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<br /> V. APPRAISED VALUE <br /> The appraised value of the land in CFD No. 2006-1 is not less than $105,000,000. Such <br /> value was determined in accordance with prevailing standards of appraisal currently used <br /> by financial institutions for loans. See Exhibit D for the Appraisal Letter of John Child & <br /> Company Appraisers and Consultants. <br /> County of Hawaii December 18,1006 <br /> CFD No. 1006-1 (The Villages ofAina Lea) Page 8 <br /> <br />