Constellation House Condominium 2009 Annual Meeting of Unit Owners April 18 th, 2009

Meeting Overview Call for Quorum Old Business Vote for new Board Members Financial presentation Project presentation Vote for the new “Storm Door Standard” Outstanding Issues / “Take-aways” Call for Adjournment

Old Business Vote of unit owners for/against the transfer of monies from operating account to the reserve account (as recommended by PKS).

Vote for new Board Members Candidates for election – 3 open positions (new terms expire April, 2011)  Suzy Hazel (Unit #505)  Tom Kirkwood (Unit #304)  Kim Strutt (Unit #110)

Constellation House Financials Monies currently held in reserve: $165,000 Board has built a reserve study spreadsheet projected out over next 25 years. All major projects are under evaluation as to cost effectiveness and revised life expectancies (i.e. bayside railings, parking lot) Y2008 actual building maintenance was 62 percent under budget and 35 percent under budget (including the recoating and re- striping of the parking lot) Resolving ongoing financial issues  CH monies currently held hostage by Legum & Norman  Ongoing accounting ledger posting issues  Insurance costs will be reviewed and excess and extraneous coverage eliminated  Closer scrutiny and review of all monthly expenditures  Upcoming PKS audit to focus on ongoing accounting issues

Constellation House Projects Project Management Oversight  Projects are identified and approved by the Board  Project oversight is assigned by the Board president to a Board member  Project specs are jointly developed with the property manager  Project costs and specs are approved by the project oversight manager  Completed project is reviewed by project oversight manager prior to signoff and final payment

CH Projects Underway or Completed Ocean walkway Repair of water meter entrance door on south side Roof patching Restraint for recycling containers Repair of bayside railings Bayside water faucet for entrance cleaning Deck power washing Deck paint (elevator area) and general deck paint touchup

CH Projects Underway or Completed (Continued) Elevator entrance mat on first floor Parking lot recoat / safety zone / rebar leveling Dune planting (free OC grant of over 90 plants) Burnt light cover replacement Repair of parking lot fence (broken / missing caps and pickets) Addition of second rope to the dune fence Repair of rusted elevator plate on the third floor

CH Projects Underway or Completed (Continued) Installation of WiFi Internet service “Volunteer Day” Implementation of new Storm Door policy and initiation of the 2-year Storm Door replacement project New website Comcast & Verizon pedestal replacement and concrete repair

CH Future and Pending Projects Repaint bayside railings Repaint bayside fascia Replacement of air conditioning covers Paint and repair of rusted front interior doors Determine building painting / coating requirements and implement as necessary “Open House Day” after the owners meeting in April 2010

Meeting Conclusion Any comments or questions? Adjournment - Thanks for attending!