement. Our process of identification helps assure that future boards and the management team understand whether reserves, the operating budget or Homeowners fund certain replacements and assists in preparation of the annual budget. We derive these segregated classes of property from our review of the information provided by the Association and through conversations with the Board. These classes of property include: Reserve Components Long-Lived Property Elements Operating Budget Funded Repairs and Replacements Property Maintained by Homeowners Property Maintained by Waste Management We advise the Board conduct an annual review of these classes of property to confirm its policy concerning the manner of funding, i.e., from reserves or the operating budget. The Reserve Study identifies Reserve Components as set forth in your Declaration or which were identified as part of your request for proposed services. Reserve Components are defined by CAI as property elements with: Page 2.2 - Report

Ameri-Cana Resorts responsibility Limited useful life expectancies Predictable remaining useful life expectancies Replacement cost above a minimum threshold Long-Lived Property Elements may not have predictable Remaining Useful Lives or their replacement may occur beyond the 30-year scope of the study. The operating budget should fund infrequent repairs. Funding untimely or unexpected replacements from reserves will necessitate increases to Reserve Contributions. Periodic updates of this Reserve Study will help determine the merits of adjusting the Reserve Funding Plan. We identify the following Long-Lived Property Elements as excluded from reserve funding at this time. Electrical Systems, Common Foundations, Common Light Poles, Concrete Pavilion, Total Replacement (2017) Pipes, Interior Building, Common Structural Frames, Common The operating budget provides money for the repair and replacement of certain Reserve Components. The Association may develop independent criteria for use of operating and reserve funds. For purposes of calculating appropriate Reserve Contributions, we identify the following list of Operating Budget Funded Repairs and Replacements: General Maintenance to the Common Elements Expenditures less than $6,000, excluding coordinated concrete flatwork events (These relatively minor expenditures have a limited effect on the recommended Reserve Contributions.) Benches, Shuffleboard Courts Dumpsters, Roll Off Horseshoe Pits and Equipment Irrigation System Landscape Light Fixtures, Pole Mounted Paint Finishes, Touch Up Pavilion, Repairs Ponds, Maintenance Propane Tanks Shuffleboard Courts, Color Coat Signage Trailer Unit Heaters, Rest Rooms Valves, Small Diameter, Irrigation System and Subsurface Utilities (We assume replacement as needed in lieu of an aggregate replacement of all small diameter valves as a single event.) Page 2.3 - Report

Wood Shop, Equipment Wood Shop, Garage Door Other Repairs normally funded through the Operating Budget Certain items have been designated as the responsibility of the homeowners to repair or replace at their cost. Property Maintained by Homeowners, including items billed back to Homeowners, relates to: Homes and Lots Certain items have been designated as the responsibility of others to repair or replace. Property Maintained by Waste Management relates to: Dumpsters, Commercial Page 2.4 - Report

3. RESERVE EXPENDITURES and FUNDING PLAN The tables following this introduction present: Reserve Expenditures Line item numbers Total quantities Quantities replaced per phase (in a single year) Reserve component inventory Estimated first year of event (i.e., replacement, application, etc.) Life analysis showing useful life remaining useful life Unit cost of replacement 2017 local cost of replacement Total aggregate costs of replacement anticipated during the next 30 years Schedule of estimated costs for each reserve component Reserve Funding Plan Reserves at the beginning of each year Total recommended reserve contributions Estimated interest earned from invested reserves Anticipated expenditures by year Anticipated reserves at year end Financial statements prepared by your association, by you or others might rely in part on information contained in this section. For your convenience, we have provided an electronic data file containing the tables of Reserve Expenditures and Reserve Funding Plan. Page 3.1 - Reserve Expenditures and Funding Plan

Reserve Advisors, Inc. Years 2017 to 2032 RESERVE EXPENDITURES Explanatory Notes: Ameri-Cana Resorts 1) 0.0% is the estimated Inflation Rate; see Exectuive Summary for details. Co-op, Inc. 2) FY2017 is Fiscal Year beginning January 1, 2017 and ending December 31, 2017. Rockledge, Florida Estimated Life Analysis, Costs, $ Line Total Per Phase 1st Year of Years Unit Per Phase Total 30-Year RUL = 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Item Quantity Quantity Units Reserve Component Inventory Event Useful Remaining (2017) (2017) (2017) Total FY2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 ---------------------------- ------------- ------------------- -------------------------------------------------------------------------------------------- ---------------- ------------ ----------------- ---------------- ------------------------------------- -------------------- ----------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- Property Site Elements 4.001 1 1 Allowance Access Control, Card Reader System for Amenity Areas 2019 10 to 15 2 12,300.00 12,300 12,300 24,600 12,300 4.002 1 1 Panel Access Control, Gate Entry System 2019 10 to 15 2 17,600.00 17,600 17,600 35,200 17,600 4.003 4 4 Each Access Control, Gate Operators with Swing Arms 2019 to 10 2 3,600.00 14,400 14,400 43,200 14,400 14,400 4.020 14,800 14,800 Square Yards Asphalt Pavement, Crack Repair, Patch and Seal Coat 2022 3 to 5 5 1.50 22,200 22,200 133,200 22,200 22,200 22,200 4.040 14,800 14,800 Square Yards Asphalt Pavement, Mill and Overlay 2018 15 to 20 1 11.00 162,800 162,800 325,600 162,800 4.101 2 2 Each Bocce Ball Courts, Total Replacement 2017 15 to 20 0 4,500.00 9,000 9,000 18,000 9,000 4.120 19,100 1,275 Square Feet Concrete Parking Lots, Partial 2019 to 65 2 to 30+ 10.00 12,750 191,000 76,500 12,750 12,750 12,750 4.140 9,500 475 Square Feet Concrete Sidewalks, Partial 2019 to 65 2 to 30+ 8.00 3,800 76,000 22,800 3,800 3,800 3,800 4.220 4,500 1,500 Linear Feet Fences, Chain Link, Phased (2017 is Budgeted) 2017 to 25 0 to 16 16.00 24,000 72,000 95,126 23,126 24,000 4.650 1 1 Allowance Pipes, Subsurface Utilities, Partial 2022 to 85+ 5 25,000.00 25,000 25,000 175,000 25,000 25,000 25,000 4.651 25 25 Squares Pavilion, Roof, Asphalt Shingles 2037 15 to 20 20 400.00 10,000 10,000 10,000 4.700 1 1 Each Ponds, Aerator 2019 10 to 15 2 5,000.00 5,000 5,000 10,000 5,000 4.751 4 4 Squares Roofs, Metal, Shuffleboard Courts 2024 to 25 7 1,250.00 5,000 5,000 5,000 5,000 4.752 350 350 Square Yards Shuffleboard Courts, Total Replacement 2024 to 35 7 80.00 28,000 28,000 28,000 28,000 4.830 1,470 1,470 Square Yards Tennis Courts, Color Coat 2018 4 to 6 1 9.00 13,230 13,230 66,150 13,230 13,230 4.840 460 460 Linear Feet Tennis Courts, Fence 2023 to 25 6 36.00 16,560 16,560 16,560 16,560 4.850 4 4 Each Tennis Courts, Light Poles and Fixtures 2023 to 35 6 3,500.00 14,000 14,000 14,000 14,000 4.860 1,470 1,470 Square Yards Tennis Courts, Surface Replacement 2023 to 35 6 35.00 51,450 51,450 51,450 51,450 Clubhouse and Laundry/Shower/Wood Shop Elements 5.450 3 1 Allowance Building Services Equipment, Phased 2018 12 to 18 1 to 11 16,500.00 16,500 49,500 99,000 16,500 16,500 16,500 5.510 1 1 Allowance Interiors, Renovations, Partial 2018 3 to 5 1 50,000.00 50,000 50,000 500,000 50,000 50,000 50,000 50,000 50,000 5.521 11 11 Each Laundry Equipment 2028 10 to 15 11 1,000.00 11,000 11,000 22,000 11,000 5.600 100 100 Squares Roof Assembly, Asphalt Shingles, Clubhouse 2031 12 to 18 14 450.00 45,000 45,000 45,000 45,000 5.601 35 35 Squares Roof Assembly, Asphalt Shingles, Laundry/Shower/Wood Shop 2023 12 to 18 6 450.00 15,750 15,750 31,500 15,750 5.799 5,300 5,300 Square Feet Walls, Stucco, Paint Finishes and Capital Repairs 2019 5 to 7 2 1.25 6,625 6,625 33,125 6,625 6,625 5.800 1,300 1,300 Square Feet Windows and Doors 2019 to 35 2 45.00 58,500 58,500 58,500 58,500 Pool Elements 6.200 5,900 5,900 Square Feet Concrete Deck, Textured Coating, Partial Replacements and Repairs 2024 8 to 12 7 2.50 14,750 14,750 44,250 14,750 14,750 6.400 260 260 Linear Feet Fence, Vinyl 2033 15 to 20 16 26.00 6,760 6,760 6,760 6.500 1 1 Allowance Furniture 2022 to 12 5 7,000.00 7,000 7,000 21,000 7,000 6.600 3 1 Allowance Mechanical Equipment, Phased 2019 to 15 2 to 12 8,500.00 8,500 25,500 59,500 8,500 8,500 8,500 6.800 1,700 1,700 Square Feet Pool Finishes, Plaster (Near Term Event Excludes Spa) 2017 8 to 12 0 11.50 19,550 19,550 64,100 25,000 19,550 6.900 1,700 1,700 Square Feet Structure and Deck, Total Replacement 2046 to 60+ 29 160.00 272,000 272,000 272,000 1 Allowance Reserve Study Update with Site Visit 2019 2 2 3,700.00 3,700 3,700 3,700 3,700 -------------------------------------------------------------------------------------------- ----------------------------- ----------------- ---------------- ------------------------------------- -------------------- ----------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- Anticipated Expenditures, By Year $2,410,821 57,126 242,530 143,175 0 50,000 54,200 114,260 122,800 24,000 53,825 69,550 40,730 39,450 97,200 45,000 14,750 Printed on 5/4/2017 Expenditures - Section 3-1 of 2

Reserve Advisors, Inc. RESERVE EXPENDITURES Years 2033 to 2047 Ameri-Cana Resorts Co-op, Inc. Rockledge, Florida Estimated Life Analysis, Costs, $ Line Total Per Phase 1st Year of Years Unit Per Phase Total 30-Year 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Item Quantity Quantity Units Reserve Component Inventory Event Useful Remaining (2017) (2017) (2017) Total 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 ---------------------------- ------------- ------------------- -------------------------------------------------------------------------------------------- ---------------- ------------ ----------------- ---------------- ------------------------------------- -------------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- Property Site Elements 4.001 1 1 Allowance Access Control, Card Reader System for Amenity Areas 2019 10 to 15 2 12,300.00 12,300 12,300 24,600 4.002 1 1 Panel Access Control, Gate Entry System 2019 10 to 15 2 17,600.00 17,600 17,600 35,200 12,300 17,600 4.003 4 4 Each Access Control, Gate Operators with Swing Arms 2019 to 10 2 3,600.00 14,400 14,400 43,200 4.020 14,800 14,800 Square Yards Asphalt Pavement, Crack Repair, Patch and Seal Coat 2022 3 to 5 5 1.50 22,200 22,200 133,200 4.040 14,800 14,800 Square Yards Asphalt Pavement, Mill and Overlay 2018 15 to 20 1 11.00 162,800 162,800 325,600 4.101 2 2 Each Bocce Ball Courts, Total Replacement 2017 15 to 20 0 4,500.00 9,000 9,000 18,000 4.120 19,100 1,275 Square Feet Concrete Parking Lots, Partial 2019 to 65 2 to 30+ 10.00 12,750 191,000 76,500 4.140 9,500 475 Square Feet Concrete Sidewalks, Partial 2019 to 65 2 to 30+ 8.00 3,800 76,000 22,800 4.220 4,500 1,500 Linear Feet Fences, Chain Link, Phased (2017 is Budgeted) 2017 to 25 0 to 16 16.00 24,000 72,000 95,126 4.650 1 1 Allowance Pipes, Subsurface Utilities, Partial 2022 to 85+ 5 25,000.00 25,000 25,000 175,000 4.651 25 25 Squares Pavilion, Roof, Asphalt Shingles 2037 15 to 20 20 400.00 10,000 10,000 10,000 4.700 1 1 Each Ponds, Aerator 2019 10 to 15 2 5,000.00 5,000 5,000 10,000 14,400 22,200 22,200 22,200 162,800 9,000 12,750 12,750 12,750 3,800 3,800 3,800 24,000 24,000 25,000 25,000 25,000 25,000 10,000 5,000 4.751 4 4 Squares Roofs, Metal, Shuffleboard Courts 2024 to 25 7 1,250.00 5,000 5,000 5,000 4.752 350 350 Square Yards Shuffleboard Courts, Total Replacement 2024 to 35 7 80.00 28,000 28,000 28,000 4.830 1,470 1,470 Square Yards Tennis Courts, Color Coat 2018 4 to 6 1 9.00 13,230 13,230 66,150 13,230 13,230 13,230 4.840 460 460 Linear Feet Tennis Courts, Fence 2023 to 25 6 36.00 16,560 16,560 16,560 4.850 4 4 Each Tennis Courts, Light Poles and Fixtures 2023 to 35 6 3,500.00 14,000 14,000 14,000 4.860 1,470 1,470 Square Yards Tennis Courts, Surface Replacement 2023 to 35 6 35.00 51,450 51,450 51,450 Clubhouse and Laundry/Shower/Wood Shop Elements 5.450 3 1 Allowance Building Services Equipment, Phased 2018 12 to 18 1 to 11 16,500.00 16,500 49,500 99,000 5.510 1 1 Allowance Interiors, Renovations, Partial 2018 3 to 5 1 50,000.00 50,000 50,000 500,000 5.521 11 11 Each Laundry Equipment 2028 10 to 15 11 1,000.00 11,000 11,000 22,000 16,500 16,500 16,500 50,000 50,000 50,000 50,000 50,000 11,000 5.600 100 100 Squares Roof Assembly, Asphalt Shingles, Clubhouse 2031 12 to 18 14 450.00 45,000 45,000 45,000 5.601 35 35 Squares Roof Assembly, Asphalt Shingles, Laundry/Shower/Wood Shop 2023 12 to 18 6 450.00 15,750 15,750 31,500 5.799 5,300 5,300 Square Feet Walls, Stucco, Paint Finishes and Capital Repairs 2019 5 to 7 2 1.25 6,625 6,625 33,125 6,625 6,625 6,625 15,750 5.800 1,300 1,300 Square Feet Windows and Doors 2019 to 35 2 45.00 58,500 58,500 58,500 Pool Elements 6.200 5,900 5,900 Square Feet Concrete Deck, Textured Coating, Partial Replacements and Repairs 2024 8 to 12 7 2.50 14,750 14,750 44,250 14,750 6.400 260 260 Linear Feet Fence, Vinyl 2033 15 to 20 16 26.00 6,760 6,760 6,760 6,760 6.500 1 1 Allowance Furniture 2022 to 12 5 7,000.00 7,000 7,000 21,000 6.600 3 1 Allowance Mechanical Equipment, Phased 2019 to 15 2 to 12 8,500.00 8,500 25,500 59,500 6.800 1,700 1,700 Square Feet Pool Finishes, Plaster (Near Term Event Excludes Spa) 2017 8 to 12 0 11.50 19,550 19,550 64,100 6.900 1,700 1,700 Square Feet Structure and Deck, Total Replacement 2046 to 60+ 29 160.00 272,000 272,000 272,000 7,000 7,000 8,500 8,500 8,500 8,500 19,550 272,000 1 Allowance Reserve Study Update with Site Visit 2019 2 2 3,700.00 3,700 3,700 3,700 -------------------------------------------------------------------------------------------- ----------------------------- ----------------- ---------------- ------------------------------------- -------------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- Anticipated Expenditures, By Year $2,410,821 125,615 105,650 0 50,000 38,550 226,030 80,950 21,375 39,750 97,200 49,230 16,550 50,000 326,200 15,125 Printed on 5/4/2017 Expenditures - Section 3-2 of 2

Reserve Advisors, Inc. Page 1 of 1 RESERVE FUNDING PLAN CASH FLOW ANALYSIS Ameri-Cana Resorts Co-op, Inc. Individual Reserve Budgets & Cash Flows for the Next 30 Years Rockledge, Florida FY2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Reserves at Beginning of Year (Note 1) 771,509 780,383 595,853 510,678 568,678 576,678 580,478 524,218 459,418 493,418 497,593 486,043 503,313 521,863 482,663 495,663 Total Recommended Reserve Contributions (Note 2) 66,000 58,000 58,000 58,000 58,000 58,000 58,000 58,000 58,000 58,000 58,000 58,000 58,000 58,000 58,000 58,000 Plus Estimated Interest Earned, During Year (Note 3) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Less Anticipated Expenditures, By Year (57,126) (242,530) (143,175) 0 (50,000) (54,200) (114,260) (122,800) (24,000) (53,825) (69,550) (40,730) (39,450) (97,200) (45,000) (14,750) ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- Anticipated Reserves at Year End $780,383 $595,853 $510,678 $568,678 $576,678 $580,478 $524,218 $459,418 $493,418 $497,593 $486,043 $503,313 $521,863 $482,663 $495,663 $538,913 (continued) Individual Reserve Budgets & Cash Flows for the Next 30 Years, Continued 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 Reserves at Beginning of Year 538,913 471,298 423,648 481,648 489,648 509,098 341,068 318,118 354,743 372,993 333,793 342,563 384,013 392,013 123,813 Total Recommended Reserve Contributions 58,000 58,000 58,000 58,000 58,000 58,000 58,000 58,000 58,000 58,000 58,000 58,000 58,000 58,000 58,000 Plus Estimated Interest Earned, During Year 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Less Anticipated Expenditures, By Year (125,615) (105,650) 0 (50,000) (38,550) (226,030) (80,950) (21,375) (39,750) (97,200) (49,230) (16,550) (50,000) (326,200) (15,125) ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- Anticipated Reserves at Year End $471,298 $423,648 $481,648 $489,648 $509,098 $341,068 $318,118 $354,743 $372,993 $333,793 $342,563 $384,013 $392,013 $123,813 $166,688 (NOTE 5) (NOTE 4) Explanatory Notes: 1) Year 2017 starting reserves are as of January 1, 2017; FY2017 starts January 1, 2017 and ends December 31, 2017. 2) Reserve Contributions for 2017 are budgeted; 2018 is the first year of recommended contributions. 3) 0.0% is the estimated annual rate of return on invested reserves; see Executive Summary for details 4) Accumulated year 2047 ending reserves consider the age, size, overall condition and complexity of the property. 5) Threshold Funding Year (reserve balance at critical point). Printed on 5/4/2017 Funding Plan - Section 3

Page 1 of 1 COMPONENT METHOD RESERVE ANALYSIS for Ameri-Cana Resorts Co-op, Inc. Rockledge, Florida Estimated Life Analysis, Jan 1, 2017 2017 2017 2017 Jan 1, 2018 Unfunded 2018 Line Total 1st Year of Years Unit 2017 Cost of Estimated Budgeted Remaining Remaining Projected Residual Recommended Reserve Item Quantity Units Reserve Component Inventory Replacement Useful Remaining 3 Cost, $ Replacement, $ Balance, $ Contributions, $ Contributions, $ Expenditures, $ Balance, $ Balance, $ Contribution, $ Category -------- ---------------- ------------------- ----------------------------------------------------------------------------------------------------- --------------------- ------------- ---------------- ----------------- ----------------------- ---------------------- ------------------------- ------------------------- -------------------------- ----------------------- ---------------------- -------------------------- ------------------------------------------------------------ Property Site Elements 4.001 1 Allowance Access Control, Card Reader System for Amenity Areas 2019 10 to 15 2 12,300.00 12,300 25,088 0 0 0 25,088 0 0 Gate Card Reader 4.002 1 Panel Access Control, Gate Entry System 2019 10 to 15 2 17,600.00 17,600 17,600 4,626 4,626 0 22,226 0 0 Gate Card Reader 4.003 4 Each Access Control, Gate Operators with Swing Arms 2019 to 10 2 3,600.00 14,400 14,400 0 0 0 14,400 0 0 Gate Card Reader 4.020 14,800 Square Yards Asphalt Pavement, Crack Repair, Patch and Seal Coat 2022 3 to 5 5 1.50 22,200 15,452 16,731 16,731 0 32,183 0 0 Road Repairs 4.040 14,800 Square Yards Asphalt Pavement, Mill and Overlay 2018 15 to 20 1 11.00 162,800 162,800 0 0 0 162,800 0 0 Road Repairs 4.101 2 Each Bocce Ball Courts, Total Replacement 2017 15 to 20 0 4,500.00 9,000 9,467 700 700 9,000 1,167 7,833 392 Bocce Ball Court 4.120 1,275 Square Feet Concrete Parking Lots, Partial 2019 to 65 2 10.00 12,750 38,069 0 0 0 38,069 0 0 Concrete - Sidewalks & Driveways 4.140 475 Square Feet Concrete Sidewalks, Partial 2019 to 65 2 8.00 3,800 3,800 3,944 3,944 0 7,744 0 0 Concrete - Sidewalks & Driveways 4.220 4,500 Linear Feet Fences, Chain Link (2017 is Budgeted) 2017 to 25 8 16.00 72,000 72,587 8,638 8,638 23,126 58,099 13,901 1,738 Fencing - Perimeter 4.650 1 Allowance Pipes, Subsurface Utilities, Partial 2022 to 85 5 25,000.00 25,000 97,190 7,504 7,504 0 104,694 0 0 Water/Sewer Replacement 4.651 25 Squares Pavilion, Roof, Asphalt Shingles 2037 15 to 20 20 400.00 10,000 3,191 831 831 0 4,022 5,978 299 Roof Replacement 4.700 1 Each Ponds, Aerator 2019 10 to 15 2 5,000.00 5,000 8,106 783 783 0 8,889 0 0 Pond Maintenance 4.751 4 Squares Roofs, Metal, Shuffleboard Courts 2024 to 25 7 1,250.00 5,000 0 0 0 0 0 5,000 714 Shuffleboard 4.752 350 Square Yards Shuffleboard Courts, Total Replacement 2024 to 35 7 80.00 28,000 15,687 918 918 0 16,605 11,395 1,628 Shuffleboard 4.830 1,470 Square Yards Tennis Courts, Color Coat 2018 4 to 6 1 9.00 13,230 13,230 0 0 0 13,230 0 0 Tennis Court 4.840 460 Linear Feet Tennis Courts, Fence 2023 to 25 6 36.00 16,560 0 0 0 0 0 16,560 2,760 Tennis Court 4.850 4 Each Tennis Courts, Light Poles and Fixtures 2023 to 35 6 3,500.00 14,000 0 0 0 0 0 14,000 2,333 Tennis Court 4.860 1,470 Square Yards Tennis Courts, Surface Replacement 2023 to 35 6 35.00 51,450 20,284 2,655 2,655 0 22,939 28,511 4,752 Tennis Court Clubhouse and Laundry/Shower/Wood Shop Elements 5.450 3 Allowance Building Services Equipment 2018 12 to 18 6 16,500.00 49,500 35,033 3,045 3,045 0 38,078 11,422 1,904 Building Services Equip. 5.510 1 Allowance Interiors, Renovations, Partial 2018 3 to 5 1 50,000.00 50,000 26,020 3,598 3,598 0 29,618 20,382 20,382 Bathroom & Interior 5.521 11 Each Laundry Equipment 2028 10 to 15 11 1,000.00 11,000 4,663 500 500 0 5,163 5,837 531 Laundry Equipment 5.600 100 Squares Roof Assembly, Asphalt Shingles, Clubhouse 2031 12 to 18 14 450.00 45,000 45,000 0 0 0 45,000 0 0 Roof Replacement 5.601 35 Squares Roof Assembly, Asphalt Shingles, Laundry/Shower/Wood Shop 2023 12 to 18 6 450.00 15,750 15,750 0 0 0 15,750 0 0 Roof Replacement 5.799 5,300 Square Feet Walls, Stucco, Paint Finishes and Capital Repairs 2019 5 to 7 2 1.25 6,625 30,012 1,714 1,714 0 31,726 0 0 Painting, Walls & Stucco 5.800 1,300 Square Feet Windows and Doors 2019 to 35 2 45.00 58,500 31,858 3,540 3,540 0 35,398 23,102 11,551 Windows & Doors Pool Elements 6.200 5,900 Square Feet Concrete Deck, Textured Coating, Partial Replacements and Repairs 2024 8 to 12 7 2.50 14,750 14,750 0 0 0 14,750 0 0 Pool Repairs 6.400 260 Linear Feet Fence, Vinyl 2033 15 to 20 16 26.00 6,760 0 0 0 0 0 6,760 423 Pool Repairs 6.500 1 Allowance Furniture 2022 to 12 5 7,000.00 7,000 6,885 265 265 0 7,150 0 0 Pool Furniture 6.600 3 Allowance Mechanical Equipment 2019 to 15 7 8,500.00 25,500 8,427 1,746 1,746 0 10,173 15,327 2,190 Pool Filters, Pumps, Heaters 6.800 1,700 Square Feet Pool Finishes, Plaster (Near Term Event Excludes Spa) 2017 8 to 12 0 11.50 19,550 36,160 4,262 4,262 25,000 15,422 4,128 413 Pool Repairs 6.900 1,700 Square Feet Structure and Deck, Total Replacement 2046 to 60 29 160.00 272,000 0 0 0 0 0 272,000 9,379 Pool Repairs 1 Allowance Reserve Study Update with Site Visit 2019 2 2 3,700.00 3,700 0 0 0 0 0 3,700 1,850 Other ----------------------------------------------------------------------------------------------------- --------------------- ------------- ---------------- ----------------- ----------------------- ---------------------- ------------------------- ---------------------------------------------------- ----------------------- ---------------------- -------------------------- Explanatory Notes: 1) Year 2017 starting reserves are as of January 1, 2017; FY2017 starts January 1, 2017 and ends December 31, 2017. 2) Reserve Contributions for 2017 are budgeted; 2018 is the first year of recommended contributions. 3) Our estimates of remaining useful life reflect averages for phased projects. The estimated first year of replacement indicates the year of the initial phase. $771,509 $66,000 $66,000 $57,126 $780,383 $465,836 $63,237 (Note 1) (Note 2) Printed on 5/4/2017 Component Method - Section 3

Page 1 of 1 COMPONENT METHOD SUMMARY for Ameri-Cana Resorts Co-op, Inc. Rockledge, Florida Life Analysis, Jan 1, 2018 2018 Years 2017 Cost of Projected Recommended Existing Reserve Categories Useful Remaining Replacement, $ Balance, $ Contribution, $ Roof Replacement 12 to 20 6 to 20 $70,750 $64,772 $299 Bathroom & Interior 3 to 5 1 $50,000 $29,618 $20,382 Painting, Walls & Stucco 5 to 7 2 $6,625 $31,726 $0 Windows & Doors to 35 2 $58,500 $35,398 $11,551 Building Services Equip. 12 to 18 6 $49,500 $38,078 $1,904 Road Repairs 3 to 20 1 to 5 $185,000 $194,983 $0 Concrete - Sidewalks & Driveway to 65 2 $16,550 $45,813 $0 Fencing - Perimeter to 25 8 $72,000 $58,099 $1,738 Gate Card Reader 10 to 15 2 $44,300 $61,714 $0 Pool Filters, Pumps, Heaters to 15 7 $25,500 $10,173 $2,190 Pool Furniture to 12 5 $7,000 $7,150 $0 Pool Repairs 8 to 60 0 to 29 $313,060 $30,172 $10,215 Pond Maintenance 10 to 15 2 $5,000 $8,889 $0 Water/Sewer Replacement to 85 5 $25,000 $104,694 $0 Shuffleboard to 35 7 $33,000 $16,605 $2,342 Tennis Court 4 to 35 1 to 6 $95,240 $36,169 $9,845 Laundry Equipment 10 to 15 11 $11,000 $5,163 $531 Bocce Ball Court 15 to 20 0 $9,000 $1,167 $392 Subtotal $1,077,025 $780,383 $61,387 Other (Currently Unfunded) 2 to 2 2 $3,700 $0 $1,850 Grand Total $1,080,725 $780,383 $63,237 Explanatory Notes: 1) We allocate the existing Landscaping Reserve Funds to Reserve Components associated with the Fencing - Perimeter Reserve Funds. Printed on 5/4/2017 Component Method Summary - Section 3

4. RESERVE COMPONENT DETAIL The Reserve Component Detail of this Full Reserve Study includes Enhanced Solutions and Procedures for select significant components. This section describes the Reserve Components, documents specific problems and condition assessments, and may include detailed solutions and procedures for necessary capital repairs and replacements for the benefit of current and future board members. We advise the Board use this information to help define the scope and procedures for repair or replacement when soliciting bids or proposals from contractors. However, the Report in whole or part is not and should not be used as a design specification or design engineering service. Property Site Elements Access Control, Card Reader System for Amenity Areas Line Item: 4.001 Quantity: Readers, controllers and key fobs for access to the clubhouse, pool, laundry room, shower rooms and wood shop. History: The ages of the existing equipment are unknown. Condition: Reported outdated, but functional Useful Life: 10- to 15-years Priority/Criticality: Per Board discretion Card reader Expenditure Detail Notes: Expenditure timing and costs are depicted in the Reserve Expenditures table in Section 3. The estimate of cost is based on a bid cost provided by the Board. Page 4.1 - Reserve Component Detail

Access Control, Gate Entry System Line Item: 4.002 Quantity: One panel History: Unknown age Condition: Reported outdated, but functional Useful Life: 10- to 15-years Priority/Criticality: Per Board discretion Card reader at gate entrance Expenditure Detail Notes: Expenditure timing and costs are depicted in the Reserve Expenditures table in Section 3. The estimate of cost is based on a bid cost provided by the Board. It reflects replacement with equipment of updated technology including a keypad intercom panel and new remotes for all residents. Access Control, Gate Operators with Swing Arms Line Item: 4.003 Quantity: Four gate operators with swing arms History: One operator was replaced in 2003 and one in 2005. The ages of the remaining two operators are unknown. Condition: Reported outdated, but functioning Page 4.2 - Reserve Component Detail

Gate operator with swing arm Gate operator with swing arm Useful Life: Up to 10 years Priority/Criticality: Not recommended to defer Expenditure Detail Notes: Expenditure timing and costs are depicted in the Reserve Expenditures table in Section 3. The estimate of cost is based on a bid cost provided by the Board. Asphalt Pavement, Crack Repair, Patch and Seal Coat Line Item: 4.020 Quantity: Approximately 14,800 square yards History: Last seal coat was in 2013 Condition: Fair overall Useful Life: Three- to five-years Component Detail Notes: Proposals for seal coat applications should include crack repairs and patching. The contractor should only apply seal coat applications after repairs are completed. A seal coat does not bridge or close cracks, therefore, unrepaired cracks render the seal coat applications useless. Priority/Criticality: Per Board discretion Expenditure Detail Notes: Expenditure timing and costs are depicted in the Reserve Expenditures table in Section 3. Our cost includes an allowance for crack repairs and patching of up to two percent (2%) of the pavement. Page 4.3 - Reserve Component Detail

Asphalt Pavement, Repaving Line Item: 4.040 Quantity: Approximately 14,800 square yards History: Repaved in 2000 Condition: Fair to poor overall with typical alligator cracks, edge cracks, longitudinal cracks, block cracks, damage and deterioration evident Street Condition Washington Fair New York Poor Toronto Poor Chicago Poor Toledo Fair to Poor Cleveland Poor Pittsburgh Fair Buffalo Place Fair to Poor Boston Fair to Poor Montreal Fair to Poor Ottawa Poor Detroit Fair London Fair to Poor Akron Very Poor Windsor Place Fair Ameri-Cana Blvd. Fair to Poor Washington overview Alligator cracks near 37 Washington Page 4.4 - Reserve Component Detail

Block cracks near 55 New York Typical cracks near 89 Toronto Pavement damage near 120 Chicago Pavement deterioration near 176 Toledo Overview of Cleveland Pavement deterioration near 207 Cleveland Page 4.5 - Reserve Component Detail

Overview of Pittsburgh Alligator cracks at intersection of Buffalo Place and Chicago Edge cracks near intersection of Buffalo Place and Toronto Edge cracks near amenity parking on Boston Alligator cracks near 408 Montreal Alligator cracks near 393 Ottawa Page 4.6 - Reserve Component Detail

Edge cracks near 369 Detroit Longitudinal cracks near 349 London Alligator cracks near 303 Akron Alligator cracks near 301 Akron Alligator cracks on Ameri-Cana Blvd. Longitudinal cracks near 508 Windsor Useful Life: 15- to 20-years Page 4.7 - Reserve Component Detail

Component Detail Notes: The initial installation of asphalt uses at least two lifts, or two separate applications of asphalt, over the base course. The first lift is the binder course. The second lift is the wearing course. The wearing course comprises a finer aggregate for a smoother more watertight finish. The following diagram depicts these components: The manner of repaving is either a mill and overlay or total replacement. A mill and overlay is a method of repaving where cracked, worn and failed pavement is mechanically removed or milled until sound pavement is found. A new layer of asphalt is overlaid atop the remaining base course of pavement. Total replacement includes the removal of all existing asphalt down to the base course of aggregate and native soil followed by the application of two or more new lifts of asphalt. We recommend mill and overlayment on asphalt pavement that exhibits normal deterioration and wear. We recommend total replacement of asphalt pavement that exhibits severe deterioration, inadequate drainage, pavement that has been overlaid multiple times in the past or where the configuration makes overlayment not possible. Based on the apparent visual condition and configuration of the asphalt pavement, we recommend the mill and overlay method for repaving at Ameri-Cana Resorts. Priority/Criticality: Defer only upon opinion of independent professional or engineer Expenditure Detail Notes: Expenditure timing and costs are depicted in the Reserve Expenditures table in Section 3. Our cost for milling and overlayment includes area patching of up to twenty percent (20%). Page 4.8 - Reserve Component Detail

Bocce Ball Courts Line Item: 4.101 Quantity: Two each History: Recent work was performed to renovate the bocce ball courts. However, the Board reports an unsatisfactory playing surface and borders. Condition: Reported unsatisfactory Useful Life: 15- to 20-years Priority/Criticality: Per Board discretion Bocce ball courts Expenditure Detail Notes: Expenditure timing and costs are depicted in the Reserve Expenditures table in Section 3. Concrete Parking Lots Line Item: 4.120 Quantity: 19,100 square feet Condition: Good to fair overall with cracks evident at the clubhouse parking lot Page 4.9 - Reserve Component Detail

Parking lot at laundry/wood shop building Cracks at clubhouse parking lot Useful Life: Up to 65 years although interim deterioration of areas is common Priority/Criticality: Per Board discretion Expenditure Detail Notes: Expenditure timing and costs are depicted in the Reserve Expenditures table in Section 3. We estimate that up to 7,650 square feet of concrete parking lots, or forty percent (40.1%) of the total, will require replacement during the next 30 years. Concrete Sidewalks Line Item: 4.140 Quantity: 9,500 square feet Condition: Good overall Concrete sidewalks at clubhouse Page 4.10 - Reserve Component Detail

Useful Life: Up to 65 years although interim deterioration of areas is common Priority/Criticality: Per Board discretion Expenditure Detail Notes: Expenditure timing and costs are depicted in the Reserve Expenditures table in Section 3. We estimate that up to 2,850 square feet of concrete sidewalks, or thirty percent (30%) of the total, will require replacement during the next 30 years. Fences, Chain Link Line Item: 4.220 Quantity: 4,500 linear feet History: The ages of the fences vary; however the exact ages are unknown. Condition: Good to fair overall. The Board informs us that approximately 1,450 linear feet of fence will be replaced this year. Chain link fence at west perimeter Chain link fence at east perimeter Useful Life: Up to 25 years Priority/Criticality: Per Board discretion Expenditure Detail Notes: Expenditure timing and costs are depicted in the Reserve Expenditures table in Section 3. The 2017 expenditure is budgeted. Page 4.11 - Reserve Component Detail

Pipes, Subsurface Utilities Line Item: 4.650 Condition: Reported satisfactory Useful Life: Up to and likely beyond 85 years Component Detail Notes: The Association maintains the pipes subsurface utility pipes throughout the property. The exact amounts and locations of the subsurface utility pipes were not ascertained due to the nature of the underground construction and the non-invasive nature of the inspection. Priority/Criticality: Defer only upon opinion of independent professional or engineer Expenditure Detail Notes: Expenditure timing and costs are depicted in the Reserve Expenditures table in Section 3. Although it is likely that the times of replacement and extent of repair costs may vary from the budgetary allowance, Ameri-Cana Resorts could budget sufficient reserves for these utility repairs and have the opportunity to adjust its future reserves up or down to meet any changes to these budgetary estimates. Updates of this Reserve Study would incorporate changes to budgetary costs through a continued historical analysis of the rate of deterioration and actual repairs to budget sufficient reserves. Pavilion, Roof, Asphalt Shingles Line Item: 4.651 Quantity: 25 squares 1 History: Installed in 2017 Condition: Good condition 1 We quantify the roof area in squares where one square is equal to 100 square feet of surface area. Page 4.12 - Reserve Component Detail

Pavilion Useful Life: 15- to 20-years Priority/Criticality: Defer only upon opinion of independent professional or engineer Expenditure Detail Notes: Expenditure timing and costs are depicted in the Reserve Expenditures table in Section 3. Ponds, Aerator Line Item: 4.700 Quantity: One aerator History: Unknown age Condition: Reported in satisfactory condition Pond aerator Page 4.13 - Reserve Component Detail

Useful Life: 10- to 15-years Component Detail Notes: The use of small pumps, motors and aerators circulates pond water and increases the amount of entrained oxygen in the water, increasing water quality and reducing algae growths. Priority/Criticality: Defer only upon opinion of independent professional or engineer Expenditure Detail Notes: Expenditure timing and costs are depicted in the Reserve Expenditures table in Section 3. Roofs, Metal, Shuffleboard Courts Line Item: 4.751 Quantity: Four squares History: Replaced in 2000 Condition: Good condition Useful Life: Up to 25 years Priority/Criticality: Per Board discretion Shuffleboard court roof Expenditure Detail Notes: Expenditure timing and costs are depicted in the Reserve Expenditures table in Section 3. Page 4.14 - Reserve Component Detail

Shuffleboard Courts, Total Replacement Line Item: 4.752 Quantity: 350 square yards History: Replaced in 1996 Condition: Good condition overall Shuffleboard courts Single shuffleboard court Useful Life: Up to 35 years Priority/Criticality: Per Board discretion Expenditure Detail Notes: Expenditure timing and costs are depicted in the Reserve Expenditures table in Section 3. We recommend the Association apply color coats as necessary and fund this work through the operating budget. Tennis Courts, Color Coat Line Item: 4.830 Quantity: 1,470 square yards comprising two tennis courts History: Unknown age Condition: Fair to poor overall with multiple cracks noted in the playing surface Page 4.15 - Reserve Component Detail

Cracks in surface Cracks in surface Useful Life: Four- to six-years Component Detail Notes: Prior to the application of the color coat, the Association should require the contractor to rout and fill all cracks with hot emulsion. This deters water infiltration and further deterioration of the asphalt playing surface. Priority/Criticality: Not recommended to defer Expenditure Detail Notes: Expenditure timing and costs are depicted in the Reserve Expenditures table in Section 3. Tennis Courts, Fence Line Item: 4.840 Quantity: 460 linear feet History: Unknown age Condition: Fair overall Page 4.16 - Reserve Component Detail

Tennis court fence Useful Life: up to 25 years Priority/Criticality: Per Board discretion Expenditure Detail Notes: Expenditure timing and costs are depicted in the Reserve Expenditures table in Section 3. Tennis Courts, Light Poles and Fixtures Line Item: 4.850 Quantity: Four each History: Installed in 1993 Condition: Fair overall Page 4.17 - Reserve Component Detail

Useful Life: Up to 35 years Priority/Criticality: Per Board discretion Expenditure Detail Notes: Expenditure timing and costs are depicted in the Reserve Expenditures table in Section 3. Tennis Courts, Surface Line Item: 4.860 Quantity: 1,470 square yards of asphalt comprising two tennis courts History: Unknown age Condition: Fair overall with cracks evident in the playing surface Page 4.18 - Reserve Component Detail

Overview of tennis courts Cracks in playing surface Useful Life: Up to 35 years Priority/Criticality: Defer only upon opinion of independent professional or engineer Expenditure Detail Notes: Expenditure timing and costs are depicted in the Reserve Expenditures table in Section 3. Clubhouse and Laundry/Shower/Wood Shop Elements Clubhouse Laundry/Shower/Wood Shop Building Services Equipment Line Item: 5.450 Quantity: Six split systems and three water heaters History: Ages vary Page 4.19 - Reserve Component Detail

Condition: Reported in satisfactory condition Condensing units at clubhouse Air handling units at clubhouse Water heaters at laundry/shower/wood shop Useful Life: 12- to 18-years Priority/Criticality: Defer only upon opinion of independent professional or engineer Expenditure Detail Notes: Expenditure timing and costs are depicted in the Reserve Expenditures table in Section 3. Interior Renovations Line Item: 5.510 History: The Association partially renovates the clubhouse, laundry room and shower interiors as needed. The ages of the interior finishes and furnishings vary. Page 4.20 - Reserve Component Detail

Condition: The interiors are in overall good condition, with the exception of the plumbing fixtures which are in need of replacement. Recreation hall Billiards room Kitchen Kitchen appliances Office sitting area Manager s office (Not currently in use) Page 4.21 - Reserve Component Detail

Rest room in clubhouse Rest room in clubhouse Rest room in shower building Rest room in shower building Note dated plumbing fixtures Rest room in shower building Note rust on partitions Library in laundry room Page 4.22 - Reserve Component Detail

Useful Life: Partial interior renovations every three- to five-years. Component Detail Notes: The clubhouse, laundry and shower interiors comprise the following: Carpet, ceramic tile, vinyl tile and wood floor coverings Paint finishes on the walls and a portion of the ceilings Acoustical ceiling tiles Plumbing fixtures Partitions Light fixtures including exit and emergency lights Kitchen cabinets and countertops Furnishings including sofas, tables and chairs Audiovisual equipment Bingo calling equipment Ceiling fans Stage curtain Drinking fountains Mailboxes Various residential kitchen appliances in the manager s apartment, and commercial appliances in the clubhouse Priority/Criticality: Per Board discretion Expenditure Detail Notes: Expenditure timing and costs are depicted in the Reserve Expenditures table in Section 3. Laundry Equipment Line Item: 5.521 History: The six dryers and five washers are three- to four-years of age. Condition: Good overall Page 4.23 - Reserve Component Detail

Overview of laundry room Useful Life: 10- to 15-years Priority/Criticality: Per Board discretion Expenditure Detail Notes: Expenditure timing and costs are depicted in the Reserve Expenditures table in Section 3. Roof Assemblies, Asphalt Shingles Line Items: 5.600 and 5.601 Quantity: 100 squares at the clubhouse and 35 squares at the laundry/shower/wood shop History: The roof at the clubhouse was replaced in 2013 and the roof at the laundry/shower/wood shop was replaced in 2005. Condition: Good condition Page 4.24 - Reserve Component Detail

Roof at clubhouse Laundry/shower/wood shop roof Useful Life: 12- to 18-years Priority/Criticality: Defer only upon opinion of independent professional or engineer Expenditure Detail Notes: Expenditure timing and costs are depicted in the Reserve Expenditures table in Section 3. Walls, Stucco Line Item: 5.799 Quantity: Approximately 5,300 square feet of the building exteriors History: The age of the paint finishes is unknown. Condition: Good to fair overall Stucco finishes at clubhouse Stucco finishes at laundry/shower/wood shop Page 4.25 - Reserve Component Detail

Useful Life: We recommend inspections, repairs and paint finish applications every five- to seven-years. Component Detail Notes: The following graphic details the typical components of a stucco wall system on frame construction: Priority/Criticality: Defer only upon opinion of independent professional or engineer Expenditure Detail Notes: Expenditure timing and costs are depicted in the Reserve Expenditures table in Section 3. We assume the following activities per event: Crack repairs as needed (Each paint product has the limited ability to cover and seal cracks but we recommend repair of all cracks which exceed the ability of the paint product to bridge.) Replacement of up to two percent (2%), of the stucco walls (The exact amount of area in need of replacement will be discretionary based on the actual future conditions and the desired appearance.) Replacement of up to thirty-three percent (33%) of the sealants in coordination with each paint finish application. Page 4.26 - Reserve Component Detail

Windows and Doors Line Item: 5.800 Quantity: 1,300 square feet History: Likely original Condition: Fair to poor condition. The windows appear dated and we note rust at the clubhouse doors. Window at clubhouse Door at clubhouse Note rust Useful Life: Up to 35 years Window at laundry/shower/wood shop Priority/Criticality: Not recommended to defer Page 4.27 - Reserve Component Detail

Expenditure Detail Notes: Expenditure timing and costs are depicted in the Reserve Expenditures table in Section 3. Pool Elements Concrete Deck Overview of pool area Line Item: 6.200 Quantity: 5,900 square feet History: The deck was coated last in 2016. Condition: Good condition with hairline cracks evident Concrete deck with coating Hairline cracks in deck Page 4.28 - Reserve Component Detail

Useful Life: The useful life of a concrete pool deck is up to 60 years or more with timely repairs. We recommend the Association conduct inspections, partial replacements and repairs to the deck every 8- to 12-years in conjunction with coating replacements. Component Detail Notes: We recommend the Association budget for the following: Selective cut out and replacements of up to ten percent (10%) of concrete Crack repairs as needed Mortar joint repairs Caulk replacement Coating replacement Priority/Criticality: Defer only upon opinion of independent professional or engineer Expenditure Detail Notes: Expenditure timing and costs are depicted in the Reserve Expenditures table in Section 3. Fence, Vinyl Line Item: 6.400 Quantity: 260 linear feet History: Replaced in 2013 Condition: Good overall condition with no visible deterioration evident Useful Life: 15- to 20-years Pool fence Priority/Criticality: Not recommended to defer Page 4.29 - Reserve Component Detail

Expenditure Detail Notes: Expenditure timing and costs are depicted in the Reserve Expenditures table in Section 3. Furniture Line Item: 6.500 Quantity: Chairs Lounges Tables Ladders and life safety equipment History: Unknown ages Condition: Good overall Pool furniture Useful Life: Up to 12 years Priority/Criticality: Per Board discretion Expenditure Detail Notes: Expenditure timing and costs are depicted in the Reserve Expenditures table in Section 3. We recommend interim re-strapping, refinishing, cushion replacements, reupholstering and other repairs to the furniture as normal maintenance to maximize its useful life. Page 4.30 - Reserve Component Detail

Mechanical Equipment Line Item: 6.600 Quantity: Automatic chlorinator Controls Filters Heaters Interconnected pipe, fittings and valves Pumps Electrical panels History: The heaters were replaced in 2012. Condition: Reported satisfactory Useful Life: Up to 15 years Priority/Criticality: Defer only upon opinion of independent professional or engineer Expenditure Detail Notes: Expenditure timing and costs are depicted in the Reserve Expenditures table in Section 3. Failure of the pool mechanical equipment as a single event is unlikely. We consider interim replacement of motors and minor repairs as normal maintenance. Pool Finishes, Plaster Line Item: 6.800 Quantity: 1,700 square feet based on the horizontal surface area Page 4.31 - Reserve Component Detail

History: The pool plaster finish was replaced in 2000. The spa plaster finish was replaced in 2016. Condition: The spa plaster finish is in good condition. The pool plaster finish is in fair condition and reported in need of near term replacement. We note stains and loose coping tiles. Stains in pool finish Coping tiles loose Useful Life: 8- to 12-years Component Detail Notes: Removal and replacement provides the opportunity to inspect the pool structures and to allow for partial repairs of the underlying concrete surfaces as needed. To maintain the integrity of the pool structures, we recommend the Association budget for the following Removal and replacement of the finishes Partial replacements of the scuppers and coping as needed Replacement of tiles as needed Replacement of joint sealants as needed Concrete structure repairs as needed Priority/Criticality: Defer only upon opinion of independent professional or engineer Expenditure Detail Notes: Expenditure timing and costs are depicted in the Reserve Expenditures table in Section 3. The 2017 expenditure is based on a bid cost provided by the Board and includes bringing the pool drains up to code. The 2017 expenditure excludes the spa. Structures and Decks Line Item: 6.900 Quantity: 1,700 square feet of horizontal surface area Page 4.32 - Reserve Component Detail

History: Original Conditions: Visually appear in good condition. The concrete floor and walls have a plaster finish. This finish makes it difficult to thoroughly inspect the concrete structure during a noninvasive visual inspection. Useful Life: Up to a beyond 60 years Component Detail Notes: The need to replace a pool structure depends on the condition of the concrete structure, the condition of the embedded or concealed water circulation piping, possible long term uneven settlement of the structure, and the increasing cost of repair and maintenance. Deterioration of any one of these component systems could result in complete replacement of the pool. For example, deferral of a deteriorated piping system could result in settlement and cracks in the pool structure. This mode of failure is more common as the system ages and deterioration of the piping system goes undetected. For reserve budgeting purposes, we recommend Ameri-Cana Resorts plan to replace the following components: Concrete deck Pool and spa structures Subsurface piping Priority/Criticality: Defer only upon opinion of independent professional or engineer Expenditure Detail Notes: Expenditure timing and costs are depicted in the Reserve Expenditures table in Section 3. Reserve Study Update An ongoing review by the Board and an Update of this Reserve Study are necessary to ensure an equitable funding plan since a Reserve Study is a snapshot in time. Many variables change after the study is conducted that may result in significant overfunding or underfunding the reserve account. Variables that may affect the Reserve Funding Plan include, but are not limited to: Deferred or accelerated capital projects based on Board discretion Changes in the interest rates on reserve investments Changes in the local construction inflation rate Additions and deletions to the Reserve Component Inventory The presence or absence of maintenance programs Unusually mild or extreme weather conditions Technological advancements Periodic updates incorporate these variable changes since the last Reserve Study or Update. The Association can expense the fee for an Update with site visit from the reserve account. This fee is included in the Reserve Funding Plan. We base this budgetary amount on updating the same property components and quantities of this Reserve Study report. We recommend the Board budget for an Update to this Reserve Page 4.33 - Reserve Component Detail

Study in two years. Budgeting for an Update demonstrates the Board's objective to continue fulfilling its fiduciary responsibility to maintain the commonly owned property and to fund reserves appropriately. Page 4.34 - Reserve Component Detail

5. METHODOLOGY Reserves for replacement are the amounts of money required for future expenditures to repair or replace Reserve Components that wear out before the entire facility or project wears out. Reserving funds for future repair or replacement of the Reserve Components is also one of the most reliable ways of protecting the value of the property s infrastructure and marketability. Ameri-Cana Resorts can fund capital repairs and replacements in any combination of the following: 1. Increases in the operating budget during years when the shortages occur 2. Loans using borrowed capital for major replacement projects 3. Level reserve assessments to fund the expected major future expenditures 4. Special assessments We do not advocate special assessments or loans unless near term circumstances dictate otherwise. Although loans provide a gradual method of funding a replacement, the costs are higher than if the Association were to accumulate reserves ahead of the actual replacement. Interest earnings on reserves also accumulate in this process of saving or reserving for future replacements, thereby defraying the amount of gradual reserve collections. We advocate the third method of Level Monthly Reserve Assessments with relatively minor annual adjustments. The method ensures that Homeowners pay their "fair share" of the weathering and aging of the commonly owned property each year. Level reserve assessments preserve the property and enhance the resale value of the homes. This Reserve Study is in compliance with and exceeds the National standards 1 set forth by the Community Associations Institute (CAI) and the Association of Professional Reserve Analysts (APRA) fulfilling the requirements of a Full Reserve Study. These standards require a Reserve Component to have a predictable remaining Useful Life. Estimating Remaining Useful Lives and Reserve Expenditures beyond 30 years is often indeterminate. Long-Lived Property Elements are necessarily excluded from this analysis. We considered the following factors in our analysis: The Cash Flow Method to compute, project and illustrate the 30-year Reserve Funding Plan Local 2 costs of material, equipment and labor Current and future costs of replacement for the Reserve Components Costs of demolition as part of the cost of replacement Local economic conditions and a historical perspective to arrive at our estimate of long term future inflation for construction costs in 1 Identified in the APRA Standards - Terms and Definitions and the CAI "Terms and Definitions". 2 See Credentials for addition information on our use of published sources of cost data. Page 5.1 - Methodology

Rockledge, Florida at an annual inflation rate. Isolated or regional markets of greater construction (development) activity may experience slightly greater rates of inflation for both construction materials and labor. The past and current maintenance practices of Ameri-Cana Resorts and their effects on remaining useful lives Financial information provided by the Association pertaining to the cash status of the reserve fund and budgeted reserve contribution The anticipated effects of appreciation of the reserves over time in accord with a return or yield on investment of your cash equivalent assets. (We did not consider the costs, if any, of Federal and State Taxes on income derived from interest and/or dividend income). The Funding Plan excludes necessary operating budget expenditures. It is our understanding that future operating budgets will provide for the ongoing normal maintenance of Reserve Components. Updates to this Reserve Study will continue to monitor historical facts and trends concerning the external market conditions. Page 5.2 - Methodology

6. DEFINITIONS Definitions are derived from the standards set forth by the Community Associations Institute (CAI) representing America's 305,000 condominium and homeowners associations and cooperatives, and the Association of Professional Reserve Analysts, setting the standards of care for reserve study practitioners. Cash Flow Method - A method of calculating Reserve Contributions where contributions to the reserve fund are designed to offset the variable annual expenditures from the reserve fund. Different Reserve Funding Plans are tested against the anticipated schedule of reserve expenses until the desired funding goal is achieved. Component Method - A method of developing a Reserve Funding Plan with the total contribution is based on the sum of the contributions for individual components. Current Cost of Replacement - That amount required today derived from the quantity of a Reserve Component and its unit cost to replace or repair a Reserve Component using the most current technology and construction materials, duplicating the productive utility of the existing property at current local market prices for materials, labor and manufactured equipment, contractors' overhead, profit and fees, but without provisions for building permits, overtime, bonuses for labor or premiums for material and equipment. We include removal and disposal costs where applicable. Fully Funded Balance - The Reserve balance that is in direct proportion to the fraction of life "used up" of the current Repair or Replacement cost similar to Total Accrued Depreciation. Funding Goal (Threshold) - The stated purpose of this Reserve Study is to determine the adequate, not excessive, minimal threshold reserve balances. Future Cost of Replacement - Reserve Expenditure derived from the inflated current cost of replacement or current cost of replacement as defined above, with consideration given to the effects of inflation on local market rates for materials, labor and equipment. Long-Lived Property Component - Property component of Ameri-Cana Resorts responsibility not likely to require capital repair or replacement during the next 30 years with an unpredictable remaining Useful Life beyond the next 30 years. Percent Funded - The ratio, at a particular point of time (typically the beginning of the Fiscal Year), of the actual (or projected) Reserve Balance to the Fully Funded Balance, expressed as a percentage. Remaining Useful Life - The estimated remaining functional or useful time in years of a Reserve Component based on its age, condition and maintenance. Reserve Component - Property elements with: 1) Ameri-Cana Resorts responsibility; 2) limited Useful Life expectancies; 3) predictable Remaining Useful Life expectancies; and 4) a replacement cost above a minimum threshold. Reserve Component Inventory - Line Items in Reserve Expenditures that identify a Reserve Component. Reserve Contribution - An amount of money set aside or Reserve Assessment contributed to a Reserve Fund for future Reserve Expenditures to repair or replace Reserve Components. Reserve Expenditure - Future Cost of Replacement of a Reserve Component. Reserve Fund Status - The accumulated amount of reserves in dollars at a given point in time, i.e., at year end. Reserve Funding Plan - The portion of the Reserve Study identifying the Cash Flow Analysis and containing the recommended Reserve Contributions and projected annual expenditures, interest earned and reserve balances. Reserve Study - A budget planning tool that identifies the current status of the reserve fund and a stable and equitable Funding Plan to offset the anticipated future major common area expenditures. Useful Life - The anticipated total time in years that a Reserve Component is expected to serve its intended function in its present application or installation. Page 6.1 - Definitions

7. PROFESSIONAL SERVICE CONDITIONS Our Services - Reserve Advisors, Inc. will perform its services as an independent contractor in accordance with our professional practice standards. Our compensation is not contingent upon our conclusions. Our inspection and analysis of the subject property is limited to visual observations and is noninvasive. We will inspect sloped roofs from the ground. We will inspect flat roofs where safe access (stairs or ladder permanently attached to the structure) is available. The report is based upon a snapshot in time at the moment of our observation. Conditions can change between the time of inspection and the issuance of the report. Reserve Advisors does not investigate, nor assume any responsibility for any existence or impact of any hazardous materials, structural, latent or hidden defects which may or may not be present on or within the property. Our opinions of estimated costs and remaining useful lives are not a guarantee of the actual costs of replacement, a warranty of the common elements or other property elements, or a guarantee of remaining useful lives. We assume, without independent verification, the accuracy of all data provided to us. You agree to indemnify and hold us harmless against and from any and all losses, claims, actions, damages, expenses or liabilities, including reasonable attorneys' fees, to which we may become subject in connection with this engagement, because of any false, misleading or incomplete information which we have relied upon as supplied by you or others under your direction, or which may result from any improper use or reliance on the report by you or third parties under your control or direction. Your obligation for indemnification and reimbursement shall extend to any controlling person of Reserve Advisors, Inc., including any director, officer, employee, affiliate, or agent. Liability of Reserve Advisors, Inc. and its employees, affiliates, and agents for errors and omissions, if any, in this work is limited to the amount of its compensation for the work performed in this engagement. Report - Reserve Advisors, Inc. will complete the services in accordance with the Proposal. The Report represents a valid opinion of our findings and recommendations and is deemed complete. However, we will consider any additional information made available to us in the interest of promptly issuing a Revised Report if changes are requested within six months of receiving the Report. We retain the right to withhold a Revised Report if payment for services is not rendered in a timely manner. All files, work papers or documents developed by us during the course of the engagement remains our property. Your Obligations - You agree to provide us access to the subject property during our on-site visual inspection and tour. You will provide to us to the best of your ability and if reasonably available, historical and budgetary information, the governing documents, and other information that we request and deem necessary to complete our Study. You agree to pay our actual attorneys fees and any other costs incurred in the event we have to initiate litigation to collect on any unpaid balance for our services. Use of Our Report and Your Name - Use of this Report is limited to only the purpose stated herein. Any use or reliance for any other purpose, by you or third parties, is invalid. Our Reserve Study Report in whole or part is not and cannot be used as a design specification, design engineering services or an appraisal. You may show our report in its entirety to those third parties who need to review the information contained herein. The Client and other third parties viewing this report should not reference our name or our report, in whole or in part, in any document prepared and/or distributed to third parties without our written consent. This report contains intellectual property developed by Reserve Advisors, Inc. specific to this engagement and Page 7.1 - Professional Service Conditions

cannot be reproduced or distributed to those who conduct reserve studies without the written consent of Reserve Advisors, Inc. We reserve the right to include our client's name in our client lists, but we will maintain the confidentiality of all conversations, documents provided to us, and the contents of our reports, subject to legal or administrative process or proceedings. These conditions can only be modified by written documents executed by both parties. Payment Terms, Due Dates and Interest Charges - The retainer payment is due upon authorization and prior to shipment of the report. The final payment of the fee is due immediately upon receipt of the Report. Subsequent changes to the report can be made for up to six months from the initial report date. Any outstanding balance after 30 days of the invoice date is subject to an interest charge of 1.5% per month. Any litigation necessary to collect an unpaid balance shall be venued in Milwaukee County Circuit Court in the State of Wisconsin. CONDITIONS OF OUR SERVICE ASSUMPTIONS To the best of our knowledge, all data set forth in this report are true and accurate. Although gathered from reliable sources, we make no guarantee nor assume liability for the accuracy of any data, opinions, or estimates identified as furnished by others that we used in formulating this analysis. We did not make any soil analysis or geological study with this report; nor were any water, oil, gas, coal, or other subsurface mineral and use rights or conditions investigated. Substances such as asbestos, urea-formaldehyde foam insulation, other chemicals, toxic wastes, environmental mold or other potentially hazardous materials could, if present, adversely affect the validity of this study. Unless otherwise stated in this report, the existence of hazardous substance, that may or may not be present on or in the property, was not considered. Our opinions are predicated on the assumption that there are no hazardous materials on or in the property. We assume no responsibility for any such conditions. We are not qualified to detect such substances, quantify the impact, or develop the remedial cost. We have made a visual inspection of the property and noted visible physical defects, if any, in our report. Our inspection and analysis was made by employees generally familiar with real estate and building construction; however, we did not do any invasive testing. Accordingly, we do not opine on, nor are we responsible for, the structural integrity of the property including its conformity to specific governmental code requirements, such as fire, building and safety, earthquake, and occupancy, or any physical defects that were not readily apparent during the inspection. Our opinions of the remaining useful lives of the property elements do not represent a guarantee or warranty of performance of the products, materials and workmanship. Page 7.2 - Professional Service Conditions

8. CREDENTIALS HISTORY AND DEPTH OF SERVICE Founded in 1991, Reserve Advisors, Inc. is the leading provider of reserve studies, insurance appraisals, developer turnover transition studies, expert witness services, and other engineering consulting services. Clients include community associations, resort properties, hotels, clubs, non-profit organizations, apartment building owners, religious and educational institutions, and office/commercial building owners in 48 states, Canada and throughout the world. The architectural engineering consulting firm was formed to take a leadership role in helping fiduciaries, boards, and property managers manage their property like a business with a long range master plan known as a Reserve Study. Reserve Advisors employs the largest staff of Reserve Specialists with bachelor s degrees in engineering dedicated to Reserve Study services. Our principals are founders of Community Associations Institute's (CAI) Reserve Committee that developed national standards for reserve study providers. One of our principals is a Past President of the Association of Professional Reserve Analysts (APRA). Our vast experience with a variety of building types and ages, on-site examination and historical analyses are keys to determining accurate remaining useful life estimates of building components. No Conflict of Interest - As consulting specialists, our independent opinion eliminates any real or perceived conflict of interest because we do not conduct or manage capital projects. TOTAL STAFF INVOLVEMENT Several staff members participate in each assignment. The responsible advisor involves the staff through a Team Review, exclusive to Reserve Advisors, and by utilizing the experience of other staff members, each of whom has served hundreds of clients. We conduct Team Reviews, an internal quality assurance review of each assignment, including: the inspection; building component costing; lifing; and technical report phases of the assignment. Due to our extensive experience with building components, we do not have a need to utilize subcontractors. OUR GOAL To help our clients fulfill their fiduciary responsibilities to maintain property in good condition. VAST EXPERIENCE WITH A VARIETY OF BUILDINGS Reserve Advisors has conducted reserve studies for a multitude of different communities and building types. We've analyzed thousands of buildings, from as small as a 3,500-square foot day care center to the 2,600,000-square foot 98-story Trump International Hotel and Tower in Chicago. We also routinely inspect buildings with various types of mechanical systems such as simple electric heat, to complex systems with air handlers, chillers, boilers, elevators, and life safety and security systems. We're familiar with all types of building exteriors as well. Our well versed staff regularly identifies optimal repair and replacement solutions for such building exterior surfaces such as adobe, brick, stone, concrete, stucco, EIFS, wood products, stained glass and aluminum siding, and window wall systems. OLD TO NEW Reserve Advisors experience includes ornate and vintage buildings as well as modern structures. Our specialists are no strangers to older buildings. We're accustomed to addressing the unique challenges posed by buildings that date to the 1800's. We recognize and consider the methods of construction employed into our analysis. We recommend appropriate replacement programs that apply cost effective technologies while maintaining a building's character and appeal. Page 8.1 - Credentials

QUALIFICATIONS THEODORE J. SALGADO Principal Owner CURRENT CLIENT SERVICES Theodore J. Salgado is a co-founder of Reserve Advisors, Inc., which is dedicated to serving community associations, city and country clubs, religious organizations, educational facilities, and public and private entities throughout the United States. He is responsible for the production, management, review, and quality assurance of all reserve studies, property inspection services and consulting services for a nationwide portfolio of more than 6,000 clients. Under his direction, the firm conducts reserve study services for community associations, apartment complexes, churches, hotels, resorts, office towers and vintage architecturally ornate buildings. PRIOR RELEVANT EXPERIENCE Before founding Reserve Advisors, Inc. with John P. Poehlmann in 1991, Mr. Salgado, a professional engineer registered in the State of Wisconsin, served clients for over 15 years through American Appraisal Associates, the world's largest full service valuation firm. Mr. Salgado conducted facilities analyses of hospitals, steel mills and various other large manufacturing and petrochemical facilities and casinos. He has served clients throughout the United States and in foreign countries, and frequently acted as project manager on complex valuation, and federal and state tax planning assignments. His valuation studies led to negotiated settlements on property tax disputes between municipalities and property owners. Mr. Salgado has authored articles on the topic of reserve studies and facilities maintenance. He also co-authored Reserves, an educational videotape produced by Reserve Advisors on the subject of Reserve Studies and maintaining appropriate reserves. Mr. Salgado has also written in-house computer applications manuals and taught techniques relating to valuation studies. EXPERT WITNESS Mr. Salgado has testified successfully before the Butler County Board of Tax Revisions in Ohio. His depositions in pretrial discovery proceedings relating to reserve studies of Crestview Estates Condominium Association in Wauconda, Illinois, Rivers Point Row Property Owners Association, Inc. in Charleston, South Carolina and the North Shore Club Associations in South Bend, Indiana have successfully assisted the parties in arriving at out of court settlements. EDUCATION - Milwaukee School of Engineering - B.S. Architectural Engineering PROFESSIONAL AFFILIATIONS/DESIGNATIONS American Association of Cost Engineers - Past President, Wisconsin Section Association of Construction Inspectors - Certified Construction Inspector Association of Professional Reserve Analysts - Past President & Professional Reserve Analyst (PRA) Community Associations Institute - Member and Volunteer Leader of multiple chapters Concordia Seminary, St. Louis - Member, National Steering Committee Milwaukee School of Engineering - Member, Corporation Board Professional Engineer, Wisconsin (1982) and North Carolina (2014) Ted continually maintains his professional skills through American Society of Civil Engineers, ASHRAE, Association of Construction Inspectors, and continuing education to maintain his professional engineer licenses. Page 8.2 - Credentials

JOHN P. POEHLMANN, RS Principal John P. Poehlmann is a co-founder of Reserve Advisors, Inc. He is responsible for the finance, accounting, marketing, and overall administration of Reserve Advisors, Inc. He also regularly participates in internal Quality Control Team Reviews of Reserve Study reports. Mr. Poehlmann directs corporate marketing, including business development, advertising, press releases, conference and trade show exhibiting, and electronic marketing campaigns. He frequently speaks throughout the country at seminars and workshops on the benefits of future planning and budgeting for capital repairs and replacements of building components and other assets. PRIOR RELEVANT EXPERIENCE Mr. Poehlmann served on the national Board of Trustees of Community Associations Institute. An international organization, Community Associations Institute (CAI) is a nonprofit 501(c)(3) trade association created in 1973 to provide education and resources to America s 335,000 residential condominium, cooperative and homeowner associations and related professionals and service providers. He is a founding member of the Institute's Reserve Committee. The Reserve Committee developed national standards and the Reserve Specialist (RS) Designation Program for Reserve Study providers. Mr. Poehlmann has authored numerous articles on the topic of Reserve Studies, including Reserve Studies for the First Time Buyer, Minimizing Board Liability, Sound Association Planning Parallels Business Concepts, and Why Have a Professional Reserve Study. He is also a contributing author in Condo/HOA Primer, a book published for the purpose of sharing a wide background of industry knowledge to help boards in making informed decisions about their communities. INDUSTRY SERVICE AWARDS CAI Wisconsin Chapter Award CAI National Rising Star Award CAI Michigan Chapter Award EDUCATION University of Wisconsin-Milwaukee - Master of Science Management University of Wisconsin - Bachelor of Business Administration PROFESSIONAL AFFILIATIONS Community Associations Institute (CAI) - Founding member of Reserve Committee; former member of National Board of Trustees; Reserve Specialist (RS) designation; Member of multiple chapters Association of Condominium, Townhouse, & Homeowners Associations (ACTHA) member Page 8.3 - Credentials