slides.htm

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

Forward-Looking Statements

Statements in this presentation that set forth expectations or
predictions are based on facts and situations that are known to
us as of April 11, 2012. Actual results may differ materially, due
to risks and uncertainties, such as those described on pages 9-
29 of our 2011 Form 10-K and our other subsequent filings with
the SEC. Statements in this call and presentation are not
guarantees of future performance. We do not undertake any
obligation to update our forward-looking statements.

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

Presenting Today

Stan Kuriyama

President & Chief Executive Officer, Alexander & Baldwin, Inc.

Chris Benjamin

President, A&B Land Group; President, A&B Properties, Inc.

Paul Hallin

Executive Vice President, Development, A&B Properties, Inc.

David Haverly

Senior Vice President, Leasing, A&B Properties, Inc.

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

Agenda

§ Overview - Kuriyama

§ Strategy - Benjamin

§ Real Estate Sales - Benjamin and Hallin

§ Questions and answers/ break

§ Real Estate Leasing - Benjamin and Haverly

§ Land Stewardship and Agribusiness - Benjamin

§ Landholdings - Benjamin

§ Valuation - Benjamin

§ Closing remarks - Kuriyama

§ Questions and answers

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

Alexander & Baldwin Overview and Evolution

§ Agribusiness (Hawaiian Commercial & Sugar Co.)

– 12 acres on Maui eventually led to 3 sugar plantations, 130,000 acres

– Foundation for our real estate & shipping businesses

– Today: State’s largest farmer, only remaining sugar plantation

§ Real Estate (A&B Properties)

– Development of master-planned community on Maui for sugar workers

– Entitlement & development of other non-sugar lands

– Land sales led to 1031 acquisition of Mainland commercial properties

– Today: State’s most active real estate investor

§ Shipping (Matson)

– Transportation of raw sugar to West Coast refinery

– A wholly owned subsidiary in 1969

– Today: Primary carrier to Hawaii & Guam, weekly service to China & nationwide
provider of logistics services

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

Separation
Announced on December 1, 2011

Rationale

§ Each company large &
strong enough to stand
on its own

§ Enhanced strategic
direction & focus

§ Flexible capital structure

§ “Pure-play” stock

– Greater transparency

– Sector-specific
shareholder base

– Expanded research
coverage

– Better acquisition
currency

– Closer employee/
shareholder alignment

Updates

§ Well-received by shareholders

§ Targeting 3rd quarter transaction

– IRS letter ruling request

– Form 10 filing

– S-4 registration statement/proxy

– Seeking shareholder approval for a merger
structure to:

§ More efficiently execute the separation

§ Ensure continued compliance with Jones Act
U.S. ownership requirements

– The separation is not conditioned in any way
on the merger vote

§ REIT structure fully-evaluated

§ Planned capital structure:

‒ Book assets: $1.4B

‒ Term debt: $245M

‒ Undrawn revolver: $250M

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

The “New A&B”

A PREMIER HAWAII REAL ESTATE & LAND COMPANY

§ Unique assets & competitive strengths

Tangible

‒ 88,000 acres of land primarily on Maui and Kauai

‒ 7.9 million square feet of high-quality commercial properties in
Hawaii & Mainland

‒ Robust Hawaii development pipeline (fully entitled) of over 3,500 residential
and commercial units

‒ 38,000-acre sugar plantation - a future energy business

‒ Strong balance sheet & ample debt capacity

Intangible

‒ A staff with deep experience, network & understanding of Hawaii

‒ Reputation for integrity, performance & commitment to the community

‒ Disciplined underwriting & investment

§ Track record of success

§ “Hawaii Play”: public company positioned to capitalize on Hawaii upside

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

Kihei

Kahului

Conservation 15,850 acres

Agriculture 50,831 acres

Urban/Entitled 559 acres

Maui - 70,000 acres

* Includes 961 acres at Kukui’ula joint venture

Lihue

Wainiha

Conservation 13,320 acres

Agriculture 6,944 acres

Urban/Entitled1,072 acres*

Kauai - 20,000 acres

Princeville

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

Rick Volner

General Manager

HC&S

Dan Ligenza

Agribusiness

Paul Hallin

EVP, Development

Alan Arakawa

SVP, Planning

Rick Stack

SVP, Development

Grant Chun

VP, Maui

Natalie Kiehm

VP, Development

Randy Endo

VP, Development

Tom Shigemoto

VP, Planning, Kauai

David Haverly

SVP, Leasing

Mike Wright

EVP, Acquisitions &
Investments

George Morvis

VP, Corporate
Development

Alexander & Baldwin, Inc.

Lance Parker

VP, Acquisitions &
Investments/
Principal Broker

Diane Shigeta

VP, Corporate Planning

All titles A&B Properties, Inc. unless otherwise noted

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

Value-Creation Driven

1. Capitalize on our competitive strengths (assets, people, balance sheet): Hawaii focus

2. Increase the value of our legacy lands through the entire development spectrum, consistent with
community needs

3. Opportunistic, high return investments outside our legacy lands

4. Build a development pipeline for market recovery

5. Enhance values in commercial portfolio, while gradually transitioning to Hawaii

6. De-risk our agricultural businesses, while positioning them to capitalize on energy opportunities

7. Maintain our underwriting & investment discipline

8. Monetize our investments as markets recover

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

Hawaii: Poised for Growth

§ Positive YOY trends in key economic indicators

– Growing visitor counts (+4%)

– Visitor expenditures at record pace (+16%)

– Continuing low unemployment (2/10: 6.6%, 2/11: 6.4%)

– General fund revenues (+8%)

– Bankruptcies fell (-16%)

– Oahu months of housing inventory declining
(12/10: 6.0 v. 12/11: 4.8)

§ International tourism, especially from China and Korea,
presents a large growth opportunity for Hawaii tourism
and the economy generally

Sources: Department of Business, Economic Development & Tourism, Honolulu Board of Realtors

Note: Data represents change between 2011 and 2010, except unemployment and months of housing inventory are as of
the periods indicated.

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

Development & Investment Strategy

§ Focus on entitlement and development of core Hawaii lands

– Opportunities to serve a wide range of residential, commercial and
industrial markets, primarily on Maui and Kauai

§ Invest in high-returning real estate opportunities in Hawaii

– Diversify to new markets and asset types such as Oahu, non-resort

– Leveraging market knowledge, development expertise, entitlement
experience and financial strength

§ Scale and stage development portfolio to market opportunity

– Disciplined approach to capital deployment

– Position projects with ready inventory to meet market demand

§ Utilize strategic joint ventures with a wide variety of partners

– Pursue JV partnerships to supplement in-house capabilities, assets

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

Leasing Strategy

§ Reinvesting sales proceeds, on a tax-advantaged basis, into other
commercial real estate investments having favorable growth prospects

§ Diversified portfolio of stable assets provides recurring cash flow
to fund or finance development activities

§ Active management to maximize value of assets

§ Historically have invested broadly on Mainland to maximize
yield, stability

§ Opportunistic migration of portfolio to Hawaii over time

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

Land Stewardship Strategy

§ Integrated approach to ensure that lands are employed at their
highest and best use

§ Identify and pursue entitlements, developments and transactions that
enhance the value of raw landholdings

§ Limited near-term development potential for a significant portion of
landholdings; no long-term development potential for others

– Agriculture and related uses represent the highest and best use and
provides a significant benefit to the community and shareholders

– Agribusiness cash flow covers the cost of carrying and maintaining
land and infrastructure

– Potential transition to an energy farm

§ Target renewable energy growth for strategically located land parcels

– Both Maui’s & Kauai’s key transmission grids cross our lands

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

Real Estate Sales Results
What’s Included?

§ Development sales

§ Commercial property sales

§ Land sales

§ Earnings from joint venture/other
(included in operating profit only)

– Developments

– Joint venture developments held for
lease

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

Principal Operational Activities

§ Investment in legacy and non-legacy Hawaii development
projects/sites

– First priority always optimization of historic landholdings

– Review and analyze all available projects in Hawaii

– Diversify Hawaii development portfolio (location and product type)

§ Development

– Ongoing planning and entitlement of development projects to
anticipate market demand and community needs

– Gain required permits for projects

– Appropriately address specific project issues (i.e. burials,
environmental, endangered species, etc.)

– Manage/oversee construction

§ Marketing and sales

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

Successful Hawaii Track Record

§ Since 2000, invested $800 million in Hawaii development projects
($420 million completed), including:

– Three high-rise condominiums in urban Honolulu

– Premier resort destination communities on Maui and Kauai

– Three commercial income properties we retain

§ Returns on completed projects averaged 22%

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

Successful Development Track Record

352-unit high-rise
residential
condominium near
downtown Honolulu.
$224M revenue
generated.

100-unit condominium
with surrounding
ocean and mountain
views in Waikiki.
$63M revenue
generated.

Conversion of office
building into office
condominium. $35M
revenue generated
(including leasing).

Keola Lai

Lanikea

Alakea Corporate
Tower

Kai Lani

Partnered with a
prominent local home
builder to develop
116-residential
condominiums in the
Ko Olina Resort. The
project sold out over
14 months, generating
$57M in revenue.

Daiei (Retail)

Originally acquired
4-acre site for a
potential condo
development.
Opportunistic sale at
market peak for gain
similar to the gain
expected from
development.

Kunia Shopping Center

Development of 60,400 s.f.
retail space on 4.6 acres.
Designed to serve the growing
suburban area of Kunia on
Oahu. Held asset in portfolio.
Built to a 13.4% cap rate.

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

Market Knowledge & Expertise

§ A&B competes with smaller, local investors and large
Mainland institutional investors for Hawaii investment deals

§ Local knowledge and expertise that out-of-state investors
can’t match

§ Financial capacity, expertise and liquidity advantage over
most local investors

§ Primarily targeting investments from $10 million to $50 million,
but look at everything from $2 million to $200 million

Colliers Hawaii Year-End 2011 Investment Market Report	Local Investors	Out-of-State Investors
Avg. Purchase Price	$4.4M	$19.2M
Total Investments	$409M	$825M
Purchase Price to Assessed Value	74.3%	122.3%

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

Diversifying Development Portfolio into New Markets

§ Strategy evolved in late 1990’s
with “Project X”

§ Complement existing legacy
land development activities
with investment in areas
outside traditional Maui and
Kauai holdings

§ Have invested in 16 projects in
Hawaii since 1998

§ Oahu an area of focus

– Kakaako

– Urban Oahu redevelopment/TOD

– Suburban Oahu infill markets

– Distressed debt/distressed
projects

– Complex projects

Honolulu Urban Core - Kakaako

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

Description
Location	Honolulu, Oahu
Acquisition date	June 30, 2010
Zoning	Primary residential
Units	341
Floors	43
Status	Design/permitting and presales
Estimated construction completion	2014/2015
Targeted sales price per s.f.	$450-$970

Overview

§ Highrise condominium in urban Honolulu

§ Well located near shopping, restaurants and beaches

§ Sales prices average approx. $700/sq. ft.

§ One-, two- and three-bedroom residences averaging 1,000
square feet

§ Amenities include recreation deck, pool, spa, barbeque dining
pavilions, fitness center, private movie theatre and visitor guest
suites

§ Presales commenced in December 2011

§ Conversion to binding contracts in April 2012

§ Vertical construction dependent upon achieving satisfactory
level of binding sales

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

Description
Location	Mililani, Oahu
Acquisition date	December 29, 2011
Stabilized NOI	$1.0 million
Zoning	Retail
Acres	4.35
GLA (in sq. ft.)	28,400 (future), 5,900 (existing)
Status	Design/permitting
Estimated construction completion	2013

Overview

§ 4.35-acre fee simple parcel

§ Fully zoned for commercial development

§ Well-located within the only retail shopping area in the Mililani
Mauka community (pop. 20,000) in Central Oahu

§ Existing, fully leased 5,900 square-foot multi-tenant retail
building

§ Additional 28,400 square feet of retail space development
planned

§ Existing retail and land acquired with 1031 exchange funds

§ Design & engineering commenced

§ Marketing in progress; targeting restaurant, neighborhood retail
and medical and office tenants

§ Onsite and offsite infrastructure to be completed by seller by
3Q2012

§ Construction start scheduled 3Q2012

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

Development Pipeline: Maui Business Park II

Description
Location	Kahului, Maui
Acquisition date	Historic lands
Zoning	Light industrial
Acres	179
Lots	131
Status	Construction and presales
Estimated construction completion	2019
Targeted sales price per s.f.	$40-$60

Overview

§ Zoned for light industrial (commercial, retail, office)

§ 179 gross acres (155 saleable acres) located in Central Maui
near Kahului Airport

§ Adjacent to 76-acre Maui Business Park I project, which sold
out in 2005

§ Historic company-owned lands

§ Offsite infrastructure work completed

§ Onsite work progressing

§ 4-acre parcel sold to Costco in January 2012 for
$38 per square foot

§ Increment I construction to be completed in 4Q2012

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

Development Pipeline: Wailea

Fully Entitled Acreage	Acres
Acquisition/Improvements	270
Contributed to Kai Malu JV	(25)
Sold	(78)
Remaining	167
Lots for sale	14
Under development	38
Future development	115

§ Premier resort destination on Maui

§ Original developer in the 1970s and 1980s

§ Sold in 1989, repurchased 270 acres in
2003

§ Sold/developed 100 acres, recapturing
investment

§ 167 remaining acres fully zoned for
residential and commercial uses with a plan
for up to 700 units

§ 38 acres in active development

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

Description
Location	Poipu, Kauai
Acquisition date	Historic lands
Zoning	Resort residential
Acres	1,000 (961 remaining)
Units/homes	Up to 1,500
Status	Sales and marketing, vertical construction
Estimated construction completion	2030
	$40-$130 (land)

Overview

§ Luxury resort residential community in Poipu, Kauai

§ Development of up to 1,500 residential units on 1,000 fully
entitled acres

§ Joint venture with DMB, developer of premier resort
communities

§ 75,000 sq. ft. private club, including spa, golf clubhouse, beach
bar and grill

§ 78,900 sq. ft. retail center (The Shops at Kukui’ula)

§ 82 lots closed; 92 lots available at 4/5/12

§ Incomparable product with limited competition

§ Tom Weiskopf golf course recognized as best new private
course in 2011 by Golf and Links Magazines

“…Kukui`ula is as rare as it is
luxurious.” Links Magazine, December 2011

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

Financial Overview

§ Long-term, master planned project, significant fluctuations in annual absorption over
that time frame can be expected

§ Sufficient project infrastructure is in place today to sell about 280 additional acres
(500 to 800 units)

§ GAAP accounting for the project will differ materially from cash flows, due to
percentage of completion accounting

Development Pipeline: Kukui’ula

Capital Overview

§ No project level debt on core project; all equity financed by partners

§ Total capital contributions to the venture as of December 31, 2011,
were $252 million by A&B and $188 million by DMB

‒ Distributions to A&B and DMB are based on project performance over the
duration of the project

‒ Based on the JV's current projections, approximately 90% of all future distributable
proceeds, in the aggregate, will be paid to A&B

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

Description
Location	Kona, Hawaii
Acquisition date	May 2004
Zoning	Resort residential
Acres	31 (24 remaining)
Units/Homes	137 total (34 sold; 103 to be built)
Status	Construction and sales
Estimated construction completion	2015
	$375-$920

Overview

§ 137-unit resort residential community, with a mix of single-
family and paired homes

§ Joint venture with Brookfield Homes Hawaii

§ The first phase consisted of 27 single-family and multi-family
units, completed in 2008

§ Onsite resort amenities include two pools, spa, exercise room,
function pavilion

§ Average estimated sales price is $1.1 million

§ Units are constructed in two- to 20-unit increments, based on
buyer demand

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

Development Pipeline: Brydeswood

Description
Location	Kalaheo, Kauai
Acquisition date	Historic lands
Zoning	Ag lots
Acres	352
Lots	24
Status	Design/permitting and presales
Estimated construction completion	2014
Targeted sales price per s.f.	$2-$5

Overview

§ Planned development of 24 large estate lots (average size is
12 acres)

§ Final subdivision approval received in 2011

§ Construction plans for roads and utilities approved

§ Oceanview and pasture lots

§ Pre-development activities continuing

§ Potable test well completed with acceptable water quality and
quantity

§ Water system design is proceeding

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

Waiale		Kihei Residential	Ele’ele Expansion
Target	Primary Residential	Primary Residential	Primary Residential
Location	Central Maui	Maui’s South Shore	Kauai’s South Shore
Project Size (acres/units)	545 acres/2,550 units	95 acres/600 units	840 acres
Project description	Master-planned community	Residential subdivision	Master-planned community
Current Status	545 acres has been proposed for urban growth in the Maui General Plan update. Final Environment Impact statement completed in 2011 and was accepted by the State Land Use Commission, SLUC hearings on urban designation petition began in Feb. 2012.	Planning Commission recommended approval of zoning change and community plan amendment applications. Applications have been transmitted to City Council for review and final approval.	Being pursued through Kauai’s multi- year General Plan Update Process. Working through the process to ensure the inclusion of Eleele, and related recreational and commercial uses, as an appropriate future urban growth area.

Entitlement Areas of Focus

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

Real Estate Sales Summary

§ Value creation starts with entitlement - A&B favorably positioned

§ Highest value creation comes from development of historic land,
but pace is slow

§ Late 1990s decision to acquire fully entitled lands has created
tremendous growth and shareholder value

§ Today, robust pipeline reflects the breadth of A&B’s landholdings,
expertise and investment acumen

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

Leasing Segment Results
What’s Included?

§ Commercial property portfolio income

§ Hawaii unimproved property income

– Third-party leases and licenses on a small portion of lands

– Urban-zoned ground leases

§ Gains/losses on asset sales are not included

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

Primary Operational Activities

§ Acquire/develop income properties in markets with strong
growth potential

– Enhance asset values through facility upgrades, re-tenanting, asset
repositioning and general market growth

§ Active management of assets in portfolio to maximize performance

– Increase occupancy

– Maximize revenue

– Secure high-quality/credit tenants

– Reduce operating costs

§ Dispose of select properties when value of asset has been
maximized, market value can be realized, or when the capital
can be redeployed to an investment with a higher return

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

Evolving Portfolio Strategy

§ Increase the portfolio’s geographic concentration in Hawaii over time

– Hawaii is poised for growth

– A&B’s local market knowledge, relationships, and financial strength
give it a sustainable competitive advantage in investing in Hawaii
commercial properties

– A&B’s competitive advantage will generate additional opportunities
to expand in Hawaii

§ Pace of future commercial property sales dictated by availability
of suitable Hawaii replacement investment opportunities

– Relatively small number of suitable investment properties available
in Hawaii at any given time

– Transactional limitations accompany the 1031 process

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

Neighbor Island Retail Market
2011

Top Trends

§ Slight recovery in the Big Island market due to new development spurring growth

§ Kauai’s market volatility due to large tenant closure vulnerability

§ Maui experiencing weakened markets due to tenant consolidation and closings

§ Maui resort retail centers will begin to turn around with improvement in tourism

	Big Island	Kauai	Maui
Net absorption (sq. ft.)	147,000	-26,000	-47,000
Vacancy rate	8.7%	12.4%	10.2%
Avg. low asking base rent (psf/mo)	$2.46	$2.76	$3.10
Avg. high asking base rent (psf/mo)	$4.55	$3.86	$4.18
Avg. operating expense (psf/mo)	$1.18	$1.05	$0.99

Source: Colliers International Research & Consulting

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

	2011	2010	2009
Gross revenue	4,538	4,270	3,794
Cash NOI	2,736	2,388	2,075
Capital improvements	660	1,402	524
Average occupancy (%)	94	92	91

Maui Mall
Retail


Location	Maui
Development date	1971, renovated in 2010
Occupancy at 12/31/11	95%
GLA	185,700
Top tenants	Checker’s Automotive IHOP Longs Drug Stores Wallace Theaters Whole Foods

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

	2011	2010*	2009
Gross revenue	3,427	2,178	n/a
Cash NOI	2,224	1,380	n/a
Capital improvements	26	78	n/a
Average occupancy (%)	99	98	n/a

Lanihau Marketplace
Retail


Location	Hawaii (Big Island)
Acquisition date	April 9, 2010
Acquisition price	$22.5 million
Date constructed	1987
Occupancy at 12/31/11	99%
GLA	88,300
Top tenants	American Savings Bank Bank of Hawaii Longs Drug Store Sack N Save Verizon Wireless

* Partial year

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

Oahu Retail Market

Top Trends

§ Retail market is resilient

§ Oahu market did not
decline as much as
neighbor islands during
the recession

§ Surge in tourism
contributed to retail sales
growth

§ Honolulu remains an
attractive retail
marketplace

Source: Colliers International Research & Consulting

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

	2011	2010	2009
Gross revenue	4,465	4,269	3,879
Cash NOI	1,853	1,472	1,942
Capital improvements	88	12	44
Average occupancy (%)	97	99	100

Kaneohe Bay Shopping Center
Retail


Location	Oahu
Acquisition date	June 8, 2001
Acquisition price	$13.3 million (leasehold)
Date constructed	1971, renovated 2008
Occupancy at 12/31/11	95%
GLA	123,900
Top tenants	Central Pacific Bank First Hawaiian Bank Longs Drug Store Safeway

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

	2011	2010	2009
Gross revenue	2,849	2,791	3,075
Cash NOI	1,842	1,821	2,098
Capital improvements	36	-	-
Average occupancy (%)	90	90	96

Kunia Shopping Center
Retail


Location	Oahu
Developed by A&B	2004
Development cost	$13 million
Occupancy at 12/31/11	96%
GLA	60,400
Top tenants	Bank of Hawaii Cole Academy Denny’s Jack In The Box Jamba Juice Starbucks

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

	2011	2010	2009*
Gross revenue	2,849	2,742	2,149
Cash NOI	2,154	2,078	1,654
Capital improvements	33	82	-
Average occupancy (%)	98	97	92

Waipio Industrial
Industrial


Location	Oahu
Acquisition date	March 4, 2009
Acquisition price	$28.3 million
Date constructed	1988-1989
Occupancy at 12/31/11	98%
GLA	158,400
Top tenants	Arcadia Industries for the Blind Oahu Painting & Décor Office Max USC International

* Partial year

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

	2011	2010*	2009
Gross revenue	3,726	1,730	n/a
Cash NOI	2,883	1,363	n/a
Capital improvements	167	-	n/a
Average occupancy (%)	77	74	n/a

Komohana Industrial Park
Industrial


Location	Oahu
Acquisition date	July 20, 2010
Acquisition price	$37.7 million
Date constructed	1990
Occupancy at 12/31/11	81%
GLA	238,300 (plus 29.4-acre ground lease)
Top tenants	GP/RM Prestress LLC Simmons Manufacturing S&K Sales Co.

* Partial year

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

Hawaii Market Summary

2012 Hawaii Outlook

§ Limited industrial market activity in 2011 likely to continue in 2012

– Turnover of small industrial spaces expected

– Government spending, transit oriented and residential development
will generate demand for larger industrial spaces

§ Retail rents are poised to rise moderately as net absorption gains momentum

– Tourism to drive retail sales

§ Office rents will remain soft with better rent growth and activity in suburban
office markets

Retail
YTD net absorption	26,293 SF
Vacancy rate	4.16%
Average asking rent range	$2.94 - $3.92 PSF/MO
Average operating expense	$1.09 PSF/MO

Industrial
YTD net absorption	(32,267) SF
Vacancy rate	4.78%
Average asking rent NNN	$0.92 PSF/MO
Average operating expense	$0.31 PSF/MO

Office
YTD net absorption	(137,361) SF
Vacancy rate	13.04%
Average full asking rent	$2.81 PSF/MO
Average operating expense	$1.25 PSF/MO

2011 Oahu Market Overview

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

Mainland Retail

Overall Trends

§ Occupancy showing
positive trends in
select markets

§ Retail rents have
bottomed and are
poised to rise
moderately

§ Absorption gaining
momentum

Portfolio Trends

§ Increased investment interest driving cap rate
compression

§ Market activity gaining momentum

§ Rents remain flat from 2011

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

Mainland Office

Overall Trends

§ Vacancy rates are
turning, however
high levels indicate
rents are years away
from recovery

§ Leasing activity is
picking up, but the
rate is uneven
across markets

§ Tenant footprints are
not increasing

Portfolio Trends

§Sacramento office market continues to be weak
due to relatively inactive public sector

§Arizona

– Modestly economic improvement spurring
minimal occupancy gains

– Market rents appear to have bottomed out.

§Positive net absorption in Texas resulting from 2%
job growth

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

Mainland Industrial

Overall Trends

§ Vacancy rates
falling, lead by port-
related users

§ Rents bottoming out
nationally, increasing
in select sub markets

§ Demand for new,
high quality
industrial space is
positive

Portfolio Trends

§ Strong recovery noted (TX, CA)

§ Occupancy higher than national trends

§ Rate of rent decline on renewals slowing

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

Renewals

2 Annual gross rent means the annualized base rent amounts of expiring leases and includes improved properties only.

3 Includes 1,035,676 square feet related to the Savannah Logistics Park, which is 100% leased to Matson Logistics, Inc.

Note: The weighted average lease terms of our Hawaii and Mainland portfolios are 92 and 84 months, respectively, for a total portfolio lease term of 88 months. The
weighted average remaining lease terms for the Hawaii and Mainland portfolios are 45 and 36 months, respectively, for a total portfolio remaining lease term of 40
months.

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

Real Estate Leasing Summary

§ Commercial portfolio has
been assembled through 1031
exchanges (32 properties),
development (10 properties) and
acquisitions (3 properties)

§ $213 million of deferred taxes utilized
for acquisitions as of 12/31/11

§ Provides consistent earnings and
cash flow

§ Will continue to be a long-term value
generator and provide financial support
to development activities

§ Increased focus on Hawaii

– Market knowledge/relationships

– Growth potential

– Operating efficiencies

§ Utilize market changes to leverage
Hawaii growth

Source: Colliers International Research & Consulting

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

Land Stewardship

§ Extensive conservation lands on Maui and
Kauai used for watershed and hydroelectric
energy purposes

§ A&B owns some of the highest quality ag
lands in the state

– Highest and best use of core landholdings:
agribusiness

– Largest contiguous, irrigated farm

§ Significant improvements in sugar business

– Operational enhancements yield dramatic
rise in sugar production

– Commodity sugar prices relatively stable at
favorable rates

§ Recent improvements in pricing &
production provide a bridge

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

Agribusiness as a Core Strategy

§ Represents highest and best use of most lands

§ Facilitates ongoing maintenance of key infrastructure elements

§ Generated $23.5 million of operating cash flow in 2011

§ Increasingly a potential source of growth via renewable energy
opportunities:

– Solar

– Hydroelectric

– Biofuels

§ Subsidizes land carrying costs - covered $5.5 million in 2011

§ Provides significant community benefits

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

Kihei

Kahului

Conservation 15,850 acres

Agriculture 50,831 acres

Urban/Entitled 559 acres

Maui - 70,000 acres

* Includes 961 acres at Kukui’ula joint venture

Lihue

Wainiha

Conservation 13,320 acres

Agriculture 6,944 acres

Urban/Entitled1,072 acres*

Kauai - 20,000 acres

Princeville

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

Total Landholdings

Description	Maui	Kauai	Oahu	Big Island	Mainland	Total Acres
Fully entitled
Hawaii - development/other
Active development/sales	231	-	7	-	-	238
Future development	174	44	-	-	-	218
Ground leases to third parties	64	1	-	-	-	65
Land used by affiliates	22	4	-	-	-	26
Other, including land not planned for development	17	54	-	-	-	71
Total Hawaii - development/other	508	103	7	-	-	618
Mainland - development					28	28
Hawaii - commercial improved properties	51	8	63	10	-	132
Mainland - commercial improved properties	-	-	-	-	443	443
Subtotal - fully entitled	559	111	70	10	471	1,221

Agricultural, pasture and miscellaneous
Hawaiian Commercial & Sugar Company	35,500	-	-	-	-	35,500
Leased to third parties	7,150	4,620	-	-	-	11,770
Other agricultural, pasture and misc. purposes	8,181	2,324	-	-	-	10,505
Subtotal - agricultural, pasture & misc.	50,831	6,944	-	-	-	57,775

Watershed/conservation
Wainiha Valley	-	10,120	-	-	-	10,120
Other Kauai	-	3,200	-	-	-	3,200
Maui	15,850	-	-	-	-	15,850
Subtotal - watershed/conservation	15,850	13,320	-	-	-	29,170

Total landholdings	67,240	20,375	70	10	471	88,166

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

Valuation Methodologies - Overall Approach

§ “Sum-of-the-parts” approach to perform a Net Asset Valuation
most commonly used

‒ Break down holdings into key asset classes

‒ Value assets within asset class using one or more methodologies

‒ Sum and subtract certain liabilities

§ A&B does not routinely perform such valuations

§ Valuations will require analysts to make a number of assumptions on
key factors which will have a material impact on resultant value (e.g.,
cap rates, construction spending timing, sales absorption)

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

Valuation Methodologies

Asset Class	Valuation Methodologies
Income properties
Commercial properties	Capitalized income or comparable sales
Ground leases	Capitalized income or comparable sales
Development lands
Active developments	Discounted cash flow or value of land, as is
Future or planned dev.	Value of land, as is or NPV of residual value of land in development at start of project or discounted cash flow
Core Ag & conservation lands
Maui	Comparable bulk sales or multiple on EBITDA of HC&S
Kauai	Comparable bulk sales or multiple of EBITDA on McBryde Resources
Non-core Ag & conservation lands	Comparable bulk sales or discounted cash flow of expected future sales margin

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

Valuation Data Sources

Asset Class	Information & Data Sources
Income properties
Commercial properties	Company : 10-K, RE Supplement (pg. 37-77) Presentations, Website, Form 10 Third Party: Commercial Property Brokers, REITs, NAREIT, CCIM, Other HI public co.’s, commercial property sales listing websites (e.g., Loopnet)
Ground leases	Company: RE Supplement, 10-K, Website Third Party: Maui/Kauai Boards of Realtors
Development lands
Active developments	Company: 10-K, RE Supplement (pg. 17-30), Presentations, Website, Form 10 Third Party: Other HI public co., developers, Maui/Kauai Boards of Realtors
Future or planned dev.	Company: 10-K, RE Supplement (pg. 17-30), Presentations, Website, Form 10 Third Party: Commercial Property Brokers, Other HI public co.’s, commercial property sales listing websites (e.g., Loopnet)
Core Ag & conservation lands
Maui	Company: 10-K, RE Supplement (pg. 13-15), Presentations, Website, Form 10 Third Party: Maui Board of Realtors, Other Maui public co.’s
Kauai	Company: 10-K, RE Supplement (pg. 13-15), Presentations, Website, Form 10 Third Party: Kauai Board of Realtors
Non-core Ag & conservation lands	Company: 10-K, RE Supplement (pg. 13-15), Presentations, Website, Form 10 Third Party: Maui, Kauai Board of Realtors, Other Hawaii public companies

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

A&B: Investment Thesis

1. Unique assets & competitive strengths

– Land

– Commercial portfolio

– Agriculture

– People, Hawaii experience, reputation

2. Proven track record of creating shareholder value

3. Embedded growth opportunities in a development pipeline
positioned for market recovery

4. Healthy balance sheet & liquidity, coupled with strong underwriting
& investment discipline

5. Hawaii at an inflection point

6. Best public company vehicle for capitalizing on Hawaii’s upside &
creating long-term shareholder value

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

Where to Find Additional Information

This communication does not constitute an offer to sell or the solicitation of an offer
to buy any securities or a solicitation of any vote or approval. Alexander & Baldwin
Holdings, Inc. (“Holdings”) filed a registration statement that includes a preliminary
proxy statement/prospectus and other relevant documents in connection with the
proposed reorganization on February 15, 2012. ALEXANDER & BALDWIN, INC.
(“A&B”) SHAREHOLDERS ARE URGED TO CAREFULLY READ THESE
DOCUMENTS AND THE DEFINITIVE PROXY STATEMENT/PROSPECTUS,
WHEN FILED AND MAILED, BECAUSE THEY CONTAIN AND WILL CONTAIN
IMPORTANT INFORMATION ABOUT THE PROPOSED REORGANIZATION. The
definitive proxy statement/prospectus will be mailed to A&B shareholders prior to the
shareholder meeting. In addition, investors may obtain a free copy of the preliminary
proxy statement/prospectus and other filings containing information about A&B,
Holdings, and the holding company reorganization, from the SEC at the SEC’s
website at http://www.sec.gov. In addition, copies of the preliminary proxy
statement/prospectus and other filings containing information about A&B, Holdings,
and the holding company reorganization can be obtained without charge by sending
a request to Alexander & Baldwin, Inc., P.O. Box 3440, Honolulu, Hawaii 96801-
3440, Attention: Investor Relations; by calling (808) 525-6611; or by accessing them
on A&B’s web site at http://www.alexanderbaldwin.com.

The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

Participants in the Merger Solicitation

A&B, its directors, executive officers, certain other members of management,
and employees may be deemed to be participants in the solicitation of proxies
from the shareholders of A&B in favor of the proposed holding company
reorganization. Additional information regarding the interests of potential
participants in the proxy solicitation is included in the preliminary proxy
statement/prospectus and will be included in the definitive proxy
statement/prospectus and other relevant documents that A&B and Holdings
intend to file with the SEC in connection with the annual meeting of
shareholders of A&B.

Investor Relations Contact:

Suzy Hollinger

Director, Investor Relations

Email: shollinger@abinc.com

Phone: (808) 525-8422


Number of properties	21
Square feet
Industrial	560K
Office	170K
Retail	700K
Total	1.4M
2011 occupancy	91%
Outstanding debt	-
Cash NOI	$22.2M
Cash NOI to total portfolio	36.5%


Number of properties	24
Square feet
Industrial	4.5M
Office	1.3M
Retail	0.7M
Total	6.5M
2011 occupancy	92%
Outstanding debt	$28.3M
Cash NOI	$33.6M
Cash NOI to total portfolio	55.3%