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 — Int/Div

Hawaiian Electric Industries common — Int/Div

Brokerage acct #1 (MS)

Echostar Communications common — None

IBM common — Int/Div

Metromedia Fiber Networks common — None — Sell

Real Networks common — None

Ixis Cash Mgtmt Trust — Int/Div

Fidelity Growth & Income (IRA) — Int/Div

Fidelity Magellan Fund (IRA) — Int/Div

Oppenheimer Growth Fund A (IRA) — Int/Div

Brokerage acct #2 (T-CS)

Amgen common — None — Sell

Applied Materials common — None — Sell

Ballard Power Systems common — None

Ciena common — None

Hewlett Packard common — None — Sell

Intel common — Int/Div

Nokia Corp Spon ADR — None — Sell

Charles Schwab Money Market Fund — Int/Div

Hawaii state bonds — None

IRA acct #3 (T)

Intel common — Int/Div

Merck common — None — Sell

Microsoft common — Int/Div

Freescale Semiconductor Class B — None — Sell

common

Motorola common — None — Sell

Jundt Growth Fund Class — Int/Div

Templeton Growth Fund class A — Int/Div

Charles Schwab Money Market Fund — Int/Div — Buy

CREF Stock Fund — None

CREF Global Equities — None

Brokerage acct #4 (D)

Boeing common — None — Sell

Hewlett Packard Common — None — Sell

Charles Schwab Money Market Fund — Int/Div

Banc One Group Equity Index Fund A — Int/Div

Brokerage acct #5 (K)

Motorola Common — None — Sell

Freescale Semiconductor Class B common — None — Sell

Charles Schwab Money Market Fund — Int/Div

Brokerage acct #6 (T-I)

Berkshire Hathaway Cl A — None — Buy

Charles Schwab Money Mkt Fund — Int/Div — Buy

Bank One Group Equity Index Fund A — 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

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 — Int/Div

Northwestern Mutual extra ordinary life — Int/Div

Midland National whole life — Int/Div

Trust #1 (ACC) — None

JP Morgan Municipal Money Market Fund

Dow Jones US Utilities Index Fund — Sell

S&P 500 Index Fund — part

S&P 500 Growth Index Fund — Sell

Van Kampen Growth & Index Fund C1 A — Sell

GMAUC notes — Sell

Cottage Grove, Minn municipal bonds — Sell

Jefferson City, Ala municipal bonds — Sell

Franklin Tax Free High Yield Income Fund Cl A — Sell

JP Morgan Intermediate Bond Fund Select Class — Sell

MFS Inter Income Trust — Sell

Cullen High Divid EqFd Cl 1 — Buy

MSCI Japan Index Fd — Buy

JPMorgan Emerging Mkts Equity Fd — Buy

JPMorgan Highbridge Stat Mkt Neut Fd — Buy

JPMorgan Intrepid America Fd — Buy

JPMorgan Intrepid Growth Fd Select — Buy

JPMOrgan Intrepid Intl Fd Select — Buy

JPMorgan Multi-cap Mkt Neutral Fd — Buy

JPMorgan Small Cap Equity Fund — Buy

JPMorgan US Real Estate Fund — Buy

Mellon Boston Co Intl Core Equity — Buy

T Rowe Price Intl Fds New Asia Fd — Buy

Campbell Berwyn LP — Added

Pinecrest LP — Added

Trust #2 (VIC) — None

JP Morgan Municipal Money Market Fund

Dow Jones US Utilities Index Fund — Sell

Russell Midcap Index Fund — Sell

S&P Smallcap 600 Index Fund

S&P 500 Index Fund — Sell

GMAC notes — Sell

CIT Group Inc notes — Sell

Bank America Corp notes — Sell

Protective Life notes — Sell

Lakeville Minn School Dist bonds — Sell

Lakeville Minn School Dist bonds — Sell

Hamilton Heights Sch Bldg Corp Ind Ref bonds — Sell

Moline Ill Corp Putp bonds — Sell

Pasco Wash Wtr & Swr bonds — Sell

Fed Nat Mtg Assn bonds — Sell

Franklin Tax Free High Yield Income Fund Cl A — Sell

Insured Municipals Income Tr Unit Fund — Sell/called

Insured Municipals Income Tr Unit Fund — Sell

MFS Inter Income Tr Fund — Sell

T Rowe Price Intl Fds New Asia Fd — Buy

Mellon Boston Co Intl Core Equity — Buy

Cullen High Divid Eq Fd Cl 1 — Buy

JPMorgan Emerging Mkts Equity Fd — Buy

JPMorgan Intrepid Growth Fd Select — Buy

JPMorgan US Real Estate Fund — Buy

MSCI Japan Index Fd — Buy

JPMorgan High Yield Bond Fund — Buy

JPMorgan Fjghbridge Stat Mkt Neut Fd — Buy

JPMorgan Short Term Bond Fund — Buy

JPMorgan Intrepid America Fund — Buy

JPMorgan Intrepid Intl Fd Select — Buy

JPMorgan Multi-cap Market Neutral Fd — Buy

Trust #3 (ACC-IRA) — None

Cullen High Divid Eq Fd Cl 1

MSCI Japan Index Fd

Russell Midcap Index Fd

Russell 2000 Index Fd

JPMorgan Disciplined Equity Fund

JPMorgan Emerging Mkts Equity Fd

JPMorgan Highbridge Stat Mkt Neut Fd

JPMorgan Intrepid America Fund

JPMorgan Intrepid Growth Fd Select

JPMorgan Intrepid Intl Fd Select

JPMorgan Multi-cap Market Neutral Fd

JPMorgan US Real Estate Fund

Mellon Boston Co Intl Core Equity

T Rowe Price Intl Fds New Asia Fd

JPMorgan High Yield Bond fund Select Class

JPMorgan Short Term Bond Fund Select Class

Director, American Judicature Society, Hawaii Chapter

Director, pe = i Hawaii Women's Legal Foundation o pd = l@)

Director, Pot i Ninth Judicial Circuit Historical Society ~~ 20 25 = — m -

Co-trustee, —ra na uw or > Trust #1 mire v -n — rma

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

Spouse's income — 2006 — Self-employed, dietitian consultant

VII. Investments and Trusts

Brokerage acct #1 was transferred to a different company, when my stockbroker moved to a different brokerage house. One of the holdings in the account,

Metromedia Fiber Networks common stock, had become worthless, and the new brokerage house no longer lists it as a holding of the account. I have described the

transaction as "sell" but nothing was received or obtained for those shares. See Section VII, line 11.

M

assed away last year. As a result, certain additional assets were put into Trust #1, and I became a co-trustee of Trust #3, together with my

anda

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al

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which actually manages the accounts).