Alexander & Baldwin : September 2021 Investor Presentation

A d v a n c i n g S i m p l i f i c a t i o n ,

P i v o t i n g t o G r o w t h

S e p t e m b e r 2 0 2 1

I n v e s t o r P r e s e n t a t i o n

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

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ADVANCING SIMPLIFICATION, PIVOTING TO GROWTH

S U P E R I O R

M A R K E T F U N D A M E N T A L S

Dynamic, Growing Market with Structural Limitations on New Supply

H I G H - Q U A L I T Y

P O R T F O L I O

Irreplaceable Assets with

Embedded Growth Opportunities

S I M P L I F I C A T I O N

N E A R I N G C O M P L E T I O N

Facilitates Pivot Back to CRE Investments

S T R O N G

B A L A N C E S H E E T

Supports Accelerated Investment Activity

C O M M I T M E N T T O

C O R P O R A T E R E S P O N S I B I L I T Y

Significant Progress in ESG Initiatives in Recent Years

Partners for Hawai'i

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I R R E P L A C E A B L E A S S E T S

OUTSTANDING

KAUAIOAHU

PORTFOLIO

Strategically located portfolio of

high-quality,needs-based retail, industrial

and ground lease assets

Largest portfolio of grocery-anchored, neighborhood

shopping centers in Hawai'i

The "one-stop shop" for new market entrants with both retail and light industrial/distribution needs

High-performing market with compelling

growth opportunities

• Many retail chains' top-performing stores are
  in Hawai'i (e.g., Sam's Club, Safeway,

Home Depot and California Pizza Kitchen)

• 32%1 of nation's top-25 retailers and QSRs

do not currently have any operational

Hawai'i locations

$104.2M

Total NOI (2019; Pre-COVID)

$94.3M

Total NOI (2020)

$28.5M

Total NOI (Q2 2021)

MAUI

HAWAI'I ISLAND

O A H U

Hawai'i GDP I 74%

Q2 2021 NOI I 73%

M A U I

Hawai'i GDP I 11%

Q2 2021 NOI I 13%

O T H E R I S L A N D S

Hawai'i GDP I 15%

Q2 2021 NOI I 14%

1: Per QSR Magazine and National Retail Federation data.

Partners for Hawai'i

2: Per State of Hawai'i DBEDT data.

Note: See appendix for a statement on management's use of non-GAAP financial measures and reconciliations.

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	Return of 10%				Return of 11%		Estimated return
					of 9% on
	on repositioning				on repositioning
					repositioning
	capital spent and				capital spent and
					capital spend and
	current occupancy				current occupancy
					current occupancy
	of 99.1%.				of 100%.
					of 94.0%.

P E A R L H I G H L A N D S

L A U H A L A S H O P S

A I K A H I P A R K S H O P P I N G

C E N T E R

C E N T E R

Reversion of

Reversion of Ground Lease Asset,

Refresh of Asset and

Effective Leasing

Ground Lease Asset

Redevelopment of Aging Asset and

GLA Expansion

I R R E P L A C E A B L E A S S E T S W I T H E M B E D D E D G R O W T H U P S I D E

E X P E R T I S E I N U N L O C K I N G V A L U E - A D D O P P O R T U N I T I E S

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