Ka Wai Ola - Office of Hawaiian Affairs, Volume 22, Number 3, 1 March 2005 — Nā Pua a Pauahi [ARTICLE+ILLUSTRATION]

Nā Pua a Pauahi

As of June 30, 2004 the estimated fair market value of Kamehameha Schools' total assets was approximately $7.2 hillion. This amount includes the estimated value of Kamehameha Schools' endowment, educational, agricultural and support assets. For the fiscal year ended June 30, 2004, Kamehameha Schools spent a net amount of approximately $221 million on educational programs.

These hnaneial resources enabled Kamehameha Schools to extend its educational reach to more Hawaiians in the following ways: • Early Childhood Education: 1 ,397 three- and four-year-olds were served in Kamehameha Schools preschools statewide. • Grades K-12: 4,854 fulTtime students were served at campuses on O'ahu, Maui and Hawai'i.

• Extension Education: 27,345 learners of all ages were served through part-hme community outreach programs, conferences, workshops and classes. • Einaneial Aid & Scholarships: More than $20 million in hnaneial aid and scholarships were awarded to 7,746 recipients including preschoolers, K-12 students and post-high school students.

CONSOLIDATED STATEMENT OF ASSETS (In thousands of dollars) June 30, 2004

SCHEDULE OF HAWAI'I REAL ESTATE BY ISLAND AND ZONING (In acres) June 30, 2004

COST OR ESTIMATED FAIR MARKET VALUE CASH AND EQUIVALENTS $ 53,162 (Face value) INVESTMENTS Marketable debt and equity securities (Quoted market piiee value) Common and pret'erred stocks $ 1,578,551 Corporate debt securities 212,553 Government debt securities 220,774 Federal agency mortgage backed securities 215,429 Short-term investments 1 92,622 Mutual and commingled t'unds 1,284,127 3,704,056 Privately placed debt and equity securities ( Caslt flow, collateral or appraised value) Equity investments 741,001 Direct t'inancing lease 36,791 Loans and subordinated debentures 5,292 783,084 RECEIVABLES, NET (Value via comparison to market interest rates) Tenant and tuition receivables 5,636 Note agreements - fee conversion land sales 21,556 & Other lnterest 8,388 35,580 DEFERRED CHARGES AND OTHER 43,985 (Book value) REAL ESTATE HELD FOR DEVELOPMENT AND SALE 27,433 (Appraised, net realizable value or hook value) LAND, BUILDINGS AND EQUIPMENT - HAWAI'I REAL ESTATE (Appraised, current tax assessed or hook value - net ofdebt) Residential and commercial 1,768,740 Schools 583,445 Agriculture and conservation 224,749 LAND, BUILDINGS AND EQUIPMENT - NORTH AMERICAN REAL ESTATE 13,539 2,590,473 (Appraised or hook value) OIL AND GAS PROPERTIES & RELATED ASSETS (DISCONTINUED ACTIVITIES) 1,306 (Book value) TOTAL ASSETS $ 7,239,079 kamehameha Schools

ISLAND AREAINACRES PERCENTAGE OFTOTAL HAWAI'I lmproved Residential 39.7626 0.01 Apartment 114.1017 0.04 Commercial 172.8929 0.06 I nd u str ial 55.8618 0.02 Agricultural 196,226.3963 66.37 Conservation 97,129.6116 32.86 Hotel and Resort 205.2657 0.07 Unimproved Residential 1,498.5943 0.51 Homeowner 1 77.0870 0.06 TOTAL 295,619.5739 100.00 KAUA'I lndustrial 14.7836 0.13 Agricultural 1,185.3319 10.10 Conservation 1 0,540.1 970 89.77 TOTAL 11,740.3125 100.00 MAUI lmproved Residential 15.0000 0.56 Apartment 1.6877 0.06 Commercial 5.4061 0.20 I nd u str ial 3.5010 0.13 Agricultural 937.3970 34.77 Conservation 1,560.6360 57.89 Hotel and Resort 8.6280 0.32 Unimproved Residential 1 63.5260 6.07 TOTAL 2,695.7818 100.00 MOLOKA'I Agricultural 3,392.0630 68.51 Conservation 1 ,559.3600 3 1 .49 TOTAL 4,951.4230 100.00 O'AHU lmproved Residential 321.7898 0.63 Apartment 525.6487 1.04 Commercial 881.4802 1.74 I nd u str ial 178.1602 0.35 Agricultural 17,434.9927 34.36 Conservation 29,034.1210 57.24 Hotel and Resort 1 9.51 1 1 0.04 Unimproved Residential 2,330.8921 4.60 TOTAL 50,726.5958 100.00 SUMMARY lmproved Residential 376.5524 0.10 Apartment 641.4381 0.18 Commercial 1,059.7792 0.29 I nd u str ial 252.3066 0.07 Agricultural 219,176.1809 59.93 Conservation 139,823.9256 38.23 Hotel and Resort 233.4048 0.06 Unimproved Residential 3,993.0124 1.09 Homeowner 1 77.0870 0.05 TOTAL 365,733.6870 100.00

K A M E H A M EHASCHO O L S 1 , 2003 - JUNE 2 0 0 A L