Ka Wai Ola - Office of Hawaiian Affairs, Volume 8, Number 9, 1 Kepakemapa 1991 — Page 6 Advertisements Column 1 [ADVERTISEMENT]

LEGACY

ernice Paua^ l£asehold Condominium Conversion

Dear Friends of Kamehameha Schools/Bishop Estate, After mueh study and deliheration, the trustees have decided to begin a voluntary sales program of selected Kamehameha Schools/ Bishop Estate condominium leasehold properties. It is our belief that this ! action is in the long term overall best interest of KS/BE. Our decision to enter into voluntary sales was hased on many factors, but the overwhelming consideration was the obligation and responsibility we as trustees have to ensure the financial well-being of the estate into perpetuity. We will continue to fight the mandatory conversion of these properties from lease to fee, and the forced sale of estate holdings. It is our hope that you will continue your support of our position. Hawaii real estate is and will remain our core asset. We will also continue our practice of diversifying our portfolio by asset type, industry and geographic location when this is prudent and in the best interest of Kamehameha Schools/Bishop Estate. Monies generated by the sale of condominium leasehold interests will allow us to continue to carry out our mission: To assist children and youth of Hawaiian ancestry in their efforts to develop their highest potential as effective participants in society by offering as many meaningful educational opportunities as resources will permit. As is our practice with the sale of single family leasehold properties, the trustees have made a unanimous decision to waive any and all commissions on the sale of condominium properties. There are sure to be many questions and thoughts you might want to share with us. We weleome your input and ask that you direct your communications to 541-5300. Mahalo for allowing us to share this news with you. I mua Kamehameha! William S. Richardson Chairman Board of Trustees

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Kamehameha Schools/Bishop Estate sponsors this eolumn in the interest of helping people understand its role and mission.