Richard R. Clifton

First Hawaiian Bank savings — Interest

First Hawaiian Bank checking — Interest

Hawai Central Credit Union — Interest

Univ of Hawaii FCU — Interest

Goodyear common — None

Hawaiian Electric Industries common — Int/Div

Brokerage acct #1 (MS)

Echostar Communications common — None

IBM common — Int/Div

Real Networks common — None

NATIXIS Cash Mgtmt Trust — Int/Div

Fidelity Magellan Fund (IRA) — Int/Div

Oppenheimer Growth Fund A (IRA) — Int/Div

Brokerage acct #2 (T-CS)

Ballard Power Systems common — None

Ciena common — None

Intel common — Int/Div

Charles Schwab Money Market Fund — Int/Div

Hawaii state bonds — None

IRA acct #3 (T)

Intel common — Int/Div

Microsoft common — Int/Div

Jundt Growth Fund Class — Sold

Templeton Growth Fund class A — Int/Div

Charles Schwab Money Market Fund — Int/Div

CREF Stock Fund — None

CREF Global Equities — None

Brokerage acct #4 (D)

Charles Schwab Money Market Fund — Int/Div

JP Morgan Group Equity Index Fund A — None

Brokerage acct #5 (K)

Charles Schwab Money Market Fund — Int/Div

JP Morgan Group Equity Index Fund A — Int/Div

Brokerage acct #6 (T-1)

Berkshire Hathaway Cl A — None

Charles Schwab Money Mkt Fund — Int/Div

Agence 21, Inc. common — None

MAAS Intek, Inc. common — None

RepNet, Inc — None

HR-10 and 401K accounts (former law firm) — None

American Funds AMCAP Fund

Oppenheimer Main Street Small Cap Fund

American Funds Investment Co of America (HR-10)

American Funds Wash Mutual Invs (HR-10)

PIMCO Total Return - A (HR-10)

INVESCO Stable Value Fund (HR-10)

Northwestern Mutual whole life — None

Northwestern Mutual extra ordinary life — None

Midland National whole life — None

JP Morgan Tax Free Mmkt Prem Sweep

Russell Midcap Index Fund — part

S&P 500 Index Fund

Cullen High Divid Eq Fd CI 1 — part

JPMorgan Emerging Mkts Equity Fd

JPMorgan Highbridge Stat Mkt Neut Fd — part

JPMorgan Intrepid America Fd — part

JPMorgan Intrepid Growth Fd Select

JPMorgan Intrepid Intl Fd Select

JPMorgan Multi-cap Mkt Neutral Fd — Sold

JPMorgan Small Cap Equity Fund — Sold

JPMorgan US Real Estate Fund — Sold

Mellon Boston Co Intl Core Equity — Sold

T Rowe Price Intl Fds New Asia Fd

JPMorgan Asia Equity Fd — Buy

JPMorgan Tax Free Mmkt Prem Sweep — Buy

Harbor Fds Intl Fd — Buy

Ishares Tr US Treas Intl Prot Fd — Buy

1Ishares Tr Russell 1000 Growth Index — Buy

JPMorgan Short Duration Bond Fd — Buy

Campbell Berwyn LP

Pinecrest LP

JP Morgan Tax Free Mmkt Prem Sweep

S&P Smallcap 600 Index Fund

T Rowe Price Intl Fds New Asia Fd

Mellon Boston Co Intl Core Equity — Sold

Cullen High Divid Eq Fd CI 1

JPMorgan Intrepid Growth Fd Select

Russell Midcap Index Fd

S&P 500 Index Fd

JPMorgan US Real Estate Fund — part

MSCI Japan Index Fd — Sold

JPMorgan High Yield Bond Fund

JPMorgan Highbridge Stat Mkt Neut Fd — part

JPMorgan Short Term Bond Fund — Sold

JPMorgan Intrepid America Fund — part

JPMorgan Intrepid Intl Fd Select

JPMorgan Multi-cap Market Neutral Fd — part

JPMorgan Asia Equity Fd — Buy

Harbor Fds Intl Fd — Buy

Ishares Tr US Treas Infl Prot Fd — Buy

JPMorgan Short Duration Bond Fd — Buy

Cullen High Divid Eq Fd Cl — Sold

MSCI Japan Index Fd — Sold

Russell Midcap Index Fd — Sold

Russell 2000 Index Fd — Sold

JPMorgan Disciplined Equity Fund — Sold

JPMorgan Emerging Mkts Equity Fd — Sold

JPMorgan Highbridge Stat Mkt Neut Fd — Sold

JPMorgan Intrepid America Fund — Sold

JPMorgan Intrepid Growth Fd Select — Sold

JPMorgan Intrepid Intl Fd Select — Buy

JPMorgan Intrepid Intl Fd Select — Sold

JPMorgan Multi-cap Market Neutral Fd — Sold

JPMorgan US Real Estate Fund — Sold

Mellon Boston Co Intl Core Equity — Sold

T Rowe Price Intl Fds New Asia Fd — Sold

JPMorgan High Yield Bond Fund Select Class — Buy

JPMorgan Short Term Bond Fund Select Class — Buy

JPMorgan Short Term Bond Fund Select Class — Sold

JPMorgan Tax Aware Discip Eq Inst] — Buy

JPMorgan Tax Aware Discip Eq Inst] — Sold

JPMorgan Intrepid Growth Fd Select — Buy

JPMorgan Intrepid Growth Fd Select — Sold

JPMorgan Large Cap Core Plus Select — Buy

JPMorgan Large Cap Core Plus Select — Sold

shares Tr Russell 1000 Growth Index — Sold

Harbor Fds Intl Fd — Buy

JPMorgan Asia Equity Fd — Buy

JPMorgan Deposit Sweep Inst — Buy

JPMorgan Tax Free Mmkt Prem Sweep — Buy

Director, American Judicature Society, Hawaii Chapter

Director, Hawaii Public Radio

Director, Hawaii Women's Legal Foundation

Director, Ninth Judicial Circuit Historical Society

Agreement — 1.01/01/95 — Cades Schutte Fleming & Wright Partnership Resolutions (including retirement terms, no control)

Spouse's income — 2007 — Self-employed, dietitian consultant

1. Positions

aD passed away in 2006. Iam a co-trustee, together with SE and a bank (it actually manages the accounts) of four trust accounts, identified in Part

VII as Trusts #1-4. As his estate plan was implemented and his estate wound up, in 2007 some amounts were distributed and transferred (notably from Trust #3 to

Trust #4 and to another beneficiary), additional assets were added to some of the accounts, and payments out were made for expenses.

I are

contingent beneficiaries, but no amounts are currently owing to us and no payments were made to us during the year.

VII. Investments and Trusts

Part VII, line 13: Change of name from last year's report -- Ixis Cash Mgtmt Trust is now known as NATIXIS Cash Mgtmt Trust

Part VII, lines 38 & 47: Change of name from last year's report -- Bank One Group Equity Index Fund A is now JP Morgan Group Equity Index Fund A

Part VII, lines 66 & 93: JPMorgan Municipal Money Market Fund is now JPMorgan Tax Free Mmkt Prem Sweep

Part VII, lines 100 & 101: The report for 2006 said "sell" for Russell Midcap Index Fd and for S&P 500 Index Fd, but should have said "sell part." Part remained

in the account and is reported here.