Letter from the President of your Association

Dear Owner,

This year the annual meeting of The Village Green at Stowe Owners’ Association will be held at the Village Green offices on Saturday, October 30, 2004 at 10:00 AM. All owners are welcome to attend. At the meeting we will review our 2004 results to date, approve our 2005 Budget and, subsequently, establish our fee structure for next year. We will also elect one member of the Board of Directors to serve a three-year term (The Board will recommend the re-election of Austin Eaton to this post).

Although our Association remains strong, this has been a difficult year for us as well as for the rest of the Stowe area. We were all affected by a continuing decline in guest rental visits, weather woes and higher than normal increases in the cost of basic goods and services. Unfortunately these, led by substantial increases in real estate taxes, insurance and propane costs, put us in the position of having to revisit our budget in the middle of the year. The result, as you know, was our first increase in Association fees in ten years.

Hopefully, the worst is behind us and, amid signs of a growing economy, we are optimistic that the future will once again see the level of visitors to the Stowe area return to normal.

As for the ongoing maintenance of our units and property during 2004, in addition to routine repairs and replacements, we have installed new furnaces and hot water heaters in three of our buildings, replaced a critical pump in our main septic system, continued our program of re-painting and replacing old wallpaper in many units, completed the project of replacing deck rails in several buildings and our staff has remained diligent in their efforts to provide the superior level of cleanliness our owners have come to expect at the Village Green.

It has been my pleasure to serve as your Association’s President for another year and I am looking forward to seeing many of you again at our Annual Meeting in October.

Sincerely,

Don LaPierre – President