X0306 4 2013-04-25 0000003453 Matson, Inc. MATX 0001213596 BAIRD W BLAKE 1080 CHESTNUT STREET, #17B SAN FRANCISCO CA 94109 1 Common Stock 2013-04-25 4 A 0 3979.0000 0.0000 A 7935.0000 D Common Stock 16739.0000 I By Family Trust Restricted stock units issued under the Issuer's 2007 Incentive Compensation Plan that vest in three equal annual installments beginning a year from the transaction date. The reported number of shares reflects the adjustment (in the form of a share increase) to the number of shares of the Issuer's common stock subject to the outstanding restricted stock unit awards held by the Reporting Person that was made, in accordance with the anti-dilution provisions applicable to those restricted stock units, to reflect the distribution by Issuer of the outstanding shares of Alexander & Baldwin, Inc. (a newly-formed subsidiary formerly known as A&B II, Inc.) to the Issuer's stockholders in a pro-rata spin-off transaction at the close of business on June 29, 2012. The anti-dilution increase to the number of shares of Issuer's common stock underlying each such restricted stock unit award was structured so as to preserve the intrinsic value that existed with respect to each such award immediately prior to such distribution. /s/ W. Blake Baird 2013-04-26