Alexander & Baldwin : Nareit REITworld 2020 Investor Presentation

Alexander & Baldwin

Nareit REITworld 2020 Annual Conference Investor Presentation

Safe Harbor Statement

Statements in this presentation that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements.

These forward-looking statements include, but are not limited to, statements regarding possible or assumed future results of operations, business strategies, growth opportunities and competitive positions, as well as the rapidly changing challenges with, and the Company's plans and responses to, the novel coronavirus (COVID-19) pandemic and related economic disruptions. Such forward-looking statements speak only as of the date the statements were made and are not guarantees of future performance. Forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results and the timing of certain events to differ materially from those expressed in or implied by the forward-looking statements. These factors include, but are not limited to, prevailing market conditions and other factors related to the Company's REIT status and the Company's business, risks associated with COVID-19 and its impacts on the Company's businesses, results of operations, liquidity and financial condition, the evaluation of alternatives by the Company related to its materials and construction business and by the Company's joint venture related to the development of Kukui'ula, generally discussed in the Company's most recent Form 10-K, Form 10-Q and other filings with the SEC. The information in this presentation should be evaluated in light of these important risk factors. We do not undertake any obligation to update the Company's forward-looking statements.

Partners for Hawai'i

Alexander & Baldwin I NYSE: ALEX 2

Statement On Use Of Non-GAAP

Financial Measures

The Company presents certain non-GAAP financial measures in this presentation. The Company uses these non-GAAP measures when evaluating operating performance because management believes that they provide additional insight into the Company's and segments' core operating results, and/or the underlying business trends affecting performance on a consistent and comparable basis from period to period. These measures generally are provided to investors as an additional means of evaluating the performance of ongoing core operations.

The non-GAAP financial information presented herein should be considered supplemental to, and not as a substitute for or superior to, financial measures calculated in accordance with GAAP.

The Company's methods of calculating non-GAAP measures may differ from methods employed by other companies and thus may not be comparable to such other companies.

Required reconciliations of these non-GAAP financial measures to the most directly comparable financial measure calculated and presented in accordance with GAAP are set forth in the following slides. Additional information on non-GAAP financial measures is included in the Company's quarterly Supplemental Information report, which is furnished to the SEC and available at www.alexanderbaldwin.com.

Partners for Hawai'i

Alexander & Baldwin I NYSE: ALEX 3

Alexander & Baldwin

Partners for Hawai'i

Hawai'i Sharpshooter

Hawai'i's premier commercial real estate company with 150-year history of successfully operating in this unique market

• Deep market knowledge resulting in acquisition advantages (off-market or first look opportunities)
• Strong relationships with key stakeholders in the communities operated in, with a proactive approach when dealing with valued tenants and addressing community feedback

Needs-Based Retail Portfolio

Largest owner of grocery-anchored, neighborhood shopping centers in high-performing yet high barrier to entry Hawai'i market

High-Quality and Diverse Portfolio with Internal Capital Sources for Growth

Strategically located portfolio of retail, industrial and ground lease assets with attractive future growth opportunities able to be sourced by the monetization of non-core assets

Nearing End of Strategic Transformation

Focus on end goal and ongoing simplification process should allow Company to unlock significant near-term value for all stakeholders

Strong Environmental, Social and Governance (ESG) Commitment

Solid reputation with a long history of valuing ESG matters, which has been highlighted in inaugural digital-format Corporate Responsibility Report

• A 2020 Nareit Diversity, Equity & Inclusion (DEI) Recognition Award Winner

Partners for Hawai'i

Alexander & Baldwin I NYSE: ALEX 4