PELICAN BAY PROPERTY OWNERS ASSOCIATION, INC.

801 Laurel Oak Drive, Suite 600

Naples , FL 34108

Special Board Meeting

May 5, 2005

The meeting was called to order by Mike Coyne , president, at 2:00 p.m. in the Boardroom of suite 600 of the SunTrust Building . Board members present were: Coleman Connell, Libbie Bramson, Marvin Peterson , Allan Grossman, Ed Rossini, Dick Laughlin, and John D'Aquanno. Absent were Jim Hobin and Ted Raia.

President's Remarks

President Coyne remarked that the meeting was to choose replacements for the two Board members who resigned – Ted Raia and John Boland. Mike said that the procedure would be to speak to the general considerations for eligibility to serve on the Board and to speak to personal positive qualifications of individuals, if the Board members so wished. Mike went around the room for comments. General comments were: that people be elected who would “walk the walk” and not just “talk the talk”; to avoid the “old boy” attitude; that all the candidates were highly qualified; more gender needed; could there be a problem with having people who are strongly associated with the Foundation on the Board.

President Coyne passed out ballots for voting. The two candidates with the highest votes were Harry Coburn and David Trecker. It was decided that the one who got the greatest number of votes would get the longest term. Harry Coburn will have the longer of the two terms. Mike will compose a letter to be sent to these two men and to the other candidates.

The meeting was adjourned at 3:00 p.m.

The next meeting will be on Thursday, October 13, 2005 .

Respectfully submitted,

Coleman Connell

Secretary