Frank Santana or

Dennise Stires

Becker Communications

(808) 533-4165

HASEKO'S 'EWA BEACH DEVELOPMENT WELL ON ITS WAY TO CREATING NEW LIVE-WORK-PLAY COMMUNITY

Ocean Pointe Residential Development Nearing Halfway Mark;

Marina Excavation 60% Complete; Grading of Ernie Els Golf Course Taking Shape; Planning for Country Club Begun; and Good Neighbor Program Provides Significant Boost to Local Community

'Ewa Beach (September 27, 2006) -- Haseko today announced that construction of its master-planned residential community of Ocean Pointe in 'Ewa Beach is nearing its halfway mark and significant progress is being made in the planning and construction of the future Hoakalei Resort.

Excavation of Hoakalei Marina is about 60 percent complete, grading of the Ernie Els-designed golf course is taking shape, and design of the accompanying clubhouse for Hoakalei Country Club is underway. Meanwhile, Haseko's Good Neighbor program is providing a significant boost to the local community.

"When Haseko began planning in the late '80s, its vision called for a master plan that would make Ocean Pointe the ultimate lifestyle community," says Nancy Maeda, Haseko's Executive Vice President of Development.

The vision included not just homes, but commercial areas and job centers, as well as enhanced recreational opportunities such as ample public access to the adjacent beach park and new marina.

"Today, nearly twenty years later, that vision is taking shape," she adds.

"Hoakalei Resort will be a premier world-class destination featuring an unprecedented collection of resort amenities including the Hoakalei Country Club-home to Ernie Els' first signature golf course in Hawaii, one of the state's largest marinas, yacht and beach clubs, a resort spa, and resort residences. As a result, Hoakalei Country Club will be the only resort-based country club on Oahu."

Ocean Pointe

Planning for Ocean Pointe began in the late 1980s and construction was started in 1997. With almost 2,000 homes already completed, the development is nearing the halfway mark of a planned build-out consisting of 4,850 single and multi-family homes on approximately 1,100 acres.

Probably the single most differentiating feature of Ocean Pointe is its master plan design, which is reminiscent of traditional hometown neighborhoods. With only a few exceptions, the garage was designed as a stand-alone structure and placed along landscaped, private lanes in the rear. This approach to the land plan:

o Makes the streets more pedestrian-friendly, and more neighborly

o Reduces the risk children face with respect to cars pulling into front driveways.

o Removes concrete driveways and curb cuts to permit continuous, uninterrupted landscaping. The result engenders relaxation and makes the neighborhood more appealing to the eye

o Minimizes unsightly clutter of parked cars, garages, and related paraphernalia from curbside view

o Frees the front fa'ade of the home for front doors and generous porches that facilitate interaction with neighbors

Another benefit to placing the garage at the rear of homes is that it helps create a backyard space that provides a private sanctuary. By placing the garage at the end of the backyard, privacy is maximized by keeping rear-yard neighboring homes over 100 feet away. And, with this approach, the garage wall and roof create an excellent privacy barrier that can also serve as a backdrop for landscape focal points.

The newest neighborhood to be added to the award-winning master-planned community of Ocean Pointe is "The Town Homes at Fairway's Edge." This new neighborhood backs directly on to the world-class 18-hole Ernie Els championship golf course, currently under construction. The grand opening for two model homes will be held September 30th and October 1, 2006.

In addition to the Town Homes at Fairway's Edge, there are 19 single-family model homes to choose from. Pricing is from the mid-$500,000s to the $900,000s.

Ocean Pointe is adjacent to the Hoakalei Resort, where construction is currently underway.

Hoakalei Country Club

The first part of the resort to come to life is Hoakalei Country Club. Haseko broke ground on the Ernie Els-designed 18-hole championship golf course this past February. Since then, the Els design team has been working closely with Haseko to finalize the routing plan and shape of each hole. The west nine and water features are already taking shape, and the design of the east nine is nearing completion.

"The course is being built on 248 acres at a spectacular location that follows the natural landscape towards the 'Ewa coastline," explains Maeda.

Although numerous sets of tees will accommodate all levels of golfers, the golf course will include water hazards on most holes and strategically placed bunkers throughout in order to enhance the experience for both the competitive and recreational golfer. Designed to challenge golfers of all levels, strategy will be as important as skill. This spectacular golf course will be a reflection of the scenic splendor, featuring beautifully landscaped and manicured conditions, with hundreds of palm, kiawe and hala trees.

"Every aspect of the course is being designed to strategically fit and complement the terrain," she adds. "The Els design team even identified existing trees they wanted to save and integrate into the course."

While construction of the course itself is already well underway, Haseko is working on conceptual designs for the clubhouse. When complete, it will feature a first-class practice range, putting facility, meeting rooms, dining facilities, a fitness room, locker rooms, and a pro shop. Hoakalei Country Club is expected to open in 2008.

State-of-the-Art Marina

From the very beginning, as far back as the 1950s, planners have always envisioned a marina as a key element of the development for the 'Ewa Plain.

"And, because of Haseko's efforts to listen to and involve our neighbors, we've known from day one the importance of ensuring ample public access to both the marina and adjacent beach park," explains Sharene Saito Tam, Haseko's director of community relations and public affairs. "Part of that access will be through beachfront property that Haseko is donating to expand the City's One`ula Beach Park. The other part of that increased access will be through the marina."

Excavation is about 60% complete, and the company is well on its way to developing one of the state's largest marinas. When completed, there will be somewhere between 600 and 800 boat slips, depending on the final design.

"Boaters today are in need of larger-sized slips," explained Maeda. "Our intent is to help meet that need by designing larger berths rather than squeezing in a higher number of slips."

Haseko's plans for the marina include a multi-lane boat launch ramp facility to give the public ready access to the ocean, along with restrooms, showers, and other essential maintenance facilities.

Overlooking the marina, the company envisions a resort hotel, resort residences and a commercial job center that will have restaurants, shops, a variety of businesses, a wellness village, and perhaps even a festival marketplace that specializes in native Hawaiian crafts and culinary arts.

Good Neighbor Program

Before Haseko built its first home, company representatives sat with its soon-to-be neighbors to discuss the concerns, issues, and wants. These meetings grew into the 'Ewa Beach Coordinating Group, which helped Haseko design an extensive list of community contributions that today comprise the foundation for its Good Neighbor Program. Contributions that are particularly noteworthy include:

o $20 million to replace the City sewer lines and upgrade the pump station.

o $10 million for a new drainage system to address storm water run-off and roadway ponding that neighbors had been enduring for years.

o $500,000 in grants for pre-employment training. The fund is administered by the Hawaii Community Foundation.

o $250,000 contribution to the 'Ewa Beach Community Trust Fund, which awards grants to local groups providing services for 'Ewa Beach youth and senior citizens. When the Hoakalei Country Club opens, Haseko will donate another $1.75 million to the fund.

o 1.25 acres of land for Seagull Schools' new 'Ewa Beach Campus. Construction was begun last March, and Haseko will contribute another $200,000 towards construction costs later this year.

o 12 acres of land to build the Keone`ula Elementary School (double Haseko's original commitment). The school will open in January

o One acre of land to the Honolulu Fire Department for the construction of a new station, plus jet skis/sleds and trailers. Construction is scheduled to begin in 2008.

o Beachfront land to be donated to the City to expand Oneula Beach Park, and more than $2 million for park improvements

o 18+ acres of land for a district park, plus $400,000 to the City for the construction of a community facility at the park

o "Els Cup" charity golf tournament to benefit local organizations. When the Els Cup is played at Hoakalei Country Club in 2008, Haseko and its partners will donate proceeds from the 1st annual event to James Campbell High School's athletics department and the Boys & Girls Club Hale Pono 'Ewa Beach Club House.