Dear Shareholders:

Apart from the two major initiatives that the board is working on this year (the long-

delayed reconstruction of the parapet walls and lintels, and refinancing of our building’s

mortgage), we have also been busy on a number of smaller projects, including a new way

to finance supplies for our common garden and an expansion of our storage facilities.

For our garden area, the board has instituted a $10 per year annual garden fee, which will

appear on your March maintenance bill. By doing this, we are ensuring that our treasured

interior garden has a permanent source of funding to buy plants, flowers and tools. We

also doing this so that the shareholders who volunteer many hours of their time each year

to planting and maintaining our common garden space have the plants and tools that they

need to improve the area’s beauty and function.

In addition, because we have run out of vacant storage units on the north and south

sides of the building, the board is expanding our storage facilities by adding several new

units. Because demand from shareholders has outstripped supply and because such an

expansion is expensive, the board has decided to raise the annual fee for storage units

to $300 per year. At $25 per month, this is still a small fraction of what off-site storage

space typically rents for, and because it’s in your building, it’s vastly more convenient.

Expect new annual storage rates to be applied at the time of your next annual renewal.

And a reminder – please visit Colonial Court’s new Web site at www.colonialcourt.org to

learn more about your building, download important forms and newsletters, and contact

the board and the management company.

Thank you again for your input.

Board of Directors

* Parapet work.

* Web site changes

* Something else.

* Another thing that is really long so that I can see how the text flows and flows and flows and flows and flows.

* A final thing