News Releases

Wednesday, January 31, 2007

PARKER RANCH ANNOUNCES 2006 DISTRIBUTION

Parker Ranch Foundation Trust Announces 2006 Distribution to Beneficiaries

Brings Cumulative Distributions To Nearly $13 Million

Waimea, Big Island of Hawai`i ~ Parker Ranch Foundation Trust (PRFT) announced distributions to its four beneficiaries for 2006 totaling $745,000.

With this distribution, the Trust has cumulatively distributed a total of $12,996,000 in cash and land since 1996 to its Beneficiaries. The distributions reflect Richard Smart’s commitment to the Waimea community and his legacy of philanthropic giving. Smart, a sixth generation descendent of Ranch founder John Palmer Parker, passed away in 1992. Before his death, he formulated an estate plan to contribute exclusively to health care, education, and charitable purposes in Waimea.

“This distribution is a true reflection of successful efforts over the past several years to diversify assets, improve liquidity, and increase the profitability of the Ranch’s support activities. It is also a reflection of the hard work and dedication of our employees,” stated Parker Ranch Trustee Warren Haruki. “Parker Ranch truly appreciates the collaborative efforts of our beneficiaries in making this distribution possible,” Haruki added.

2006 Distributions were allocated among the four beneficiary organizations as contemplated by Richard Smart in his Trust Agreement—48% to North Hawai’i Community Hospital; 20% to the Richard Smart Fund of the Hawai’i Community Foundation; 16% to Hawai’i Preparatory Academy and 16% to Parker School Trust Corporation, in the following amounts:

 $ 357,600 to North Hawai`i Community Hospital

 $ 149,000 to the Richard Smart Fund of the Hawai`i Community Foundation

 $ 119,200 to Hawai`i Preparatory Academy

 $ 119,200 to Parker School Trust Corporation

“On behalf of all the beneficiary organizations, we express our appreciation to the Parker Ranch Foundation Trust for their continued support,” said Pat Bergin, Distribution Committee Chairperson.

Cumulative distributions total $6,251,550 to North Hawai`i Community Hospital, $2,606,526 to the Richard Smart Fund of the Hawai`i Community Foundation, $2,070,687 to Hawai`i Preparatory Academy, and $ 2,067,822 to Parker School Trust Corporation.

For more information on these four charitable institutions that benefit a large portion of the Waimea community, click on their links at http://www.prft.org.