Lowell D. Funk, Inc

Lowell D. Funk, Inc. 1750 Kalakaua Avenue, Suite 3804 Honolulu Hawaii 96826 Voice (808) 924-1500 Fax (866) 797-4863 [email protected]

March 21 2008

Owner Waikiki Banyan 201 Ohua Ave Honolulu Hawaii 96815

Re: Waikiki Banyan Leasehold Interest For Sale

Dear Owner

This letter is to inform you that my client Becker Properties and Leases LLC is prepared to offer for sale its leasehold interest on the Waikiki Banyan property and allow you as the owner to achieve an unqualified fee simple condominium property status. The offering price for the leasehold property is $14,600 no matter the size of your condominium unit or location in the building.

We enclose the leasehold interest sales agreement and statement of offer for your review and encourage everyone to sign the sales agreement and fax or e-mail back the sales agreement and forward the original along with the deposit check to the address on this letter.

Once the sales agreement and deposit check is received from our office we will forward them on to Title Guaranty and instruct the escrow company to coordinate the closing of the transaction.

You will notice the acceptance period for this offering is for a limited time only with an acceptance deadline date of April 21, 2008 and a closing deadline on or before July 24, 2008. There are no assurances that this offering timeline will be extended and if offered again no guarantee the offering price will remain the same.

Purchasing your leasehold interest today may result in a number of the following benefits:

Lenders prefer full fee simple properties and results in higher appraised values (and the ability to borrow); loan qualification is easier; may offer lower interest rates and longer amortization terms for loans

653036.V1 You eliminate costs, risk of rising rent and hassles of the rent renegotiation process that will comes up shortly; reduced, one time escrow and title insurance costs;

With full, fee simple ownership, making future sales and transfer to heirs simpler and easier to explain and faster value appreciation in fee simple property compared to leasehold property historically.

If you have any questions about the sales agreement or the leasehold property please do not hesitate to contact our sales representatives at (808) 924-1500 to answer any questions you may have.

Again we do not know if, how long or at what price this lease will be offered in the future and encourage everyone to sign and return the agreement on or before the acceptance deadline date. This is your opportunity to control your property and its costs.

Sincerely

John Dotten President

Enclosures

653036.V1