Hawaiian Electric Industries, Inc.

Whitehelm Capital Pty Ltd. provides financial advisory services. It offers unlisted, listed, infrastructure debt, advisory, and real estate services. The company was founded in 1996 and is headquartered in Sydney, Australia.

Piermont Capital Management Piermont's investment philosophy is built on the belief that significant alpha generation opportunities in the small-cap segment of the market can be identified through a systematic, risk-controlled and repeatable process. The firm focuses on security selection, limiting undesired tracking error, and positioning the portfolio optimally regardless of the type of market and economic environment. The strategies utilize multi-factor ranking models combined with a thorough qualitative fundamental risk review. Piermont employs sector-specific multi-factor models that each combine 5-9 factors to rank stocks versus their peers at the industry level. In addition, over 40 factors are used across all of the sector models. The models are long-term in nature, with a focus on excess return consistency across various market environments. Piermont's portfolio construction process is designed to maximize the value added through stock selection and minimize benchmark-relative risks that do not add excess return. This risk-controlled, security selection-focused approach is designed to generate excess returns, a higher information ratio, and more consistent returns. A stock ranked within the top 20% of its sector is a purchase candidate. For a stock to be highly ranked, it must stand out versus its industry and sector peers on the factors that are most relevant to predictive stock performance within the sector. Purchase candidates are subject to market capitalization, liquidity and minimum price per share parameters, as well as a qualitative risk review.The Piermont LongShort Fund seeks to invest in a portfolio of long and short stocks to achieve investment returns near the level of long-only U.S. public stock-market indices over a full market cycle, but with reduced return volatility, greater downside protection, and a lower correlation to long-only stock indices.

Bennicas & Associates' focus is on conservative growth and preservation of capital. They seek to maximize total return while minimizing risk by designing portfolios comprised primarily of diversified equities and highly rated bonds. This correlates with their basic principle of bottom-line value. Bennicas typically purchases only securities which they feel to be both a good current value and a good long-term value. While Bennicas occasionally implements short-term purchases (securities sold within one year), their main investment strategy involves long-term purchases (securities held at least one year). The firm does not engage in individual short sales, margin transactions or option writing, unless specifically directed by the client. The types of investments Bennicas manages include (domestic and foreign): publicly traded equities, warrants, ETFs, commercial paper, corporate debt instruments, CDs, municipal securities, US government and US government agency securities, publically traded foreign government bonds, and no-load mutual funds.^