News Releases

Thursday, May 13, 2004

DAVE HOULE STEPS DOWN

David A. Houle, has tendered his resignation as President and Chief Executive Officer of Parker Ranch Inc. effective June 30, 2004. Houle, who joined the ranch in March of 2002, submitted his resignation citing personal health reasons.

“I am honored to have had the opportunity to serve in a leadership position at Parker Ranch and am proud of the progress we have been able to make during the past two years in the areas of improved financial performance, business diversification, corporate governance and enhanced business methods,” said Houle. “I leave the ranch with much aloha for the Trust and its many dedicated and hard working employees.”

Tom Whittemore, Chairman of Parker Ranch, Inc., stated, “We are extremely grateful for the leadership that Dave Houle has provided to the Ranch. Much has been accomplished during his tenure here. Dave has led the efforts to implement financial discipline and made progress towards financial stability. We thank him for his dedication, hard work and wish him the best in his future endeavors.”

Prior to his tenure at Parker Ranch, Dave Houle was Chief Financial Officer at Pacific Century Financial Corporation where since 1992 he directed the management of treasury, investor relations, mergers and acquisitions, accounting and planning. Dave has also served on numerous community boards and committees.

Parker Ranch is one of the largest ranches in the United States encompassing nearly approximately 175,000 acres. It is also one of the oldest ranches in the country with more than 150 years of history. Parker Ranch is owned by the Parker Ranch Foundation Trust for the benefit of four local charities: North Hawaii Community Hospital, Parker School Trust Corporation, Hawaii Preparatory Academy and the Richard Smart Fund administered by the Hawaii Community Foundation. Through 2003, Parker Ranch Foundation Trust has cumulatively distributed a total of $4,026,585 in cash and land to its beneficiaries.

For more information on Parker Ranch call 808-885-7311 or visit http://www.ParkerRanch.com.