NOTICE: THIS IS A SUMMARY OF OUR RECEIPTS AND LEGAL AND OTHER EXPENSES

DETAILED FINANCIAL REPORT WILL BE AVAILABLE AT THE NEXT HOA MEETING

LEGAL EXPENSES:

2004 - Retainer to ZAFCOA Attorney……………………. $ 25,000.00

2005 - Total legal expense………………………………… 30.200.95

2006 - Total legal expense……………………………….… 52.962.16

2007 - Total legal expense to 14 Sept,2007…………… 39,891.35

*TOTAL LEGAL EXPENSE (as of 14 Sept., 2007)… $ 148,054.46 *

This includes the $ 5,115.00 spent on liens of which we received $ 17,807.48 to date.

Also, we did receive $ 5,000.00 in court costs.

OTHER EXPENSES (Insurance, Mowing, Road Repairs and Etc.):

2005 - Total other expense………………………………… $ 13,744.76

2006 - Total other expense……………………………….… 7,925.85

2007 - Total other expense to 14 Sept,2007……………….. 11,932.68

TOTAL OTHER EXPENSE (as of 14 Sept., 2007)…$ 33,603.29

RECEIPTS:

2005 - Total Receipts…….………………………………… $ 32,259.14

2006 - Total Receipts…….………………………………… $ 61,200.73

2007 - Total Receipts…….………………………………… $ 67,463.55

TOTAL RECEIPTS (as of 14 Sept., 2007)…$ 160,923.42

Sincerely;

Jim Hohlt (830) 914-5031

Treasurer

Zuehl Airport Flying Community Owner’s Association