Regarding the Summary Profit & Loss distributed at the meeting in May, 2009:

1. Many would like to see more than a “summary” of how their funds are being spent. For example,
who are the employees and what specific work are they doing for the property owners? Many
would like to see a picture of the “motor vehicle” expensed to the property owners and a break-
down of “food” and “operating” supplies.

2. Beach cleaning, trail clearing, and boardwalk repair can all be documented with photographs.
Many property owners would like to see this documentation to be assured the work has actually
been done.

3. $76,845 in travel expenses needs to be justified. Who was traveling, in what mode, and to what
purpose?

4. If the property owners are being asked to pay $71,918 for “consulting” fees, they would like to
see a copy of the report that was issued on their behalf.

5. In April 2007, PIL promised to paint and repair the main pier, the one maintenance item that is of
benefit to all property owners. And yet, two years and $368,000 later, the main pier continues to
deteriorate.

Regarding the statements many property owners received in May:

1. The statements were issued by the Pleasure Island Owners Association in Belize City and yet
checks are to be paid to the order of Pleasure Island Limited in Braintree, Massachusetts.
Again, the big concern is that the monies will be used to the benefit of PIL and not to the benefit
of the property owners.

2. Who or what, is the Pleasure Island Owners Association? Who are its officers? Who is on its
board? When and where do they meet? And why haven’t these meetings been publicized to the
property owners?

3. Invoices (with a due date of 01/01/2009) were not issued for charges listed on the statements.
The statements (dated 05/07/09) were the first written notification many received.

4. Some have been invoiced twice for 2007 Maintenance Fees (once in 2007 and again in 2009.)
Different invoice numbers, different dates, but for the same thing.

5. Why didn’t PIL do anything to notify all property owners of the meeting in May, 2009?

6. PIL has apparently made concessions to some property owners who are without access to their
lots and have not billed them for maintenance fees. Shouldn’t that same concession be made to
all property owners?
Regarding the future:
1. According to the Summary Profit and Loss statement, PIL is currently spending more than
$184,000 a year for maintenance. However, right now there is very little to maintain on Long
Caye and many of the property owners are still without the most basic infrastructure: boardwalk
to their lots. What will the bottom line look like when the rest of the promised infrastructure is
installed? And how will the balance be collected?

2. Item 4020, “Maintenance Due,” is not sufficient to cover annual expenses currently incurred by
PIL. Other than raising the maintenance fees, additional property sales are the only other source
of additional income and, yet, there have been very few new sales in the last two years and very
little property made available for sale.

3. Since PIL is not paying maintenance fees on the parcels it owns, wouldn’t it be of benefit to the
other parcel owners if they were to sell those lots as quickly as possible in order to increase the
number of parcel owners contributing to maintenance? (Of 632 parcels available, 247 have been
sold and only 27 are currently listed for sale on the PIL website.)

4. A number of properties formerly listed as “sold” have reappeared as N/A or For Sale on the PIL
website. If the ownership of any property for any reason back to PIL, who is responsible for
paying the maintenance fees for that property?

5. PIL continues to argue that it can offer the most cost-efficient service in terms of maintenance to
the property owners. However, I have received a maintenance estimate from another qualified
and respected Belizean offering equivalent “maintenance” services for about $150,000 a year--
within the range of the total maintenance fees “Due” for 2008 ($162,250) and $41,000 less than
the expenses currently incurred ($191,439) by PIL.

6. In the past, boardwalks and piers have been built by PIL with inferior materials and
workmanship. This has resulted in additional and unnecessary maintenance expense through
repair and replacement. What is to prevent this from continuing and deferring the real cost of
developing the infrastructure on the island to the property owners?

7. What enforcement measures are “available” in Belize to encourage delinquent property owners
to pay their maintenance fees?

8. Since very few property owners have built or plan to build or are able to enjoy their lots, should
there be a tiered structure for maintenance fees based on whether or not there is a dwelling on the
property?

9. There has been talk of changing the general plan, consolidating lots, offering fewer lots for sale,
and turning the whole island into a more “upscale” destination. Will that place a higher burden
for “unwanted” and perhaps “unnecessary” maintenance on existing property owners?

10. There was talk at the meeting in May about a more centralized system for energy and waste
disposal. Will an attempt be made to require existing property owners to participate in that?
Who or what will pay for it? What will the impact be on maintenance fees for existing property
owners?