Ka Wai Ola - Office of Hawaiian Affairs, Volume 20, Number 3, 1 March 2003 — Page 12 Advertisements Column 1 [ADVERTISEMENT]

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As of June 30, 2002, the estimated fair market value of Kamehameha Schools total assets was $6.2 hillion. In the July 1 , 2001 -June 30, 2002 period, a net amount of about $223 million was spent on educational programs and capital expenditures (land, buildings and improvements, equipment and construction). These financial resources enatded KS to provide educational services to 16,000 students: ■ Early Childhood Education— 1 ,031 3- and 4-year-olds in KS preschools statewide. ■ K-12 eampuae» — 6,285 (including summer school) students at Kapālama, O'ahu; Pukalani, Maui and Kea'au, Hawai'i. ■ Extension Education — 5,199 participants in summer enrichment, distance learning, literacy enhancement, and Hawaiian studies programs. ■ Post-High Financial Aid— 3,485 college and vocational scholarship recipients.

consolidated statement of assets JUNE 30, 2002 (IN THOUSANDS) Cost or Estlmated Falr Market Value Cash and equivalents $ 21 ,249 (Face value) lnvestments Marketable debt and equity securities (Quoted market price value) Common and preferred stock: $1 ,073,696 Corporate debt securities 638,968 Short-term corporate obligations 15,454 Government securities 457,279 Mutual funds 857,255 Other 195 3,042,847 Privately placed debt and equity securities (Cash fiow, collateral or appraised value) Equity investments 546,473 Direct financing lease 35,744 Loans and subordinated debentures 6,109 588,326 Beceivables (Value via comparison to market interest rates) Tenant and tuition receivables (net) 7,690 Note agreements - fee conversion land sales & Other 36,1 1 5 lnterest 1 1 ,660 55,465 Deferred charges and other 31 ,1 1 5 (Book value) Real estate held for development and sale 165,065 (Appraised, net realizable value or book value) Land, Buildings and Equipment - Hawai'i real estate (Appraised, current tax assessed or book value - net of debt) Residential and commercial 1 ,565,1 1 5 Schools 404,020 Agriculture and conservation 196,069 Land, Buildings and Equipment - North American real estate 32,174 2,197,378 (Appraised or book value) Oil and Gas Properties & Related Assets (Discontinued Activities) 1 07,1 23 (Book value) Total Assets $6,208,568

Kamehameha Schools