Annual General Meeting 34 Plaza Corporation

1. Annual General Meeting34 Plaza Corporation Berkeley Carroll School June 5, 2006 7:00 P.M.

2. Agenda • President’s Report • Introduction of New Shareholders • Treasurer’s Report • Maintenance and Building Committee • Legal Committee • New Business • Election of Board of Directors • Questions

3. President’s Report

4. Agenda • President’s Report • Introduction of New Shareholders • Treasurer’s Report • Maintenance and Building Committee • Legal Committee • New Business • Election of Board of Directors • Questions

5. Welcome to our new neighbors • Apartment 508: Augustus Wendell and Malaika Kim • Apartment 701: Susan Feigenbaum • Apartment 804: Jodi Kim Miller • Apartment 305: Michael Bain • Apartment 302: Timothy Holst and Rachel Hollander • Apartment 1206: Joel and Felicia Tunnah • Apartment 207: Heidi Balk and Theodore Nusbaum

6. Treasurer’s report2006 Shareholder MeetingJune 5, 2006

7. Treasurer’s report2006 Shareholder MeetingJune 5, 2006 • Market prices trend upward at accelerated rate • Operating expenses, 2005 • Operating expense trends • Mortgage refinance lowers debt service starting 2007 • Water costs: new basis = lower costs • Oil and gas prices rocket upward … again • Capital projects in 2006 took a big bite out of our reserves, but planning and discipline will see us through.

8. Apartment values rose 28% in 2005 over the prior year and early trends show 2006 might be just as strong.

9. Apartment values rose 28% in 2005 over the prior year and early trends show 2006 might be just as strong. June 2006 $1,450 per share

10. Operating Expenses in 2005 were $1,300,000, led by labor, debt service, and real estate taxes.

11. Total expenses* grew by 5.2% in 2005 over the previous year and by an average annual rate of 5.0% over the previous 3 years. Total 5% Notes Total expenses exclude designated savings. 2005 Insurance expense excludes prior year insurance accruals. 2005 Maintenance & repairs expenses exclude extraordinary costs and non-operating costs classified as operating because they were not amortized (e.g., elevator, heating system, permits, lobby rug, trash chute)

12. Lower mortgage payments starting in December 2006 • In April 2005, the board took advantage of low interest rates and locked in a rate of 6.10%, down from our present rate of 6.99%. • As a result, our annual mortgage costs will decline by $77,000,a drop of 36%.

13. Smaller water bills • In the first quarter of 2005, the board hired a consultant who determined our co-op would benefit by switching the basis of our water billing from frontage to meter. • We won’t know the exact size of the decline for several months, but a preliminary estimate shows our water bills will fall by $25,000,a decrease of 38%. • New consequence: We are now paying for drips.

14. Oil and gas costs skyrocket 2002 – 2005 average annual percent increase: 32% And as a percent of our total costs too Excludes designated savings

15. Capital Planning, 2006 - 2013 * 2006 dollars

16. Capital Planning, 2006 - 2013 * 2006 dollars Planned capital projects

17. Capital Planning, 2006 - 2013 * 2006 dollars Planned capital projects

18. Revenue Trends • Rental units • Eight units fully occupied CY 2005. • First year fully occupied since 2000. • Zoning, tight market • Income expected to increase between 2005 and 2006 by 0.8% • Share of total operating revenue (2006): 16.8% • Share of contributions to reserve fund (2006): 5.6% • Shareholders • Income expected to increase between 2005 and 2006 by 3.7% • Includes maintenance, garage, elevator and operating assessments

19. Building and Maintenance Committee ReportFaçade Repairs – Phase II • Purpose • Evolving scope • Work remaining • Schedule • Roof deck access

20. Building and Maintenance Committee ReportFaçade Repairs – Phase II • Purpose • Evolving scope • Work remaining • Schedule • Roof deck access

21. Building and Maintenance Committee ReportFaçade Repairs – Phase II • Purpose • Evolving scope • Work remaining • Schedule • Roof deck access

22. Building and Maintenance Committee ReportFaçade Repairs – Phase II • Purpose • Evolving scope • Work remaining • Schedule • Roof deck access

23. Building and Maintenance Committee ReportElevator Replacement • Why now? • Cab design • Thanks to our committee • Schedule • Impact on our lives

24. Building and Maintenance Committee ReportMiscellaneous projects 2005 – 2006 • Partial carpet replacement • Replacement of lobby ‘plants’ • Roof deck gardening – thanks to our committee

25. Building and Maintenance Committee Report Future projects through 2013 • Completion Of Phase II Façade Repairs – 2006 • Sidewalk Repairs – (part of Phase II) – 2006 • Phase III Façade Repairs - 2007 • Miscellaneous Pipe Insulation Replacement – 2008 • Rehab of Common Areas (carpet, paint, etc.) – 2011 • Window Replacement (if needed) – 2013 • No Major Projects Planned for 2009, 2010

26. Legal Committee Report • Litigation Status: None • Legal Fees: Nominal fees incurred in the ordinary course of business • Interview Threshold Guidelines • Income guidelines • Asset guidelines • Reserve fund reciprocity • Changing world • House Rules • One person’s ceiling is another person’s floor.

27. Board of Directors for 2005-2006 • Steven Fass, Treasurer • Lawrence Gelber, Assistant Secretary and Chair of the Legal Committee • Lawrence Lambert, Vice President and Chair of the Building and Maintenance Committee • Andrew Saunders, Assistant Treasurer • Susan Solomon, President • Mary Treacy, Chair of the Admissions Committee • Carol Wolf, Secretary

28. Contact Information • Gary Glabman, Managing Agent • Office Phone: (212) 213-0123 • Email: garyg@marin-mgmt.com • Willie Feliciano, Superintendent • Pager: (917) 457-6827 • Front desk telephone • (718) 789-7049 • Sign up sheets • Apartment prices • Web Development Committee • Newsletter • Garden Committee