Loreto Bay news: second email update from Embree Bedsole

Dear Homeowner,

As a follow-up to the general communication mailed Saturday June, 6th, 2009, TSD Loreto Partners, S. en C. por A. de C.V. (the “Company”) regrets to inform you that as of June 8th, 2009 all construction related activities for Loreto Bay (the “Project”) have been indefinitely suspended until the Company is able to secure new funds for the Project’s overall operation and completion.

Major construction activities include general infrastructure and Agua Viva home (“AV”) construction. The Company understands that individual homes are at different stages of construction and as such, the Company is diligently working with several third-party construction management companies that will provide homeowners feasible alternatives to finish the construction of their homes.

We are aware that this is not the envisioned outcome, but due to the financial circumstances, we believe it will be the most cost efficient way to have your home finished. As follow-up to this letter, a subsequent communication will follow that will provide you with this alternative.

Again, we regret to inform you that until funds are secured, all hospitality related and construction activities will remain suspended.

Best Regards,

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

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