To:

The Directors of GMV Management Company Limited

London

Sub: Appeal for a 25% Permanent Reduction in Service Charge by GMV Leaseholders

Dear Sir/Madam,

We, the leaseholders of GMV, write to express our concerns regarding the recent increase in service charges. The rise in costs has significantly impacted many residents, resulting in financial hardship and difficulties in managing monthly expenses. We understand that the decision to increase service charges by 10-25% stems from the rising costs of energy and other general expenses.

While we value the quality of services provided by your management company, it is important to note that our service charge and reserve fund contributions are higher than those of most leaseholds in the country. The current economic climate, combined with the increased service charges, has made it challenging for us to cope with the cost of living and has further deterred potential property buyers.

We acknowledge the necessity of service charges in maintaining the quality of facilities and services. However, we kindly request that you reconsider the charges in light of the present economic situation. Reducing service charges would significantly ease the financial burden on GMV residents.

As leaseholders, we have explored options to reduce our overall service charge contributions. One viable solution is to decrease reserve fund contributions, which are discretionary and not actual expenses. Over time, we believe we have contributed substantially to healthy reserve funds, making it an appropriate time to reduce residents' reserve fund contributions.

Therefore, we kindly request you to reduce reserve fund by 25%. We would also appreciate any additional measures you can implement to reduce service charges.

We kindly ask for your prompt attention to this matter and look forward to your response.

Sincerely,

GMV Leaseholders