Top 20 wealthiest landowners: ranked by 2002 tax assessed value compiled by MN Capital Partners...

Ranked by 2002 Tax Assessed Value Compiled by MN Capital Partners LLC

ORGANIZATIONS                           ASSESSED VALUE    OTHER
                                        FOR YEAR 2002     VALUATION
HEADQUARTERS                            (IN MILLION $)    (IN
                       



		

		

		

		

		

		
		
			



		
		
		
		
		
	

                 LAND              MILLION $)
BENEFICIARIES/                          BLDG
SHAREHOLDERS                            TOTAL
                                        % CHANGE
                                        2001-2002

1 KAMEHAMEHA SCHOOLS                    LAND: 2,429       1,550 (1)
  Kamehameha Investment Corp.           BLDG: 2,057
  Keauhou Kona Resort Co.               TOTAL: 4,486
  Honolulu, Hawaii                      % CHANGE: -6%

  Kamehameha Schools

2 QUEEN'S HEALTH SYSTEMS                LAND: 564         DND
  Queen Emma Foundation                 BLDG: 497
  Queen's Medical Center                TOTAL: 1,061
  Molokai General Hospital              % CHANGE: +2%
  Honolulu, Hawaii

  Support and advance health care
    in Hawaii, primarily through
    Queen's Medical Center

3 GENERAL GROWTH PROPERTIES             LAND. 531         1,060 (3)
  (NYSE: GGP)                           BLDG: 492
  GGP Ala Moana LLC                     TOTAL: 1,023 (2)
  GNP Kapiolani Development             % CHANGE: 0%
  LLC(Includes former
  Victoria Ward Ltd.)
  Chicago, Illinois

  General Trust Co. (Bucksbaum
    family), Deutsche Bank AG,
    Davis Selected Advisors,
    LaSalle Investment Management
    LP, Cohen & Steers Capital
    Management, FMR Corporation
    (Fidelity), Wellington
    Management Co. LLP. Morgan
    Stanley, European Investors
    Inc., Vanguard Group,
    Stitching Pension Funds,
    Invesco Institutional, Inc.,
    Columbia Real Estate Equity
    Fund, Liberty Acorn Fund

4 HAWAIIAN ELECTRIC INDUSTRIES INC.     LAND: 338         DND
  (NYSE: HE)                            BLDG: 619 (5)
  Hawaiian Electric Co.                 TOTAL: 957
  Maui Electric Co.                     % CHANGE: -1%
  Hawaiian Electric Light Co.
  American Savings Bank
  Honolulu, Hawaii

  Franklin Advisers, Barclays Bank
    Plc, State Street Corporation,
    Mellon Bank, Vanguard Group. TIAA
    CREF Investment Management, Snyder
    Capital Management. Renaissance
    Technologies Corp, American
    International Group Inc., State of
    Wisconsin Investment Board

5 QUEEN LILIUOKALANI TRUST (6)          LAND: 372         321 (8)
  Honolulu, Hawaii                      BLDG: 583
                                        TOTAL: 955 (7)
                                        % CHANGE: +15%

  Orphan and destitute children of
    Hawaiian ancestry. Queen
    Liliuokalani Children's Centers

6 ESTATE OF JAMES CAMPBELL              LAND: 514         705 (9)
  Fort Street Investment                BLDG: 326
  Campbell Hawaii Investor LLC          TOTAL: 840
  Kapolei Property Development LLC      % CHANGE: +10%
  Aina Nui Corp.
  Kapolei, Hawaii

  Approximataly 35 heirs of James
    Campbell, with an additional 100
    remainder persons

7 HARRY & JEANETTE WEINBERG             LAND: 387         DND
  FOUNDATION                            BLDG: 444
  HRT Ltd.                              TOTAL: 831
  Honolulu Ltd.                         % CHANGE: -10%
  300 Corp.
  3900 Corp.
  Gutman Realty Co.
  Honolulu, Hawaii and Owings Mills,
  Maryland Charitable Causes

8 KOKUSAI KOGYO CO. LTD.                LAND: 362         DND
  Kyo-Ya Co. Ltd.                       BLDG: 412
  Tokyo, Japan                          TOTAL: 774 (10)
                                        % CHANGE: 0%

  Takamasa Osano and Osano family
    members

9 HILTON HOTELS CORP. (NYSE: HLT)       LAND: 392         DND
  Hilton Hawaiian Village LLC           BLDG:348
  Hilton Grand Vacations                TOTAL: 740 (12)
  Development Co.                       % CHANGE: -4%
  Hilton Properties
  Beverly Hills, California

  Southeastern Asset Management Inc.,
    Wallace R. Weitz & Co., Barron
    Hilton, Longleaf Partners Fund.
    Morgan Stanley, Barclays Bank
    Plc, Massachusetts Financial
    Services Go, Taunus Corporation.
    State Street Corp., T. Rowe Price
    Associates, Stephen Bollenbach,
    Vanguard Group, FMR Corp.
    (Fidelity)

10 ALEXANDER & BALDWIN INC.             LAND: 480         DND
   (NASD: ALEX)                         BLDG: 204
   A&B Hawaii Inc.                      TOTAL: 684
   A&B Properties Inc.                  %CHANGE: +46%
   A&B Development Co.
   Kamuela Associates LLC
   Kai Lani Co. LLC
   East Maui Irrigation Co.
   Honolulu, Hawaii

   Fidelity Management & Research,
    BancWest Corp., Harry & Jeanette
    Weinberg Foundation, Dimensional
    Fund Advisors, Third Avenue
    Management LLC, Primecap
    Management Co., Barclays Global
    Investors, Vanguard Group, AXA
    Financial Inc., Legg Mason Inc.,
    Vanguard Group, State Street
    Corp., DFA Small Cap Values
    Series

11 CASTLE & COOKIE INC./DOLE FOODS      LAND: 416         DND
   Castle & Cooke Commercial            BLDG: 266
   Properties                           TOTAL: 682
   Castle & Cooke                       % CHANGE: +18%
   Homes Hawaii
   Castle & Cooke Iwilei Properties
   Waialua Sugar Co. Inc.
   Dole Company Inc.
   Lanai Company Inc.
   Lanai Developers LLC
   Los Angeles, California
   David Murdock

12 SEIBU RAILWAY CO. LTD.                LAND: 289         DND
   (TYO: 9002)                           BLDG: 296
   Hawaii Prince Hotel Waikiki           TOTAL: 585
   South Kohala Resort Corp.             % CHANGE: -1%
   Mauna Kea Development
   Maui Prince Hotel LLCauna
   Kea Beach Resort Corp.
   Makena Golf Corp.
   Makena Aina Corp.
   Tokyo, Japan

  Yoshiaki Tsutsumi (Chairman),
    Hiroyuki Toda (President)

13 ESTATE OF SAMUEL M. DAMON (18)       LAND: 313         DND
   Samuel M. Damon Trust Estate         BLDG: 186
   Honolulu. Hawaii                     TOTAL 498 (19)
                                        % CHANGE: -3%

   Approximately 20 heirs

14 OUTRIGGER ENTERPRISES INC.           LAND: 181         DND
   Ala Wai Gateway ltd.                 BLDG: 242
   Various LLC                          TOTAL: 423 (20)
   Honolulu, Hawen                      % CHANGE: -9%

   Kelley Family

15 STEPHEN CASE                         LAND: 169         DND (23)
   Maui Land & Pineapple Co.            BLDG: 151
   (AMEX: MLP)                          TOTAL: 320 (22)
   Kapalua Coconut Grove LLC            % CHANGE: -7%
   Grave Farm Co.
   Lihue Plantation Co.
   Visionary LLC
   McLean, Virginia
   Stephen M. Case Revocable Trust

16 CASTLE FAMILY                        LAND: 170         DND
   LIMITED PARTNERSHIP                  BLDG: 141
   HKL Castle Foundation                TOTAL: 311
   HKL Castle Trust Estate              % CHANGE: +9%
   1974 Limited Partnership
   Kappa Limited Partnership
   Residuary Limited Partnership
   Honolulu. Hawaii
   18 family trusts and foundations
   related to Harold
   & Alice Castle

17 FAIRMONT HOTELS (NYSE: FHR)          LAND: 58          350 (26)
   FHR (ML) Hotel Holdings LLC          BLDG: 233
   Kea Lani Limited Partnership         TOTAL 291
   Toronto, Ontario                     % CHANGE: na

  Janus Capital Management LLC.
    Security Capital Research and
    Management Inc., I.G. Investment
    Management Ltd., Capital Research
    And Management Co., Mackenzie
    Financial Corp., Growth Fund of
    America Inc., Neuberger Berman
    LLC, Citigroup Inc., PA
    Commonwealth of Public School
    Employees Retirement System,
    Universal Canadian Growth Fund,
    Fidelity Canadian Asset
    Allocation Fund, TD Asset
    Management Inc. TAL Global Asset
    Management Inc., Smith Barney
    Appreciation Fund Inc

18 KSL RECREATION CORP.                 LAND: 63          280 (27)
   KSL Grand Wailea Resort Inc.         BLDG :219
   La Quinta, California                TOTAL: 282
                                        % CHANGE: +3%

  Partnership of Kohlberg, Kravis &
    Roberts(KKR), Mike Shannon,
    Larry Lichliter

19 TRANSCONTINENTAL DEVELOPMENT         LAND: 106         DND
   (HAWAII)CO. (28)                     BLDG: 153
   Atpac (Hawaii) L.P.                  TOTAL: 259
   Waikoloa Development Co.             % CHANGE: -1%
   Waikoloa Land & Cattle Co.
   Lanpar/Htl Associates (29)
   KS Investment Co. (30)
   Waikoloa, Hawaii
   Ran Boeddeker, Thos Rohr, Bass
   Brothers (Dallas)

20 ROMAN CATHOLIC CHURCH                LAND: 173         DND
   Roman Will Church of Hawaii          BLDG: 67
   Roman Catholic Church Inc.           TOTAL: 240
   Vatican City, Italy                  % CHANGE: na

   Roman Catholic Church

ORGANIZATIONS                   ACRES OAHU        PROMINENT HOLDINGS
                                ACRES HAWAII
HEADQUARTERS                    ACRES MAUI
                                ACRES KAUAI
BENEFICIARIES/                  TOTAL ACRES
SHAREHOLDERS                    %CHANGE 2001-
                                2002

1 KAMEHAMEHA SCHOOLS            OAHU: 50,775      Kamehameha Schools
  Kamehameha Investment Corp.   HAWAII: 295,627   campuses, Royal
  Keauhou Kona Resort Co.       MAUI: 7,651       Hawaiian Shopping
  Honolulu, Hawaii              KAUAI: 11,741     Center, Windward
                                TOTAL: 365.794    Mall, Hawaii Kai
  Kamehameha Schools            % CHANGE: 0%      Towne Center &
                                                  Corporate Plaza,
                                                  Kawaiahao Plaza,
                                                  Newtown Square,
                                                  Kakaako (55acres),
                                                  Keauhou Shopping
                                                  Village

2 QUEEN'S HEALTH SYSTEMS        OAHU: 2,175       Queen's Medical
  Queen Emma Foundation         HAWAII: 10,446    Center, Physicians
  Queen's Medical Center        MAUI: 12          Office Building I
  Molokai General Hospital      KAUAI: -          and II, Waikiki
  Honolulu, Hawaii              TOTAL: 12,633     Town Center,
                                % CHANGE: 0%      International
  Support and advance health                      Market Place,
    care in Hawaii, primarily                     Molokai General
    through Queen's                               Hospital
    Medical Center

3 GENERAL GROWTH PROPERTIES     OAHU: 127         Ala Moana Center,
  (NYSE: GGP)                   HAWAII: -         Ala Moana Pacific
  GGP Ala Moana LLC             MAUII: 20         Center, Ala Moana
  GNP Kapiolani Development     KAUAI: -          Building, Ward
  LLC(Includes former           TOTAL: 147        Entertainment
  Victoria Ward Ltd.)           % CHANGE: -1%     Center, Ward
  Chicago, Illinois                               Centre, Ward
                                                  Warehouse.
  General Trust Co.                               Ward Village
    (Bucksbaum family),                           Shops, Ward
    Deutsche Bank AG, Davis                       Gateway Center,
    Selected Advisors,                            Ward Farmers
    LaSalle Investment                            Market
    Management LP, Cohen &
    Steers Capital
    Management, FMR
    Corporation
    (Fidelity), Wellington
    Management Co. LLP.
    Morgan Stanley, European
    Investors
    Inc., Vanguard Group,
    Stitching Pension Funds,
    Invesco
    Institutional, Inc.,
    Columbia Real Estate
    Equity Fund, Liberty
    Acorn Fund

4 HAWAIIAN ELECTRIC
  INDUSTRIES INC.               OAHU: 695         Kahe Power Plant,
  (NYSE: HE)                    HAWAII: 18        Waiau Power Plant,
  Hawaiian Electric Co.         MAUI: 182         Downtown Honolulu
  Maui Electric Co.             KAUAI: 1          Power Plant, Ward
  Hawaiian Electric Light Co.   TOTAL: 896        Avenue Office
  American Savings Bank         % CHANGE: -14%    Facility, Campbell
  Honolulu, Hawaii                                Industrial Park
  Franklin Advisers, Barclays                     Plant, ASB
  Bank Plc, State Street                          Financial Plaza
  Corporation,                                    of the Pacific
  TIAA CREF Investment                            Office Building,
  Management, Snyder                              Hilo Power Plant
  Capital Management.
  Renaissance Technologies
  Corp, American
  International Group
  Inc., State of Wisconsin
  Investment Board

5 QUEEN LILIUOKALANI            OAHU: 99
  TRUST (6)                     HAWAII: 6,234
  Honolulu, Hawaii              MAUI: 1
  Orphan and destitute          KAUAI: 1
  children of Hawaiian Queen    TOTAL: 6,335
  ancestry. Liliuokalani        % CHANGE: -1%
  Children's Centers

6 ESTATE OF JAMES CAMPBELL      OAHU: 27,760      City of Kapolei,
  Fort Street Investment        HAWAII: 28,677    Kapolei Shopping
  Campbell Hawaii Investor      MAUI: 5,769       Center, Kapolei
  LLC                           KAUAI: -          Business Park,
  Kapolei Property              TOTAL: 62,206     James Campbell
  Development                   % CHANGE: +1%     Building, Campbell
  LLC                                             Superblock,
  Aina Nui Corp.                                  Whaler's Village
  Kapolei, Hawaii
  Approximataly 35 heirs of
  James Campbell, with an
  Additional 100 remainder
  persons

7 HARRY & JEANETTE WEINBERG     OAHU: 1,609       3660 Waialae
  FOUNDATION                    HAWAII: 10        Office
  HRT Ltd.                      MAUI: 404         Building. Iwilei
  Honolulu Ltd.                 KAUAI: 61         industrial, Luana
  300 Corp.                     TOTAL: 2,084      Hills Golf Course,
  3900 Corp.                    % CHANGE: -1%     Ko Olina acreage,
  Gutman Realty Co.                               Harbor Center,
  Honolulu, Hawaii and                            Willows Restaurant
  Owings, Mills, Maryland
  Charitable Causes

8 KOKUSAI KOGYO CO. LTD.        OAHU: 14 (11)     Sheraton Moana
  Kyo-Ya Co. Ltd.               HAWAII: -         Surfrider,
  Tokyo, Japan                  MAUI: 23          Sheraton
                                KAUAI: -          Princess Kaiulani,
  Takamasa Osano and            TOTAL: 37         Sheraton Maui.
    Osano family members          % CHANGE: -3%   Sheraton Waikiki
                                                  (portion H), Royal
                                                  Hawaiian
                                                  Hotel(LH): Kyo-Ya
                                                  Restaurant
                                                  (portion LH)

9 HILTON HOTELS CORP.           OAHU: 21          Hilton Hawaiian
  (NYSE: HLT)                   HAWAII: 16        Village
  Hilton Hawaiian Village LLC   MAUI: -
  Hilton Grand Vacations        KAUAI:
  Development Co.               TOTAL: 37
  Hilton Properties             % CHANGE: +76%
  Beverly Hills, California

  Southeastern Asset
    Management Inc., Wallace
    R. Weitz & Co.,
    Barron Hilton, Longleaf
    Partners Fund. Morgan
    Stanley, Barclays
    Bank Plc, Massachusetts
    Financial Services Go,
    Taunus Corporation.
    State Street Corp., T.
    Rowe Price Associates,
    Stephen Bollenbach,
    Vanguard Group, FMR
    Corp. (Fidelity)

10 ALEXANDER & BALDWIN          OAHU: 52          A&B Building,
   INC.                         HAWAII: 138       Pacific Guardian
   (NASD: ALEX)                 MAUI: 68,899      Tower, Stangenwald
   A&B Hawaii Inc.              KAUAI: 31,595     Building, Judd
   A&B Properties Inc.          TOTAL: 100,684    Building, Hawaii
   A&B Development Co.          % CHANGE: +11%    Business Park,
   Kamuela Associates LLC                         Mililani Shopping
   Kai Lani Co. LLC                               Center, Mill
   East Maui Irrigation Co.                       Town Center,
   Honolulu, Hawaii                               1100 Alakea,
                                                  Wailea Resort
   Fidelity Management &                          Development,
     Research, BancWest Corp.,                    Wailea Gold,
     Harry & Jeanette                             Emerald & Blue
     Weinberg Foundation,                         Golf Courses.
     Dimensional Fund Advisors,                   Maui Mall,
     Third Avenue                                 Kahului Shopping
     Management LLC, Primecap                     Center, Kahului
     Management Co., Barclays                     Office Building,
     Global Investors, Vanguard                   One Main Plaza,
     Group, AXA Financial Inc.,                   Maui Business
     Legg Mason Inc.,                             Park, Napili
     Vanguard Group, State                        Plaza, Kauai
     Street Corp., DFA Small                      Lagoons
     Cap Values Series                            Development,
                                                  Kiele &
                                                  Mokihana Golf
                                                  Courses, Koloa
                                                  Estates,
                                                  kukui'ula
                                                  community

11 CASTLE & COOKIE INC.         OAHU: 34,672      Mililani Town
   /DOLE FOODS                  HAWAII: 256       Center, Mililani
   Castle & Cookie Commercial   MAUI: 87,765      residential
   Properties                   KAUAI: -          Mililani
   Castle & Cookie Homes        TOTAL: 122,693    Technology Park,
   Hawaii                       % CHANGE: +29%    Dole Plantation,
   Castle & Cookie Iwilei                         Dole Cannery,
   Properties                                     Iwilei industrial,
   Waialua Sugar Co. Inc.                         Lanai island
   Dole Company Inc.                              (98%), Koele
   Lanai Company Inc.                             Lodge, Manele
   Lanai Developers LLC                           Bay Resort
   Los Angeles, California
   David Murdock

12 SEIBU RAILWAY CO. LTD.       OAHU: 273         Hawaii Prince
   (TYO: 9002)                  HAWAII: 1,575     Hotel Waikiki
   Hawaii Prince Hotel Waikiki  MAUI: 1,066       and Golf Club,
   South Kohala Resort Corp.    KAUAI: -          Maui Prince
   mauna Kea development        TOTAL: 122,693    Hotel and Golf
   Mmaui Prince Hotel LLCauna   % CHANGE: 0%      Course, Hapuna
   Kea Beach Resort Corp.                         Beach Prince
   Makena Golf Corp.                              Hotel and Golf
   Makena Aina Corp.                              Course, Mauna
   Tokyo, Japan                                   Kea Beach Hotel
                                                  and Golf Course
   Yoshiaki Tsutsumi
     (Chairman), Hiroyuki
     Toda (President)

13 ESTATE OF SAMUEL M.          OAHU: 3,962       Moanalua Valley
   DAMON (18)                   HAWAII: 1,595
   Samuel M. Damon Trust        MAUI: -
   Estate                       KAUAI: -
   Honolulu. Hawaii             TOTAL: 5,557
   Approximately 20 heirs       % CHANGE: -95%

14 OUTRIGGER ENTERPRISES        OAHU: 8 (21)       Outrigger Reef,
   INC.                         HAWAII: 16        Outrigger Islander
   Ala Wai Gateway Ltd.         MAUAI: 21         Waikiki, Outrigger
   Various LLCs                 KAUAI: -          Wailea Resort,
   Honolulu, Hawaii             TOTAL: 45         Outrigger Waikola
                                % CHANGE: -6%     Beach, 10
   Kelley Family                                  Ohana Hotels

15 STEPHEN CASE                  OAHU: -          43.5% of Maui Land
   Maui Land & Pineapple Co.     HAWAII. -        & Pineapple Co.
   (AMEX: MLP)                   MAUI:12,271 (24) including: Kapalua
   Kapalua Coconut Grove LLC     KAUAI: 40,216    Resort, Kapalua
   Grove Farm Co.                TOTAL: 52.487    Bay Village &
   Lihue Plantation Co.          % CHANGE: +1%    Plantation Golf
   Visionary LLC                                  Courses, Kapalua
   McLean, Virginia                               Coconut Grove
   Stephen M. Case                                condominium, Grove
   Revocable Trust                                Farm including:
                                                  Kukui Grove
                                                  Shopping Center,
                                                  Puakea Golf
                                                  Course, former
                                                  Lihue Plantation
                                                  acreage

16 CASTLE FAMILY                OAHU: 1,187       Windward Trade
   LIMITED PARTNERSHIP          HAWAII: -         Center, Kailua
   HKL Castle Foundation        MAUI:-            Shopping Center.
   HKL Castle Trust Estate      KAUAI: -
   1974 Limited Partnership     TOTAL:1,187 (25)
   Kappa Limited Partnership    % CHANGE: na
   Residuary Limited
   Partnership Honolulu.
   Hawaii 18 family trusts
   and foundations related
   to Harold & Alice Castle

17 FAIRMONT HOTELS              OAHU: -           Fairmont Orchid
   (NYSE: FHR)                  HAWAII: 33        Hawaii Fairmont
   FHR (ML) Hotel Holdings LLC  MAUI: 21          Kea Lani Maui
   Kea Lani Limited             KAUAI: -
   Partnership                  TOTAL: 54
   Toronto, Ontario             % CHANGE: na

   Janus Capital Management
     LLC. Security Capital
     Research and Management
     Inc., I.G. Investment
     Management Ltd., Capital
     Research and Management
     Co., Mackenzie Financial
     Corp., Growth
     Fund of America Inc.,
     Neuberger Berman LLC,
     Citigroup Inc., PA
     Commonwealth of Public
     School Employees
     Retirement System,
     Universal
     Canadian Growth Fund,
     Fidelity Canadian Asset
     Allocation Fund,
     TD Asset Management Inc.
     TAL Global Asset
     Management Inc.,
     Smith Barney Appreciation
    Fund Inc

18 KSL RECREATION CORP.         OAHU:-            Grand Wailea
   KSL Grand Wailea Resort      HAWAII : -        Resort Inc.
   MAUI: 37
   La Quinta, California        KAUAI: -
                                TOTAL.: 37
   Partnership of Kohlberg,     % CHANGE: 0%
     Kravis & Roberts(KKR),
     Mike Shannon,
     Larry Lichliter

19 TRANSCONTINENTAL             OAHU: -           Waikoloa
   DEVELOPMENT                  HAWAII: 15,464    Development,
   (HAWAII)CO. (28)             MAUI:-            Waikoloa Beach,
   Atpac (Hawaii) L.P.          KAUAI:-           Kings' and Village
   Waikoloa Development Co.     TOTAL: 15,464     Golf Courses
   Waikoloa Land & Cattle Co.   % CHANGE: +21%    Kings' Shops
   Lanpar/Htl Associates (29)
   KS Investment Co. (30)
   Waikoloa, Hawaii
   Ran Boeddeker, Thos Rohr,
   Bass Brothers (Dallas)

20 ROMAN CATHOLIC CHURCH        OAHU: 304         St. Augustine
   Roman Will Church of Hawaii  HAWAII: 1,959     Church, Cathedral
   Roman Catholic Church Inc.   MAUI: 376         of St Theresa,
   Vatican City, Italy          KAUAI: 105        Sacred Heart
                                TOTAL: 2,744      Church,
   Roman Catholic Church        % CHANGE: na      St. Ann Parish,
                                                  Star of the Sea,
                                                  Maryknoll School.
                                                  St. Anthony's
                                                  Parish

ORGANIZATIONS                         OTHER PROMINENT HOLDINGS

HEADQUARTERS

BENEFICIARIES/
SHAREHOLDERS

1 KAMEHAMEHA SCHOOLS                  Land under Sheraton Waikiki,
  Kamehameha Investment Corp.         Royal Hawaiian
  Keauhou Kona Resort Co.             Hotel, Kahala Mandarin,
  Honolulu, Hawaii                    Pagoda Hotel,
                                      Executive Centre, HEI Office
  Kamehameha Schools                  Building, City
                                      Financial Center (partial),
                                      Waterfront Plaza/Restaurant
                                      Row, former Gold Bond
                                      Building, Pearlridge Center,
                                      Kahala Mall Koko Marina
                                      Kaneohe Bay Shopping Center,
                                      Waialae Country Club, Pearl
                                      Country Club, Mid- Pacific
                                      Country Club, Hawaii Kai
                                      Golf Course, Four Seasons
                                      Hualalai, Keauhou Beach
                                      Hotel, Kona Village, Kona
                                      Surf Resort, Maui Islander

2 QUEEN'S HEALTH SYSTEMS              Land under Outrigger Waikiki
  Queen Emma Foundation               on the Beach, Outrigger East
  Queen's Medical Center              Hotel, Miramar at Waikiki
  Molokai General Hospital            Hotel, Waikiki Beachcomber
  Honolulu, Hawaii                    Hotel, Title Guaranty
  Building, Stadium Marketplace,
  Support and advance health          Stadium Mall. Halawa
  care in Hawaii, primarily           industrial, Bougainville
  through Queen's                     industrial, Crosspointe,
  Medical Center                      Alii Plantation,
  portion of Harbor
                                      Square. Honolulu Medical Group

3 GENERAL GROWTH PROPERTIES           Leasehold interest in Prince
  (NYSE: GGP)                         Kuhio Plaza (4)
  GGP Ala Moana LLC
  GNP Kapiolani Development
  LLC(Includes former
  Victoria Ward Ltd.)
  Chicago, Illinois

  General Trust Co. (Bucksbaum
  family), Deutsche Bank AG,
  Davis Selected Advisors,
  LaSalle Investment Management
  LP, Cohen & Steers Capital
  Management, FMR Corporation
  (Fidelity), Wellington
  Management Co. LLP.
  Morgan Stanley, European
  Investors Inc., Vanguard Group,
  Stitching Pension Funds,
  Invesco Institutional, Inc.,
  Columbia Real Estate Equity
  Fund, Liberty Acorn Fund

4 HAWAIIAN ELECTRIC INDUSTRIES INC.
  (NYSE: HE)
  Hawaiian Electric Co.
  Maui Electric Co.
  Hawaiian Electric Light Co.
  American Savings Bank
  Honolulu, Hawaii

  Franklin Advisers, Barclays
  Bank Plc, State Street
  Corporation,
  Mellon Bank, Vanguard Group.
  TIAA CREF Investment Management,
  Snyder Capital Management.
  Renaissance Technologies Corp,
  American International Group
  Inc., State of Wisconsin
  Investment Board

5 QUEEN LILIUOKALANI TRUST (6)        Land under Marriott
  Honolulu, Hawaii                    Waikiki Beach, Pacific
  Orphan and destitute children       Beach Hotel, Radisson Waikiki
  of Hawaiian ancestry. Queen         Prince Kuhio. Waikiki Banyan,
  Liliuokalani Children's Centers     Liliuokalani Gardens, Foster
                                      Tower, Waikiki Sunset,
                                      Makalapua Shopping Center

6 ESTATE OF JAMES CAMPBELL            Land under Bank of Hawaii
  Fort Street Investment              Kapolei Office Building
  Campbell Hawaii Investor LLC        Westin Maui
  Kapolei Property Development
  LLC
  Aina Nui Corp.
  Kapolei, Hawaii
  Approximataly 35 heirs of
  James Campbell, with an
  Additional 100 remainder
  persons

7 HARRY & JEANETTE WEINBERG           Land under Pacific Park
  FOUNDATION                          Plaza, Aiea Shopping
  HRT Ltd.                            Center, Island Colony,
  Honolulu Ltd.                       Marco Polo, Lahaina
  300 Corp.                           Shopping Center.
  3900 Corp.                          Lahaina Center, Kahului
  Gutman Realty Co.                   industrial, Kaanapali
  Honolulu, Hawaii and Owings         Shores, Luana Kai.
  Mills, Maryland                     Pohailai, Kauai Wal-Mart
  Charitable Causes

8 KOKUSAI KOGYO CO. LTD.              Land under Waialae Country
  Kyo-Ya Co. Ltd.                     Club tennis courts and
  Tokyo, Japan                        parking lot, five fee
                                      simple residential
  Takamasa Osano and Osano            condominium units
    family members

9 HILTON HOTELS CORP. (NYSE: HLT)     Leasehold interest in
  Hilton Hawaiian Village LLC         Hilton Waikoloa Village (13)
  Hilton Grand Vacations
  Development Co.
  Hilton Properties
  Beverly Hills, California

  Southeastern Asset
  Management Inc., Wallace
  R. Weitz & Co.,
  Barron Hilton, Longleaf
  Partners Fund. Morgan
  Stanley, Barclays
  Bank Plc, Massachusetts
  Financial Services Go,
  Taunus Corporation.
  State Street Corp., T.
  Rowe Price Associates,
  Stephen Bollenbach,
  Vanguard Group, FMR
  Corp. (Fidelity)

10 ALEXANDER & BALDWIN INC.           Leasehold Interest in Ocean
   (NASD: ALEX)                       View Center, Haseko Center,
   A&B Hawaii Inc.                    Kaneohe Bay Shopping
   A&B Properties Inc.                Center. Land under proposed
   A&B Development Co.                30-story Lanikea at
   Kamuela Associates LLC             Waikiki
   Kai Lani Co. LLC
   East Maui Irrigation Co.
   Honolulu, Hawaii

   Fidelity Management &
   Research, BancWest Corp.,
   Harry & Jeanette
   Weinberg Foundation,
   Dimensional Fund Advisors,
   Third Avenue
   Management LLC, Primecap
   Management Co., Barclays
   Global Investors, Vanguard
   Group, AXA Financial Inc.,
   Legg Mason Inc.,
   Vanguard Group, State
   Street Corp., DFA Small
   Cap Values Series

11 CASTLE & COOKIE INC.
   /DOLE FOODS
   Castle & Cookie Commercial
   Properties
   Castle & Cookie Homes,
   Hawaii,
   Castle & Cookie Iwilei
   Properties
   Waialua Sugar Co. Inc.
   Dole Company Inc.
   Lanai Company Inc.
   Lanai Developers LLC
   Los Angeles, California
   David Murdock

12 SEIBU RAILWAY CO. LTD.
   (TYO: 9002)
   Hawaii Prince Hotel Waikiki
   South Kohala Resort Corp.
   mauna Kea development
   Mmaui Prince Hotel LLCauna
   Kea Beach Resort Corp.
   Makena Golf Corp.
   Makena Aina Corp.
   Tokyo, Japan
   Yoshiaki Tsutsumi
   (Chairman), Hiroyuki
   Toda (President)

13 ESTATE OF SAMUEL M.                Land under Mapunapuna and
   Samuel M. Damon Trust              Monalua Industrial (153
   Estate                             acres), Kalihi Kai and Sand
   Honolulu. Hawaii                   Island Industrial (57 acres),
   Approximately 20 heirs             Salt Lake Shopping Center,
                                      Pali Safeway/Longs

14 OUTRIGGER ENTERPRISES              Leasehold interest in Outrigger
   INC.                               Waikiki, Outrigger East
   Ala Wai Gateway Ltd.
   Various LLCs
   Honolulu, Hawaii

   Kelley Family

15 STEPHEN CASE                       Land under Ritz-Carlto
   Maui Land & Pineapple Co.          Kapalua, Poipu Bay
   (AMEX: MLP)                        Resort Golf Course,
   Kapalua Coconut Grove LLC          Kukui Marketplace
   Grove Farm Co.
   Lihue Plantation Co.
   Visionary LLC
   McLean, Virginia
   Stephen M. Case
   Revocable Trust

16 CASTLE FAMILY                      Land under Windward City
   LIMITED PARTNERSHIP                Shopping Center
   HKL Castle Foundation              Pali Palms. Koolau Vista,
   HKL Castle Trust Estate            Windward Passage,
   1974 Limited Partnership           Windward Harbour, Windward
   Kappa Limited Partnership          Cove, Gardenia
   Residuary Limited                  Manor, Poinciana Manor,
   Partnership Honolulu.              Hokulani, Yacht Club
   Hawaii 18 family trusts            Terrace. Kaimuki Shopping
   and foundations related            Center
   to Harold & Alice Castle

17 FAIRMONT HOTELS
   (NYSE: FHR)
   FHR (ML) Hotel Holdings LLC
   Kea Lani Limited
   Partnership
   Toronto, Ontario

   Janus Capital Management
     LLC. Security Capital
     Research and Management
     Inc., I.G. Investment
     Management Ltd., Capital
     Research and Management
     Co., Mackenzie Financial
     Corp., Growth
     Fund of America Inc.,
     Neuberger Berman LLC,
     Citigroup Inc., PA
     Commonwealth of Public
     School Employees
     Retirement System,
     Universal
     Canadian Growth Fund,
     Fidelity Canadian Asset
     Allocation Fund,
     TD Asset Management Inc.
     TAL Global Asset
     Management Inc.,
     Smith Barney Appreciation
     Fund Inc

18 KSL RECREATION CORP.
   KSL Grand Wailea Resort
   Inc.
   La Quinta, California

   Partnership of Kohlberg,
     Kravis & Roberts(KKR),
     Mike Shannon,
     Larry Lichliter

19 TRANSCONTINENTAL
   DEVELOPMENT
   (HAWAII)CO. (28)
   Atpac (Hawaii) L.P.
   Waikoloa Development Co.
   Waikoloa Land & Cattle Co.
   Lanpar/Htl Associates (29)
   KS Investment Co. (30)
   Waikoloa, Hawaii
   Ran Boeddeker, Thos Rohr,
   Bass Brothers (Dallas)

20 ROMAN CATHOLIC CHURCH              Land under Kahala Nui
   Roman Will Church of Hawaii        retirement community,
   Roman Catholic Church Inc.         Century Square,
   Vatican City, Italy                Hilo Terrace

   Roman Catholic Church

FOOTNOTES

(1) Market value as of June 30, 2002 per annual
report July 1, 2001-June 30, 2002

(2) Excludes leasehold interest in Prince Kuhio
Plaza; ground leased from DHHL

(3) Ala Moana Center acquired June 1999 for $810
million per Goldman Sachs Equity Research
Report; [June 1999 deeds and lease assignment
Indicate recorded sales price of $640 million];
Victoria Ward Ltd. acquired May 2002 for
$250 million in August 2002 10Q

(4) GGP and NY State Common Retirement Fund
jointly owned GGP/Homart which owned 23
retail centers including Prince Kuhio Plaza;
GGP acquired center from GGP/Homart for
$39 million in August 2002 per June 2002 10Q

(5) Approximately $502 million of exempt building
value attributed to Big Island power plant;
assessment is under review by County & HELCO

(6) Disclosure: MN Capital Partners retained by
trust to provide consulting services

(7) Includes 100 percent of assessment for
Waikiki Banyan and Waikiki Sunset

(8) Latest market value estimate as of January 1,
2003; re-valued every 5 years

(9) Current market value estimate; re-valued every
year with outside appraisal every 3 years

(10) Excludes leasehold interest in Royal Hawaiian
Hotel, Sheraton Waikiki and Kyo-Ya restaurant;
Ground leased from Kamehameha
Schools and other lessors

(11) Excludes 12 leasehold acres

(12) Excludes leasehold interest in Hilton Waikoloa
Village (assessed at $157 million); ground leased
>From Lanpar/HTL Associates

(13) Hilton acquired remaining 87 percent partners
interest in leasehold Hilton Wilkoloa for $155
million in May 2002 per May 21, 2002 Hilton
common stock prospectus

(14) Partnership with U. J. Rainalter

(15) Partnership with Robert Armstrong Builders

(16) Assumes closing of Shinwa acquisition
excluding Renaissance Wailea Beach Resort
per SEC filing 10Q July 2003; includes acquisition
of Napili Plaza from Maui Land &
Pineapple (A&B Properties Inc. press release,
issued 8/1/03)

(17) David Murdock acquired 76 percent interest in Dole
Foods Co. he didn't already own for $1.54 billion
in December 2002 per SEC filing 10Q July 2003

(18) Damon industrial portfolio is currently being
marketed; MN Capital Partners is under a confidentiality
agreement regarding the offering;
landowners ranking is based solely on public
records assessment data and published reports

(19) Damon Estate sold Kahuku Ranch to National
Park Service and Nature Conservancy for $22
million per deed dated July 2003

(20) Excludes leasehold properties but includes 100
percent of assessed value for five properties to be
included in proposed Beach Walk redevelopment

(21) Excludes eight leasehold acres

(22) Includes 43.5 percent minority interest in Maui
Land & Pineapple Co. per SEC Form 4 July 2003

(23) MLP minority interest acquired from Harry
Weinberg Family Foundation on August 1999
For $39.247 million land acquired July 2001 for
$25.0 million per deeds dated July 2001

(24) Includes 43.5 percent minority interest in Maui
Land & Pineapple Co.

(25) Acreage corrected this year

(26) Acquired Fairmont Orchid for $136 million in
2002 and acquired Fairmont Kea Lani for $214
million in 2001 per SEC 2002 Annual Report
filed March 2003

(27) December 1998 deed recorded in Bureau of
Conveyances; SEC filing 10Q June 2000 lists
Acquisition price of #373 million (assumed to
Included FF&E)

(28) Comprised of several joint ventures and partnerships
with various entities

(29) Partnership with HT-Big Island Associates L.P.
(Chicago); owns and leases land under Hilton
Waikoloa Village

(30) Partnership with Alan Beall that owns Kings'
Shops retail complex