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  Dear Homeowners of TAO,

My first purpose for writing this letter is to thank you humbly for having believed in us, for being part of Tao, for helping us all achieved our dream with you. Looking back 6 years it is amazing to see our vision materialized. The community is on its way, and I feel honored to have many friends in Tao. It took us very long to have our classes in the Tao Wellness Center full of people, but after six years and more than 6,000 events and classes, it is finally happening. Even some residents are organizing their own Tai Chi and Salsa classes in the TWC, lots of participation also in the gym and pools. Thank you for participating!!!

For my team and me, it is imperative to deliver and achieve an awesome community. We have worked hard towards this goal, trying our best to overcome obstacles and problems in the way and giving the best of us. One of our essential challenges has been communication, it has improved over the last years, but we still see room for improvement.

In the past, we started working with a group of residents named communication committee, which a lot of you might know by now. This committee is a totally independent group from us or the HOA and does not represent us or has any legality. Our relationship with them was informal and with a firm intention to discuss and solve any situation that might come up in the community, as we do with a lot of other residents that come directly to us. In the beginning, it helped to achieve better communication, but today we are not so sure about that. Mainly because of what we have seen, it seems that we don't share the same objective, only, to achieve better communication.

We have seen and read the last the communications of this committee, and facts are wrong, surveys that do not make any sense, and they don't come to us for any clarification. As an example, the latest survey was manipulated into the bad management of the Presidency of the HOA, through Isaac Henares, when not one single time he took any decision favoring Tao Mexico or some lender of services above others, or any decision in against the good of the community and owners. A lot of mistrust without any facts, maybe out of ignorance or bad faith. My real worry is not what they might say or not say. My real concern is that all of this lack of information only creates a deep division in the community, it does not build a more robust community, it divides it. And this can be in detriment of the whole community and its value.

Everybody is welcome to visit us in the office and discuss any topic, and the committee is aware of it, as they have done in the past. But, why organize a misinformation campaign without even talking to us or getting their facts right?

The second purpose of this communication is to clarify the misunderstandings and inaccurate information disseminated.

The third objective is to invite all of you to meet with me after the HOA meetings in February. And to encourage anyone to discuss with us any topic, the communication committee and any other group or resident as it has happened in the past. Our intention is the same as on the first day, to achieve better communication and keep creating a fantastic community through real facts and a continuous dialogue that looks for solutions.

Facts

1.- Facts about HOA

  • When we created an HOA in any of our existing communities we always have the best interest of our clients in mind, not our own interest
  • Our primary objective is to achieve stability and impeccable performance in how the communities are managed through the HOA
  • We as developers need to create active HOA before handling it to our residents
  • We as developers have never seen the HOA as an instrument to have any advantage or benefit
  • This is reflected in our HOA fees, being the lowest fees in the area in comparison with any other.
  • Last year we handled the HOA in Tao to the property owners through its assembly
  • Facts and survey sent by the communications committee only show a lack of understanding on how the HOA works
  • The HOA is the only legal entity to transmit legitimate and real information related to the community and its operation rules, no one else.
  • If any other entity needs to communicate information, it is excellent, but it does not represent the HOA or ourselves, as developers, or the residents
  • If anyone has any doubt about the community, please address it directly to the HOA
  • If anyone has any doubt regarding us, as developers, we are more than welcome to receive you
  • Last year we still had an advisory role in the HOA, mainly revising payments, standards and making sure that all expenses were executed correctly, financial, legal, systems, etc.
  • In interest of the whole community, we have decided to step down from this activity totally
  • We firmly believe that the community is ready for this next step
  • From now on we will participate only as an additional owner of the properties that are still ours, as another homeowner and as developers over the last building to be built and delivered
  • We are very proud of what we have achieved, we think Ricardo Maya and his team will keep on doing an excellent job, and we are delighted to see our beautiful TAO flourish through all of you
  • We will still be here as part of the community and, as always, we invite you to reach us if you need anything from us or if you need any clarification on any topic

2.- Facts about rentals in TAO

  • Currently there are around 230 and 260 units rented at Tao
  • There are 7 different registered companies and 2 companies in the process of registering offering management services and rental services to the community members
  • There is a tension between owners that rent their units and owners that live full time and do not rent their units
  • We are a mixed community of people that rent and people living full time at their properties.
  • The majority of the people rent their units
  • We need to find a way to coexist and make both groups happy
  • The running operation of the TWC, as well as the Beach Club, are benefits for people that rent and people that live in the community

3.- Facts about XIO Condo Rentals

  • XIO Condo Rentals are 19 condos that started to be rented over the last month
  • All of this 19 condos are currently for sale independently as condos, and we already have 3 buying offers for 3 of them
  • XIO rental condos are a partnership between Tao Mexico and a rental condo operator and management company
  • XIO rental condos are the same as any other rental condos in Tao
  • There is no difference between XIO condo units from any other rental unit. It is a rental unit managed and promoted like any other unit, and it complies precisely with the same legal regulations, similar marketing strategies, management, operation and they are paying their HOA quotas as any other owner
  • Not a single dollar from the HOA has ever been used for the operation of this rental condos
  • XIO is not a hotel is just another group of condo rentals
  • If we state that XIO is a hotel, then any other condo rental could be understood as a hotel
  • We will check if there is any place where the term hotel is named if so we will change it to avoid any confusions
  • XIO condo rentals also follows all the regulations established regarding rents
  • The 19 condos represent only around 6.5% of the total condos rented in Tao!
  • 6.5% does not represent any treat or even competition to the other 94% condos rented
  • 100% of Tao Mexico rental income from XIO rental condos is being used to cover the TWC current expenses!!!
  • XIO rental condos are part of our strategy to sustain economically the TWC
  • If we do not have this business attached to the TWC, the TWC will not be sustainable or would not be able to operate
  • Owners of TAO shall be glad that as today and for the last 6 years they haven't paid anything from their HOA quotas for the operation of the TWC or Beach Club
  • Any service for the XIO rental condos are offering, like transportation or food, has been offer by the condo's operator at its own cost
  • The offered rates for XIO in different websites has some low price points to attract more customers, but on average is higher or comparable with that of what any other condos are offering. Anyway as stated, XIO condos represent only 6.5% of the current condo rentals in Tao

4.- Facts About the Tao Wellness Center and the Beach Club

  • The TWC and the beach club facilities are not part of the condominium regime of Tao or Tao Ocean Residences
  • The owners of TAO do not own the TWC or the beach club
  • The TWC and Beach club are lots independent of the communities
  • The rules to be established by both, the TWC and the Beach Club are responsibility of their owners
  • All of the owners in our communities have a membership for the TWC and Beach Club
  • As today, renters have been accessing the facilities without any cost, consuming a lot of its` resources. Over the next couple of months, we will establish a very reasonable renters fee to support the sustainability of the TWC and beach club, and we expect this to cover around 10% to 15% of its total expense
  • The intention of both, the TWC and Beach Club is to enhance the experience of our community's residents
  • The great benefit of having separate ownership is that HOA fees have never been used to cover any expense related to the TWC or the beach club, this has helped us attain the lowest HOA fee in the whole area
  • In comparable developments inside Bahia Principe, (with much fewer amenities or expenses), HOA fees can be 100% higher than HOA fees in TAO
  • The HOA is entirely independent of the TWC and from the Beach Club, even though we communicate to achieve our shared goals as a community
  • Today the TWC and beach club restaurants operations are managed by an external company, and this company is not part of Tao Mexico or Bahia Principe
  • The more than 6000 events and classes over this last year that have happened in TWC, Tao Foundation and Tao Beach Club has been paid in its totality by our company

5.- What is next?

  • Tao Mexico just acquired a big piece of land, around 1,800 acres in Campeche, and this land will be given to the Tao Foundation to produce organic Melipona, (medicinal honey), honey and cacao. 100% of its profits will be dedicated to supporting different environmental and social initiatives
  • We need to make the foundation sustainable, to generate its own resources
  • We will link all of our communities in the area regarding activities and participation
  • We see the Tao Foundation, TWC and Beach Club as critical parts of the community life and evolvement
  • We will keep motivating and invite all of our residents and clients to continue participating

I wish you all a great 2018 and hope to see you at our next annual HOA meeting.

With Appreciation,



Benjamin Beja