To: PIBC Board of Directors                                                                       10/30/01

From: PIBC owners

RE: Marriott’s management fee




            We have read the memo regarding Marriott’s management fee. (copy attached) We understand that this mark up of 10% and the items to which it is applied may be in accordance with the current management agreement. It needs to be reviewed and revised for future agreements.

            Does our agreement with Marriott expire on 12/31/01?

            We would appreciate a reply in writing to all of the owners.