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1 Reserve Analysis by Berrera and Company (January 2016) Page 1 Section I: Capital Reserve Funding - Estimated Cash Reserve Balances And Unfunded Liability: Effective 1/1/2019 Assumption Table: Interest Rate 0.10% Year Association Built: 2006 Inflation Rat 3.00% Number of Units: 73 CASH FLOW FORECASTS: CASH RECEIPTS Assessments (See Budget) $ 156,000 $ 156,000 $ 156,000 $ 156,000 $ 156,000 $ 156,000 $ 156,000 $ 156,000 $ 171,600 $ 188,760 Special Assessment Interest Earned, (average of.1% at Mutual of Omaha Bank) ,271 Total Cash Receipts 156, , , , , , , , , ,031 Less: Major Component Costs - Section II -222, , ,919-73,472-21, ,602-30,401-30,362-17, ,541 Net Increase (Decrease) In Cash -65,982-62,148-4,361 83, ,290 13, , , ,271-93,510 Cash Reserve Balances At Beginning Of Year (1) 527, , , , , , , , ,356 1,034,627 Cash Reserve Balances At The End Of The Year (2) $461,573 $399,425 $395,064 $478,102 $613,392 $626,553 $752,872 $879,356 $1,034,627 $941,117 LIABILITY FUNDING: Estimated Total Liability - Section III $1,308,835 $1,294,149 $1,288,304 $1,347,318 $1,503,756 $1,724,400 $1,831,591 $2,064,696 $2,311,119 $2,584,857 Less: Major Components Paid For In Current Year -222, , ,919-73,472-21, ,602-30,401-30,362-17, ,541 Net Liability 1,086,137 1,075,352 1,127,385 1,273,846 1,482,480 1,580,798 1,801,190 2,034,334 2,293,816 2,301,316 Less: Cash Balance at December , , , , , , , ,356-1,034, ,117 Estimated Unfunded Liability, December 31 $624,564 $675,927 $732,321 $795,744 $869,087 $954,245 $1,048,318 $1,154,978 $1,259,189 $1,360,200 Percentage Funded (3) 42.50% 37.14% 35.04% 37.53% 41.38% 39.64% 41.80% 43.23% 45.11% 40.89% Percentage Unfunded 57.50% 62.86% 64.96% 62.47% 58.62% 60.36% 58.20% 56.77% 54.89% 59.11% (1) The cash balance at the beginning of the year is an estimate only. This amount may differ significantly due from the actual amount to unforeseen circumstances such as the cost of replacement greater than estimated, emergency expenditures, or actual replacement occurring earlier or later than scheduled. (2) Under the "Cash-Flow Method", the Association must have cash balances at the end of each accounting year. This means that for a 20-year funding period, the Association must have sufficient cash on hand to pay for the replacement items each fiscal year. (3) Under the "Percentage of Liability Method", the Association must be funded at least 50%. However, there is no limitation on loans or special assessments. For the coming year, the Association will use the "Cash flow Method" for funding itscapital Reserves. This information is being provided as a supplementary schedule to the Association's operating budget. It is based upon information provided by the Association and/or by an independent appraisal company. We have not verified, nor do we place any form of assurance on the accuracy of the replacement costs, estimated useful lives, and estimated remaining lives - DMI.

2 Page 2 Asphalt & Concrete Surfaces 1 Asphalt - 5% Repair Contingency ,330-24, , Asphalt - Overlay , Asphalt - Seal & Stripe ,391-58, , Concrete Walks & Curbs Repair contingency 5 1 5,464-5, , Doors and Windows 5 Entry Glass Doors (Bldg 1) Repair/Replace , Entry Glass Doors (bldg 3&4) Repair/Replace , Entry Metal Doors (Bldg 2) Repair/Replace , Garage Doors Replace (Other) Utility Doors Repair/Replace , Window Units (Bldg 1) Repair/Replace , Window Units (Bldg 3&4) Repair/Replace , Windows & Doors Annual Repair contingency 1 1 5,464 5,305 5,464 5,628 5,796 5,970 6,149 6,334 6,524 6,720 6,921 7, House Panel 200 Amp (Bldg 1) , Electrical 14 House Panel 200 Amp (Bldg 2) , House Panel 225 Amp (Bldg 3&4) , Lighting Contactors & Timers , , Sub Meters , Switchgear 1200 Amp Main (Bldg 3&4) , Switchgear 1600 Amp Main (bldg 1) , Switchgear 800 Amp Main (Bldg 2) , Elevators 21 Elevator Cabs Repair & Refurbish , , Elevators Modernize Systems ,

3 Page 3 Fencing & Walls 23 Chain Link at East Perimeter - Replace , Guardrail at Perimeter Replace , Retaining Walls Repair Contingency 5 2 5, , , Fire Prevention Systems 26 Fire Hydrant Replace , Fire Panels Modernize , , Fire Systems Testing and Repairs ,927-10, , Sprinkler Heads Exterior , , Standpipe & Supply Piping (Bldg 1) Replacement , Standpipe & Supply Piping (Bldg 2) Replacement , Standpipe & Supply Piping Repairs 5 1 6,556-6, , Landscaping & Irrigation 33 Backflow Valves Irrigation , , Irrigation Controllers , , Landscaping & Irrigation Systems - Refurbish ,703-13, Lighting 36 Fluorescent Fixtures , , Pole Lights (Parking area) Replace , Recessed Light Fixtures (Bldg 3 & 4) Replace , , Wall Fixtures (Bldg 1) Wall Fixtures (Bldg 2) Replace , , Wall Fixtures (Bldg 3 & 4) Replace , ,984 Miscellaneous 42 Community Monuments Refurbish , , Mailboxes , Trash Enclosures Repair Contingency ,649 7, ,980

4 Page 4 Painting 45 Exterior Paint Bldg , , Exterior Paint Bldg , , Exterior Paint Bldg 3 & , , Guardrails at Perimeter Paint , Guardrails at Perimeter Paint 4 2 4, , , ,931 Plumbing & Drainage 50 Backflow Valves Water ,013-19, Backflow Valves Water - (Bldg 1) , , Plumbing General Repairs Annual Contingency 1 1 8,195 7,957 8,195 8,441 8,695 8,955 9,224 9,501 9,786 10,079 10,382 10, Storm Drains Inspect & Clean 7 4 5, , Roofing Systems 54 Access Ladder (Bldg 1) , Access Ladder (Bldg 2) , Built-Up Roof (Bldg 1) Recoat , , Built-Up Roof (Bldg 1) Replace , Metal Roof (Bldg 2) Recoat , , Metal Roof (Bldg 2) Replace , Built-Up Roof (Bldg 3 & 4) Recoat , , Built-Up Roof (Bldg 3 & 4) , Gutters & Downs (Bldg 1) Replace , Gutters & Downs (Bldg 2) Replace , Gutters & Downs (Bldg 3 & 4) Replace , Metal Roofing (Bldg 2) Refinish Metal Roofing (Bldg 2) Replace Built-up Roofing (Bldg 3 & 4) Refinish Built-up Roofing (Bldg 3 & 4) Replace Roof Access Hatches (Bldg 3 & 4) Replace , Skylights (Bldg 2) Replace ,

5 Page 5 Siding Repairs 71 Expansion Gasket (Between Bldg 3 & 4) ,364-11, Soffit Repair/Replace (Bldg 1) , , Soffit Repair/Replace (Bldg 3 & 4) , , Spalling (Bldg 1) 75 Spalling (Bldg 2) 76 Spalling (Bldg 3 & 4) 77 Guardrails at Walkways Replace , Walkways Traffic Coating Recoat ,119-10, , Walkways Traffic Coating Resurface , Total Cost $2,723,820 Estimated Replacement Cost In Scheduled Year 21, , , ,919 73,472 21, ,602 30,401 30,362 17, ,541