Document:

Management Agreement

  
 Exhibit 10.40

 MANAGEMENT AGREEMENT 
 FOR  
 WAIKIKI BEACH WALK® - RETAIL 
 THIS MANAGEMENT AGREEMENT (this “Agreement”) is executed effective as of November 1, 2007 (the “Commencement Date”), by and between ABW HOLDINGS LLC, a
Delaware limited liability company (“Owner”), and RETAIL RESORT PROPERTIES LLC, a Hawaii limited liability company (“Manager”). 
 BACKGROUND 
 Owner is the owner of those certain
commercial properties of the Waikiki Beach Walk® project described in Exhibit A attached hereto and made
a part hereof, together with all entrances, exits, rights of ingress and egress, easements and appurtenances related to those properties (such commercial properties being collectively called the “Property”). 

Owner desires to obtain the benefits of Manager’s experience in the management and operation of commercial properties, including
retail and restaurant operations, with responsibilities for managing, operating, maintaining and servicing the Property and for the performance of all obligations of Owner relating thereto as landlord under all present and future tenant leases or
subleases and other related contracts, including any and all development agreements, permits, approvals and certificates of occupancy relating to the Property. 
 Manager is willing to perform such services with regard to the management, operation, maintenance and servicing of the Property and such obligations of Owner relating thereto. 

AGREEMENT 
 NOW, THEREFORE, in consideration of the foregoing and of the terms, covenants and conditions contained in this Agreement, Owner and Manager hereby agree as follows: 

ARTICLE I 
 DEFINITIONS 
 1.1 Definitions, As used in this Agreement, the
following terms and phrases are either defined below or defined where indicated: 
 “Affiliate” when used with
reference to a specified Person, (a) any Person that directly or indirectly controls or is controlled by or is under common control with the specified Person; (b) any Person that directly or indirectly is the beneficial owner or possesses
voting power of fifty percent (50%) or more (directly or indirectly) of any class of equity securities of the specified Person; and (c) any Person, of which the specified Person is directly or indirectly the beneficial owner or possesses
voting power of fifty percent (50%) or more of any class of equity securities. 

  
 “Annual
Budget” means the Annual Operating Budget of Owner, which is the annual operating and capital budget for the Property for the upcoming Fiscal Year adopted by Owner’s Super majority Consent, which sets forth the expected operating and
capital expenditures and activities (including a set of leasing criteria, a description of any capital activities or expenditures planned for the upcoming Fiscal Year, and Property Expenses) of Owner for the upcoming year and the financial
implications of such activities. 
 “Annual Financial Statements” is defined in Section 4.9g.

 “Bank Accounts” is defined in Section 6.1. 

“Business Day” shall mean each day banks in the State of Hawaii are open for business, but not Saturdays or Sundays.

 “Commencement Date” is defined in the introductory paragraph. 

“CPI” is defined in Section 3.5. 
 “FF&E Replacements” shall mean the replacement of and additions to the furniture, fixtures and equipment for the Property, including common area furnishings, office furniture and
equipment, art work, carpeting, computers and electronic data processors used solely in connection with the Property, telephones, televisions, radios and signs. 
 “Fiscal Year” shall mean each calendar year during the Term, and shall include any and all full and partial Fiscal Years. 

“Force Majeure” means war, act of terrorism, hurricane, tsunami, earthquake, fire, flood, explosion, strike, lockouts,
labor troubles materially affecting Manager’s ability to obtain sufficient qualified workers or materials, failure of power or other utility service for a period of more than 72 consecutive hours, riots, insurrection, unavoidable accident,
civil disturbance, act of public enemy, embargo, war, catastrophic act of God, or any outbreak of disease. A Force Majeure shall be deemed to have commenced as of the first day of the month in which Manager notifies the Owner that such an event has
occurred based on the occupancy reports published by Smith Travel Research indicating a reduction in the average monthly occupancy for hotels located in Waikiki, Hawaii, during such month by more than twenty (20) percentage points from the Base
Period Occupancy. “Base Period Occupancy” means the average monthly occupancy for the same monthly period in the immediately preceding three (3) years. Manager shall notify Owner in due course upon the commencement of a Force
Majeure event. A Force Majeure event shall be deemed terminated on the last day of the first month (after such Force Majeure event has occurred) in which the average reported monthly occupancy for Waikiki, Hawaii is reported by Smith Travel Research
to be within ten (10) percentage points of the Base Period Occupancy. If Smith Travel Research ceases to publish such statistics, then such reduction in occupancies shall be determined by reference to any successor published report mutually
acceptable to the parties. If there is no successor published report, then a new standard shall be substituted by agreement of the parties or arbitration. 

  
 2 

  

“including” shall mean “including without limitation,” unless otherwise expressly stated.  

“Lender” means the holder of the promissory note evidenced by the Loan Documents. 

“Loan Documents” means those certain loan documents evidencing that certain loan in the amount of $150,000,000.00
secured by that certain Mortgage, Assignment of Leases and Rents, Security Agreement, Financing Statement and Fixture Filing, recorded in the Bureau of Conveyances of the State of Hawaii as Document No. 2007-029365 and in the Office of the
Assistant Registrar of the Land Court of the State of Hawaii as Document No. 3561426, and duly noted on Certificate of Title No. 845,798, as amended by that certain First Amendment to Mortgage and Loan Documents dated October 31,
2007, recorded in the Bureau of Conveyances of the State of Hawaii as Document No. 2007-      and in the Office of the Assistant Registrar of the Land Court of the State of Hawaii as Document No.
    , and duly noted on Certificate of Title No. 845,798. 
 “Management Fee”
is defined in Section 5.1. 
 “Marketing Plan” is defined in Section 4.4. 

“Monthly Financial Statements” is defined in Section 4.9f. 

“Net Revenues” means all Property Revenues excluding, however: 

a. federal, state and municipal excise, sales and use taxes collected directly from users or as a part of the sales price
of any goods, services or displays, such as gross receipts (general excise) or similar or equivalent taxes; 
 b.
proceeds of claims under any insurance policies, except for proceeds under any business interruption insurance; 

c. gains arising from the sale or other disposition of capital assets; 

d. any reversal of any contingency or tax reserves; 

e. any proceeds from sales of any of the Owner’s real or personal property, including any proceeds resulting from
condemnation proceedings or the threat of condemnation; 
 f. any interest earned on any surplus funds held for
Owner pursuant to Section 6.4; 
 g. any payments made by Owner to Manager, whether for Owner’s
Expenses or Working Capital; and 
 h. any other reasonable exclusions as are mutually agreed upon in writing by
Owner and Manager from time to time. 

  
 3 

  
 “Owner’s
Consent” means a written consent signed by a majority (that is, at least three (3)) of the members of Owner’s Board of Directors, other than any Independent Director(s). As of the date of this Agreement, the members of
Owner’s Board of Directors, who are not Independent Directors, are: W. David P. Carey III, Melvyn M. Wilinsky and Melvin Y. Kaneshige, all of whose addresses are 2375 Kuhio Avenue, Honolulu, Hawaii, 96815, and John W. Chamberlain, whose address
is 11455 El Camino Real, Suite 200, San Diego, CA 92130. Owner shall notify Manager upon any change in the member of Owner’s Board of Directors. 
 “Owner’s Supermajority Consent” means a written consent signed by all members of Owner’s Board of Directors other than the Independent Director(s). As of the date of this
Agreement, there is one Independent Director: Ronald I. Simon. 
 “Owner’s Expense” or
“Owner’s Expenses” means any and all expenses paid for by Owner from Owner’s own funds on a cash basis and not from the Bank Accounts (unless otherwise expressly allowed herein), which shall not be a Property Expense.

 “Person” means any individual, partnership, limited liability partnership or company, corporation, trust,
estate, association, governmental agency, regulatory authority or other entity of any kind or nature whatsoever. 

“Prime Rate” means the rate of interest reported in The Wall Street Journal as the “Prime Rate” in its
general guide to money rates and described as the base rate on corporate loans at large U.S. money center commercial banks, it being understood that such rate is a reference rate, not necessarily the lowest, which serves as the basis upon which
effective rates of interest are calculated for obligations making reference thereto. In the event this rate is reported as a range of rates, the rate used for purposes of this Agreement shall be the highest rate reported. In the event the interest
rate index stated above ceases to be available, Manager may substitute any similar index, whether or not reported in The Wall Street Journal, and Manager’s selection shall be conclusive and binding on Owner. In such event, and until Manager
selects a substitute index, interest shall accrue at the rate in effect at the time the index was determined to be unavailable. 

“Property” is defined above under BACKGROUND. 
 “Property Documents” shall mean all present and future Tenant Leases and other contracts relating to the Property, including any and all documents for the condominium property regimes
referenced in Exhibit A attached hereto and made a part hereof, development agreements, permits, approvals, certificates of occupancy, utility contracts, and warranties, guaranties and service contracts relating to the maintenance and
operation of the Property. 
 “Property Expense” is defined in Section 8.1. 

“Property Revenues” means all revenues and income of any kind derived directly or indirectly from the Property, whether
on a cash basis or on credit, paid or unpaid, collected or uncollected, determined in accordance with generally accepted accounting principles on an accrual basis (except as to percentage rent payments made by tenants under Tenant Leases, which

  
 4 

 
shall be determined on a cash basis), including all minimum and percentage rent payments made by tenants under Tenant Leases and all revenues and income from the Property’s parking
facilities. 
 “Services” is defined in Section 4.1. 

“Tenant Leases” means any and all tenant leases or subleases for a space in the Property. 

“Working Capital” is defined in Section 7.1. 

ARTICLE II 
 TERM 
 2.1 Term. The “Term” of this
Agreement shall commence on the Commencement Date and shall continue until the first to occur of (a) close of business on December 31, 2011, or (b) the date Owner ceases to be the owner of the Property, or (c) the date on
which WBW Retail LLC, a Hawaii limited liability company ceases to be the Managing Member of ABW Lewers LLC, a Hawaii limited liability company (“ABW Lewers”), unless this Agreement is sooner terminated in accordance
with the provisions hereof. 
 ARTICLE III 
 AUTHORITY OF MANAGER 
 3.1 Manager’s Authority. Owner
engages Manager to be the sole and exclusive third-party manager and operator of the Property, to manage and operate the day-to-day activities of the Property upon the terms, provisions, and conditions of this Agreement. Except as otherwise provided
in this Agreement, including the limitations set forth in Section 3.2 below, Manager shall have the authority and duty to manage and oversee the operation, direction, maintenance, management, and supervision of the Property, including
(subject to the provisions of Section 3.2, below) the following rights, authority, and power: 
 a.
either by itself or as part of an association or associations, to negotiate, execute (in the name of Owner) and administer, as Owner’s agent, such reasonable Property Documents, in the name of and at the expense of Owner, as may be reasonably
necessary or advisable in connection with the operation of the Property, Owner hereby agreeing to execute any such Property Documents upon the request of Manager; 

b. to determine the rules and regulations with respect to all phases of advertising, promotion and publicity relating to
the Property, subject to Owner’s Consent of the Marketing Plan as set forth in Section 4.4; 

c. to determine labor policies, including wage rates, the hiring and discharging of employees and the installation and
enrollment of employees in employee retirement, pension, medical, health, life insurance and similar employee benefit plans, at Manager’s discretion (which plans may be joint plans for the benefit of employees of other properties owned and/or

  
 5 

 
operated by Manager or its Affiliates), and all employer contributions to such plans, along with administrative expenses incurred in connection therewith, shall be Property Expenses; 

d. to purchase and contract for goods, supplies and services for the Property from Manager or any of Manager’s
Affiliates upon terms and conditions that are intrinsically fair and substantially similar to those that would be available on an arms-length basis with third parties other than any such party. Manager may negotiate itself, or may pay to an
Affiliate a fee for the negotiation of, contracts for the direct purchase from independent suppliers of goods, supplies and/or services so long as the terms and conditions are intrinsically fair and substantially similar to those that would be
available on an arms-length basis with third parties other than any such party. All costs incurred by Manager or its Affiliates under this Section are to be charged to the operation of the Property. Without limiting the generality of the foregoing
and subject always to the other provisions of this Section 3.1.d, Manager may retain an Affiliate as a consultant to perform technical services in connection with the maintenance, repairs or other capital improvements to the Property;
and 
 e. to provide the Services set forth in Article IV. 

3.2 Limitations on Manager’s Authority. 

a. Notwithstanding anything to the contrary contained in this Agreement, including, particularly, the provisions of
Section 3.1 above, or anything implied therein or thereby: 
 (i) Each of the following actions
requires an Owner’s Consent: 
 (a) legal proceedings in connection with the Property which do not result
from the ordinary course of Property operations (which ordinary course of Property operations includes collections and enforcement of Tenant Leases); and 
 (b) the general manager of the Property. 
 (ii) Manager is entitled
to receive the fees, costs and reimbursements of expenses as set forth under this Agreement. 
 b. In addition to
the foregoing limitations and restrictions, Owner shall have the right to approve, through an Owner’s Supermajority Consent: 
 (i) (A) the expenditure of any monies that are not specified in the approved Annual Budget and (B) Manager shall not take any action or expend any funds if such action or expenditure is contrary
to, or inconsistent with, the approved Annual Budget. The approved Annual Budget applicable to Fiscal Year 2007 is attached hereto as Exhibit B; 
 (ii) Manager engaging in any business or activity on behalf of Owner other than as described in this Agreement or that is inconsistent with the approved Annual Budget; 

  
 6 

  
 (iii)
use of cash receipts for the repayment of any indebtedness in excess of regularly scheduled debt service payments or payments required under the Loan Documents, as set forth in Exhibit C attached hereto and made a part hereof; 

(iv) decisions or actions (including executing leases or amendments to leases) affecting tenants of spaces in the Property
for premises in excess of 5,000 rentable square feet or entering into any leases on terms that are inconsistent with those terms set forth in the approved Annual Budget; 

(v) entering into any contract or causing Owner to be obligated for any obligation which (1) in the aggregate, is
greater than $750,000 or (2) is entered into with an Affiliate of Manager, and, in either case, which is not identified (as to nature and amount) in the approved Annual Budget; 

(vi) the sale, disposition, exchange, condemnation or other governmental taking, financing, refinancing or other transfer
of any substantial portion of the Property; 
 (vii) the entering into of any property management agreement,
listing agreement, or development agreement for the Property; and 
 (viii) causing Owner, while the controlling
member of any Association of Apartment Condominium Owners, to vote in favor of any contract by the Association that is not customary or not made in the ordinary course of business with any Affiliate of Manager, the Association, or any member of the
Association, or to vote in favor of any change in the established percentages of common cost sharing ratios for any condominium property regime or apartment thereunder. 
 3.3 Excuse from Operations. Notwithstanding anything in this Agreement to the contrary: 
 a. Neither party shall be liable to the other in damages nor shall this Agreement be terminated nor a default be deemed to have occurred because of any failure to perform hereunder caused by a Force
Majeure; 
 b. Manager shall be excused from its obligation to operate the Property pursuant to this Agreement
(i) to the extent and whenever Manager is prevented from compliance by Force Majeure events; (ii) to the extent of any breach by Owner of any provision of this Agreement, including a breach of Owner’s obligations under Sections 7.1
or 7.2 below; and (iii) to the extent and whenever there is herein provided a limitation upon Manager’s ability to expend funds in connection with the Property (e.g., the limitation set forth in Section 9.2 below
regarding monies available for FF&E Replacements). It is expressly agreed and understood that each and every provision of this Agreement pursuant to which Manager is excused from its obligation to operate the Property shall operate without
prejudice to any other rights and remedies of Manager (including the right of Manager to terminate this Agreement) under this Agreement. 

  
 7 

  
 3.4 Employees.
It is anticipated that all personnel employed by Manager for the management of the Property shall be the employees of Manager and not of the Owner; provided, however, that, as between Owner and Manager, Owner shall nevertheless be responsible for
payment of the wages and benefits (including payroll taxes, general excise taxes, if any, and cost of employee benefits) of all such employees, including the general manager of the Property, the general manager’s administrative assistant and
any and all other employees of Manager who provide Services pursuant to this Agreement. 
 3.5 Annual Budget. Manager
shall, not later than November 1 of each Fiscal Year, prepare an estimate of operating revenues and expenses (including Property Expenses) and projected capital expenses for the Property for the next ensuing Fiscal Year for use by Owner in
adopting the Annual Budget; provided that the parties agree that the initial approved Annual Budget, which includes the 2007 Fiscal Year, has already been approved by the parties. Within thirty (30) days after receiving a proposed Annual Budget
from the Manager, Owner shall either approve by Owner’s Supermajority Consent the proposed Annual Budget or convey its disapproval in writing to Manager, together with detailed reasons therefor. If Owner does not approve by Owner’s
Supermajority Consent Manager’s estimated operating revenues and expenses (including Property Expenses) and projected capital expenses for the Property as the Annual Budget, or if Owner and Manager are unable to reach agreement with respect to
individual expense items in the Annual Budgets for a particular Fiscal Year, the Annual Budgets shall be implemented for such Fiscal Year with respect to expense items that are not in dispute, and expense items in dispute shall be kept at the same
level of such expense items for the previous Fiscal Year, adjusted, however, by any increase, if any, in the Consumer Price Index of the Bureau of Labor Statistics of the U.S. Department of Labor for Urban Wage Earners and Clerical Workers, All
Items, All Urban Areas (1982-84=100) (the “CPI”), from the first day of the previous Fiscal Year. Until Owner so approves the Annual Budgets, the Manager will continue to operate the Property in accordance with this Agreement and
the last approved Annual Budget but shall not make any expenditures or incur obligations not previously approved in the last approved Annual Budget without the approval of Owner by Owner’s Supermajority Consent or until such time as a new
Annual Budget has been approved by Owner’s Supermajority Consent. 
 3.6 No Reliance on Projections. Owner hereby
represents that in entering into this Agreement Owner has not relied, and agrees that in the future it will not rely, on any budgets, projection of earnings, statements as to the possibility of future success or other similar matter, including the
Annual Budgets (collectively, “Projections”), which may have been or may hereafter be prepared by Manager. Owner hereby acknowledges and agrees that the Projections are good faith estimates only and that unforeseen circumstances may
make adherence to the Projections impracticable, and that any use of the Projections by Owner shall be subject to this understanding. 

  
 8 

  
 ARTICLE
IV 
 SERVICES, BOOKS, RECORDS AND REPORTS 

4.1 Generally. Notwithstanding anything to the contrary contained in this Agreement, and without limiting the generality of
Section 3.1 above, Manager shall provide the services described in this Agreement (collectively, the “Services”), including this Article IV, either itself, or by a third party upon the terms and conditions
set forth in this Agreement, including in accordance with the approved Annual Budget. 
 4.2 Marketing and Leasing of
Property, Manager shall market and lease any portions of the Property that are vacant, from time to time, as follows: 
 a. Determine tenant space layouts, tenant mix, tenant amenities, tenant services, rents, duration of Tenant Leases, and other matters relevant to obtaining full occupancy of the Property. Manager shall
establish the rental rates for the spaces in the Property after consultation with Owner; 
 b. Obtain and
negotiate lease proposals from prospective tenants and obtain Owner’s execution and delivery of Tenant Leases and amendments thereto acceptable to Manager. Owner shall refer all inquiries concerning the rental of spaces in the Property to
Manager, and Manager shall review all matters relating to Tenant Leases with Owner, upon Owner’s request, from time to time; 
 c. Engage the services of other real estate brokers to lease vacant spaces in the Property from time to time; and 
 d. Plan and implement activities related to the marketing and leasing of the Property. 
 4.3 Tenant Lease Services. Manager shall be responsible for all matters with regard to all Tenant Leases, including responsibility to: 

a. Coordinate improvement work with tenants and their respective architects and contractors to minimize disruption to the
normal operation of the Property and the inconvenience to invitees, shoppers and other tenants; 
 b. Coordinate
and oversee moving-in and moving-out of tenants and minimize the disruption to the normal operation of the Property and the inconvenience to invitees, shoppers and other tenants; and 

c. Maintain and enforce tenants’ compliance with their respective Tenant Leases, including payment of rent and other
charges, insurance requirements, store signage, submission of reports and adherence to rules and regulations relating to the Property. 
 4.4 Marketing of Property and Tenants. Manager, as part of the materials delivered to Owner in connection with Owner’s adoption of the Annual Budget, shall develop a marketing

  
 9 

 
plan to increase awareness of and to stimulate shopping traffic to the Property and its tenants (the “Marketing Plan”). The Marketing Plan shall include Manager’s proposals
for advertising, promotions and public relations, including creative materials; advertising media placements and schedules for visitor trade publications, newspapers, television, radio and other advertising venues; and special promotional and
cultural events and activities. 
 4.5 Construction Management. If agreed to by Owner and Manager, Manager shall
(a) oversee any build-out work to be done by Owner pursuant to a Tenant Lease or monitor tenant improvement work for general compliance with plans and specifications approved by Owner’s Consent, and (b) act as Owner’s
representative with respect to the contractor for such work. If Manager hires third parties to perform the foregoing services, the fees, costs and expenses charged by such third parties shall be an Owner’s Expense; however, any such third party
charges must be pre-approved by Owner’s Supermajority Consent unless included in the approved Annual Budget. 
 4.6
Management and Maintenance of Property. Manager shall provide a general manager (who need not be full-time) and maintenance personnel and shall provide management and maintenance services for the Property and all of its appurtenances on an
as-needed basis as reasonably determined by Manager. 
 4.7 Parking Administration. Manager shall oversee and shall
provide adequate personnel to operate the Property’s parking facilities. 
 4.8 Information Services. Manager shall
provide necessary remote and/or on-site computer facilities to support management and accounting functions for the Property. Manager shall provide appropriate staffing to coordinate and plan for telecommunications equipment and service needs for the
Property, and to interface with vendors of such equipment and services for both acquisition and maintenance purposes. Manager shall have the right to make modifications or replacements to such computer facilities as are reasonably necessary for the
efficient operation and management of the Property. 
 4.9 Financial Services. Manager shall provide its, or shall
arrange to provide a, complete system of financial services, including general accounting, credit and collections, accounts receivable, accounts payable and payroll, utilizing Manager’s or a third party’s financial staff and computer
equipment, including the following: 
 a. Billing and Collection of Rents. Inform and bill tenants for
rent and other Tenant Lease charges in accordance with the requirements of their respective Tenant Leases and collect and deposit Tenants’ rent (including payments for common area charges) and other cash receipts in the Bank Accounts;

 b. Collection of Delinquent Rents; Legal Enforcement. Establish procedures for and follow up on
delinquent accounts or defaulting tenants, and if such efforts are not successful, institute legal action and engage legal counsel to enforce payment of rent or for summary possession. Manager shall have the right, power and authority, on behalf of
Owner, to compromise and settle disputes with tenants involving setoffs or damage claims; 

  
 10 

  
 c.
Process Invoices. Process vendor and contractor invoices, statements and billings for payment; 
 d.
Books and Records. Manager shall keep or cause to be kept for Owner’s account complete and adequate books of account and other records reflecting the operations of the Property, on an accrual basis (except as to percentage rent payments
made by tenants under Tenant Leases, which shall be determined on a cash basis), in accordance with generally accepted accounting principles. Manager shall have the right to make such modifications in its accounts as are consistent with
Manager’s standard practices in accounting for the operations of properties managed and/or owned by Manager. The books and records of the Property shall be maintained in Manager’s central offices or such other place as Manager may
designate from time to time. Owner shall have the right, at any time following 24 hours’ written notice, and at its sole cost and expense and as an Owner’s Expense, to inspect, copy, and audit the books and records of the Manager, which
shall make all such books and records available to the Owner and its auditor at Manager’s main office and shall otherwise cooperate with and assist the Owner with respect to any such inspection, copying, or audit; 

e. Audits. Manager shall have the right to implement such audit and other accounting controls as it reasonably
deems necessary or desirable. Manager will give its full assistance to Owner’s certified public accountants with respect to such annual audit. Upon any termination of this Agreement, all books and records relating to the Property shall be
retained by Owner, and Owner shall maintain and make available such books and records to Manager at all reasonable times for inspection, audit, examination and transcription for a period of three (3) years after the date of termination of this
Agreement; 
 f. Monthly Statements. Within twenty-five (25) days after the end of each calendar
month during the Term, Manager shall submit to Owner a financial statement showing the results of operations of the Property for such month, together with the results of operation for the period from the beginning of the Fiscal Year to the end of
such month, and a comparison with the approved Annual Budget for the current Fiscal Year (the “Monthly Financial Statement”). The Monthly Financial Statement shall include a current rent roll, tenants’ cash receipts and
percentage rents, unpaid and prepaid rents and other charges, an aging report, common area maintenance charges and a narrative report explaining any variances from the approved Annual Budget; 

g. Annual Statements. Within sixty (60) days after the end of each Fiscal Year, Manager shall submit to Owner
a statement of operations for the Property (including a statement of financial position and reconciliations of common area maintenance charges in accordance with the requirements of Tenant Leases, based on operating expense data and financial
statements), providing comparison with the approved Annual Budget for the current Fiscal Year (the “Annual Financial Statement”); and 
 h. Additional Accounting Services. Manager shall, at Owner’s Expense, provide such other accounting and reporting services as may be appropriate for the efficient operation of the Property and
to meet Owner’s accounting and reporting requirements set forth in the Loan Documents, which requirements are set forth in Exhibit C; however, such Owner’s Expense must 

  
 11 

 
be pre-approved by Owner’s Supermajority Consent unless included in the approved Annual Budget. 
 4.10 Personnel Services. Manager shall supervise, hire, discharge, monitor and manage an adequate staff, and shall administer and determine all salaries, employee benefits, training and other
programs for such staff. 
 4.11 Security Services. Manager shall provide or shall arrange for security services for the
Property, including periodic patrols, inspections, investigation of claims and emergency response services in case of major incident (such as fire or natural disaster). 
 4.12 Risk Management Services, Manager shall provide, at Owner’s Expense, risk management services, including the provision of insurance as required under Article X below and
administration and control of insurance claims and other losses to the Property; however, such Owner’s Expense must be pre-approved by Owner’s Supermajority Consent unless included in the approved Annual Budget. 

4.13 Service Expenses. The Services provided by Manager under this Agreement, together with State of Hawaii general excise taxes,
if any, thereon, shall be paid for by Owner as Property Expenses and shall be included in the services covered by the Management Fee, except as otherwise expressly set forth elsewhere in this Agreement and as follows: 

a. The commissions to Manager and to other real estate brokers and consultants to lease vacant spaces in the Property
shall be in addition to the Management Fees and paid in accordance with Section 4.14 and shall be an Owner’s Expense. 
 b. Owner shall compensate Manager for its construction management services described in Sections 4.3a and 4.5 in an amount equal to five percent (5%) of the respective construction contract,
which compensation shall be in addition to the Management Fees and shall be an Owner’s Expense. If a third party provides such construction management services, the fees, costs and expenses charged by such third party shall be paid for by Owner
as an Owner’s Expense; however, such Owner’s Expense must be pre-approved by Owner’s Supermajority Consent unless included in the approved Annual Budget. If both Manager and a third party provide such services, the total aggregate
compensation will not exceed the maximum which may be charged by Manager pursuant to this paragraph. 
 c. If
Manager implements the Marketing Plan, Manager’s compensation for such implementation shall be included in the Management Fee. If a third party implements the Marketing Plan, the fees, costs and expenses charged by such third party shall be
paid for by the tenants as part of a Promotion Fund under their Tenant Leases, or if the tenants do not pay for the same, Owner shall pay for the same as an Owner’s Expense; however, any such third party charges which are not paid through a
Tenant Promotion Fund must be pre-approved by Owner’s Supermajority Consent unless included in the approved Annual Budget. 
 d. All wages and benefits for the general manager and the general manager’s administrative assistant, to the extent such employees provide Services in accordance with this

  
 12 

 
Agreement, shall be a Property Expense. If Manager hires third parties for additional maintenance services (such as for the holiday season) under Section 4.6, the fees, costs and
expenses charged by such third parties shall be paid for by the tenants under their Tenant Leases, or if the tenants do not pay for the same, Owner shall pay for the same as an Owner’s Expense; however, any such third party charges which are
not paid by the tenants under their Tenant Leases must be pre-approved by Owner’s Supermajority Consent unless included in the approved Annual Budget. 
 e. The cost and expenses incurred for the operation of the parking facilities under Section 4.7 shall be an Owner’s Expense (although Manager’s oversight of the parking operations is
a service covered by the Management Fee). 
 f. The compensation to Manager for the information services provided
by Manager under Section 4.8 shall be in addition to the Management Fees and shall be an Owner’s Expense to the extent pre-approved by Owner’s Supermajority Consent or included in the approved Annual Budget. If Manager hires
third parties for information services under Section 4.8, the fees, costs and expenses charged by such third parties shall be an Owner’s Expense; however, any such third party charges must be pre-approved by Owner’s
Supermajority Consent unless included in the approved Annual Budget. 
 g. If Manager hires third parties for
certain unanticipated or additional services, including any additional supervisory services under Section 4.11, services from an Affiliate of Manager and services to enforce tenants’ compliance with their respective Tenant Leases,
any fees, costs and expenses charged by such third parties shall be an Owner’s Expense if pre-approved by Owner’s Supermajority Consent or included in the approved Annual Budget. 

h. The cost of any audit or any accounting services under Section 4.9 that are outside of the normal course of
business shall be an Owner’s Expense if pre-approved by Owner’s Supermajority Consent or included in the approved Annual Budget. 
 i. The compensation to Manager for the risk management services provided by Manager under Section 4.12 shall be in addition to the Management Fees and shall be an Owner’s Expense to the
extent pre-approved by Owner’s Supermajority Consent or included in the approved Annual Budget. All expenses for insurance premiums and deductibles, real property taxes and any contests related thereto, and Waikiki Business Improvement District
assessments and any contests related thereto shall, to the extent not reimbursed by the tenants under Tenant Leases, be Owner’s Expenses if pre-approved by Owner’s Supermajority Consent or included in the approved Annual Budget.

 j. In addition to the Management Fees and the fees set forth above, and as an Owner’s Expense, Manager
shall be compensated by Owner for any time expended by Manager in connection with (1) any casualty, injury, lawsuit, claim, emergency service, hearing, or any other proceeding relating to the Property; provided, however, that Manager shall
first obtain Owner’s Supermajority Consent to expend such time (except as set forth in Section 3.2a(i)(a)), and if Owner fails or refuses to timely give Owner’s Supermajority Consent, Owner shall indemnify, defend and hold
Manager harmless in connection therewith, (2) any special audit, 

  
 13 

 
accounting, reporting, or consulting services, and (3) any other special services relating to the Property which Owner requests Manager to perform, and Manager shall be reimbursed for its
out of pocket expenses incurred in connection with any sale, due diligence, or exchange process relating to the Property. 

4.14 Real Estate Commissions. Manager hereby represents to Owner that it or its sole member, Outrigger Hotels Hawaii, is a real
estate broker licensed in the State of Hawaii, and Manager or its sole member shall receive a commission from Owner as an Owner’s Expense for any new leases and renewals or extensions of Tenant Leases presented by Manager and accepted by Owner
during the Term, regardless of whether the commencement date of the Tenant Leases is during the Term. For each new Tenant Lease, the commission shall be an amount equal to two (2) months of net minimum rent payable under the applicable Tenant
Lease. For a renewal or extension of each existing Tenant Lease, the commission shall be an amount equal to one (1) month of net minimum rent payable under the applicable Tenant Lease. Such commissions shall be due and payable as follows:
(a) for new leases, one-half upon full execution and delivery of the applicable new Tenant Lease and one-half upon the opening for business by such Tenant; and (b) for a renewal or an extension of an existing Tenant Lease, upon
confirmation of the applicable renewal or extension of the existing Tenant Lease. Any commissions payable to real estate brokers and consultants other than Manager or its sole member in connection with any Tenant Lease shall be negotiated by Manager
or its sole member with such brokers and consultants and shall be included in the commission otherwise payable to Manager or its sole member. Any commissions that exceed the commission set forth above in this Section shall be subject to Owner’s
Supermajority Consent. 
 4.15 Net After Taxes. All fees, payments, and reimbursements under this Agreement shall be net
after general excise tax, sales taxes and other charges or assessments payable by Manager on any specific payment, but not including any other income tax. 
 4.16 Payment for Services. On or before the fifth (5th) Business Day of each calendar month during the Term, Manager shall be paid all fees and expenses for or in connection with the Services (whether provided by Manager or through a third party
provider), together with general excise tax imposed thereon, if any, for the preceding calendar month, as then estimated by Manager. If such estimated amounts paid to Manager prove to be different from the amounts shown on the Monthly Financial
Statement subsequently delivered by Manager to Owner, the installments for that month shall be recomputed on the basis of such statement and appropriate adjustments shall be made in the estimated amount due for the next succeeding month(s) (without
consideration of interest on any overpayment or underpayment). Within thirty (30) days after Manager has furnished Owner with the Annual Financial Statement, Service fees and expenses for such Fiscal Year shall be adjusted and paid or credited
as appropriate (without consideration of interest on any overpayment or underpayment). 
 4.17 Annual Accounting. For all
of the Services described in Article IV, Manager agrees to provide at Manager’s expense an annual accounting of the allocation made for each Service. Such annual accounting will include a description and amount of the charges incurred
for each Service category. 

  
 14 

  
 ARTICLE V

 MANAGER’S FEES 
 5.1 Management Fee. For the period from the Commencement Date, and for each Fiscal Year or portion of a Fiscal Year thereafter during the remainder of the Term, Manager shall be paid, for its
management services hereunder, a “Management Fee” equal to three percent (3%) of Net Revenues, payable in monthly installments. The Management Fee shall be net to Manager (other than any income tax obligation associated
therewith) and shall not include the Property Expenses incurred in connection with the Services nor any taxes assessed in connection with the Property Expenses. 

5.2 Payments to Manager. On the fifth (5th) Business Day of each calendar month following the Commencement Date, Manager shall be paid an amount equal to
the Management Fee payable for that month (with the Management Fee for the first partial calendar month of the Term being prorated), as shown on the Annual Budget, along with any amounts due Manager under Article IV of this Agreement. Manager
may pay the Management Fee from the Bank Accounts, prior to payment of any Property Expenses or Working Capital reserves. If the estimated amounts paid to Manager shall prove to be different from the amounts shown on the Monthly Financial Statement
subsequently delivered by Manager to Owner, the installments for that month shall be recomputed on the basis of the amounts so shown and appropriate adjustments shall be made (without consideration of interest on any overpayment or underpayment) in
the amount of the installment otherwise due for the next succeeding month (or months, if necessary). Within sixty (60) days after Manager has furnished to Owner the Annual Financial Statement for the entire Fiscal Year, the Management Fee due
for that Fiscal Year shall be adjusted and paid or credited as appropriate (without consideration of interest on any overpayment or underpayment). 
 ARTICLE VI 
 BANK ACCOUNTS AND CASH DISBURSEMENTS

 6.1 Possession of Funds. Subject to this Agreement, Manager, as agent of Owner and for the sole benefit of Owner,
shall have possession and control of the Property Revenues and all other funds utilized in the Property’s operation. All funds received by Manager in the operation of the Property, including Working Capital provided by Owner, shall be deposited
in one or more accounts (“Bank Accounts”) with Bank of Hawaii or such other federally insured bank depository as Manager and Owner may from time to time mutually select. Manager may not commingle such funds with other funds of
Manager. Notwithstanding the foregoing, or anything to the contrary in this Agreement, for so long as any Cash Management Agreement and/or Restricted Account Agreement are in existence pursuant to the Loan Documents, Manager shall comply with the
requirements thereof (which requirements are set forth in Exhibit C) and shall cause all Property Revenues to be deposited directly into the bank account specified in Exhibit C; whereupon the reference to Property Revenues in this
Agreement (and to the funds to be deposited by Manager into the Bank Accounts) shall be deemed to refer to those funds which are 

  
 15 

 
disbursed to Borrower pursuant to such Cash Management Agreement and the provisions of this Agreement shall be so interpreted. 

6.2 Payment of Expenses and Fees from Bank Accounts; No Obligation of Manager to Provide Own Funds. Payments of all invoices and
payroll authorized hereunder, all Property Expenses and Management Fees shall be made only from the Bank Accounts and Manager shall have no obligation to provide its own funds. In the event the funds in the Bank Accounts are insufficient to cover
all Property Expenses and Management Fees, the same shall be paid when due and payable by Owner from Owner’s own funds. 

6.3 Risk of Loss, Owner shall bear all losses resulting from any failure or insolvency of the bank, trust company or other
financial institution in which the Bank Accounts or the investments authorized by Section 6.4 are maintained. 
 6.4 Distribution of Funds to Owner. After payment of the Management Fee and Property Expenses, and after adequate Working Capital and other reserves have been provided for in accordance with the
current Annual Budget, Manager shall disburse to Owner on or before the twentieth (20th) day of each calendar month all remaining funds. Working Capital and other reserve funds shall be invested in bank certificates of deposit, repurchase agreements, treasury bills or other similar
securities, or money market or other day-to-day depository accounts, in accordance with Manager’s established procedures. 

ARTICLE VII 
 WORKING CAPITAL 
 7.1 Owner to Provide Working Capital. Owner
shall provide Manager at all times with cash sufficient in Manager’s opinion to finance and support the uninterrupted and efficient operation of the Property from time to time and the performance by Manager of its obligations under this
Agreement (“Working Capital”), which amount shall approximate two (2) months’ payroll and one (1) month’s accounts payable, calculated from time to time. Upon the execution of this Agreement and continuing for
each calendar month during the Term in accordance with Section 4.16, Owner shall deliver to Manager the initial Working Capital amount of $191,000.00. Manager hereby acknowledges receipt of the initial Working Capital amount as of the
execution of this Agreement. Under no circumstances shall Manager be obligated to provide its own funds for the operation of the Property, including the payment of Property Expenses. 

7.2 Additional Working Capital. If the operation of the Property requires the infusion of Working Capital in addition to that
which is available in the Bank Accounts, Owner shall procure and deliver to Manager, within five (5) Business Days after receiving notice from Manager of the need therefor, such additional funds as Manager and Owner agree in good faith are
required to finance and support the uninterrupted and efficient operation of the Property. 
 7.3 Termination of
Agreement. Manager shall have the right, if Owner fails to timely make any cash infusions as described in this Agreement, including any amount of additional Working Capital, to terminate this Agreement upon thirty (30) days’ notice to
Owner, and unless 

  
 16 

 
the requested cash infusions are made within such thirty (30) day period, this Agreement shall automatically terminate. The aforementioned rights of reimbursement and termination shall be in
addition to any other rights which Manager may have under this Agreement, or otherwise. 
 ARTICLE VIII 

EXPENSES 
 8.1 Property Expenses. All costs and expenses incurred by Manager in the performance of Manager’s obligations under this Agreement shall be for and on behalf of Owner and for its account, and
each of the same shall be a “Property Expense.” Subject to the aforesaid, Manager shall be reimbursed from Property Revenues for all such costs and expenses incurred by Manager on behalf of Owner in performing this Agreement, and if
and to the extent Property Revenues are insufficient to cover Property Expenses, Owner shall provide Working Capital to Manager to pay for the same in accordance with Sections 7.1 and 7.2. 

8.2 Owner’s Debts and Liabilities. All debts and liabilities incurred with or owed to third parties by Manager on behalf of
either the Owner or the Property, in the normal course of business and within the authority granted to Manager herein, are and shall remain the sole obligations of Owner. 
 8.3 Coordination with Loan Documents. Manager shall pay all amounts owing by Owner under the Loan Documents as set forth in Exhibit C attached hereto, in a timely manner out of Property
Revenues or, if such Property Revenues are insufficient to pay all such amounts, out of funds provided by Owner. To the extent the requirements of the Loan Documents set forth in Exhibit C provide for reserve accounts from which certain
expenses relating to the Property can be funded (or from which Owner can obtain reimbursement), Manager shall coordinate its activities to take advantage of such funds on Owner’s behalf. 

ARTICLE IX 
 MAINTENANCE REPAIRS AND CAPITAL IMPROVEMENTS 
 9.1 Maintenance
and Repair Expenditures. Subject to the Annual Budget in effect from time to time, and to the extent sufficient Working Capital is made available, or to the extent of reserves available to Manager from Owner, Manager will make such expenditures
for repairs and maintenance (excluding structural or other extraordinary repairs not required to be made on an emergency basis) as it reasonably deems necessary to keep the Property in good operating condition. 

9.2 Annual Capital Expenditures Plan. Manager shall make such substitutions and replacements or renewals to FF&E Replacements
as it deems necessary or desirable, up to the amount set forth in the Annual Budget. No expenditure will be made in excess of such amount or for any other capital improvement without Owner’s Supermajority Consent. The FF&E Replacements
component of the Annual Budget shall be paid for by Owner as Owner’s Expenses. 

  
 17 

  
 9.3 Owner’s
Right/Obligation to Alter/Improve Property. Owner may at any time, at its expense, make such alterations or improvements in or to the Property as Owner determines appropriate. All alterations or improvements shall be made in a manner to cause
the least practicable interference with the operation of the Property. In the event any alterations, additions or improvements, structural or nonstructural, are required to bring the Property into compliance with any applicable requirements under
all laws, ordinances, orders, rules and regulations of authorities with jurisdiction over the Property, Manager shall, as a Property Expense and to the extent the cost of the same is included in the Annual Budget, make such alterations, additions
and improvements from the Bank Accounts, or if the cost of the same is not included in the Annual Budget, then Owner shall make such alterations, additions and improvements as an Owner’s Expense. 

9.4 Capital Expenditures. Owner and Manager shall agree upon a person or entity, which person or entity may be Manager, to
supervise and direct, in the manner and to the extent agreed upon by Owner and Manager, the Property’s programs of capital expenditures authorized from time to time by the provisions of this Article IX. If such person or entity is agreed
to be Manager, Manager shall be entitled to receive reasonable compensation for these services as agreed upon by Owner and Manager in addition to any other amounts payable to Manager under this Agreement. 

9.5 Emergency Repairs. Manager shall have the right, on behalf of and at Owner’s Expense, to make expenditures for
extraordinary repairs required to be made on an emergency basis as Manager reasonably deems necessary to prevent damage to the Property or injury to any person or for the purpose of abating any activity or condition, or removing any thing, that
(i) violates the law or the condominium documents to which the Property is subject or any of the Loan Documents, or (ii) is unauthorized, prohibited, harmful, offensive or potentially dangerous to others or their property, or
(iii) threatens the property rights or welfare of others. If reasonably practicable, Manager shall, prior to entering into any contracts or obligations on Owner’s behalf in connection with such extraordinary repairs which, in the
aggregate, are greater than $750,000, use reasonable efforts under the circumstances to obtain Owner’s Supermajority Consent. If Owner provides Owner’s Supermajority Consent or does not respond within 5 Business Days after Manager’s
request to Owner for Owner’s Supermajority Consent, Manager may nevertheless proceed with such extraordinary repairs and enter into such contracts or obligations on Owner’s behalf and at Owner’s Expense and may pay for the same with
funds in the Bank Accounts. If Owner objects to such expense, Manager shall not proceed with same, and Owner shall indemnify, defend and hold harmless Manager for, from and against any liability, damage, cost, expense, loss, claim or judgment
incurred by Manager arising out of any claim based upon Owner’s failure to proceed with such repairs, including attorneys’ fees and costs incurred by Manager in settlement or defense of such claims. 

ARTICLE X 
 INSURANCE 
 10.1 Policies to be Carried. In the name of Owner
and Manager, and at Owner’s Expense, Manager shall, from and after the Commencement Date maintain insurance relative to 

  
 18 

 
the Property meeting the requirements of the Loan Documents, which requirements are set forth on Exhibit C-l (or such greater insurance coverages and/or limits as Owner and Manager may
agree upon). Manager shall comply all such requirements of the Loan Documents relating thereto, which are set forth on Exhibit C-l, including the requirements relative to delivery of policies and/or certificates to the Lender. 

10.2 No Right of Subrogation; Adequacy of Coverage. All policies of insurance shall provide that the insurance company shall have
no right of subrogation against Manager or Owner, or their respective agents or employees, except in the event of willful misconduct or gross negligence on the part of Manager or Owner, as the case may be, and their respective agents or employees.
Owner assumes all risks in connection with the adequacy of any insurance program and waives all claims against Manager for all liabilities, costs or expenses arising out of any partially or totally uninsured claim, of any nature whatsoever, except
where Manager has failed to place and maintain insurance in accordance with the provisions hereof. 
 10.3 Owner Obtaining
Insurance. Owner may, upon thirty (30) days’ prior written notice to Manager, obtain the insurance required by Section 10.1 and the Loan Documents (except workers’ compensation, employer’s liability or similar
insurance, which shall be obtained by Manager), and in such event, Manager shall be named as an additional insured on all such insurance obtained by Owner. 
 ARTICLE XI 
 TAXES 

11.1 Payment of Taxes. Manager shall pay when and as the same are due and payable, in the name and on behalf of Owner, in such
installments as are permitted by law, all real estate taxes, general excise taxes (if any), gross income taxes, withholding and payroll taxes, personal property taxes and betterment assessments levied or assessed on or against the Property or any
portion thereof or Property Revenues therefrom for any fiscal period of the taxing authority, all or any part of which period is included in the Term. The portion of any such amount so paid shall be included as a Property Expense for the Fiscal Year
in which such amount is determined. 
 11.2 Assistance of Manager in Contesting Taxes. Manager agrees to assist Owner in
any contest pertaining to the validity or the amount of any tax or assessment relating to the Property; provided, however that all costs and expenses of such contest incurred by Manager shall be a Property Expense, and if the Property Revenues are
insufficient to pay for such costs and expenses, then Owner shall pay for the same out of Owner’s own funds. 

ARTICLE XII 
 DAMAGE, DESTRUCTION OR CONDEMNATION 
 12.1 Damages or
Destruction. Subject to the rights of the Lender under the Loan Documents as set forth in Exhibit C, if the Property or any portion thereof shall be damaged or destroyed at any time during the Term by fire, casualty or any other cause,
Manager shall, on 

  
 19 

 
behalf of and at Owner’s sole cost and expense as an Owner’s Expense, and with due diligence, repair or replace the Property, so that the Property shall be restored to substantially the
same condition as existed prior to such damage or destruction; provided, however, that in the event of any substantial damage or destruction to the Property the cost of repair of which would exceed, in Owner’s reasonable judgment, twenty-five
percent (25%) of the then existing value of the Property, Owner, within thirty (30) days after the date of occurrence of such damage or destruction may either (i) commence repair of same, in which event this Agreement shall continue
in full force and effect; or (ii) deliver written notice to Manager that Owner does not intend to repair such damage or destruction, in which event this Agreement shall be terminated, and upon such termination Manager shall be paid the
Termination Fee set forth in Section 16.2 below. All such repair or replacement shall be subject to Owner’s reasonable approval by Owner’s Consent, including the plans, specifications, drawings, architect and contractor
therefor, and shall be made in a manner to cause the least practicable interference with the operation of the Property. 
 12.2
Condemnation. Subject to the rights of Lender under the Loan Documents as set forth in Exhibit C, if the whole of the Property shall be taken in any condemnation, expropriation or like proceedings, or if such a portion thereof shall be
taken such that, in Owner’s opinion, the remaining portion is not of substantially similar quality, in all respects, to Shops at Wailea, located in Wailea, Maui, Hawaii, at 3750 Wailea Alanui, Wailea, Maui, Hawaii 96753, then this Agreement
shall terminate as of the date of such taking, and upon such termination Manager shall be paid the Termination Fee set forth in Section 16.2 below. 
 ARTICLE XIII 
 ASSIGNMENT 

13.1 No Assignment. Neither Owner nor Manager shall assign this Agreement, or any interest therein, without the prior written
consent of the other (in the case of Owner, an Owner’s Supermajority Consent), which consent may be withheld for any reason or no reason. 
 ARTICLE XIV 
 TERMINATION BY OWNER 

14.1 Termination By Owner. Subject to Section 3.3 above, the occurrence of any of the following events shall
constitute a default and be good cause for Owner to terminate this Agreement without prejudice to any other rights or remedies Owner may have hereunder, or otherwise at law or in equity: 

a. Manager breaches or fails to comply with any material term, covenant or condition of this Agreement or any other
contract or agreement with a third party arising under, in connection with or relating to the Property or this Agreement, and Manager fails to cure such default within thirty (30) days after receipt of written notice from Owner specifying the
exact nature of such default; provided, however, that if such default is not reasonably susceptible of being cured within such thirty (30) day period, Owner shall not be entitled to terminate this

  
 20 

 
Agreement if Manager commences curing such default within the thirty (30) day period and thereafter diligently pursues a cure thereof to completion; 

b. Manager makes any assignment of its property for the benefit of creditors; 

c. Manager’s interest under this Agreement is taken on execution of a judgment; or 

d. Manager files a petition for adjudication as a bankrupt, for reorganization or for an arrangement under any bankruptcy
or insolvency law, or an involuntary petition under any such law is filed against Manager and not dismissed within ninety (90) days thereafter. 
 14.2 Effective Date. If Owner elects to terminate this Agreement pursuant to Section 14.1 above, such termination shall be effective after the expiration of any cure periods available
to Manager upon Manager’s receipt of written notice from Owner of Owner’s intention to terminate this Agreement. 

ARTICLE XV 
 TERMINATION BY MANAGER 
 15.1 Termination by Manager. The
occurrence of any of the following events shall constitute a default and be good cause for Manager to terminate this Agreement without prejudice to any other rights or remedies Manager may have hereunder, or otherwise at law or in equity:

 a. Owner breaches or fails to comply with any material term, covenant or condition of this Agreement or
another contract or agreement with a third party arising under, in connection with or relating to the Property or this Agreement and Owner fails to cure such default within thirty (30) days after receipt of notice from Manager specifying the
exact nature of such default; provided, however, that if such default is not reasonably susceptible of being cured within such thirty (30) day period, Manager shall not be entitled to terminate this Agreement if Owner commences curing such
default within the thirty (30) day period, and thereafter diligently pursues a cure thereof to completion; 

b. Owner makes any assignment of its property for the benefit of creditors; 

c. Owner’s interest under this Agreement is taken on execution of a judgment, including a judgment of foreclosure in
respect of indebtedness of Owner; or 
 d. Owner files a petition for adjudication as a bankrupt, for
reorganization or for an arrangement under any bankruptcy or insolvency law, or an involuntary petition under any such law is filed against Owner and not dismissed within ninety (90) days thereafter. 

15.2 Effective Date. If Manager elects to terminate this Agreement pursuant to Section 15.1 above, such termination
shall be effective after the expiration of any cure periods 

  
 21 

 
available to Owner upon Owner’s receipt of written notice from Manager of Manager’s intention to terminate this Agreement. 

15.3 Rights Cumulative. Nothing in this Article XV shall affect the rights granted Manager to terminate this Agreement by
certain specific provisions hereof (e.g. the provisions of Article VII. 
 ARTICLE XVI 

MANAGER’S AND OWNER’S RIGHTS UPON TERMINATION 

16.1 Payment of Fees to Manager; Reimbursement of Other Amounts. Upon termination of this Agreement for any reason, Manager shall
be entitled to: (a) reimbursement of all outstanding expenses incurred by Manager pursuant to this Agreement with respect to the Property; (b) payment of the Management Fee and any other fees payable under this Agreement (or under any
other arrangement entered into between the parties and/or the Affiliates of either in respect of the Property), to which Manager and/or its Affiliates would be entitled to through the date of termination; and (c) payment of any other sums due
Manager hereunder. 
 16.2 Termination Fee. In addition to the payments due to Manager under this Agreement, including
Section 16.1, upon termination of this Agreement as a result of (a) Owner’s election not to repair damage or destruction pursuant to Section 12.1, or (b) a condemnation pursuant to Section 12.2, or
(c) Manager’s termination of this Agreement (for Owner’s failure to timely make any cash infusions as described in this Agreement) pursuant to Section 7.3, Manager shall be paid a fee (the “Termination Fee”),
as liquidated damages, equal to the Management Fees for the two calendar months immediately preceding the termination date. 

16.3 Indemnification of Manager Upon Owner’s Termination of Agreement. As a condition of termination of this Agreement by
Owner, Owner (or any successor owner of the Property) agrees to indemnify, defend and hold Manager harmless against any and all losses, costs, damages, liabilities, claims and expenses, including reasonable attorneys’ fees, arising or resulting
from the failure of Owner or such successor owner to observe and perform any and all Property Documents. 
 16.4 Owner’s
Rights Upon Termination. Upon the termination of this Agreement and the payment to Manager of all amounts due Manager upon such termination: 
 a. all remaining amounts in the Bank Accounts to which Owner is entitled shall be transferred to Owner; 
 b. Manager shall render a final accounting to Owner within forty-five (45) days after the end of the month in which this Agreement terminates; 

c. Manager shall cooperate in the transfer of all transferable permits and licenses to the Owner to insure the continued
operation of the Property; 

  
 22 

  
 d.
Manager shall deliver to Owner all records, files and documents relating to the Property, including all Tenant Leases and tenant files, contracts, receipts or deposits, unpaid bills, and other papers or documents then in existence which pertain to
the Property; and 
 e. Manager shall vacate and surrender the on-site management office, if occupied by Manager,
in good order, condition and repair, reasonable wear and tear excepted and shall remove all personal property and signs that it may have placed on the Property indicating that it is the manager of the Property, and repair any damage resulting
therefrom. 
 ARTICLE XVII 
 INDEMNIFICATION 
 17.1 Indemnification by Owner. Manager
shall not (a) be liable to Owner for any event or occurrence arising prior to the Commencement Date, or (b) in the performance of this Agreement, be liable to Owner or to any other person for any act or omission, whether negligent,
tortious or otherwise, of any agent (other than Manager) or employee of Owner. Owner shall, to the maximum extent provided by law, indemnify, defend and hold harmless Manager, to the extent of the Property, for, from and against any liability,
damage, cost, expense, loss, claim or judgment incurred by Manager arising out of any claim based upon acts performed or omitted to be performed by Manager in connection with the Property, including attorneys’ fees and costs incurred by Manager
in settlement or defense of such claims. Notwithstanding the foregoing, Manager shall not be so indemnified, defended or held harmless for claims based upon its acts or omissions which constitute fraud, negligence, or willful misconduct in
connection with the Property. 
 17.2 Limitation on Manager’s Liability. In no event shall Owner make any claim
against Manager on account of any alleged errors of judgment made in good faith in connection with the performance by Manager and/or its Affiliates of the obligations of Manager expressed herein, nor shall Owner object to any expenditure made by
Manager in good faith in connection with the performance of Manager’s obligations hereunder, unless such expenditure is specifically prohibited by this Agreement. 
 ARTICLE XVIII 
 TRADE NAMES AND TRADEMARKS 

18.1 “Waikiki Beach Walk”®. During the Term, the Property will be known by and operated under the name “Waikiki Beach Walk”®, which is a trade name or trademark owned by Outrigger Hotels Hawaii (“OHH”), an Affiliate of Manager, and licensed by OHH to Owner pursuant to that certain
Trademark License Agreement dated February 15, 2007, as partially assigned to Owner by Assignment dated October 31, 2007. OHH, as licensor, and Owner, as licensee, through and subject to such Agreement, shall retain all rights to use such
trade name or trademark and the other Manager Trade Names and Trademarks (defined below). Owner shall sublicense the right to use the “Waikiki Beach Walk” mark pursuant to a Sublicense Agreement approved by OHH executed concurrently with
this Agreement. 

  
 23 

  

18.2 Manager Trade Names/Trademarks. In its operation of the Property, Manager may utilize trade names or
trademarks which, in whole or in part, may be the same as or similar to the trade names or trademarks now or hereafter used by OHH or it in connection with the operation of other commercial properties including the words “Outrigger®” and “OHANA®” and other trademarks and services marks owned by OHH, including its logos (the “OHH Trade Names and Trademarks”). The exclusive rights to the
use of the OHH Trade Names and Trademarks belong to, and shall remain with, OHH and are not in any way to be considered appurtenant to the Property, regardless of whether any of the OHH Trade Names and Trademarks are used by Manager for the first
time at the Property or elsewhere. 
 18.3 Termination. Upon termination of this Agreement for any reason, all further
rights to use the OHH Trade Names and Trademarks, and all other service marks, slogans, signs, logos and emblems of OHH, shall remain with OHH, and Owner, and each and every other occupant of the Property, shall immediately cease all use of the OHH
Trade Names and Trademarks, and all other service marks, slogans, signs, logos and emblems of OHH. Immediately upon termination of this Agreement, Owner shall make all such physical changes to the Property and take all such other action as is
necessary to remove from use, in connection with the Property, the OHH Trade Names and Trademarks and any and all signs, consumable supplies and other items bearing the OHH Trade Names and Trademarks, and/or any logos, emblems, slogans or service
marks of OHH. If Owner fails to take such action within thirty (30) days of termination of this Agreement, Manager, at Owner’s expense, may enforce Owner’s performance of its obligations hereunder by any legal means. OHH shall be a
third-party beneficiary of Sections 18.2 and 18.3. 
 ARTICLE XIX 

COVENANTS 
 19.1 Title to Property, If there is any dispute about Owner’s right, title and interest in and to the Property, Owner shall, at Owner’s expense and not as a Property Expense, pay for all
costs and expenses related to such dispute. 
 19.2 Owner’s Obligations. Owner shall pay, keep, observe and perform
all payments, terms, covenants, conditions and obligations to be paid, kept, observed or performed by Owner under any agreement whatsoever in respect of the Property, except such payments, terms, covenants, conditions and obligations under the
Property Documents that Manager is responsible for paying, observing or performing in the name of and on behalf of Owner during the Term. 
 19.3 Right of Entry. Subject to the rights of tenants under the Tenant Leases, Owner and its authorized officers, employees, accountants, lawyers and agents may enter the Property to examine the
condition of the Property; provided, however, that Owner may not by so doing unreasonably interfere with the operation of the Property and shall give Manager reasonable advance notice of such entry. 

19.4 Manager’s On-Site Management Office. Owner hereby agrees and acknowledges that it will provide or cause to be provided
through an Affiliate, as an Owner’s Expense, office 

  
 24 

 
and storage space near the Property for Manager’s use in carrying out its duties hereunder. The office shall be furnished by Owner at Owner’s Expense with such furniture and equipment
as reasonably necessary for Manager to conduct its duties hereunder. 
 19.5 Manager’s Rental of Other Properties.
Owner acknowledges that Manager and its Affiliates are the owners and/or managers/operators of other commercial properties in Waikiki, Oahu, Hawaii, either for their own accounts or for that of the owners of those properties, and that Manager and
its Affiliates manage and/or lease, or will manage and/or lease, such other properties to third party or affiliated tenants. Owner agrees that Manager may, in Manager’s sole discretion, market and lease, from time to time, such other properties
at other than the Property, without giving first priority to the leasing of the Property. 
 ARTICLE XX 

COMPLIANCE WITH LAWS 
 20.1 Compliance with Laws and Insurance Policies. Subject to the provisions of Article X and Sections 19.1 and 19.2 above, Manager shall comply with and abide by all applicable
requirements of all laws, rules, regulations, requirements, orders, notices, determinations and ordinances of any federal, state or municipal authority and the requirements of insurance companies covering any of the risks against which the Property
is insured. 
 20.2 Right to Contest. Owner shall have the right to contest any alleged violation, and to postpone
compliance pending the determination of such contest, as permitted by law. In case of Owner’s contest and postponement of compliance pursuant to this Section 20.2, Owner shall indemnify Manager and its employees from any resulting
liability, loss, cost, damage or expense (including all fees and expenses of attorneys approved or selected by Manager), unless such violation is proved to have been caused by Manager’s gross negligence or willful misconduct. 

ARTICLE XXI 
 ARBITRATION 
 21.1 Procedure. Except as is otherwise
expressly provided herein, if any controversy should arise between the parties in the performance, interpretation or application of this Agreement, either party may serve upon the other written notice (i) stating that the notifying party
desires to have such controversy reviewed by a board of three arbitrators, and (ii) naming one person whom such party chooses to act as one of the three arbitrators. Within fifteen (15) days after receipt of such a notice, the other party
shall designate one person to act as arbitrator and shall notify the party requesting arbitration of such designation and the name of the person so designated. The two arbitrators designated as aforesaid shall promptly select a third arbitrator, and
if they are not able to agree on such third arbitrator, then either arbitrator, on five (5) days’ notice to the other, shall apply to the American Arbitration Association to designate and appoint such third arbitrator. If the party upon
whom a request for arbitration is served shall fail to designate its arbitrator within fifteen (15) days after receipt of such a notice, then the arbitrator 

  
 25 

 
designated by the party requesting arbitration shall act as the sole arbitrator and shall be deemed to be the single, mutually approved arbitrator to resolve the controversy at hand. 

21.2 Arbitrator’s Discretion. Unless Owner and Manager shall otherwise agree, the arbitrator(s) discretion in resolving any
matter submitted to them for review pursuant to this Article XXI shall be to choose between one or the other of the parties’ respective positions on each of the matters to be so resolved. 

21.3 Miscellaneous, The decision in writing of the arbitrator(s) so selected or appointed shall be final and conclusive upon both
parties. The costs and expenses of arbitration, including the compensation and expenses of the arbitrator(s), shall be borne by the parties as the arbitrator(s) may determine. Either party may apply to any court of competent jurisdiction for an
order confirming the award; judgment of the court shall be entered upon the award unless the award is vacated, modified or corrected as provided by law. 
 ARTICLE XXII 
 REPRESENTATIONS AND WARRANTIES

 22.1 By Owner. Owner represents and warrants to Manager that it is duly organized under the laws of the State of
Delaware and is in good standing pursuant to the laws of the State of Hawaii, has all requisite power and authority to enter into this Agreement, and that when executed this Agreement will constitute the valid and binding obligation of Owner
enforceable in accordance with its terms (subject to principles of equity and laws affecting creditors’ rights generally). Owner further represents and warrants that the entering into of this Agreement does not contravene, nor constitute a
default (or an event which with the giving of notice and/or the passage of time, would constitute a default) under any agreement to which Owner is a party. 
 22.2 By Manager. Manager represents and warrants that it is a limited partnership duly organized and in good standing pursuant to the laws of the State of Hawaii, has all requisite power and
authority to enter into this Agreement, and that when executed this Agreement will constitute the valid and binding obligation of Manager (subject to principles of equity and laws affecting creditors’ rights generally), enforceable in
accordance with its terms. Manager further represents and warrants that the entering into of this Agreement does not constitute a default (or an event which with the giving of notice and/or the passage of time, would constitute a default), under any
agreement to which Manager is a party. 
 ARTICLE XXIII 

RESPONSIBILITY FOR PROPERTY OPERATIONS 
 23.1 No Partnership. In the performance of its duties as Manager of the Property, Manager shall act solely as agent of Owner for the operation of the Property; provided, however, that Owner’s
appointment of Manager as Owner’s agent shall be an agency coupled with an 

  
 26 

 
interest that is irrevocable except as expressly stated herein, and Owner hereby waives any and all rights it may have as principal to terminate Manager’s agency and this Agreement at
will. Nothing herein shall constitute a partnership or joint venture between Owner and Manager. All debts and liabilities to third persons incurred by Manager in the course of its operation and management of the Property shall be the debts and
liabilities of Owner, and Manager may so inform third parties with whom it deals on behalf of Owner. 
 23.2 Manager’s
Right to Close Property. If at any time during the Term it becomes necessary in Manager’s good faith and reasonable opinion to cease operation of the Property in order to protect the Property and/or the health, safety and welfare of the
neighboring properties, invitees and/or employees of the Property, then in such event Manager may close and cease operation of all or part of the Property, reopening and commencing operation when Manager deems that such may be done without jeopardy
to the Property, its neighboring properties, invitees and employees. Manager shall use reasonable efforts to inform Owner, as soon as reasonably practicable, of such closure. 
 ARTICLE XXIV 
 MISCELLANEOUS 

24.1 Notices. All notices required to be given under this Agreement shall be in writing and shall either be (i) delivered by
hand or (ii) sent by facsimile transmission, by a recognized private courier company, or by United States mail, registered or certified mail, postage prepaid return receipt requested, and addressed as follows: 

 

			
	If to Owner:	  	ABW HOLDINGS LLC
		  	c/o WBW Retail LLC
		  	2375 Kuhio Avenue
		  	Honolulu, Hawaii 96815
		  	Attn.: W. David P. Carey III
		  	Fax: (808) 921-6655
		
	With a copy to:	  	ABW HOLDINGS LLC
		  	c/o WBW Retail LLC
		  	2375 Kuhio Avenue
		  	Honolulu, Hawaii 96815
		  	Attn.: Melvin Y. Kaneshige
		  	Fax: (808) 457-3520
		
	And with a copy to:	  	ABW HOLDINGS LLC
		  	c/o American Assets, Inc.
		  	11455 El Camino Real, Suite 200
		  	San Diego, CA 92130
		  	Attention: John Chamberlain
		  	Fax: (858) 350-2620

  
 27 

  

			
	If to Manager:	  	RETAIL RESORT PROPERTIES LLC
		  	2375 Kuhio Avenue
		  	Honolulu, Hawaii 96815
		  	Attn: Barbara A. Campbell
		  	Fax: (808) 921-6655

 or such other address or facsimile
number as either party may from time to time specify in writing to the other in the manner aforesaid. Such notices shall be deemed delivered upon receipt as determined by facsimile confirmation by the sending facsimile machine, or delivery or
refusal to accept delivery as indicated in the U.S. Postal Service return-receipt or similar advice from the courier company. Unless otherwise notified in writing, each party shall direct all sums payable to the other party at its address for notice
purposes. 
 24.2 Governing Law. This Agreement is being executed and delivered in the State of Hawaii and shall be
governed by and construed and interpreted in accordance with the laws of the State of Hawaii. 
 24.3 Consents and
Approvals. 
 a. Except as is otherwise expressly provided herein, whenever in this Agreement the consent or
approval of Owner or Manager is required (including an Owner’s Consent or an Owner’s Supermajority Consent), such consent or approval shall not be unreasonably withheld or delayed and shall be in writing, signed by the members of a board,
or an officer or agent, thereunto duly authorized, of the party granting such consent or giving such approval. 

b. This Section 24.3.b shall apply whenever Owner or Manager desires to take any proposed action (the
“Requestor”) which requires the consent or approval of the other party hereunder (the “Recipient”), except as otherwise provided in this Agreement. The Requestor shall give written notice thereof to the Recipient,
and such notice shall describe the proposed action in sufficient detail so as to enable the Recipient to exercise an informed judgment with respect thereto. As soon as practicable thereafter, the Recipient shall give the Requestor written notice
that the Recipient either approves or disapproves the proposed action (setting forth the Recipient’s reasons therefor if it disapproves of such proposed action) or indicating that it needs additional information. If the Recipient fails to
respond (as provided herein) on or before the fourteenth (14th) Business Day following the effective date of the written notice describing any such proposed action proposed by the Requestor (or the fourteenth (14th) Business Day following
the date such additional requested information is delivered to the Recipient), then the Recipient shall be presumed to have disapproved of such action. 
 24.4 No Waiver. No assent, expressed or implied, by Owner or Manager to any breach of or default in any term, covenant or condition which this Agreement requires to be performed or observed by the
other party shall constitute a waiver of or assent to any succeeding breach of or default in the same or any other term, covenant or condition hereof. 

  
 28 

  
 24.5 Set-off.
Manager shall have the right to set-off against any payments to be made to Owner by Manager under any provision of this Agreement, and against all funds from time to time in the Bank Accounts any and all liabilities of Owner to Manager, and Owner
hereby pledges to Manager all funds from time to time in the Bank Accounts to secure the payment of all of the foregoing liabilities. Manager may withdraw from the Bank Accounts from time to time such amounts as it deems desirable in partial or full
payment of all or any portion of said liabilities. The amounts of such withdrawals shall be paid by Owner to Manager on demand for replacement in the respective accounts. 
 24.6 Invalidity. In the event that any one or more of the phrases, sentences, clauses or paragraphs contained in this Agreement shall be declared invalid by the final and unappealable order, decree
or judgment of any court, this Agreement shall be construed as if it did not contain such phrases, sentences, clauses or paragraphs. 
 24.7 Further Action. Owner and Manager shall execute and deliver all other appropriate supplemental agreements and other instruments, and take any other action necessary to make this Agreement
fully and legally effective, binding, and enforceable as between them and as against third parties, including Owner’s filing of such certificates as are required to be filed by persons or entities doing business in a name other than their own,
indicating that Owner is engaging in the Property business at the Property under the name of the Property. 
 24.8 Estoppel
Certificates. Upon request of either party, the other party shall, at the requesting party’s cost and expense (including reasonable attorneys’ fees) execute a certificate stating whether or not this Agreement is in full force and
effect, whether or not there are any uncured defaults hereunder, whether such party claims any off-sets, counterclaims or defenses to an action by the other party, and whether or not all sums due and owing hereunder have been paid. Failure of the
other party to deliver such certificate to the requesting party within twenty (20) days after such request shall mean that such other party certifies that this Agreement is in full force and effect, that there are no uncured defaults of the
requesting party and that the requesting party has paid to the other party all sums due and owing the requesting party. 
 24.9
Attorneys’ Fees. In the event of any litigation between Owner and Manager concerning the rights and obligations of the parties under this Agreement, the prevailing party shall be entitled to recover reasonable attorneys’ fees and
court costs. 
 24.10 No Party Deemed Drafter. Owner and Manager agree that no party shall be deemed to be the drafter of
this Agreement and further that in the event that this Agreement is ever construed by a court of law, such court shall not deem either party to be the drafter of this Agreement. 

24.11 Binding Effect. This Agreement shall be binding upon and inure to the benefit of the Owner, and its successors, and/or
permitted assigns, and shall be binding upon and inure to the benefit of the Manager, and its successors and/or permitted assigns. 

  
 29 

  
 24.12 Captions.
The captions and headings throughout this Agreement and its index are for convenience and reference only, and shall in no way be held or deemed to define, modify or add to the meaning, scope or intent of any provision of this Agreement. 

24.13 Entire Agreement. This Agreement constitutes the entire agreement between the parties relating to the subject matter hereof,
superseding all prior agreements or undertakings, oral or written. 
 24.14 Amendment. This Agreement may be amended only
by a writing signed by Owner and Manager. 

  
 30 

  
 IN WITNESS WHEREOF,
the parties have caused this Management Agreement to be duly executed on the date first above written. 
  

											
	 OWNER:
	 		 	 ABW HOLDINGS LLC
 a Hawaii limited liability company

				
		 		 	By	 	/s/ Melvin Y. Kaneshige
		 		 	Melvin Y. Kaneshige
		 		 	Its Executive Vice President
			
	 MANAGER:
	 		 	RETAIL RESORT PROPERTIES LLC,
		 		 	 a Hawaii limited liability company
 By Outrigger Hotels Hawaii,
 a Hawaii limited partnership

Its Sole Member

		 		 		 	 By Outrigger Enterprises, Inc.,
 a Hawaii corporation
 Its General Partner

						
		 		 		 		 	By	 	/s/ Melvin Y. Kaneshige
		 		 		 		 	Melvin Y. Kaneshige
		 		 		 		 	Its Executive Vice President

  
 EXHIBIT A

 1. The six (6) Retail Apartments and one Parking Apartment described in that certain condominium property regime
called “227 Lewers,” created and established by that certain Declaration of Condominium Property Regime of 227 Lewers, dated January 14, 2005, recorded in the Bureau as Document No. 2005-010996, and as shown on the
plans of such condominium filed in the Bureau as Condominium File Plan No. 3920, as amended, including by an Amended and Restated Declaration of Condominium Property Regime of 227 Lewers, recorded in the Bureau as Document No. 2005-227313,
and as shown on the plans of such condominium filed in the Bureau as Condominium File Plan No. 3920, located on land in Waikiki, Oahu, Hawaii, described in such Declaration, such apartments being identified by Tax Map Key Parcel Nos. 2-6-2: 15,
CPR Nos. 2 through 9. 
 2. The Retail Apartment described in that certain Declaration of Condominium Property Regime of
Beach Walk Condominium Project, dated November 10, 2005, recorded in the Bureau as Document No. 2005-230978 and in the Land Court as Land Court Document No. 3353847, and noted on Transfer Certificate of Title No. 784,394,
and as shown on the plans of such condominium filed in the Bureau and the Land Court as Condominium File Plan No. 4113 and Condominium Map No, 1757, and located on land in Waikiki, Oahu, Hawaii, described in such Declaration, such Retail
Apartment being identified by Tax Map Key Parcel No. 2-6-3: 002, CPR No. 1. 

  
 EXHIBIT B

 Annual Budget for 2007 

  
 WAIKIKI BEACH WALK 

 

																																																									
	2007 Operating Budget -
ABW Holdings LLC
1/1/07-12/31/07	 	 	revised 10/30/2007	 
			
	 	  	 	 	 	2007	 
	 SUMMARY
	  	 	 	 	JAN	 	 	FEB	 	 	MAR	 	 	APR	 	 	MAY	 	 	JUN	 	 	JUL	 	 	AUG	 	 	SEP	 	 	OCT	 	 	NOV	 	 	DEC	 	 	TOTAL	 
	 TOTAL RENTAL INCOME
	  				 	 	430,457	  	 	 	610,148	  	 	 	699,246	  	 	 	750,245	  	 	 	876,078	  	 	 	876,078	  	 	 	876,078	  	 	 	876,078	  	 	 	876,078	  	 	 	876,078	  	 	 	714,011	  	 	 	714,011	  	 	 	9,174,587	  
	 PERCENTAGE RENTS
	  				 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	68,846	  	 	 	68,846	  	 	 	68,846	  	 	 	206,539	  
	 CAM RECOVERY (net of 5% leakage)
	  				 	 	57,764	  	 	 	101,987	  	 	 	120,339	  	 	 	128,335	  	 	 	137,721	  	 	 	137,721	  	 	 	137,721	  	 	 	137,721	  	 	 	137,721	  	 	 	137,721	  	 	 	124,640	  	 	 	124,640	  	 	 	1,484,033	  
	 RPT RECOVERY
	  				 	 	11,529	  	 	 	20,357	  	 	 	24,020	  	 	 	25,616	  	 	 	27,490	  	 	 	27,490	  	 	 	47,421	  	 	 	47,421	  	 	 	47,421	  	 	 	47,421	  	 	 	43,142	  	 	 	43,142	  	 	 	412,468	  
	 GET RECOVERY
	  				 	 	28,526	  	 	 	40,484	  	 	 	48,022	  	 	 	51,057	  	 	 	57,194	  	 	 	57,194	  	 	 	58,086	  	 	 	58,086	  	 	 	58,086	  	 	 	61,168	  	 	 	52,713	  	 	 	52,713	  	 	 	623,329	  
	 PARKING INCOME
	  				 	 	130,634	  	 	 	163,292	  	 	 	217,723	  	 	 	224,566	  	 	 	224,566	  	 	 	224,566	  	 	 	224,566	  	 	 	224,566	  	 	 	224,566	  	 	 	224,566	  	 	 	224,566	  	 	 	224,566	  	 	 	2,532,743	  
		  				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 TOTAL INCOME
	  				 	 	658,911	  	 	 	936,268	  	 	 	1,109,350	  	 	 	1,179,819	  	 	 	1,323,049	  	 	 	1,323,049	  	 	 	1,343,872	  	 	 	1,343,872	  	 	 	1,343,872	  	 	 	1,415,800	  	 	 	1,227,918	  	 	 	1,227,918	  	 	 	14,433,699	  
	 Less Vacancy Loss (5% exc parking)
	  				 	 	(24,988	) 	 	 	(36,625	) 	 	 	(42,180	) 	 	 	(45,210	) 	 	 	(52,064	) 	 	 	(52,064	) 	 	 	(53,061	) 	 	 	(53,061	) 	 	 	(53,061	) 	 	 	(56,503	) 	 	 	(47,532	) 	 	 	(47,532	) 	 	 	(563,881	) 
		  				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 ADJUSTED INCOME
	  				 	 	633,923	  	 	 	899,643	  	 	 	1,067,170	  	 	 	1,134,609	  	 	 	1,270,984	  	 	 	1,270,984	  	 	 	1,290,811	  	 	 	1,290,811	  	 	 	1,290,811	  	 	 	1,359,297	  	 	 	1,180,386	  	 	 	1,180,386	  	 	 	13,869,817	  
	 LESS TOTAL OPERATING EXPENSES
	  				 	 	(323,483	) 	 	 	(351,196	) 	 	 	(377,235	) 	 	 	(382,337	) 	 	 	(392,965	) 	 	 	(392,965	) 	 	 	(415,336	) 	 	 	(415,336	) 	 	 	(415,336	) 	 	 	(420,842	) 	 	 	(345,165	) 	 	 	(358,052	) 	 	 	(4,590,246	) 
		  				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 NET OPERATING INCOME
	  				 	 	310,441	  	 	 	548,448	  	 	 	689,935	  	 	 	752,272	  	 	 	878,019	  	 	 	878,019	  	 	 	875,476	  	 	 	875,476	  	 	 	875,476	  	 	 	938,455	  	 	 	835,222	  	 	 	822,335	  	 	 	9,279,572	  
		  				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
															
	 DETAIL
	  	 	 	 	JAN	 	 	FEB	 	 	MAR	 	 	APR	 	 	MAY	 	 	JUN	 	 	JUL	 	 	AUG	 	 	SEP	 	 	OCT	 	 	NOV	 	 	DEC	 	 	TOTAL	 
	 TOTAL RENTAL INCOME
	  				 	 	430,457	  	 	 	610,148	  	 	 	699,246	  	 	 	750,245	  	 	 	876,078	  	 	 	876,078	  	 	 	876,078	  	 	 	876,078	  	 	 	876,078	  	 	 	876,078	  	 	 	714,011	  	 	 	714,011	  	 	 	9,174,587	  
	 OTHER INCOME
	  				 				 				 				 				 				 				 				 				 				 				 				 				 			
	 PERCENTAGE RENTS
	  				 				 				 				 				 				 				 				 				 				 	 	68,846	  	 	 	68,846	  	 	 	68,846	  	 	 	206,539	  
	 CAM RECOVERY (net of 5% leakage)
	  				 	 	57,764	  	 	 	101,987	  	 	 	120,339	  	 	 	128,335	  	 	 	137,721	  	 	 	137,721	  	 	 	137,721	  	 	 	137,721	  	 	 	137,721	  	 	 	137,721	  	 	 	124,640	  	 	 	124,640	  	 	 	1,484,033	  
	 RPT RECOVERY
	  				 	 	11,529	  	 	 	20,357	  	 	 	24,020	  	 	 	25,616	  	 	 	27,490	  	 	 	27,490	  	 	 	47,421	  	 	 	47,421	  	 	 	47,421	  	 	 	47,421	  	 	 	43,142	  	 	 	43,142	  	 	 	412,468	  
	 GET RECOVERY
	  	 	4.712	% 	 	 	28,526	  	 	 	40,484	  	 	 	48,022	  	 	 	51,057	  	 	 	57,194	  	 	 	57,194	  	 	 	58,086	  	 	 	58,086	  	 	 	58,086	  	 	 	61,168	  	 	 	52,713	  	 	 	52,713	  	 	 	623,329	  
	 PARKING INCOME
	  				 	 	130,634	  	 	 	163,292	  	 	 	217,723	  	 	 	224,566	  	 	 	224,566	  	 	 	224,566	  	 	 	224,566	  	 	 	224,566	  	 	 	224,566	  	 	 	224,566	  	 	 	224,566	  	 	 	224,566	  	 	 	2,532,743	  
		  				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Other Income
	  				 	 	228,453	  	 	 	326,120	  	 	 	410,104	  	 	 	429,574	  	 	 	446,971	  	 	 	446,971	  	 	 	467,794	  	 	 	467,794	  	 	 	467,794	  	 	 	539,722	  	 	 	513,908	  	 	 	513,908	  	 	 	5,259,112	  
	 Less Vacancy Loss (5% exc parking)
	  	 	5	% 	 	 	(24,988	) 	 	 	(36,625	) 	 	 	(42,180	) 	 	 	(45,210	) 	 	 	(52,064	) 	 	 	(52,064	) 	 	 	(53,061	) 	 	 	(53,061	) 	 	 	(53,061	) 	 	 	(56,503	) 	 	 	(56,503	) 	 	 	(56,503	) 	 	 	(581,824	) 
		  				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 TOTAL INCOME
	  				 	 	633,923	  	 	 	899,643	  	 	 	1,067,170	  	 	 	1,134,609	  	 	 	1,270,984	  	 	 	1,270,984	  	 	 	1,290,811	  	 	 	1,290,811	  	 	 	1,290,811	  	 	 	1,359,297	  	 	 	1,171,415	  	 	 	1,171,415	  	 	 	13,851,875	  
	 OPERATING EXPENSES(CAM)
	  				 				 				 				 				 				 				 				 				 				 				 				 				 			
	 Administrative
	  				 	 	(23,563	) 	 	 	(23,563	) 	 	 	(23,563	) 	 	 	(23,563	) 	 	 	(23,563	) 	 	 	(23,563	) 	 	 	(23,563	) 	 	 	(23,563	) 	 	 	(23,563	) 	 	 	(23,563	) 	 	 	(21,489	) 	 	 	(21,489	) 	 	 	(278,603	) 
	 Administrative - Allowable Mgmt Fee
	  				 	 	(21,896	) 	 	 	(21,896	) 	 	 	(21,896	) 	 	 	(21,896	) 	 	 	(21,896	) 	 	 	(21,896	) 	 	 	(24,886	) 	 	 	(24,886	) 	 	 	(24,886	) 	 	 	(24,886	) 	 	 	(20,024	) 	 	 	(22,085	) 	 	 	(273,029	) 
	 Cleaning/Refuse
	  				 	 	(29,738	) 	 	 	(29,738	) 	 	 	(29,738	) 	 	 	(29,738	) 	 	 	(29,738	) 	 	 	(29,738	) 	 	 	(29,738	) 	 	 	(29,738	) 	 	 	(29,738	) 	 	 	(29,738	) 	 	 	(27,121	) 	 	 	(27,121	) 	 	 	(351,621	) 
	 Electricity
	  				 	 	(13,271	) 	 	 	(13,271	) 	 	 	(13,271	) 	 	 	(13,271	) 	 	 	(13,271	) 	 	 	(13,271	) 	 	 	(13,271	) 	 	 	(13,271	) 	 	 	(13,271	) 	 	 	(13,271	) 	 	 	(12,103	) 	 	 	(12,103	) 	 	 	(156,913	) 
	 Elevators
	  				 	 	(300	) 	 	 	(300	) 	 	 	(300	) 	 	 	(300	) 	 	 	(300	) 	 	 	(300	) 	 	 	(300	) 	 	 	(300	) 	 	 	(300	) 	 	 	(300	) 	 	 	(300	) 	 	 	(1,138	) 	 	 	(4,438	) 
	 Escalators
	  				 	 	(292	) 	 	 	(292	) 	 	 	(292	) 	 	 	(292	) 	 	 	(292	) 	 	 	(292	) 	 	 	(292	) 	 	 	(292	) 	 	 	(292	) 	 	 	(292	) 	 	 	(292	) 	 	 	(1,467	) 	 	 	(4,679	) 
	 HVAC - R&M
	  				 	 	(781	) 	 	 	(781	) 	 	 	(781	) 	 	 	(781	) 	 	 	(781	) 	 	 	(781	) 	 	 	(781	) 	 	 	(781	) 	 	 	(781	) 	 	 	(781	) 	 	 	(712	) 	 	 	(1,430	) 	 	 	(9,952	) 
	 Landscaping
	  				 	 	(1,250	) 	 	 	(1,250	) 	 	 	(1,250	) 	 	 	(1,250	) 	 	 	(1,250	) 	 	 	(1,250	) 	 	 	(1,250	) 	 	 	(1,250	) 	 	 	(1,250	) 	 	 	(1,250	) 	 	 	(1,140	) 	 	 	(11,115	) 	 	 	(24,755	) 
	 Life Safety
	  				 	 	(602	) 	 	 	(602	) 	 	 	(602	) 	 	 	(602	) 	 	 	(602	) 	 	 	(602	) 	 	 	(602	) 	 	 	(602	) 	 	 	(602	) 	 	 	(602	) 	 	 	(549	) 	 	 	(549	) 	 	 	(7,113	) 
	 Pest Control
	  				 	 	(1,094	) 	 	 	(1,094	) 	 	 	(1,094	) 	 	 	(1,094	) 	 	 	(1,094	) 	 	 	(1,094	) 	 	 	(1,094	) 	 	 	(1,094	) 	 	 	(1,094	) 	 	 	(1,094	) 	 	 	(998	) 	 	 	(998	) 	 	 	(12,934	) 
	 Refuse
	  				 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 Repairs and Maintenance
	  				 	 	(3,069	) 	 	 	(3,069	) 	 	 	(3,069	) 	 	 	(3,069	) 	 	 	(3,069	) 	 	 	(3,069	) 	 	 	(3,069	) 	 	 	(3,069	) 	 	 	(3,069	) 	 	 	(3,069	) 	 	 	(2,799	) 	 	 	(2,799	) 	 	 	(36,290	) 
	 Security
	  				 	 	(25,522	) 	 	 	(25,522	) 	 	 	(25,522	) 	 	 	(25,522	) 	 	 	(25,522	) 	 	 	(25,522	) 	 	 	(25,522	) 	 	 	(25,522	) 	 	 	(25,522	) 	 	 	(25,522	) 	 	 	(23,276	) 	 	 	(23,276	) 	 	 	(301,772	) 
	 Water/Sewer
	  				 	 	(1,261	) 	 	 	(1,261	) 	 	 	(1,261	) 	 	 	(1,261	) 	 	 	(1,261	) 	 	 	(1,261	) 	 	 	(1,261	) 	 	 	(1,261	) 	 	 	(1,261	) 	 	 	(1,261	) 	 	 	(1,150	) 	 	 	(1,150	) 	 	 	(14,908	) 
	 Insurance
	  				 	 	(17,745	) 	 	 	(17,745	) 	 	 	(17,745	) 	 	 	(17,745	) 	 	 	(17,745	) 	 	 	(17,745	) 	 	 	(17,745	) 	 	 	(17,745	) 	 	 	(17,745	) 	 	 	(17,745	) 	 	 	(16,184	) 	 	 	(16,184	) 	 	 	(209,821	) 
		  				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total CAM
	  				 	 	(140,383	) 	 	 	(140,383	) 	 	 	(140,383	) 	 	 	(140,383	) 	 	 	(140,383	) 	 	 	(140,383	) 	 	 	(143,373	) 	 	 	(143,373	) 	 	 	(143,373	) 	 	 	(143,373	) 	 	 	(128,136	) 	 	 	(142,903	) 	 	 	(1,686,830	) 
	 Real Property Taxes
	  				 	 	(27,489	) 	 	 	(27,489	) 	 	 	(27,489	) 	 	 	(27,489	) 	 	 	(27,489	) 	 	 	(27,489	) 	 	 	(47,420	) 	 	 	(47,420	) 	 	 	(47,420	) 	 	 	(47,420	) 	 	 	(46,220	) 	 	 	(46,220	) 	 	 	(447,054	) 
	 OTHER OPERATING EXPENSES
	  				 				 				 				 				 				 				 				 				 				 				 				 				 			
	 Parting Expense
	  				 	 	(79,102	) 	 	 	(87,263	) 	 	 	(100,865	) 	 	 	(100,880	) 	 	 	(100,880	) 	 	 	(100,880	) 	 	 	(102,322	) 	 	 	(102,322	) 	 	 	(102,322	) 	 	 	(102,322	) 	 	 	(102,322	) 	 	 	(102,322	) 	 	 	(1,183,800	) 
	 General Excise Tax
	  	 	4.500	% 	 	 	(28,527	) 	 	 	(40,484	) 	 	 	(48,023	) 	 	 	(51,057	) 	 	 	(57,194	) 	 	 	(57,194	) 	 	 	(58,087	) 	 	 	(58,087	) 	 	 	(58,087	) 	 	 	(61,168	) 	 	 	(52,714	) 	 	 	(52,713	) 	 	 	(623,334	) 
	 First Hawaiian Bank Rent
	  				 	 	(49,354	) 	 	 	(49,354	) 	 	 	(49,354	) 	 	 	(49,354	) 	 	 	(49,354	) 	 	 	(49,354	) 	 	 	(49,354	) 	 	 	(49,354	) 	 	 	(49,354	) 	 	 	(49,354	) 	 	 	—  	  	 	 	—  	  	 	 	(493,539	) 
	 Unrecoverable Landlord Expense
	  				 	 	1,372	  	 	 	(6,222	) 	 	 	(11,121	) 	 	 	(13,174	) 	 	 	(17,665	) 	 	 	(17,665	) 	 	 	(14,780	) 	 	 	(14,780	) 	 	 	(14,780	) 	 	 	(17,205	) 	 	 	(15,773	) 	 	 	(13,894	) 	 	 	(155,688	) 
		  				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Other Operating Expenses
	  				 	 	(155,611	) 	 	 	(183,324	) 	 	 	(209,363	) 	 	 	(214,465	) 	 	 	(225,093	) 	 	 	(225,093	) 	 	 	(224,543	) 	 	 	(224,543	) 	 	 	(224,543	) 	 	 	(230,049	) 	 	 	(170,809	) 	 	 	(168,929	) 	 	 	(2,456,362	) 
		  				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 TOTAL OPERATING EXPENSES
	  				 	 	(323,483	) 	 	 	(351,196	) 	 	 	(377,235	) 	 	 	(382,337	) 	 	 	(392,965	) 	 	 	(392,965	) 	 	 	(415,336	) 	 	 	(415,336	) 	 	 	(415,336	) 	 	 	(420,842	) 	 	 	(345,165	) 	 	 	(358,052	) 	 	 	(4,590,246	) 
		  				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 NET OPERATING INCOME
	  				 	 	310,441	  	 	 	548,448	  	 	 	689,935	  	 	 	752,272	  	 	 	878,019	  	 	 	878,019	  	 	 	875,476	  	 	 	875,476	  	 	 	875,476	  	 	 	938,455	  	 	 	826,251	  	 	 	813,363	  	 	 	9,261,629	  
		  				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

  

	Note:	The above does not include promotions fund charges and related expenses, refuse charges and related expense and utility charges and related expense. All of these costs
are expected to be reimbursed by tenants except for vacancy loss. In addition, straightline rent pending. 

  

	*	Refuse charges will be billed back to tenants separately from the CAM estimate as refuse will be based on tenant usage. 

  
 EXHIBIT C

 Requirements of Loan Documents 
 All references to “Borrower” shall mean and refer to Owner, as defined in this Management Agreement. All capitalized terms used herein which are not otherwise defined shall have the meanings
ascribed to them in the Loan Documents. 
 1. Regularly scheduled debt service payments or payments required under Loan
Documents: 
 (a) Principal Loan Amount: The principal sum of the Loan, which is $130,310,000 and all
interest thereon shall be due and payable on July 1, 2017 (the “Maturity Date”). 
 (b) Monthly Payment: A Monthly Payment equal to the amount of interest which has accrued during the preceding Interest Accrual Period (i.e. the period beginning on the first day of each calendar
month during the term hereof and ending on (but including) the last day of such calendar month) computed at 5.387% per annum (the “Applicable Interest Rate”) on the first day of each calendar month (“Monthly Payment
Date”) up to and including the first day of February, 2017, with each Monthly Payment to be applied to the payment of interest which has accrued during the preceding Interest Accrual Period. 

(c) Escrow Fund: In addition to any initial deposits to the Escrow Fund, except as provided below, Borrower shall
pay to Lender on the first day of each calendar month (a) one twelfth of an amount which would be sufficient to pay the Taxes payable, or reasonably estimated by Lender to be payable, during the next ensuing twelve (12) months and
(b) one twelfth of an amount which would be sufficient to pay the Insurance Premiums due for the renewal of the coverage afforded by the Policies upon the expiration thereof. Notwithstanding the foregoing, Borrower shall not be required to make
deposits to the Escrow Fund for Insurance Premiums, pursuant to the Loan Documents so long as (i) no Event of Default occurs and is continuing thereunder, (ii) Borrower pays all Insurance Premiums by no later than ten Business Days prior
to the delinquency thereof, and (iii) Borrower provides Lender paid receipts for the payment of the Insurance Premiums by no later than one Business Day prior to the delinquency thereof. 

(d) Replacement Reserve: On each Monthly Payment Date, Borrower shall deposit with Lender into an Eligible Account
held by Lender or any Servicer appointed by Lender (such account, the “Replacement Reserve”) an amount equal to $776.75, which monies shall be used for replacements and alterations to the Property required to be
capitalized according to GAAP (individually or collectively (as the context requires) the “Capital Expenditures”) approved by Lender. 

(e) Deposits to Leasing Reserve. Borrower has deposited into an Eligible Account held by Lender or any Servicer
appointed by Lender (the “Leasing Reserve”) an amount equal to $635,133 (the “Initial Leasing Reserve”). In addition, on each Monthly Payment Date, Borrower shall deposit the sum of
$7,767.50 into the Leasing Reserve (each such amount, collectively, the “Ongoing Leasing Reserve”); provided, that, Borrower shall have no further 

 
obligation to make the foregoing monthly deposits to the extent that, as of any applicable Monthly Payment Date, amounts on deposit in the Leasing Reserve (exclusive of any amounts representing
the Initial Leasing Reserve) equal or exceed $50,000. 
 2. Borrower’s accounting and reporting requirements set forth in
the Loan Documents: 
 (a) Insurance: Borrower shall pay the Insurance Premiums as the same become due and
payable and shall furnish to Lender evidence of the renewal of each of the new Policies with receipts for the payment of the Insurance Premiums or other evidence of such payment reasonably satisfactory to Lender at least 20 days prior to the
expiration of any apparently expiring Policy. 
 (b) Taxes: Borrower will deliver to Lender, promptly upon
Lender’s written request, evidence satisfactory to Lender that the Taxes, Other Charges and utility service charges have been so paid or are not then delinquent. 

(c) Changes: Borrower agrees to notify Lender immediately of any changes to the amounts, schedules and instructions
for payment of any Taxes and Insurance Premiums of which it has obtained knowledge. 
 (d) Books and
Records: 
 (i) Borrower shall keep adequate books and records of account in accordance with Borrower’s
current methods (which such methods are tax basis accounting) or such other comprehensive basis of accounting as may be acceptable to Lender in its reasonable discretion, in each case consistently applied (each or any of the foregoing, the
“Approved Accounting Method”) and furnish to Lender: 
 (1) prior to Securitization, monthly
(but in no event for a period of more than two years from the date hereof) and, thereafter, quarterly, rent rolls signed, dated and certified by Borrower (or an officer, general partner or principal of Borrower if Borrower is not an individual) to
be true and complete to the best knowledge of such person, detailing the names of all tenants of the Improvements, the portion of Improvements occupied by each tenant, the base rent and any other charges payable under each Lease and the term of each
Lease, including the expiration date, and any other information as is reasonably required by Lender, within 30 days after the end of each calendar month or quarter (as applicable); 

(2) prior to Securitization, monthly (but in no event for a period of more than two years from the date hereof) and,
thereafter, quarterly, operating statements of the Property certified by Borrower (or an officer, general partner or principal of Borrower if Borrower is not an individual) to be true and complete to the best knowledge of such person, detailing the
total revenues received, total expenses incurred, total capital expenditures (including, but not limited to, all capital improvements (including, but not limited to, tenant improvements)), leasing commissions and other leasing costs, total debt
service and total cash flow, and if available, any quarterly operating statement prepared by an independent certified public accountant, within 30 days after the close of each calendar month or quarter (as applicable); and 

  
 2 

  
 (3) an
annual balance sheet and profit and loss statement of Borrower, prepared and certified by Borrower, and, if available, any financial statements prepared by an independent certified public accountant within 90 days after the close of each fiscal year
of Borrower. 
 (ii) Upon request from Lender, Borrower shall furnish to Lender: (1) an accounting of all
security deposits held in connection with any Lease of any part of the Property; and (2) an annual operating budget presented on a monthly basis consistent with the annual operating statement described above for the Property and all proposed
capital replacements and improvements. 
 (iii) Borrower shall furnish Lender with such other additional
financial or management information regarding Borrower and/or the Property as may, from time to time, be reasonably required by Lender. 
 (iv) If, at the time a Disclosure Document is being prepared for a Securitization, Lender expects that Borrower alone or Borrower and one or more affiliates of Borrower collectively, or the Property alone
or the Property and Related Properties (defined below) collectively, will be a Significant Obligor (defined below), Borrower shall furnish to Lender upon request (i) the selected financial data or, if applicable, net operating income, required
under Item 1112(b)(l) of Regulation AB, if Lender expects that the principal amount of the Loan together with any Related Loans (defined below) as of the cut-off date for such Securitization may, or if the principal amount of the Loan together
with any Related Loans as of the cut-off date for such Securitization and at any time during which the Loan and any Related Loans are included in a Securitization does, equal or exceed ten percent (10%) (but less than twenty percent
(20%)) of the aggregate principal amount of all mortgage loans included or expected to be included, as applicable, in the Securitization, or (ii) the financial statements required under Item 1112(b)(2) of Regulation AB, if Lender
expects that the principal amount of the Loan together with any Related Loans as of the cut-off date for such Securitization may, or if the principal amount of the Loan together with any Related Loans as of the cut-off date for such Securitization
and at any time during which the Loan and any Related Loans are included in a Securitization does, equal or exceed twenty percent (20%) of the aggregate principal amount of all mortgage loans included or expected to be included, as applicable,
in the Securitization. Such financial data or financial statements shall be furnished to Lender (A) within ten Business Days after notice from Lender in connection with the preparation of Disclosure Documents for the Securitization,
(B) not later than 30 days after the end of each fiscal quarter of Borrower and (C) not later than 75 days after the end of each fiscal year of Borrower; provided, however, that Borrower shall not be obligated to furnish financial data or
financial statements pursuant to clauses (B) or (C) of this sentence with respect to any period for which a filing pursuant to the Exchange Act in connection with or relating to the Securitization (an “Exchange Act Filing”)
is not required. If requested by Lender, Borrower shall furnish to Lender financial data and/or financial statements for any tenant of the Property if, in connection with a Securitization, Lender expects there to be, with respect to such tenant
or group of affiliated tenants, a concentration within all of the mortgage loans included or expected to be included, as applicable, in the Securitization such that such tenant or group of affiliated tenants would constitute a Significant Obligor.

  
 3 

  
 (v) All
financial data and financial statements provided by Borrower hereunder pursuant to Section 2(d)(iv) hereof shall be prepared in accordance with GAAP, and shall meet the requirements of Regulation AB and other applicable legal requirements. All
financial statements referred to in Section 2(d)(iv) above shall be audited by independent accountants of Borrower acceptable to Lender in accordance with Regulation AB and all other applicable legal requirements, shall be accompanied by the
manually executed report of the independent accountants thereon, which report shall meet the requirements of Regulation AB and all other applicable legal requirements, and shall be further accompanied by a manually executed written consent of the
independent accountants, in form and substance acceptable to Lender, to the inclusion of such financial statements in any Disclosure Document and any Exchange Act Filing and to the use of the name of such independent accountants and the reference to
such independent accountants as “experts” in any Disclosure Document and Exchange Act Filing, all of which shall be provided at the same time as the related financial statements are required to be provided. All financial data and financial
statements (audited or unaudited) provided by Borrower under Section 2(d)(iv) shall be accompanied by an executed certificate of a responsible officer of Borrower, which certification shall state that such financial statements meet the
requirements set forth in the first sentence of this Section Section 2(d)(v). 
 (vi) If requested by
Lender, Borrower shall provide Lender, promptly upon request, with any other or additional financial statements, or financial, statistical or operating information, as Lender shall determine to be required pursuant to Regulation AB or any amendment,
modification or replacement thereto or other legal requirements in connection with any Disclosure Document or any Exchange Act Filing or as shall otherwise be reasonably requested by Lender. 

(vii) In the event Lender determines, in connection with a Securitization, that the financial data and financial
statements required in order to comply with Regulation AB or any amendment, modification or replacement thereto or other legal requirements are other than as provided herein, then notwithstanding the provisions of this Section, Lender may request,
and Borrower shall promptly provide, such other financial data and financial statements as Lender determines to be necessary or appropriate for such compliance. 
 (viii) Any reports, statements or other information required to be delivered under this Agreement shall be delivered (i) in paper form, (ii) on a diskette, and (iii) if requested by Lender
and within the capabilities of Borrower’s data systems without change or modification thereto, in electronic form and prepared using a Microsoft Word for Windows or WordPerfect for Windows files (which files may be prepared using a spreadsheet
program and saved as word processing files). Borrower agrees that Lender may disclose information regarding the Property and Borrower that is provided to Lender pursuant to this Section in connection with the Securitization to such parties
requesting such information in connection with such Securitization. 
 (ix) As used above, the following defined
terms have the following meanings: 
 (1) “Regulation AB” shall mean Regulation AB under the
Securities Act and the Exchange Act, as such Regulation may be amended from time to time. 

  
 4 

  
 (2)
“Related Loan” shall mean a loan to an affiliate of Borrower or secured by a Related Property, that is included in a Securitization with the Loan. 

(3) “Related Property” shall mean a parcel of real property, together with improvements thereon and
personal property related thereto, that is “related” within the meaning of the definition of Significant Obligor, to the Property. 
 (4) “Significant Obligor” shall have the meaning set forth in Item 1101(k) of Regulation AB under the Securities Act. 

(e) Assessment Reserve: Borrower shall provide evidence reasonably acceptable to Lender of its payment of all
Assessments prior to delinquency thereof (the “Assessment Payment Evidence”). Borrower shall immediately notify Lender of (a) any adjustments made to the amount of Assessments due under the Condominium Documents, or
(b) the imposition of any additional Assessments under the Condominium Documents. 
 (f) Lease
Termination Reserve: Borrower shall notify Lender in writing, within two Business Days following receipt thereof, of Borrower’s receipt of any early termination fee or payment or other termination fee or payment paid by any tenant under any
Lease (any such payment, a “Termination Payment”). 
 (g) Letter of Credit: If Borrower
is at any time a beneficiary under a letter of credit relating to the properties, rights, titles and interests referenced in Section 1.1 of Mortgage, Assignment of Leases and Rents, Security Agreement, Financing Statement and Fixture Filing
(“Security Agreement”) now or hereafter issued in favor of Borrower, Borrower shall promptly notify Lender thereof. 
 (h) Parking Management Agreement: Borrower shall promptly notify Lender of any default under the Parking Management Agreement of which it is aware. 

(i) Hazardous Substances: Borrower shall immediately notify Lender in writing of (A) any presence or Releases
or threatened Releases of Hazardous Substances in, on, under, from or migrating towards the Property; (B) any non compliance with any Environmental Laws related in any way to the Property; (C) any actual or potential Environmental Lien;
(D) any required or proposed Remediation of environmental conditions relating to the Property; and (E) any written or oral notice or other communication which Borrower becomes aware from any source whatsoever (including but not limited to
a governmental entity) relating in any way to Hazardous Substances or Remediation thereof affecting the Property, possible liability of any person or entity pursuant to any Environmental Law, other environmental conditions in connection with the
Property, or any actual or potential administrative or judicial proceedings in connection with he foregoing. 
 3. Rights of
Lender under the Loan Documents with regard to insurance and terms and conditions in the event of casualty, as set forth in Exhibits C-1 and C-3 attached hereto and made a part hereof. 

  
 5 

  
 4. Rights of Lender
under the Loan Documents with regard to condemnation, as set forth in Exhibits C-2 and C-3 attached hereto and made a part hereof. 
 5. Limitations in Loan Documents regarding the assignment or other disposition or transfer (by operation of law or otherwise) by Manager or Borrower of all or any portion of this Agreement to an Affiliate
of such assigning party. 
 (a) Borrower shall not, without the prior written consent of Lender (which consent
shall not be unreasonably withheld, conditioned or delayed): surrender, terminate or cancel the Management Agreement or otherwise replace Manager or enter into any other management agreement with respect to the Property (provided, that, the
foregoing shall not be deemed to prohibit Manager from sub-contracting some of its responsibilities under the Management Agreement provided that Manager retains responsibility and control of all material management decisions). 

6. Cash Management Agreement and Restricted Account Agreement Requirements, including bank account information into which all Property
Revenues shall be deposited: 
 (a) Cash Management Agreement 

(i) Establishment of the Accounts. 

(1) Borrower has, simultaneously herewith or prior hereto, established an account (the “Restricted
Account”) pursuant to the Restricted Account Agreement into which Borrower shall deposit, or cause to be deposited, all Rents and other revenue from the Property. Borrower shall be entitled to the disbursement, on a daily basis, of all
funds on deposit in the Restricted Account except during any Cash Management Period, during which the provisions of paragraph (1), below shall control. 
 (2) Upon or prior to the occurrence of a Cash Management Period, Lender and Agent shall, on behalf of Borrower, establish an Eligible Account with Agent (the “Cash Management Account”).
Upon the occurrence of a Cash Management Period and continuing until a Cash Management Period Termination Event, Lender may instruct Bank to cause all sums deposited in the Restricted Account to be deposited each Business Day into the Cash
Management Account pursuant to the Restricted Account Agreement. The following subaccounts (each a “Subaccount”) of the Cash Management Account shall be maintained on a ledger-entry basis: 

(a) Subaccount for Taxes and Insurance Premiums to be deposited into the Escrow Fund pursuant to Article 3 of the
Security Instrument, to the extent applicable (the “Tax and Insurance Escrow Subaccount”). 

(b) A Subaccount for amounts to be deposited into the Replacement Reserve (as defined in the Reserve Agreement) pursuant
to the Reserve Agreement, to the extent applicable (the “Replacement Reserve Subaccount”); 

  
 6 

  
 (c) A
Subaccount for amounts to be deposited into the Leasing Reserve (as defined in the Reserve Agreement) pursuant to the Reserve Agreement, to the extent applicable (the “Leasing Reserve Subaccount”); 

(d) A Subaccount for debt service payments to be paid to Lender (the “Debt Service Subaccount”).

 (e) A Subaccount for amounts to be deposited in accordance with Section 3.3(f) of the Cash Management
Agreement, to the extent applicable (the “Borrower Subaccount”). 
 (b) Restricted Account
Agreement Requirements 
 (i) Establishment of the Account. Borrower and Bank acknowledge and confirm that
Borrower has established with Bank an account with account number 0004-502477. 
 (ii) Account Name and
Characteristics. The Restricted Account shall be in the name of Borrower for the sole and exclusive benefit of Lender or for the benefit of such other person or entity as Lender may direct in writing. Borrower and Bank shall maintain the
Restricted Account as an Eligible Account. The Restricted Account shall be assigned the federal tax identification number of Borrower, which number is 20-8341562. 
 7. All amounts owing by Borrower under the Loan Documents (including debt service, impounds, and reserves) and time for payment out of Property Revenues or, if such Property Revenues are insufficient out
of funds provided by Borrower: 
 (a) Principal Loan Amount: The principal sum of $130,310,000 with an
Applicable Interest Rate of 5.387% per annum, upon the Maturity Date. 
 (b) Escrow Fund: Payments
pursuant to Section 1(c) above. 
 (c) Assessment, Reserve: To the extent that Lender is not in receipt of
the Assessment Payment Evidence, Lender may, at Lender’s option, require Borrower for the remainder of the Loan to deposit into an Eligible Account held by Lender or any Servicer appointed by Lender (the “Assessment Reserve”) a
monthly amount sufficient to pay the Assessments when due. 
 (d) Replacement Reserve: Payments pursuant
to Section l(d) above. 
 (e) Lease Termination Reserve: Borrower shall promptly deposit each Lease
Termination Payment into an Eligible Account held by Lender or any Servicer appointed by Lender (such account, the “Lease Termination Reserve”). 

(f) Deposits to Leasing Reserve. Payments pursuant to Section 1(e) above. 

  
 7 

  
 EXHIBIT
C-1 
 Loan Document Requirements Re: Insurance and Casualty 

All references to “Borrower” shall mean and refer to Owner, as defined in this Management Agreement. 

(a) Borrower, at its sole cost and expense, for the mutual benefit of Borrower and Lender, shall obtain and maintain, or cause to be
maintained, during the entire term of this Security Instrument policies of insurance for Borrower and the Property providing at least the following coverages: 
 (i) comprehensive all risk insurance (“Special Form”) including, but not limited to, loss caused by any type of windstorm or hail on the Improvements and the Personal Property,
(A) in an amount equal to one hundred percent (100%) of the “Full Replacement Cost,” which for purposes of this Security Instrument shall mean actual replacement value (exclusive of costs of excavations, foundations, underground
utilities and footings) with a waiver of depreciation, but the amount shall in no event be less than the outstanding principal balance of the Loan; (B) containing an agreed amount endorsement with respect to the Improvements and Personal
Property waiving all co-insurance provisions or to be written on a no co-insurance form; (C) providing for no deductible in excess of Fifty Thousand and No/100 Dollars ($50,000.00) for all such insurance coverage and (D) if any of the
Improvements or the use of the Property shall at any time constitute legal non-conforming structures or uses, coverage for loss due to operation of law in an amount equal to the Full Replacement Cost, coverage for demolition costs and coverage for
increased costs of construction. In addition, Borrower shall obtain: (y) if any portion of the Improvements is currently or at any time in the future located in a federally designated “special flood hazard area,” flood hazard
insurance in an amount equal to (A) the lesser of (1) the outstanding principal balance of the Note or (2) the maximum amount of such insurance available under the National Flood Insurance Act of 1968, the Flood Disaster Protection
Act of 1973 or the National Flood Insurance Reform Act of 1994, as each may be amended or such lesser amount as Lender shall require plus (B) excess flood insurance in an amount equal to the building value of the first floor of the Improvements
plus three (3) months worth of the coverage set forth in subsection (ii) hereof; and (z) earthquake insurance in amounts and in form and substance reasonably satisfactory to Lender in the event the Property is located in an area with
a high degree of seismic activity, provided that the insurance required to be maintained pursuant to clauses (y) and (z) above shall be on terms consistent with the Special Form policy required pursuant to this subsection (i).
Notwithstanding anything to the contrary in this Security Instrument, the insurance coverage described in the foregoing subparagraphs (y) and (z) shall be required (1) as of the date hereof only if determined to be necessary by Lender
based upon its reasonable evaluation of third party reports, and (2) at any time hereafter in the event subsequent third party reports indicate a change in the condition of or circumstances surrounding the Property; 

(ii) rental loss insurance (A) with loss payable to Lender; (B) covering all risks required to be covered by the
insurance provided for in subsection (i) above; (C) in an annual aggregate amount equal to 100% of all rents or estimated gross revenues from the operation of 

 
the Property (as reduced to reflect actual vacancies and expenses not incurred during a period of Restoration) and covering rental losses for a period of at least eighteen (18) months after
the date of the casualty and notwithstanding that the Policy may expire prior to the end of such period and (D) containing an extended period of indemnity endorsement which provides that after physical loss to the Improvements and the Personal
Property has been repaired, the continued loss of income will be insured until such income returns to the same level it was prior to the loss, or the expiration of six (6) months from the date of completion of the Restoration, whichever first
occurs and notwithstanding that the policy may expire prior to the end of such period. The amount of such rental loss insurance shall be determined prior to the date hereof and at least once each year thereafter based on Borrower’s reasonable
estimate of the gross income from the Property for the succeeding eighteen (18) month period and a five percent (5%) vacancy factor. Provided no Event of Default has occurred and is continuing, all proceeds payable to Lender pursuant to
this subsection (the “Rent Loss Proceeds”) shall (i) to the extent such proceeds are not paid in a lump sum in advance, be disbursed by Lender (A) to Borrower provided a Cash Management Period (as defined in
the Cash Management Agreement) does not exist or (B) to the extent a Cash Management Period exists, into the Cash Management Account (as defined in the Cash Management Agreement) to be further disbursed in accordance with the applicable terms
and conditions of the Cash Management Agreement or (ii) in the event such Rent Loss Proceeds are paid in a lump sum in advance, be held by Lender in a segregated interest-bearing escrow account and Lender shall estimate the number of months
required for Borrower to restore the damage caused by the applicable casualty, shall divide the applicable aggregate Rent Loss Proceeds by such number of months and shall, provided no Event of Default has occurred and is continuing, disburse such
monthly installment of Rent Loss Proceeds from such escrow account to (A) if a Cash Management Period then exists, the Cash Management Account to be further disbursed in accordance with the applicable terms and conditions of the Cash Management
Agreement or (B) if a Cash Management Period does not then exist, Borrower each month during the performance of such Restoration. During the continuance of an Event of Default, all Rent Loss Proceeds shall be held by Lender in the Cash
Management Account and may be applied by Lender in the same manner as Rents held therein pursuant to the terms thereof and of the other Loan Documents. Nothing herein contained shall be deemed to relieve Borrower of its obligations to pay the
obligations secured by the Loan Documents on the respective dates of payment provided for in the Note and the other Loan Documents except to the extent such amounts are actually paid out of the proceeds of such Rent Loss Proceeds; 

(iii) at all times during which structural construction, repairs or alterations are being made with respect to the
Improvements, and only if the Property coverage form referenced in subsection (i), above, does not otherwise apply, (A) owner’s contingent or protective liability insurance, otherwise known as Owner Contractor’s Protective Liability,
covering claims not covered by or under the terms or provisions of the commercial general liability insurance policy in (v) below; and (B) the insurance provided for in subsection (i) above written in a so-called builder’s risk
completed value form (1) on a non-reporting basis, (2) against all risks insured against pursuant to subsection (i) above, (3) including permission to occupy the Property, and (4) with an agreed amount endorsement waiving
co-insurance provisions; 
 (iv) comprehensive boiler and machinery insurance, if steam boilers or other
pressure-fixed vessels are in operation, in amounts as shall be reasonably required by Lender on 

  
 2 

 
terms consistent with the commercial property insurance policy required under subsection (i) above; 
 (v) commercial general liability insurance against claims for personal injury, bodily injury, death or property damage occurring upon, in or about the Property, such insurance (A) to be on the
so-called “occurrence” form with a combined limit of not less than Two Million and No/100 Dollars ($2,000,000.00) in the aggregate and One Million and No/100 Dollars ($1,000,000.00) per occurrence; (B) to continue at not less than the
aforesaid limit until reasonably required to be changed by Lender as provided in subsection 3.3(b) below; and (C) to cover at least the following hazards: (1) premises and operations; (2) products and completed operations on an
“if any” basis; (3) independent contractors; (4) blanket contractual liability and (5) contractual liability covering the indemnities contained in Section 13.1 to the extent the same is available; 

(vi) automobile liability coverage for all owned and non-owned vehicles, if any, used by Borrower in the operation of the
Property, including rented and leased vehicles containing minimum limits per occurrence of One Million and No/100 Dollars ($1,000,000.00); 
 (vii) umbrella liability insurance in an amount not less than Thirty Million and No/100 Dollars ($30,000,000.00) per occurrence on terms consistent with the commercial general liability insurance policy
required under subsection (ii) above, including, but not limited to, supplemental coverage for workers’ compensation and automobile liability, which umbrella liability coverage shall apply in excess of the automobile liability coverage in
clause (vi) above; 
 (viii) so-called “dramshop” insurance, if applicable, or other liability
insurance required in connection with the sale of alcoholic beverages; and 
 (ix) workers’ compensation,
subject to the statutory limits of the state in which the Property is located, and employer’s liability insurance with a limit of at least $1,000,000 per accident and per disease per employee, and $1,000,000 for disease aggregate in respect of
any work or operations on or about the Property, or in connection with the Property or its operation (if applicable); 
 (x) (A) such insurance as may be required pursuant to the terms of the Property Documents and (B) upon sixty (60) days’ written notice, such other reasonable insurance (such as
sinkhole or land subsidence insurance) in such reasonable amounts as Lender from time to time may reasonably request against such other insurable hazards which at the time are commonly insured against for property similar to the Property located in
or around the region in which the Property is located. 
 (b) All insurance provided for in Section 3.3(a) shall be
obtained under valid and enforceable policies (collectively, the “Policies” or in the singular, the “Policy”), and (i) shall be issued by financially sound and responsible insurance
companies reasonably approved by Lender, and authorized or licensed to do business in the state where the Property is located, with (A) general policy ratings of A or better and financial classes of X or better by A.M. Best Company, Inc. and
(B) either (i) such insurance companies having claims paying ability/financial strength 

  
 3 

 
ratings of “A” (or its equivalent) or better by the Rating Agencies or (ii) to the extent that the Policies are issued by a syndicate of not less than five (5) insurance
companies each otherwise meeting the requirements set forth herein, sixty percent (60%) of such insurance companies having a claims paying ability/financial strength rating of “A” (or its equivalent) or better by the Rating Agencies
(with the first layers of the coverages required hereunder provided by such insurance companies) and the remaining forty percent (40%) of such insurance companies having a claims paying ability/Financial strength rating of “BBB” (or
its equivalent) or better by the Rating Agencies; (ii) shall name Borrower as the insured and Lender as an additional insured, as its interests may appear; (iii) in the case of property damage, boiler and machinery and, if required
pursuant to the provisions hereof, flood and earthquake insurance, shall contain a so called New York Non Contributory Standard Mortgagee Clause and (other than those strictly limited to liability protection) a Lender’s Loss Payable Endorsement
(Form 438 BFU NS), or their equivalents, naming Lender as the person to which all payments made by such insurance company shall be paid; (iv) shall contain a waiver of subrogation against Lender; (v) shall be maintained throughout the term
of this Security Instrument without cost to Lender; (vi) shall be assigned and, if requested in writing by Lender, the originals (or duplicate originals certified to be true and correct by the applicable insurer or its agent) delivered to
Lender; and (vii) shall contain such provisions, consistent with the provisions hereof, as Lender deems reasonably necessary or desirable to protect its interest including, without limitation, endorsements or clauses providing that
(I) neither Borrower, Lender nor any other party shall be a co insurer under said Policies, (II) that Lender shall receive at least ten (10) days prior written notice of any modification, reduction or cancellation of any Policy, (III) no
act or negligence of Borrower, or anyone acting for Borrower, or of any tenant or other occupant, or failure to comply with the provisions of any Policy, which might otherwise result in a forfeiture of the insurance or any part thereof, shall in any
way affect the validity or enforceability of the insurance insofar as Lender is concerned, (IV) Lender shall not be liable for any Insurance Premiums (defined below) thereon or subject to any assessments thereunder, and (V) such Policies do not
exclude coverage for acts of terror or similar acts of sabotage. Any blanket Policy shall specifically allocate to the Property the amount of coverage from time to time required hereunder and shall otherwise provide the same protection as would a
separate Policy insuring only the Property in compliance with the provisions of Section 3.3(a). Borrower shall pay the premiums for such Policies (the “Insurance Premiums”) as the same become due and payable and shall furnish
to Lender evidence of the renewal of each of the new Policies with receipts for the payment of the Insurance Premiums or other evidence of such payment reasonably satisfactory to Lender (provided that such Insurance Premiums have not been paid to
Lender or Lender’s servicing agent pursuant to Section 3.5 hereof). If Borrower does not furnish such evidence and receipts at least twenty (20) days prior to the expiration of any apparently expiring Policy, then Lender may procure,
but shall not be obligated to procure, such insurance and pay the Insurance Premiums therefor, and Borrower agrees to reimburse Lender for the cost of such Insurance Premiums promptly on demand. Within thirty (30) days after request by Lender,
Borrower shall obtain such increases in the amounts of coverage required hereunder as may be reasonably requested by Lender, taking into consideration changes in the value of money over time, changes in liability laws, changes in prudent customs and
practices, and the like; provided, however, such increased coverages shall not be requested more frequently than once every three years, and shall only be requested if such coverage is commercially available at commercially reasonable rates and such
rates are consistent 

  
 4 

 
with those paid in respect of comparable properties in comparable locations, and Lender also reasonably determines that either (I) prudent owners of real estate comparable to the Property
are maintaining same or (II) prudent institutional lenders (including, without limitation, investment banks) to such owners are generally requiring that such owners maintain such insurance. 

(c) If the Property shall be damaged or destroyed, in whole or in part, by fire or other casualty, Borrower shall give prompt notice of
such damage to Lender and shall promptly commence and diligently prosecute the completion of the repair and restoration of the Property as nearly as possible to the condition the Property was in immediately prior to such fire or other casualty, with
such alterations as may be approved by Lender (the “Restoration”) and otherwise in accordance with Section 4.4 of this Security Instrument. Borrower shall pay all costs of such Restoration whether or not such
costs are covered by insurance. In case of loss covered by Policies, Lender may either (1) settle and adjust any claim, or (2) allow Borrower to agree with the insurance company or companies on the amount to be paid upon the loss;
provided, that (A) provided no Event of Default shall have occurred and be continuing, Borrower may adjust losses aggregating not in excess of the Threshold Amount (defined below) if such adjustment is carried out in a competent
and timely manner and (B) if no Event of Default shall have occurred and be continuing, Lender shall not settle or adjust any such claim under clause (1), above, without the consent of Borrower, which consent shall not be unreasonably withheld
or delayed. In any case Lender shall and is hereby authorized to collect and receipt for any such insurance proceeds; and the reasonable expenses incurred by Lender in the adjustment and collection of insurance proceeds shall become part of the Debt
and be secured hereby and shall be reimbursed by Borrower to Lender upon demand. 
 FLOOD INSURANCE. After Lender’s request,
Borrower shall deliver evidence satisfactory to Lender that no portion of the Improvements is situated in a federally designated “special flood hazard area.” or, if any of the Improvements are located within any such area Borrower will
obtain and maintain the insurance required prescribed in Section 3.3 hereof, if required under the terms of that section. 

  
 5 

  
 EXHIBIT
C-2 
 Loan Document Requirements Re: Condemnation 

Borrower shall promptly give Lender notice of the actual or threatened commencement of any condemnation or eminent domain proceeding
affecting the Land and/or the Improvements and shall deliver to Lender copies of any and all papers served in connection with such proceedings. Lender is hereby irrevocably appointed as Borrower’s attorney in fact coupled with an interest, with
exclusive powers to collect, receive and apply to the Debt (or provide to Borrower to pay for Restoration) any award or payment for any taking accomplished through a condemnation or eminent domain proceeding and, at any time during which an Event of
Default has occurred and is continuing, to make any compromise or settlement in connection therewith. All condemnation awards or proceeds shall be either (a) paid to Lender for application against the Debt or (b) applied to Restoration of
the Property in accordance with Section 4.4 hereof. Notwithstanding any taking by any public or quasi public authority through eminent domain or otherwise (including but not limited to any transfer made in lieu of or in anticipation of the
exercise of such taking), Borrower shall continue to pay the Debt at the time and in the manner provided for its payment in the Note and in this Security Instrument and the Debt shall not be reduced until any award or payment therefor shall have
been actually received and applied by Lender, after the deduction of expenses of collection, to the reduction or discharge of the Debt. Lender shall not be limited to the interest paid on the award by the condemning authority but shall be entitled
to receive out of the award interest at the rate or rates provided herein or in the Note. Any award or payment to be applied to the reduction or discharge of the Debt or any portion thereof may be so applied whether or not the Debt or such portion
thereof is then due and payable. If the Property is sold, through foreclosure or otherwise, prior to the receipt by Lender of the award or payment, Lender shall have the right, whether or not a deficiency judgment on the Note shall have been or may
be sought, recovered or denied, to receive the award or payment, or a portion thereof sufficient to pay the unpaid portion of the Debt. 
 Notwithstanding anything contained in this Section 3.6 or this Security Instrument to the contrary, but subject to the provisions of Section 4.4, below, Lender may elect to (y) apply the
net proceeds of any condemnation award (after deduction of Lender’s reasonable costs and expenses, if any, in collecting the same) in reduction of the Debt in such order and manner as Lender may elect, whether due or not, or (z) make the
proceeds available to Borrower for the restoration or repair of the Property. Any implied covenant in this Security Instrument restricting the right of Lender to make such an election is waived by Borrower. In addition, Borrower hereby waives the
provisions of any law prohibiting Lender from making such an election. 

  
 EXHIBIT
C-3 
 RESTORATION AFTER CASUALTY/CONDEMNATION. 

In the event of a casualty or a taking by eminent domain, the following provisions shall apply in connection with the Restoration of the
Property: 
 (d) If the Net Proceeds (defined below) shall be less than the Threshold Amount (defined below) and the costs of
completing the Restoration shall be less than the Threshold Amount, the Net Proceeds will be disbursed by Lender to Borrower upon receipt, provided that all of the conditions set forth in Subsection 4.4(b)(i) are met and Borrower delivers to Lender
a written undertaking to expeditiously commence and to satisfactorily complete with due diligence the Restoration in accordance with the terms of this Security Instrument. As used herein, the term “Threshold Amount”
shall mean (i) for any period that the Sponsorship Condition (defined below) remains satisfied, an amount equal to seven percent (7%) of the original aggregate principal amount of the Loan and (ii) for any period that the
Sponsorship Condition is not satisfied, an amount equal to five percent (5%) of the original aggregate principal amount of the Loan. As used herein, the term “Sponsorship Condition” shall mean a condition which
shall be deemed satisfied so long as Sponsor owns a 51% direct and/or indirect interest in Borrower and Controls Borrower. 

(e) If the Net Proceeds are equal to or greater than the Threshold Amount or the costs of completing the Restoration is equal to or
greater than the Threshold Amount, Lender shall make the Net Proceeds available for the Restoration in accordance with the provisions of this Subsection 4.4(b); provided, that, with the exception of Section 4.4(b)(i), the following subsections
of this Section 4.4(b) shall not be deemed to apply to any Net Proceeds to be disbursed pursuant to Section 4.4(a) above. The term “Net Proceeds” for purposes of this Section 4.4 shall mean: (i) the
net amount of all insurance proceeds received by Lender pursuant to Subsection 3.3(a)(i), (iii), (iv) and (ix) of this Security Instrument as a result of such damage or destruction, after deduction of its reasonable costs and expenses
(including, but not limited to, reasonable counsel fees), if any, in collecting the same or (ii) the net amount of all awards and payments received by Lender with respect to a taking referenced in Section 3.6 of this Security Instrument,
after deduction of its reasonable costs and expenses (including, but not limited to, reasonable counsel fees), if any, in collecting the same, whichever the case may be. 

(i) The Net Proceeds shall be made available to Borrower for the Restoration provided that each of the following
conditions are met: (A) no Event of Default shall have occurred and be continuing under the Note, this Security Instrument or any of the other Loan Documents or an event which after the passage of time or the giving of notice would constitute
an Event of Default; (B) Borrower shall deliver or cause to be delivered to Lender a signed detailed budget approved in writing by Borrower’s architect or engineer stating the entire cost of completing the Restoration, reasonably
satisfactory to Lender; (C) the Net Proceeds together with any cash or cash equivalent deposited by Borrower with Lender are sufficient in Lender’s reasonable discretion to cover the cost of the Restoration; (D) Borrower shall deliver
to Lender, at its expense, the proceeds of the insurance described in Subsection 3.3(a)(ii) hereof (which such proceeds shall be held and disbursed in accordance with Subsection 3.3(a)(ii) hereof); (E)

 
Borrower shall commence the Restoration as soon as reasonably practicable and shall diligently pursue the same to satisfactory completion; (F) Lender shall be satisfied that any operating
deficits, including all scheduled payments of principal and interest under the Note at the Applicable Interest Rate (as defined in the Note), which will be incurred with respect to the Property as a result of the occurrence of any such fire or other
casualty or taking, whichever the case may be, will be covered out of (1) the Net Proceeds, (2) the insurance coverage referred to in Subsection 3.3(a)(ii), if applicable, or (3) by other funds of Borrower which are deposited with
Lender prior to the commencement of the Restoration; (G) Lender shall be satisfied that, upon the completion of the Restoration and following a rent-up period from the time such Restoration is complete through the date which is three
(3) months prior to the expiration of the rental loss insurance coverage maintained by Borrower pursuant to Section 3.3(a)(ii) above, the (1) fair market value of the Property, as reasonably determined by Lender, is equal to or
greater than the fair market value of the Property immediately prior to the casualty or condemnation, and (2) gross cash flow and the net cash flow of the Property will be restored to a level sufficient to cover all carrying costs and operating
expenses of the Property, including, without limitation, a Debt Service Coverage Ratio of at least 1.00 to 1,00; (H) Lender shall be reasonably satisfied that the Restoration will be completed on or before the earliest to occur of (1) six
(6) months prior to the Maturity Date (as defined in the Note), (2) one (1) year after the occurrence of such fire or other casualty or taking, whichever the case may be, or (3) such time as may be required under (I) the
Property Documents and (II) applicable zoning laws, ordinances, rules or regulations in order to repair and restore the Property to the condition it was in immediately prior to such fire or other casualty or to as nearly as possible the condition it
was in immediately prior to such taking, as applicable; (I) the Property and the use thereof after the Restoration will be in compliance with and permitted under (I) the Property Documents and (II) all applicable zoning laws, ordinances,
rules and regulations; (J) the Restoration shall be done and completed by Borrower in an expeditious and diligent fashion and in compliance with (I) the Property Documents and (II) all applicable governmental laws, rules and regulations
(including, without limitation, all applicable Environmental Laws (defined below)); (K) such fire or other casualty or taking, as applicable, does not result in a loss of access to the Property or the Improvements which will exist following
Restoration; (L) (1) in the event the Net Proceeds are insurance proceeds, less than thirty-five percent (35%) of each of (i) fair market value of the Property as reasonably determined by Lender, and (ii) rentable area of
the Property has been damaged, destroyed or rendered unusable as a result of a casualty or (2) in the event the Net Proceeds are condemnation proceeds, less than fifteen percent (15%) of each of (i) the fair market value of the
Property as reasonably determined by Lender and (ii) rentable area of the Property is taken and such land is located along the perimeter or periphery of the Property; (M) the Required Leases (defined below) shall remain in full force and
effect during and after the completion of the Restoration and (N) the Property Documents will remain in full force and effect during and after the Restoration and a Property Document Event shall not occur as a result of the applicable casualty,
condemnation and/or Restoration. Lender agrees to use due diligence and good faith efforts to process its determination of Borrower’s compliance with the requirements of this Paragraph 4.4(b)(i) as promptly as possible, recognizing the need for
a quick determination in order to avoid delay in Restoration of the Property. As used above, the term “Required Leases” shall mean Leases encumbering, in the aggregate, 65% of the rentable square footage at the
Property. 

  
 2 

  
 (ii)
The Net Proceeds shall be held by Lender, and until disbursed in accordance with the provisions of this Subsection 4.4(b), shall constitute additional security for the Obligations. The Net Proceeds shall be disbursed by Lender to, or as directed by,
Borrower on a monthly basis during the course of the Restoration, upon receipt of evidence reasonably satisfactory to Lender that (A) all materials installed and work and labor performed to date (except to the extent that they are to be paid
for out of the requested disbursement) in connection with the Restoration have been paid for in full, and (B) there exist no notices of pendency, stop orders, mechanic’s or materialmen’s liens or notices of intention to file same, or
any other liens or encumbrances of any nature whatsoever on the Property (other than items being disputed by Borrower in accordance with Borrower’s contest rights contained in Section 3.12 hereof) arising out of the Restoration which have
not either been fully bonded to the reasonable satisfaction of Lender and discharged of record or in the alternative fully insured to the reasonable satisfaction of Lender by the title company insuring the lien of this Security Instrument.

 (iii) All plans and specifications required in connection with the Restoration shall be subject to prior
reasonable review and acceptance in all respects by Lender and by an independent consulting engineer selected by Lender (the “Casualty Consultant”). Lender shall have the use of the plans and specifications and all
permits, licenses and approvals required or obtained in connection with the Restoration. The identity of the contractors, subcontractors and materialmen engaged in the Restoration, as well as the contracts under which they have been engaged, shall
be subject to prior reasonable review and acceptance by Lender and the Casualty Consultant. All reasonable costs and expenses incurred by Lender in connection with making the Net Proceeds available for the Restoration including, without limitation,
the Casualty Consultant’s fees, shall be paid by Borrower. Lender shall not require Borrower to pay attorney’s fees and expenses in connection therewith unless such process involves unusual circumstances that cannot reasonably be handled
by Lender (or its Servicer) in-house and which otherwise reasonably justify the need for counsel. 
 (iv) In no
event shall Lender be obligated to make disbursements of the Net Proceeds under this Subsection 4.4(b) in excess of an amount equal to the costs actually incurred from time to time for work in place as part of the Restoration, as certified by the
Casualty Consultant, minus the Casualty Retainage. The term “Casualty Retainage” as used in this Subsection 4.4(b) shall mean an amount equal to 10% of the costs actually incurred for work in place as part of the
Restoration, as certified by the Casualty Consultant, until such time as the Casualty Consultant certifies to Lender that 50% of the required Restoration has been completed. There shall be no Casualty Retainage with respect to costs actually
incurred by Borrower for work in place in completing the last 50% of the required Restoration. The Casualty Retainage shall in no event, and notwithstanding anything to the contrary set forth above in this Subsection 4.4(b), be less than the amount
actually held back by Borrower from contractors, subcontractors and materialmen engaged in the Restoration. The Casualty Retainage shall not be released until the Casualty Consultant certifies to Lender that the Restoration has been completed in
accordance with the provisions of this Subsection 4.4(b) and that all approvals necessary for the re occupancy and use of the Property have been obtained from all appropriate governmental and quasi governmental authorities, and Lender receives
evidence reasonably satisfactory to Lender that the costs of the Restoration have been paid in full or will be paid in full out of the Casualty Retainage, provided, however, that Lender will release the portion of the Casualty Retainage

  
 3 

 
being held with respect to any contractor, subcontractor or materialman engaged in the Restoration as of the date upon which the Casualty Consultant certifies to Lender that the contractor,
subcontractor or materialman has satisfactorily completed all work and has supplied all materials in accordance with the provisions of the contractor’s, subcontractor’s or materialman’s contract, and the contractor, subcontractor or
materialman delivers the lien waivers and evidence of payment in full of all sums due to the contractor, subcontractor or materialman as may be reasonably requested by Lender or by the title company insuring the lien of this Security Instrument. If
required by Lender, the release of any such portion of the Casualty Retainage shall be approved by the surety company, if any, which has issued a payment or performance bond with respect to the contractor, subcontractor or materialman. 

(v) Lender shall not be obligated to make disbursements of the Net Proceeds more frequently than once every calendar
month. 
 (vi) If at any time the Net Proceeds or the undisbursed balance thereof shall not, in the reasonable
opinion of Lender, be sufficient to pay in full the balance of the costs which are estimated by the Casualty Consultant to be incurred in connection with the completion of the Restoration, Borrower shall deposit the deficiency (the
“Net Proceeds Deficiency”) with Lender in an interest-bearing account before any further disbursement of the Net Proceeds shall be made. The Net Proceeds Deficiency deposited with Lender shall be held by Lender and
shall be disbursed for costs actually incurred in connection with the Restoration on the same conditions applicable to the disbursement of the Net Proceeds, and until so disbursed pursuant to this Subsection 4.4(b) shall constitute additional
security for the Obligations. 
 (vii) With respect to Restorations related to casualties, the excess, if any, of
the Net Proceeds, and the remaining balance, if any, of the Net Proceeds Deficiency deposited with Lender after the Casualty Consultant certifies to Lender that the Restoration has been completed in accordance with the provisions of this Subsection
4.4(b), and the receipt by Lender of evidence reasonably satisfactory to Lender that all costs incurred in connection with the Restoration have been paid in full, shall be remitted by Lender to Borrower, provided no Event of Default shall have
occurred and shall be continuing under the Note, this Security Instrument or any of the other Loan Documents. 
 (f) All Net
Proceeds not required (i) to be made available for the Restoration or (ii) to be returned to Borrower as excess Net Proceeds pursuant to Subsection 4.4(b)(vii) may, at Lender’s election, be retained and applied by Lender toward the
payment of the principal balance of the Debt whether or not then due and payable, either in whole or in part, or disbursed to Borrower. If Lender shall receive and retain Net Proceeds, as permitted above, the lien of this Security Instrument shall
be reduced only by the amount thereof received and retained by Lender and actually applied by Lender in reduction of the Debt. Notwithstanding the foregoing, if Lender does not make the Net Proceeds available for Restoration, Lender shall allow
Borrower to prepay the Debt in whole (but not in part) at par, without penalty or premium, provided, that, (A) such prepayment is made by Borrower by no later than the date which is sixty (60) days prior to the expiration of the rental
loss insurance coverage maintained by Borrower pursuant to Section 3.3(a)(ii) above, (B) no Event of Default is continuing and (C) if such prepayment is made on a date other than a Monthly Payment Date, Borrower pays Lender,
concurrently with such 

  
 4 

 
prepayment, a sum equal to the amount of interest which would have accrued on the Note if such prepayment had occurred on the next occurring Monthly Payment Date. 

  
 5Outrigger Hotels Hawaii Hotel Management Agreement

  
 Exhibit 10.41

 OUTRIGGER HOTELS HAWAII 
 HOTEL MANAGEMENT AGREEMENT 
 EMBASSY SUITESTM - WAIKIKI BEACH
WALKTM HOTEL 
 THIS AGREEMENT is made effective as of January 10, 2006 (the “Commencement
Date”), by and between EBW Hotel LLC, a Hawaii limited liability company (“EBW”), Waikele Venture Holdings, LLC, a Delaware limited liability company (“Waikele”),
Broadway 225 Sorrento Holdings, LLC, a Delaware limited liability company (“Sorrento”), and Broadway 225 Stonecrest Holdings, LLC, a Delaware limited liability company
(“Stonecrest”), as tenants-in-common (EBW, Waikele, Sorrento and Stonecrest being collectively called, “Owner”), and Outrigger Hotels Hawaii, a Hawaii limited partnership, doing
business as Outrigger Hotels & Resorts (“Operator”). 
 BACKGROUND 

The entities comprising Owner are the owners, as tenants-in-common pursuant to that certain Tenancy-In-Common Agreement dated of even date
herewith, of the hotel that is under construction in the Hotel Apartment of the condominium property regime known as “Beach Walk,” as more specifically described in the Declaration of Condominium Property
Regime, Bylaws, and Condominium Map (the “Condominium Documents”) for Beach Walk, which Hotel Apartment and Condominium Documents are more particularly described in Exhibit A attached hereto and made a part
hereof. Such Hotel Apartment, together with all improvements located or to be located therein or appurtenant thereto, and all entrances, exits, rights of ingress and egress, easements and appurtenances related thereto, including the front desk and
the non-exclusive license in favor of the Hotel Apartment to use the Parking Facility described in the Condominium Documents, are called the “Hotel.” Owner desires to delegate to Operator control and discretion, upon
the terms and conditions set forth in this Agreement, (a) in the development, constructing, furnishing, equipping and decorating of the Hotel, and (b) in the marketing, operation, and management of the Hotel, and Operator desires to assume
such control and discretion upon the terms and conditions set forth in this Agreement. 
 AGREEMENT 

NOW, THEREFORE, Owner and Operator hereby agree as follows: 
 ARTICLE 1 
 DEFINITIONS 

Definitions. As used in this Agreement the following terms and phrases are either defined below or defined where indicated. For
the purposes of interpreting this Agreement, terms appearing in initial capital letters shall have the meaning as defined herein. These same words appearing in lower case shall have their normal meaning in common parlance. 

  
 1.1
“Affiliate” means, when used with reference to a specified Person, (a) any Person that directly or indirectly controls or is controlled by or is under common control with the specified Person; (b) any Person
that directly or indirectly is the beneficial owner or possesses voting power of fifty percent (50%) or more (directly or indirectly) of any class of equity securities of the specified Person; or (c) any Person, of which the specified
Person is directly or indirectly the beneficial owner or possesses voting power of fifty percent (50%) or more of any class of equity securities. 
 1.2 “Agency Accounts” is defined in Section 6.1. 
 1.3 “Annual Capital Budget” is defined in Section 9.1. 
 1.4 “Annual Operating Budget” is defined in Section 9.1. 
 1.5 “Annual Budgets” means the Annual Capital Budget and the Annual Operating Budget. 
 1.6 “Annual Financial Statement” is defined in Section 9.2. 
 1.7 “Business Day” means any day other than Saturday, Sunday, any day that is a legal holiday in the State of California or Hawaii, or any other day on which banking
institutions in California or Hawaii are authorized to close. 
 1.8 “Chain Services” is defined
in Section 4.1. 
 1.9 “Commencement Date” is defined in the first paragraph of this
Agreement. 
 1.10 “Construction Budget” means the budget for the development and construction of
the Hotel setting forth all of the anticipated costs and expenses for development, design, construction and financing, as set forth in Exhibit D attached hereto and in that certain Waikiki Beach Walk Cash Flow: Hotel, dated June 27,
2005, both of which have been approved by Owner and Operator, and as may be amended from time to time, subject to Section 3.2.5. 
 1.11 “Construction Contract” means that certain Construction Contract dated May 3, 2005, by and between Outrigger Hotels Hawaii, as Owner, and Charles Pankow Builders,
Ltd., as contractor, as the same has been or may be amended from time to time. 
 1.12 “Construction
Loan” is defined in Section 3.1.1. 
 1.13 “Construction Plans” means
those certain plans and specifications listed in Waikiki Beach Walk Hotel – Guestroom Renovations dated April 18, 2005, and Addendum #1 dated April 28, 2005, pursuant to which the improvements of the Hotel are being constructed.

 1.14 “Construction Schedule” means those certain Embassy Suites Construction Schedules dated
October 5, 2005 and October 10, 2005. 
 1.15 “Expiration Date” is defined in
Section 2.3. 

  
 1.16
“Extension Period” is defined in Section 2.1. 
 1.17 “Fiscal
Year” means each calendar year during the Term and shall include any and all full and partial Fiscal Years. 

1.18 “FF&E” means the furniture, fixtures and equipment used or to be used in the operation of the
Hotel, and shall include guest room, corridor, lobby furnishings, office furniture and equipment, appliances, art work, carpeting, computers (excluding proprietary computer systems or software used in connection with the Hotel and either owned by
Operator or owned by third parties and licensed to Operator, including the “JD Edwards” software program, systems or software that comprise the “Reservation Service,” as such term is defined in the Franchise Agreement, and such
other software program(s) that Operator may be licensed to use at the Hotel), electronic data processors, telephones, televisions, radios, signs and vehicles. 
 1.19 “Force Majeure” is defined in Section 24.3.1. 
 1.20 “Franchise Agreement” means that certain Franchise License Agreement dated January 25, 2005, under which Franchisor, as Licensor, granted a license to Operator, as
Licensee, to operate the Hotel under the name, “Embassy Suites - Waikiki Beach Walk,” as assigned to and assumed by ESW LLC, a Hawaii limited liability company, and amended pursuant to that certain Assignment and Assumption of, and
Amendment to, License Agreement dated as of December 15, 2005, and as further assigned to and assumed by (or intended to be assigned to and assumed by) Owner. 
 1.21 “Franchisor” means Promus Hotels, Inc., a Delaware corporation, Licensor under the Franchise Agreement. 

1.22 “Gross Operating Profit” is defined in Section 5.3. 

1.23 “Gross Revenues” is defined in Section 5.2. 

1.24 “Hotel” is defined in the Preamble. 

1.25 “Hotel Employees” is defined in Section 3.3. 

1.26 “Hotel Expense” is defined in Section 8.1. 

1.27 “Including” means “including without limitation,” unless otherwise expressly provided.

 1.28 “Initial Term” is defined in Section 2.1. 

1.29 “Land” is defined in the Preamble. 

1.30 “Management Fee” is described in Section 5.1. 

1.31 “Minimum Working Capital Amount” is defined in Section 7.1. 

1.32 “Monthly Financial Statements” is defined in Section 9.2. 

  
 1.33
“Owner’s Expense” means any and all costs and expenses incurred by Owner or by Operator, for and on behalf of Owner, under this Agreement and for Owner’s account and at Owner’s separate expense to be
paid by Owner from Owner’s own funds (a) from the Agency Accounts, but only if and to the extent there are available funds after Gross Operating Profit has been determined and Management Fees, debt service and Hotel Expenses have been
paid, or (b) on a cash basis from Owner. 
 1.34 “Person” means any individual, partnership,
limited liability partnership or company, corporation, trust, estate, association, governmental agency, regulatory authority or other entity of any kind or nature whatsoever. 
 1.35 “Prime Rate” means the rate of interest reported in The Wall Street Journal as the “Prime Rate” in its general guide to money rates and described as the base
rate on corporate loans at large U.S. money center commercial banks, it being understood that such rate is a reference rate, not necessarily the lowest, which serves as the basis upon which effective rates of interest are calculated for obligations
making reference thereto. In the event this rate is reported as a range of rates, the rate used for purposes of this Agreement shall be the highest rate reported. In the event the interest rate index stated above ceases to be available, Operator may
substitute any similar index, whether or not reported in The Wall Street Journal, and Operator’s selection shall be conclusive and binding on Owner. In such event, and until Operator selects a substitute index, interest shall accrue at the rate
in effect at the time the index was determined to be unavailable. 
 1.36 “Reserve Fund” is
defined in Section 10.1. 
 1.37 “Term” is defined in Section 2.3. 

1.38 “Trademark License Agreement” means that certain Trademark License Agreement dated as of
December 15, 2005, by and between Outrigger Hotels Hawaii, as Licensor, and ESW LLC, as Licensee, which is being assigned by ESW LLC to Owner, and assumed by Owner, concurrently with this Agreement. 

1.39 “Working Capital” is defined in Section 7.1. 

ARTICLE 2 

TERM 

2.1 Initial Term. The initial term of this Agreement (“Initial Term”) shall be for a period of one
(1) year, commencing as of the Commencement Date, unless this Agreement is sooner terminated or extended in accordance with the provisions hereof. 
 2.2 Extension Periods. The Term of this Agreement shall be renewable annually. Unless any Owner or Operator has provided written notice to the other party, at least six (6) months prior to the
date upon which the Term then in force would otherwise expire, of the notifying party’s election not to extend the Term, such Term then in force shall be extended by a period of one (1) year (each, an “Extension
Period”). The Term, with all Extension Periods, 

 
shall not exceed twenty-five (25) years without the express, written and unanimous consent of all entities comprising Owner and of Operator. 

2.3 Term. The “Term” of this Agreement shall be the Initial Term and any and all Extension Periods
that the parties have elected to exercise. The “Expiration Date” shall occur on the expiration of the Term. 
 ARTICLE 3 
 OPERATION OF HOTEL BY OPERATOR 

3.1 Operator’s Authority. Owner engages Operator to be the sole and exclusive operator and manager of the Hotel upon the
terms and conditions of this Agreement. Except as otherwise provided in this Agreement, and subject to Section 3.2 and the approved Annual Budgets, Operator shall have absolute control and discretion: (a) in the development,
constructing, furnishing, equipping and decorating of the Hotel, and (b) in the marketing, operation, and management of the Hotel, including the following: 
 3.1.1 endeavor to obtain or cause to be obtained any permits or approvals necessary for the Hotel from time to time; to cause the completion of construction, furnishing and equipping of the Hotel in
accordance with the Construction Schedule, the Construction Plans, the Construction Budget, and all applicable building and other governmental permits; to furnish the Hotel in conformity with the Construction Budget; to obtain financing for the
development, construction, furnishing and equipping of the Hotel (the “Construction Loan”), substantially in accordance with the terms, provisions, and conditions set forth in that certain “Embassy Suites Hotel
Conversion, Summary of Terms & Conditions” dated October 2, 2005, prepared by the construction lender; to cause the Hotel to open in accordance with the Construction Schedule; to administer and implement, as Owner’s agent,
development and construction-related contracts and agreements in existence as of the Commencement Date, at the expense of Owner, including (i) the Construction Contract; (ii) that certain Turnkey Agreement dated as of April 4, 2005,
between ABW Lewers LLC and ESW LLC, which was assigned by ESW LLC to Owner (the “Turnkey Agreement”); and (iii) that certain Reimbursement Agreement dated as of April 4,2005, between ABW Lewers LLC and ESW
LLC, which was assigned by ESW LLC to Owner (the “Reimbursement Agreement”); pursuant to which agreements ABW Lewers LLC is constructing certain improvements on behalf of Owner and the Hotel. 

3.1.2 except as otherwise set forth in this Section 3.1, the right, authority and power, either by itself or
as part of an association, to administer and implement, as Owner’s agent, contracts, leases and agreements relating to the Hotel in existence as of the Commencement Date, including Owner’s obligations as a member of, and under, that
certain WBW CHP, LLC Limited Liability Operating Agreement dated as of December 15, 2005, pursuant to which ABW Lewers LLC is constructing, on behalf of WBW CHP, LLC, a chilled water system that will service the Hotel, at the expense of Owner;
provided, however, that Operator may accept contracts or reservations for the use of guest rooms, banquet facilities, or meeting rooms or other facilities at the Hotel, including all individual, group and corporate contracts or reservations and
airline crew reservation contracts, regardless of whether secured by 

 
deposits. Owner hereby agrees to execute any such contracts, leases, or agreements upon the request of Operator; 

3.1.3 the right, authority and power to determine the terms of admittance, charges for rooms and charges for entertainment
(which rights specifically allow Operator to charge varying rates to different customers or groups of customers and allow Operator, in its discretion, to permit persons to occupy rooms or suites at the Hotel at rates lower than published rates or
free of charge), credit policies (including arrangements with credit card organizations, catering operations, etc.) and all phases of advertising, promotion and publicity relating to the Hotel; 

3.1.4 subject to the provisions of Section 3.3 (Hotel Employees), the right, authority and power to determine
labor policies (including wage rates, the hiring and discharging of employees, and the installation of employee retirement or other benefit plans) and, at Operator’s discretion, to enroll Hotel Employees in such pension, medical, health, life
insurance and similar employee benefit plans which are customary in the industry and otherwise available to employees of other hotels operated by Operator or its Affiliates. Such plans may be joint plans for the benefit of employees at more than one
hotel operated by Operator or its Affiliates, in which case employer contributions to such plans, along with reasonable administrative expenses incurred in connection therewith, will be Hotel Expenses. Operator will equitably apportion the
administrative expenses of any joint plans among the properties covered thereby; and 
 3.1.5 the right to
purchase and contract for goods, supplies and services (including Chain Services) for the Hotel from Operator or any of Operator’s Affiliates so long as the prices, terms and quality of goods, supplies and/or services rendered are competitive
with the prices, terms and quality of goods, supplies and/or services otherwise available if Operator were to negotiate for such goods, supplies and/or services on an arm’s length basis from unrelated third party providers. Operator may
negotiate itself or may pay to an Affiliate a fee for the negotiation of contracts for the direct purchase from independent suppliers of goods, supplies and/or services so long as the prices and terms for such goods, supplies and/or services when
added to such fee are competitive with the prices and terms for goods, supplies and/or services of equal quality available from unrelated third parties. All costs incurred by Operator or its Affiliates under this Section are to be charged to the
operation of the Hotel on the same basis as charged to the operation of other hotels owned or operated by Operator or its Affiliates. 
 3.2 Limitation on Operator’s Authority. The provisions of Section 3.1 (Operator’s Authority) are subject to Owner’s right to approve (including by approval of the Annual
Budgets, provided that approval of any Annual Budget shall not constitute Owner’s approval of any item hereunder unless such Annual Budget identifies any such item with sufficient particularity) the following: 

3.2.1 legal proceedings in connection with the Hotel that do not result from the ordinary course of Hotel operations;

 3.2.2 approval of the Annual Budgets in accordance with Section 9.1; 

  
 3.2.3
any sale, lease or re-lease of all or any portion of the Hotel (other than space licenses or concessions (or similar arrangements, if any), and rentals (hiring) of guest rooms in the normal course of business of the Hotel); 

3.2.4 any negotiation, re-negotiation, and approval of any indebtedness secured by any mortgage, deed of trust, or other
blanket lien recorded against the entire Hotel; 
 3.2.5 the making of any material change to the Construction
Plans, including any material change that materially affects the design, cost, value or quality of the improvements of the Hotel as shown on the Construction Plans. For purposes of this paragraph, a change that materially affects the cost of the
improvements of the Hotel means any change of greater than $750,000 (in the aggregate with all such changes relating to the same subject matter) from the amounts set forth in the Construction Budget; 

3.2.6 use of cash receipts for the repayment of any indebtedness in excess of regularly scheduled debt service payments or
payments required under loan documents executed and delivered with regard to the Hotel; 
 3.2.7 entering into
any contract on behalf of the Hotel or causing Owner to be obligated for any obligation which, in the aggregate with all contracts relating to the same subject matter, is greater than $750,000, unless such contract or obligation is approved in the
Annual Budgets or is otherwise a Hotel Expense permitted under Section 9.1.1; and 
 3.2.8 the
purchase and/or contract for goods, supplies and services (including Chain Services) for the Hotel from Operator or any of Operator’s Affiliates if (a) the prices, terms and quality of goods, supplies and/or services rendered are not
competitive with the prices, terms and quality of goods, supplies and/or services otherwise available if Operator were to negotiate for such goods, supplies and/or services on an arm’s length basis from unrelated third party providers, and
(b) such purchase and/or contract for goods, supplies and services is not otherwise approved by Owner through the Annual Budgets. 
 3.3 Hotel Employees. During the Term, all personnel regularly employed at the Hotel, including the general manager, who shall report to Operator and not Owner (collectively, the
“Hotel Employees”), shall remain the employees of Operator; provided, however, that Owner shall pay for all of the costs of employment of the Employees during the Term (“Wages and Benefits”),
including: 
 3.3.1 wages; salaries; bonuses; benefits or rights granted to the Employees, whether under the
terms of any pension, profit sharing, employee benefit and similar plans, if any, applicable to the Employees, or any existing employment or consulting contract with regard to the Employees; 

3.3.2 the employer’s portion of social security taxes, employer unemployment insurance contributions and assessments;

 3.3.3 workers’ compensation insurance; 

3.3.4 TDI insurance; 

  
 3.3.5
prepaid healthcare; vacation and sick leave pay; and 
 3.3.6 employee benefit plan contributions earned by the
Employees for service during the Term. 
 Owner shall also pay to Operator, together with the Wages and Benefits, general excise tax imposed
thereon. Operator shall have the right during the Term to direct, supervise, train and assign work schedules, duties and assignments to the Hotel Employees in connection with the operation of the Hotel. 

3.4 Standard of Operation. Operator shall operate the Hotel during the Term as a first class hotel and shall provide or cause to
be provided all amenities in connection therewith. Owner and Operator acknowledge that the operation of the Hotel shall be as a first class hotel if such operation complies with the building standard required under the Trademark License Agreement
and the standards specified in the Manual described in the Franchise Agreement. 
 ARTICLE 4 

CHAIN SERVICES 
 4.1 Chain Services Generally. The Management Fee covers Operator’s basic operation and management of the Hotel. Operator agrees to make available to Owner specialized services for marketing,
reservations, information technology, accounting, human resources and purchasing (the “Chain Services”). The cost for the Chain Services shall be paid for by Owner in accordance with the Annual Operating Budget, and
Operator shall, upon request by Owner in connection with any Annual Operating Budget review process, provide to Owner details, including methodology, used to calculate the costs for the Chain Services reflected in any such Annual Operating Budget.

 4.2 Payment for Chain Services. On the fifth (5th) day of each calendar month during the Term and on the fifth
(5th) day of the calendar month immediately following
the end of the Term, all fees and expenses for Chain Services provided by Operator, together with general excise tax imposed thereon, if any, for the preceding calendar month as then estimated by Operator shall be paid by Owner. If such estimated
amounts paid to Operator prove to be different from the amounts shown on the Monthly Financial Statement subsequently delivered by Operator to Owner, the installments for that month shall be recomputed on the basis of such statement and appropriate
adjustments shall be made in the estimated amount due for the next succeeding month(s). 
 ARTICLE 5 

OPERATOR’S FEES 
 5.1 Management Fees. During the Term, Operator shall be paid, in respect of its management services hereunder, a “Management Fee” comprising the following:

 5.1.1 commencing from and after the date on which Franchisor under the Franchise Agreement authorizes Licensee
to open for business (“Open”) or, if Licensee has not 

 
fully complied with the terms of the Franchise Agreement, to conditionally open for business (“Conditional Opening”), and to make available the facilities, guest rooms or services of
the Hotel under the Licensed Brand, “Embassy SuitesTM” (such date being defined as the “Opening Date” under the Franchise Agreement), and continuing throughout the Term, the amount of three percent (3%) of Gross
Revenues during the Term, payable monthly as set forth in Section 5.4 (Payments to Operator); and 

5.1.2 commencing from and after the earlier to occur of the Opening Date or the date of Conditional Opening (as such terms
are defined in the Franchise Agreement) and continuing throughout the Term, six percent (6%) of Gross Operating Profit, payable monthly as set forth in Section 5.4 (Payments to Operator); 

provided however, that the sum of the payments under Sections 5.1.1 and 5.1.2, for any Fiscal Year (or portion thereof), shall not exceed three
and one-half percent (3.5%) of Gross Revenues for such Fiscal Year (or portion thereof) during the Term. 
 5.2 Gross
Revenues. As used in this Agreement, “Gross Revenues” means all revenues and income of any kind derived directly or indirectly from the operation of the Hotel, whether on a cash basis or on credit, paid or unpaid,
collected or uncollected, determined in accordance with generally accepted hotel accounting principles applied on a basis consistent with those of the preceding year, excluding, however: 

5.2.1 federal, state and municipal excise, sales and use taxes collected directly from patrons or guests or as a part of
the sales price of any goods, services or displays, such as transient accommodations, gross receipts, admission, cabaret or similar or equivalent taxes; 
 5.2.2 proceeds of claims under any insurance policies, except for proceeds under any business interruption insurance; 

5.2.3 gains arising from the sale or other disposition of capital assets; 

5.2.4 any tax refunds or reversal of any contingency or tax reserves; 

5.2.5 any proceeds from sales of any of Owner’s real or personal property, including any proceeds resulting from
condemnation proceedings or the threat of condemnation; 
 5.2.6 gratuities collected and retained by Hotel
Employees or paid to the Hotel for distribution to such employees; 
 5.2.7 delivery charges billed to and
collected from customers at cost; 
 5.2.8 complimentary rooms authorized by Operator and given to speakers,
dignitaries, the general manager, Hotel Employees, Owner, travel agents or anyone else; 
 5.2.9 revenues
collected by Operator that are part of a package or plan, such as a car package or meal plan, and that are credited to or paid to a third party; and 

  
 5.2.10
revenues from the Parking Facility as described in the Condominium Documents. 
 5.3 Gross Operating Profit. As used in
this Agreement, “Gross Operating Profit” means Income Before Management Fees and Fixed Charges, which is determined by deducting Hotel Expenses from Gross Revenues. The term, “Income Before Management Fees and
Fixed Charges,” is defined in A Uniform System of Accounts for Hotels, Ninth Revised Edition. 

5.4 Payments to Operator. On the fifth (5th) day of each calendar month, Operator shall be paid the Management Fee specified in Section 5.1 for
the preceding calendar month as then reasonably estimated by Operator and disclosed to Owner, along with any amounts due Operator under ARTICLE 3 (Operation of Hotel by Operator) and ARTICLE 4 (Chain Services). If the estimated amounts
paid to Operator shall prove to be different from the amounts shown on the Monthly Financial Statement subsequently delivered by Operator to Owner, the Management Fee for the month for which it was paid shall be recomputed on the basis of the
amounts so shown and appropriate adjustments shall be made (without consideration of interest on any overpayment or underpayment) in the amount of the Management Fee otherwise due for the next succeeding month (or months, if necessary). 

ARTICLE 6 

BANK ACCOUNTS AND CASH DISBURSEMENTS 
 6.1 Possession of Funds. Subject to this Agreement, Operator, as agent of Owner, shall have possession and control of the Gross Revenues and all other funds utilized in the Hotel’s operation.
All funds received by Operator in the operation of the Hotel, including Working Capital provided by Owner, shall be deposited in one or more accounts (“Agency Accounts”) with Bank of Hawaii or such other federally
insured bank depository as Operator may from time to time select with Owner’s approval, which approval shall not unreasonably be withheld or delayed. 
 6.2 Risk of Loss. Owner shall bear all losses resulting from any failure or insolvency of the bank, trust company or other financial institution in which the Agency Accounts or the investments
authorized by Section 6.1 are maintained. Upon the termination of this Agreement, and the payment to Operator of all amounts due Operator upon such termination, all remaining amounts in the Agency Accounts to which Owner is entitled
shall be transferred to Owner. 
 6.3 Distribution of Funds to Owner. After adequate Working Capital reserves have been
provided in accordance with ARTICLE 7, Operator shall, on the twentieth (20th) day of each calendar month during the Term, pay to Owner any remaining surplus funds and accrued interest, if any, thereon that are not required for current
obligations. 
 ARTICLE 7 
 WORKING CAPITAL 
 7.1 Owner to Provide Working Capital. Owner shall
provide Operator at all times with cash sufficient in Operator’s opinion to finance and support the uninterrupted and efficient 

 
operation of the Hotel from time to time and the performance by Operator of its obligations under this Agreement (“Working Capital”), which amount should at any
time approximate Five Hundred Thousand Dollars ($500,000.00) (“Minimum Working Capital Amount”). Operator acknowledges that, as of the date of this Agreement, Owner has delivered to Operator an amount equal to the
Minimum Working Capital Amount, and Owner agrees that Operator may use the same as Working Capital in accordance with the Annual Operating Budget and the provisions of this Agreement. At no time during the Term shall the amount of Working Capital
available to Operator be less than the Minimum Working Capital Amount. Under no circumstances shall Operator be obligated to provide its own funds for the operation of the Hotel. 

7.2 Additional Working Capital. If the operation of the Hotel requires the infusion of Working Capital in addition to that which
is available in the Agency Accounts, Owner shall procure and deliver to Operator, within ten (10) Business Days after receiving notice from Operator of the need therefor, such additional funds as are required to finance and support the
uninterrupted and efficient operation of the Hotel. In the event Owner fails to pay such additional funds, Operator may, at Operator’s sole discretion, advance such additional funds, whereupon Owner shall pay to Operator from Owner’s own
funds and not as a Hotel Expense, commencing as of the first day on which Operator advances such funds and ending on the date on which Owner repays to Operator funds advanced by Operator, interest on the delinquent amount at a rate equal to four
(4) percentage points above the Prime Rate. 
 ARTICLE 8 

EXPENSES 

8.1 Expenses of Owner. Unless this Agreement expressly provides for an item or service to be at Operator’s own expense, all
costs and expenses incurred by Operator in the performance of Operator’s obligations under this Agreement shall be for and on behalf of Owner and for its account, and each of the same shall be a “Hotel Expense,”
except as and to the extent this Agreement provides expressly for any of them to be at Owner’s separate expense to be paid by Owner from Owner’s own funds on a cash basis and not from the Agency Accounts. 

8.2 Owner’s Debts and Liabilities. All debts and liabilities incurred with or owed to third parties by Operator on behalf of
either Owner or the Hotel, in the normal course of business, and within the authority granted to Operator herein, are and shall remain the sole obligations of Owner. 
 8.3 Payment of Construction Costs and Use of Construction Loan Proceeds. Construction costs are Owner’s Expenses that shall be paid for by Owner on a cash basis from Owner’s own funds
(and not from the Agency Accounts) and shall be reimbursed by Owner to Operator. Construction Loan proceeds shall be disbursed and applied as set forth in Exhibit E attached hereto and made a part hereof. 

ARTICLE 9 

ANNUAL BUDGETS AND FINANCIAL STATEMENTS 

  
 9.1 Annual
Budgets 
 9.1.1 Operator shall, not later than sixty (60) days prior to the commencement of each Fiscal
Year, prepare an estimate of operating revenues and expenses for the ensuing Fiscal Year (“Annual Operating Budget”) and an estimate of capital expenses for the ensuing Fiscal Year (“Annual Capital
Budget”) (together the “Annual Budgets”); provided that the Annual Budgets for the first Fiscal Year shall be prepared by Operator within ninety (90) days after the Commencement Date. The Annual
Budgets must be approved by Owner (which approval shall not unreasonably be withheld and shall be deemed given unless a specific written objection is delivered by any Owner to Operator within thirty (30) days after submission to Owner of each
Annual Budget) and thereafter may not be exceeded without Owner’s prior written approval, which approval shall not unreasonably be withheld, except that the Hotel Expenses in the Annual Operating Budget may be exceeded in the aggregate by not
more than ten percent (10%) of the amount of Hotel Expenses in that Annual Operating Budget without Owner’s approval. 
 9.1.2 Owner acknowledges that any increase in the occupancy levels of the Hotel over the levels estimated in the Annual Operating Budget during any Fiscal Year or other budgeting period may have a direct
effect on and may cause a corresponding increase in the expenses of the Hotel. Owner therefore agrees that any consequential increases in expenses in the Annual Operating Budget (not to exceed ten percent (10%) in any line item of that Annual
Operating Budget) which are a result of such increases in occupancy levels shall be deemed approved by Owner, and need not be submitted to Owner for approval nor will they count as increases over the previously approved budget amount, i.e., such
increases will not be included as excess expenses in calculating the percentage limit set forth above. Operator shall otherwise use reasonable efforts to adhere to the Annual Budget and, if requested by Owner, Operator will hold quarterly meetings
with Owner to review the results of the Hotel operations. If, between quarterly meetings, Operator finds it necessary to exceed the Annual Budget authorizations as approved and permitted herein, Operator will give notice to Owner requesting approval
for such excess; such approval shall not unreasonably be withheld and shall be deemed given unless a specific written objection is delivered by any Owner to Operator within ten (10) days after submission thereof to Owner. If Owner and Operator
are unable to reach agreement with respect to individual expense items in the Annual Budgets for a particular Fiscal Year, the Annual Budgets shall be implemented for such Fiscal Year with respect to expense items which are not in dispute, and
expense items in dispute shall be kept at the same level of such expense items for the previous Fiscal Year, adjusted, however, by any increase, if any, in the Consumer Price Index of the Bureau of Labor Statistics of the U.S. Department of Labor
for Urban Wage Earners and Clerical Workers, All Items, All Urban Areas (1982-84=100) for Honolulu (the “CPI”), from the first day of the previous Fiscal Year. In the event Owner and Operator cannot resolve any disputed expense
item, such dispute shall be resolved by the Dispute Resolution Procedures. 
 9.2 Financial Statements. Within twenty
(20) days after the end of each calendar month during the Term, Operator shall furnish to Owner an accounting of the fees and expenses under this Agreement, which shall include a profit and loss statement and an operating cash flow statement
consistent with the format attached hereto as Exhibit B and made a part hereof (the “Monthly Financial Statement”). Within ninety (90) days after the end of each Fiscal Year, Operator shall submit to Owner
a statement of operations for the Hotel, including a profit and 

 
loss statement, a statement of financial position and a statement of cash flow, providing a comparison of such profit and loss statement against the profit and loss statement of the Annual
Operating Budget for the Fiscal Year just concluded, and, where available, the prior Fiscal Years’ results (the “Annual Financial Statement”), along with such other financial reports and information as may be
reasonably requested by Owner. 
 9.3 No Reliance on Projections. Owner hereby represents that in entering into this
Agreement Owner has not relied, and agrees that in the future it will not rely, on any budgets, projection of earnings, statements as to the possibility of future success or other similar matter, including the Annual Budgets
(“Projections”), which may have been or may hereafter be prepared by Operator. Owner hereby acknowledges and agrees that the Projections are good faith estimates only and that unforeseen circumstances may make
adherence to the Projections impracticable, and that any use of the Projections by Owner shall be subject to this understanding. 
 9.4 Location and Availability of Records. The books and records of the Hotel shall be maintained at the Hotel or such other place designated by Operator and approved by Owner from time to time and
shall, during regular business hours, be available for inspection and duplication by Owner and its designated representatives including, without limitation, attorneys, auditors, and accountants, at Owner’s Expense. 

ARTICLE 10 

FF&E RESERVE FUND 
 10.1 Reserve Fund. Twenty (20) days after the end of each calendar month during the Operating Term, Operator shall transfer from the Agency Accounts to an account designated by Owner, an
amount equal to four percent (4%) of the Gross Revenues of the Hotel for such preceding month, for the purpose of establishing a reserve fund (the “Reserve Fund”) to pay for replacement of and additions to the
FF&E in accordance with the Annual Budgets. Any proceeds from sales of FF&E shall be transferred to Owner, and all interest earned on the Reserve Fund shall accrue to the Reserve Fund; provided, however, that the Reserve Fund shall not
exceed $500,000.00 at the end of any calendar month without the consent of Owner. If in any Fiscal Year the Reserve Fund is inadequate to meet FF&E expenses during such Fiscal Year, Owner shall have the obligation to make up the amount of any
shortfall. Upon the termination of this Agreement, the balance of the Reserve Fund shall be paid to Owner. 
 ARTICLE 11

 MAINTENANCE AND REPAIRS; 
 CAPITAL EXPENDITURES 
 11.1 Maintenance and Repair Expenditures. To
the extent sufficient Working Capital is made available and to the extent included in the Annual Budgets or otherwise approved by Owner, Operator will make such expenditures for repairs and maintenance (excluding structural or other extraordinary
repairs not required to be made on an emergency basis) as it deems necessary to keep the Hotel in good operating condition. 

  
 11.2 Annual Capital
Expenditures Plan. Operator shall prepare annually, for Owner’s approval, a capital expenditures plan (the “Annual Capital Budget”) outlining expenditures for replacements of FF&E and other capital
expenditures deemed necessary or desirable by Operator during the ensuing Fiscal Year. Owner’s consent to the Annual Capital Budget shall not unreasonably be withheld and shall be deemed given unless a specific written objection thereto is
delivered by any Owner to Operator within thirty (30) days after submission thereof. Operator shall make such substitutions and replacements or renewals to FF&E as it deems necessary or desirable, up to the amount set forth in the Annual
Capital Budget in effect from time to time, and to the extent sufficient funds in the Reserve Fund are available. No expenditure will be made in excess of such amount or for any other capital improvement without the approval of Owner. The FF&E
component of the Annual Capital Budget prepared by Operator shall be paid for from monies held in the Reserve Fund and, where such monies are insufficient to pay for such expenditures, Owner shall pay for such shortfall with Owner’s own funds.

 11.3 Owner’s Right to Alter/Improve Hotel. Owner may, at any time but subject to any loan requirements and the
Franchise Agreement, at Owner’s Expense, make such alterations or improvements in or to the Hotel as Owner and Operator shall mutually approve and as shall be included in the Annual Capital Budget. All alterations or improvements shall be made
in a manner to cause the least practicable interference with the operation of the Hotel, and only in accordance with the mutually approved Annual Capital Budget. No Hotel expansion shall be undertaken or commenced by Owner without Operator’s
prior written reasonable approval of such expansion, including the plans, specifications, drawings, architect and contractor therefor. In the event (i) any alterations, additions or improvements, structural or nonstructural, are required to
bring the Hotel into compliance with any applicable requirements under all laws, ordinances, orders, rules and regulations of authorities with jurisdiction over the Hotel (“Governmentally Required Improvements”); or
(ii) any alterations, additions or improvements, structural or nonstructural, that are treated as “capital improvements” under generally accepted accounting principles, are required to maintain the standard of operation for the Hotel,
Owner shall make such improvements from Owner’s own funds on a cash basis and not from the Agency Accounts, at the earlier to occur (such earlier date being called the “Completion Date”) of (a) a time
mutually agreed to by Owner and Operator, or (b) before any litigation, action, claim or proceeding is filed against the Hotel seeking to enforce the law, ordinance, order, rule or regulation requiring such Governmentally Required Improvements.
Operator and Owner shall promptly provide to the other party a copy of any notice received by Operator or Owner, as the case may be, with respect to any such threatened or actual litigation, action, claim or proceeding. 

11.4 Owner’s Failure to Alter/Improve Hotel in Time Required. In the event Owner fails to make Governmentally Required
Improvements by the Completion Date, Operator may, at Operator’s election, (a) terminate this Agreement, or (b) to make the improvements required, and in the event Operator elects to make the required improvements, Owner shall pay to
Operator from Owner’s own funds and not as a Hotel Expense, commencing as of the first day after the payment is due to Operator, interest on the delinquent amount at a rate equal to four (4) percentage points above the Prime Rate.

 11.5 Capital Expenditures. Owner and Operator shall agree upon a person or entity, which person or entity may be
Operator, to supervise and direct, in the manner and to the extent 

 
agreed upon by Owner and Operator, the Hotel’s programs of capital expenditures authorized from time to time by the provisions of this ARTICLE 11. If such person or entity is agreed
to be Operator, Operator shall be entitled to receive reasonable compensation for these services as agreed upon by Owner and Operator in addition to any other amounts payable to Operator under this Agreement. 

ARTICLE 12 

INSURANCE 

12.1 Policies to be Carried. In the name of Owner and Operator, and as a Hotel Expense (except as provided in
Section 12.2), Operator shall, from and after the Commencement Date, procure and maintain in full force and effect insurance as is reasonably customary from time to time for hotels of equivalent class for the hotel industry in Hawaii,
the policies of which shall be subject to Operator’s and Owner’s mutual approval as to form and content, including policy coverages, premiums and deductibles. Such insurance shall include the following: 

12.1.1 General Liability. A policy of commercial general liability insurance with respect to the Hotel and the
business conducted therein by Operator with such limits, deductibles, and coverages from time to time as a prudent businessperson would require, but in no event shall such policy be less than $10,000,000.00 per occurrence and in the aggregate for
bodily and personal injury including property damage, or a combined single limit of $10,000,000.00. 
 12.1.2
Property Insurance. A policy of property insurance to insure against risks of direct physical loss not otherwise excluded (commonly referred to as all risk coverage that includes windstorm/hurricane) and flood. All insurance proceeds from
such policy in the event of a casualty shall be deposited into an Agency Account, to be established by Owner and Operator, for the purpose of repairing, replacing and reconstructing the Hotel in accordance with this Agreement. 

12.1.3 Business Personal Property Insurance. A policy of business personal property insurance to cover damage or
loss to the FF&E, against risks of direct physical loss not otherwise excluded, in the full replacement cost thereof. All insurance proceeds from such policy in the event of a casualty shall be deposited into an Agency Account, to be established
by Owner and Operator, for the purpose of repairing and/or replacing the FF&E in connection with the repair, replacement and reconstruction of the Hotel in accordance with this Agreement. 

12.1.4 Business Income Insurance. A policy of insurance covering loss of earnings or business income, with extra
expense, resulting from loss or damage by risks of direct physical loss not otherwise excluded, payable to Operator. 
 12.1.5 Insurance Required By Law. Such insurance or other coverage as may be required by any law, regulation, or ordinance of any federal, state, or municipal government or agency thereof,
including workers’ compensation, temporary disability and automobile insurance. 
 12.2 Insurance Not Required.
Owner and Operator agree that neither Owner nor Operator will obtain insurance to cover acts of terrorism and mold infestation and that such risks, 

 
including damage to the Hotel, are assumed by Owner; provided, however, that Owner and Operator shall endeavor, on a commercially reasonable basis, not to purchase insurance policies that
expressly exclude such risks. Should Owner desire insurance to cover such risks, Owner will procure such insurance at Owner’s sole cost and expense. 
 12.3 General. 
 12.3.1 Policies. All insurance
policies required under this Agreement shall be in a form and written by good and responsible insurance companies authorized to do business in the State of Hawaii, holding a “General Policyholders Rating” with a minimum A.M. Best Rating of
A- (as set forth in the most current issue of “Best’s Insurance Guide”), and otherwise reasonably satisfactory to Owner and Operator. To the extent reasonably possible, Operator shall furnish to Owner a certificate of insurance and/or
evidence of property insurance as evidence for each policy of insurance required to be maintained by Operator hereunder on or before the Commencement Date. Each certificate of insurance and/or evidence of property insurance shall contain a provision
that such policy shall not be changed or canceled, nor the coverage reduced, without thirty (30) days’ prior written notice to Owner, and shall evidence the existence and coverages of such insurance with loss payable clauses. All policies
of insurance required to be maintained by Operator hereunder shall, to the extent permitted by law, name Owner as an additional insured. Operator reserves the right to obtain additional insurance either under a single policy or under a blanket
policy with respect to any and all of the insurance requirements herein. 
 12.3.2 Blanket Insurance
Policy. Any insurance required to be provided by Operator may be provided under policies of blanket insurance which cover other properties and activities of Operator. 

12.3.3 Reports. Operator shall periodically (but in no event less frequently than annually and when insurance
coverage is materially changed or modified) provide a report or reports to Owner setting forth the specific insurance, including coverage limits, procured by Operator pursuant to Section 12.1. If Owner is dissatisfied with such insurance
coverage, Owner shall so advise Operator, and the parties shall endeavor to come to an agreement. If the parties are unable to agree, the matters in dispute shall be resolved pursuant to arbitration. 

12.4 No Right of Subrogation; Adequacy of Coverage. All policies of insurance shall provide that the insurance company shall have
no right of subrogation against Owner or Operator, their respective agents or employees except in the event of willful misconduct or gross negligence on the part of Owner, Operator, or their respective agents or employees. Owner assumes all risks in
connection with the adequacy of any insurance program. 
 ARTICLE 13 

TAXES 

13.1 Payment of Taxes. 
 13.1.1 Operator shall pay when and as the same are due and payable, in the name and on behalf of Owner, in such installments as are permitted by law, all transient

 
accommodation taxes, general excise taxes (including general excise taxes assessed against all payments to Operator under this Agreement, including payments under this
Section 13.1.1), gross income taxes, withholding and payroll taxes, and betterment assessments levied or assessed on or against the Hotel or any portion thereof or Gross Revenues therefrom for any fiscal period of the taxing authority,
all or any part of which period is included in the Term. The portion of any such amount so paid which is allocable to a period during the Term shall be included as a Hotel Expense. 

13.1.2 During the Term, Operator shall pay when and as the same are due and payable, as an Owner’s Expense, in such
installments as are permitted by law, all real property taxes levied or assessed on or against the Hotel. Operator shall have absolute control and discretion with respect to all matters relating to real property taxes levied or assessed against the
Hotel. 
 ARTICLE 14 
 DAMAGE, DESTRUCTION OR CONDEMNATION 
 14.1 Damage or Destruction. If
the Hotel or any portion thereof shall be damaged or destroyed at any time during the Term by fire, casualty or any other cause, Owner shall, subject to the provisions of the Franchise Agreement, have the sole discretion to repair and/or replace the
Hotel. 
 14.1.1 If Owner elects, within twenty (20) days of such fire, casualty or cause, not to repair
and/or replace the Hotel, then this Agreement shall automatically terminate upon written notice of such election by Owner to Operator; provided, however, that Owner shall (a) through the date of such termination (or such longer period as
required by federal law or the laws of the State of Hawaii) and regardless of whether all or a portion of the Hotel is operating, pay for the Wages and Benefits of, and all payments required by federal law or state laws to, all Hotel employees,
together with all general excise taxes imposed thereon and an amount to cover Operator’s reasonable administrative costs and expenses in connection with processing such payment, and (b) pay for, at Owner’s Expense, any and all amounts
due and payable, upon termination or thereafter, to Licensor by any party, as Licensee, under the Franchise Agreement. 
 14.1.2 If Owner elects to repair and/or replace the Hotel (or if Owner fails to provide notice of any election within such 20-day period, in which event Owner shall be deemed to have elected to repair
and/or replace the Hotel), then throughout such period of repair or reconstruction Owner shall continue to pay for the Wages and Benefits of all Hotel employees, together with all general excise taxes imposed thereon and an amount to cover
Operator’s reasonable administrative costs and expenses in connection with processing such payment; provided, however, that, if permitted by and subject to applicable law, Operator shall reasonably endeavor to minimize such expenses, including
the termination of Hotel employees or reassignment of Hotel employees to other hotels operated by Operator. 
 14.2
Condemnation. If the whole of or a portion of the Hotel shall be taken in any condemnation, expropriation or like proceedings, or if such a portion thereof shall be taken as to make it unreasonable, in Owner’s opinion, to use the
remaining portion as a hotel of the type 

 
preceding such taking, then this Agreement shall terminate as of the date of such taking; provided, however, that Owner shall (a) through the date of such termination (or such longer period
as required by federal law or the laws of the State of Hawaii) and regardless of whether all or a portion of the Hotel is operating, pay for the Wages and Benefits of, and all payments required by federal law or state laws to, all Hotel employees,
together with all general excise taxes imposed thereon and an amount to cover Operator’s reasonable administrative costs and expenses in connection with processing such payment, and (b) pay for, at Owner’s Expense, any and all amounts
due and payable, upon termination or thereafter, to Licensor by any party, as Licensee, under the Franchise Agreement. 

ARTICLE 15 

ASSIGNMENT 
 15.1 No Right to Assign Without Consent of Other Party. Neither Owner nor Operator shall assign this Agreement, or any interest herein, without the prior written consent of the other party, which
consent may be withheld for any reason or no reason. No assignment of this Agreement or any portion thereof shall relieve the assignor or transferor of its obligations and liabilities under this Agreement. Notwithstanding the foregoing, Operator or
Owner shall be permitted to assign this Agreement to its respective Affiliate without the consent of the other party; provided, however, that such Affiliate shall be bound by the terms of this Agreement. 

ARTICLE 16 

TRANSFER OF HOTEL 
 16.1 Owner’s Transfer of Interest in Hotel. In the event Owner Transfers (defined below) its right, title and/or interest in the Hotel either during the Term or prior to the date that is the
twenty-fifth (25th) anniversary of the Commencement
Date, either (a) any such Transfer shall be subject to this Agreement, or (b) Owner shall pay the Cancellation Fee set forth in Section 19.1.2 below; provided, however, that in the event Franchisor does not consent to the
assignment or other transfer of the Licensee’s rights under the Franchise Agreement to Owner or Owner’s designee within one-hundred twenty (120) days after the Commencement Date, Operator acknowledges that Owner is required to
reconvey the Hotel to ESW LLC, and upon such reconveyance, Owner and Operator shall cancel and terminate this Agreement and the recorded memorandum hereof without payment of the Cancellation Fee. 

16.2 Definition of “Transfer.” “Transfer” means, (a) as a noun, any transfer, sale,
assignment, exchange, charge, pledge, gift, hypothecation, conveyance, encumbrance, or other disposition, whether direct or indirect, voluntary or involuntary, by operation of law or otherwise, of all of Owner’s right, title and/or interest in
the Hotel or of all of its membership interest or percentage interest in any entity comprising Owner, and (b) as a verb, directly or indirectly, voluntarily or involuntarily, by operation of law or otherwise, to transfer, sell, assign,
exchange, charge, pledge, give, hypothecate, convey, encumber, or otherwise dispose of all of Owner’s right, title and/or interest in the Hotel or of all of its membership interest or percentage interest in any entity comprising Owner;
provided, however, that a “Transfer” shall not include any of the foregoing if the result is that ESW LLC, Outrigger Hotels Hawaii or any Affiliate of 

 
either of them, does not own any interest, either directly or indirectly, in the Hotel after the subject transaction takes effect. 

ARTICLE 17 

TERMINATION BY OWNER 
 17.1 Termination By Owner. The occurrence of any of the following events shall constitute a default and be good cause for Owner to terminate this Agreement without prejudice to any other rights or
remedies Owner may have hereunder, or otherwise at law or in equity: 
 17.1.1 Operator breaches or fails to
comply with any material term, covenant or condition of this Agreement or any other contract or agreement with a third party arising under, in connection with or relating to the Hotel or this Agreement, and Operator fails to cure such default within
thirty (30) days after receipt of written notice from Owner specifying the exact nature of such default (unless some other cure period is provided in this Agreement, in which event such other cure period shall apply); provided, however, that if
such default is curable but not reasonably susceptible of being cured within such thirty (30)-day period, Owner shall not be entitled to terminate this Agreement if Operator commences curing such default within the thirty (30)-day period and
thereafter diligently pursues a cure thereof to completion. 
 17.1.2 Operator makes any assignment of its
property for the benefit of creditors. 
 17.1.3 Operator’s interest under this Agreement is taken on
execution of a judgment. 
 17.1.4 Operator files a petition for adjudication as a bankrupt, for reorganization
or for an arrangement under any bankruptcy or insolvency law, or an involuntary petition under any such law is filed against Operator and not dismissed within ninety (90) days thereafter. 

17.2 Effective Date. If Owner elects to terminate this Agreement pursuant to Section 17.1.1, such termination shall be
effective after the expiration of any cure periods available to Operator under such section, otherwise, such termination shall be effective upon Operator’s receipt of written notice from Owner of Owner’s intention to terminate this
Agreement. 
 17.3 No Termination Without Cause. Owner may not terminate this Agreement without cause. 

ARTICLE 18 

TERMINATION BY OPERATOR 
 18.1 Termination by Operator. The occurrence of any of the following events shall constitute a default and be good cause for Operator to terminate this Agreement without prejudice to any other
rights or remedies Operator may have hereunder, or otherwise at law or in equity: 

  
 18.1.1
Owner breaches or fails to comply with any material term, covenant or condition of this Agreement or another contract or agreement with a third party arising under, in connection with or relating to the Hotel or this Agreement and Owner fails to
cure such default within thirty (30) days after receipt of notice from Operator specifying the exact nature of such default (unless some other cure period is provided in this Agreement, in which event such other cure period shall apply);
provided, however, that if such default is curable but not reasonably susceptible of being cured within such thirty (30)-day period, Operator shall not be entitled to terminate this Agreement if Owner commences curing such default within the thirty
(30)-day period, and thereafter diligently pursues a cure thereof to completion. 
 18.1.2 Owner makes any
assignment of its property for the benefit of creditors. 
 18.1.3 Owner’s interest under this Agreement is
taken on execution of a judgment, including a judgment of foreclosure. 
 18.1.4 Owner files a petition for
adjudication as a bankrupt, for reorganization or for an arrangement under any bankruptcy or insolvency law, or an involuntary petition under any such law is filed against Owner and not dismissed within ninety (90) days thereafter. 

18.1.5 Owner fails to pay to Operator any amounts when due hereunder and Operator elects to terminate; provided, however,
(1) that Operator must give Owner forty-five (45) days’ prior notice of Operator’s election to terminate for such reason and (2) Owner may cure such default during such notice period by paying funds, which payment would
negate Operator’s right to terminate under this subsection. If Owner fails to pay amounts as and when due hereunder, commencing as of the first day after the payment is due to Operator, (i) there shall be a late charge of five (5%) of
the delinquent amount, and (ii) interest shall accrue on the delinquent amount at a rate equal to the lower of (x) three (3) percentage points above the Prime Rate or (y) the highest legal rate. 

18.2 Effective Date. If Operator elects to terminate this Agreement pursuant to Section 18.1.1 and/or 18.1.5 above,
such termination shall be effective after the expiration of any cure periods available to Owner under such section, otherwise such termination shall be effective upon Owner’s receipt of written notice from Operator of Operator’s intention
to terminate this Agreement. 
 18.3 No Termination Without Cause. Operator may not terminate this Agreement without
cause. 
 ARTICLE 19 
 RIGHTS UPON TERMINATION 
 19.1 Payment of Fees to Operator;
Reimbursement of Other Amounts to Operator. 
 19.1.1 Upon termination of this Agreement for any reason or
upon expiration of the Term, (1) Operator shall be entitled to: (a) reimbursement of all outstanding expenses incurred by Operator pursuant to this Agreement with respect to the Hotel; (b) payment of the Management Fee and any other
fees payable under this Agreement (or under any other 

 
arrangement entered into between the parties and/or the Affiliates of either in respect of the Hotel), to which Operator and/or its Affiliates would be entitled to through the date of
termination; and (c) payment of any other sums due Operator hereunder; (2) Owner shall, through the termination or expiration date, as applicable, pay for the Wages and Benefits of all Hotel employees, together with all general excise
taxes imposed thereon and an amount to cover Operator’s reasonable administrative costs and expenses in connection with processing such payment, and (3) payment of any and all amounts due and payable, upon termination or thereafter, to
Franchisor by any party, as Licensee, under the Franchise Agreement. 
 19.1.2 Owner and Operator hereby
acknowledge agree that the continued effectiveness of this Agreement is a material consideration to the parties under the Tenancy-in-Common Agreement and to Operator, and that the termination or expiration of this Agreement will result in losses and
damages to Operator. Accordingly, in addition to the sums provided for under Section 19.1.1, upon the termination of this Agreement by Owner pursuant to Section 16.1 or as a result of Owner’s default under
Section 18.1, Operator shall have the immediate right to a cancellation fee (the “Cancellation Fee”) as liquidated damages and not as a penalty in an amount equal to the following: 

(a) for the period from the Commencement Date to the eleventh (11th) anniversary of the Commencement Date, an amount equal to the
product of (i) eight (8) times (ii) the Management Fees for the twelve (12) month period immediately preceding the date on which the event that resulted in the termination of this Agreement occurs, and 

(b) for the period from the eleventh (11th) anniversary of the Commencement Date to the fifteenth (15) anniversary of the Commencement Date, an amount equal
to the product of (i) the Management Fees for the twelve (12) month period immediately preceding the date on which the event that resulted in the termination of this Agreement occurs, times (ii) the following number (factor):

  

					
	 Year of Management Agreement
	  	Factor	 
	 12
	  	 	4	  
	 13
	  	 	3	  
	 14
	  	 	2	  
	 15
	  	 	1;	  

 provided,
however, that if this Agreement is so terminated prior to the first (1st) anniversary of the Opening Date, the Management Fees budgeted for the first twelve (12) months after the Opening Date (as such budgeted Management Fees are shown in the Annual Operating
Budget), shall be used to calculate the Cancellation Fee. An example of the calculation of the Cancellation Fee is set forth in Exhibit C attached hereto, based on an estimated annual Management Fee. 

All entities comprising Owner, on behalf of themselves and their respective members, shareholders, officers and directors, and Operator
hereby agree that the Cancellation Fee, as calculated above and as liquidated damages, is commercially reasonable. 

  
 19.2
Indemnification of Operator Upon Owner’s Termination of Agreement. Upon the expiration or earlier termination of this Agreement by Owner, Owner shall indemnify, defend and hold Operator harmless against any and all losses, costs,
damages, liabilities, claims and expenses, including reasonable attorneys’ fees, arising or resulting from the failure of Owner to provide any of the services contracted for in connection with the business booked in the normal course of
business for the Hotel up to and including the date of termination of this Agreement, including any and all business so booked as to which facilities or services are to be furnished subsequent to the date of termination. 

19.3 Return of the Hotel and Distribution of Owner’s Funds. Upon termination of this Agreement for any reason, Owner shall be
entitled to: (a) return of possession of the Hotel and its FF&E in “as is, where is” condition, and (b) after payment to Operator of all fees and expenses due and payable to Operator pursuant to this ARTICLE 19 and
after adequate reserves have been set aside by Operator for payment of Hotel Expenses that remain unpaid at the date of termination, (x) return of all funds held by Operator on Owner’s behalf in any Agency Account or other account,
including Working Capital reserves, and (y) payment of all other amounts due and payable by Operator to Owner under this Agreement to the date of termination. 
 ARTICLE 20 
 INDEMNIFICATION 

20.1 Indemnification by Owner. Operator shall not, in the performance of this Agreement, be liable to Owner or to any other person
for any act or omission, whether negligent, tortious or otherwise, of any agent (other than Operator) or employee of Owner. Owner shall indemnify, defend and hold harmless Operator to the fullest extent permitted by law, from any and all liability,
loss, damage, cost or expense (including all attorneys’ fees and expenses) arising from or relating to the organization, marketing, operation, direction, management, maintenance or supervision of the Hotel, or any of the foregoing acts or
omissions, except to the extent such liability, loss, damage, cost or expense arises from the gross negligence or willful misconduct of Operator or its agents, representatives, officers, or employees. Owner’s duty to indemnify Operator shall
survive the termination of this Agreement and shall apply to any event or occurrence arising after the execution of this Agreement. 
 20.2 Indemnification by Operator. Operator shall indemnify, defend and hold harmless Owner to the fullest extent permitted by law, from any and all liability, loss, damage, cost or expense
(including all attorneys’ fees and expenses) arising from or relating to Operator’s actions that fall within the scope of restrictions on Operator’s authority, as expressly set forth in Section 3.2 (Limitations on
Operator’s Authority) in this Agreement, except to the extent such liability, loss, damage, cost or expense arises from the gross negligence or willful misconduct of Owner or its agents, representatives, officers, or employees. Operator’s
duty to indemnify Owner shall survive the termination of this Agreement and shall apply to any event or occurrence arising after the execution of this Agreement. 
 20.3 Limitation on Operator’s Liability. In no event shall Owner make any claim against Operator on account of any alleged errors of judgment made in good faith in connection with the
performance by Operator and/or its Affiliates of the obligations of Operator expressed 

 
herein, nor shall Owner object to any expenditure made by Operator in good faith in connection with the performance of Operator’s obligations hereunder, unless such expenditure is
specifically prohibited by this Agreement. 
 ARTICLE 21 

HOTEL TRADE NAME 
 21.1 Hotel Trade Name. During the Term, the Hotel shall be known by and operated under the name “Embassy Suites – Waikiki Beach Walk.” Owner and Operator acknowledge that Licensor
under the Franchise Agreement is and shall remain the owner of the “Embassy Suites” mark, that Operator is and shall remain the owner of the “Waikiki Beach Walk” mark, and that the Hotel will be owned, operated and managed in
accordance with and subject to the terms and conditions of the Franchise Agreement and the Trademark License Agreement. 
 21.2 Other Operator Trade Names/Trademarks. Owner hereby acknowledges and agrees that Operator is and shall remain the owner of the “Waikiki Beach WalkTM,”“OutriggerTM” and “OHANATM” trademarks and services marks, including the logos associated
with such trademarks (collectively, the “Operator Trade Names and Trademarks”). The exclusive rights to the use of the Operator Trade Names and Trademarks belong to and shall remain with Operator and are not in any way to be
considered appurtenant to the Hotel, regardless whether any of the Operator Trade Names and Trademarks are used by Operator for the first time at the Hotel or elsewhere. By this Agreement, Operator does not grant to Owner the right to use Operator
Trade Names and Trademarks, except as may be required under the Franchise Agreement. 
 21.3 Termination. Upon
termination of this Agreement for any reason, and subject to the provisions of the Franchise Agreement, all further rights to use Operator Trade Names and Trademarks shall remain with Operator, and Owner, and each and every other occupant of the
Hotel, shall immediately cease all use (including any use on a website or via the internet) of the Operator Trade Names and Trademarks, and all other service marks, slogans, signs, logos and emblems of Operator. Immediately upon termination of this
Agreement, and subject to the provisions of the Franchise Agreement, Owner shall make all such physical changes to the Hotel and take all such other action as is necessary to remove from use, in connection with the Hotel, the Operator Trade Names
and Trademarks and any and all signs, consumable supplies and other items bearing the Operator Trade Names and Trademarks, and/or any logos, emblems, slogans or service marks of Operator. If Owner fails to take such action within thirty
(30) days of termination of this Agreement, Operator, at Owner’s Expense, may enforce Owner’s performance of its obligations hereunder by any legal means. 
 ARTICLE 22 
 COMPLIANCE WITH LAWS AND OBLIGATIONS 

22.1 Compliance with Laws and Insurance Policies. Provided there is sufficient Working Capital, Operator shall comply with and
abide by all applicable requirements of all laws, rules, regulations, requirements, orders, notices, determinations and ordinances of any 

 
federal, state or municipal authority and the requirements of insurance companies covering any of the risks against which the Hotel is insured. In the event there is insufficient Working Capital,
Owner shall immediately deposit sufficient Working Capital into the Agency Accounts from Owner’s own funds on a cash basis, whereupon Operator shall comply with and abide by all such requirements. 

22.2 Right to Contest. Owner shall have the right to contest any alleged violation and to postpone compliance pending the
determination of such contest, both as permitted by law. In such event, Owner shall indemnify Operator from any resulting liability, loss, cost, damage or expense (including all fees and expenses of attorneys approved or selected by Operator),
unless such violation is proved to have been caused by Operator’s willful misconduct or gross negligence. 
 22.3
Owner’s Obligations. Owner will observe and perform all obligations to be observed or performed by Owner under any agreement whatsoever in respect of the Hotel. The expense of any legal actions in defense of Owner’s title or
obligations shall be Owner’s separate expense paid with Owner’s own funds on a cash basis and not from the Agency Accounts. 
 ARTICLE 23 
 RESPONSIBILITY FOR HOTEL OPERATIONS 

23.1 Agent of Owner; No Partnership. In the performance of its duties as Operator of the Hotel, Operator shall act solely as agent
of Owner. Nothing herein shall constitute a partnership or joint venture between Owner and Operator. All debts and liabilities to third persons incurred by Operator in accordance with the provisions of this Agreement and otherwise in the normal
course of its operation and management of the Hotel shall be the debts and liabilities of Owner, whether or not Operator so informs third parties with whom it deals on behalf of Owner (although Operator may so inform such third parties). 

23.2 Operator’s Right to Close Hotel. If at any time during the Term it becomes necessary in Operator’s good faith and
reasonable opinion to cease operation of the Hotel in order to protect the Hotel and/or the health, safety and welfare of the guests and/or Hotel Employees, then in such event Operator may close and cease operation of all or part of the Hotel and
may reopen and commence operation when Operator deems that such may be done without jeopardy to the Hotel, its guests and employees. 
 23.3 Discounts; Employee Lodging. Operator may, in its discretion, provide food, beverage, lodging or parking at the Hotel, on a complimentary or discount basis, to any employee or guest of Owner
or Operator, in accordance with Operator’s policies. Operator, in its discretion, may provide the management of the Hotel suitable living quarters within the Hotel and may allow management to use all Hotel facilities, including food and
beverage services, without charge. Any arrangement for the provision of goods and/or services to or for the benefit of the Hotel, the entering into of which is within Operator’s authority hereunder, may be established at Operator’s
discretion in a manner permitting payment for Owner’s account in kind, using the Hotel’s facilities. Notwithstanding the foregoing, any actions by Operator under this section shall be consistent and in accordance with the Annual Operating
Budget. 

  
 ARTICLE 24

 MISCELLANEOUS 
 24.1 Notices. Any notice which a party is required or may desire to give the other shall be in writing and may be sent by (i) facsimile transmission, (ii) personal delivery,
(iii) United States registered or certified mail, return receipt requested, postage prepaid, or (iv) Federal Express or similar generally recognized overnight carrier regularly providing proof of delivery, addressed as follows (subject to
the right of a party to designate a different address for itself by notice similarly given): 
 To Owner: 

c/o American Assets, Inc. 
 11455 El Camino Real, Suite 200 
 San Diego, California 92130 

Attention: John Chamberlain 
 Tel: (858) 350-2494 
 Fax: (858) 350-2620 

With a copy by e-mail to:  
 gis@smclawoffices.com  
 To Operator: 

Outrigger Hotels Hawaii 
 2375 Kuhio Avenue 
 Honolulu, Hawaii 96815 

Attention: Melvyn M. Wilinsky 
 Telephone: (808) 921-6510 
 Facsimile: (808) 921-6505 

With a copy to: 

Cades Schutte LLP 
 1000 Bishop Street, 12th Floor 
 Honolulu, Hawaii 96813 

Attn: Donna Y. L. Leong, Esq. 
 Telephone: (808) 521-9232 
 Facsimile: (808) 540-5026 

Notice shall be deemed given on the date of actual delivery as shown by certification receipt, addressee’s registry, facsimile confirmation or other
means of verification. Notice may be given by the attorney for any party. 

  
 24.2 Governing Law;
Jurisdiction. This Agreement is being executed and delivered in the State of Hawaii and shall be governed by and construed and interpreted in accordance with the laws of the State of Hawaii. Owner and Operator hereby agree that disputes between
the parties hereto pertaining to this Agreement shall be resolved in federal courts located in the following jurisdictions: (a) Seattle, Washington, with regard to disputes solely between and involving Owner and Operator, or (b) Honolulu,
Hawaii, with regard to all other disputes. 
 24.3 Force Majeure. 

24.3.1 Neither party shall be liable to the other in damages nor shall this Agreement be terminated nor a default be
deemed to have occurred because of any failure to perform hereunder caused by a Force Majeure. 
 24.3.2 In this
Agreement, the term “Force Majeure” shall mean a war, act of terrorism, hurricane, tsunami, earthquake, fire, flood, explosion, strike, lockouts, labor troubles materially affecting Operator’s ability to obtain sufficient
qualified workers or materials, failure of power or other utility service for a period of more than 72 consecutive hours, riots, insurrection, unavoidable accident, civil disturbance, act of public enemy, embargo, war, catastrophic act of God, or
any outbreak of disease. 
 24.3.3 A Force Majeure shall be deemed to have commenced as of the first day of the
month in which Operator notifies Owner that an event has occurred after completion of Project construction and that the occupancy reports published by Smith Travel Research indicate a reduction in the average monthly occupancy rates for upper scale
hotels located in Waikiki, Hawaii for such month by more than fifteen (15) points from the Base Period Occupancy. “Base Period Occupancy” means the average monthly occupancy rate for upper scale hotels located in Waikiki,
Hawaii for the same month in the immediately preceding three (3) years. 
 24.3.4 The Force Majeure event
shall be deemed terminated on the last day of the first month after the commencement of such Force Majeure event in which the average monthly occupancy rates for upper scale hotels located in Waikiki, Hawaii, as applicable, as reported by Smith
Travel Research, to be within ten (10) points of the Base Period Occupancy (for the same month of comparison in the immediately preceding three (3) years). If Smith Travel Research ceases to publish such statistics, then such reduction in
hotel occupancy rates shall be determined by reference to any successor publication mutually acceptable to the parties. If there is no successor publication, then a new standard shall be substituted by agreement of the parties or arbitration.

 24.4 Consent Not Unreasonably Withheld. Except as is otherwise expressly provided herein, whenever in this Agreement
the consent or approval of Owner or Operator is required, such consent or approval shall not unreasonably be withheld or delayed and shall be in writing, signed by an officer or agent, thereunto duly authorized, of the party granting such consent or
giving such approval. Whenever Operator desires to take any proposed action which requires the approval of Owner, Operator shall give written notice thereof to Owner describing such proposed action in sufficient detail so as to enable Owner to
exercise an informed judgment with respect thereto. Except as is otherwise expressly provided herein (a) as soon as practicable thereafter, Owner shall give Operator written notice that Owner either approves or disapproves the

 
proposed action (setting forth Owner’s reasons therefor if it disapproves of such proposed action) or indicating that it needs additional information, and (b) if Owner fails to so
respond on or before the tenth (10th) Business Day
following the effective date of Operator’s notice to Owner (or the tenth (10th) Business Day following the date Operator’s response to Owner’s request for additional information is delivered to Owner, which tenth (10th) Business Day period shall not be further extended upon
delivery of Operator’s response), then Owner shall be deemed to have approved of such action, and (b) in cases where consent or approval is required by Owner or Operator, the failure to respond within twenty (20) days of the receipt
of the request for such consent or approval shall he conclusively deemed to constitute the requested consent or approval. 

24.5 No Waiver. No assent, expressed or implied, by Owner or Operator to any breach of or default in any term, covenant or
condition which this Agreement requires to be performed or observed by the other party shall constitute a waiver of or assent to any succeeding breach of or default in the same or any other term, covenant or condition hereof. 

24.6 Set-off. Operator shall have the right to set-off against any payments to be made to Owner by Operator under any provision of
this Agreement, and against all funds from time to time in the Agency Accounts, any and all liabilities of Owner to Operator, and Owner hereby pledges to Operator all funds from time to time in the Agency Accounts to secure the payment of all of the
foregoing liabilities. Operator may withdraw from the Agency Accounts from time to time such amounts as it deems desirable in partial or full payment of all or any portion of said liabilities. The amounts of such withdrawals shall be paid by Owner
to Operator on demand for replacement in the respective accounts. 
 24.7 Invalidity. In the event that any one or more
of the phrases, sentences, clauses or paragraphs contained in this Agreement shall be declared invalid by the final and unappealable order, decree or judgment of any court, this Agreement shall be construed as if it did not contain such phrases,
sentences, clauses or paragraphs. 
 24.8 Further Action. Owner and Operator shall execute and deliver all other
appropriate supplemental agreements and other instruments, and take any other action necessary to make this Agreement fully and legally effective, binding, and enforceable as between them and as against third parties, including Owner’s filing
of such certificates as are required to be filed by persons or entities doing business in a name other than their own, indicating that Owner is engaging in the hotel business at the Hotel under the name of the Hotel. 

24.9 No Party Deemed Drafter. Owner and Operator agree that no party shall be deemed to be the drafter of this Agreement and
further that in the event that this Agreement is ever construed by a court of law, such court shall not deem either party to be the drafter of this Agreement. 
 24.10 Binding Effect. This Agreement shall be binding upon and inure to the benefit of Owner, and its successors, and/or permitted assigns, and shall be binding upon and inure to the benefit of
Operator, and its successors and/or permitted assigns. 

  
 24.11 Captions.
The captions and headings throughout this Agreement and its table of contents (if any) are for convenience and reference only, and shall in no way be held or deemed to define, modify or add to the meaning, scope or intent of any provision of this
Agreement. 
 24.12 Entire Agreement. This Agreement constitutes the entire agreement between the parties relating to the
subject matter hereof, superseding all prior agreements or undertakings, oral or written. 
 24.13 Amendment. This
Agreement may be amended only by a writing signed by Owner and Operator. 
 24.14 Counterparts and Facsimile Signatures.
This Agreement may be signed in one or more counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. Facsimile signatures on this Agreement shall be binding and effective for all
purposes and shall be treated the same as original signatures on the original documents. 
 24.15 Confidentiality. Except
as otherwise required by applicable law or court order, Owner and Operator shall maintain the confidentiality of this Agreement and the transaction contemplated hereby. Neither party shall disclose the same nor do anything to cause the same to be
revealed to any third party without the prior written consent of the other party hereto. 
 [Remainder of page intentionally left
blank] 

  
 IN WITNESS WHEREOF, the
parties have caused this Hotel Management Agreement to be duly executed effective as of the Commencement Date. 
  

							
	OWNER:	 		 	WAIKELE VENTURE HOLDINGS, LLC, a Delaware limited liability company
				
		 		 	By:	 	/s/ John W. Chamberlain
				
		 		 	Its:	 	President
				
		 		 	By:	 	 /s/ Robert F. Barton

				
		 		 	Its:	 	CFO

  

							
		 		 	BROADWAY 225 SORRENTO HOLDINGS, LLC, a Delaware limited liability company
				
		 		 	By:	 	 /s/ John W. Chamberlain 

				
		 		 	Its:	 	President
				
		 		 	By:	 	 /s/ Robert F. Barton

				
		 		 	Its:	 	CFO

  

							
		 		 	BROADWAY 225 STONECREST HOLDINGS, LLC, a Delaware limited liability company
				
		 		 	By:	 	 /s/ John W. Chamberlain 

				
		 		 	Its:	 	President
				
		 		 	By:	 	 /s/ Robert F. Barton

				
		 		 	Its:	 	CFO

 [Signatures continued on next page]

  

																					
	OWNER:	 		 	 EBW HOTEL LLC,
 a Hawaii limited liability company

			
		 		 	 By ESW LLC,
 a
Hawaii limited liability company
 Its Managing Member

				
		 		 		 	 By: Outrigger Retail LLC,
 a Hawaii limited liability company,
 Its Managing Member

				
		 		 		 	 By: Outrigger Hotels Hawaii,
 a Hawaii limited partnership
 Its Managing Member

				
		 		 		 	 By: Outrigger Enterprises, Inc.,
 a Hawaii corporation
 Its General Partner

						
		 		 		 		 	By:	 	/s/ Melvyn M. Wilinsky
		 		 	 		 	Melvyn M. Wilinsky
		 		 	 		 	 Its Sr. Vice President and
 Chief Financial Officer

			
	OPERATOR:	 		 	OUTRIGGER HOTELS HAWAII,
		 		 	 a Hawaii limited partnership,
 dba Outrigger Hotels & Resorts

			
		 		 	 By   Outrigger Enterprises, Inc.,
         a Hawaii corporation

        Its General Partner

					
		 		 		 	By	 	/s/ Melvyn M. Wilinsky
		 		 		 	Melvyn M. Wilinsky
		 		 		 	Its Senior Vice President

  

  
 EXHIBIT A

 FIRST: 
 The Hotel Apartment of the condominium property regime known as “Beach Walk” (the “Condominium”), as established by that certain Declaration of Condominium
Property Regime of Beach Walk, dated November 10, 2005, and recorded in Bureau of Conveyances of the State of Hawaii as Document No. 2005-230978 and in the Office of the Assistant Registrar of the Land Court of the State of Hawaii
(collectively the “Record Office”) as Land Court Document No. 3353847 and noted on Transfer Certificate of Title No. 787,626, (with any amendments called the “Condominium
Declaration”) and as shown on the plans of the Condominium filed in the Record Office as Condominium File Plan No. 4113 and Condominium Map No. 1757, (with any amendments called the “Condominium
Map”). 
 TOGETHER WITH the following appurtenant easements: 

1. The right to use the Limited Common Elements described in the Condominium Declaration and/or delineated on the Condominium Map(s) as
being appurtenant to the Apartment, such right being exclusive to the owner of the Apartment with respect to any Limited Common Element appurtenant solely to the Apartment and otherwise in common with the owners of the other apartments to which the
Limited Common Element is appurtenant; 
 2. Nonexclusive easements for use of the Common Elements designed for such purposes
for ingress to, egress from, and support, maintenance and repair of the Apartment; in the other Common Elements for use according to their respective purposes, subject always to the exclusive use of the Limited Common Elements as provided in the
Condominium Declaration; and in all other apartments and Limited Common Elements of the building in which the Apartment is located for support; 
 3. If the Apartment or its Limited Common Elements now or later encroaches on any other apartment, Common Elements or Limited Common Elements, then a valid easement for the encroachment and the
maintenance of it will remain in effect for so long as such encroachment continues. If any building is partly or totally destroyed and then rebuilt, or in the event of any shifting, settlement or movement of any part of the Condominium, minor
encroachments of any parts of the Common Elements or apartments or Limited Common Elements due to that construction, shifting, settlement or movement are permitted and valid easements for those encroachments and the maintenance of them will exist
for so long as the encroachments continue. 
 EXCEPTING AND RESERVING AND SUBJECT TO: 

1. Easements for encroachments appurtenant to other apartments as they arise in the manner set forth in the preceding paragraph, now or
later existing; 
 2. Easements for access to the Apartment from time to time during reasonable hours as may be necessary for
the operation of the Condominium or for making emergency repairs to prevent damage to the Common Elements or to another apartment or apartments or for the 

  
 EXHIBIT
“A” 
 Page 1 of 2 

 
installation, repair or replacement of any Common Elements, as more particularly provided in the Condominium Declaration. 
 3. Easements through the Apartment appurtenant to the Common Elements of the Condominium and to all other apartments of the Condominium for support and repair of both the Common Elements of the
Condominium and all other apartments of the Condominium, as more particularly provided in the Condominium Declaration 
 4. Any
other easements granted or reserved by the “Developer” in the Condominium Documents. 
 SECOND:

 An undivided 49.95% interest in and to the Common Elements of the Condominium, including the land, as described in the
Condominium Declaration, or such other percentage interest as later established for the Apartment by any amendment of the Condominium Declaration, as tenant in common with the other owners of apartments in the Condominium. The land of the
Condominium is described in Exhibit “A” to the Condominium Declaration and that description, as it may be amended from time to time, is incorporated herein by this reference. 

Being property acquired by Owner by Limited Warranty Deed with Covenants (Hotel Apartment Beach Walk) dated January 10, 2006,
recorded in the Bureau as Document No. 2006-005960, and in the Land Court as Document No. 3377065, and duly noted on Transfer Certificate of Title No. 787,626. 

  
 EXHIBIT
“A” 
 Page 2 of 2 

  

					
		  	 EXHIBIT B
 For the Seven Months Ending July 31, 2004
	  	

  

																																															
	 MTD
ACTUAL
	 	% OF
REVENUE	 	 	MTD
BUDGET	 	 	% OF
REVENUE	 	 	MTD
LAST YEAR	 	 	% OF
REVENUE	 	 	 DESCRIPTION
	 	YTD
ACTUAL	 	 	% OF
REVENUE	 	 	YTD
BUDGET	 	 	% OF
REVENUE	 	 	YTD
LAST YEAR	 	 	% OF
REVENUE	 
		 				 				 				 				 				 	-REVENUE-	 				 				 				 				 				 			
		 				 				 				 				 				 	ROOMS	 				 				 				 				 				 			
		 				 				 				 				 				 	FOOD AND BEVERAGE	 				 				 				 				 				 			
		 				 				 				 				 				 	PROPERTY MANAGEMENT	 				 				 				 				 				 			
		 				 				 				 				 				 	TELEPHONE	 				 				 				 				 				 			
		 				 				 				 				 				 	OTHER	 				 				 				 				 				 			
		 				 				 				 				 				 	TOTAL REVENUE	 				 				 				 				 				 			
		 				 				 				 				 				 	-OPERATING EXPENSES-	 				 				 				 				 				 			
		 				 				 				 				 				 	ROOMS	 				 				 				 				 				 			
		 				 				 				 				 				 	FOOD AND BEVERAGE	 				 				 				 				 				 			
		 				 				 				 				 				 	PROPERTY MANAGEMENT	 				 				 				 				 				 			
		 				 				 				 				 				 	TELEPHONE	 				 				 				 				 				 			
		 				 				 				 				 				 	OTHER	 				 				 				 				 				 			
		 				 				 				 				 				 	TOTAL OPERATING EXP	 				 				 				 				 				 			
		 				 				 				 				 				 	DEPT OPERATING PROFIT	 				 				 				 				 				 			
		 				 				 				 				 				 	-UNDISTRIB OPER EXP-	 				 				 				 				 				 			
		 				 				 				 				 				 	GENERAL & ADMINISTRATIVE	 				 				 				 				 				 			
		 				 				 				 				 				 	SALES & MARKETING	 				 				 				 				 				 			
		 				 				 				 				 				 	FRANCHISE FEES	 				 				 				 				 				 			
		 				 				 				 				 				 	PROPERTY OPER & MAINT	 				 				 				 				 				 			
		 				 				 				 				 				 	ENERGY COSTS	 				 				 				 				 				 			
		 				 				 				 				 				 	TOTAL UNDISTR OPER EXP	 				 				 				 				 				 			
		 				 				 				 				 				 	GROSS OPERATING PROFIT	 				 				 				 				 				 			
		 				 				 				 				 				 	-FIXED CHGS & MGT FEES-	 				 				 				 				 				 			
		 				 				 				 				 				 	MANAGEMENT FEES	 				 				 				 				 				 			
		 				 				 				 				 				 	FF & E RESERVE	 				 				 				 				 				 			
		 				 				 				 				 				 	RENT TAXES INS	 				 				 				 				 				 			
		 				 				 				 				 				 	TOTAL FIXED CHGS & MGT F	 				 				 				 				 				 			
		 				 				 				 				 				 	OPERATING CASH FLOW	 				 				 				 				 				 			
		 				 				 				 				 				 	ROOM NIGHTS AVAILABLE	 				 				 				 				 				 			
		 				 				 				 				 				 	OCCUPIED ROOM NIGHTS	 				 				 				 				 				 			
		 				 				 				 				 				 	OCCUPANCY	 				 				 				 				 				 			
		 				 				 				 				 				 	OCCUPIED ADR	 				 				 				 				 				 			
		 				 				 				 				 				 	PAID ROOM NIGHTS	 				 				 				 				 				 			
		 				 				 				 				 				 	PAID OCCUPANCY	 				 				 				 				 				 			
		 				 				 				 				 				 	PAID ADR	 				 				 				 				 				 			
		 				 				 				 				 				 	REV PAR	 				 				 				 				 				 			

 EXHIBIT “B” 
 Page 1 of 33 

  

					
		  	For the Seven Months Ending July 31, 2004	  	

  

																																															
	 MTD
ACTUAL
	 	% OF
REVENUE	 	 	MTD
BUDGET	 	 	% OF
REVENUE	 	 	MTD
LAST YEAR	 	 	% OF
REVENUE	 	 	 DESCRIPTION
	 	YTD
ACTUAL	 	 	% OF
REVENUE	 	 	YTD
BUDGET	 	 	% OF
REVENUE	 	 	YTD
LAST YEAR	 	 	% OF
REVENUE	 
		 				 				 				 				 				 	OPERATING CASH FLOW	 				 				 				 				 				 			
		 				 				 				 				 				 	ADD: FF&E RESERVE (CONTR	 				 				 				 				 				 			
		 				 				 				 				 				 	ADD: MANAGEMENT FEES (CO	 				 				 				 				 				 			
		 				 				 				 				 				 	CASH FLOW FROM HOTEL	 				 				 				 				 				 			
		 				 				 				 				 				 	INTEREST INCOME	 				 				 				 				 				 			
		 				 				 				 				 				 	INTEREST EXPENSE	 				 				 				 				 				 			
		 				 				 				 				 				 	RENOVATION IMPROVEMENTS	 				 				 				 				 				 			
		 				 				 				 				 				 	DEPRECIATION & AMORT	 				 				 				 				 				 			
		 				 				 				 				 				 	OWNER EXPENSE	 				 				 				 				 				 			
		 				 				 				 				 				 	OTHER NON-OP EXPENSE	 				 				 				 				 				 			
		 				 				 				 				 				 	*NET PROFIT (LOSS)*	 				 				 				 				 				 			

  
 EXHIBIT
“B” 
 Page 2 of 33 

  

					
		  	 RATE & OCCUPANCY
 For the Seven Months Ending July 31, 2004
	  	

  

																																																									
	 ACTUAL 2004
	  	JAN	 	  	FEB	 	  	MAR	 	  	APR	 	  	MAY	 	  	JUN	 	  	JUL	 	  	AUG	 	  	SEP	 	  	OCT	 	  	NOV	 	  	DEC	 	  	TOTAL	 	  	% OF
TOTALS	 
	 NUMBER OF ROOMS
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 ROOM NIGHTS AVAILABLE
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 NET NIGHTS AVAILABLE
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 ROOM NIGHTS
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 CONSUMER
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 TRAVEL AGENT
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 CORP/ASSOCIATION
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 WHOLESALE
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 PAID ROOM NIGHTS
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 INTERDEPT
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 OWNER NIGHTS
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 OCCUPIED ROOM NIGHTS
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 OUT OF ORDER
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 VACANT
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 ROOM NIGHTS AVAILABLE
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 AVERAGE LENGTH OF STAY
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 AVERAGE OCCUPANCY
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 CONSUMER
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 TRAVEL AGENT
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 CORP/ASSOCIATION
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 WHOLESALE
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 PAID OCCUPANCY
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 INTERDEPT
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 OWNER
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 OCCUPIED
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 OUT OF ORDER
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 VACANT
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 AVAILABLE
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 AVERAGE DAILY ROOM
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 WEIGHTED RACK RATE
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 CONSUMER
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 TRAVEL AGENT
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 CORP/ASSOCIATION
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 WHOLESALE
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 INTERDEPT
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 REVENUE
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 CONSUMER
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 TRAVEL AGENT
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 CORP/ASSOCIATION
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 WHOLESALE
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 UPSELL & NO SHOW
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 SUB-TOTAL ROOM REVENUE
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 INTERDEPT
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 TOTAL ROOM REVENUE
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 PAID OCCUPANCY
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 TOTAL OCCUPANCY
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 PAID ADR
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 ROOM REVENUES
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 REV PAR
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 MO VAR - FAV (UNFAV)
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 YTD RM REV - ACT
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 YTD RM REV - BUD
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 YTD VAR - FAV (UNFAV)
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 ‘03 PAID OCCUPANCY
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 ‘03 TOTAL OCCUPANCY
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 ‘03 PAID ADR
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 ‘03 ROOM REVENUES
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 ‘03 REV PAR
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			
	 % CHANGE MONTH REV OVER PRIOR YEAR
	  				  				  				  				  				  				  				  				  				  				  				  				  				  			

  
 EXHIBIT
“B” 
 Page 3 of 33 

  

					
		  	 ROOMS DEPARTMENT
 For the Seven Months Ending July 31, 2004
	  	

  

																																																															
	 MTD
 ACTUAL
	 	COST
PER
OCCU-
PIED
RM
NIGHT	 	 	MTD
BUDGET	 	 	COST
PER
OCC-
UPIED
RM
NIGHT	 	 	VARIANCE
BETTER/
(WORSE)	 	 	COST
PER
OCC-
UPIED
RM
NIGHT	 	 	MTD
LAST
YEAR	 	 	COST
PER
OCC-
UPIED
RM
NIGHT	 	 	 DESCRIPTION
	 	YTD
ACTUAL	 	 	COST
PER
OCC-
UPIED
RM
NIGHT	 	 	YTD
BUDGET	 	 	COST
PER
OCC-
UPIED
RM
NIGHT	 	 	VARIANCE
BETTER/
(WORSE)	 	 	COST
PER
OCC-
UPIED
RM
NIGHT	 	 	YTD
LAST
YEAR	 	 	COST
PER
OCCU-
PIED
RM
NIGHT	 
		 				 				 				 				 				 				 				 	CONSUMER	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TRAVEL AGENT	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	CORP/ASSOCIATION	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	WHOLESALE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	OTHER	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TOTAL ROOM REVENUE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	NO SHOW	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	[ILLEGIBLE] REV	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	INTERDEPT RMS REV	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TOTAL RMS DEPT REV	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	-P/R RELATE EXPENSES-	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	$ & WGS- HSXP- SALARY	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	$ & WGS- HSXP- HOURLY	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	$ & WGS HBXP - P. A.	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	$ & WGS BELL	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	$ & WGS - F/DSK - SALARY	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	$ & WGS - F/DSK - HOURLY	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	$ & WGS - GUEST SERVICES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	$ & WGS - RESERVATIONS	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	VACATION PAY	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	HOLIDAY, SICK, OTHER	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	P/R TAXES & BENEFITS	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TOTAL P/R & REL EXP	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	-OTHER ROOM DEPT EXP-	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	COMMISSIONS	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	EQUIPMENT EXPENSES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	GUEST AMENITIES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	GUEST SUPPLIES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 LAUNDRY

EXPENSES
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	LINEN	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	OPERATING SUPPLIES - ROOMS	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	OPERATING SUPPLIES - OTHER	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	OUTSIDE CONTRACT SVC	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TAXES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TELEPHONE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	GUEST RELOCATION	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	UNIFORMS	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	OTHER	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	RESERVATIONS	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TOTAL OTHER EXPENSES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TOTAL EXPENSES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	• DEBT PROFIT (LOSS)	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	PROFIT MARGIN	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TOTAL OCC RM NIGHTS	 				 				 				 				 				 				 				 			

  
 EXHIBIT
“B” 
 Page 4 of 33 

  

					
		  	 FOOD & BEVERAGE SUMMARY
 For the Seven Months Ending July 31, 2004
	  	

  

																																	
	 MTD
ACTUAL
	 	% OF
REVENUE	 	MTD
BUDGET	 	B(W)
THAN
BUDGET	 	% OF
CHANGE	 	NTD L/YR
ACTUAL	 	B (W) THAN
LAST YEAR	 	% OF
CHANGE	 	 DESCRIPTION
	 	 YTD
ACTUAL
	 	% OF
REVENUE	 	YTD
BUDGET	 	B(W)
THAN
BUDGET	 	% OF
CHANGE	 	LAST YTD
ACTUAL	 	B (W) THAN
LAST YEAR	 	% OF
CHANGE
		 		 		 		 		 		 		 		 	-REVENUE-	 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 	BEVERAGE - RETAIL	 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 	FOOD-RETAIL	 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 	ALLOWANCES	 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 	NET F&B REVENUE	 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 	COVER CHRGS & OTHER	 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 	TOTAL REVENUE	 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 	-COST OF SALES-	 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 	COST OF BEVERAGE	 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 	COST OF FOOD	 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 	COST OF SALES - AMENITY	 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 	COST OF SALES- OTHER	 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 	TOTAL COST OF SALES	 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 	GROSS PROFIT	 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 	-EXPENSES-	 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 	SAL & WAGES - SERVICE	 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 	SAL & WAGES - STEW	 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 	SAL & WAGES PREP	 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 	VACATION PAY	 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 	HOLIDAY, SICK, OTHER	 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 	PAYROLL REOVERIES	 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 	 P/R
 TAXES &
BENEFITS
	 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 	 TOTAL
 P/R &

REL EXP
	 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 	ADVERTISING	 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 	CASH OVER/SHORT	 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 	 CHINA
 GLASS &
SILVER
	 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 	COMMISSIONS	 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 	DECORATIONS	 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 	DUES & PUBLICATIONS	 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 	EQUIPMENT EXPENSE	 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 	LAUNDRY/DRY CLEANING	 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 	IN-HOUSE LAUNDRY	 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 	LINEN & LINEN RENTAL	 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 	LICENSES & PERMITS	 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 	MENUS	 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 	MUSIC & ENTERTAIN	 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 	OFFICE EXPENSES	 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 	OPERATING SUPPLIES	 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 	OUTSIDE CONTRACT SVC	 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 	SPECIAL PROMOTION	 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 	TELEPHONE	 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 	 TRAVEL
 MTGS &
ENTERTA
	 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 	UNIFORMS	 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 	OTHER	 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 	F & B ADMIN	 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 	TOTAL OTHER EXPENSES	 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 	TOTAL EXPENSES	 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 	• DEPT PROFIT (LOSS)•	 		 		 		 		 		 		 		 	

  
 EXHIBIT
“B” 
 Page 5 of 33 

  

					
		  	 HALU BAR
 For the Seven Months Ending July 31, 2004
	  	

  

																																																															
	 MTD
ACTUAL
	 	% OF
REVENUE	 	 	MTD
BUDGET	 	 	B(W)
THAN
BUDGET	 	 	% OF
CHANGE	 	 	NTD L/YR
ACTUAL	 	 	B (W) THAN
LAST YEAR	 	 	% OF
CHANGE	 	 	 DESCRIPTION
	 	YTD
ACTUAL	 	 	% OF
REVENUE	 	 	YTD
BUDGET	 	 	B(W)
THAN
BUDGET	 	 	% OF
CHANGE	 	 	LAST YTD
ACTUAL	 	 	B (W) THAN
LAST YEAR	 	 	% OF
CHANGE	 
		 				 				 				 				 				 				 				 	-REVENUE-	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	BEVERAGE- RETAIL	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	-FOOD-RETAIL	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	ALLOWANCES-	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	NET F & B REVENUE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	COVER CHRGS & OTHER	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TOTAL REVENUE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	-COST OF SALES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	-COST OF BEVERAGE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	-COST OF FOOD	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	COST OF SALES- AMENITY	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TOTAL COST OF SALES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	GROSS PROFIT	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	-EXPENSES-	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	SAL & WAGES-SERVICE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	SAL & WAGES-STEW	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	SAL & WAGES-PREF	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	VACATION PAY	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	HOLIDAY, SICK, OTHER P/R TAXES & BENEFITS	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 TOTAL
 P/R &

REL EXP
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	CASH OVER/SHORT	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	CHINA, GLASS & SILVER	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	EQUIPMENT EXPENSE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	LAUNDRY/DRY CLEANING	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	IN-HOUSE LAUNDRY	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	LICENSES & PERMITS	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	MUSIC & ENTERTAIN	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	OFFICE EXPENSE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	OPERATING SUPPLIES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	OUTSIDE CONTRACT SVC	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TELEPHONE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TRAVEL MTGS & ENTERTA	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	UNIFORMS	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	OTHER	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	F & B ADMIN	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TOTAL OTHER EXPENSES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TOTAL EXPENSES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	• DEPT PROFIT (LOSS) •	 				 				 				 				 				 				 				 			

  
 EXHIBIT
“B” 
 Page 6 of 33 

  

					
		  	 BANQUETS
 For the Seven Months Ending July 31, 2004
	  	

  

																																																															
	 MTD
ACTUAL
	 	%OF
REVENUE	 	 	MTD
BUDGET	 	 	B(W)
THAN
BUDGET	 	 	%or
CHANGE	 	 	MTD
L/YR
ACTUAL	 	 	B(W) THAN
LAST 
YEAR	 	 	% OF
CHANGE	 	 	 DESCRIPTION
	 	YTD
ACTUAL	 	 	% OF
REVENUE	 	 	YTD
BUDGET	 	 	B(W)
THAN
BUDGET	 	 	% OF
CHANGE	 	 	LAST
YTD
ACTUAL	 	 	B(W) THAN
LAST 
YEAR	 	 	% OF
CHANGE	 
		 				 				 				 				 				 				 				 	-REVENUE-	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	BEVERAGE- RETAIL	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 FOOD-RETAIL

ALLOWANCES
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	NET F&B REVENUE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	COVER CHRGS & OTHER	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TOTAL REVENUE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	-COST OF SALES-	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	COST OF BEVERAGE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	COST OF FOOD	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	COST OF SALES -OTHER	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TOTAL COST OF SALES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	GROSS PROFIT	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	-EXPENSES-	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	SAL & WAGES - SERVICE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	SAL & WAGES - STEW	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	SAL & WAGES - PREP	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	VACATION PAY	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	HOLIDAY, SICK, OTHER	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	P/R TAXES & BENEFITS	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TOTAL P/R & REL EXP	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	CASH OVER/SHORT	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	CHINA, GLASS & SILVER	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	DECORATIONS	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	DUES & PUBLICATIONS	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	EQUIPMENT EXPENSES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	LAUNDRY/DRY CLEANING	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	IN-HOUSE LAUNDRY	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	LINEN & LINEN RENTAL	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	LICENSES & PERMITS	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	MUSIC & ENTERTAIN	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	OFFICE EXPENSE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	OPERATING SUPPLIES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	OUTSIDE CONTACT SVC	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TELEPHONE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TRAVEL MTGS & ENTERTA	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	UNIFORMS	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	OTHER	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	F & B ADMIN	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TOTAL OTHER EXPENSES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TOTAL EXPENSES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	• DEPT PROFIT (LOSS) •	 				 				 				 				 				 				 				 			

  
 EXHIBIT
“B” 
 Page 7 of 33 

  

					
		  	 FOOD & BEVERAGE ADMINISTRATION

For the Seven Months Ending July 31, 2004
	  	

  

																																																															
	 MTD
ACTUAL
	 	%OF
TOTAL	 	 	MTD
BUDGET	 	 	B(W)
THAN
BUDGET	 	 	%OF
CHANGE	 	 	MTD
L/YR
ACTUAL	 	 	B(W) THAN
LAST YEAR	 	 	% OF
CHANGE	 	 	 DESCRIPTION
	 	YTD
ACTUAL	 	 	% OF
TOTAL	 	 	YTD
BUDGET	 	 	B(W)
THAN
BUDGET	 	 	% OF
CHANGE	 	 	LAST
YTD
ACTUAL	 	 	B(W) THAN
LAST YEAR	 	 	% OF
CHANGE	 
		 				 				 				 				 				 				 				 	-ADMINISTRATIVE EXP	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	SAL & WAGES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	VACATION PAY	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	HOLIDAY, SICK, OTHER	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	PAYROLL TAXES & BENE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TOTAL P/R RELATED	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	ADVERTISING	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	AUTOMOBILES-	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	COMPUTER-	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	COMPUTER EQUIPMENT	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	COMPUTER SOFTWARE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	DUES & PUBLICATIONS	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	EQUIPMENT EXP-	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	LICENSE & PERMITS	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	OFFICE EXPENSE-	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	OFFICE EQUIPMENT	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	OFFICE SUPPLIES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	OPERATING SUPPLIES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	OUTSIDE CONTR SVCS	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	OUTSIDE CONTR SVCS	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	POSTAGE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	PROFESSIONAL FEES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TELEPHONE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 COST OF LOCAL SERVI
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 COST OF LONG

DISTAN
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TELE OTHER	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 TVL MTGS &

ENTERTAIN
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 BUSINESS ENTERTAIN
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TRAVEL	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	LODGING	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TRAVEL MEALS	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	UNIFORM EXP	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	OTHER-	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	MISCELLANEOUS	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	OPERATING EXPENSES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	* DEPARTMENT TOTAL	 				 				 				 				 				 				 				 			

  
 EXHIBIT
“B” 
 Page 8 of 33 

  

					
		  	 PROPERTY MANAGEMENT DEPT
 For the Seven Months Ending July 31, 2004
	  	

  

																																																															
	 MTD
ACTUAL
	 	%OF
REVENUE	 	 	MTD
BUDGET	 	 	B(W)
THAN
BUDGET	 	 	% OF
CHANGE	 	 	MTD
L/YR
ACTUAL	 	 	B(W) THAN
LAST YEAR	 	 	% OF
CHANGE	 	 	 DESCRIPTION
	 	YTD
ACTUAL	 	 	% OF
REVENUE	 	 	YTD
BUDGET	 	 	B(W)
THAN
BUDGET	 	 	% OF
CHANGE	 	 	LAST
YTD
ACTUAL	 	 	B(W) THAN
LAST YEAR	 	 	% OF
CHANGE	 
		 				 				 				 				 				 				 				 	-REVENUE-	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	FIXED RENT	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	PERCENTAGE RENT	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	CAM	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	OTHER	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TOTAL REVENUE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	-EXPENSES-	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	SALARIES & WAGES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TOTAL S&W RELATED	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	OTHER EXPENSES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	MAINT EXPENSES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	OTHER EXPENSES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	ALLOC RETAIL LEASING	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TOTAL OTHER EXPENSES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TOTAL EXPENSES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	* DEPT PROFIT (LOSS)*	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	PROFIT MARGIN	 				 				 				 				 				 				 				 			

  
 EXHIBIT
“B” 
 Page 9 of 33 

  

					
		  	 TELECOMMUNICATIONS
 For the Seven Months Ending July 31, 2004
	  	

  

																																																															
	MTD
ACTUAL	 	% OF
REVENUE	 	 	MTD
BUDGET	 	 	B (W)
THAN
BUDGET	 	 	% OF
CHANGE	 	 	MTD
L/YR
ACTUAL	 	 	B (W)
THAN
LAST
YEAR	 	 	% OF
CHANGE	 	 	 DESCRIPTION
	 	YTD
ACTUAL	 	 	% OF
REVENUE	 	 	YTD
BUDGET	 	 	B (W)
THAN
BUDGET	 	 	% OF
CHANGE	 	 	LAST
YTD
ACTUAL	 	 	B (W)
THAN
LAST YEAR	 	 	% OF
CHANGE	 
		 				 				 				 				 				 				 				 	-REVENUE-	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TELE SALES-LOCAL	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	ADJ TO LOCAL CALLS	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TELE SALES-LONG DIST	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	ADJ TO LONG DISTANCE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TEL COMMISSIONS	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TOTAL REVENUE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	-COST OF SALES-	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	COST OF LOCAL SERVICE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	COST OF LONG DISTANCE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TOTAL COST OF SALES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	-EXPENSES-	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	SALARIES & WAGES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	VACATION PAY	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	HOLIDAY, SICK, OTHER	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	P/R TAXES & BENEFITS	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	PAYROLL RECOVERIES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TOTAL P/R & REL EXP	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	OFFICE EXPENSE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TAXES GET	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TEL-LINE CHARGES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TEL-MAINTENANCE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TEL-MAINT CONTRACTS	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TEL-MOVES/ADDS CHANGE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TEL-OTHER	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	UNIFORMS	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	OTHER	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TELECOM MAINT	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	OTHER EXP	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TOTAL EXPENSES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	DEPARTMENT PROFIT	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	    PROFIT MARGIN	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TEL-LOCAL RPOR	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TEL L/D RPOR	 				 				 				 				 				 				 				 			

  
 EXHIBIT
“B” 
 Page 10 of 33 

  

					
		  	 OTHER INCOME DEPT
 For the Seven Months Ending July 31, 2004
	  	

  

																																																															
	MTD
ACTUAL	 	% OF
REV-
ENUE	 	 	MTD
BUDGET	 	 	B (W)
THAN
BUDGET	 	 	% OF
CHANGE	 	 	MTD
L/YR
ACTUAL	 	 	B(W)
THAN
LAST
YEAR	 	 	% OF
CHANGE	 	 	 DESCRIPTION
	 	YTD
ACTUAL	 	 	% OF
REV-
ENUE	 	 	YTD
BUDGET	 	 	B (W)
THAN
BUDGET	 	 	% OF
CHANGE	 	 	LAST
YTD
ACTUAL	 	 	B(W)
THAN
LAST
YEAR	 	 	% OF
CHANGE	 
		 				 				 				 				 				 				 				 	-REVENUE-	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	AMENITIES INCOME	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	BUSINESS CTR REVENUE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	COFFEE SERVICE REVENUE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	COMMUNITY MKTG PROG	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	FAX INCOME	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	FOREIGN CURRENCY CONV	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	MOVIE INCOME	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	SAFE RENTAL	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TOUR DESK INCOME	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	COWABUNGA CLUB INCOME	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	VALET PARKING REVENUE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	OTHER INCOME	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TOTAL REVENUE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	-EXPENSE-	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	AMENITIES EXPENSE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	BUSINESS CENTER EXP	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	COFFEE SERVICE EXPENSE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	FAX EXPENSE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	MOVIE EXPENSE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	OTHER GUEST EXPENSE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	POOL EXPENSE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	SAFE RENTAL EXPENSE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TOUR DESK EXPENSE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	COWABUNGA CLUB EXPENSE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TAXES-HAWAII GEN EXCI	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TOTAL EXPENSES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	DEPARTMENT PROFIT	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	    PROFIT MARGIN	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	COFFEE SERVICE RPOR	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	MOVIE INCOME RPOR	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	SAFE INCOME RPOR	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	OTHER INCOME RPOR	 				 				 				 				 				 				 				 			

  
 EXHIBIT
“B” 
 Page 11 of 33 

  

					
		  	 GENERAL & ADMINISTRATIVE
 For the Seven Months Ending July 31, 2004
	  	

  

																																																															
	MTD
ACTUAL	 	% OF
TOTAL	 	 	MTD
BUDGET	 	 	B (W)
THAN
BUDGET	 	 	% OF
CHANGE	 	 	MTD
L/YR
ACTUAL	 	 	B (W)
THAN
LAST
YEAR	 	 	% OF
CHANGE	 	 	 DESCRIPTION
	 	YTD
ACTUAL	 	 	% OF
TOTAL	 	 	YTD
BUDGET	 	 	B (W)
THAN
BUDGET	 	 	% OF
CHANGE	 	 	LAST
YTD
ACTUAL	 	 	B (W)
THAN
LAST YEAR	 	 	% OF
CHANGE	 
		 				 				 				 				 				 				 				 	-EXPENSES-	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TOTAL P/R & REL EXP	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	AUTOMOBILE EXPENSE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	BAD DEBTS	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	CASH OVER/SHORT	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	COMM CREDIT-CARD	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	COMPUTER	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	CHECK VERIF FEES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	DUES & PUBLICATIONS	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	LOSS & DAMAGE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	OFFICE EXPENSES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	POSTAGE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	PROFESSIONAL FEES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TELEPHONE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TVL MTGS & ENTERTAIN	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	OTHER	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TOTAL OTHER G&A EXP	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TOTAL DIRECT G&A EXP	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	EXECUTIVE OFFICE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	INFORMATION TECHNOLO	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	PURCHASING	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	HUMAN RESOURCES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	CORP COMP & BENEFITS	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	FINANCIAL SERVICES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	SECURITY	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TOTAL COMPANY SVC EX	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TOTAL G&A EXP	 				 				 				 				 				 				 				 			

  
 EXHIBIT
“B” 
 Page 12 of 33 

  

					
		  	 EXECUTIVE OFFICES DEPARTMENT

For the Seven Months Ending July 31, 2004
	  	

  

																																																															
	 MTD
ACTUAL
	 	% OF
TOTAL	 	 	MTD
BUDGET	 	 	B(W)
THAN
BUDGET	 	 	% OF
CHANGE	 	 	MTD
L/YR
ACTUAL	 	 	B(W)
THAN
LAST
YEAR	 	 	% OF
CHANGE	 	 	 DESCRIPTION
	 	YTD
ACTUAL	 	 	% OF
TOTAL	 	 	YTD
BUDGET	 	 	B(W)
THAN
BUDGET	 	 	% OF
CHANGE	 	 	LAST
YTD
ACTUAL	 	 	B(W)
THAN
LAST
YEAR	 	 	% OF
CHANGE	 
		 				 				 				 				 				 				 				 	- ADMINISTRATIVE EXP	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 SAL & WAGES
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 VACATION PAY
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 HOLIDAY, SICK , OTHER
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 PAYROLL TAXES & BENE
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 TOTAL P/R & RELATED
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 AUTOMOBILE -
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 AUTOMOBILES EXPENSES
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 COMPUTER -
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 COMPUTER EQUIPMENT
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 CONTRIBUTIONS -
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 DONATIONS
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 DUES & PUBLICATIONS
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 EQUIPMENT EXP -
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 GUEST AMENITIES & SU
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 OFFICE EXPENSE -
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 COPIER EXPENSE
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 OFFICE EQUIPMENT
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 OFFICE SUPPLIES
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 OUTSIDE CONTR SVCS
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 POSTAGE
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 PROFESSIONAL FEES -
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 TELEPHONE -
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 COST OF LOCAL SERVI
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 COST OF LONG DISTN
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 TEL-MOBILE CELLULAR
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 MOVED/ADDS/CHAN
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 TEL-OTHER
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 TVL MTGS & ENTERTAIN
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 BUSINESS ENTERTAIN
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 MEETINGS
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 TRAVEL
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 LODGING
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 TRAVEL MEALS
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 OTHER -
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 TRAINING SEMINARS
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 MISCELLANEOUS
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 OPERATING EXPENSES
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 DEPARTMENT TOTAL
	 				 				 				 				 				 				 				 			

  
 EXHIBIT
“B” 
 Page 13 of 33 

  

					
		  	 PERSONNEL DEPARTMENT
 For the Seven Months Ending July 31, 2004
	  	

  

																																																															
	 MTD
ACTUAL
	 	% OF
TOTAL	 	 	MTD
BUDGET	 	 	B(W)
THAN
BUDGET	 	 	% OF
CHANGE	 	 	MTD L/YR
ACTUAL	 	 	B(W)
THAN
LAST 
YEAR	 	 	% OF
CHANGE	 	 	 DESCRIPTION
	 	YTD
ACTUAL	 	 	% OF
TOTAL	 	 	YTD
BUDGET	 	 	B(W)
THAN
BUDGET	 	 	% OF
CHANGE	 	 	LAST
YTD
ACTUAL	 	 	B(W)
THAN
LAST
YEAR	 	 	% OF
CHANGE	 
		 				 				 				 				 				 				 				 	- ADMINISTRATIVE EXP	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 SAL & WAGES
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 VACATION PAY
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 HOLIDAY, SICK , OTHER
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 PAYROLL TAXES & BENE
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 TOTAL P/R & RELATED
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 AUTOMOBILE -
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 COMPUTER -
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 COMPUTER SOFTWARE
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 DUES & PUBLICATIONS
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 EQUIPMENT EXP -
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 OFFICE EXPENSE -
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 COPIER EXPENSE
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 OFFICE EQUIPMENT
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 OFFICE SUPPLIES
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 OUTSIDE CONTR SVCS
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 POSTAGE
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 PROFESSIONAL FEES -
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 LEGAL FEES
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 OTHER PROF FEES
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 TELEPHONES -
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 COST OF LOCAL SERVI
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 COST OF LONG DISTAN
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 TEL-MOBILE CELLULAR
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 TEL-MOVES/ADDS/ CHAN
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 TEL-OTHER
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 TVL MTGS & ENTERTAIN
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 BUSINESS ENTERTAIN
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 MEETINGS
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 TRAVEL
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 LODGING
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 TRAVEL MEALS
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 UNIFORM EXP
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 OTHER -
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 MISCELLANEOUS
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 TOTAL ADMIN EXPENSE
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 EMPLOYEE RELATED EXP
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 EMPLOYEE MOTIVIATION
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 EMPLOYEE RECOGNITIO
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 RECRUITING EXPENSE
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 EMPLOYEE TRAINING
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 TOTAL HUMAN REL EXP
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 OPERATING EXPENSES
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 • DEPARTMENT TOTAL
	 				 				 				 				 				 				 				 			

  
 EXHIBIT
“B” 
 Page 14 of 33 

  

					
		  	 ACCOUNTING DEPARTMENT
 For the Seven Months Ending July 31, 2004
	  	

  

																																																															
	 MTD
ACTUAL
	 	% OF
TOTAL	 	 	MTD
BUDGET	 	 	B(W)
THAN
BUDGET	 	 	% OF
CHANGE	 	 	MTD
L/YR
ACTUAL	 	 	B(W)
THAN
LAST
YEAR	 	 	% OF
CHANGE	 	 	 DESCRIPTION
	 	YTD
ACTUAL	 	 	% OF
TOTAL	 	 	YTD
BUDGET	 	 	B(W)
THAN
BUDGET	 	 	% OF
CHANGE	 	 	LAST
YTD
ACTUAL	 	 	B(W)
THAN
LAST
YEAR	 	 	% OF
CHANGE	 
		 				 				 				 				 				 				 				 	- ADMINISTRATIVE EXP	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 SAL & WAGES
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 VACATION PAY
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 HOLIDAY, SICK , OTHER
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 PAYROLL TAXES & BENE
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 TOTAL P/R & RELATED
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 AUTOMOBILES -
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 COMPUTER -
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 COMPUTER EQUIPMENT
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 DUES & PUBLICATIONS
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 EQUIPMENT EXP -
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 OFFICE EXPENSE -
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 COPIER EXPENSE
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 OFFICE EQUIPMENT
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 OFFICE SUPPLIES
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 OPERATING SUPPLIES
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 OUTSIDE CONTR SVCS
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 OUTSIDE CONTR SVCS
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 POSTAGE
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 PROFESSIONAL FEES -
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 ACCOUNTING FEES -
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 TELEPHONE -
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 COST OF LOCAL SERVI
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 COST OF LONG DISTAN
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 TEL-MOVES/ADDS/ CHAN
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 TEL-OTHER
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 TVL MTGS & ENTERTAIN
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 BUSINESS ENTERTAIN
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 MEETINGS
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 TRAVEL
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 LODGING
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 TRAVEL MEALS
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 UNIFORM EXP
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 OTHER -
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 MISCELLANEOUS
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 OPERATING EXPENSES
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 • DEPARTMENT TOTAL
	 				 				 				 				 				 				 				 			

  
 EXHIBIT
“B” 
 Page 15 of 33 

  

					
		  	 PURCHASING DEPARTMENT
 For the Seven Months Ending July 31, 2004
	  	

  

																																																															
	 MTD
ACTUAL
	 	% OF
TOTAL	 	 	MTD
BUDGET	 	 	B(W)
THAN
BUDGET	 	 	% OF
CHANGE	 	 	MTD
L/YR
ACTUAL	 	 	B(W)
THAN
LAST
YEAR	 	 	% OF
CHANGE	 	 	 DESCRIPTION
	 	YTD
ACTUAL	 	 	% OF
TOTAL	 	 	YTD
BUDGET	 	 	B(W)
THAN
BUDGET	 	 	% OF
CHANGE	 	 	LAST
YTD
ACTUAL	 	 	B(W)
THAN
LAST
YEAR	 	 	% OF
CHANGE	 
		 				 				 				 				 				 				 				 	-ADMINISTRATIVE EXP	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	SAL & WAGES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	VACATION PAY HOLIDAY, SICK, OTHER PAYROLL TAXES & BENE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TOTAL P/R & RELATED	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	AUTOMOBILE -	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	COMPUTER-	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	DUES & PUBLICATIONS	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	EQUIPMENT EXP-	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	OFFICE EXPERTS	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	COPIER EXPENSE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	OFFICE SUPPLIES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	OUTSIDE CONTR SVCS	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	POSTAGE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	PROFESSIONAL FEES-	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TELEPHONE-	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	COST OF LOCAL SERVI	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	COST OF LONG DISTAN	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TVL MTGS & ENTERTAIN	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 UNIFORM EXP

OTHER-
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	OPERATING EXPENSES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	* DEPARTMENT TOTAL	 				 				 				 				 				 				 				 			

  
 EXHIBIT
“B” 
 Page 16 of 33 

  

					
		  	 SECURITY DEPARTMENT
 For the Seven Months Ending July 31, 2004
	  	

  

																																																															
	 MTD
ACTUAL
	 	% OF
TOTAL	 	 	MTD
BUDGET	 	 	B(W)
THAN
BUDGET	 	 	% OF
CHANGE	 	 	MTD
L/YR
ACTUAL	 	 	B(W)
THAN
LAST
YEAR	 	 	% OF
CHANGE	 	 	 DESCRIPTION
	 	YTD
ACTUAL	 	 	% OF
TOTAL	 	 	YTD
BUDGET	 	 	B(W)
THAN
BUDGET	 	 	% OF
CHANGE	 	 	LAST
YTD
ACTUAL	 	 	B(W)
THAN
LAST
YEAR	 	 	% OF
CHANGE	 
		 				 				 				 				 				 				 				 	-ADMINISTRATIVE EXP	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	SAL & WAGES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	VACATION PAY HOLIDAY, SICK, OTHER PAYROLL TAXES & BENE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TOTAL P/R & RELATED	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	AUTOMOBILE -	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	COMPUTER-	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	COMPUTER EQUIPMENT	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	COMPUTER SOFTWARE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	DUES & PUBLICATIONS	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	OFFICE EXPENSES-	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	COPIER EXPENSE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	OFFICE SUPPLIES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	OUTSIDE CONTR SVCS	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	POSTAGE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	PROFESSIONAL FEES-	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TELEPHONE-	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	COST OF LOCAL SERVI	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	COST OF LONG DISTAN	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TEL-MOBILE CELLULAR	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TEL-OTHER	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TVL MTGS & ENTERTAIN	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	BUSINESS ENTERTAINMENT	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	MEETINGS	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TRAVEL	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	LODGING	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TRAVEL MEALS	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	UNIFORM EXP	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	OTHER-	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	MISCELLANEOUS	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TOTAL ADMIN EXPENSE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	SECURITY EXPENSE-	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	EQUIPMENT EXPENSE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	FIRST AID SUPPLIES/E	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	OPERATING SUPPLIES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TOTAL SECURITY EXPENSE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	OPERATING EXPENSES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	IN-HOUSE LAUNDRY	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	* DEPARTMENT TOTAL	 				 				 				 				 				 				 				 			

 EXHIBIT “B” 

Page 17 of 33 

  

  

					
		  	 MARKETING DEPT
 For the Seven Months Ending July 31, 2004
	  	

  

																																																															
	 MTD
ACTUAL
	  	% OF
TOTAL	 	  	MTD
BUDGET	 	  	B(W)
THAN
BUDGET	 	  	% OF
CHANGE	 	  	MTD
L/YR
ACTUAL	 	  	B(W)
THAN
LAST
YEAR	 	  	% OF
CHANGE	 	  	 DESCRIPTION
	  	YTD
ACTUAL	 	  	% OF
TOTAL	 	  	YTD
BUDGET	 	  	B(W)
THAN
BUDGET	 	  	% OF
CHANGE	 	  	LAST
YTD
ACTUAL	 	  	B(W)
THAN
LAST
YEAR	 	  	% OF
CHANGE	 
		  				  				  				  				  				  				  				  	-EXPENSES-	  				  				  				  				  				  				  				  			
		  				  				  				  				  				  				  				  	ELECTRONIC MARKETING	  				  				  				  				  				  				  				  			
		  				  				  				  				  				  				  				  	PROPERTY DIRECT MKTG	  				  				  				  				  				  				  				  			
		  				  				  				  				  				  				  				  	PROPERTY SALES OFC	  				  				  				  				  				  				  				  			
		  				  				  				  				  				  				  				  	GROUP/HCI	  				  				  				  				  				  				  				  			
		  				  				  				  				  				  				  				  	MARKETING	  				  				  				  				  				  				  				  			
		  				  				  				  				  				  				  				  	* TOTAL MARKETING DE	  				  				  				  				  				  				  				  			

  
 EXHIBIT
“B” 
 Page 18 of 33 

  

					
		  	 SALES DEPARTMENT
 For the Seven Months Ending July 31, 2004
	  	

  

																																																															
	 MTD
ACTUAL
	 	% OF
TOTAL	 	 	MTD
BUDGET	 	 	B(W)
THAN
BUDGET	 	 	% OF
CHANGE	 	 	MTD
L/YR
ACTUAL	 	 	B(W) THAN
LAST YEAR	 	 	% OF
CHANGE	 	 	 DESCRIPTION
	 	YTD
ACTUAL	 	 	% OF
TOTAL	 	 	YTD
BUDGET	 	 	B(W)
THAN
BUDGET	 	 	% OF
CHANGE	 	 	LAST YTD
ACTUAL	 	 	B(W) THAN
LAST YEAR	 	 	% OF
CHANGE	 
		 				 				 				 				 				 				 				 	-EXPENSES-	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	SAL & WAGES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	VACATION PAY	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	HOLIDAY, SICK, OTHER	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	PAYROLL, TAXES & OTHER	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TOTAL P/R & RELATED	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	-ADMINISTRATIVE-	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	COMPUTER-	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	COMPUTER EQUIPMENT	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	COMPUTER SOFTWARE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	DUES & PUBLICATIONS	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	EQUIPMENT EXP-	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	OFFICE EXPENSE-	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 COPIER

EXPENSE
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	OFFICE EQUIPMENT	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	OFFICE SUPPLIES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	POSTAGE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 PROFESSIONAL

FEES-
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TELEPHONE-	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	COST OF LOCAL SERVICES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	COST OF LONG DISTAN	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 TELE -

OTHER
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TVL MTGS & ENTERTAIN	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	BUSINESS ENTERTAIN	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	MEETINGS	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TRAVEL	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	LODGING	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 TRAVEL,

MEALS
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	UNIFORM EXP	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	OTHER-	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	MISCELLANEOUS	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TOTAL ADMIN EXPENSE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	SELLING EXPENSES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 AMENITIES
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	SALES REPRESENTATIVE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 TRADE SHOWS
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	SPECIAL PROMOTIONS	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 TRADE SHOWS 
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	TOTAL SELLING EXPENS	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	PROP SPECIFIC EXP	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 * DEPARTMENT

TOTAL
	 				 				 				 				 				 				 				 			

  
 EXHIBIT
“B” 
 Page 19 of 33 

  

					
		  	 ADVERTISING DEPARTMENT
 For the Seven Months Ending July 31, 2004
	  	

  

																																															
	 MTD
ACTUAL
	 	 % OF
TOTAL
	 	 MTD

BUDGET
	 	 B(W)
THAN

BUDGET
	 	 % OF
CHANGE
	 	 MTD
L/YR
ACTUAL
	 	B(W) THAN
LAST YEAR	 	 	% OF
CHANGE	 	 	 DESCRIPTION
	 	 YTD

ACTUAL
	 	 % OF
TOTAL
	 	 YTD

BUDGET
	 	B(W)
THAN
BUDGET	 	 	% OF
CHANGE	 	 	LAST YTD
ACTUAL	 	 	B(W) THAN
LAST YEAR	 	 	% OF
CHANGE	 
		 		 		 		 		 		 				 				 	-ADMINISTRATIVE EXP	 		 		 		 				 				 				 				 			
		 		 		 		 		 		 				 				 	TOTAL P/R & RELATED	 		 		 		 				 				 				 				 			
		 		 		 		 		 		 				 				 	AUTOMOBILE-	 		 		 		 				 				 				 				 			
		 		 		 		 		 		 				 				 	COMPUTER-	 		 		 		 				 				 				 				 			
		 		 		 		 		 		 				 				 	EQUIPMENT EXP-	 		 		 		 				 				 				 				 			
		 		 		 		 		 		 				 				 	OFFICE EXPENSE-	 		 		 		 				 				 				 				 			
		 		 		 		 		 		 				 				 	OUTSIDE CONTR SVCS	 		 		 		 				 				 				 				 			
		 		 		 		 		 		 				 				 	PROFESSIONAL FEES-	 		 		 		 				 				 				 				 			
		 		 		 		 		 		 				 				 	TELEPHONE	 		 		 		 				 				 				 				 			
		 		 		 		 		 		 				 				 	 TVL MTGS & ENTERTAIN
	 		 		 		 				 				 				 				 			
		 		 		 		 		 		 				 				 	OTHER-	 		 		 		 				 				 				 				 			
		 		 		 		 		 		 				 				 	TOTAL ADMIN EXPENSE	 		 		 		 				 				 				 				 			
		 		 		 		 		 		 				 				 	MARKETING EXPENSE-	 		 		 		 				 				 				 				 			
		 		 		 		 		 		 				 				 	ADVERTISING FEES	 		 		 		 				 				 				 				 			
		 		 		 		 		 		 				 				 	 AMENITIES
	 		 		 		 				 				 				 				 			
		 		 		 		 		 		 				 				 	BROCHURES/COLLATERAL	 		 		 		 				 				 				 				 			
		 		 		 		 		 		 				 				 	CO-OP ADVERTISING	 		 		 		 				 				 				 				 			
		 		 		 		 		 		 				 				 	DIRECT MAIL	 		 		 		 				 				 				 				 			
		 		 		 		 		 		 				 				 	OUTDOOR ADVERTISING	 		 		 		 				 				 				 				 			
		 		 		 		 		 		 				 				 	PHOTOGRAPHY	 		 		 		 				 				 				 				 			
		 		 		 		 		 		 				 				 	PRINT ADVERTISING	 		 		 		 				 				 				 				 			
		 		 		 		 		 		 				 				 	PRODUCTION OF ADV	 		 		 		 				 				 				 				 			
		 		 		 		 		 		 				 				 	 PROMO MATERIALS & GR
	 		 		 		 				 				 				 				 			
		 		 		 		 		 		 				 				 	PUBLIC RELATIONS	 		 		 		 				 				 				 				 			
		 		 		 		 		 		 				 				 	RADIO & TV ADVERTISI	 		 		 		 				 				 				 				 			
		 		 		 		 		 		 				 				 	TRADE CREDIT	 		 		 		 				 				 				 				 			
		 		 		 		 		 		 				 				 	OTHER MARKETING EXPE	 		 		 		 				 				 				 				 			
		 		 		 		 		 		 				 				 	TOTAL MARKETING EXPE	 		 		 		 				 				 				 				 			
		 		 		 		 		 		 				 				 	PROPERTY SPECIFIC EX	 		 		 		 				 				 				 				 			
		 		 		 		 		 		 				 				 	* DEPARTMENT TOTAL	 		 		 		 				 				 				 				 			

  
 EXHIBIT
“B” 
 Page 20 of 33 

  

					
		  	 FRANCHISE FEES
 For the Seven Months Ending July 31, 2004
	  	

  

																																																															
	 MTD
ACTUAL
	 	% OF
TOTAL	 	 	MTD
BUDGET	 	 	B(W)
THAN
BUDGET	 	 	% OF
CHANGE	 	 	MTD
L/YR
ACTUAL	 	 	B(W)
THAN
LAST
YEAR	 	 	% OF
CHANGE	 	 	 DESCRIPTION
	 	YTD
ACTUAL	 	 	% OF
TOTAL	 	 	YTD
BUDGET	 	 	B(W)
THAN
BUDGET	 	 	% OF
CHANGE	 	 	LAST
YTD
ACTUAL	 	 	B(W)
THAN
LAST
YEAR	 	 	% OF
CHANGE	 
		 				 				 				 				 				 				 				 	-EXPENSES-	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	APS FEE	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 CORPORATE

REIMBURSEM
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 DIRECTORY/

BROCHURE
	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	FRANCHISE FEES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	CRF/CATERING REFERRA	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	HAWAII CLUSTER PROG	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	REDEMPTION DISCOUNT	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	REWARD FEES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	SYSTEM CHARGES	 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 	 * TOTAL
 FRANCHISE
FEE
	 				 				 				 				 				 				 				 			

  
 EXHIBIT
“B” 
 Page 21 of 33 

  

					
		  	 MAINTENANCE
 For the Seven Months Ending July 31, 2004
	  	

  

																																	
	 MTD
 ACTUAL
	  	% OF
TOTAL	  	MTD
BUDGET	  	B(W)
THAN
BUDGET	  	% OF
CHANGE	  	MTD L/YR
ACTUAL	  	B(W)
THAN
LAST
YEAR	  	% OF
CHANGE	  	 DESCRIPTION
	  	YTD
ACTUAL	  	% OF
TOTAL	  	YTD
BUDGET	  	B(W)
THAN
BUDGET	  	% OF
CHANGE	  	LAST
YTD
ACTUAL	  	B(W)
THAN
LAST
YEAR	  	% OF
CHANGE
		  		  		  		  		  		  		  		  	-P/R RELATED EXPS-	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	SALARIES & WAGES	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	VACATION PAY	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	HOLIDAY SICK OTHER	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	P/R TAX & BENEFITS	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	PAYROLL RECOVERIES	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	TOTAL P/R & REL EXP	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	-OPERATING EXPENSES-	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	ADA COMPLIANCE	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	AIR CONDITIONING	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	AUTOMOBILES	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	BUILDING MAINTENANCE	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	 CENTRAL OPS

MAINT
	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	CURTAINS & DRAPES	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	ELECTRICAL	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	ELEVATOR	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	ENERGY CONSERVATION	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	 FF&E

MAINTENANCE
	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	[ILLEGIBLE]	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	 GROUNDS

/LANDSCAPING
	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	KITCHEN MAINT	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	LIFE SAFETY	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	LIGHTING	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	LOCK & KEY	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	MAINT SUPPL/TOOLS	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	NIGHT SHIFT MAINT	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	OFFICE EXPENSES	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	PAGER/RADIO EQUIP	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	PAINTING & DECORATIN	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	PEST CONTROL	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	PLUMBING & MECHANICA	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	PROFESSIONAL FEES	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	RECYCLING	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	REFUSE REMOVAL	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	SWIMMING POOL	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	TELEVISION	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	TRAINING	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	UNIFORM	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	INTERDEPT	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	TOTAL OPERATING EXP	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	TOTAL EXPENSES	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	TOTAL DEPARTMENT EXP	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	CPAR STATISTICS	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	 TOTAL AVAIL
 RM
NIGHT
	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	TOTAL P/R & REL EXP	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	OTHER OPERATING EXP	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	TOTAL DEPARTMENT EXP	  		  		  		  		  		  		  		  	

  
 EXHIBIT
“B” 
 Page 22 of 33 

  

					
		  	 UTILITY COSTS
 For the Seven Months Ending July 31, 2004
	  	

  
  

																																	
	 TD
 ACTUAL
	  	% OF
TOTAL	  	MTD
BUDGET	  	B(W)
THAN
BUDGET	  	% OF
CHANGE	  	MTD L/YR
ACTUAL	  	B(W)
THAN
LAST
YEAR	  	% OF
CHANGE	  	 DESCRIPTION
	  	YTD
ACTUAL	  	% OF
TOTAL	  	YTD
BUDGET	  	B(W)
THAN
BUDGET	  	% OF
CHANGE	  	LAST
YTD
ACTUAL	  	B(W)
THAN
LAST
YEAR	  	% OF
CHANGE
		  		  		  		  		  		  		  		  	 -EXPENSES-
	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	 ELECTRICITY
	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	 FUEL OIL
	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	 GAS
	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	 SEWER
	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	 WATER
	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	 UTILITIES REIMBURSEM
	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	 TOTAL EXPENSES
	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	 •  DEPARTMENT TOTAL    •
	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	 ELECTRICITY CPOR
	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	 FUEL OIL CPOR
	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	 •  GAS CPOR
	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	 •  SEWER CPOR
	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	 •  WATER CPOR
	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	 •  UTILITY COSTS CPOR
	  		  		  		  		  		  		  		  	

  
 EXHIBIT
“B” 
 Page 23 of 33 

  

					
		  	 NON-OPERATING EXPENSE
 For the Seven Months Ending July 31, 2004
	  	

  

																																	
	 MTD
 ACTUAL
	  	% OF
TOTAL	  	MTD
BUDGET	  	B(W)
THAN
BUDGET	  	% OF
CHANGE	  	MTD L/YR
ACTUAL	  	B(W)
THAN
LAST
YEAR	  	% OF
CHANGE	  	 DESCRIPTION
	  	YTD
ACTUAL	  	% OF
TOTAL	  	YTD
BUDGET	  	B(W)
THAN
BUDGET	  	% OF
CHANGE	  	LAST
YTD
ACTUAL	  	B(W)
THAN
LAST
YEAR	  	% OF
CHANGE
		  		  		  		  		  		  		  		  	-NON OPERATING EXP-	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	MANAGEMENT FEES	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	BASIC FEES	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	BASIC FEES CONTRA	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	TTL MANAGEMENT FEES	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	FEES RESERVE	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	FEES RESERVE EXPENSE	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	FEES CLEARING	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	TOTAL FEES EXPENSE	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	MORTGAGE AGREEMENT	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	PRUDENTIAL AGREEMENT	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	RENT TAX INSURANCE RENT	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	TOTAL RENT	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	BUSINESS IMPROV DIS	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	TOTAL BID	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	REAL PROPERTY TAXES	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	REAL PROP TAXES	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	REAL PROP TAX REF	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	TOTAL REAL PROP TAX	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	INSURANCE	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	LIAB INS & CLAIMS	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	PROPERTY INSURANCE	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	RISK MGT ADMIN	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	TOTAL INSURANCE	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	RESORT FEES	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	TOTAL RENT TAX INS	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	DEPRECIATION & AMORT	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	DEPRECIATION	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	DEPRECIATION & AMORT	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	INTEREST EXP & OTHER	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	INTEREST INCOME	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	OTHER EXPENSE	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	TOTAL INT EXP/OTHER	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	LEGAL FEES/LITIGAT	  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  	TOTAL NON-OP EXP	  		  		  		  		  		  		  		  	

  
 EXHIBIT
“B” 
 Page 24 of 33 

  

					
		  	 BALANCE SHEET
 Company 167
 As of July 31, 2004
	  	

  

													
	 DESCRIPTION
	  	CURRENT
YEAR	 	  	PRIOR
MONTH	 	  	PRIOR
YEAR	 
	 - ASSETS -
	  				  				  			
	 - CURRENT ASSETS -
	  				  				  			
	 CASH - HOUSE BANKS
	  				  				  			
	 CASH - CHECKING
	  				  				  			
	 CASH - OPERATING SAVINGS
	  				  				  			
	 TOTAL CASH
	  				  				  			
	 RECEIVABLES GUEST LEDGER
	  				  				  			
	 RECEIVABLES CITY LEDGER
	  				  				  			
	 RECEIVABLES CONCESSIONS
	  				  				  			
	 RECEIVABLES OTHERS
	  				  				  			
	 ALLOWANCE-DOUBTFUL ACCOUNTS
	  				  				  			
	 TOTAL HOTEL & OTHER REC
	  				  				  			
	 INVENTORIES
	  				  				  			
	 PREPAID EXPENSES & OTHER
	  				  				  			
	 TOTAL CURRENT ASSETS
	  				  				  			
	 - NON CURRENT ASSETS -
	  				  				  			
	 LAND
	  				  				  			
	 BUILDINGS
	  				  				  			
	 FF&E
	  				  				  			
	 LANDSCAPING
	  				  				  			
	 TELEPHONE
	  				  				  			
	 COMPUTER EQUIPMENT
	  				  				  			
	 CONSTRUCTION IN PROGRESS
	  				  				  			
	 LESS ACCUM DEPR & AMORT
	  				  				  			
	 PROPERTY & EQUIPMENT (NET)
	  				  				  			
	 TOTAL NON CURRENT ASSETS
	  				  				  			
	 TOTAL ASSETS
	  				  				  			

  
 EXHIBIT
“B” 
 Page 25 of 33 

  

					
		  	 BALANCE SHEET
 Company 167
 As of July 31, 2004
	  	

  

													
	 DESCRIPTION
	  	CURRENT
YEAR	 	  	PRIOR
MONTH	 	  	PRIOR
YEAR	 
	 - LIABILITIES & EQUITY -
	  				  				  			
	 - LIABILITIES -
	  				  				  			
	 - CURRENT LIABILITIES -
	  				  				  			
	 ACCOUNTS PAYABLE
	  				  				  			
	 RETENTION PAYABLE
	  				  				  			
	 A/P ONI/REMARK
	  				  				  			
	 ACCRUED LIABILITIES
	  				  				  			
	 RESERVATIONS DEPOSITS
	  				  				  			
	 A/P OUTRIGGER HOTELS HAWAII
	  				  				  			
	 A/P ORH HOLDING LLC
	  				  				  			
	 TOTAL CURRENT LIABILITIES
	  				  				  			
	 - NONCURRENT LIABILITIES -
	  				  				  			
	 MORTGAGE PAYABLE
	  				  				  			
	 SECURITY DEPOSIT
	  				  				  			
	 OTHER DEPOSITS
	  				  				  			
	 TOTAL NONCURRENT LIABILITIES
	  				  				  			
	 TOTAL LIABILITIES
	  				  				  			
	 - EQUITY -
	  				  				  			
	 ORH HOLDING LLC 100%
	  				  				  			
	 ORH HOLDING ADD’L PIC
	  				  				  			
	 ORH HOLDING BY EARNINGS
	  				  				  			
	 ORH HOLDING PY DISTRIB
	  				  				  			
	 ORH HOLDING CY EARNINGS
	  				  				  			
	 TOTAL EQUITY
	  				  				  			
	 TOTAL LIABILITIES & EQUITY
	  				  				  			

  
 EXHIBIT
“B” 
 Page 26 of 33 

  

					
		  	 BALANCE SHEET (DETAILED)
 COMPANY 167
 As of July 31, 2004
	  	

  

																	
	 ACCOUNT #
	 	  	 DESCRIPTION
	  	CURRENT
YEAR	 	  	PRIOR
MONTH	 	  	PRIOR
YEAR	 
				  	 ASSETS
	  				  				  			
				  	 CURRENT ASSETS
	  				  				  			
				  	 CASH
	  				  				  			
	 	1010	  	  	 HOUSE BANKS
	  				  				  			
				  	 HOUSE BANKS
	  				  				  			
				  	 CASH-CHECKING
	  				  				  			
	 	1035	  	  	 DISBURSING ACCOUNT
	  				  				  			
	 	1036	  	  	 FHB RENOVATIONS
	  				  				  			
	 	1045	  	  	 ECH OPERATING
	  				  				  			
	 	1065	  	  	 PAYROLL
	  				  				  			
				  	 CASH-CHECKING
	  				  				  			
				  	 CASH INTEREST BEARING
	  				  				  			
	 	1082.001	  	  	 OPERATING SAVINGS ACCT
	  				  				  			
				  	 CASH INTEREST BEARING
	  				  				  			
				  	 CASH
	  				  				  			
				  	 HOTEL & OTHER RECEIVABLES
	  				  				  			
	 	1100	  	  	 RECEIVABLES GUEST LEDGER
	  				  				  			
	 	1200.	  	  	 RECEIVABLES CITY LEDGER
	  				  				  			
				  	 RECEIVABLES CONCESSIONS
	  				  				  			
				  	 RECEIVABLES OTHERS
	  				  				  			
	 	1405.	  	  	 A/R REFUND CLEARING
	  				  				  			
	 	1425.	  	  	 A/R RETURNED CHECKS
	  				  				  			
	 	1500.	  	  	 A/R OTHER
	  				  				  			
	 	1500.001	  	  	 A/R CLEARING
	  				  				  			
	 	1554	  	  	 A/R BRE HAIKOLOA LLC
	  				  				  			
	 	1635	  	  	 DUE FROM ESCROW
	  				  				  			
				  	 RECEIVABLES OTHERS
	  				  				  			
	 	1699.	  	  	 ALLOW FOR DOUBTFUL ACCT
	  				  				  			
	 	1699.001	  	  	 ALLOWANCE-W/O’S
	  				  				  			
	 	1699.002	  	  	 ALLOWANCE-RECOVERIES
	  				  				  			
				  	 ALLOW FOR DOUBTFUL ACCT
	  				  				  			
				  	 HOTEL & OTHER RECEIVABLES
	  				  				  			
				  	 INVENTORIES
	  				  				  			
	 	1720	  	  	 INVENTORY FOOD
	  				  				  			
	 	1730	  	  	 INVENTORY-BEVERAGE
	  				  				  			
	 	1732	  	  	 INVENTORY-CHINA/GLASS
	  				  				  			
				  	 TOTAL INVENTORIES
	  				  				  			

  
 EXHIBIT
“B” 
 Page 27 of 33 

  

					
		  	 BALANCE SHEET (DETAILED)
 COMPANY 167
 As of July 31, 2004
	  	

  

									
	 ACCOUNT #
	  	 DESCRIPTION
	  	 CURRENT

YEAR
	  	 PRIOR

MONTH
	  	 PRIOR

YEAR

		  	PREPAID EXPENSES & OTHER	  		  		  	
	 1805.
	  	 DEPOSITS
	  		  		  	
	 1810.
	  	 PREPAID PROPERTY INS
	  		  		  	
	 1815.
	  	 PREPAID LIABILITY INS
	  		  		  	
	 1820.
	  	 PREPAID REAL PROPERTY TAX
	  		  		  	
	 1825.
	  	 PREPAID LICENSES
	  		  		  	
	 1830.
	  	 PREPAID DUES & ADVERTISING
	  		  		  	
	 1830.001
	  	 PREPAID HVB DUES
	  		  		  	
	 1840.
	  	 PREPAID OTHER
	  		  		  	
	 1840.001
	  	 PREPAID MAINT & OTHER CO IIT
	  		  		  	
	 1840.003
	  	 PREPAID POSTAGE
	  		  		  	
		  	 PREPAID EXPENSES & OTHER R
	  		  		  	
		  	 CURRENT ASSETS
	  		  		  	
		  	NON CURRENT ASSETS	  		  		  	
	 2000.
	  	 LAND
	  		  		  	
	 2100
	  	 BUILDINGS
	  		  		  	
	 2200
	  	 ACCUM DPRN BUILDINGS
	  		  		  	
		  	 NBV- BUILDINGS
	  		  		  	
	 2130
	  	 FF&E
	  		  		  	
	 2230
	  	 ACCUM DPRN FF&E
	  		  		  	
		  	 NBV FF&E
	  		  		  	
	 2145
	  	 LANDSCAPING
	  		  		  	
	 2245
	  	 ACCUM DPRN LANDSCAPING
	  		  		  	
		  	 NBV-LANDSCAPING
	  		  		  	
		  	 NBV-AUTOS & TRUCKS
	  		  		  	

  
 EXHIBIT
“B” 
 Page 28 of 33 

  

					
		  	 BALANCE SHEET (DETAILED)
 COMPANY 167
 As of July 31, 2004
	  	

  

									
	 ACCOUNT #
	  	 DESCRIPTION
	  	 CURRENT

YEAR
	  	 PRIOR

MONTH
	  	 PRIOR

YEAR

	 2165
	  	 TELEPHONE
	  		  		  	
	 2265
	  	 ACCUM TELEPHONE
	  		  		  	
		  	 NBV-TELEPHONE
	  		  		  	
		  	 NBV-SOFTGOODS
	  		  		  	
		  	 NBV-DEF MAINT
	  		  		  	
		  	 NBV-MECHANICAL EQUIPMENT
	  		  		  	
	 2151
	  	 COMPUTER EQUIPMENT
	  		  		  	
	 2251
	  	 ACCUM DPRN COMPUTER
	  		  		  	
		  	 NBV-COMPUTER EQUIP
	  		  		  	
	 2154
	  	 COMPUTER SOFTWARE
	  		  		  	
	 2254
	  	 ACCUM DPRN SOFTWARE
	  		  		  	
		  	 NBV-SOFTWARE
	  		  		  	
		  	 CIP MATERIALS
	  		  		  	
		  	 CIP SUBCONTRACT
	  		  		  	
		  	 TOTAL CIP
	  		  		  	
		  	 NET BOOK VALUE-FIXED ASSETS
	  		  		  	
		  	OTHER ASSETS	  		  		  	
		  	 OTHER ASSETS
	  		  		  	
		  	 TOTAL ASSETS
	  		  		  	

  
 EXHIBIT
“B” 
 Page 29 of 33 

  

					
		  	 BALANCE SHEET (DETAILED)
 COMPANY 167
 As of July 31, 2004
	  	

  

									
	 ACCOUNT #
	  	 DESCRIPTION
	  	 CURRENT

YEAR
	  	 PRIOR

MONTH
	  	 PRIOR

YEAR

		  	LIABILITIES	  		  		  	
		  	 CURRENT LIABILITIES
	  		  		  	
		  	 ACCOUNTS PAYABLE
	  		  		  	
	 3010.
	  	 ACCOUNTS PAYABLE
	  		  		  	
	 3040.
	  	 A/P OTHER
	  		  		  	
	 3040.001
	  	 A/P CONCESSIONAIRES
	  		  		  	
	 3042
	  	 RETENTION PAYABLE
	  		  		  	
	 3043
	  	 A/P ONI/REIMARK
	  		  		  	
		  	 TOTAL ACCOUNTS PAYABLE
	  		  		  	
		  	 ACCRUED P/R & RELATED
	  		  		  	
	 3110.
	  	 ACCRUED SALARIES & WAGES
	  		  		  	
	 3115.
	  	 UNCLAIMED WAGES
	  		  		  	
	 3122.
	  	 EMP FICA WITHHELD
	  		  		  	
	 3124.
	  	 EMP FMH WITHHELD
	  		  		  	
	 3125.
	  	 EMP SWH WITHHELD
	  		  		  	
	 3130.
	  	 EMP 401K WITHHELD
	  		  		  	
	 3132.
	  	 EMP GARNISHMENT WITHHELD
	  		  		  	
	 3135.
	  	 EMP CAFETERIA PLAN W/H
	  		  		  	
	 3138.
	  	 HAWAII UNITED WAY WITHHELD
	  		  		  	
	 3140.
	  	 EMP CREDIT UNION WITH
	  		  		  	
	 3144.
	  	 L/T DISABILITY
	  		  		  	
	 3162.
	  	 ACC FICA TAXES ER
	  		  		  	
	 3164.
	  	 ACC FUTA
	  		  		  	
	 3166.
	  	 ACC SUTA
	  		  		  	
	 3168.
	  	 ACCRUED PENSION
	  		  		  	
	 3169.
	  	 ACCRUED PROFIT SHARING
	  		  		  	
	 3169.401
	  	 ACCRUED 401 (K) MATCH
	  		  		  	
	 3169.599
	  	 ACCRUED 401 (K) FIXED
	  		  		  	
	 3170.
	  	 ACCRUED MEDICAL DENTAL LIFE
	  		  		  	
	 3172.
	  	 ACC TDI
	  		  		  	
	 3174.
	  	 ACCRUED WORKERS COMP
	  		  		  	
	 3176.
	  	 ACCRUED VACATION
	  		  		  	
	 3178
	  	 ACCRUED BONUSES
	  		  		  	
	 3180
	  	 LOCAL 5 AFL/CIO WITHHELD
	  		  		  	
		  	 ACCRUED P/R & RELATED
	  		  		  	

  
 EXHIBIT
“B” 
 Page 30 of 33 

  

					
		  	 BALANCE SHEET (DETAILED)
 COMPANY 167
 As of July 31, 2004
	  	

  

															
	 ACCOUNT #
	  	 DESCRIPTION
	  	CURRENT
YEAR	 	  	PRIOR
MONTH	 	  	PRIOR
YEAR	 
		  	 ACCRUED LIABILITIES
	  				  				  			
	 3045
	  	 ACCRUED LIABILITIES
	  				  				  			
	 3220.
	  	 ACC HI GRH EXCISE TAX
	  				  				  			
	 3220.001
	  	 ACC IMPORT TAX
	  				  				  			
	 3225.
	  	 ACC TRANSIENT ACCOM TAX
	  				  				  			
	 3250.
	  	 ACCRUED LIQUOR LICENSE
	  				  				  			
	 3259
	  	 ACCRUED ENERGY
	  				  				  			
	 3260.
	  	 ACCRUED EXPENSES
	  				  				  			
	 3030.1165
	  	 CAR PACKAGE
	  				  				  			
	 3030.9165
	  	 GOLF PACKAGE
	  				  				  			
	 3260.006
	  	 ACCRUED ROOMS LINEN
	  				  				  			
	 3260.008
	  	 ACCRUED ROOMS UNIFORMS
	  				  				  			
	 3260.009
	  	 ACCRUED F&B LINEN
	  				  				  			
	 3260.010
	  	 ACCRUED F&B CHINA
	  				  				  			
	 3260.011
	  	 ACCRUED F&B UNIFORMS
	  				  				  			
	 3264
	  	 ACCRUED MARRIOTT FEES 
	  				  				  			
		  	 BWH CLEARING
	  				  				  			
	 3325
	  	 BANQUET TIPS
	  				  				  			
	 3330
	  	 VALET TIPS
	  				  				  			
	 3335
	  	 RESTAURANT TIPS
	  				  				  			
	 3350
	  	 PORTERAGE TIPS
	  				  				  			
	 3355
	  	 PORTERAGE TIP
	  				  				  			
	 3356
	  	 PORTERAGE TIP REV CLEARING
	  				  				  			
		  	 TIP LIABILITIES
	  				  				  			
		  	 ACCRUED LIABILITIES
	  				  				  			
		  	 LONG TERM DEBT CURRENT
	  				  				  			
	 3500.
	  	 RESERVATIONS DEPOSITS
	  				  				  			
		  	 OTHER DEPOSITS
	  				  				  			
	 3994.
	  	 F&B GIFT CERTIFICATES
	  				  				  			
		  	 DEPOSITS-OTHER
	  				  				  			

  
 EXHIBIT
“B” 
 Page 31 of 33 

  

					
		  	 BALANCE SHEET (DETAILED)
 COMPANY 167
 As of July 31, 2004
	  	

  

															
	 ACCOUNT #
	  	 DESCRIPTION
	  	CURRENT
YEAR	 	  	PRIOR
MONTH	 	  	PRIOR
YEAR	 
		  	 INTERCOMPANY PAYABLE
	  				  				  			
	 3890.
	  	 A/P ORH
	  				  				  			
	 3890.001
	  	 A/P ORH - (BASIS ADJ)
	  				  				  			
	 3890.901
	  	 A/P ORH RETAIL LEASING
	  				  				  			
	 3890.1200
	  	 A/P ORH CITY LEDGER
	  				  				  			
	 3890.3500
	  	 A/P ORH REZ DEPOSITS
	  				  				  			
	 3890.926
	  	 A/P ORH HR COMP & BENE
	  				  				  			
	 3890
	  	 A/P ORH HOLDING LLC
	  				  				  			
		  	 INTERCOMPANY PAYABLE
	  				  				  			
		  	 CURRENT LIABILITIES
	  				  				  			
		  	 NONCURRENT LIABILITIES
	  				  				  			
		  	 SECURITY DEPOSITS
	  				  				  			
	 3960.
	  	 SECURITY DEPOSIT CONCESS
	  				  				  			
	 3965.
	  	 SECURITY DEPOSITS OTHER
	  				  				  			
		  	 SECURITY DEPOSITS
	  				  				  			
	 3994.001
	  	 DEFFERED INCOME BARTER
	  				  				  			
	 3893
	  	 MORTGAGE PAYABLE-DUE TO [ILLEGIBLE]
	  				  				  			
		  	 NONCURRENT LIABILITIES
	  				  				  			
		  	 LIABILITIES
	  				  				  			

  
 EXHIBIT
“B” 
 Page 32 of 33 

  

					
		  	 BALANCE SHEET (DETAILED)
 COMPANY 167
 As of July 31, 2004
	  	

  

															
	 ACCOUNT #
	  	 DESCRIPTION
	  	CURRENT
YEAR	 	  	PRIOR
MONTH	 	  	PRIOR
YEAR	 
		  	 EQUITY
	  				  				  			
		  	 ORH HOLDING LLC 100%
	  				  				  			
	 4009.02
	  	 ORH HOLDING APIC
	  				  				  			
	 4009.03
	  	 ORH HOLDING PY EARNINGS
	  				  				  			
	 4009.04
	  	 ORH HOLDING PY
	  				  				  			
	 4009.06
	  	 ORH HOLDING CY EARNINGS
	  				  				  			
		  	 TOTAL EQUITY
	  				  				  			
		  	 TOTAL LIABILITIES & EQUITY
	  				  				  			

  
 EXHIBIT
“B” 
 Page 33 of 33 

  
 EXHIBIT C

 Example of Cancellation Fee 

 

											
		  		  				  	 	 	 
	 Estimated Management Fees Per Annum:
	   
	  	 	1,190,000	  
		  		  				  	 	 	 
				
	 Year
	  	Factor	  	Estimated Cancellation
Fee	 	  	 	 
	 1-10
	  	8	  	$	9,520,000	  	  
	 11
	  	5	  	$	5,950,000	  	  
	 12
	  	4	  	$	4,760,000	  	  
	 13
	  	3	  	$	3,570,000	  	  
	 14
	  	2	  	$	2,380,000	  	  
	 15
	  	1	  	$	1,190,000	  	  
	 16 +
	  		  				  

  
 EXHIBIT
“C” 
 Page 1 of 1 

  
 EXHIBIT D

  

									
	 COST ITEM
	  	Amount (000’s)	 	 	 	 
	 Portion of Hotel included in Retail Construction Contract
	  	 	40,626	  	 			
	 Hotel Towers Contract
	  	 	40,809	  	 			
	 Construction Lenders’ Loan Fee
	  	 	518	  	 			
	 Construction Interest from Inception to Second Tower Opening
	  	 	1,559	  	 	 
 	(excludes interest costs
while equity is available	  
) 
	 Interest Reserve per Construction Loan Commitment
	  	 	(included above)	  	 			
	 Secured Capital Fees (including debt and equity placement)
	  	 	476	  	 			
	 Lenders’ Closing Costs
	  	 	100	  	 			
		  	 	 	 	 			
	 Subtotal
	  	 	84,088	  	 			
	 Hotel Apartment’s Portion of Chilled Water System
	  	 	4,639	  	 			
		  	 	 	 	 			
	 Total Cost
	  	 	88,728	  	 			
		  	 	 	 	 			

  
 EXHIBIT
“D” 
 Page 1 of 1 

  
 EXHIBIT E

 Payment of Construction Costs and Use of Construction Loan Proceeds 

1. Operator has paid to the Commencement Date, and from and after the Commencement Date shall pay, on behalf of Owner when due and in
accordance with the Construction Contract and the terms of the Construction Loan, all costs of constructing the Project, including those under the Construction Contract and related subcontracts, the Turnkey Agreement and the Reimbursement Agreement.

 2. Owner shall reimburse Operator for such costs of construction without additional consideration; provided, however, that,
(a) the first $36,960,000.00 of such costs shall be paid from funds held by ESW LLC; (b) the funds from the Construction Loan shall be disbursed and applied next to such costs, and (c) if and to the extent there are additional costs
in excess of those available under (a) and (b), all such additional costs shall be paid for by Outrigger Retail LLC, as Guarantor under that certain Guaranty dated as of January 10, 2006. 

3. Construction Loan funds shall be disbursed directly to Operator, as and when needed, for purposes of constructing the Project in
accordance with the Construction Budget, subject to the following: 
 (a) For purposes of this
Section 3 of this Exhibit E. Owner shall act through American Assets, Inc., Attn.: Brandon Taylor 
 (b) Operator shall submit to Owner a draw request, which has been prepared to industry-standard financing standards, including (if and as required by the Construction Loan lender (the
“Lender”)) third-party verifications and lien releases. 
 (c) Owner shall have the right to
approve of the each draw request as set forth in Section 24.4 of this Agreement; provided however, that, if the Lender approves a disbursement to Operator to cover costs of development and construction work that are to be reimbursed by
funds from the Construction Loan, then Owner shall be deemed to have approved such disbursement upon the approval of the Lender, unless the requested disbursement exceeds the applicable line item Budget amount by more than twenty percent (20%). In
such event, Owner shall have the right to review and approve or disapprove of the submittal as set forth in Section 24.4 of this Agreement, notwithstanding the Lender’s actions with regard thereto. 

4. Owner and Operator believe that no general excise tax should be due or payable on the reimbursements by Owner to Operator for such
construction costs, which are being paid without additional consideration. However, in the event general excise tax is imposed or payable on such reimbursements, Owner shall be responsible for the same. 

  
 EXHIBIT
“E” 
 Page 1 of 1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00179-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00179-of-00352.parquet"}]]