Exhibit 99.2

Statements in this presentation that set forth expectations and predictions are based on facts and situations that are known to us as of today, September 30, 2005. Actual results may differ materially due to risks and uncertainties, such as those described on page 22 of the Form 10-K in our 2004 annual report and our other subsequent filings with the SEC. Statements in this call are not guarantees of future performance.

A&B Properties has become the most competitive real estate organization in Hawaii

Matson’s profitability levels have been restored

Increased growth expectations and capital investment

Solid financial position

Key challenges:

Sustaining profit momentum at Matson in spite of recurring external challenges; Guam replacement choice

Continuing success in identifying and investing in profitable real estate

Context:

Hawaii economic pace strong, sustainable

Real estate markets strong; price growth moderating

Matson:

Guam-China service

Startup challenges and risks

Excellent long-term potential

Auto competitor

Responded to new entrant

Expect ongoing Matson actions to reduce cost of auto business

Properties:

Solid outlook for existing developments Increased confidence in investment pipeline

	2001				2002				2003				2004				2005
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	1st Qtr
Yr-Yr % Chg (Left Scale)					-10.3	-5.4	2.9	24.2	1.6	-5.2	1.5	1.5	4.6	14.2	7.6	7	12.3	2.2
Visitor Arrivals (Right Scale)	1,715	1,674	1,647	1,268	1,538	1,583	1,694	1,574	1,563	1,501	1,719	1,597	1,635	1,714	1,849	1,709	1,837	1750

	2001				2002				2003				2004				2005
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	1st Qtr
Yr-Yr % Chg (Left Scale)	2.2	1.1	0.7	-1.7	-1.2	-0.4	0.1	2.6	2.8	1.7	1.6	1.5	1.7	2.5	2.8	3.3	2.9	2.8
Total Jobs (Thousands) (Right Scale)	562	566	562	560	556	564	562	574	571	574	571	583	581	588	587	602	598	604.5

	2001				2002				2003				2004				2005
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	1st Qtr
Yr-Yr % Chg (Left Scale)
Total Private Building Authorizations ($M)	363	424	421	379	336	437	498	501	655	708	531	458	781	719	598	629	665	620.3

Stronger than anticipated Hawaii economy and trade

Guam-China service

Long-term upside, increased capital and risks

Anticipated transition impacts unchanged

Increasingly competitive auto trade

Initial Matson responses good

Taking competitor seriously

Logistics: continued growth, new challenges

Positive outlook for SSAT

Start of new service now five months away

Across-the-board effort--41 teams

One vessel weekly:

Less than 1% total export market

About 5% of Ningbo, Shanghai market

Target: 50,000 annual containers, $100M revenue

Accomplished	Under Way
Ports selected	Terminals
Offices leased	Equipment depots
Agents selected	EDI interface with agents
Management selected	Additional staffing, training
Legal issues set	APL transition
Media plans set	Sand Island preparations
Ships acquired	Compliance: SOX, FCPA
Equipment acquired	Building WB Hawaii-China service
Central planning	Regulatory: security, customs

Cargo Volume

Startup, trade contracts don't expire until May 1

Scope of service is limited

Matson name new in China, will have to build track record

Competition

New capacity entering market

ImponderableUS/China relations

Sales Strategy

Retail, service-based focus, not wholesale

Broad customer base

70% of cargo US-controlled

Many existing customers

Sales force selected

30% of cargo China-controlled

Brand presence in China

Key success factors:

Competitive pricingPremium service

Service Advantages

Timeliness

Fast transit time

Faster cargo throughput, dedicated terminal

Faster vessel loading/unloading

Reliability

Convenience of off-dock facility

Seamless intermodal services, MIL

Customer Service

Dedicated US-based China customer service team

Dedicated China staff in Shanghai and NingboBuild a stable niche position

Automobile Strategy

Pasha initial impact muted

Strong auto market

Matson's long term contracts with manufacturers

Strategic investments planned to lower business cost, improve service

Vessel conversions: add Ro/Ro capacityTerminal improvements in Oakland & Honolulu

Matson Integrated Logistics

Continued growth in earnings and margins

Scale driven; consolidation of industry underway

Rail segment problematic; highway more favorableActive acquisition program

Strategic Direction: Properties

Strength of Hawaii economy

Real estate markets strong; price growth moderating

Consistent stability in leased portfolio

Challenges

Construction costs

Government approvals

Acquisition pricing

Increased investment

Solid outlook for existing projects, e.g., Wailea, Kai Malu, Kukui'ula, Keola La'iShift from undesignated to designated investments

Strategic Shift

Focus on our roots

Entitlements

Development, Sales

Maintain agriculture operations for foreseeable future

Opportunistic sales of low-basis, non-core holdings

Growth beyond A&B lands

Capitalize on market knowledge, reputation

Started with "one-offs," pattern of successNow, increased focus on longer-lived investments

	2005	Daiei	Oahu
	2003	Napili Plaza	Maui
	2002	Mililani Shopping Ctr.	Oahu
	2001	Pacific Guardian Tower	Oahu
9 Income	2001	Kaneohe Bay Shopping Ctr.	Oahu
	2000	Judd Building	Oahu
	1999	Ocean View	Oahu
	1999	Haseko	Oahu
	1999	Hawaii Business Park	Oahu

	2005	Lanihau	Hawaii
	2004	Keola La’i	Oahu
	2004	Ka Milo at Mauna Lani	Hawaii
	2004	Kai Malu	Maui
	2003	Wailea	Maui
	2003	Hokua	Oahu
	2003	Alakea Corporate Tower	Oahu
15 Development	2002	Kunia Commercial	Oahu
	2001	Lanikea at Waikiki	Oahu
	2001	Kai Lani	Oahu
	2001	HoloHolo Ku	Hawaii
	2000	Summit	Maui
	2000	Fairway Shops	Maui
	1999	Vintage	Maui
	1998	Mill Town	Oahu

Kohua JV

JV w/MacNaughton/Kobayashi

247 units, 1,800 sf

247 binding contracts

$1.1M avg. price ($610/sf)

Total development cost $210M

A&B investment $40M

Complete construction Dec 2005

Close initial sales Jan 2006

Complete closings Mar 2006

Kukui'ula Sales Launch

Founders program (123 units):

35 Mauka home sites

17 Cottage home sites

71 Cottages

Exceptional response:

300+ non-binding reservations

$50,000 Deposits

Expanded program to 270 units

General price range: $1M - $4M

	Starting
Mass grading	1Q 2006
Western bpass road	1Q 2006
Major project road	2Q 2006
Bond subdivision improvements	3Q 2006
Close initial sales	4Q 2006
Onsite civil construction	2Q 2007
Complete golf course & club	4Q 2008
First occupancies	1Q 2009

	Acres	Revenue	Year(s)
Bulk Sales:		$17.7	2004-5
MF-9	30	4.7	2004
MF-15	9	5.5	2004
MF-4	11	4.5	2004
MF-5	8
Retail Lot Sales:		25.4	2004-5
Golf Vistas	12	57.8
Subtotal	70
Joint Venture:		12.2*	2006-7
MF-8	25

Remaining Balance:	175

Total Revenue		$70.0

*Agreed-upon value of capital contribution

Next Wailea Development

MF-11

10 acres

12 1/2-acres residential lots, 3 acres commercial

Close initial sales 2006

MF-19

6.7 acres

9 1/2-acre residential lots

Close initial sales 2007

MF-10

13.7 acres

2 multi-family parcels, 9 golf course residential lots, 60,000+ sf retail

Close initial sales 2008

Keola La'i

352 units, 1,000 sf avg.

Includes 63 gap housing

225 units released, 200 non-binding contracts

$630,000 est. avg. price ($630/sf)

Total development cost $163M

Commence construction 1Q 2006

Complete construction 1Q 2008

Close initial sales 1Q 008

Port Allen Residential (Kauai)

Keala'ula: 60 single family homes on 12 acres -- $375,000 avg. price

Kai `Olino: 75 condo units on 5 acres -- $425,000 avg. price

Total project cost $42M

Commenced marketing May 2005

Commence construction 1Q 2006

Close initial sales 1Q 2007

Ka Milo at Mauna Laniu (Big Island)

50:50 JV w/Brookfield Homes

30 acres, 137 units

37 single family homes

2,100 to 2,500 sf

100 duplex townhomes

1,600 to 2,400 sf

Total project cost $123M

Commence construction 4Q 2005

Complete construction 2008

Close initial sales 4Q 2006

Kahului Town Center Redevelopment

Fire destroyed historic Kahului Shopping Center

Completed master redevelopment plan

2-300 residential units, 150,000 sf GLA commercial space

Commence construction 2007

Complete construction 2010

Close initial sales 2009

Lanihau Phases I & II (Big Island)

Phase I

88,100 sf existing GLA

9.7 acres

Fee simple

100% occupancy

Phase II

22.3 acres, fully settled

238,000 sf new GLA

$85M investment

JV partner anticipated

Commence construction 2007

Complete construction 2008

Kaka'ako Makai (Oahu)

36 acres

7.5 acres for mid-rise residential (fee simple), 950 units

20 acres for 200,000+ sf retail (leasehold)

4 months planned for negotiation of terms

$650M total development capital (75% phased residential)

Strategic Direction: Agribusiness

Volume-driven, commodity priced business

--Reduced sugar production

--Raw sugar prices depressed

--Reaching limits of cost containment

Sustainable business model needed: energy & specialty sugar, with commodity component

--Specialty sugar: not solution on its own

--Capital required to increase capacity

--Modest profitability improvement

--Energy farm: enhanced by higher energy prices

--Ethanol yields are dependent on technology

--Significant earnings potential, high capital investment

Significant Capital Program

Continued active investment program -- more than $1B

Emphasis on real estate

Previously announced projects

--Kukui'ula: $75M

--Keola La'i: $160M

--Guam-China Service: $365M

Pending/future projects

--Wailea developments

--Kaka'ako Waterfront

--Acquisitions

--Development properties

--Matson Integrated Logistics growth

--Auto business investments

Business Composition

ASSET DISTRIBUTION

2004 Actual:

Matson 53%

Properties 41%

Agribusiness 6%

2009 Projection

Matson 48%

Properties 47%

Agribusiness 5%

INCOME FROM OPERATIONS DISTRIBUTION

2004 Actual

Matson 60%

Properties 39%

Agribusiness 1%

2009 Projection

Matson 50%

Properties 48%

Agribusiness 2%

Financing Strategy Review

Leverage

Current debt to debt-plus-equity: 27%

Will increase over next two years, peaking between 35-40%, declining thereafter

Strong long-term cash flows, with Properties harvesting investments

Maintain investment grade

Current capacity

Revolving facilities and overnight lines: ~$300 million

Undrawn $105M DNBNor facility for MV Maunalei

Prudential $75 million shelf facility

Future financing

Existing facilities

New unsecured term debt

JVs/Partnerships

Project finance as needed

	Net	Dividends	Dividend	Cash For	Total Cash
Year	Income	Paid	Ratio	Repurchases	Ratio
1995	$55.8	$40.0	72%	$0.5	73%
1996	62.3	39.9	64%	1.3	66%
1997	81.4	39.8	49%	16.6	69%
1998	25.1	40.3	161%	20.8	243%
1999	62.6	38.9	62%	34.8	118%
2000	90.6	36.8	41%	48.3	94%
2001	110.6	36.5	33%	2.3	35%
2002	58.2	36.9	63%	--	63%
2003	81.3	37.4	46%	--	46%
2004	100.7	38.3	38%	2.3	40%
	$728.6	$ 384.8	53%	$126.9	70%

Summary: Outlook For 2006

Consistenet with prior guidance

Transportation

-- 8-10% earnings growth objective, excluding Guam-China

-- $20-25M operating profit impact of Guam-China, $12M interest expense

Agriculture

-- Minimal to moderate profitability

Real Estate:

-- 13-15% earnings growth objective

-- Lower in income portfolio

-- Higher in development, sales

Overall:

-- Expect 2006 earnings below 2005

	No.		GLA		2004
	of Properties			(MM sf)		GM ($MM)

Hawaii		24		1.7		22
Mainland		19		3.5		19.4
Total		43		5.2		41.4

Occupancy	Mainland	Hawaii

2004	95%	90%
Current	94%	93%