APRIL 2010

• Project Update


• Second Amended Public Report & Amendment One


• Calendar of Events

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YOUR CUSTOMER CARE MANAGER
Jennifer Cole-Conner
1.866.921.4242
Email me today

KOLOA LANDING WEBSITE

SECOND AMENDED PUBLIC
REPORT & AMENDMENT ONE

Mahalo to all of our homeowner's who have sent in the receipt for the most recent public reports. If you have not done so, please send the executed Receipt to my attention either via United States Postal Service, by facsimile 866.599.3703 or by emailed PDF copy to me jcoleconner@koloalanding.com.

This Second Amended Developer's Public Report, as amended by Amendment 1, amends, supersedes and replaces in its entirety the previously issued public report. The main modifications include:

1. Replacing S&P with Oceanfront Realty International as the Project Broker.
2. Replacing Outrigger with Azul Hospitality Group as the Condominium Managing Agent for the Project.
3. Confirming the developer's plan to draw down on buyer's deposits in escrow to pay for construction costs as permitted under Hawaii condominium law. As anticipated, these deposited funds have been drawn on to pay for the construction of your specific residence. The interest earned on your deposit is still in your Escrow account.

As we continue to prepare for the opening of Phase One, we will continually be updating our public reports. If you should have any questions, please do not hesitate to contact me at 808.742.4153 or by email.


Aloha,


Jennifer Cole-Conner
Customer Care Manager

PROJECT UPDATE

Aloha from Poipu Beach,

With the model suites now open to the public, we are able showcase the quality of the interior finishes and furnishings. As many of you have been able to see firsthand these residences are in a league of their own. The rest of the project is also progressing nicely. We are pleased to share some current construction photos and recent project highlights with you.

As you can see from the construction photos, building One West is nearly complete with landscaping currently being planted. In addition to having the 2 models in building one, this building will also be home to our new Sales Office. We anticipate having our Sales Team operating from this location within the month. Also, the footings for the adjacent Porte-Cochere & Reception buildings have been placed and within the next few months the structure of these amenity buildings will be complete. We are happy to mention that the size and services offered in these buildings and the connected marketplace and gourmet cafe have been expanded for homeowners and guests. With the help of our hospitality partner, Azul, we are working to align Koloa Landing as a true luxury resort destination on one of Hawaii's most beautiful south shores. We look forward to sharing more positive announcements with you over the next few months as we continue to finalize significant resort components of the project.

Based on our current construction schedule we anticipate closings to begin in August. We will of course be updating and communicating with you more frequently as we get into the summer months leading up to closing. A few months ago we sent to each homeowner a packet that included lender and closing information. If you are planning to utilize financing we would encourage you to begin making contact with these lenders. If you have any questions related to our preferred lenders or closing in general, please contact us and we will be happy to answer any of your questions.

Lastly, we would like to express our appreciation to each of you as homeowners for your partnership. In the last few months, we have felt your excitement as the models have come to life and we are grateful to share the enthusiasm with you as we get closer and closer to finishing your island home.

Sincerely,


Your Koloa Landing Team