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got Kahakai below and you've got Pualani Estates and even the homes up in Holualoa, can come <br /> into that shopping center. Anyway, we are just trying to be part of the community, and I guess <br /> that's all I can say for now. Thank you. <br /> CARR SMITH: Thank you very much. Questions, Mr. Van Pernis? <br /> VAN PERNIS: [Inaudible.] <br /> CARR SMITH: Can you use the microphone, please? <br /> VAN PERNIS: Mr. Cook, you've referred to "we"throughout your presentation here. Is that <br /> Mr. Schuler when you say "we?" <br /> COOK: Yes. <br /> VAN PERNIS: Mr. Shuler developed this planned community of Pualani Estates, including this <br /> property, right? <br /> COOK: [Inaudible.] <br /> HALL: Use your microphone. <br /> COOK: Schuler Homes <br /> VAN PERNIS: Well, the entity <br /> COOK: was a, Schuler Homes was a division of D.R. Horton. D.R. Horton bought <br /> VAN PERNIS: When I <br /> COOK: Schuler Homes <br /> VAN PERNIS: referred Schuler <br /> COOK: in 2002. <br /> CARR SMITH: Can, Mr. Van Pernis, please let him answer. Go ahead. <br /> COOK: D.R. Horton bought Schuler Homes in February of 2002. Schuler Homes merged into <br /> D.R. Horton, made them the largest homebuilder in the nation. Jim Schuler individually and <br /> myself were looking at in developing the Pualani Makai property. Jim and I have known each <br /> other since 1977. We signed our first joint venture agreement in December of 1977 on Oahu. <br /> And Jim is, has been very successful, and when we do projects, he puts up the money and I do <br /> the work, and that's been our relationship for 43 years. <br /> CARR SMITH: Thank you. <br /> 20 <br /> EXHIBIT D <br />