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It is a privilege for our family to continue stewarding their legacy and honoring our
<br /> responsibilities here by dedicating our time, money and resources to the Waikoloa foundation.
<br /> The proposed funds from the Kumu Hou timeshare project of approximately$50 million will
<br /> anchor our efforts in environmental and cultural stewardship for the incredible place we are
<br /> privileged to care for and the community that embraces Waikoloa. I cannot express to you how
<br /> excited I am about our future, and with your help, we can ensure that our community continues
<br /> to be vibrant, diverse, sustainable, and prosperous.
<br /> Mahalo for your time today and I so appreciate your consideration of this very important project
<br /> for Hawaii Island. And I'd like to turn it back over to John Plunkett for some closing remarks.
<br /> Thank you very much.
<br /> PLUNKETT: I am John Plunkett, not Sidney Fuke. I just had a computer error. But, in
<br /> summary,briefly, I did want to share for you that even prior to putting any pencil to paper to
<br /> plan this project, we started thinking about what we could do for the community in exchange for
<br /> this ask and in connection to this project. Kumu Hou helps shap--shape a responsible tourism
<br /> future for Hawaii Island one that's resilient, and diverse, and sustainable. It will create many new
<br /> jobs for the island,provide much needed housing for local residents, and keeps visitors primarily
<br /> within the resort quarters. Furthermore, it fulfills the legacy of our founders by making
<br /> substantial investments to preserve and support Hawaii's culture and environment.
<br /> I hope you will agree, and we appreciate your time. I'll turn it back to Sydney to direct our
<br /> answers to your questions. Thank you very much.
<br /> FUKE: Thank you very much, oh, thank you very much, John. He actually wanted to have a
<br /> screenshot, make believe like he was in Japan but most of us, you know we're kind of like
<br /> hungry to travel so, that's my screenshot. But I wanted to just answer the question that the Chair
<br /> had raised earlier, and I apologize for not responding to it earlier. The question was why not, if I
<br /> understood it correctly, why not just merely amend the existing SMA Permit, rather than having
<br /> these multiple kind of permits and I think that's really a good question because even after the
<br /> application was filed the staff also reached that same question. Part of the reason why, and it was
<br /> really like my brainchild in terms of like having it separated but is that the SMA 25 covered like
<br /> the entire resort. However, like since that time,properties have been kind of spun off to different
<br /> areas and then, if you're looking at trying to enforce certain conditions which would then
<br /> relinquish to different property owners, they became kind of like rather cumbersome. That was
<br /> one thing. The other thing, too, is that the area there was going to be repurposed, that area called
<br /> Kumu Hou. It now is no longer owned entirely by Waikoloa Land but, a good portion of the land
<br /> is owned by Hilton Grand Vacations, so we had to come like massage work with them very
<br /> closely in terms of trying to figure out like, okay you're going to be moving here, we're going to
<br /> be keeping some of your land, so on and so forth. So, at the end of the day, it was decided that it
<br /> would be better to have like separate SMA permits,procured to the Hilton Grand Vacation area
<br /> and another one where Waikoloa Land had exclusive control over. The exclusively controlled
<br /> area obviously rests with the, the so-called the project district area, and that's the reason why we
<br /> came up with this multiple type of SMA permits for the different areas, as well as amending the,
<br /> what I would call like the parent SMA permit.
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<br /> EXHIBIT D
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