PRESIDENT'S NEWSLETTER - SUMMER 2002

The purpose of this newsletter is to cover some of the highlights which occurred at the Annual Meeting which took place in Las Vegas on 27 April 2002, along with some updates on what has taken place since.

First, all the one-bedroom units have been renovated, and the one two-bedroom unit is well underway, and should be completed by this fall. The sale of remaining weeks available has gone extremely well with only about 100 left to sell.

Second, our Web Page (kiheiakahi.com) has been expanded and enhanced to permit owners to make reservations over the internet for either theirs or guests use (procedures were included in the Fall/Winter KTOA News). For those without internet access (or intimidated by it), you can still contact Lani. I believe once you use the system, you'll appreciate the ease of using it along with the information that's available on the site. I'll ask Lynette to include an update on the procedures which you can keep handy for future use.

Third, I reviewed both the CC&Rs and By-Laws pertaining to KTOA. Several issues will need to be addressed to bring us in conformity with them. First, we agreed to change our meeting date to the Fall (of 2003). Next, determination of the annual maintenance fees must be developed for inclusion in the annual budget which must be approved 90 days before the beginning of the fiscal year. The Board has scheduled several teleconferences between now and the end of the year to deal with these items along with related areas. There are a number of adjustments and "fine tuning" that will be necessary, but these should be accomplished without too much difficulty.

In summary, KTOA is in a transition period as the ownership is expanded, properties are brought up to a common level of improvement, and available technology is implemented to assist members to enjoy their investment in a unique vacation experience.

Inputs are welcomed, and should be forwarded to our principal office at: Oihana Property Management, 840 Alua St, Ste 103, Wailuku, HI, 96793, Attn: Dick Weaver.

Mahalo!