News Releases

Friday, January 27, 2006

PARKER RANCH FOUNDATION TRUST DISTRIBUTION $400,000 MORE THAN PREVIOUSLY ANNOUNCED

DISTRIBUTION NOW TOTALS $8.2 MILLION

The Trustees of the Parker Ranch Foundation Trust recently announced distributions to its beneficiaries now totaling more than $8.2 million. The amount reflects $400,000 more than was anticipated and previously announced.

“In mid-2005, we announced Parker Ranch Foundation Trust planned to distribute $7,787,000 to our four beneficiary organizations. Just prior to year-end, we advised these same organizations of a substantial increase that would result in a total distribution of $8,225,000. What a great way to ring in the New Year,” stated Parker Ranch Trustee Warren Haruki.

Two events triggered the additional Trust distributions. The first involved a final modern-day metes and bounds survey on a land parcel that was to be distributed to Hawai`i Preparatory Academy. The survey added nearly nine additional acres (for a total of 107.4 acres) to the planned distribution and increased the valuation of the acreage by $83,000 to $1,316,000.

In order to maintain the distribution proportionally between the Beneficiaries as is required by the Trust, each of the distributions was upwardly adjusted. Revised distributions were allocated to the four beneficiary organizations as follows:

$3,948,000 in land and cash to North Hawai`i Community Hospital

$1,645,000 in cash to the Richard Smart Fund of the Hawai`i Community Foundation

$1,316,000 in land to Hawai`i Preparatory Academy

$1,316,000 in land and cash to Parker School Trust Corporation

Secondly, in addition to the distribution announcement, Trustees elected to pay the entire cash portion of the distribution in 2005 rather than over a previously planned five-year period. This is a direct result of Parker Ranch Foundation Trust’s success in dramatically improving its liquidity.

Cash distributions were completed prior to the close of 2005 and the conveyance of land distributions will be completed as soon as practicable.

With this $8.2 million distribution and its additional $438,000, the Parker Ranch Foundation Trust has cumulatively distributed a total of $12,251,000 in cash and land since 1998 to its Beneficiaries.

“We’re extremely pleased to make such a meaningful distribution and look forward to supporting our Beneficiaries in perpetuity,” said Haruki.

Cumulative distributions total $5,893,000 to North Hawai`i Community Hospital, $2,458,000 to the Richard Smart Fund of the Hawai`i Community Foundation, $1,950,000 to Hawai`i Preparatory Academy, and $1,950,000 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 located on the prft.org homepage.