News Releases

Saturday, May 21, 2005

PARKER RANCH FOUNDATION TRUST ANNOUNCES $7.8 MILLION IN DISTRIBUTIONS TO BENEFICIARIES

PARKER RANCH FOUNDATION TRUST ANNOUNCES $7.8 MILLION IN DISTRIBUTIONS TO BENEFICIARIES
RICHARD SMART LEGACY FELT THROUGHOUT WAIMEA COMMUNITY

On the anniversary date of Richard Smart’s birth – May 21—the Trustees of the Parker Ranch Foundation Trust announced distributions to its beneficiaries totaling $7,787,000. Distributions were allocated as follows:

* $3,738,000 in land to North Hawaii Community Hospital

* $1,557,000 in cash to the Richard Smart Fund of the Hawaii Community

Foundation

* $1,246,000 in land and cash to Hawaii Preparatory Academy

* $1,246,000 in land and cash to Parker School Trust Corporation

“Since December 2004, the Boards of Directors of the Parker Ranch Foundation Trust beneficiaries, through their representatives on the Distribution Committee has recommended, and the Trustees have approved, a distribution of $7,787,000 in the form of land and cash beginning in 2005,” stated Parker Ranch Trustee Warren Haruki.

The land awards will be transferred as soon as practicable with the cash distribution targeted in equal amounts in years 2005 through 2009.

“Richard Smart’s legacy continues to benefit a large portion of the Waimea community through these four charitable institutions. Our thanks go out to the entire Parker Ranch ohana, including our retirees, whose hard work and diligence have contributed to enabling the Trust to make these land and cash distributions to the beneficiaries. More importantly, we express our heartfelt thanks to the beneficiaries for their strong cooperation and teamwork in making this distribution possible, stated Haruki.

With this distribution, the Parker Ranch Foundation Trust has cumulatively distributed a total of $11,813,000 in cash and land since 1998 to its four beneficiaries.

Cumulative distributions total $5,683,000 to North Hawaii Community Hospital, $2,370,000 to the Richard Smart Fund of the Hawaii Community Foundation, $1,880,000 to Hawaii Preparatory Academy and $1,880,000 to Parker School Trust Corporation.

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