Casella Postale 50
07020 Porto Cervo – Italy
Tel. +39-0789-92512,  92550,  94320  Fax. +39-0789-92613
www.apics.it                                                      info@apics.it

Porto Cervo, November 2008

Dear Member,

we wish to inform the 406 members of the Association of the work done since its formation approximately two years ago. Firstly we wish to point out that our intention has not been to simply go against the Consorzio Costa Smeralda, but to encourage it to resolve the many problems that are the cause of much discontent amongst Consorzio members.

We have in fact attempted to cooperate with the general Manager of the Consorzio and have actually obtained some positive results. However, we have encountered total obstinacy with the Consorzio Board of Administration, which has continued with its anti-democratic policy and lack of transparency in running our Consorzio, to mainly favour one major Consorzio member.

You will remember that last year, this major Consorzio member, Colony Capital, formed the new Board of Administration exclusively with its own representatives, illegally adopting the title of Founding Member. APICS immediately took it to Court on this point and the Board of Administration, as a defensive measure, called an Extraordinary Assembly in July to change the Statute and eliminate the figure of Founding Member. It also made changes whereby it could modify at pleasure the mechanism of calculation of the Consortium fees to be charged to members.

APICS has decided to oppose this new arrogant measure of the Board of Administration with further Court action, so as to avoid the imposition of one Consorzio member, Colony Capital, with its mere 20% of quota, over the 80% made of 3500 “small” Consorzio members.

However the financial resourses of our Association are quite limited and we have for example avoided posting activity reports to save money and have published all information on our web site, www.apics.it.

The Court case expenses have so far been personally paid by APICS’ Administrators, whereas a contribution from each APICS member of € 100 would enable us to continue our actions and undertake any new measures that should prove necessary to defend the “small” Consorzio members’ interests. We certainly hope to limit the Consorzio expenditure, which is continually increasing while the quality of the services is continually deteriorating.

We therefore ask for your financial contribution which can be made via bank draft to the APICS account: – Banca Intesa Porto Cervo – Account: 6152419865/47 – IBAN: IT 09J030 6984 9006 1524 1986 547 with the following justification: “Expenses contribution APICS”. We also ask you to give us an email address which will facilitate further communications with you. Thank you.

Yours sincerely,