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SQUASSONI: That’s what we expect with the land and construction costs; and that also <br />includes -. <br />RHO: So, therefore -. <br />SQUASSONI: Seminars, but you can only stay in one room. <br />RHO: Yes. But I guess what happened though is that I only have $200,000, and <br />that can only purchase one cottage is what you call it? <br />SANSONE Well, that would allow you to build two. <br />RHO: Two cottages. <br />SQUASSONI: That would be of sufficient means to build two of the cottages, yes. <br />RHO: Two of the cottages. Okay, thanks. <br />GRAHAM: Thank you. Do we have any other questions? Maybe we’re about <br />finished with our discussion. I think everybody learned a bit. We didn’t come to a conclusion. I <br />think that was our intention, not to come to a conclusion. Thank you all very much for being <br />here today. So I can close this agenda item then. <br />STRAUSS: Thank you. <br />The discussion ended at 2:35 p.m. <br /> Respectfully submitted, <br /> Sharon M. Nomura, East Hawaii Secretary <br />. <br /> EXHIBIT C 25 <br />