Dear Members,

Financial issues
We took the decision NOT to increase the maintenance fees for the fiscal period 2010.  We did this not because additional funds are not necessary for the operation of the Resort and also to continue with the capital improvements but mainly because the uncertain economic situation is still a major concern. Even though it will be a challenge with ever-increasing prices, we will see how best we can manage the balanced budget over the next fiscal period during which time we hope that the overall situation will improve.

15-year activity
Some of our long-standing members may remember that we officially re-opened as Bougainville Development N.V. on July 4th 1994. Therefore this year we proudly celebrate our 15th anniversary. During the week of July 4th to July 11th, we will have various activities including the annual shareholders’ meeting on Tuesday, July 7th 2009.  On Wednesday July 8th, we will have the formal function to mark the 15-year milestone with one of the highlights of that function being the dedication of the Members’ Lounge to Lee di Giovanni who played such an important role in the history of the Resort to date.

A sincere measure of gratitude goes out to ALL those loyal members who have made this journey possible with their unflagging support over the years and we look forward to sharing this special occasion you.  To commemorate the event, we have special logo’d items - “T” shirts, polo shirts, caps and luggage tags for sale at very reasonable prices and we encourage you to take advantage of the opportunity.

Planned improvements
While we are carefully watching our finances, there are some much-needed improvements that we will undertake during the current fiscal period.

• Replacement of the air-conditioning chiller system at Phase 2
• Replacement of the elevator at Phase 2
• Based on the availability of units, continuation of the changing of the air-handling units in the rooms including a change of the valves and thermostats
• Continuation of the Phase 2 room renovation project
• Construction of a new sign at the main entrance

Sales
We also remind you to pay a visit to Bianca during your stay if you may be interested in the purchase of additional weeks, upgrades, switching or if you have any other queries regarding your interval at Paradise Beach Villas.

Reminders
• Please advise the Resort if you will not be using your week as you may be able to benefit from a rental opportunity or preventative maintenance could be scheduled for the unit.
• Dehumidifiers and suction grab bars are available subject to availability by contacting the Housekeeping department at extension 165.
• Please pay your maintenance fees on time to make sure the resort has the finances to properly operate.
• We encourage you to patronise the concessionaires on property.
• In order to save production and mailing costs, in future we will be placing the Newsletter on our website. There is also a Resort update every two (2) months so we encourage you to make use this facility.

Thanks once again in advance for your continued support and we look forward to seeing you at the Resort during your next visit.

Andy Osbourne