EX-99.1 2 slides.htm EXHIBIT 99.1
1
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
April 11, 2012

2
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.

3
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.

4
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

5
The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012
Overview

6
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

7
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

8
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

9
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

10
The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012
Management Team
New A&B

11
The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012
Rick Volner
General Manager
HC&S
Dan Ligenza
VP
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

12
The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012
Financial Highlights
1 Includes real estate discontinued operations and intersegment revenue

13
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

14
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.

15
The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012
The China Potential
Source: Title Guaranty (RE Transactions); Hawaii Tourism Authority (Visitor #’s)

16
The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012
Strategy

17
The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012
Unlocking Value From Hawaii Real Estate Assets
Robust Development
Pipeline
88,000 Acres of Hawaii Land
Hawaii’s Premier, Large-
Scale Agricultural Operation

18
The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012
How Our Land Businesses Fit Together

19
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

20
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

21
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

22
The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012
Real Estate Sales

23
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

24
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

25
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%

26
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.

27
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%

28
The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012
Market Knowledge & Expertise
* Amount invested in joint venture

29
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

30
The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012
Development Pipeline and Entitlement
§ Representative projects in active
development
§ Future pipeline
§ Entitlement

31
The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012
Markets - Oahu Residential
Source: Honolulu Board of Realtors

32
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

33
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

34
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

35
The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012
Hawaii Resort Residential
Source: Paul Richard Cassidy, REMM Pacific/Data@Work

36
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

37
The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012
Development Pipeline: Wailea
Future development
Active development/sales
Sold

38
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

39
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

40
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

41
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

42
The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012
Development Pipeline: Future Projects
Haliimaile (Maui)
Aina ‘O Kane and Kahului Town Center (Maui)
Wailea (Maui)
Wailea SF-8
Wailea MF-6
Wailea MF-10
Wailea MF-16

43
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

44
The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012
Financial Overview
Real Estate Sales

45
The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012
Value Creation Drivers

46
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

47
The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012
Q&A / Break

48
The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012
Real Estate Leasing

49
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

50
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

51
The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012
* Includes cash NOI of $3.5M from Hawaii unimproved properties and cash NOI from properties sold in 2011
Mainland
Hawaii
$60.8M
7.9M sf

52
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

53
The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012
Hawaii Commercial Portfolio

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%

54
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

55
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

56
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

57
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

58
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

59
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

60
The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012
Oahu Industrial Market
4Q11
Top Trends
§ Market generally
subdued
§ Vacancy rates held
in the 4.3% and
4.8% range since
late 2007
§ Recent pick up in
activity and rents
Source: Colliers International Research & Consulting

61
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

62
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

63
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

64
The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012

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%

65
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

66
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

67
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

68
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.

69
The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012
Financial Overview
Real Estate Leasing

70
The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012
Financial Overview
Real Estate Leasing

71
The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012
Financial Overview
Real Estate Leasing

72
The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012
Value Creation Drivers

73
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

74
The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012
Q&A

75
The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012
Land Stewardship and Agribusiness

76
The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012
Agribusiness Results
What’s Included?
§ HC&S results
– Raw & Specialty Sugar
– Power
§ McBryde Resources results (Kauai)
‒ Renewable energy
‒ Agricultural leasing
§ Supporting trucking operations

77
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

78
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

79
The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012
Financial Results

80
The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012
Statistical Drivers

81
The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012
Landholdings

82
The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012
Hawaii Landholdings
As of December 31, 2011
88,000 acres in the state

KAUAI
20,375 acres

OAHU
70 acres

MAUI
67,240 acres

BIG ISLAND
10 acres

83
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

84
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

85
The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012
Valuation

86
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)

87
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

88
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

89
The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012
Valuation Methodologies - Market Data
North Shore/Upcountry Maui Ag Zoned Land Sales Comps
(Haiku /Kula /Makawao /Olinda)
2006 to 2011
Source: A&B compilation and analysis of Maui Board of Realtors data

90
The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012
Valuation Methodologies - Market Data
Kauai Ag Zoned Land Sales Comps
2007 to 2010
Source: A&B compilation and analysis of Hawaii Information Service data

91
The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012
Valuation Methodologies -
A&B Ag Zoned Land 5-Year Sales Data
A&B Ag Zoned Land Sales Transactions
2007 to 2011
A&B’s gross margin on unimproved land sales averaged 87% from 2007-2011

92
The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012
Closing Remarks

93
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

94
The New A&B: A Premier Hawaii Real Estate & Land Company ● April 11, 2012
Q&A

95
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.

96
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