Inspectors of Election and Proxies

Dear Unit Owners,

I found Argo’s transmittal today of instructions for proxies very helpful, and I encourage you, just as Argo did, to submit your proxies in advance for the same reasons offered by Argo. However, there is one point where I differ, which I bring to your attention. The Honest Ballot Association, Inc., despite its name, is simply a vendor hired by Board to oversee the election. Its reviews are mixed, just like those of its competitors. I have no personal judgment one way or the other over the HBA, but you should know that:

· The HBA has no fiduciary duty to you to cast your ballot or present your proxy per your instructions. Its obligations arise under its contract with the sponsor-controlled Board. The same applies to Argo.

· More importantly, the Board — sponsor-controlled or not– is not charged with overseeing the election. Our By-Laws specifically instruct that the Inspectors of the Election will be elected by the unit owners at the meeting itself. See By-Laws, Section 3.6. The point of this by-law is precisely to prevent the incumbent Board from using its advantageous position to alter the outcome of the election.

In sum, I do not have any judgment against the HBA or Argo; the Board may very well direct them to act properly; and the unit owners at the annual meeting might very well elect the HBA representatives to act as the Inspectors of the Election. But the opposite of any of those statements could just as well happen. Hence, in order to ensure that your vote is cast according to your wishes, I strongly recommend that you submit your proxy not to Argo or the HBA, but to one of your candidates, who will surely see that it is properly accounted for, if not out of duty, at least out of self-interest.

I hope, nonetheless, that you consider attending the meeting in person.

Yours,

Francisco Augspach

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