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Friday, June 12, 2009

Loreto Bay (the “Project”) Suspends Operations

Loreto, BCS, June 6, 2009

Dear Homeowners,

TSD Loreto Partners, S. en C. por A. de C.V. (the “Company”) regrets to inform its clients and stakeholders that, due to the challenging situation in the international real estate and financial markets, all operating and construction activities for Loreto Bay (the “Project”) will be suspended.

To assist in securing new equity funding and a long-term suitable buyer for the Project the Company hired Cushman & Wakefield. Several potential buyers and investors have visited the Project over the last few months, yet in the context of the current economic crisis and credit shortage, the Project has been unable to secure a buyer or new investor.

We regret to inform you that until new funds are secured, as of June
7th, 2009 all hospitality related operations will be suspended and as
of June 8th, 2009 all construction related activities will be
suspended.

Please note that all homeowners with a home under construction, and
all other homeowners will receive further information as it becomes
available.

Best regards,

Embree C. “Chuck” Bedsole
Interim President
TSD Loreto Partners, S. en C. por A. de C.V

[from Loreto Bay New: http://www.loretobaynews.com/]