X0306 4 2018-01-23 0001545654 Alexander & Baldwin, Inc. ALEX 0001070021 PASQUALE DOUGLAS M 822 BISHOP STREET HONOLULU HI 96813 1 Common Stock 2018-01-23 4 A 0 16151.0000 0.0000 A 61225.0000 D On 11/16/17, the Board of Directors of Alexander & Baldwin, Inc. (the "Issuer") declared a special distribution on the Issuer's shares of common stock in an aggregate amount of $783.0 million (the "Special Distribution"), payable in a combination of cash and the Issuer's common stock ("Common Stock") to shareholders of record as of the close of business on 11/29/17. The Special Distribution was paid on 1/23/18. In the Special Distribution, the reporting person received the shares of Common Stock reported as acquired in this Form 4. In connection with the Special Distribution and pursuant to the terms of the reporting person's previously granted Company equity awards, such awards were adjusted to preserve their value (the "Equitable Adjustment"). Reflects the Equitable Adjustment with respect to the restricted stock units included herein. Pursuant to a merger effected on November 8, 2017, Alexander & Baldwin REIT Holdings, Inc. became the parent holding company of Alexander & Baldwin, Inc. and the successor issuer to Alexander & Baldwin, Inc., without any change in the relative interests of security holders. Immediately following the merger, Alexander & Baldwin REIT Holdings, Inc. changed its name to Alexander & Baldwin, Inc. /s/ Douglas M. Pasquale 2018-01-24