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interested in subdividing it, and we thought there could be better land use. And as this whole project is all about actually relieving my family from this change of stewardship, is about these family members that are, I have six siblings. And I’ve a sibling in Hawaii and a sibling in New York who are very involved in this project and are very supportive, but others that aren’t. And I think it’s really important that people that are really supportive of what Kalani and this educational purpose is about be invested in the ownership. I don’t want it all to be on me and rest on me; and it’s not really on me. I mean there’s a board for Kalani Honua Inc. It’s a nonprofit and we have a board of directors. But I’m just saying I’ve been involved a lot in the stewardship of this and making it happen. And the whole goal of this is actually to involve more people like Paul and give them a stewardship so that it becomes more of a community effort and becomes more important to the, I think, sustainability of the organization and the community. SIRACUSA: So when it says that if somebody wants to opt out they have, the first right of purchase is the manager. Does that mean you personally or does that mean Kalani Honua? STRAUSS: Kalani Honua LLC is -. NOMURA: Microphone please. STRAUSS: I’m sorry. SIRACUSA: Okay, there are places where it’s confusing where you switch back and forth between calling Richard the manager and calling Kalani Honua the manager. STRAUSS: Right. Kalani Honua Inc. the nonprofit corporation is the manager and the 40 percent member of Kalani Kai LLC, not Richard. What’s the value of the 14.94 acres or that portion? KOOB: You mean like an appraised value, or what do you mean the value? STRAUSS: Well, she asked the value. KOOB: I would say, the properties were both just recently appraised. And I think it’s about a million value for the 94 acres; and so 15 acres of that would probably be valued at about 1/6 of that or so. STRAUSS: And so what happens is when, that property is owned by the family or has been owned by the family limited partnership that Mr. Koob spoke about. So a good portion of the money that’s being contributed by people like Mr. Squassoni goes to retire the debt on that company land to make it free and clearly owned by the company. So it’s essentially that the land is purchased through Richard, donated to Kalani Honua Inc. as part of this transaction. GRAHAM: Mr. Strauss, also, because we are recording this even though we’re kind of informal, I’d like to just not be passing the microphone and all because she is going to want to record who said what and all, and it’s not so simple for her. Okay, so -. EXHIBIT C 11