Richard R. Clifton

First Hawaiian Bank savings — Interest

First Hawaiian Bank checking — Interest

Hawai Central Credit Union — Interest

Umv of Hawan FCU — Interest

Goodyear common — None

Hawaiian Electric Industries common — Int/Div

Brokerage acct #1 pum

Echostar common — None

Dish Network C1 A common — None

IBM common — Int/Div

Real Networks common — None

Morgan Stanley Bank — Interest

NATIXIS Cash Mgtmt Trust — None — Sold

Fidelity Growth & Income (IRA) — Int/Div

Fidelity Magellan Fund (IRA) — Int/Div

Oppenchiner Growth Fund A (IRA) — Int/Div

Brokerage acct #2 pum

Ballard Power Systems common — None

Ciena common — None

Intel common — Int/Div

Charles Schwab Money Market Fund — Int/Div

Bank of America common — None — Buy

Raytheon common — None — Buy

IRA acct #3 mm

Intel common — Int/Div

Microsoft common — Int/Div

Templeton Growth Fund class A — Int/Div

Charles Schwab Money Market Fund — Int/Div

Petroleo Brasileiro ADRF — None — Buy

CREF Stock Fund — None

CREF Global Equities — None

JP Morgan Group Equity Index Fund A pm [] — Int/Div

JP Morgan Group Equity Index Fund A po [] — Int/Div

Brokerage acct #4 pum

Berkshire Hathaway Class A — None

Charles Schwab Money Market Fund — None

HR-10 and 301K accts (former law firm) — None

American Funds AMCAP Fund

Oakmark Fund

RidgeWorth Small Cap Value Fund (HR-10)

American Funds Wash Mutual Invs (HR-10Y

PIMCO Total Return - Class D (HR-10)

Prudential Retirement Guaranteed Income Fund

Northwest Mutual whole life — None

Northwestn Mutual extra ordinary life — None

Midland National whole life — None

Trust #1 pum

Trust #2 mmm

Trust #3 pm IRA)

JPMorgan Deposit Sweep Inst — Int/Div

Trust #4 mum IRA rollover)

Trust #5 pum — Int/Div

Eaton Vance Mut Fds Tr — Buy

JPMorgan Str Inc Opp Fd — Buy

JPMorgan High Yield Fd Select — Buy

JPMorgan Short Duration Bond Fd Select — Buy

JPMorgan Limited Term Bond Fd Select — Buy

Highbridge Dynamic Comm Strg Fd Select — Buy

Ishares MSC EAFE Index Fund — Buy

Ishares S&P Midcap 400 Index Fund — Buy

SPDR S&P S00 ETF Trust — Buy

Vanguard Emerging Market ETF — Buy

Trust #6 pom — Int/Div

Eaton Vance Mut Fds Tr — Buy

JPMorgan Str Inc Opp Fd — Buy

JPMorgan High Yield Fd Select — Buy

JPMorgan Short Duration Bond Fd Select — Buy

JPMorgan Limited Term Bond Fd Select — Buy

Highbridge Dynamic Comm Strg Fd Select — Buy

Ishares MSCI EAFE Index Fund — Buy

Ishares S&P Midcap 400 Index Fund — Buy

Ishares Russell 1000 Value Index Fund — Buy

Ishares Russell 1000 Growth Index Fund — Buy

SPDR S&P S00 ETF Trust — Buy

Vanguard Emerging Market ETF — Buy

Trust 7 ym — Int/Div

Eaton Vance Mut Fds Tr — Buy

JPMorgan Str Inc Opp Fd — Buy

JPMorgan High Yield Fd Select — Buy

JPMorgan Short Duration Bond Fd Select — Buy

JPMorgan Limited Term Bond Fd Select — Buy

Highbridge Dynamic Comm Strg Fd Select — Buy

Ishares MSC! EAFE Index Fund — Buy

Ishares S&P Midcap 400 Index Fund — Buy

Ishares Russell 1000 Value Index Fund — Buy

Ishares Russell 1000 Growth Index Fund — Buy

SPDR S&P S00 ETF Trust — Buy

Vanguard Emerging Market ETF — Buy

Director, American Judicature Society, Hawaii Chapter

Director, Hawan Public Radio

Director, Hawaii Women's Legal Foundation

Director, Ninth Judicial Circuit Historical Society

Co-trustee, Trusts #1] - 47

Agreement — 01/0195 — Cades Schutte Fleming & Wright Partnership Resolutions (including retirement terms, no control)

Income — 2011 — University of Hawaii School of Law, teaching — S3.117.00

Spouse's income — 2011 — Self-employed, dietitian consultant

1. Positions & VII. Investments and Trusts

As previously reported, [passed away in recent years. Virtually all of the assets held by trusts created by them for their benefit were distributed

in 2011. T have been a co-trustee (without compensation) of those trust accounts, identified as Trusts #1-4, together with J and a bunk (JPMorgan Chase)

which is primarily responsible for investment decisions. It is my understanding that no assets remain in Trusts # 1, 2, and 4, so 1 do not expect to list those trusts

in future years. Only a small amount remains in Trust 43 and | assume it will be liquidated shortly. Some of the distributions were made to trusts identified as

Trusts #5-7, Those trusts were created previously and were reported last year, but they contained no assets until the distributions made in 2011. | am a co-trustee

of those trusts as well,