Richard R. Clifton

First Hawanan Bank savings — Interest

First Hawaiian Bank checking — Interest

Hawaii Central Credit Union — Interest

Univ of Hawan FCU — Interest

Goodyear common — None

Hawanan Electric Industries common — Int/Div

Brokerage acct #1 (MS)

Echostar common — None — from line 10)

Dish Network Cl A common — None

I1BM common — Int/Div

Real Networks common — None

Morgan Stanley Bank — Interest

NATIXIS Cash Mgtmt Trust — Int/Div

Fidelity Growth & Income (IRA) — Int/Div

Fidelity Magellan Fund (IRA) — Int/Div

Oppenchiner 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

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 (for D) — Int/Div

Brokerage acct #5 (K)

Charles Schwab Money Market Fund — Int/Div

JP Morgan Group Equity Index Fund A (for K) — Int/Div

Brokerage acct #6 (T-I)

Berkshire Hathaway Class A — None

Charles Schwab Money Market Fund — Int/Div

Lake City Bank CD — None — Buy

Agence 21, Inc. common — None

MAAS Intek. Inc. common — None

RepNet, Inc. common — None

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

American Funds AMCAP Fund

Oppenheimer Main Street Small Cap Fund

American Funds Investment Co of Amer ica (HR-10)

American Funds Wash Mutual Invs (HR 10)

PIMCO Total Return - A (HR-10)

INVWSCO Stable Value Fund (HR-10)

Northwestn Mutual whole hfe — None

Northwestn Mutual extra ordinary life — None

Midland National whole life — None

Trust#1 (I) — None

JP Morgan Tax Free Mmkt Prem Sweep

Cullen High Divid Eq Fd CI 1 — Sold (part)

Dodge & Cox Fds Intl Stk Fd — Buy

FMI Large Cap Fd — Buy

Ishares MSCI All Contry Asia Ex Jap Fd — Buy

Ishares Tr Cohen & Steers Rlty Major — Buy

Ishares Tr Russell Midcap Index Fund — Buy (add'l)

Ishares Tr Russell 1000 Value Index — Buy

Ishares Tr S&P S00 Index Fund — Sold (part)

lvy Large Cap Growth Fd Cl 1 — Buy

JPMorgan Asia Equity Fd

JPMorgan Highbridge Stat Mkt Neut Fd — Sold (part)

JPMorgan Intrepid America Fd — Sold (part)

JPMorgan Intrepid Growth Fd Select — Sold

JPMorgan Intrepid Intl Fd Select — Sold (part)

JPMorgan Mkt Expansion Index Fd — Buy

JPMorgan Multi-cap Mkt Neutral Fd — Buy

JPMorgan Small Cap Equity Fund — Buy

T Rowe Price Intl Fds New Asia Fd — Sold (part)

Ishares Tr US Treas Indt Prot Fd — Buy (add'l)

Ishares Tr Barclays Tips Bd Fd — Buy

JPMorgan High Yield Bond Fund Select — Buy

JPMorgan Short Duration Bond Fd — Sold (part)

Harbor Fds Intl Fd — Sold

Ishares Tr Russell 1000 Growth Index — Sold

JPMorgan Emerging Mkts Equity Fd — Sold

Campbell Berwyn LP — Redeemed

Pinecrest LP — Redeemed

Trust #2 — None

JP Morgan Tax Free Mmkt Prem Sweep

Dodge & Cox Fds Intl Stk Fd — Buy

Eaton Vance Invt Tr Lg Cap Val Fd — Buy

FMI Large Cap Fd — Buy

Ishares MSCI All Cntry Asia Ex Jp Fd — Buy

Ishares Russell Midcap index Fd — Buy (add'l)

Ishares Tr S&P Smallcap 600 Index Fu nde

Ishares Tr S&P 500 Index Fd

Ivy Large Cap Growth Fd Cl 1 — Buy

JPMorgan Asia Equity Fd — Sold (part)

JPMorgan Highbridge Stat Mkt Neut Fd

JPMorgan Intrepid America Fd — Sold (part)

JPMorgan Intrepid Intl Fd Select — Sold (part)

JPMorgan Multi-cap Market Neutral Fd

JPMorgan US Large Cap Core Plus Sel — Buy

JPMorgan US Real Estate Fund

T Rowe Price Int Fds New Asia Fd — Sold (part)

Cullen High Dividend Eq Fd C1 1 — Sold

JP Morgan Emerging Mkts Equity Fd — Sold

JP Morgan Intrepid Growth Fd Select — Sold

Ishares Tr Barclay Tips Bd Fd — Buy

JPMorgan High Yield Bond Fund

Harbor Fds Intl Fd — Sold

Ishares Tr US Treas Intl Prot Fd — Buy (add'l)

JPMorgan Short Duration Bond Fd — Buy (add'l)

JPMorgan Deposit Sweep Inst

Aston Fds Tamro Small Cap Fd Cl — Buy

FMI Large Cap Fd — Buy

Harbor Fd Intl Insti Cl — Buy (add'l)

Ishares MSCI All Cntry Asia Ex Jap Fd — Buy

Ishares Russell Midcap Growth Index Fd — Buy

Ishares Russell Midcap Index Fd — Buy

shares Russell 1000 Growth Index — Buy

Ishares Russell 1000 Value Index — Buy

JPMorgan Asia Equity Fd

JPMorganDiversitied Mid Cap Growth Fd — Buy

JPMorgan Growth Advantage Fd Select — Sold (part)

JPMorgan Highbridge State Mkt Neut Fd — Buy

JPMorgan Intrepid America Fund

JPMorgan Intrepid Intl Fd Select — Sold (part)

JPMorgan US Large Cap Core Plus Select — Buy

JPMorgan US Real Estate Fund

JPMorgan High Yield Bond Fund Select Class

JPMorgan Short Duration Bond Fund Se lect Class — Sold (part)

T Rowe Price Intl Fds New Asia Fd

SPDR Tr Unit Ser — Buy

Fidelity Advisor Ser Il High Income Adv Fd — Buy

Ishares Barclays Tips Bd Fd — Buy

Director, American Judicature Society, Hawaii Chapter

Director, Hawaii Public Radio

Director, Hawaii Women's Legal Foundation

Co-trustee, £2 pe [ul ~m I= [El Trusts #1 - #3 o= — ©)

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

Spouse's income — 2008 — Self-employed, dietitian consultant

Yl. AUDI I IUINAL HINTURIWVIA 1 IUIN URN DAY DAINA 1 RUIN. (Indicatepart of Report}

I. Positions

passed away in 2006. | am a co-trustee, together with

a bank (JPMorgan Chase, which actually manages the accounts), of trust accounts,

identified in Part VII as Trusts #1-3 (last year #1-4). As his estate plan is implemented and his estate wound up, some assets were added to the accounts, some

amounts were distributed and transferred (notably from the Trust identified last year as Trust #4, most of which went into the account identified as Trust #3), and

payments out were made for trust expenses and as directed by the current beneficiary. (jill | 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, lines 9 & 10. As of January |, 2008, the corporation previously known as Echostar Communication Corp. distributed to its shareholders shares in a new

company originally called Echostar Holding Corp. The old "Echostar" then changed its name to Dish Network Corp. Thus, as reflected here, "Echostar" is the

spinoff entity, and "Dish Network" is the corporation identified in previous reports as "Echostar."

Part VII, line 13. Though the amount is small, I recently realized that cash that comes into and is held in this brokerage account (from the dividends listed) is

formally held in an account in "Morgan Stanley Bank." That was true previously as well, but I failed to notice that and did not list it that way in prior reports.

Part VII, lines 51-53. Agence 21, Inc. filed for bankruptcy protection in January 2009. Though I believe it was a Chapter 11 filing, it is not expected that there

will be any distribution to shareholders. That investment was related to investments in MAAS Intek and RepNet, both of whom I believe to be defunct and

probably have been for years. | have had difficulty obtaining more precise information but continue those efforts. Though these three positions are likely

valueless, they are listed out of caution and to be complete.

Part V1I, line 68. JP Morgan Tax Free Mmkt Prem Sweep was listed twice under Trust #1 in last year's report. This year it is listed only once.

Part VII, lines 141 & 144 & 147. JPMorgan Intrepid America Fund, JPMorgan US Real Estate Fund, and T Rowe Price Intl Fds New Asia Fd were listed in last

year's report as "sold" but should have been listed as "sold part," as the account continues to hold positions in those funds.