Dear PSOE owners,

As of Friday, February 12, the resort centre at Pacific Shores will no longer be available to PSOE owners and guests. The office for check-in and general PSOE purposes will be moved to Unit 717A so that it can remain onsite. While the pool and gym facilities of the commercial centre will not be available for PSOE owners and guests, our staff is working on providing nearby alternate facilities and this information will be available very soon.

By way of explanation, we want you to understand that the purchase of the resort centre facility took place in 2014 as a partnership between PSOE and PSFRA, the association of owners in the 200 block. In 2015, however, PSFRA members sold all their ownership in 200 block to Transtide, a company affiliated or controlled by Fisgard Mortgage. Fisgard is the holder of the mortgage on the resort centre. As a result of the PSFRA sale, PSOE lost its partner in the resort centre and was unable to meet all financial obligations under the mortgage without any help from PSFRA or Transtide. Currently, Fisgard has obtained an order of sale for the resort centre and appointed a receiver to oversee the building; at Fisgard’s direction, the receiver has barred all access to the resort centre for PSOE members. Notwithstanding this unilateral action, PSOE has continued to seek dialog with the receiver for the purpose of accessing the recreational amenities of the resort centre facility in exchange for reasonable payments from PSOE. PSOE has budgeted funds for this purpose, but has not received any positive response from the receiver to date.

If you have any questions about this matter, please contact psr@tradingplaces.com. Thank you for your understanding and patience about this matter.

Future updates will be posted on the PSOE website.

PSOE Board of Directors

TPI Management – Canada Inc.

TPI Management – Canada Inc. www.pacific-shores.com