Kamehameha Gets New Chief Investment Officer

October 25, 2002

Contributed by Kekoa Paulsen

Kirk Belsby has more than 15 years of real estate industry experience in development; project valuation; asset management; lease analysis; due diligence and transaction management; and formulation of performance indicators. He also has more than 10 years of management and senior management experience, with a proven track record in directing regions, departments, teams, and projects, and experience in developing comprehensive strategic plans. "I am very excited about the opportunity to help make a positive difference at Kamehameha Schools," Belsby said. "There is a wonderful mission here, and the Trust's real estate holdings represent a legacy that must be respected. My approach, and what I want to do at Kamehameha, is to empower those with whom I work to do the best they can. I am committed to giving them the best tools available and then letting them use their skills and professional expertise to succeed." Kamehameha Schools' Endowment Group has 66 employees and is responsible for managing the trust's $6 billion real estate and financial assets portfolio in support of Kamehameha's educational mission. Belsby was with Arthur Andersen, LLP from 1993 to 2002, ending his tenure there as Western United States Regional Managing Partner for real estate consulting. Prior to that he was managing partner for Andersen's Pacific Southwest business from 1997 to 1998, and senior manager of real estate valuations, Pacific Southwest from 1993 to 1997. He had a direct role in the divestiture of Castle & Cooke from Dole Foods, including conducting a comprehensive valuation of all Castle & Cooke properties on Lana'i. He was vice-president of real estate valuations for Michael Frauenthal & Associates from 1988 to 1992; a project feasibility analyst and asset manager for American Diversified Capital Corp. from 1984 to 1987, and a stockbroker with Shearson Lehman from 1982 to 1983. The CIO position was vacated in November 2001 when Wendell Brooks, Jr. left Kamehameha Schools to return to private real estate practice. Belsby is a Member of the Appraisal Institute (MAI #8999), and is a licensed general certified real estate appraiser in Hawaii, California, Arizona and Nevada. He is also a certified real estate broker in California. He earned a BA in Economics from the University of California-Davis. Belsby officially begins work January 6, 2003; however, his orientation to KS assets and operations will get underway immediately.