STEPHEN RODGERS, CFA is the Portfolio Manager of Hawaiian Tax-Free Trust. Mr. Rodgers is a Senior Vice President of Bank of Hawaii, where he is the manager of the Fixed Income Division within the Bank of Hawaii's Asset Management Group that oversees nearly $5 billion of client assets in a variety of taxable and tax-free products and portfolios.

Mr. Rodgers has worked with Mr. Robert Crowell, the Trust's former portfolio manager, providing analysis on the Trust's portfolio since 2003. Mr. Rodgers has been with the Bank of Hawaii since 1995. Prior to joining the Asset Management Group, he was the senior portfolio manager in the Bank's Treasury Division with direct responsibility for its $3 Billion fixed income investment portfolio and overseeing the bank's Asset/Liability Management analytics and profile.

Mr. Rodgers was born and raised in Hawaii. He earned a double major with a BA degree in Economics and English from Amherst College and an MBA in Finance from the University of Hawaii. He is also a Chartered Financial Analyst (CFA) charter holder.

Mr. Rodgers is based in Honolulu, Hawaii, which enables him to maintain a careful watch over the Trust's portfolio investments. He frequently travels throughout the state to check on current and prospective investments.