December 10, 2014

Dear Fellow Lauren Owners:

Enclosed is a copy of the 2015 budget. Enclosed is also a table that shows the 2015 fees for each apartment by tier and for each parking space, and compares the 2015 fees with the fees from the past three years. The condo fees will increase next year by 1%.

Our condo fees cover operating and capital expenses incurred throughout the year. The fees include essential utilities, such as electricity (which includes AC), water/sewer, and gas (stoves and heating), and invaluable services, such as 24/7 front desk coverage, pest extermination, and trash and recycling removal. Additionally, the fees include routine maintenance to common areas, such as repainting, cleaning, and pool upkeep, and capital improvements to the property, such as the future proposed HVAC replacement and elevator modernization.

Below is a list of the main reasons for the condo fee increase:

• Utilities: While we are seeing a small decrease in electricity for 2015 and a —25% decrease in telephone (due a comprehensive look at communications and subsequent plan changes), there is —36% increase in water/sewer. The water company (WASA) installed new meters this year, and they reflect a significant increase in usage. Management is currently working with WASA to confirm the accuracy of the new meters.

• Personnel: The staff is receiving a 1% cost of living increase, and there is a —18% increase is health care insurance. The cost of health care has risen at least 10% each year over the past four years. Management is planning next year to do a comprehensive look at health care coverage options to address this steady increase.

• Reserves: Per the timetable agreed to by the board several years ago, there is a 3.5% increase in contributions to both unrestricted and restricted HVAC reserves.

You will soon receive new payment coupons in the mail from Simmons Management Group. You may pay your fees by check and coupon, by billpayer service (please be sure to have your paying authority include the account number as written on your coupons), by direct debit or you may pay online through the Simmons Management /group, Inc. website (www.simmonsmgmtgrp.com). Online payments can be made by e-check, or a one time credit/debit payment.

On behalf of all the board members, Roger Hirschland, Elizabeth VanderPutten, Dwight Clark, John Filice, and me, we would like to thank you for the opportunity to serve in this capacity. We welcome your attendance at the monthly board meetings and your suggestions/comments for ways to make our home an even better place to live.

Sincerely,

Amy Bertha

President, Board of Directors