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W. YUEN: I guess my concern is that what’s before the Commission today is a request for an extension for the first of two golf courses that have already been permitted; it’s not the original decision as to whether or not to permit the construction of two additional golf courses. And it frankly troubles me to feel that the Commission might be considering that it could perhaps revoke the already issued permit to construct two golf courses. GRAHAM: Commissioner Watanabe? WATANABE: Actually, that was kind of going to be my point. Because theoretically the golf courses are already permitted, if they can’t develop it, they could sell it right now to someone else who would then develop it within the timeframes that are already allowed and without the new Conditions 24 and 25. I think what we are deciding on is more the time factor. I share your concerns because I enjoy the ocean also, but at the same time I think your concerns about water quality would be actually more prudent in the areas where the golf courses already exist. Whereas you have natural filtration for the proposed golf courses that are significantly inland from the ocean, and theoretically would filter out a lot of these nutrients, pesticides, etc. So I think if there is any significant damage that is going to be done to the environment, it’s going to be more from golf courses along the shoreline than one that’s way up inland close to the Queen K. Highway. ALAMEDA: Mr. Chair? GRAHAM: Commissioner Alameda? ALAMEDA: Thank you, Mr. Chair. Point of procedure. I think I’ll feel more comfortable if we just stick to our questioning of the applicants, and then move into deliberation when the time comes, and then check if there is any testimony as well. So if you can get back on track with the procedural activities of this hearing, I’ll feel more comfortable with that. GRAHAM: Thank you for the reminder. If you don’t mind then, if either of you have no more to say right now, then we can check again for public testimony. Then we can go on to our own discussions; and then if we have any questions or whatever for you, we can just call you at that time, if that would be all right. W. YUEN: Thank you. GRAHAM: Thank you. Is there anyone here from the public that would like to testify on this matter that hasn’t signed up? Cause I don’t have anyone on record. All right, seeing that there is none, it’s before the Commission now. Do we have any further comments or questions from the Commissioners? Commissioner Watanabe? WATANABE: Earlier I stated that I didn’t want to testify, you know, so -. And I too had some concerns when I saw the long history of extensions, you know. But then we have to put this all in context; and we tend to think in context just simply of the United States. And what we have to remember is that if the financing is coming from Japan, Japan had been in dire straights up until only recently, and in fact that that period of economic stress lasted for a period of something like ten years, significant economic stress. That might in addition help to explain why, you know, it’s kind of repetitive: We don’t have the financing yet, maybe it’s not quite EXHIBIT C 10