2007 ANNUAL MEETING MINUTES

COLD SPRING PROPERTIES TOWNHOUSE ASSOCIATION

The 28th Annual Meeting of the CSPTA was called to order in the meeting room of the Administration-Recreation building at the Resort in Ashland, NH, on Saturday, November 10, 2007, at 11 a.m. Moderator Nelson Goldin explained the rules of procedure for the meeting which is conducted under Robert’s Rules of Order. He introduced the Board of Directors, General Manager Corinne Peltier, Association attorney Ed Ford, and accountant, Chuck Katz. Approximately 115 Association members in good standing representing approximately 175 interval units attended this ninth annual meeting held on site.

The meeting began with Secretary George Reilly requesting a moment of silence in honor of Veterans’ Day and for all those members of our military forces who have given their lives in defense of freedom; this was followed by the Pledge of Allegiance to the flag.

*** The reading of the MINUTES OF THE 2006 ANNUAL MEETING was waived and the minutes were accepted as printed in a unanimous voice vote.

The following reports were presented... (most were mailed with the call to the meeting)

Note - reports for the Social/Recreational Committee, Property Oversight, Maintenance and Housekeeping are included in all published newsletters.

1. LEGAL – Attorney Ed Ford reviewed his printed report sent out prior to the meeting. No legal questions were raised by the owners present, but one question which related to whether the Association owes any money to government entities was deferred until the budget is discussed later in the meeting.

2. ANNUAL OPERATING EXPENSES – In view of our accountant’s presence at the meeting, Mr. Charles “Chuck” Katz took the opportunity to briefly summarize the financial/accounting processes in place and his role in monitoring that process.

Following a review of the printed FINANCIAL STATEMENTS report from our accountant for the period ending June 30, 2007, and the 2008 BUDGET prepared by the Board of Directors, several questions were asked by the Association members present including:

(a) Line item 4103 – extra cleaning fees; this was explained by President Thomas.

(b) Line item 5113 – office advertising and printing; a question on whether more printing can be done in-house was answered that our outside printer vendor can do these jobs much more economically than we can do in our office.

(c) Line item 5702 – utilities electric and heat; question on the effect of the new air conditioning units on our electricity cost was answered that, although the cost of electricity (and propane) was up last year due to the increase in skyrocketing Middle East oil barrel prices, the budgeted increase was very close to covering this expense. Additionally, the comfort brought by air-conditioned units was worth its weight in gold to those staying at the Resort during the extended heat waves last summer, as attested to by summer owners present at the meeting.

(d) General question on whether we have adequate FDIC financial account protection was answered with an explanation of our “sweep accounts” bank policy which we have implemented for the past two-plus years to clean out our various bank accounts each evening for use in very short term investing and then reinstate them the following day. Accounts are separated and fully protected by the FDIC.

Barry Thomas reviewed some interesting comparisons between today’s finances and those in 1995, especially in terms of total assessed value of the Resort, maintenance fees charged then and now (minimal percentage increases due to careful financial management) and legal fees which have been drastically lowered in the past few years as previous litigation problems were resolved and prompt foreclosure actions implemented to forestall larger non-collection problems. The Town of Ashland recently sent us notice of our total assessed value of Resort taxable property at $8.5 million, minus any allowable write-offs, which represents quite a substantial amount of equity.

Note - those with other questions not raised today were asked to contact General Manager Corinne Peltier at the Resort and all items will be taken under careful consideration, as usual.

3. PROPERTY OVERSIGHT COMMITTEE – Committee chairperson Paul Tousignant, who took over for former chairperson Rita Sloan, reported that the Committee has inspected and checked all 77 units in great detail, as usual, during the two semi-annul maintenance weeks and indicates they are in good shape. A lengthy report is generated after all inspections, and follow-up work beyond the scope of the committee is referred to the maintenance department for their attention and repair, if needed. President Barry Thomas acknowledged the fine efforts by the entire committee and echoed Mr. Tousignant’s remarks that new volunteer members are always welcome on the Committee.

4. BALLOT COMMITTEE – As has been our practice for several years now, the reading of the Ballot Committee’s report indicating the proxy vote totals will be deferred until all votes have been taken on the floor on all action items on today’s agenda from owners present and voting on same today. See ballot vote totals below.

5. FINANCE COMMITTEE – new Finance Committee Chairperson Daniel Barkowitz explained to the group what the Finance Committee hopes to accomplish this year and encouraged new members with finance backgrounds or experience to consider volunteering for the Committee. Mr. Barkowitz also reviewed what the Board of Directors considered to be an excellent strategic planning session that he conducted, in his role as Finance Committee Chairman, for the Board last summer and what outcomes are expected as a result of those meetings during the present year.

*** Moderator Goldin thanked all committees for their reports and entertained a MOTION to accept them, which was SECONDED and passed UNANIMOUSLY by the membership on a voice vote, while the Board of Directors also CAST ALL PROXY VOTES to approve same.

OLD BUSINESS – None remain from the previous meeting which has not been addressed and resolved. Secretary Reilly reviewed some of the highlights of maintenance projects and upgrades, including WiFi installation at the Recreation/Administration building, Springhouse outside sidewalk stairway installation, new DVD players In all units, and Jacuzzi step repairs.

Also, comments were freely given by Association members in response to Moderator Goldin’s request for opinions about the possible use of futon couches in the units. Most were not in favor of the latter, citing their flimsy nature and lack of comfort and support. Others suggested purchasing pillow-top style mattresses in the future for those suffering

back problems while another owner said that inflatable air mattresses might be a good idea for use on the pull-out couches.

NEW BUSINESS

1. NOMINATING COMMITTEE report – Director Olga Packard, acting on behalf of the Nominating Committee, moved adoption of its report, item #2 on the proxy ballot, to re-elect incumbent Directors George W. Reilly and Barry C. Thomas to three-year terms of office.

*** Hearing no other nominations from the floor, a MOTION was made, SECONDED, and approved UNANIMOUSLY to close nominations and instruct the Association Secretary to cast one ballot for each of the nominees presented in the proxy ballot for the two open Board positions. Directors George Reilly and Barry Thomas were declared re-elected and will both serve a new three-year term.

2. BALLOT COMMITTEE report - Members of the Committee, chaired by owner Robert Frey, met in accordance with Association bylaws, and Secretary Reilly officially received and read the following Committee report which duly notarized these proxy ballot results:

A. To accept all reports presented at the Annual Meeting

B. To elect two (2) Directors for a 3-year term of office (in alphabetical order)

Yes – 416 No – 2 Abstain - 0

>>>> GEORGE W. REILLY

Yes – 381 No – 3 Abstain - 3

>>>> BARRY C. THOMAS

C. To vote as the Board of Directors thinks appropriate on any other business which may

be properly brought before the Annual Meeting

*** Moderator Goldin then entertained a MOTION to accept the report of the Ballot Committee (see above tallies) which was SECONDED and passed UNANIMOUSLY by the membership on a voice vote, while the Board of Directors also cast all proxy votes to approve same.

4. OTHER NEW BUSINESS – Motions from the floor

*** A motion was made and seconded from the floor by owner John Alden to replace toilets in residential units with “handicap use toilets” as they need replacement in the future. Opinions varied on the topic, especially one owner who wondered if older folks with shorter legs would have difficulty with the elevated seats found on these commodes. Most agreed that installing a dedicated-use handicap toilet would be preferred to using an add-on elevated seating device, usually padded, which could detach and be unsafe for some users. After extended discussion, a motion to table this item was approved with the understanding that it will be referred to the Board of Directors for further investigation and possible executive action if the need is pressing.

*** A MOTION previously submitted to the Secretary by e-mail from owner Glenda Grayum called for the recreation facility (primarily the pool area) to stay open until 10 p.m. After being duly seconded for discussion from the floor, many opinions were expressed on this topic by owners present at the meeting. It was AMENDED to have the recreation facility open during the twelve weeks of summer school vacation and at other peak owner-use times during the year. Manager Corinne Peltier indicated that staffing may be difficult since employee hours are already set but could tweak them if needed. The additional hours would also be a cost factor for employee time.

After continued discussion and the feeling expressed that this change may be burdensome, the maker of the AMENDMENT and the seconder RESCINDED their motions.

A NEW AMENDMENT was made and SECONDED by owner Daniel Barkowitz to extend the recreational facility’s hours for only the twelve weeks of summer school vacation to a 10 p.m. closing time. Any further extension of hours during other times of the year will be considered separate and apart depending on how the new summer hours work out for all involved. The AMENDMENT PASSED and the AMENDED MOTION then passed 75 to 48 in a standing count vote. The number of persons using the recreational facility, particularly the pool, will be logged during the extended hour periods and those users asked for their opinions on the matter. That summary report and any other relevant information available to the Board of Directors will be brought back to the membership for additional voting, if needed, at next year’s Annual Meeting.

*** The now-traditional MOTION was made and SECONDED to award holiday bonuses to CSPTA employees as has been done in previous years and approved UNANIMOUSLY. As with past practice, the General Manager has devised and will apply a fair formula for the bonus program, based on an employee’s full or part-time status and years or service (by taking an average of the employee’s last 10 weeks’ work hours per week multiplied by

50%) and award this to the employees in time for Christmas as their bonus.

NOTE: A special raffle drawing of three timeshare interval units (one red, one white, one blue) was awarded to three lucky owners preceding the call for adjournment. They are:

* Red Week Unit – Sandra Howard * White Week Unit – Frank Gallucci

* Blue Week Unit – Jason O’Hare Congratulations to all the winners!

Moderator Goldin then asked if there was any further business to come before the 2007 Annual Meeting of the Association. There being no further business at hand,

*** a MOTION was made, SECONDED, and approved UNANIMOUSLY to adjourn the 2007 meeting of the CSPTA at 12:29 p.m. and proceed to the dinner train festivities immediately following the meeting.

Respectfully submitted,

George W. Reilly

George W. Reilly, Secretary