MINUTES OF MEETING

OWNERS, INVESTORS AND REPRESENTATIVES OF

PLEASURE ISLAND LIMITED
PLEASURE ISLAND LIMITED, INC
LIGHTHOUSE REEF PROPERTIES, ET AL

April 2004

Meeting scheduled 10:30 am in Boca Raton, Florida at the Marriott Yankee Trader Beach
Hotel. After parties arrived we went upstairs where meeting began at 10:45 am.

Tanya Enholm passed a sign in sheet around the room. Names in order of signing:
Tanya Enholm, Jackson Edwards, Larry Schneider,
Adam Schneider, Jason Weaver, Esc., Roy Spiegel, Christian Dietz, Marty Simon,
Stephen and Barbara Reid, Kevin Crikelair, Blake Ross

Jason Weaver began speaking and introduced himself as the attorney present for Pleasure
Island and group. He went on to say that he is the one who would make sure we all “feel
better”. He stated that Larry Schneider would give an overview of what is currently
going on with Long Caye.

Tanya: are you trying to say that you were hired by Pleasure Island on our behalf
Jason Weaver: no.
Roy Spiegel set up a video camera in order to record the meeting and Mr. Weaver told
him he was uncomfortable with the video camera running. Mr. Spiegel did not stop or
remove the video camera.
Larry Schneider spoke of his wanting to assure everyone that his only interest was in the
success of the island and a good feeling from everyone about moving forward with the
project.
Jackson Edwards: The bridges are again under construction. We can build 180 feet in
one month. We will build one mile of bridge this year. One hundred feet a week at
twenty feet a day. The welcome center is now under construction.
Tanya: The Welcome Center has been under construction several times in the past. Can
you please tell us what is different this time?
Jackson: It has been surveyed.
Tanya: Is there any construction?
Jackson: Some footings are poured.
Tanya: When can we expect completion?
Jackson: It is our intention to have the Welcome Center completed within four months
from now.
Tanya: We would like to address the maintenance and fees being collected for
maintenance.
Jason Weaver, Esq.: The fees we collect are covered and allowed within the
EcoGuidelines.
Points of discussion: There has been nothing constructed that we would be paying to
maintain. Fees collected are only to be used for maintenance. Not new construction.
Our fees might also be used for dock painting, mosquito spraying, cleaning up trash on
the island, and security.

This discussion was addressed by Jason Weaver, Esq. who stated clearly that through the
Eco Guidelines, Pleasure Island is allowed to, not only do whatever they want, but to
change the wording of the Eco Guidelines at any time to allow them to do whatever they
want.

Tanya: Do you have separate paperwork at this time where you have set up
documentation for the process and collection of Maintenance Fees?
Larry: We are in the process of this right now.
Tanya: Do you keep a separate account for fees collected by homeowners?
Larry: There is no separate account.
Tanya: Did you bring any accounting records today to share with us?
Larry: We didn’t know you wanted to see them. We asked if we could be part of this
meeting. We weren’t sure what it would be about.
Tanya: You were invited to this meeting on three separate occasions by Steve Reid..
(confirmed by Steve Reid)
Tanya: Bill Toonan told me that he had conversation with you where you were asked
about attending this meeting and the importance of opening up the books to us and you
agreed to come to this meeting and bring enough records so we could have this
discussion today and you knew this would be part of our discussion today.
Jackson: We never had any conversation about this with Bill Toonan.
Tanya: Bill Toonan telephoned me to say that he had this conversation with you and you
had no problem bringing your information to share with us so we could persue this
discussion..

There were books brought by this group and stacked in front of Larry Schneider on the
table. We never saw what they were.

Jackson: We never had this conversation with Bill Toonan.

Tanya: You would then be saying that Bill Toonan is lying………..this is what Bill
Toonan said to me and I believe him.
Jason: We have done nothing but build and develop to this point. We will spend the next
two weeks creating the books and will show them to you at the end of this time.
Roy: Will we be allowed to audit these books?
Larry: No
Roy: Will you provide receipts?
Larry: No
Jason: All we have done is build and develop up to this point. If you see it in the thing
that we will show you, then it will be there. It will be very simple.
Tanya: to Jason…….. have you seen any accounting records.
Jason: I am not an accountant.
Tanya: If you give us these books within two weeks and per our review we have
questions, at that time will you please provide receipts to substantiate your numbers.
Larry, Jackson, and Adam: Yes
Steve: I would like to create a Homeowners Association today. Is this possible?
Larry and Jackson: Yes
Steve: We are looking for greater accountability.
Larry: No problem transferring this into the EcoGuidelines
Jackson: Perhaps PIL can separate out Loggerhead and turn this over to those owners
now. This might be a way to do this.
Tanya: Why Loggerhead?
Jackson: Because Loggerhead is basically sold out.
Tanya: Can we take a look at the map and see what else is sold out.
Steve: How many owners are there on Long Caye right now?
Larry: 225
Tanya: How many lots total in the Long Caye subdivision?
Larry and Jackson: 650 – 900 filed with the government of Belize to be developed and
sub-divided into lots per the Department of Environment of Belize

Discussion: Shock at the number of lots to be developed on this small island. Learning
that the vast majority of these lots are under water, swampy, and will take the building of
bridges to get to. Jackson said that he will be personally responsible for the integrity of
this island and the plan. Larry said that 400 of these lots are being held to be sold at
some time in the future.

Tanya: What about owners outside of Loggerhead? What else is sold out

Jackson produced a map which we all followed as he pointed out the different sections to
his partners and they discussed what is sold. There was more discussion between Jason
Weaver and the rest of us concerning Long Caye and a Homeowners Group being
formed.

Tanya: What about Osprey? Is this sold out?

Jackson and Larry: Yes.
Tanya: Then could we also include Osprey?
Jackson: Yes
Tanya: What about Cuckoo Break, sold out and can we include this section?
Jackson and Larry: Yes.

Roy: Who owns the Resort?

Larry: Lighthouse Reef Properties

Tanya: Looking at Loggerhead, would you please explain the old owners in Loggerhead.
Larry: In the 60’s lots were sold by Jackson’s father.
Tanya: Wasn’t this the same Florida corporation as Pleasure Island Limited, Inc. of
today?
Larry: Yes. These lots were surrendered back. We don’t know who these old owners
are. They don’t own anything.
Tanya: I have in my possession a copy of shares sold by your father, Jackson and your
current corporation selling shares tied directly to specific lots as a purchase agreement. I
also have in my possession an old map tied to a subdivision with your father’s name
Jackson and the surveyors signature.
Larry: We kept Loggerhead in tact per this old map and the old owners. Lots that were
already sold; we did not resell.
Tanya: The map I have shows a second portion to this subdivision over the northern tip
of the island. This subdivision, as you already know is directly over three of the lots
which I purchased.
Jackson: You are free to go to Belmopan and research your property.
Tanya: As I have told you before, I should not have to go to Belmopan to research my
property. If this old portion of the map has been surrendered back to the government and
you then sold it to me I again ask you to put this in writing.
Jackson: Any of you or any owners are free to go to Belmopan and do some research.
Tanya: Again, I am asking you will you put this in writing for me?
Jackson: Yes Tanya. I am sorry that I did not do it before.

Discussion: trying to move forward with the formation of Property Association. Jason
keeps pointing out pitfalls to this effort. It is made clear to us that according to the Eco
Guidelines the “Island of Long Caye Property Association” is not to be turned over to the
owners until 90% of the lots on the island are sold. Jackson Edwards states that he is
also an owner on Long Caye with a total of 10 lots owned by him. The question is asked
if he has been paying his share of maintenance fees for his own ten lots. Larry asks
Jackson to keep his conversation with the “property owners stuff” only. Jackson does not
answer this question.

Tanya: If you are allowed to modify your Eco Guideline at any time then perhaps this is
what we need to be addressing with regard to the formation of the owners taking over
control of the maintenance fees and maintenance on Long Caye. If it takes 90% of lots
sold at this time and you are holding back 400 lots until some time in the future then
according to the current guidelines we will be prohibited from forming “Island of Long
Caye Property Association” and acquiring control until we agree to make changes in the
current Eco Guidelines.

Discussion: Current problems are again brought up by Jason Weaver and mosquito
problems are discussed. Larry and Jackson state that two years ago a top specialist from
Florida was paid for his professional opinion. One of his recommendations was the use
of Malathyon sprayed over the entire island which Jackson refuses to do. It was agreed
that whatever Jackson was or was not doing it was not working and several people had
been severely affected by mosquito bites while visiting the resort and the island.

Roy: Tanya went out to the island and paid to stay in the resort. She was so bitten by
mosquitoes that she left immediately for Belize and had a sleeping sickness for three
days. The mosquitoes were so thick that when you inhale you would breathe in 45
mosquitoes at the same time. Also, you are removing the sand from Tanya’s lot and/ or
the tip in front of Tanya beachfront lots to build roads and bridges.

Jackson: This is untrue Also, the treatment of mosquitoes only works if it is applied.

Larry: We are currently working on a document which will offer greater transparency to
the owners of Long Caye. We will have this for your review also within two weeks time.
It shouldn’t even take that long since we are already working on it.
Jason: It will be very short. Only a page/ maybe a page and a half.
Discussion:
Before concluding the meeting it was agreed that the owners in attendance would become
part of an advisory committee to continue to move forward with this effort. Several
people at the meeting asked about lien notices they had received regarding their lots on
Long Caye and difficulty they had experienced in being able to communicate with
anyone at Pleasure Island offices.

Kevin: We have to look also look at the changes that must be addressed in the Eco
Guidelines. It will take major changes to these Eco Guidelines to move forward.

Discussion: Kevin went on to point out specific areas of this agreement and I have asked
him to respond with an e-mail to highlight the areas within the Eco Guidelines which he
pointed out at this meeting for greater clarity. The e-mail from Kevin Crikelair will be
added to the end of these minutes. Their attorney, Jason Weaver, went on to speak as to
the validity of this agreement. He did not agree with the issues which were pointed out
and the need to address any necessary changes.

The meeting concluded at 2:15 pm.

Email response to minutes below.

Subject : long caye minutes
Date : Tue, 11 May 2004 12:42:00 -0400
Linked to :
From :
To :

Purchaser agrees to release and hold harmless Pleasure Island Limited, its officers,
directors and employees from and against any and all claims, demands, damages, costs
and expenses of whatsoever nature or kind, including attorney's fees and costs, arising
from any matter relating to the Pleasure Island Limited development at Long Caye at the
Lighthouse Reef Atoll, including, without limitation, water level fluctuations of all lakes
ponds, lagoons, creeks, wetlands and other causes out of the control of Pleasure Island
Limited. read: we are not accountable for any of our behavior or lies. ANY CURRENT
OR PRIOR AGREEMENT, REPRESENTATIONS, UNDERSTANDINGS AND ORAL
STATEMENTS, INCLUDING BUT NOT LIMITED TO RENDERINGS OR
REPRESENTATIONS CONTAINED IN SALES BROCHURES, PLEASURE ISLAND
LIMITED WEBSITE, ADVERTISING OR SALES MATERIALS AND ORAL
STATEMENTS OF SALES REPRESENTATIVES, IF NOT EXPRESSED IN THIS
AGREEMENT, THE ECO-GUIDELINES OR THE ENVIRONMENTAL
COMPLIANCE PLAN, ARE VOID AND HAVE NO EFFECT. PURCHASER
ACKNOWLEDGES AND AGREES THAT PURCHASER HAS NOT RELIED ON
ANY SUCH ITEMS. read: we can say anything we want and you cannot hold it against
us. Pleasure Island Limited reserves the right, in its sole discretion, to modify, alter or
otherwise update these Terms at any time. Such modifications shall be effective
immediately upon posting. By using this Website after we have posted notice of such
modifications, alterations or updates you agree to be bound by such revised Terms. By
downloading any of the materials contained in any of Pleasure Island Limited sites, you
agree to the terms and provisions as outlined herein. If you do not agree to them, do not
use this Website or download materials. All special offers, incentives and seller
contributions are subject to certain terms, conditions and restrictions, which may include
designated lenders and closing agents. All prices are subject to change without notice.
While Pleasure Island Limited uses reasonable efforts to include accurate and up to date
information in this Website, Pleasure Island Limited makes no warranties and
representations as to its accuracy. Pleasure Island Limited assumes no liability or
responsibility for any errors or omissions in the content of this Website. read: the website
will be our vehicle for our lies and we are not bound by the truth, we are bound only by
our ability to sell a dream. Any action you, any third party or Pleasure Island Limited
brings to enforce these Terms, or in connection with any matters related to this Website,
shall be brought only in Belize courts located in and for Belize, Central America and you
expressly consent to the jurisdiction of said courts. If any provision of these Terms shall
be unlawful, void or for any reason unenforceable, then that provision shall be deemed
severable from these Terms and shall not affect the validity and enforceability of any
remaining provisions. Pleasure Island Limited may at any time revise these Terms and
conditions contained by updating this posting. You are bound by any such revisions and
should therefore periodically visit this page to review the then current Terms and
conditions to which you are bound. read :we can change the agreement after the fact and
you have no say. It is intended that all purchasers of parcels located on Long Caye at the
Lighthouse Reef Atoll shall purchase the parcels subject to and be bound by these
Eco-Guidelines effecting said parcels at Long Caye at Lighthouse Reef now and forever
more. General Assessments - General assessments will be made as provided herein, and
will be made annually for the purpose of maintenance and/or management of Long Caye.
Maintenance and management expenses referred to herein as being included within the
scope of general assessments shall include, but not be limited to: the cost and expense of
operation, maintenance and management fees and/or salaries; operating expenses and
salaries of the Board of Directors of Pleasure Island Limited; repairs and replacements;
expenses and liabilities incurred by the E.R.B. in and about the enforcement of its rights
and duties against Parcel Owners and others, and the creation of reasonable contingencies
for reserve requirements for the protection of Parcel Owners for the management,
maintenance and repair of Long Caye. read :we get to pay for electricity costs at larrys
house (cost and expense of operation), the 3 stooges salaries, workers transportation
costs. apparently! they believe theses are not the costs of doing business but are
maintenance costs. Every officer of the Board of Directors of Pleasure Island Limited,
Director of the Board of Directors of Pleasure Island Limited, Member of the E.R.B. and
employees of Pleasure Island Limited shall be indemnified by the Parcel Owners against
all expenses and liability, including counsel fees, reasonable incurred by or imposed upon
him in connection with any proceeding to which he may be a party or in which he may
become involved by reason of his being or having been an officer, director or member of
the E.R.B. and/or Board of Directors of Pleasure Island Limited, whether or not he is an
officer, director, or member of the E.R.B., Board of Directors of Pleasure Island Limited
or employee at the time such expenses are incurred. read: sue us if you want but it wont
cost us any money to defend ourselves. the owners will pay for our defense as posted
above...oh and by the way we are not accountable for anything anyway, didnt you read
the eco-guidlines? Purchaser agrees to release and hold harmless Pleasure Island Limited,
its officers, directors and employees from and against any and all claims, demands,
damages, costs and expenses of whatsoever nature or kind, including attorney's fees and
costs, arising from any matter relating to the Pleasure Island Limited development at
Long Caye at Lighthouse Reef, read:we are above the law we are infallable Remedies for
Violation - This Document and the covenants and restrictions contained herein shall run
with and bind the Parcel Owner’s parcel and shall inure to the benefit of and be
enforceable by the Board of Directors of Pleasure Island Limited, its legal
representatives, heirs, successors and assigns. Violation or breach by any Parcel Owner
of any covenant, condition, restriction and agreement herein contained shall give the
Board of Directors of Pleasure Island Limited such right of action before any Court of
competent jurisdiction in Belize, whether in law or in equity, to compel compliance with
the terms of said conditions, within this Document, and to prevent the violation or breach
of any of them, and the expense of such litigation shall be borne by the then Parcel
Owner or Owners of the property in violation; providing such proceedings results in a
finding that such Parcel Owner or Owners, was in violation of this said Document.
Expenses of litigation shall ! include reasonable attorney's fees incurred by Parcel Owner
and/or the E.R.B. and/or Board of Directors of Pleasure Island Limited in seeking such
enforcement. The venue for any and all legal actions shall be Belize City, Belize, C.A
Amendments and/or Revisions to these Eco-Guidelines - These Eco-Guidelines may be
amended and/or revised by the Directors of Pleasure Island Limited at any time without
notice and shall be binding on all present and future Parcel Owners at the date of the
enactment of the amendment or revision. read: they can change the rules and hold us
accountable to these new rules even though these rules did not exist when we actually
paid for the lots. Entire Agreement - Any current or prior agreement, representations,
understandings and oral statements, including but not limited to renderings or
representations contained in sales brochures, all Pleasure Island Limited websites,
advertising or sales materials and oral statements of sales representatives, if not expressed
in these Eco-Guidelines or the Environmental Compliance Plan, are void and have no
effect. Purchaser acknowledges and agrees that purchaser has not relied on any such
items. above are all the ways I discovered that we were hung out to dry the following are
the exact quotes I read at the meeting and are duplicates of above: Entire Agreement -
Any current or prior agreement, representations, understandings and oral statements,
including but not limited to renderings or representations contained in sales brochures, all
Pleasure Island Limited websites, advertising or sales materials and oral statements of
sales representatives, if not expressed in these Eco-Guidelines or the Environmental
Compliance Plan, are void and have no effect. Purchaser acknowledges and agrees that
purchaser has not relied on any such items. Amendments and/or Revisions to these
Eco-Guidelines - These Eco-Guidelines may be amended and/or revised by the Directors
of Pleasure Island Limited at any time without notice and shall be binding on all present
and future Parcel Owners at the date of the enactment of the amendment or revision. Any
amendment and/or revision enacted in these Eco-Guidelines will be published in the
Pleasure Island Limited website. Purchaser agrees to release and hold harmless Pleasure
Island Limited, its officers, directors and employees from and against any and all claims,
demands, damages, costs and expenses of whatsoever nature or kind, including attorney's
fees and costs, arising from any matter relating to the Pleasure Island Limited
development at Long Caye at Lighthouse Reef Every officer of the Board of Directors of
Pleasure Island Limited, Director of the Board of Directors of Pleasure Island Limited,
Member of the E.R.B. and employees of Pleasure Island Limited shall be indemnified by
the Parcel Owners against all expenses and liability, including counsel fees, reasonable
incurred by or imposed upon him in connection with any proceeding to which he may be
a party or in which he may become involved by reason of his being or having been an
officer, director or member of the E.R.B. and/or Board of Directors of Pleasure Island
Limited, whether or not he is an officer, director, or member of the E.R.B., Board of
Directors of Pleasure Island Limited or employee at the time such expenses are incurred.
General assessments will be made as provided herein, and will be made annually for the
purpose of maintenance and/or management of Long Caye. Maintenance and
management expenses referred to herein as being included within the scope of general
assessments shall include, but not be limited to: the cost and expense of operation,
maintenance and management fees and/or salaries; operating expenses and salaries of the
Board of Directors of Pleasure Island Limited