Michel

I would like to thank our owners for reading our various reports. With this report we are reverting to the original way of releasing monthly information, all financial information will be on a standalone report, then we will issue two more types of reports that will be properly identified on our new website.

We are forecasting a loss of $14,337.00; time is of the essence, we do not believe that over a period of two and a half months before our fiscal year ends at the end of October, we will be able to reverse this situation. This is mainly due to the building maintenance cost with an overrun of $65,000.00 compared to budget, partially offset by a savings of $49,500.00 in the salary group of expenses.

I would like to thank our owners for reading our various reports. It is greatly appreciated. We have seen a steady increase in the number of readers. The process we introduced a couple of months ago reduces the time it takes to send out our emails.

For the owners that are not at Waterside and that rent their unit, who may have some interest in the recent necessity to you will find info in this report. Most of the residents on site or that have attended last night’s town hall meeting are aware of the situation. Information has been posted at Waterside.