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<SEC-DOCUMENT>0001104659-08-075925.txt : 20081211
<SEC-HEADER>0001104659-08-075925.hdr.sgml : 20081211
<ACCEPTANCE-DATETIME>20081211123106
ACCESSION NUMBER:		0001104659-08-075925
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20081208
ITEM INFORMATION:		Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20081211
DATE AS OF CHANGE:		20081211

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MAUI LAND & PINEAPPLE CO INC
		CENTRAL INDEX KEY:			0000063330
		STANDARD INDUSTRIAL CLASSIFICATION:	CANNED, FRUITS, VEG & PRESERVES, JAMS & JELLIES [2033]
		IRS NUMBER:				990107542
		STATE OF INCORPORATION:			HI
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-06510
		FILM NUMBER:		081242823

	BUSINESS ADDRESS:	
		STREET 1:		PO BOX 187
		STREET 2:		120 KANE ST
		CITY:			KAHULUI MAUI
		STATE:			HI
		ZIP:			96733
		BUSINESS PHONE:		8088773351

	MAIL ADDRESS:	
		STREET 1:		PO BOX 187
		CITY:			KAHULUI
		STATE:			HI
		ZIP:			96733
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a08-30214_18k.htm
<DESCRIPTION>8-K
<TEXT>

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<div style="font-family:Times New Roman;">

<div style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 3.0pt;padding:1.0pt 0in 1.0pt 0in;">

<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

</div>

<p style="color:black;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p style="color:black;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><b><font size="5" color="black" face="Times New Roman" style="color:windowtext;font-size:18.0pt;">UNITED
STATES<br>
</font></b><font size="5" style="font-size:18.0pt;">SECURITIES AND
EXCHANGE COMMISSION</font></p>

<p style="color:black;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">Washington,
D.C. 20549</font></b></p>

<p style="color:black;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<h2 align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">FORM&nbsp;8-K</font></b></h2>

<h2 align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="color:black;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="3" color="black" face="Times New Roman" style="color:windowtext;font-size:12.0pt;">CURRENT REPORT</font></b></p>

<h2 align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">Pursuant
to Section&nbsp;13 or 15(d)&nbsp;of</font></b></h2>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">The Securities Exchange Act of 1934</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of Report
(Date of earliest event reported)&#160; <b>December&nbsp;8, 2008</b></font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">Maui Land&nbsp;&amp; Pineapple Company,&nbsp;Inc.</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of
Registrant as Specified in Its Charter)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
  <p align="center" style="color:black;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">Hawaii</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
  <p style="color:black;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:avoid;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
  <p align="center" style="color:black;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">0-6510</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
  <p style="color:black;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:avoid;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
  <p align="center" style="color:black;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">99-0107542</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State or other
  jurisdiction</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Commission</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(IRS Employer</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">of
  incorporation)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">File Number)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Identification
  No)</font></p>
  </td>
 </tr>
</table>

</div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">120 Kane
Street, P.O.&nbsp;Box 187, Kahului, Maui, Hawaii, 96733-6687</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of
principal executive offices)</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(808)
877-3351</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Registrant&#146;s
telephone number, including area code)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Not
Applicable</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Former name or
former address, if changed since last report)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the appropriate box
below if the Form&nbsp;8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="29" valign="top" style="padding:0in 0in 0in 0in;width:.3in;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="693" valign="top" style="padding:0in 0in 0in 0in;width:519.4pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Written communications
  pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425) </font></p>
  </td>
 </tr>
 <tr>
  <td width="29" valign="top" style="padding:0in 0in 0in 0in;width:.3in;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="693" valign="top" style="padding:0in 0in 0in 0in;width:519.4pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="29" valign="top" style="padding:0in 0in 0in 0in;width:.3in;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="693" valign="top" style="padding:0in 0in 0in 0in;width:519.4pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Soliciting material
  pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
  </td>
 </tr>
 <tr>
  <td width="29" valign="top" style="padding:0in 0in 0in 0in;width:.3in;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="693" valign="top" style="padding:0in 0in 0in 0in;width:519.4pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="29" valign="top" style="padding:0in 0in 0in 0in;width:.3in;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="693" valign="top" style="padding:0in 0in 0in 0in;width:519.4pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pre-commencement
  communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17
  CFR 240.14d-2(b))</font></p>
  </td>
 </tr>
 <tr>
  <td width="29" valign="top" style="padding:0in 0in 0in 0in;width:.3in;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="693" valign="top" style="padding:0in 0in 0in 0in;width:519.4pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="29" valign="top" style="padding:0in 0in 0in 0in;width:.3in;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="693" valign="top" style="padding:0in 0in 0in 0in;width:519.4pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pre-commencement
  communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act (17
  CFR 240.13e-4(c)) </font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="border-bottom:solid windowtext 3.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:1.0pt 0in 1.0pt 0in;">

<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

</div>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105579\08-30214-1\task3258746\30214-1-ba.htm',USER='105579',CD='Dec 11 15:38 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 5.02&#160;&#160; Departure of
Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On December&nbsp;8, 2008, the Board of Directors (the &#147;Board&#148;) of Maui
Land&nbsp;&amp; Pineapple Company,&nbsp;Inc. appointed Stephen M.&nbsp;Case,
the Company&#146;s largest shareholder, to serve on the Board as a Class&nbsp;One
director effective as of the same day. Following Mr.</font><font size="1" style="font-size:9.0pt;">&nbsp;</font><font size="2" style="font-size:10.0pt;">Case&#146;s appointment, Class&nbsp;One
consists of four directors whose</font><font size="1" style="font-size:9.0pt;">  </font><font size="2" style="font-size:10.0pt;">terms</font><font size="1" style="font-size:9.0pt;">  </font><font size="2" style="font-size:10.0pt;">of</font><font size="1" style="font-size:9.0pt;">  </font><font size="2" style="font-size:10.0pt;">office</font><font size="1" style="font-size:9.0pt;">  </font><font size="2" style="font-size:10.0pt;">expire</font><font size="1" style="font-size:9.0pt;">  </font><font size="2" style="font-size:10.0pt;">at</font><font size="1" style="font-size:9.0pt;">  </font><font size="2" style="font-size:10.0pt;">the</font><font size="1" style="font-size:9.0pt;">  </font><font size="2" style="font-size:10.0pt;">2009</font><font size="1" style="font-size:9.0pt;">  </font><font size="2" style="font-size:10.0pt;">annual</font><font size="1" style="font-size:9.0pt;">  </font><font size="2" style="font-size:10.0pt;">meeting</font><font size="1" style="font-size:9.0pt;">  </font><font size="2" style=
"font-size:10.0pt;">of</font><font size="1" style="font-size:9.0pt;">  </font><font size="2" style="font-size:10.0pt;">shareholders.&#160;
There are no arrangements or understandings between Mr.&nbsp;Case and
any other persons pursuant to which he was elected to serve on the Board. As of
the date of this report, the appointment of Mr.&nbsp;Case to any committees of
the Board has not been decided.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Case will receive annual cash retainers of $27,000 (prorated
for the remainder of fiscal year 2008).&#160;
Furthermore, in connection with his appointment to the Board, Mr.&nbsp;Case
also received 250 shares of restricted common stock that were granted under the
Maui Land&nbsp;&amp; Pineapple Company,&nbsp;Inc. 2006 Equity and Incentive
Compensation Plan.&#160; Such shares will vest
in full at the end of the first quarter of fiscal year 2009. Mr.&nbsp;Case will
have voting and regular dividend rights with respect to the unvested restricted
shares, but have no right to dispose of them until such time as they are
vested.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company has a 51% ownership interest in Kapalua Bay Holdings, LLC (&#147;Bay
Holdings&#148;), the owner and developer of The Residences at Kapalua Bay. The other
members of Bay Holdings, through wholly owned affiliates, are Marriott
International Inc., which owns a 34% interest in Bay Holdings, and Exclusive
Resorts LLC, which owns the remaining 15% interest in Bay Holdings.&#160; Mr.&nbsp;Case, as the Chairman, Chief
Executive Officer, and indirect beneficial owner of all of Revolution LLC,
which is the indirect majority owner of Exclusive Resorts LLC, may be deemed to
have a beneficial interest in Bay Holdings.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A copy of the press release announcing Mr.&nbsp;Case&#146;s appointment is
attached as Exhibit&nbsp;99.1 to this report and incorporated herein by
reference.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 5.03&#160; Amendments to Articles
of Incorporation or Bylaws; Change in Fiscal Year.</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At
the Company&#146;s Board meeting on December&nbsp;8, 2008, in connection with Mr.&nbsp;Case&#146;s
appointment to the Board, the Board amended Article&nbsp;III, Section&nbsp;1 of
its Amended Bylaws to increase (i)&nbsp;the authorized number of directors from
nine to ten and (ii)&nbsp;the number of Class&nbsp;One directors from three to
four.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:46.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
foregoing description of the amendment to the Company&#146;s Amended Bylaws is
qualified in its entirety by reference to the Amended Bylaws, which are
attached hereto as Exhibit&nbsp;3.1 and incorporated herein by this reference.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:46.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 9.01&#160;&#160;&#160;&#160; Financial Statements
and Exhibits.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(d)</font></b><font size="2" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Exhibits.</b></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="93%" style="border-collapse:collapse;margin-left:.5in;width:93.0%;">
 <tr>
  <td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:16.62%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit&nbsp;Number</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.4%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="79%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:79.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Description</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:16.62%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="79%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:79.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.62%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="79%" valign="top" style="padding:0in .7pt 0in .7pt;width:79.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amended
  Bylaws of Maui Land&nbsp;&amp; Pineapple Company,&nbsp;Inc.</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.62%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="79%" valign="top" style="padding:0in .7pt 0in .7pt;width:79.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.62%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.1</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="79%" valign="top" style="padding:0in .7pt 0in .7pt;width:79.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Press
  Release, dated December&nbsp;9, 2008.</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURES</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">MAUI LAND&nbsp;&amp; PINEAPPLE COMPANY, INC.</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:
  December&nbsp;10, 2008</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:43.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/
  Robert I. Webber</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Robert
  I. Webber</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief
  Operating Officer, Chief Financial</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Officer,
  and Executive Vice President</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT INDEX</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="93%" style="border-collapse:collapse;margin-left:.5in;width:93.0%;">
 <tr>
  <td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:16.62%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit&nbsp;Number</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.4%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="79%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:79.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Description</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:16.62%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="79%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:79.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.62%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="79%" valign="top" style="padding:0in .7pt 0in .7pt;width:79.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amended
  Bylaws of Maui Land&nbsp;&amp; Pineapple Company,&nbsp;Inc.</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.62%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="79%" valign="top" style="padding:0in .7pt 0in .7pt;width:79.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.62%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.1</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="79%" valign="top" style="padding:0in .7pt 0in .7pt;width:79.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Press
  Release, dated December&nbsp;9, 2008.</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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<TYPE>EX-3.1
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<DESCRIPTION>EX-3.1
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<body lang="EN-US">

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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 3.1</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">AMENDED BYLAWS</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">OF</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MAUI LAND&nbsp;&amp;
PINEAPPLE COMPANY, INC.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(AS OF DECEMBER 8,
2008)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE I</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PRINCIPAL OFFICE;
SEAL</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;1.&#160; <u>Principal Office</u>.&#160; The principal office of the Company shall be
in Kahului, Maui, Hawaii; there may be such subordinate or branch offices in
such place or places within Hawaii or elsewhere as may be considered necessary
or requisite by the Board of Directors to transact the business of the
corporation, such subordinate or branch offices to be in charge of such person
or persons as may be appointed by the Board of Directors.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;2.&#160; <u>Seal</u>.&#160;
The corporation shall have a corporate seal (and one or more duplicates
thereof) of such form and device as the Board of Directors shall determine.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE II</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">STOCKHOLDERS</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;1.&#160; <u>Annual Meetings</u>.&#160; The annual meeting of the stockholders of the
corporation shall be held on such day during the first six months following the
end of the fiscal year of the corporation or calendar year if the same be used
as the accounting period of the corporation as the Board of Directors or the
President may determine.&#160; The annual
meeting shall be a general meeting and at such meeting any business within the
powers of the corporation may be transacted without special notice of such
business, except as may be required by law, by the Articles of Association, or
by these Bylaws (including without limitation Section&nbsp;7 of this Article&nbsp;II).&#160; To the extent permitted by law, meetings of
stockholders may be held at such place within or without the State of Hawaii.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;2.&#160; <u>Special Meetings</u>.&#160; Special meetings of the stockholders may be
held at any time.&#160; Such meetings shall be
held upon the call of the President or of any two directors or of the holders
of not less than one-fourth of the capital stock of the Company issued and
outstanding and entitled to vote at such special meeting.&#160; At any special meeting, only such business
shall be transacted as is specified in the notice given of such meeting.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;3.&#160; <u>Notices of Meetings</u>.&#160; Notices of every meeting of stockholders,
whether annual or special, shall state the place, day and hour of the meeting,
whether it is annual or special, and in the case of any meeting shall state
briefly the business proposed to be transacted thereat.&#160; Such notice shall be given by mailing a
written or printed copy thereof, postage prepaid, in the case of an annual
meeting at least twenty days before the date assigned for the meeting, and in
the case of a special meeting at least twenty days before the date assigned for
the meeting, to each stockholder entitled to vote at such meeting at his
address as it appears on the transfer books of the corporation.&#160; Upon notice being given in accordance with
the provisions hereof, the failure of any stockholder to receive actual notice
of any meeting shall not in any way invalidate the meeting or the proceedings
thereat.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;4.&#160; <u>Quorum</u>.&#160; At all meetings of stockholders the presence
in person or by proxy of stockholders owning a majority of all of the shares of
stock issued and outstanding and entitled to vote at said meeting shall
constitute a quorum, and the action of the holders of a majority of the shares
of stock present or represented at any meeting at which a quorum is present
shall be valid and binding upon the corporation and its stockholders, except as
otherwise provided by law, by the Articles of Association or by these
Bylaws.&#160; Once a quorum is established at
a meeting, it shall not be broken by the absence or withdrawal of one or more
stockholders before the meeting is adjourned.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;5.&#160; <u>Voting, Proxies</u>.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp; At any
meeting of the stockholders, each stockholder, except where otherwise provided
by the clauses and terms applicable to the stock held by such stockholder,
shall be entitled to vote in person or by proxy and shall have one vote for
each share of voting stock registered in his name at the close of business on
the day preceding the date of such meeting or on such record date as may be
fixed by the Board of Directors.&#160; In the
case of an adjourned meeting, unless otherwise provided by the Board of
Directors, the record date for the purpose of voting at such adjourned meeting
shall be the day preceding</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the date of the adjourned
meeting.&#160; When voting stock is
transferred into the name of a pledgee under a pledge agreement, the pledgor
shall have the right to vote such stock unless prior to the meeting the pledgee
or his authorized representative shall file with the Secretary written
authorization from the pledgor authorizing such pledgee to vote such stock.&#160; An executor, administrator, guardian or
trustee may vote stock of the corporation held by him in such capacity at all
meetings, in person or by proxy, whether or not such stock shall have been
transferred into his name on the books of the corporation, but if such stock
shall not have been so transferred he shall, if requested as a prerequisite to
so voting, file with the Secretary a certified copy of his letters of
appointment as such executor, administrator or guardian, or evidence of his
appointment or authority as such trustee.&#160;
If there be two or more executors, administrators, guardians or
trustees, all or a majority of them may vote the stock in person or by
proxy.&#160; Stock held in the names of two or
more persons as tenants in common or joint tenants may be voted by any one of
them unless protested by the other or others.&#160;
The survivor(s)&nbsp;of a joint tenancy or tenants by the entirety may
vote such stock without the necessity of indicating such survivorship.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp; The
instrument appointing a proxy shall be in writing, signed by the appointer or
his duly authorized agent in handwriting or by rubber stamp, and filed with the
Secretary.&#160; A proxy that is regular on
its face and apparently executed by the stockholder entitled to vote (including
a proxy with an illegible signature) shall be presumed to be authentic and
genuine, unless the corporation shall receive evidence to the contrary.&#160; Proxies for stock owned by two or more
persons named as tenants in common or as joint tenants shall be valid if signed
by one or two persons.&#160; Proxies for stock
in the name of corporations, partnerships, nominees or brokers shall be valid
if signed with the name of the corporation, partnership, nominee or broker,
either in handwriting or by rubber stamp and without requiring the signature of
an officer or agent.&#160; Minor variations
between signatures and the name of the appointer as it appears upon the stock
books of the corporation or, in the case of a corporation, failure to affix the
corporate seal, shall not invalidate the proxy.&#160;
If a proxy is appointed by cable, telegram, telex, radiogram or other
electronic message, the typewritten signature of the appointer shall be
sufficient for a valid proxy.&#160; A proxy
executed by a third party as agent or attorney-in-fact for a stockholder shall be
presumed valid unless the corporation should receive evidence to the
contrary.&#160; A proxy executed by a married
woman shall be presumed to be authentic and genuine if the corporation&#146;s record
of stock ownership shows such stock in her maiden name and if there is a
connecting feature in the execution and signature.&#160; Unless expressly limited by its terms, every
instrument appointing a proxy shall continue in full force and effect until a
written revocation thereof shall be filed with the Secretary.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp; Stockholders
shall have no right to elect directors by cumulative voting.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;6.&#160; <u>Adjournment</u>.&#160; Any meeting of stockholders, whether annual
or special, and whether a quorum be present or not, may be adjourned from time
to time by the Chairman thereof with the consent of the holders of a majority
of all of the shares of stock present or represented at such meeting and
entitled to vote thereat without notice other than the announcement at such
meeting.&#160; At any such adjourned meeting
at which a quorum shall be present, any business may be transacted that might
have been transacted at the original meeting as originally called and noticed.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;7.&#160; <u>Action at Meetings of Stockholders</u>.&#160; No business may be transacted at an annual
meeting of stockholders other than business that is either (a)&nbsp;specified
in the notice of meeting (or any supplement thereto) given by or at the
direction of the Board of Directors; (b)&nbsp;otherwise properly brought before
the annual meeting by or at the direction of the Board of Directors; or (c)&nbsp;otherwise
properly brought before the annual meeting by any stockholder of the
corporation (i)&nbsp;who is a stockholder of record on the date of the giving
of the notice provided for in this Section&nbsp;7 and on the record date for
the determination of stockholders entitled to vote at such annual meeting and (ii)&nbsp;who
complies with the notice procedures set forth in this Section&nbsp;7.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition to any
other applicable requirements for business properly to be brought before an
annual meeting by a stockholder, such stockholder must have given timely notice
thereof in proper written form to the Chairman of the Board, if any, the
President or the Secretary of the corporation.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To be timely, a
stockholder&#146;s notice must be delivered to or mailed and received at the
principal executive offices of the corporation not less than ninety (90) days
nor more than one hundred twenty (120) days prior to the anniversary date of
the immediately preceding annual meeting of stockholders; provided,</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">however, that in the
event that the annual meeting is called for a date that is not within thirty
(30) days before or after such anniversary date, notice by the stockholder in
order to be timely must be so received not later than the close of business on
the tenth (10<sup>th</sup>) day following the day on which the notice of the
annual meeting is first mailed by the corporation or on which the corporation
makes public disclosure of the date of the annual meeting, whichever first
occurs; and provided further that, in the case of the 1999 annual meeting of
stockholders, any such notice shall be timely if received by the close of
business on the later of (i)&nbsp;the tenth (10<sup>th</sup>) day following the
date on which the corporation&#146;s proxy statement for the 1999 annual meeting is
first mailed to stockholders or (ii) April&nbsp;12, 1999.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To
be in proper written form, a stockholder&#146;s notice must set forth as to each
matter such stockholder proposes to bring before the annual meeting (i)&nbsp;a
brief description of the business desired to be brought before the annual
meeting and the reasons for conducting such business at the annual meeting, (ii)&nbsp;the
name and record address of such stockholder, (iii)&nbsp;the class or series and
number of shares of capital stock of the corporation that are owned by such
stockholder (x)&nbsp;beneficially and (y)&nbsp;of record, (iv)&nbsp;a
description of all arrangements or understandings between such stockholder and
any other person or persons (including their names) in connection with the
proposal of such business by such stockholder and any material interest of such
stockholder in such business and (v) a representation that such stockholder
intends to appear in person or by proxy at the annual meeting to bring such
business before the meeting.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No business shall be conducted at the annual meeting
of stockholders except business brought before the annual meeting in accordance
with the procedures set forth in this Section&nbsp;7, provided, however, that
once business has been brought properly before the annual meeting in accordance
with such procedures, nothing in this Section&nbsp;7 shall be deemed to
preclude discussion by any stockholder of any such business.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The business transacted at any special meeting of
stockholders shall be confined to the business stated in the notice of meeting.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding the
foregoing provisions of this Section&nbsp;7, a stockholder also shall comply
with all applicable requirements of the Securities Exchange Act of 1934, as
amended (the &#147;Exchange Act&#148;), and the rules&nbsp;and regulations promulgated
thereunder, with respect to the matters set forth in this Section&nbsp;7.&#160; Nothing in this Section&nbsp;7 shall be
deemed to affect any rights of stockholders to request inclusion of proposals
in the corporation&#146;s proxy statement pursuant to Rule&nbsp;14a-8 under the
Exchange Act.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE III</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BOARD OF DIRECTORS</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;1.&#160; <u>Number and Term of Office; Qualifications</u>.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp; The Board of Directors shall consist of ten
members and shall be divided into three classes, with four members in class one
and three members in each of classes two and three.&#160; Each class shall hold office for a period of
three years.&#160; The first class shall
consist of the four currently elected and qualified directors each of whose
term of office initially expires at the 2009 annual meeting of shareholders and
until his or her successor has been duly elected and qualified, and their
respective successors.&#160; The second class
shall consist of the three currently elected and qualified directors each of
whose term of office initially expires at the 2010 annual meeting of
shareholders and until his or her successor has been duly elected and
qualified, and their respective successors.&#160;
The third class shall consist of the three currently elected and
qualified directors each of whose term of office initially expires at the 2011
annual meeting of shareholders and until his or her successor has been duly
elected and qualified, and their respective successors.&#160; The directors, except as otherwise provided
in these Bylaws, shall hold office for a three-year term after their election
and until their respective successors shall have been elected and qualified.</font></p>

<p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp; To the extent required by law, not less than
one member of the Board of Directors shall be a resident of the State of
Hawaii.&#160; Whenever for any reason not less
than one member of the Board of Directors is a resident of the State of Hawaii,
the Board shall have no power to act in any manner, except the power to act
under Section&nbsp;6 of this Article&nbsp;to have at least one member as a
resident of the State of Hawaii.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp; No
person shall be eligible to be elected as a director who has attained his
seventieth (70<sup>th</sup>) birthday at the time of election, but the
directors of a corporation may create exceptions to this requirement by
resolution, including but not limited to &#147;Directors Emeritus.&#148;&#160; The Board of Directors may, at any meeting,
appoint one or more &#147;Directors Emeritus&#148; in recognition of the past
contributions of such persons or their spouses to the corporation or for other
appropriate reasons.&#160; A Director Emeritus
will be eligible to attend all meetings of the Board of Directors, to have his
or her expenses paid and to receive meeting fees (though not any annual
retainer), but shall not be eligible to vote and shall not be counted as part
of the quorum at any such meeting.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp; Only persons who are nominated in accordance
with the following procedures shall be eligible for election as directors of
the corporation.&#160; Nominations of persons
for election to the Board of Directors may be made at any annual meeting of
stockholders or at any special meeting of stockholders called for the purpose
of electing directors (a)&nbsp;by or on behalf of the Board of Directors or (b)
by any stockholder of the corporation (i)&nbsp;who is a stockholder of record
on the date of the giving of the notice provided for in this Section&nbsp;1(d)&nbsp;and
on the record date for the determination of stockholders entitled to vote at
such meeting and (ii)&nbsp;who complies with the notice procedures set forth in
this Section&nbsp;1(d).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition to any other applicable requirements for a
nomination to be made by a stockholder, such stockholder must have given timely
notice thereof in proper written form to the Chairman of the Board, if any, the
President or the Secretary of the corporation.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To be timely, a stockholder&#146;s notice must be delivered
to or mailed and received at the principal executive offices of the corporation
(i)&nbsp;in the case of an annual meeting, not less than ninety (90) days nor
more than one hundred twenty (120) days prior to the anniversary date of the
immediately preceding annual meeting of stockholders, provided, however, that
in the event the annual meeting is called for a date that is not within thirty
(30) days before or after such anniversary date, notice by the stockholder in
order to be timely must be so received not later than the close of business on
the tenth (10th) day following the day on which the notice of the annual
meeting is first mailed by the corporation or on which the corporation makes
public disclosure of the date of the annual meeting, whichever first occurs;
and (ii)&nbsp;in the case of a special meeting of stockholders called for the
purpose of electing directors, not later than the close of business on the
tenth (10th) day following the day on which a notice of the date of the special
meeting is first mailed by the corporation or on which the corporation makes
public disclosure of the date of the special meeting, whichever first
occurs.&#160; Notwithstanding the preceding
sentence, a stockholder&#146;s notice concerning nominations of directors to be
elected at the 1999 annual meeting shall be timely if received by the close of
business on the later of (i)&nbsp;the tenth day following the date on which the
corporation&#146;s proxy statement for the 1999 annual meeting is first mailed to
stockholders or (ii)&nbsp;April&nbsp;12, 1999.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To be in proper
written form, a stockholder&#146;s notice must set forth (i)&nbsp;as to each person
whom the stockholder proposes to nominate for election as a director (a)&nbsp;the
name, age, business address and residence address of the person, (b)&nbsp;the
principal occupation or employment of the person, (c)&nbsp;the class or series
and number of shares of capital stock of the corporation that are owned by the
person (x)&nbsp;beneficially and (y)&nbsp;of record, and (d)&nbsp;any other
information relating to the person that would be required to be disclosed in a
proxy statement or other filings required to be made in connection with
solicitations of proxies for election of directors pursuant to Section&nbsp;14
of the Exchange Act and the rules&nbsp;and regulations promulgated thereunder;
and (ii)&nbsp;as to the stockholder giving the notice (a) the name and record
address of such stockholder, (b)&nbsp;the class or series and number of shares
of capital stock of the corporation that are owned by such stockholder (x)&nbsp;beneficially
and (y)&nbsp;of record, (c)&nbsp;a description of all arrangements or
understandings between such stockholder and each proposed nominee and any other
person or persons (including their names) pursuant to which the nomination(s)&nbsp;are
to be made by such stockholder, (d)&nbsp;a representation that such stockholder
intends to appear in person or by proxy at the meeting to nominate the persons
named in its notice and (e)&nbsp;any other information relating to such
stockholder that would be required to be disclosed in a proxy statement or
other filings required to be made in connection with solicitations of proxies
for election of directors pursuant to Section&nbsp;14 of the Exchange Act and
the rules&nbsp;and regulations promulgated thereunder.&#160; Such notice must be accompanied by a written
consent of each proposed nominee to being named as a nominee and to serve as a
director if elected.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No person shall be eligible for election as a director
of the corporation unless nominated in accordance with the procedures set forth
in this Section&nbsp;1(d), and unless such person satisfies (if applicable) the
requirements of Section&nbsp;1(e)&nbsp;of this Article&nbsp;III.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&nbsp; No person shall be eligible for election as
a director if his or her election would cause the Company to have insufficient &#147;independent
directors&#148; within the meaning of Section&nbsp;121 of the Company Guide of the
American Stock Exchange (or any successor provision) to meet the requirements
of that Section&nbsp;(or any successor provision).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;2.&#160; <u>Removal of Directors</u>.&#160; Any director may be removed from office with
or without cause at any time and another person may be elected in his place to
serve for the remainder of his term at any special meeting of stockholders called
for that purpose by the affirmative vote of the holders of a majority of all of
the shares of capital stock of the corporation outstanding and entitled to
vote.&#160; In case any vacancy so created
shall not be filled by the stockholders at such meeting, such vacancy shall be
filled by the Board of Directors.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;3.&#160; <u>Chairman</u>.&#160; The Board may appoint from among its members
a Chairman who shall preside at all meetings and serve during the pleasure of
the Board.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;4.&#160; <u>Registration, Meetings, Notice</u>.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp; Each
director shall, upon election to such office, register with the corporation his
mailing address.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp; The
Board of Directors shall, without any notice being given, hold a meeting for
the purpose of organization as soon as may be practicable after each annual
meeting of stockholders.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp; The
Board of Directors may in its discretion schedule regular meetings of the Board
to be held at a stated time and place and no notice, written or otherwise, of
such meeting shall be required.&#160; The
Board of Directors may in its discretion alter the time and place for such
regular meetings from time to time.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp; Special
meetings of the Board of Directors may be called by the Chairman of the Board
of Directors or, in the absence of the Chairman or if no Chairman shall have
been appointed, at the call of the President and, in any case, at the call of
any two directors.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&nbsp; The
Secretary shall give notice of every special meeting of the Board of Directors
orally or by cabling or delivering a copy of the same to each director at his
registered mailing address not less than forty-eight hours prior to any such
meeting.&#160; Such notice shall constitute
full legal notice of any special meeting, whether actually received or not and whether
any director concerned resides in Honolulu or not.&#160; No special meeting and no business transacted
at any such meeting shall be invalidated or in any way affected by the failure
of any director to receive actual notice of any such meeting.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&nbsp; Any
director may expressly, in writing or otherwise, waive notice of any
meeting.&#160; At any meeting, the presence of
a director shall be equivalent to the waiver of the giving of notice of said
meeting to said director.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&nbsp; To the
extent permitted by law, any action required or permitted to be taken at any
meeting of the directors or of a committee of the directors may be taken
without a meeting if all of the directors or all of the members of the
committee, as the case may be, sign a written consent or written consents
setting forth the action taken or to be taken at any time before or after the
intended effective date of such action.&#160;
Such consent or consents shall be filed with the minutes of directors&#146;
meetings or committee meetings, as the case may be, and shall have the same
effect as a unanimous vote.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&nbsp; To the
extent permitted by law, members of the Board of Directors or of a committee of
the Board of Directors may participate in a meeting of such Board or committee
by means of conference telephone or similar communications equipment by means
of which all persons participating in the meeting can hear each other, and
participating in a meeting pursuant to this section shall constitute presence
in person at such meeting.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;5.&#160;
<u>Quorum, Adjournment</u>.&#160; A
majority of the Board of Directors shall constitute a quorum for the
transaction of any business.&#160; Any act or
business must receive the approval of a majority of such quorum unless
otherwise provided by law, the Articles of Association or these Bylaws.&#160; A quorum, once established, shall not be
broken by the absence or withdrawal of one or more directors before the meeting
is adjourned.&#160; The Chairman or a majority
of the directors present may adjourn the meeting from time to time without
further notice.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;6.&#160;
<u>Permanent Vacancies</u>.&#160; If
any permanent vacancy shall occur in the Board of Directors through death,
resignation, removal or other cause, the remaining director or directors,
whether or not a majority of the whole Board, by the affirmative vote of a
majority of the remaining director or directors, may elect a successor director
to hold office for the unexpired portion of the term of the director whose
place shall be vacant.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;7.&#160;
<u>Temporary Vacancies, Substitute Directors</u>.&#160; If any temporary vacancy shall occur in the
Board of Directors through the absence of any director from the State of Hawaii
or the sickness or disability of any director, the remaining director or
directors, whether constituting a majority or a minority of the whole Board,
may by the affirmative vote of a majority of such remaining director or
directors appoint some person as a substitute director who shall be a director
during such absence, sickness or disability and until such director shall
return to duty or the office of such director shall become permanently
vacant.&#160; The determination of the Board
of Directors, as shown on the minutes, of the fact of such absence, sickness or
disability shall be conclusive as to all persons and to the corporation.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;8.&#160;
<u>Expenses and Fees</u>.&#160; By
resolution of the Board of Directors, expenses of attendance, if any, and a
director&#146;s fee in such amount as the Board of Directors shall from time to time
determine, may be allowed for attendance at each meeting of the Board and of
each meeting of any committee created by the Board, provided that nothing
herein contained shall be construed to preclude any director from serving the
corporation in any other capacity and receiving compensation therefor.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;9.&#160;
<u>Executive Committee</u>.&#160; The
Board of Directors, by vote of a majority of the Board, may at its discretion
appoint or elect an Executive Committee of not less than two members from its
own number who shall have charge of the management of the business and affairs
of the corporation in the interim between meetings of the Board of Directors
and may exercise all powers of that body during such interim, but shall at all
times be subject to any instructions issued by the Board of Directors.&#160; The Executive Committee may make its own rules&nbsp;of
procedure.&#160; The Board of Directors, by
vote of a majority of the Board, may at its discretion appoint or elect from
its own number one or more alternate members of the Executive Committee who may
be alternates for designated members of the Executive Committee or alternates
at large or both.&#160; Any alternate member
of the Executive Committee who is an alternate for a designated member shall be
and act as a member of the Executive Committee at any meeting from which the
designated member is absent and any alternate at large shall be and act as a
member of the Committee at any meeting from which any member of the Committee
for whom an alternate has not been designated may be absent.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Such Executive
Committee shall make a report of its acts and transactions at the next meeting
of the Board of Directors.&#160; Vacancies
occurring in such Committee or among the alternates for members of such
Committee may be filled only by vote of the majority of the Board of Directors,
but shall only be filled by a director of the corporation.&#160; The acts of the majority of the Executive
Committee of the Board shall be effective in all respects as the acts of such
Committee and such Committee may act by a writing signed by all of its members,
other than alternates, without a meeting being held.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;10.&#160; <u>Audit Committee</u>.&#160; The Chairman of the Board of Directors shall
have the power, subject to confirmation by the affirmative vote of the majority
of the whole Board, to appoint an Audit Committee of not less than three
members, one of whom must be a member of the Board of Directors.&#160; The Audit Committee shall serve as an
independent check on the reliability of the Company&#146;s financial controls and
its financial reporting, and shall review the work of the independent
auditors.&#160; The Audit Committee may make
its own rules&nbsp;of procedure and shall report to the Board of Directors.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;11.&#160;
<u>Other Committees</u>.&#160; The
Chairman of the Board of Directors shall have the power, subject to
confirmation by the affirmative vote of the majority of the whole Board, to
appoint any other committees and such committees shall have and may exercise
such powers as shall be authorized by the Board of Directors.&#160; Such committees may be composed of members
who are not members of the Board of Directors.&#160;
Such committees may make their own rules&nbsp;of procedure and shall
report to the Board of Directors.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE IV</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">OFFICERS</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;1.&#160;
<u>Officers Generally</u>.&#160; The
officers of the corporation shall be a Chairman of the Board, if appointed by
the Board of Directors; a Vice Chairman of the Board, if appointed by the Board
of Directors; a President; one or more Vice Presidents, some of whom may be
designated as Executive Vice Presidents, Financial Vice Presidents, Senior Vice
Presidents or Group Vice Presidents; a Treasurer; a Controller; a Secretary;
Assistant Vice Presidents, Assistant Secretaries and Assistant Treasurers as
the Board of Directors shall from time to time determine; and such other
officers as the Board of Directors shall from time to time determine.&#160; In addition, the Board of Directors, by vote
of a majority of the Board, may designate which of the Chairman of the Board,
if appointed by the Board of Directors, or the President shall be the Chief
Executive Officer of the corporation.&#160;
The Chief Executive Officer so designated shall have such power and
authority and perform such duties as set forth below and as the Board may from
time to time assign to him.&#160; The Board of
Directors, by vote of a majority of the Board, may designate which of the
Chairman of the Board, if appointed by the Board of Directors, the President or
any Vice President shall be the Chief Operating Officer.&#160; The Chief Operating Officer so designated
shall have such power and authority and perform such duties as set forth below
and as the Board may from time to time assign to him.&#160; The officers shall be appointed by the Board
of Directors and shall hold office thereafter until their successors shall be
duly appointed and qualified.&#160; The number
of Vice Presidents may be changed from time to time by the Board of Directors
at any meeting or meetings thereof and, if increased at any time, such
additional Vice Presidents shall be appointed by the Board of Directors.&#160; The offices of Chairman of the Board of
Directors and Vice Chairman of the Board of Directors shall be filled from
among the members of the Board of Directors, but no other officer need be a
director.&#160; Any two or more of the offices
of Vice President, Secretary, Treasurer and Controller may be held by the same
person or each of such offices may be held by separate persons.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;2.&#160;
<u>Vacancies</u>.&#160; Vacancies which
may occur in any office shall be filled by appointment by the Chief Executive
Officer, if designated, or the President or Board of Directors for the
remainder of the term of such office.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In case of
temporary disability of any officer, the Chief Executive Officer, if designated,
or the President or Board of Directors may appoint a temporary officer to serve
during such absence or disability.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;3.&#160;
<u>Removals</u>.&#160; Any officer, for
or without cause, may be removed from office at any time at a meeting specially
called for that purpose by the affirmative vote of not less than two-thirds of
the total voting power represented by the stock then entitled to vote, except
insofar as such removal would be contrary to law.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board of
Directors of the corporation may at any time remove from office or discharge
from employment for or without cause any officer, manager, subordinate officer,
agent or employee appointed by it or by any person under authority delegated to
it, except insofar as such removal would be contrary to law.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;4.&#160;
<u>Chairman of the Board</u>.&#160;
Whenever there shall be a Chairman of the Board of Directors, he shall
preside at all meetings of the stockholders and of the Board of Directors and
shall have such powers and perform such other duties as may be assigned to him
from time to time by the Board of Directors.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;5.&#160;
<u>Vice Chairman of the Board</u>.&#160;
Whenever there shall be a Vice Chairman of the Board of Directors, he
shall preside at all meetings of the stockholders and of the Board of Directors
should the Chairman of the Board of Directors be absent and he shall have such
powers and perform such other duties as may be assigned to him from time to
time by the Board of Directors.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;6.&#160;
<u>Chief Executive Officer</u>.&#160;
If a Chief Executive Officer is designated by the Board of Directors, he
shall have and exercise, subject to the directions and control of the Board,
the general management, supervision and direction over all of the property,
business and affairs of the corporation, prescribe the duties of the managers
of all branch offices, appoint heads of departments and exercise such other
powers and perform such other duties as the Board may from time to time confer
on him.&#160; He shall at all times keep the
Board of Directors fully advised as to all of the corporation&#146;s business.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;7.&#160;
<u>Chief Operating Officer</u>.&#160;
If a Chief Operating Officer is designated by the Board of Directors, he
shall have and exercise, subject to the discretion and control of the Chief
Executive Officer, if designated, or the Board of Directors, the day-to-day
management, supervision and control of all of the property, business and
affairs of the corporation and generally control the engagement, government and
discharge of all employees of the corporation and fix their duties and
compensation and exercise such other powers and perform such other duties as
the Board may from time to time confer on him.&#160;
He shall at all times keep the Chief Executive Officer, if designated,
or the Board of Directors fully advised as to all of the corporation&#146;s
business.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;8.&#160;
<u>President</u>.&#160; It shall be the
duty of the President in the absence of the Chairman of the Board and Vice
Chairman of the Board, if no Chairman of the Board or Vice Chairman of the
Board shall have been appointed, to preside at all meetings of the stockholders
and of the Board of Directors.&#160; If no
Chief Executive Officer and/or Chief Operating Officer shall have been
designated, then the President shall exercise general supervision and direction
of the business and affairs of the corporation and its several officers, agents
and employees, subject, however, to the control of the Board of Directors, and
shall have power, unless otherwise determined by the Board of Directors, to employ
and discharge all branch, division and department employees, agents and/or
attorneys of the corporation and fix their compensation.&#160; The President shall also perform all other
duties that may be assigned to him from time to time by the Board of Directors.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;9.&#160;
<u>Vice Presidents</u>.&#160; The Vice
Presidents shall assume and perform the duties of the President in the absence
or disability of the President or whenever the office of the President is
vacant, and shall perform such other duties as may be assigned to them from
time to time by the Board of Directors, the Chief Executive Officer, the Chief
Operating Officer or the President.&#160; The
Executive Vice Presidents, in case such officers are appointed, shall be first
in order to perform the duties of the President.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;10.&#160;
<u>Treasurer</u>.&#160; The Treasurer
shall be the financial officer of the corporation.&#160; He shall have custody of all moneys, shall
keep the same for safekeeping in such depositories as may be designated by the
Board of Directors, shall expand the funds of the corporation as directed by
the Board of Directors and take proper vouchers for such expenditures, and
shall perform such other duties as may be assigned to him from time to time by
the Board of Directors or by the President.&#160;
If required to do so by the Board of Directors, he shall give a bond in
such amount and with such surety as may be prescribed by the Board for the
faithful discharge of his duties.&#160; In the
absence or disability of the Treasurer, his duties shall be performed by the
Comptroller or by an Assistant Treasurer.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;11.&#160;
<u>Secretary</u>.&#160; The Secretary
shall have custody of all valuable papers and documents of the corporation,
shall be ex-officio secretary of the Board of Directors and of all standing
committees, shall give or cause to be given all required notices of meetings of
the stockholders and directors, shall record the proceedings of meetings of the
stockholders, directors and standing committees in a book or books to be kept
for that purpose, shall have charge and custody of the records for the issue
and transfer of shares of the capital stock of the corporation, and shall
perform such other duties as may be assigned to him from time to time by the
Board of Directors or by the President.&#160;
He shall have custody of the seal of the corporation.&#160; In the absence or disability of the
Secretary, his duties shall be performed by the Treasurer or by an Assistant
Secretary.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;12.&#160;
<u>Controller</u>.&#160; The
Controller, if there is one, shall be the accounting officer of the corporation.&#160; He shall keep or cause to be kept a book or
books setting forth a true record of the receipts and expenditures, assets and
liabilities, losses and gains of the corporation, shall render statements of
the financial condition of the corporation when and as required by the Board of
Directors, and shall perform such other duties as may be assigned to him from
time to time by the Board of Directors or by the President.&#160; In the absence or disability of the
Controller, his duties shall be performed by the Treasurer or by an Assistant
Controller.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;13.&#160;
<u>Subordinate Officers</u>.&#160; The
powers and duties of the subordinate officers shall be as prescribed by the
Board of Directors.&#160; In the absence or
disability of the Treasurer and Secretary, the Assistant Treasurer or the
Assistant Secretary may register and transfer stock of the corporation under
such regulations as may be prescribed by the Board of Directors.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;14.&#160;
<u>Absence of Officers</u>.&#160; In
the absence or disability of the Chief Executive Officer, Chief Operating
Officer and President, the duties of the Chief Executive Officer, Chief
Operating Officer and President, other than the calling of meetings of the
stockholders and the Board of Directors, shall be performed by the Executive
Vice President and in his absence or disability by such persons as may be
designated for such purpose by the Board of Directors.&#160; In the absence or disability of the Secretary
and of the Assistant Secretary or Assistant Secretaries, if more than one, or
of the Treasurer and the Assistant Treasurer or Assistant Treasurers, if more
than one, the duties of the Secretary or of the Treasurer, as the case may be,
shall be performed by such person or persons as may be designated for such
purpose by the Board of Directors.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;15.&#160;
<u>Auditor</u>.&#160; The Auditor shall
be elected annually by the stockholders, shall not be an officer of the
corporation and shall be an independent certified public accountant.&#160; The Auditor shall audit the books and
accounts of the corporation and shall certify his findings and report thereon
in writing to the stockholders at least annually, and shall make such other
audits and reports as the Board of Directors shall determine from time to time.&#160; The Auditor may be a person, co-partnership
or, if permitted by law, a corporation.&#160;
The Auditor may be removed from office either with or without cause at
any time at a special meeting of the stockholders called for the purpose, and
any vacancy caused by such removal may be filled for the balance of the
unexpired term by the stockholders at a special meeting called for the
purpose.&#160; In case of a vacancy in the
office of Auditor other than by removal, the vacancy may be filled for the
unexpired term by the Board of Directors or, if a special meeting shall be held
during the existence of such vacancy, the vacancy may be filled at such special
meeting of the stockholders.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE V</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXECUTION OF INSTRUMENTS</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;1.&#160;
<u>Proper Officers</u>.&#160; Except as
hereinafter provided or as required by law, all checks, drafts, notes, bonds,
acceptances, deeds, leases, contracts, bills of exchange, orders for the
payment of money, licenses, endorsements, stock powers, powers of attorney,
proxies, waivers, consents, returns, reports, applications, notices, mortgages
and other instruments or writings of any nature which require execution on
behalf of the corporation shall be signed by the President or a Vice President
and by the Secretary or the Treasurer or an Assistant Secretary or an Assistant
Treasurer, but no officer, though he may hold two or more offices, shall sign
any instrument in more than one capacity, provided however that the Board of
Directors may from time to time authorize any such documents, instruments or
writings to be signed by such officers, agents or employees of the corporation,
or any one of them, in such manner as the Board of Directors may determine.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;2.&#160;
<u>Facsimile Signatures</u>.&#160; The
Board of Directors may from time to time by resolution provide for the
execution of any corporate instrument or document, including but not limited to
checks, warrants, drafts and other orders for the payment of money by a
mechanical device or machine or by the use of facsimile signatures under such
terms and conditions as shall be set forth in any such resolution.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE VI</font></p>

<p align="center" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">VOTING OF STOCK BY THE CORPORATION</font></p>

<p align="center" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In all cases where the corporation owns, holds or
represents under power of attorney or by proxy or in any other representative
capacity shares of capital stock of any corporation or shares or interests in
business trusts, co-partnerships or other associations, such shares or
interests shall be represented or voted in person or by proxy by the President
or, in his absence, by the Vice President or, if there be more than one Vice
President present, then by such Vice President as the Board of Directors shall
have designated as Executive Vice President or, failing any such designation,
by any Vice President or, in the absence of any Vice President, by the
Treasurer or, in his absence, by the Secretary; provided, however, that any
person specifically appointed by the Board of Directors for the purpose shall
have the right and authority to represent and vote such shares or interests
with precedence over all of the above named.</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE VII</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CAPITAL STOCK</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;1.&#160;
<u>Certificates of Stock</u>.&#160; The
certificates of stock of each class shall be in such form and of such device as
the Board of Directors may from time to time determine.&#160; They shall be signed by the President or a
Vice President and by the Treasurer or the Secretary or an Assistant Treasurer
or Assistant Secretary and shall bear the corporate seal, provided, however,
that the Board of Directors in its discretion may provide that any certificate
which shall be signed by a transfer agent or by a registrar may be sealed with
only the facsimile seal of the corporation and may be signed with only the
facsimile signatures of the officers above designated.&#160; In case any officer who has signed or whose
facsimile signature has been placed upon any certificate shall have ceased to
be such officer before such certificate is issued, such certificate may,
nevertheless, be issued with the same effect as if such officer had not ceased
to be such at the date of its issue.&#160;
Certificates shall not be issued for nor shall there be registered any
transfer of any fraction of a share.&#160; In
the event that fractional parts of or interests in any share shall result in
any manner from any action by the stockholders or directors of the corporation,
the Treasurer may sell the aggregate of such fractional interests under such
reasonable terms and conditions as the Treasurer shall determine, subject,
however, to the control of the Board of Directors, and distribute the proceeds
thereof to the person or persons entitled thereto.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;2.&#160;
<u>Holder of Record</u>.&#160; The
corporation shall be entitled to treat the person whose name appears on the
stock books of the corporation as the owner of any share as the absolute owner
thereof for all purposes and shall not be under any obligation to recognize any
trust or equity or equitable claim to or interest in such share, whether or not
the corporation shall have actual or other notice thereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;3.&#160;
<u>Transfer of Stock</u>.&#160;
Transfer of stock may be made in any manner permitted by law, but no
transfer shall be valid, except between the parties thereto, until it shall
have been duly recorded in the stock books of the corporation and a new
certificate issued.&#160; No transfer shall be
entered in the stock books of the corporation nor shall any new certificate be
issued until the old certificate, properly endorsed, shall be surrendered and
canceled.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;4.&#160;
<u>Closing of Transfer Books</u>.&#160;
The Board of Directors shall have power for any corporate purpose from
time to time to close the stock transfer books of the corporation for a period
not exceeding thirty consecutive business days, provided, however, that in lieu
of closing the stock transfer books aforesaid the Board of Directors may fix a
record date for the payment of any dividend or for the allotment of rights or
for the effective date of any change, conversion or exchange of capital stock
or in connection with obtaining the consent of stockholders in any matter
requiring their consent or for the determination of the stockholders entitled
to notice of or to vote at any meeting of stockholders and, in any such case,
only such stockholders as shall be stockholders of record on the record date so
fixed shall be entitled to the rights, benefits and privileges incident to
ownership of the shares of stock for which such record date has been fixed,
notwithstanding any transfer of stock on the books of the corporation after
such record date.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;5.&#160;
<u>Lost Certificates</u>.&#160; The
Board of Directors may, subject to such rules&nbsp;and regulations as it may
adopt from time to time, order a new certificate or certificates of stock to be
issued in the place of any certificate or certificates of stock of the corporation
alleged to have been lost or destroyed, but in every such case the owner of the
lost or destroyed certificate or certificates shall be required to file with
the Board of Directors sworn evidence showing the facts connected with such
loss or destruction.&#160; The Board of
Directors may, in its discretion, further require that a notice or notices
shall be published not less than once each week for three consecutive weeks or
for such other length of time as the Board of Directors may provide in any
special case in one or more newspapers of general circulation, which notice
shall describe the lost or destroyed certificate, seek its recovery and warn
all persons against negotiating, transferring or accepting the same.&#160; Unless the Board of Directors shall otherwise
direct, the owner of the lost or destroyed certificate shall be required to
give to the corporation a bond or undertaking in such sum, in such form and
with such surety or sureties as the Board of Directors may approve, to
indemnify the corporation against any loss, damage or liability that the
corporation may incur by reason of the issuance of a new certificate or
certificates.&#160; Nothing in this section
contained shall impair the right of the Board of Directors, in its discretion,
to refuse to replace any allegedly lost or destroyed certificate, save upon the
order of the court having jurisdiction in the matter.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE VIII</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">AMENDMENT</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">These Bylaws may be altered, amended or repealed from time to time by
the vote of not less than two-thirds of all of the directors of the corporation
at any meeting of the Board of Directors, subject to repeal or change by action
of the stockholders taken in accordance with this Article&nbsp;VIII.&#160; The Bylaws, or any provision thereof, may be
repealed or changed by action of the stockholders at a duly called and noticed
annual or special meeting if (i)&nbsp;one of the purposes of such meeting
expressly set forth in the notice therefor is to repeal or change the Bylaws or
any provision thereof, (ii)&nbsp;the notice or accompanying proxy materials set
forth with specificity the repeal of or changes to the Bylaws or any provision
thereof proposed to be effectuated by action of the stockholders at the annual
or special meeting, (iii)&nbsp;the proposal to repeal or change the Bylaws or
any provision thereof complies with all other requirements of the Bylaws
(including without limitation Section&nbsp;7 of Article&nbsp;II), and (iv)&nbsp;such
proposal is approved by the affirmative vote of the holders of at least a
majority of the corporation&#146;s outstanding common stock (except that any such
proposal that would repeal the Bylaws in their entirety, or amend, add or
delete any Bylaw provision concerning the number, term of office or
qualifications of directors, the nomination of directors, the classification of
the Board of Directors, requirements for advance notice of matters to be
brought before any annual or special meeting, or this Article&nbsp;VIII, shall
be effective only if approved by the affirmative vote of the holders of at
least two-thirds of the corporation&#146;s outstanding common stock).</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>

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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;99.1</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><img width="296" height="95" src="g302141moi001.jpg"></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NEWS RELEASE</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FOR RELEASE at 8:00&nbsp;a.m. Eastern</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ROBERT I. WEBBER</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December&nbsp;9, 2008</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">808-877-1674</font></p>
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  </td>
  <td width="15%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:15.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="27%" valign="top" style="padding:0in .7pt 0in .7pt;width:27.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">808-871-0953 FAX</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">STEVE CASE JOINS BOARD OF MAUI LAND&nbsp;&amp;
PINEAPPLE COMPANY</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Largest Shareholder Reaffirms His Commitment
to MLP and Maui</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">KAHULUI, Hawaii &#150; Maui Land&nbsp;&amp; Pineapple Company,&nbsp;Inc.
(NYSE: MLP) today announced that Steve Case has been elected to its board of
directors, effective immediately.&#160; Case,
the co-founder of AOL, is MLP&#146;s largest shareholder, having accumulated a 42%
stake over the past decade.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Case said, &#147;I am proud to be associated with a great Hawaii company
with such a long and distinguished history on Maui.&#160; MLP has begun to make the necessary moves to
position itself for a resurgence, and I look forward to working with the board
and management team to help the company capitalize on its potential.&#148;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">David C. Cole, Chairman and CEO of MLP, said, &#147;We are delighted that
Steve has agreed to join the board of MLP.&#160;
Having one of the nation&#146;s preeminent entrepreneurs, who was born and
raised in Hawaii and cares deeply about its future, agree to step up in this
way sends a great signal to all of our constituencies about MLP&#146;s future.&#148;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">About
the Company</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Maui
Land&nbsp;&amp; Pineapple Company,&nbsp;Inc. is committed to the integration of
agriculture, natural resource management and eco-effective design principles to
create and manage holistic communities.&#160;
MLP&#146;s vision of holistic communities is based on the traditional
Hawaiian model of ahupua`a, a system of self-reliance based on the artful use
of land and water resources to sustain island life indefinitely.&#160; MLP is a Hawaii corporation and successor to
a business organized in 1909.&#160; Its
principal operating subsidiaries are Maui Pineapple Company, Ltd., a producer
and marketer of Maui-grown pineapple, and Kapalua Land Company, Ltd., operator
of Kapalua Resort, a master-planned resort community in West Maui.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">P.O. Box 187 </font></b><b><font face="Symbol" style="font-weight:bold;">&#183;</font></b><b> Kahului, Maui, Hawai&#145;i
96733-6687 </b><b><font face="Symbol" style="font-weight:bold;">&#183;</font></b><b>
808-877-1674 </b><b><font face="Symbol" style="font-weight:bold;">&#183;</font></b><b> Fax 808-871-0953</b></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">rwebber@mlpmaui.com&#160; </font></b><b><font face="Symbol" style="font-weight:bold;">&#183;</font></b><b><font style="font-weight:bold;">  </font>&#160;mauiland.com</b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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