1. Stone Lake Condominium Association Annual Co-Owner Meeting Thursday, May 18, 2006 The Hannah Center, East Lansing

2. Agenda I.Roll Call II.Proof of Notice III.Approval of 2005 Annual Meeting Minutes IV.Officer Reports – President and Treasurer V.Management Company Report VI.Election of Directors VII.Old Business VIII.New Business IX.Adjournment

3. President’s Report This Year’s Accomplishments 52 Windows Replaced; 62 total in round #1; window repairs underway 12 Chimneys Repaired (structural); 29 in Total to Date 27 Chimney Heat Shields Replaced 2 Parking Pads Resurfaced 2005 Audit (Treasurer Report) Mulch Spread in Front Common Areas (4 inches) 5 Trees Removed (Safety); 5 Stumps Removed; 2 Remaining Several Foundations and Roofs Repaired (leaks) Bat Infestation Removal at Several Units Web Site Up and Running Irrigation Repairs (head replacements, outside shutoffs being reviewed, etc) Annual Maintanence Plan Developed

4. President’s Report continued… We Need Your Assistance  Sign up for electronic fund transfer for regular monthly assessments  Serve on the Board  Volunteer to assist with workgroups, such as revisions to Association documents (e.g., by-laws, etc.)

5. President’s Report continued… Special Thanks!!!  Dana Crutchfield for her continuous hard work on the newsletter to keep co-owners informed  John Angelacos and the Crutchfields for hand delivering the newsletter  John Angelacos, Laura Lee Dole, Barbara Machello, and Carol Tyler for assisting with DRAFTING revised by-laws

6. President’s Report continued… Web Site www.stonelakeca.orgwww.stonelakeca.org Meeting Dates Board Minutes By-Laws, etc. Announcements Maintenance Maps

7. Treasurer’s Report  2005 Audit – Layton & Richardson, PC

8. Assessment Update  Additional assessment approved for 2006  3 payments of $300 due:  January 1  May 1  September 1  Total Assessment Raised to Date: $60,000  Total Assessment: $450,000 over 5 Years

9. Assessment account has been set up to assure 100% of funds used for identified projects. Outside, independent contractors, such as Bill Perry Construction, used to assist Board in prioritizing work. All work is subject to a bidding process. Semi-annual update reports distributed to all co-owners throughout assessment period. Portion of funds committed to each building. Assessment Update

10. Preliminary Projected Assessment Budget Roofs - $33,000 Windows - $240,000 To date, $65,000 (replacement and repairs) Siding - $105,000 Painting - $72,000 Total - $450,000 Assessment Update

11. Association Maintenance Maps  Window Replacement – High Priority Window Replacement  Chimney Repairs – Structures Chimney Repairs  Chimney Repairs – Heat Shields Chimney Repairs  Painting Painting  Parking Pads Parking Pads  Roofs Roofs

12. Agenda continued…  Election of Directors Three 2-Year terms; Two 1-Year Terms  Old Business/New Business By-laws, etc., update  Questions & Answers  Adjournment Thanks!