Exhibit 99.1

Alexander & Baldwin, Inc. Real Estate Supplement As of and for the Years Ended December 31, 2014 and 2013 (unaudited)

ABOUT THIS SUPPLEMENT This periodic Supplement is designed to provide current and potential shareholders of Alexander & Baldwin, Inc. with addition al information regarding the Company’s Real Estate operating segments. This information is supplemental to and does not replace the informat ion provided to shareholders in the Company’s periodic filings with the Securities and Exchange Commission. The information contained in this Supplement is unaudited and should be read in conjunction with the Company’s quarterly and ann ual reports and other filings with the Securities and Exchange Commission. The Company intends to provide periodic updates to the informa tio n contained herein, but is not required, and undertakes no obligation, to revise or update forward - looking statements or any factors that ma y affect actual results, whether as a result of new information, future events, or circumstances occurring after the dates on the cover of th is Supplement. Feedback and suggestions regarding the contents of this Supplement are welcomed, and should be directed to Suzy P. Hollinger, Di rector, Investor Relations, via telephone at (808) 525 - 8422 or via email to shollinger@abinc.com. 2

INDEX TO REAL ESTATE SUPPLEMENT (Unaudited) As of Years Ended December 31, 2014 and 2013 Forward - Looking Statements 5 Basis of Presentation 5 Periodic Updates 6 About the Company 7 Landholdings 10 Landholdings 10 Landholdings by Geographic Location (Table 1) 11 Landholdings Under Joint Venture Development (Table 2) 11 Landholdings by Type and Location (Table 3) 12 A&B Ag Zoned Land Sales Data – Maui and Kauai – 2008 to 2014 (Table 4) 13 Real Estate Development & Sales 14 Segment Strategy and Operations 15 Real Estate Development & Sales Overview (Table 5) 16 Reconciliation of Acreage Under Development (Table 5) to Landholdings (Table 3) (Table 6) 18 Active Planning and Development Project Information Sheets 19 Future Development Project Summaries 29 Entitlement Activity 30 3

INDEX TO REAL ESTATE SUPPLEMENT (Unaudited) As of Years Ended December 31, 2014 and 2013 Real Estate Leasing 31 Segment Strategy and Operations 32 Asset Descriptions and Statistics 35 Property Detail – Hawaii (Table 7) 35 Property Detail – Mainland ( Table 8) 37 Comparable % Occupancy Data by Geographic Region and Asset Class (Table 9) 38 Weighted Average Gross Leasable Area by Geographic Region and Asset Class (Table 10) 38 Occupancy Trend Analysis - Last Five Quarters (Table 11) 38 Real Estate Leasing Net Operating Income (NOI) (Table 12) 39 Real Estate Leasing Same Store NOI (Table 13) 39 Statement on Management’s Use of Non - GAAP Financial Measures 40 Reconciliation of Real Estate Leasing Operating Profit to NOI and Same Store NOI (Non - GAAP) (Table 14) 40 Portfolio Acquisitions and Dispositions 41 2014 and 2013 Property Portfolio Acquisitions/Dispositions ( Table 15) 41 Lease Renewal Analysis 43 Lease Expirations (Table 16) 43 Portfolio Concentrations 44 Tenant Concentrations as of 12/31/14 (Table 17) 44 Hawaii Commercial Property Information Sheets 45 Mainland Commercial Property Information Sheets 63 4

FORWARD - LOOKING STATEMENTS This Supplement contains certain forward - looking statements, such as forecasts and projections of the Company’s future performance or statements of management’s plans and objectives . Statements in this Supplement that are not historical facts are forward - looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995 . Forward - looking statements include, for example, all references to current or future years . New risk factors emerge from time to time and it is not possible for the Company to predict all such risk factors, nor can it assess the impact of all such risk factors on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward - looking statements . Accordingly, forward - looking statements cannot be relied upon as a guarantee of future results and involve a number of risks and uncertainties that could cause actual results to differ materially from those projected in the statements, including, but not limited to the factors that are described in Part I, Item 1 A under the caption of “Risk Factors” of the Company’s Form 10 - K, as well as factors that are described in the Company’s other filings, including subsequent filings, with the Securities and Exchange Commission (“SEC”) . The Company is not required, and undertakes no obligation, to revise or update forward - looking statements or any factors that may affect actual results, whether as a result of new information, future events, or circumstances occurring after the date of this report . BASIS OF PRESENTATION The information contained in this Supplement does not purport to disclose all items required by accounting principles generally accepted in the United States of America (GAAP) . The information contained in this Supplement is unaudited and should be read in conjunction with the Company’s most recent Form 10 - K and other filings with the SEC . 5

PERIODIC UPDATES The Company provides quarterly updates, but undertakes no obligation to continue to provide updates, of the information conta ine d in the tables listed below: Table 7: Property Detail – Hawaii Table 8: Property Detail – Mainland Table 9: Comparable % Occupancy Data by Geographic Region and Asset Class Table 10: Weighted Average Gross Leasable Area by Geographic Region and Asset Class Table 11: Occupancy Analysis Trend – Last Five Quarters Table 12: Real Estate Leasing NOI Table 13: Real Estate Leasing Same Store NOI Table 14: Reconciliation of Real Estate Leasing Operating Profit to NOI and Same Store NOI (Non - GAAP) Table 15: Improved Property Portfolio Acquisitions/Dispositions For detailed information on past quarters, refer to the quarterly supplements for 2014, which are available on the Company’s web site at www.alexanderbaldwin.com. The Company currently intends to update all other information contained herein on an annual basis. 6

ABOUT THE COMPANY Alexander & Baldwin, Inc . (“A&B” or “Company”) is a Hawaii - based company, with interests in real estate development, commercial real estate, agriculture, materials and construction . Founded in 1870 as a sugar plantation, the Company has evolved from its agricultural roots into complementary businesses serving the real estate, agricultural, and materials and construction needs of Hawaii . A&B’s operations also include 13 commercial properties and three development joint ventures on the U . S . Mainland . A&B has significant landholdings in Hawaii ; at December 31 , 2014 , the Company owned 88 , 251 acres in the state, primarily on the islands of Maui and Kauai . A&B is responsible for the stewardship of this land and the long - term enhancement of its value . The vast majority of this land was acquired over 100 years ago to support the cultivation of sugar cane . For a significant portion of the Company’s core Hawaii landholdings, agriculture and related uses represent the highest and best use for the foreseeable future, providing significant benefits to the community and shareholders alike . In total, roughly 87 , 350 acres of the Company’s land, including land leased to others, are currently designated for agriculture and conservation uses (the latter consisting mainly of the collection and transport of water for irrigation purposes and hydroelectric power production) . A&B cultivates sugar on nearly 36 , 000 acres (including land leased from third parties) in Maui’s Central Valley . On Kauai, A&B leases roughly 5 , 100 acres to third parties engaged in a variety of agricultural activities, including cultivation of coffee and seed corn, and raising of livestock . The Company also utilizes its land assets to produce renewable energy, including biomass combustion, hydroelectric, and solar photovoltaic generation facilities . A&B’s integrated approach to land management enables lands that are suitable for development to be employed at their highest and best use by undertaking planning, entitlement and development activities, where appropriate, to enhance the value of the Company’s lands, while addressing market demand and community needs . By identifying and pursuing developments and transactions that enhance the value of raw landholdings, and reinvesting proceeds from these efforts into new developments and commercial properties, A&B creates value for shareholders and diversifies its income stream . The Company’s development activities, once limited to its legacy landholdings on Maui and Kauai, have expanded to encompass lands newly acquired for development and the participation in a number of development joint ventures throughout Hawaii . This expansion of the Company’s development activities has allowed it to leverage its expertise, market knowledge and capital resources, while also mitigating risk . 7

ABOUT THE COMPANY REAL ESTATE Real estate development and leasing activities are conducted by A&B Properties, Inc . (“A&B Properties”), a wholly owned subsidiary of A&B, and various other subsidiaries and affiliates of A&B . The Company’s real estate business consists of two segments that operate in Hawaii and on the Mainland : Development & Sales and Leasing . The Development & Sales segment creates value through an active and comprehensive program of land stewardship, planning, entitlement, investment, development and sale of land and commercial and residential properties, principally in Hawaii . The Leasing segment generates significant, stable, recurring cash flows through the ownership, operation and management of a portfolio of high - quality retail, office and industrial properties in Hawaii and on the Mainland as well as ground leases in Hawaii . Cash generated by this portfolio serves as an important source of funding for A&B's real estate development activities . MATERIALS & CONSTRUCTION Materials and construction operations are primarily conducted by Grace Pacific LLC (“Grace”), a wholly owned subsidiary of A&B . Grace mines, processes and sells basalt aggregate, imports sand and aggregates for sale and use, imports and markets liquid asphalt, manufactures and markets asphaltic concrete, performs asphalt paving as a prime contractor and subcontractor, manufactures and supplies precast/prestressed concrete products and provides and markets various construction - and traffic - control - related services and products . Grace was acquired by A&B on October 1 , 2013 . AGRIBUSINESS Agribusiness operations are conducted by Hawaiian Commercial & Sugar Company (“HC&S”), a division of A&B, and certain other wholly owned subsidiaries of A&B . Agribusiness produces and sells bulk raw sugar, specialty food - grade sugars and molasses, and is also a renewable energy provider on the islands of Maui and Kauai through hydroelectric and solar facilities and the cogeneration of electricity from bagasse at its sugar mill . This segment, which operates exclusively in Hawaii, also includes support services for other agricultural operations and includes general trucking services, mobile equipment maintenance and repair services . More information about the Company can be found at www . alexanderbaldwin . com . 8

ABOUT THE COMPANY CORPORATE HEADQUARTERS Alexander & Baldwin, Inc. 822 Bishop Street Honolulu, HI 96813 INVESTOR RELATIONS Suzy P. Hollinger Director, Investor Relations Tel: (808) 525 - 8422 Email: shollinger@abinc.com WEBSITES Alexander & Baldwin, Inc. www.alexanderbaldwin.com A&B Properties, Inc. www.abprop.com Grace Pacific LLC www.gracepacific.com Hawaiian Commercial & Sugar Company www.hcsugar.com TRANSFER AGENT & REGISTRAR Computershare P.O. BOX 30170 College Station, TX 77842 - 3170 OVERNIGHT CORRESPONDENCE Computershare 211 Quality Circle, Suite 210 College Station, TX 77845 SHAREHOLDER WEBSITE www.computershare.com/investor SHAREHOLDER ONLINE INQUIRIES https://www - us.computershare.com/investor/Contact STOCK EXCHANGE LISTING NYSE: ALEX 9

LANDHOLDINGS

LANDHOLDINGS As of December 31 , 2014 , A&B and its subsidiaries owned 88 , 417 acres, consisting of 88 , 251 acres in Hawaii and 166 acres on the Mainland . 11 TABLE 1 LANDHOLDINGS BY GEOGRAPHIC LOCATION December 31 , 2014 Table 1 does not include 1 , 055 acres held under joint venture development (see Table 2 below) . The Company also leases an additional 2 , 900 acres on Maui, Kauai, and Oahu from third parties, which are not included in the tables that follow . TABLE 2 LANDHOLDINGS UNDER JOINT VENTURE DEVELOPMENT December 31 , 2014 Location Acres Maui 66,180 Kauai 20,360 Oahu 1,436 Molokai 265 Big Island 10 Total Hawaii 88,251 California 53 Utah 40 Texas 24 Nevada 21 Arizona 19 Colorado 5 Washington 4 Total U.S. Mainland 166 Total landholdings 88,417 Project Original acres Acres at 12/31/14 Kukui’ula (HI) 1,000 936 California joint ventures 97 97 Ka Milo (HI) 31 17 The Collection (HI) 3 3 Waihonua (HI) 2 2 Total 1,133 1,055

LANDHOLDINGS The bulk of the Company’s 88 , 417 acres is used for agricultural, pasture, watershed and conservation purposes . A portion of these lands is used or planned for development or other urban uses, including the development projects described in the following pages . Table 3 details the Company’s landholdings by type and location . 12 TABLE 3 LANDHOLDINGS BY TYPE AND LOCATION December 31 , 2014 Maui Kauai Oahu Molokai Big Island Hawaii Total Acres Mainland Total Acres Total Acres Fully entitled Hawaii – development/other Active development/sales 330 - 10 - - 340 - 340 Future development 130 44 - - - 174 - 174 Ground leases to third parties 63 1 51 - - 115 - 115 Land used by affiliates 22 20 - - - 42 - 42 Other, including land not planned for development 15 34 - - - 49 - 49 560 99 61 - - 720 - 720 Hawaii – commercial improved properties 33 18 120 - 10 181 - 181 Mainland – commercial improved properties - - - - - - 166 166 Subtotal – fully entitled 593 117 181 - 10 901 166 1,067 Agricultural, pasture and miscellaneous Hawaiian Commercial & Sugar Company 33,054 - - - - 33,054 - 33,054 Leased to third parties 6,240 5,123 75 - - 11,438 - 11,438 Other agricultural, pasture and misc. purposes 10,423 1,795 540 265 - 13,023 - 13,023 Subtotal – agricultural, pasture & misc. 49,717 6,918 615 265 - 57,515 - 57,515 Watershed/conservation 15,870 13,325 640 - - 29,835 - 29,835 Total landholdings 66,180 20,360 1,436 265 10 88,251 166 88,417

LANDHOLDINGS 13 TABLE 4 A&B AG ZONED LAND SALES DATA – MAUI AND KAUAI 2008 - 2014 Total acres sold Average price per acre High Low 0-5 acres 15 125,700$ 175,000$ 100,000$ 5-20 acres 76 63,700 167,800 24,300 20-100 acres 493 30,000 55,700 14,000 100+ acres 1,063 21,700 29,000 11,300 Total 1,647 27,000$ 175,000$ 11,300$

REAL ESTATE DEVELOPMENT & SALES

REAL ESTATE DEVELOPMENT & SALES SEGMENT STRATEGY AND OPERATIONS The Real Estate Development & Sales segment generates its operating profit through the development and sale of pipeline projects, raw lands, real estate investments, commercial properties from the Real Estate Leasing segment portfolio, and the equity in earnings of joint ventures . The Development & Sales segment primarily seeks to create shareholder value through an active, comprehensive, Hawaii - centric program of land stewardship, planning, entitlement, investment, development and sale of real estate . The segment’s primary strategic objectives include : FOCUS ON ENTITLEMENT AND DEVELOPMENT OF LEGACY HAWAII LANDS A&B focuses on the development of a portion of its core landholdings in Hawaii, pursuing entitlement and development projects that respond to market demand while meeting community needs . The large amount of land that the Company owns on Maui and Kauai provides opportunities for A&B to serve a wide range of markets . INVEST IN HIGH - RETURNING REAL ESTATE OPPORTUNITIES IN HAWAII In addition to the development of its legacy lands, since 1998 A&B has invested in attractive development opportunities across Hawaii, leveraging market knowledge, development expertise, entitlement experience and financial strength to both create shareholder value and diversify its development portfolio and pipeline . EXPAND PIPELINE PROJECTS A&B’s pipeline of development projects encompasses a broad range of real estate product types, including residential and commercial properties . A&B works to continuously expand this pipeline to meet current and future market demand . UTILIZE STRATEGIC JOINT VENTURES WITH A WIDE VARIETY OF PARTNERS A&B pursues joint ventures and other strategic relationships, where appropriate, to supplement its in - house capabilities, access third - party capital, gain access to new opportunities in the Hawaii market, diversify its pipeline, and optimize risk - adjusted returns . 15

Table 5 provides an overview of the Company’s wholly owned and joint venture development projects, and is further supplemented by project information sheets that follow the table . 16 TABLE 5 REAL ESTATE DEVELOPMENT AND SALES OVERVIEW December 31 , 2014 Project Location Product type Est. economic interest 1 Acres at 12/31/14 Planned units, saleable acres or gross leasable square feet Average unit (sf) or lot size (acres) Units/acres closed through 12/31/14 Targeted sales price range per square foot or NOI Est. project cost 2 A&B net investment as of 12/31/14 A&B capital est. 2015 3 O/S debt Start/Est. start Est. substantial completion Start/Est. start Est. end Wholly owned (100% economic interest) Haliimaile Haliimaile, Maui Primary residential 55 175-200 lots 7,500 sf - tbd tbd 1 - - tbd tbd tbd tbd Kahala Avenue Portfolio Honolulu, Oahu Residential 9 30 lots 0.5 acres 16 lots $150-$385 135 78 1 35 n/a n/a 2013 2018 Kihei Residential Kihei, Maui Primary residential 95 600 units tbd - tbd tbd 1 - - 2015 tbd tbd tbd Maui Business Park II 4 Kahului, Maui Light industrial lots 143 136 acres 0.5 - 11 acres 11 acres $38-$60 81 52 9 - 2011 2021 2012 2028 Mililani Mauka South Mililani, Oahu Retail/Office developed for commercial portfolio 1 18,500 sf n/a - $0.7M stabilized NOI 9 3 6 - 2014 2015 n/a n/a The Ridge at Wailea (MF-19) Wailea, Maui Resort residential 6 9 lots 0.5 acres 1 lot $60-$130 9 8 - - 2007 2009 2014 2016 Wailea B-1 Wailea, Maui Commercial/retail 11 60,000 sf tbd - tbd tbd 5 - - tbd tbd tbd tbd Wailea MF-7 Wailea, Maui Resort residential 13 75 units 1,700 sf - $800-$1,100 84 9 - - 2016 2018 2018 2019 Total 333 Joint ventures Ka Milo at Mauna Lani Kona, Hawaii Resort residential 50% 17 137 units 2,000 sf 64 units $530-$800 120 11 - - 2005 2016 2007 2016 Keala 'O Wailea (MF-11) Wailea, Maui Resort residential 65%+/-5% 7 70 units 1,440 sf - $600-$1,000 60 9 - - 2015 2017 2016 2018 Kukui'ula Poipu, Kauai Resort residential 85% +/- 5% 936 Up to 1,500 units on 640 saleable acres 0.42 acres 112 lots $30-$130 805 277 17 - 2006 2030 5 2006 2030 The Collection Honolulu, Oahu Primary residential/commercial 90% +/-5% 3 465 units (464 salable) 904 sf - $575-$945 275 46 6 - 2014 2016 2016 2017 Waihonua at Kewalo  Honolulu, Oahu Primary residential high-rise 75% +/- 5% 2 341 units (340 salable) 1,000 sf 12 units 6 $450-$970 207 36 - 76 2012 2014 2015 Jan 2015 Total 965 FUTURE DEVELOPMENT Wholly owned Aina 'O Kane Kahului, Maui Primary residential/commercial 4 1 Brydeswood Kalaheo, Kauai Agricultural lots 336 3 Kahului Town Center Kahului, Maui Primary residential/commercial 19 2 Kai Olino Port Allen, Kauai Primary residential 4 11 Wailea SF-8 Kihei, Maui Primary residential 13 1 Wailea MF-6 Wailea, Maui Resort residential lots 23 6 Wailea MF-10 Wailea, Maui Resort/commercial 7 3 Wailea MF-16 Wailea, Maui Resort residential lots 7 3 Wailea, other Wailea, Maui Various 76 21 Total 489 ACTIVE PLANNING, DEVELOPMENT & SALES Sales Closings Timing(Dollars in millions) Construction timing

17 TABLE 5 (CONTINUED) REAL ESTATE DEVELOPMENT AND SALES OVERVIEW December 31 , 2014 1 Economic interest represents the Company’s estimated share of distributions after return of capital contributions, based o n c urrent forecasts of sales activity. Actual results could differ materially from projected results due to the timing of expected sales, increases or decreases in estimated sales pr ices or costs and other factors. As a result, estimated economic interests are subject to change. 2 Includes land cost at book value and capitalized interest, but excludes sales commissions and closings costs. 3 Estimated 2015 capital is dependent on a number of factors, including timing of sales proceeds, project costs, construction progress and timing of any additional government approvals, such as building permits. As a result, estimated capital expenditures, sales or leasing timing are subject to chan ge. 4 Includes 24 acres of roadways and other infrastructure that are not saleable. 5 Represents estimated completion date for major project infrastructure and amenities. Construction activities related to pa rce l development will be ongoing . 6 Remaining 328 saleable units closed in January 2015. Project Location Product type Est. economic interest 1 Acres at 12/31/14 Planned units, saleable acres or gross leasable square feet Average unit (sf) or lot size (acres) Units/acres closed through 12/31/14 Targeted sales price range per square foot or NOI Est. project cost 2 A&B net investment as of 12/31/14 A&B capital est. 2015 3 O/S debt Start/Est. start Est. substantial completion Start/Est. start Est. end FUTURE DEVELOPMENT (Continued) Joint ventures Bakersfield Bakersfield, CA Retail 57 7 Palmdale Center Palmdale, CA Office/Industrial 18 5 Santa Barbara Ranch Santa Barbara, CA Primary residential lots 22 6 Total 97 ENTITLEMENT Ele'ele Community Phase I Ele'ele, Kauai Primary residential 260 tbd Wai'ale Kahului, Maui Primary residential 545 up to 2,550 units Total 805 Sales Closings Timing(Dollars in millions) Construction timing

18 TABLE 6 RECONCILIATION OF ACRES UNDER DEVELOPMENT (TABLE 5 ) TO LANDHOLDINGS (TABLE 3 ) December 31 , 2014 Acres Active development/sales - wholly owned (Table 5) 333 Add: Keala O Wailea (MF-11) joint venture (included in joint ventures in Table 5) 7 Active development/sales (Table 3) 340 Future development - wholly owned (Table 5) 489 Less: Brydeswood agricultural-zoned lots included in Kauai other ag, pasture and misc. purposes in Table 3 (336) Kahului Town Center redevelopment acres included in Hawaii-commercial improved properties in Table 3 (19) Add: Ele'ele acres already entitled included in Kauai fully entitled future development in Table 3 40 Fully entitled Hawaii-development/other- future development (Table 3) 174

ACTIVE PLANNING AND DEVELOPMENT PROJECT INFORMATION SHEETS ACTIVE DEVELOPMENT Wholly Owned Haliimaile 21 Kahala Avenue Portfolio 21 Kihei Residential 22 Maui Business Park II 22 Mililani Mauka South – Office 23 Wailea 24 The Ridge at Wailea (MF - 19) 25 Wailea B - 1 25 Wailea MF - 7 25 Joint Venture Ka Milo at Mauna Lani 26 Keala O Wailea (MF - 11) 26 Kukui‘ula 27 The Collection 28 Waihonua at Kewalo 28 19

ACTIVE PLANNING AND DEVELOPMENT PROJECT INFORMATION SHEETS FUTURE DEVELOPMENTS Wholly Owned Aina ‘O Kane 29 Brydeswood 29 Kahului Town Center 29 Kai Olino 29 Wailea Parcels 29 ENTITLEMENT ACTIVITY Ele`ele Community 30 Wai`ale Community 30 20

PROJECT OVERVIEW - Primary residential subdivision planned for Haliimaile (Upcountry, Maui) - Project to include 175 to 200 single - and multi - family units - 10 acres are allocated for a park - In 2012, an additional 80 acres adjacent to this subdivision were approved by the County for future urban growth in the Maui Island Plan ACTIVE PLANNING AND DEVELOPMENT HALIIMAILE KAHALA AVENUE PORTFOLIO L OCATION Haliimaile, Maui A CQUISITION D ATE Historic lands A CRES 55 U NITS 175 - 200 PROJECT OVERVIEW - Original purchase of 27 lots on Kahala Avenue in September 2013 for $98 million - 3 additional lots acquired in December 2013 for $30 million (2 oceanfront) - Located on Kahala Avenue, Honolulu’s premier residential address - Acquisition was an off - market transaction at a substantial discount to market value - 16 lots sold for $83 million (9 closed in 2013, 7 in 2014) - 3 lots are in escrow under binding contract for $19.8 million - Of 11 remaining lots, 74% of remaining square feet is high value oceanfront lots L OCATION Honolulu, Oahu A CQUISITION D ATE September 10, 2013, December 27, 2013 A CRES 16 (9 remaining) L OTS 30 (27 lots acquired in September 2013, 3 lots acquired in December 2013 ) 14 lots remain at 12/31/14 21

PROJECT OVERVIEW - Primary residential subdivision planned for up to 600 housing units on Maui’s south shore - Mix of single - family and multi - family residential homes, parks and commercial uses - Final zoning approval received in August 2014 - Planning, engineering, and architectural design ongoing - Commencement of construction planned in 2015 - 2016 ACTIVE PLANNING AND DEVELOPMENT KIHEI RESIDENTIAL MAUI BUSINESS PARK II L OCATION Kihei, Maui A CQUISITION D ATE Historic lands A CRES 95 U NITS 600 PROJECT OVERVIEW - Zoned for light industrial use (commercial, retail, office) - Well - located in Central Maui near Kahului Airport, Harbor and Maui’s primary residential districts - Primary source of Maui’s future commercial development lands - Adjacent to 76 - acre Maui Business Park I project, Maui’s primary retail destination - 4 - acre parcel sold to Costco in January 2012 for $ 38 per square foot - 24 - acre adjacent parcel sold in November 2013 for $38 per square foot for the development of Maui’s first Target store opened in March 2015 - Closed three sales totaling 7.2 acres in 2014 at an average price of $47 per square foot - 4 - acre parcel sold in January 2015 for $47 per square foot - 13 acres under contract at various stages of buyer due diligence as of March 2, 2015 L OCATION Kahului, Maui A CQUISITION D ATE Historic lands A CRES Original: 154 (136 salable ) Remaining: 124 salable at 12/31/14 22

PROJECT OVERVIEW - Fully zoned for commercial development - Well - located within the only retail shopping/office area in the Mililani Mauka community (pop. 20,000) in Central Oahu - Original 18,600 square - foot office building and 1.6 - acre development site acquired with 1031 exchange funds - Lease signed with Liberty Dialysis for 14,000 square feet of a planned 18,500 square - foot medical office building ACTIVE PLANNING AND DEVELOPMENT MILILANI MAUKA SOUTH – OFFICE L OCATION Mililani, Oahu A CQUISITION D ATE June 7, 2012 A CRES 5 (1 remaining for development, 4 acres included in Leasing portfolio) GLA (IN SQ. FT.) 18,700 - existing 18,500 - future 23

ACTIVE PLANNING AND DEVELOPMENT WAILEA 24 A&B was the original developer of the Wailea Resort on Maui, beginning in the 1970 s and continuing until A&B sold the resort to a Japanese company in 1989 . In October 2003 , A&B re - acquired from the same Japanese company all of the remaining undeveloped land in the resort, consisting of 270 acres of fully zoned, residential and commercial land, for $ 67 . 1 million . This map shows the sites (outlined in red) that were reacquired in 2003 . Since that time, the Golf Vistas, sites MF - 15 , MF - 9 , MF - 5 , MF - 4 and portions of sites MF - 10 ( 6 . 4 acres) and B - II ( 0 . 9 acres) have been sold or developed and MF - 8 was contributed to the Kai - Malu joint venture . MF - 11 will be contributed to the Keala o Wailea joint venture . A&B has approximately 160 acres of developable land remaining in the Wailea resort planned for up to 700 units ; 37 a cres are in active development and/or being marketed for sale . Future development or Sale Active development Sold ACTIVE DEVELOPMENT Wholly Owned The Ridge at Wailea (MF - 19), B - 1, MF - 7 Joint Ventures Keala o Wailea (MF - 11) FUTURE DEVELOPMENT OR SALE MF - 6, MF - 10, MF - 12, MF - 13, MF - 16, SF - 7, SF - 8, SF - S

WAILEA ACTIVE DEVELOPMENT 25 ACTIVE DEVELOPMENT THE RIDGE AT WAILEA (MF - 19) - The Ridge at Wailea (MF - 19) consists of nine, half - acre, oceanview estate lots situated on 7 acres. One lot sold in 2014 for $1.6 million ($70 per square foot). Eight lots remain available for sale. WAILEA B - 1 - The 11 - acre B - 1 parcel, which contains the only approved gas station site within the Wailea master plan, is planned for a retail commercial center with approximately 60,000 square feet of leasable space. Preliminary planning and design work was completed and bulk sale or development is being pursued. WAILEA MF - 7 - The 13 - acre MF - 7 parcel is fully designed for the development of a 75 - unit multi - family project. The project has secured the required affordable housing credits and water meters.

Artist Rendering Artist Rendering KEALA O WAILEA (MF - 11) L OCATION Wailea, Maui A CQUISITION D ATE October 2003 A CRES 7 U NITS 70 PROJECT OVERVIEW - 137 - unit resort residential community, with a mix of single - family and attached single - family homes - 64 units have been sold as of 12/31/14 - Onsite resort amenities include two pools, spa, exercise room, and function pavilion - Construction of second phase continues, focusing on single - family units - Units are constructed in phases based on buyer demand - 15 units closed in 2014 at an average price of $1.0 million - 24 units are projected to be completed in 2015 KA MILO AT MAUNA LANI L OCATION Kona, Hawaii A CQUISITION D ATE May 2004 A CRES 31 (17 remaining) L OTS 137 total (73 remaining) PROJECT OVERVIEW - Planned 70 - unit multi - family development on seven acres in partnership with Armstrong Builders - Received final regulatory approval In November 2014 - Anticipate commencing presales in March 2015 - Estimated unit sales price range is $700,00 to $1.8 Million ($600 to $1,000 psf) ACTIVE PLANNING AND DEVELOPMENT – JOINT VENTURES 26

PROJECT OVERVIEW - Luxury resort residential community in Poipu, Kauai for the development of up to 1,500 residential units on 1,000 fully entitled acres - Joint venture with DMB Associates, developer of premier master - planned residential communities - Resort amenities - 75,000 sq. ft. private club - Owners plantation house and golf club houses - World - class spas, pools, fitness center, movement studio - Weiskopf - designed championship golf course - Community lake and farm - Beach pool, bar and grill - Property types - Premiere Estate Lots – 2+ acres ($5.8M) - Club Villas – 3 to 4 - bedroom, single - family, ocean view homes ($4M - $5M) - Club Cottages – 3 - bedroom, furnished homes ($2.6M - $3M) - Club Bungalows – 1 to 3 - bedroom homes ($1.2M - $3M) - Custom Home Lots – 10,000 sf to 2.5 acres ($0.6M - $10M) - Makai Cottages – 2 to 4 bedrooms homes, 7 floor plans ($2.2M - $4M) - Spec Homes – 3 to 4 - bedroom homes, developer - sponsored ($2.5M - $8M) - 24 units closed or sold under binding contracts in 2014 - 112 lots closed; 95 lots available as of March 2 , 2015 - 26 homes planned for construction in 2015, and 20 homes in 2016 ACTIVE PLANNING AND DEVELOPMENT – JOINT VENTURES KUKUI‘ULA L OCATION Poipu, Kauai A CQUISITION D ATE Historic lands A CRES 1,000 ( 936 remaining) U NITS Up to 1,500 27 FINANCIAL & CAPITAL OVERVIEW - Kukui’ula is a long - term, master planned project, designed to accommodate high - end resort residential growth on Kauai’s south shore over the next 15 to 25 years, and significant fluctuations in annual absorption over that time frame can be expected. The Company experienced similar absorption fluctuations over the course of its earlier, highly successful Wailea project. - Sufficient project infrastructure is in place today to sell about 280 additional acres (500 to 800 units). Future infrastructure requirements would be paid for from project cash flows. - GAAP accounting for the project differs from cash flows, due to percentage of completion accounting. - Total capital contributions to the venture as of December 31, 2014, were $ 274 million by A&B, which includes $30 million for the value of land contributed, and $ 189 million by DMB.

WAIHONUA AT KEWALO L OCATION Honolulu, Oahu A CQUISITION D ATE June 30, 2010 UNITS 341 (340 saleable, 12 sold 12/14, 328 sold 1/15) FLOORS 43 PROJECT OVERVIEW - Mixed - use residential community to include high - rise tower, mid - rise building and townhomes, as well as retail shops and restaurants - Capital stack finalized and construction loans secured - Broke ground in October 2014 - Development costs expected to range from $625 - $675 psf (excludes commissions and closing costs) - As of March 2, 2015, 88% of the 450 units available for sale were pre - sold under binding contracts at average price of $770 psf - Sales of 14 townhome units expected to begin summer 2015 - Expected completion of construction in late 2016 THE COLLECTION L OCATION Honolulu, Oahu A CQUISITION D ATE October 6, 2014. Site was controlled under a long - term option agreement prior to land acquisition. A CRES 3.3 U NITS 465 (464 saleable) PROJECT OVERVIEW - High - rise condominium in urban Honolulu, near the Ala Moana Center - Well located near shopping, restaurants and beaches - One - , two - and three - bedroom residences averaging 1,000 sf - Construction c ompleted in November 2014 - Development costs approx. $600 psf (excludes commissions and closing costs) - Sales prices averaged approx. $727/sq. ft. - 12 units closed in December 2014, remaining 328 units closed in January 2015 ACTIVE PLANNING AND DEVELOPMENT – JOINT VENTURES 28

FUTURE DEVELOPMENT PROJECT SUMMARIES 29 HAWAII AINA ‘O KANE (MAUI) - A residential condominium development with ground - floor commercial space planned for Kahului, Maui. BRYDESWOOD (KAUAI) - Brydeswood is planned for 24 large agricultural estate lots encompassing 336 acres in Kalaheo, Kauai KAHULUI TOWN CENTER (MAUI) - Redevelopment of the 19 - acre Kahului Shopping Center block is being evaluated for a combination of residential and commercial units. KAI‘OLINO (KAUAI) - Kai‘Olino is planned for 75 condominium units on four acres located at the Port Allen harbor on the island of Kauai. WAILEA PARCELS (MAUI) – SEE PAGE 24 FOR DESCRIPTION

ENTITLEMENT ACTIVITY Successful land entitlement is a challenging, yet critical step in the development process . Similar to other high - demand, high - quality locales with a limited supply of land suitable for development, the entitlement process in Hawaii is complex, lengthy (spanning multiple years) and costly, involving a variety of state and county regulatory approvals . For example, conversion of an agriculturally zoned parcel to residential zoning usually requires the following approvals : - County amendment of the county general plan and community plan to reflect the desired residential use ; - State Land Use Commission (SLUC) reclassification of the parcel from the Agricultural district to the Urban district ; and - County rezoning of the property to the precise residential use desired . A&B actively works with regulatory agencies, commissions and legislative bodies at various levels of government to entitle lands . A&B designates a parcel as fully entitled or fully zoned when all of the above - mentioned land use approvals have been obtained . Ongoing planning and entitlement efforts are focused on the following projects : 30 ELE`ELE COMMUNITY (KAUAI) The Ele`ele Community Master Plan is an 840 - acre new primary residential community east of Port Allen on Kauai . The 260 - acre first phase is being pursued through Kauai’s multi - year General Plan Update Process, which commenced in 2013 . As part of the General Plan update process, infrastructure, land use and demographic technical studies have been completed and the formal general plan update process is anticipated to commence in 2015 . This process is anticipated to take approximately two to three years . The County is also updating the Koloa - Poipu - Kalaheo Development Plan, which includes portions of the planning area, as well as lands east of Kukui’ula . Support for future growth in these areas will continue to be pursued through these planning processes . WAI`ALE COMMUNITY (MAUI) Wai`ale is a 545 - acre master - planned community located in Central Maui . The project has been designated for urban growth in the Maui General Plan to accommodate up to 2 , 550 primary housing units, together with parks, civic and commercial uses . In 2012 , the State Land Use Commission approved Urban designation for the project . The project master plan is being adjusted to best match anticipated residential market conditions, with more detailed land planning focused on the initial phase of the project, located south of Waiko Road . Plans for the initial phase include up to 950 homes on approximately 123 acres . County land use applications, including updated technical studies and project design standards, were submitted on February 6 , 2015 .

REAL ESTATE LEASING

REAL ESTATE LEASING SEGMENT STRATEGY AND OPERATIONS The Real Estate Leasing segment owns, operates and manages commercial properties . It focuses on acquiring high - quality retail, office and industrial properties in good locations, effectively managing those properties to increase margins through higher occupancies and cost management, and positioning these assets for potential sale when full market value has been achieved . Real Estate Leasing income also includes revenue from a variety of land leases, licenses and other agreements related to real estate in Hawaii . From a strategic perspective, the relatively stable, recurring cash flows generated by the Real Estate Leasing business are used to backstop the financing required for the more cyclical Real Estate Development & Sales business, and the Agribusiness unit . As of December 31 , 2014 , A&B’s portfolio includes 60 income - producing properties comprising 5 . 1 million square feet of gross leasable area ( 2 . 6 million in Hawaii and 2 . 5 million on the Mainland) . A&B strives to increase the value of its commercial property portfolio through active management . Periodically, when A&B believes it has maximized the value of a select asset, it may market the asset for sale, or sell in response to an unsolicited offer . Upon sale, A&B will seek to redeploy the proceeds on a 1031 tax - deferred basis into a new asset with a higher return potential . Given the low historical cost basis of the Company’s lands, the strategy is particularly appealing to A&B . Following separation, A&B increased its focus on Hawaii and began executing a strategy of migrating its investment in Mainland commercial assets to Hawaii . In 2013 , the Company completed a number of significant commercial property acquisitions and dispositions in connection with the migration of its Mainland portfolio to Hawaii . The largest acquisition, which closed on December 20 , 2013 , consisted of retail, industrial and ground leased properties primarily located in Kailua, Oahu (Kailua Portfolio) for $ 373 million . For purposes of this Supplement, information about the acquired portfolio is reported in five categories : - Kailua Industrial/Other - Kailua Grocery Anchored - Kailua Retail Other - Kailua ground leases - Other Oahu ground leases The acquisition was primarily funded by 1031 proceeds generated by the sale of six Mainland commercial properties and a Maui commercial property, and proceeds from non - core land sales completed subsequent to the Kailua Portfolio . 32 1 Sales of commercial properties are reported in Real Estate Development and Sales segment results.

REAL ESTATE LEASING SEGMENT STRATEGY AND OPERATIONS (CONTINUED) In addition to the Kailua Portfolio acquisition , in 2013 the Company acquired three retail assets in Hawaii, with over 630 , 000 square feet (primarily on Oahu), for approximately $ 191 million . The Company also assumed control of The Shops at Kukui'ula, a 78 , 900 square - foot retail center on Kauai . In late - 2014 , the Company acquired Kakaako Commerce Center, a 204 , 400 square - foot industrial building located on Oahu, for $ 39 million . Due to the significant changes to the Company's commercial portfolio from acquisitions and dispositions, historical leasing NOI may not be indicative of future results . 2014 NOI increased 12 . 4 % 1 due to Hawaii portfolio expansion in 2013 . The Hawaii commercial property acquisitions made in 2013 also significantly shifted the mix of NOI to be more heavily weighted from Hawaii than the Mainland . Seventy - seven percent of Leasing segment NOI now comes from Hawaii assets, compared to 40 % at the beginning of 2013 . See Table 15 for additional information on the Company’s commercial property acquisitions and dispositions in 2014 and 2013 . PORTFOLIO SEGMENT DESCRIPTION HAWAII IMPROVED PROPERTIES A&B’s Hawaii improved property portfolio consists of 47 retail, office and industrial properties, comprising approximately 2 . 6 million square feet of leasable space . The majority of the commercial properties are located on Maui and Oahu, with smaller holdings in the area of Port Allen, Kauai, and the Big Island of Hawaii . KAILUA GROUND LEASES The Company leases and licenses portions of its land in Kailua on Oahu to third parties, which are categorized as “Kailua ground leases . ” These leases and licenses are developed with 360 , 000 square feet of retail and industrial commercial improvements owned by the lessees, and cover 28 acres . OTHER OAHU GROUND LEASES The Company leases and licenses portions of its land in urban Oahu, which is categorized as “Other Oahu ground leases,” to third parties . These leases and licenses are developed with 400 , 000 square feet of retail commercial improvements owned by the lessees, and cover 23 acres . 33 1 See Table 14 for a statement regarding the Company’s use of NOI and a reconciliation of Leasing operating profit to NOI for t he total portfolio .

REAL ESTATE LEASING SEGMENT STRATEGY AND OPERATIONS (CONTINUED) NEIGHBOR ISLAND GROUND LEASES The Company leases and licenses portions of its lands on Maui and Kauai to third parties . These leases and licenses cover a wide variety of urban ( 64 acres) and agricultural lands, ranging from ground leases covering commercial properties, to farming and pasture leases, to licenses of remnant parcels and easement areas, to sand and aggregate quarry leases whose lease or royalty payments are based on extraction rates . MAINLAND IMPROVED PROPERTIES On the Mainland, A&B owns a portfolio of 13 retail, office and industrial properties acquired primarily by way of 1031 tax - deferred exchanges . The Company’s Mainland portfolio comprises approximately 2 . 5 million square feet of leasable space . Summarized information for the Company’s portfolio as of and for the year ended December 31 , 2014 follows . 34 1 See Table 14 for a statement regarding the Company’s use of NOI and a reconciliation of Leasing operating profit to NOI for t he total portfolio. 2 Includes $12.2 million of NOI from Hawaii ground leases. Hawaii Mainland Total GLA (in millions) at 12/31/14 Retail 1.6 0.2 1.8 Industrial 0.8 1.2 2.0 Office 0.2 1.1 1.3 Total 2.6 2.5 5.1 2014 Average Occupancy Retail 93% 90% 93% Industrial 99% 99% 99% Office 82% 88% 87% Total 94% 93% 94% 2014 NOI (in millions) 1 $ 59.8 2 $ 17.5 $ 77.3 2

REAL ESTATE LEASING SEGMENT – ASSET DESCRIPTIONS AND STATISTICS Tables 7 and 8 provide detail on the Company’s commercial real estate portfolio . 35 TABLE 7 PROPERTY DETAIL - HAWAII For the Year Ended 12 / 31 / 14 , Except as Indicated Table 7 continued on the next page. Property Number of properties Island Gross leasable area at 12/31/14 (sq. ft.) Leased 1 2014 (percent) Outstanding debt at 12/31/14 ($ in 000s) 2014 net operating income (NOI) 2 ($ in 000s) 2014 % NOI to total Hawaii portfolio Retail: Pearl Highlands Center 1Oahu 415,400 95 93,571$ $ 9,885 16.6 Kailua Grocery Anchored 3 4Oahu 189,200 96 11,179 5,514 9.2 Waianae Mall 1Oahu 170,300 89 19,143 2,649 4.4 Kailua Retail Other 3 11Oahu 127,000 96 - 3,103 5.2 Kaneohe Bay Shopping Center 4 1Oahu 125,100 99 - 2,345 3.9 Waipio Shopping Center 1Oahu 113,800 95 - 3,146 5.3 Lanihau Marketplace 1Hawaii 88,300 91 - 1,538 2.6 The Shops at Kukui'ula 1Kauai 78,900 84 40,493 1,960 3.3 Kunia Shopping Center 1Oahu 60,400 94 - 2,225 3.7 Lahaina Square 1Maui 50,200 77 - 567 1.0 Kahului Shopping Center 1Maui 47,200 99 - 479 0.8 Napili Plaza 1Maui 45,100 90 - 959 1.6 Port Allen Marina Center 1Kauai 23,600 76 - 416 0.7 Gateway at Mililani Mauka 1Oahu 18,900 87 - 766 1.3 Subtotal – Retail 27 1,553,400 93 164,386$ $ 35,552 59.6 Industrial: Komohana Industrial Park 5 1Oahu 238,300 100 -$ $ 3,877 6.5 Kakaako Commerce Center 6 1Oahu 204,400 90 - 254 0.4 Waipio Industrial 1Oahu 158,400 98 - 2,097 3.5 P&L Building 1Maui 104,100 98 - 1,125 1.9 Kailua Industrial/Other 3 6Oahu 68,800 100 - 629 1.1 Port Allen 3Kauai 63,800 96 - 629 1.0 Subtotal – Industrial 13 837,800 99 -$ $ 8,611 14.4

Property Number of properties Island Gross leasable area at 12/31/14 (sq. ft.) Leased 1 2014 (percent) Outstanding debt at 12/31/14 ($ in 000s) 2014 net operating income (NOI) 2 ($ in 000s) 2014% NOI to total Hawaii portfolio Office: Kahului Office Building 1 Maui 59,600 81 -$ $ 1,214 2.0 Kahului Office Center 1 Maui 33,400 88 - 450 0.8 Stangenwald Building 1 Oahu 27,100 91 - 365 0.6 Judd Building 1 Oahu 20,200 64 - 128 0.2 Gateway at Mililani Mauka South 1 Oahu 18,700 100 - 723 1.2 Maui Clinic Building 1 Maui 16,600 58 - 165 0.3 Lono Center 1 Maui 13,400 87 - 152 0.3 Subtotal – Office 7 189,000 82 -$ $ 3,197 5.4 Ground Leases Kailua 3 28 acres Oahu - -$ $ 4,206 7.1 Other Oahu 3 23 acres Oahu - - 4,777 8.0 Neighbor Island 3,003 acres 7 Neighbor Island - - 3,291 5.5 Subtotal – Ground Leases 3,054 acres - -$ $ 12,274 20.6 Total Hawaii 47 2,580,200 94 164,386$ $ 59,634 100.0 REAL ESTATE LEASING SEGMENT – ASSET DESCRIPTIONS AND STATISTICS 36 TABLE 7 (CONT . ) PROPERTY DETAIL - HAWAII For the Year Ended 12 / 31 / 14 , Except as Indicated 1 Represents the average percentage of space leased during the period referenced or A&B’s ownership period, whichever is sho rte r. Space is considered leased when a tenancy agreement has been fully executed or the space is revenue producing. 2 See Table 14 for a statement regarding the Company’s use of NOI and a reconciliation of Leasing operating profit to NOI fo r t he total portfolio. Excludes properties sold in the year. 3 Portfolio was purchased from Kaneohe Ranch/Harold K.L. Castle Foundation on December 20, 2013. 4 Kaneohe Bay Shopping Center is a leasehold property. 5 Includes ground leased income. 6 Acquired in December 2014. 7 Includes 64 of ground leased urban acres and 2,939 of ground leased other acres. Note: For portfolio asset class and geographic occupancy see Table 9. Gross leasable area is periodically adjusted based on rem easurement or reconfiguration of space.

Property Number of properties Location Gross leasable area at 12/31/14 (sq. ft.) Leased 1 2014 (percent) Outstanding debt at 12/31/14 ($ in 000s) 2014 net operating income (NOI) 2 ($ in 000s) 2014 % NOI to total Mainland portfolio Retail: Little Cottonwood Center 1Sandy, UT 141,500 94 -$ 1,368$ 7.8 Royal MacArthur Center 1Dallas, TX 44,800 98 - 920 5.3 Wilshire Shopping Center 1Greeley, CO 46,500 72 - 191 1.1 Subtotal – Retail 3 232,800 90 -$ 2,479$ 14.2 Industrial: Midstate Hayes 1Visalia, CA 790,200 99 8,269$ 2,730$ 15.6 Sparks Business Center 1Sparks, NV 396,100 98 - 1,900 10.9 Subtotal – Industrial 2 1,186,300 99 8,269$ 4,630$ 26.5 Office: Concorde Commerce Center 1Phoenix, AZ 138,700 100 -$ 1,777$ 10.2 Deer Valley Financial Center 1Phoenix, AZ 126,600 76 - 729 4.2 Gateway Oaks 1Sacramento, CA 58,700 83 - 277 1.6 Ninigret Office Park 1Salt Lake City, UT 185,500 96 - 1,865 10.7 1800 and 1820 Preston Park 1Plano, TX 198,800 92 - 1,882 10.8 2868 Prospect Park 1Sacramento, CA 162,900 96 - 1,677 9.6 San Pedro Plaza 1San Antonio, TX 171,900 65 - 751 4.3 Union Bank 1Everett, WA 84,000 100 - 1,374 7.9 Subtotal – Office 8 1,127,100 88 -$ 10,332$ 59.3 Total Mainland 13 2,546,200 93 8,269$ 17,441$ 100.0 REAL ESTATE LEASING SEGMENT – ASSET DESCRIPTIONS AND STATISTICS 37 TABLE 8 PROPERTY DETAIL - MAINLAND For the Year Ended 12 / 31 / 14 , Except as Indicated 1 Represents the average percentage of space leased during the period referenced or A&B’s ownership period, whichever is sho rte r. Space is considered leased when a tenancy agreement has been fully executed or the space is revenue producing. 2 See Table 14 for a statement regarding the Company’s use of NOI and a reconciliation of Leasing operating profit to NOI fo r t he total portfolio. Excludes properties sold in the year . Note: For portfolio asset class and geographic occupancy see Table 9. Gross leasable area is periodically adjusted based on rem easurement or reconfiguration of space.

REAL ESTATE LEASING SEGMENT – ASSET DESCRIPTIONS AND STATISTICS 38 TABLE 9 COMPARABLE % OCCUPANCY DATA BY GEOGRAPHIC REGION AND ASSET CLASS 1 Weighted average GLA for 4Q14 was significantly lower than 4Q13 due to the inclusion in 4Q13 of industrial and retail propert ies on the Mainland that were sold in December 2013, proceeds of which were used to purchase the Kaneohe Ranch/Harold K.L. Castle Foundation Hawaii portfolio. 2 Number of properties is as of last day of the quarter. Note : Gross leasable area is periodically adjusted based on remeasurement of reconfiguration of space. TABLE 10 WEIGHTED AVERAGE GROSS LEASABLE AREA BY GEOGRAPHIC REGION AND ASSET CLASS 1 TABLE 11 OCCUPANCY TREND ANALYSIS – LAST FIVE QUARTERS 2 Location Retail Industrial Office Total Retail Industrial Office Total Retail Industrial Office Total Hawaii improved 93 99 82 94 92 97 82 93 1 2 0 1 Mainland improved 90 99 88 93 88 99 88 95 2 0 0 (2) Total 93 99 87 94 91 98 88 95 2 1 (1) (1) 2014 2013 Percentage point change Location Retail Industrial Office Total Retail Industrial Office Total Retail Industrial Office Total Hawaii improved 1,553,400 650,400 189,000 2,392,800 1,088,300 570,300 187,300 1,845,900 42.7 14.0 0.9 29.6 Mainland improved 232,800 1,186,300 1,127,100 2,546,200 677,700 3,969,600 1,225,000 5,872,300 (65.6) (70.1) (8.0) (56.6) Total 1,786,200 1,836,700 1,316,100 4,939,000 1,766,000 4,539,900 1,412,300 7,718,200 1.1 (59.5) (6.8) (36.0) 2014 (in sq. ft.) 2013 (in sq. ft.) Percentage Change Number of properties Weighted average sq. ft. Percent leased Number of properties Weighted average sq. ft. Percent leased Number of properties Weighted average sq. ft. Percent leased Number of properties Weighted average sq. ft. Percent leased Number of properties Weighted average sq. ft. Percent leased Retail 30 1,786,200 93 30 1,786,200 92 30 1,786,200 92 30 1,786,200 93 31 2,081,900 92 Industrial 15 1,836,700 99 14 1,819,700 99 14 1,819,700 98 14 1,819,700 100 14 3,509,100 99 Office 15 1,316,100 88 15 1,316,100 88 15 1,316,100 88 15 1,316,100 86 15 1,314,500 86 Total 60 4,939,000 94 59 4,922,000 94 59 4,922,000 93 59 4,922,000 93 60 6,905,500 95 4Q2014 3Q2014 2Q2014 1Q2014 4Q2013

REAL ESTATE LEASING SEGMENT – ASSET DESCRIPTIONS AND STATISTICS 39 TABLE 12 REAL ESTATE LEASING NET OPERATING INCOME ( NOI) 1 (in millions) TABLE 13 REAL ESTATE LEASING SAME STORE NOI 2 (in millions) 1 NOI for Mainland improved portfolio for the fourth quarter was significantly lower due to the sales of industrial and reta il properties on the Mainland in the fourth quarter 2013, proceeds of which were used to purchase the Kaneohe Ranch/Harold K.L. Castle Foundation Hawaii portfolio. 2 Same Store NOI relates to properties that were operated throughout the duration of both periods under comparison . Note: See Table 14 for a statement on the Company’s use of NOI and a reconciliation of Leasing operating profit to Real Esta te Leasing NOI and Real Estate Leasing Same Store NOI. Location Retail Industrial Office Total Retail Industrial Office Total Retail Industrial Office Total Hawaii improved 35.8$ 8.6$ 3.2$ 47.6$ 20.2$ 7.5$ 3.2$ 30.9$ 77.2 14.7 - 54.0 Hawaii ground leases - - - 12.2 - - - 3.8 - - - 221.1 Total Hawaii 35.8$ 8.6$ 3.2$ 59.8$ 20.2$ 7.5$ 3.2$ 34.7$ 77.2 14.7 - 72.3 Mainland improved 2.5 4.7 10.3 17.5 8.8 15.6 9.7 34.1 (71.6) (69.9) 6.2 (48.7) Total 38.3$ 13.3$ 13.5$ 77.3$ 29.0$ 23.1$ 12.9$ 68.8$ 32.1 (42.4) 4.7 12.4 Percentage Change2014 2013 Location Retail Industrial Office Total Retail Industrial Office Total Retail Industrial Office Total Hawaii improved 10.7$ 7.7$ 3.2$ 21.6$ 10.0$ 7.4$ 3.2$ 20.6$ 7.0 4.1 - 4.9 Hawaii ground leases - - - 3.4 - - - 3.6 - - - (5.6) Total Hawaii 10.7$ 7.7$ 3.2$ 25.0$ 10.0$ 7.4$ 3.2$ 24.2$ 7.0 4.1 - 3.3 Mainland improved 2.5 4.6 10.3 17.4 2.6 4.3 8.1 15.0 (3.8) 7.0 27.2 16.0 Total 13.2$ 12.3$ 13.5$ 42.4$ 12.6$ 11.7$ 11.3$ 39.2$ 4.8 5.1 19.5 8.2 2014 2013 Percentage Change

2014 2013 2012 2011 2010 Real Estate Leasing segment operating profit before discontinued operations $ 47.5 $ 43.4 $ 41.6 $ 39.3 $ 35.3 Less amounts reported in discontinued operations (0.3) (14.6) (17.1) (16.3) (15.9) Real Estate Leasing segment operating profit after subtracting discontinued operations $ 47.2 28.8 $ 24.5 $ 23.0 $ 19.4 Adjustments: Depreciation and amortization expense $ 28.0 24.8 22.2 21.7 21.1 Straight-line lease adjustments (2.7) (2.9) (3.6) (3.8) (4.1) General and administrative expense 4.5 3.5 2.9 3.6 3.4 Discontinued operations 0.3 14.6 17.1 16.3 15.9 Real Estate Leasing total NOI $ 77.3 $ 68.8 $ 63.1 $ 60.8 $ 55.7 Acquisitions/ disposition and other adjustments (34.9) (29.6) Real Estate Leasing segment same store NOI 1 $ 42.4 $ 39.2 STATEMENT ON MANAGEMENT’S USE OF NON - GAAP FINANCIAL MEASURES Net operating income (NOI) is a non - GAAP measure derived from real estate revenues (determined in accordance with GAAP, less str aight - line rental adjustments) minus property operating expenses (determined in accordance with GAAP). NOI does not have any standardize d m eaning prescribed by GAAP, and therefore, may differ from definitions of NOI used by other companies. NOI should not be considered a s a n alternative to net income (determined in accordance with GAAP) as an indicator of the Company’s financial performance, or as an alternative to cash flow from operating activities as a measure of the Company’s liquidity. NOI is commonly used as a measure of operating p erf ormance because it is an indicator of the return on property investment, and provides a method of comparing property performance over ti me. NOI excludes general and administrative expenses, straight - line rental adjustments, interest income, interest expense, depreciation and amortization expense, and gains on sales of interests in real estate. The Company believes that the Real Estate Leasing segment’s operatin g p rofit after discontinued operations is the most directly comparable GAAP measurement to NOI. A required reconciliation of Real Estate Lea sin g operating profit to Real Estate Leasing segment NOI and same store NOI is as follows: 40 1 NOI related to properties that were operated throughout the duration of both periods under comparison. TABLE 14 RECONCILIATION OF REAL ESTATE LEASING OPERATING PROFIT TO NOI AND SAME STORE NOI (NON - GAAP) (in millions)

PORTFOLIO ACQUISITIONS AND DISPOSITIONS 41 TABLE 15 2014 PROPERTY PORTFOLIO ACQUISITIONS/DISPOSITIONS Table 15 continued on the next page. Property acquired in 2014 Acquisition date (month/year) Acquisition price ($ in millions) Gross leasable area (sq. ft.) Leased percentage at acquisition Kakaako Commerce Center 12/14 $ 39 204,400 90 Property disposed in 2014 Disposition date (month/year) Disposition price (in millions) Gross leasable area (sq. ft.) Leased percentage at disposition Maui Mall 1/14 $ 64 185,700 97

Property acquired in 2013 Acquisition date (month/year) Acquisition price ($ in millions) Gross leasable area (sq. ft.) Leased percentage at acquisition Waianae Mall 1/13 $ 30 170,300 93 1 Napili Plaza 5/13 19 45,100 92 Pearl Highlands Center 9/13 142 415,400 98 The Shops at Kukui'ula 2 9/13 - 78,900 82 Kaneohe Ranch/Harold K.L. Castle Foundation Portfolio 3 12/13 373 386,200 + 51 acres ground leased to third parties and improved with 760,000 sq. ft. 98 Total $ 564 1,095,900 Property disposed in 2013 Disposition date (month/year) Disposition price (in millions) Gross leasable area (sq. ft.) Leased percentage at disposition Northpoint Industrial 1/13 $ 15 119,400 100 Centennial Plaza 9/13 15 244,000 100 Issaquah Office Center 9/13 22 146,900 100 Republic Distribution Center 10/13 20 312,500 100 Industrial Portfolio 12/13 165 2,604,400 99 Activity Distribution Center 12/13 252,300 100 Heritage Business Center 12/13 1,316,400 98 Savannah Logistics Park 12/13 1,035,700 100 Retail Portfolio 12/13 101 485,800 88 Broadlands Marketplace 12/13 103,900 90 Meadows on the Parkway 12/13 216,400 82 Rancho Temecula Town Center 12/13 165,500 95 Total $ 338 3,913,000 PORTFOLIO ACQUISITIONS AND DISPOSITIONS 42 TABLE 15 2013 PROPERTY PORTFOLIO ACQUISITIONS/DISPOSITIONS 1 79 percent occupied at closing on 1/23/13. Lease signed prior to closing, but effective on 2/1/13, brought occupancy up t o 9 3 percent. 2 In November 2013, A&B refinanced and acquired The Shops at Kukui’ula. The Shops were originally developed in 2009 through a join t v enture as part of the amenities for the Kukui’ula resort. 3 Portfolio is reported in five categories: Kailua Industrial/Other, Kailua Grocery Anchored, Kailua Retail Other, Kailua ground leases a nd Other Oahu ground leases.

LEASE RENEWAL ANALYSIS The weighted average lease terms of our Hawaii and Mainland portfolios are 77 and 106 months, respectively, for a portfolio average lease term of 83 months . The weighted average remaining lease terms for the Hawaii and Mainland portfolios are 38 and 61 months, respectively, for a portfolio average remaining lease term of 43 months . The following Table 16 details portfolio lease expirations by year . 43 1 Annual gross rent means the annualized base rent amounts of expiring leases and includes improved properties only. Note: Totals do not include month to month leases. TABLE 16 IMPROVED PROPERTY LEASE EXPIRATIONS December 31 , 2014 GROUND LEASE EXPIRATIONS December 31 , 2014 Expiration year Number of leases Sq. ft. of expiring leases Percentage of total leased GLA 1 Annual gross rent expiring 1 ($ in millions) Percentage of total annual gross rent Percentage renewed or re-leased Percentage change in annual gross rent on renewed leases 2013 699,317 82.0 17.0 2014 369,088 51.0 13.0 2015 184 713,192 15.3 10.5 13.5 2016 158 930,594 19.9 11.3 14.5 2017 156 815,409 17.5 13.6 17.5 2018 76 570,792 12.2 7.3 9.4 2019 84 450,061 9.6 10.7 13.8 2020 39 362,210 7.8 6.6 8.5 2021 15 224,285 4.8 4.6 5.9 2022 13 69,277 1.5 1.8 2.3 2023 20 128,251 2.8 2.1 2.7 2024 13 136,936 2.9 3.5 4.5 2025 8 15,775 0.3 0.7 0.9 Thereafter 18 249,527 5.4 5.1 6.5 Total 784 4,666,309 100.0 77.8$ 100.0 Expiration year Annual gross rent expiring ($ in millions) Percentage of total annual gross rent Month-to-month 0.8 6.7 2015 0.8 6.7 2016 0.8 6.7 2017 0.2 1.7 2018 0.3 2.5 2019 0.3 2.5 2020 0.8 6.7 2021 0.7 5.8 2022 0.3 2.5 2023 0.5 4.1 2024 - - 2025 - - Thereafter 6.5 54.1 Total 12.0 100.0

PORTFOLIO CONCENTRATIONS 44 TABLE 17 TENANT CONCENTRATIONS AS OF 12 / 31 / 14 Largest Tenants (In - Service Properties) Based Upon Annualized Gross Revenue 1 Annualized GAAP revenue for the indicated period, excluding FASB straight - line adjustments and percentage rent. Tenant Primary industry Lease expiration year Annualized gross revenue 1 Percentage of annual gross revenue GLA (sq. ft.) Percentage of total GLA Sam's Club Warehouse Club 2021 4,343,549$ 4.0 180,908 3.5 CVS Corporation Drug Store / Pharmacy 2019, 2024, 2028 3,289,480 3.0 113,630 2.2 United Healthcare Services, Inc. Healthcare Plans 2019 2,500,560 2.3 108,100 2.1 Foodland Super Market, Ltd. Supermarket & Grocery Store 2017, 2018, 2020, 2031 2,100,918 1.9 91,929 1.8 International Paper Paper Packaging/Distribution 2016, 2018 1,752,672 1.6 406,041 7.9 24 Hour Fitness USA, Inc. Health Club 2024 1,653,570 1.5 45,870 0.9 Teleperformance USA Call Center/Communications 2020 1,450,392 1.4 92,036 1.8 Whole Foods Market, Inc. Supermarket & Grocery Store 2032 1,348,887 1.3 31,647 0.6 Union Bank, N.A. Banking 2015, 2017 1,329,470 1.2 84,044 1.7 Ross Dress for Less Apparel Store 2019 1,230,560 1.1 35,308 0.7 Total 21,000,058$ 19.3 1,189,513 23.2

HAWAII COMMERCIAL PROPERTY INFORMATION SHEETS RETAIL Gateway at Mililani Mauka 47 Kahului Shopping Center 47 Kailua Grocery Anchored 48 Kailua Retail Other 48 Kaneohe Bay Shopping Center 49 Kunia Shopping Center 49 Lahaina Square 50 Lanihau Marketplace 50 Napili Plaza 51 Pearl Highlands Center 51 Port Allen Marina Center 52 The Shops at Kukui’ula 52 Waianae Mall 53 Waipio Shopping Center 53 45 Note: NOI is provided for each of the properties in the following information sheets. Refer to Table 14 on page 40 for a sta tem ent about Management’s use of non - GAAP financial measures and required reconciliations.

HAWAII COMMERCIAL PROPERTY INFORMATION SHEETS INDUSTRIAL Kailua Industrial Other 54 Kakaako Commerce Center 54 Komohana Industrial Park 55 P&L Building 55 Port Allen 56 Waipio Industrial 56 OFFICE Gateway at Mililani Mauka South 57 Judd Building 57 Kahului Office Building 58 Kahului Office Center 58 Lono Center 59 Maui Clinic Building 59 Stangenwald Building 60 GROUND LEASES Kailua 61 Other Oahu 61 46 Note: NOI is provided for each of the properties in the following information sheets. Refer to Table 14 on page 40 for a sta tem ent about Management’s use of non - GAAP financial measures and required reconciliations.

REAL ESTATE LEASING – HAWAII RETAIL GATEWAY AT MILILANI MAUKA KAHULUI SHOPPING CENTER TYPE Retail LOCATION Oahu ACQUISITION DATE December 29, 2011 ACQUISITION PRICE $8.2 million 47 DATES CONSTRUCTED 2008, 2011, 2013 OCCUPANCY AT 12/31/14 87% GLA (IN SQ.FT.) 18,900 ($ in thousands) 2014 2013 2012 Gross Revenue 1,240 611 422 NOI 766 387 273 Capital Improvements 508 1 5,375 1 5 Average Occupancy (%) 87 97 100 TOP TENANTS Starbucks Subway Domino’s Pizza Rise + Shine Café TYPE Retail LOCATION Maui DEVELOPMENT DATE 1951 OCCUPANCY AT 12/31/14 99% GLA (IN SQ.FT.) 47,200 ($ in thousands) 2014 2013 2012 Gross Revenue 953 841 773 NOI 479 377 330 Capital Improvements 103 15 - Average Occupancy (%) 99 91 83 TOP TENANTS Ah Fook’s Market Asian Cuisine Ichiban Restaurant 1 Includes development costs of an additional building and capital improvements

REAL ESTATE LEASING – HAWAII RETAIL KAILUA GROCERY ANCHORED KAILUA RETAIL OTHER TYPE Retail LOCATION Oahu ACQUISITION DATE December 20, 2013 ACQUISITION PRICE See Table 15 48 DATES CONSTRUCTED 1958 - 2012 OCCUPANCY AT 12/31/14 96% GLA (IN SQ.FT.) 189,200 PROPERTIES 4 ($ in thousands) 2014 2013* 2012 Gross Revenue 8,712 244 n/a NOI 5,514 189 n/a Capital Improvements 442 - n/a Average Occupancy (%) 96 98 n/a TOP TENANTS California Pizza Kitchen Foodland Longs Drug Store Pier 1 Imports Times Supermarket Whole Foods TYPE Retail LOCATION Oahu ACQUISITION DATE December 20, 2013 ACQUISITION PRICE See Table 15 DATES CONSTRUCTED 1947 - 2014 OCCUPANCY AT 12/31/14 96% GLA (IN SQ.FT.) 127,000 PROPERTIES 11 ($ in thousands) 2014 2013* 2012 Gross Revenue 5,409 159 n/a NOI 3,103 120 n/a Capital Improvements 327 - n/a Average Occupancy (%) 96 95 n/a TOP TENANTS Boots and Kimos Buona Sera Italian Restaurant Fatboy's Island Snow Jamba Juice Kailua Sailboards & Kayaks Kalapawai Cafe & Deli Peet's Coffee Starbucks * Acquired December 20, 2013 * Acquired December 20, 2013

REAL ESTATE LEASING – HAWAII RETAIL KANEOHE BAY SHOPPING CENTER KUNIA SHOPPING CENTER TYPE Retail LOCATION Oahu ACQUISITION DATE June 8, 2001 ACQUISITION PRICE $13.3 million (leasehold) 49 DATE CONSTRUCTED 1971, renovated 2008 OCCUPANCY AT 12/31/14 99% GLA (IN SQ.FT.) 125,100 ($ in thousands) 2014 2013 2012 Gross Revenue 5,006 4,602 4,427 NOI 2,345 1,931 1,791 Capital Improvements 132 122 126 Average Occupancy (%) 99 99 98 TOP TENANTS Brick Oven Pizza Central Pacific Bank First Hawaiian Bank Ichiriki Restaurant Kinkos Longs Drug Store/CVS Safeway Subway Vitamin Shoppe TYPE Retail LOCATION Oahu DEVELOPMENT DATE 1 2004 OCCUPANCY AT 12/31/14 94% GLA (IN SQ.FT.) 60,400 ($ in thousands) 2014 2013 2012 Gross Revenue 3,159 3,148 2,931 NOI 2,225 2,135 1,915 Capital Improvements 37 - 336 Average Occupancy (%) 94 95 95 TOP TENANTS Bank of Hawaii Cole Academy Denny’s Jack In The Box Jamba Juice Starbucks 1 A&B was the original developer of the shopping center.

REAL ESTATE LEASING – HAWAII RETAIL LAHAINA SQUARE LANIHAU MARKETPLACE TYPE Retail LOCATION Maui ACQUISITION DATE November 5, 2010 ACQUISITION PRICE $4.9 million 50 DATE CONSTRUCTED 1973 OCCUPANCY AT 12/31/14 77% GLA (IN SQ.FT.) 50,200 ($ in thousands) 2014 2013 2012 Gross Revenue 1,011 919 833 NOI 567 509 445 Capital Improvements 44 34 30 Average Occupancy (%) 77 68 63 TOP TENANTS Ace Hardware Maui Tacos TYPE Retail LOCATION Hawaii ACQUISITION DATE April 9, 2010 ACQUISITION PRICE $22.5 million DATE CONSTRUCTED 1987 OCCUPANCY AT 12/31/14 91% GLA (IN SQ.FT.) 88,300 ($ in thousands) 2014 2013 2012 Gross Revenue 2,759 2,748 3,090 NOI 1,538 1,583 1,921 Capital Improvements 555 4 218 Average Occupancy (%) 91 89 94 TOP TENANTS Baskin Robbins IHOP Famous Footwear Longs Drug Store/CVS Sack N Save Supercuts Verizon Wireless

REAL ESTATE LEASING – HAWAII RETAIL NAPILI PLAZA PEARL HIGHLANDS CENTER TYPE Retail LOCATION Maui ACQUISITION DATE May 22, 2013 ACQUISITION PRICE $19.2 million 51 DATE CONSTRUCTED 1991 OCCUPANCY AT 12/31/14 90% GLA (IN SQ.FT.) 45,100 ($ in thousands) 2014 2013* 2012 Gross Revenue 1,681 983 n/a NOI 959 591 n/a Capital Improvements 135 17 n/a Average Occupancy (%) 90 91 n/a TOP TENANTS Napili Market Napili Pharmacy Maui Tacos TYPE Retail LOCATION Oahu ACQUISITION DATE September 17, 2013 ACQUISITION PRICE $141.5 million DATE CONSTRUCTED 1992 - 1994 OCCUPANCY AT 12/31/14 95% GLA (IN SQ.FT.) 415,400 ($ in thousands) 2014 2013* 2012 Gross Revenue 18,454 5,400 n/a NOI 9,885 2,788 n/a Capital Improvements 345 26 n/a Average Occupancy (%) 95 98 n/a TOP TENANTS 24 Hour Fitness Buffalo Wild Wings Pier 1 Regal Cinemas Ross Dress for Less Sam's Club * Acquired May 22, 2013 * Acquired September 17, 2013

REAL ESTATE LEASING – HAWAII RETAIL PORT ALLEN MARINA CENTER THE SHOPS AT KUKUI’ULA TYPE Retail LOCATION Kauai DEVELOPMENT DATE 2002 52 OCCUPANCY AT 12/31/14 76% GLA (IN SQ.FT.) 23,600 ($ in thousands) 2014 2013 2012 Gross Revenue 617 597 630 NOI 416 375 421 Capital Improvements - 61 22 Average Occupancy (%) 76 74 77 TOP TENANTS Blue Dolphin Charters Captain Andy’s Holo Holo Charters Kauai Chocolate Company Port Allen Bar & Grill TYPE Retail LOCATION Kauai DEVELOPMENT DATE 2009 OCCUPANCY AT 12/31/14 84% GLA (IN SQ.FT.) 78,900 ($ in thousands) 2014 2013* 2012 Gross Revenue 5,197 1,269 n/a NOI 1,960 494 n/a Capital Improvements 199 - n/a Average Occupancy (%) 84 80 n/a TOP TENANTS Josselin’s Tapas Bar & Grill Living Foods Market Merriman’s Fish House Sunglass Hut Tommy Bahama Tortilla Republic Grill * Acquired September 30, 2013

REAL ESTATE LEASING – HAWAII RETAIL WAIANAE MALL WAIPIO SHOPPING CENTER TYPE Retail LOCATION Oahu ACQUISITION DATE January 22, 2013 ACQUISITION PRICE $29.8 million 53 DATE CONSTRUCTED 1975 OCCUPANCY AT 12/31/14 89% GLA (IN SQ.FT.) 170,300 ($ in thousands) 2014 2013* 2012 Gross Revenue 4,217 4,271 n/a NOI 2,649 2,730 n/a Capital Improvements 2,234 750 n/a Average Occupancy (%) 89 90 n/a TOP TENANTS Bank of Hawaii Burger King Goodyear Jamba Juice Longs/CVS Starbucks TYPE Retail LOCATION Oahu ACQUISITION DATE September 4, 2009 ACQUISITION PRICE $30.9 million DATE CONSTRUCTED 1986 - 2004 OCCUPANCY AT 12/31/14 95% GLA (IN SQ.FT.) 113,800 ($ in thousands) 2014 2013 2012 Gross Revenue 4,357 4,393 4,256 NOI 3,146 3,082 2,989 Capital Improvements 176 - 39 Average Occupancy (%) 95 97 98 TOP TENANTS Aloha Gas Big City Diner Foodland Jack - In - The - Box Outback Steakhouse * Acquired January 22, 2013

REAL ESTATE LEASING – HAWAII INDUSTRIAL KAILUA INDUSTRIAL OTHER KAKAAKO COMMERCE CENTER TYPE Industrial LOCATION Oahu ACQUISITION DATE December 20, 2013 ACQUISITION PRICE See Table 15 54 DATE CONSTRUCTED 1951 - 1974 OCCUPANCY AT 12/31/14 100% GLA (IN SQ.FT.) 68,800 PROPERTIES 6 ($ in thousands) 2014 2013* 2012 Gross Revenue 1,189 37 n/a NOI 629 27 n/a Capital Improvements - - n/a Average Occupancy (%) 100 100 n/a TOP TENANTS Enterprise Rent - A - Car Hamakua Auto Body Kailua General Store Kama’aina Kids Pacific Island Medical TYPE Industrial LOCATION Oahu ACQUISITION DATE December 1 , 2014 ACQUISITION PRICE $39.1 million DATE CONSTRUCTED 1971 OCCUPANCY AT 12/31/14 90% GLA (IN SQ.FT.) 204,400 ($ in thousands) 2014* 2013 2012 Gross Revenue 323 n/a n/a NOI 254 n/a n/a Capital Improvements - n/a n/a Average Occupancy (%) 90 n/a n/a TOP TENANTS Core Hawaii Inc. StorQuest Self Storage * Acquired December 20, 2013 * Acquired December 1 , 2014

REAL ESTATE LEASING – HAWAII INDUSTRIAL KOMOHANA INDUSTRIAL PARK P&L BUILDING TYPE Industrial LOCATION Oahu ACQUISITION DATE July 20, 2010 ACQUISITION PRICE $37.7 million 55 DATE CONSTRUCTED 1990 OCCUPANCY AT 12/31/14 100% GLA (IN SQ.FT.) 238,300 Plus 23.0 acres leased to third - parties ($ in thousands) 2014 2013 2012 Gross Revenue 4,774 4,683 3,997 NOI 3,877 3,797 3,165 Capital Improvements 82 - 135 Average Occupancy (%) 100 100 91 TOP TENANTS Dellew Corporation GP/RM Prestress LLC Simmons Manufacturing S&K Sales Co. TYPE Industrial LOCATION Maui DEVELOPMENT DATE 1970 OCCUPANCY AT 12/31/14 98% GLA (IN SQ.FT.) 104,100 ($ in thousands) 2014 2013 2012 Gross Revenue 1,398 1,274 1,222 NOI 1,125 1,001 974 Capital Improvements 103 9 11 Average Occupancy (%) 98 89 87 TOP TENANTS Alltemp Air Conditioning Company Honsador Lumber Corporation No Ka Oi Self Storage Mary Charles & Associates Maui Laminates

REAL ESTATE LEASING – HAWAII INDUSTRIAL PORT ALLEN WAIPIO INDUSTRIAL TYPE Industrial LOCATION Kauai DEVELOPMENT DATE 1983 - 1993 56 OCCUPANCY AT 12/31/14 96% GLA (IN SQ.FT.) 63,800 ($ in thousands) 2014 2013 2012 Gross Revenue 837 832 799 NOI 629 615 618 Capital Improvements 56 10 46 Average Occupancy (%) 96 99 96 TOP TENANTS Aloha Professional Auto Body Kauai Island Brewing Company KIUC Lappert’s Inc. Paradise Sports Wear TYPE Industrial LOCATION Oahu ACQUISITION DATE March 4, 2009 ACQUISITION PRICE $28.3 million DATE CONSTRUCTED 1988 - 1989 OCCUPANCY AT 12/31/14 98% GLA (IN SQ.FT.) 158,400 ($ in thousands) 2014 2013 2012 Gross Revenue 2,790 2,732 2,532 NOI 2,097 2,041 1,860 Capital Improvements 3 27 73 Average Occupancy (%) 98 96 98 TOP TENANTS Arcadia City & County of Honolulu (EMS ) OfficeMax USC International

REAL ESTATE LEASING – HAWAII OFFICE GATEWAY AT MILILANI MAUKA SOUTH JUDD BUILDING TYPE Office LOCATION Oahu ACQUISITION DATE June 7, 2012 ACQUISITION PRICE 1 $11.4 million 57 DATE CONSTRUCTED 1992, 2006, 2008 OCCUPANCY AT 12/31/14 100% GLA (IN SQ.FT.) 18,700 – current 18,500 – under development ($ in thousands) 2014 2013 2012 Gross Revenue 917 930 511 NOI 723 682 377 Capital Improvements 708* 35* - Average Occupancy (%) 100 100 100 TOP TENANTS Allstate Hawaii State Federal Union Kumon Mililani Veterinary Title Guaranty Wayland Baptist University 1 Acquisition price includes a 1.2 - acre development parcel. See development project information on page 23. TYPE Office LOCATION Oahu ACQUISITION DATE June 26, 2000 ACQUISITION PRICE $3.1 million DATE CONSTRUCTED 1898, renovated 1979 OCCUPANCY AT 12/31/14 64% GLA (IN SQ.FT.) 20,200 ($ in thousands) 2014 2013 2012 Gross Revenue 404 443 540 NOI 128 138 221 Capital Improvements 286 199 6 Average Occupancy (%) 64 71 100 TOP TENANTS Coffman Engineers Davis, Levin, Livingston, Grande Attorneys RIM Architects * Includes development cost of an additional building and capital improvements

REAL ESTATE LEASING – HAWAII OFFICE KAHULUI OFFICE BUILDING KAHULUI OFFICE CENTER TYPE Office LOCATION Maui DEVELOPMENT DATE 1974, renovated 1996 58 OCCUPANCY AT 12/31/14 81% GLA (IN SQ.FT.) 59,600 ($ in thousands) 2014 2013 2012 Gross Revenue 2,142 2,160 2,408 NOI 1,214 1,087 1,357 Capital Improvements 1,055 870 27 Average Occupancy (%) 81 81 87 TOP TENANTS Bistro Casanova Central Pacific Bank Hawaii Medical Service Association Morgan Stanley Smith Barney Stifel Nicolas TYPE Office LOCATION Maui DEVELOPMENT DATE 1991 OCCUPANCY AT 12/31/14 88% GLA (IN SQ.FT.) 33,400 ($ in thousands) 2014 2013 2012 Gross Revenue 921 816 1,071 NOI 450 452 707 Capital Improvements 305 302 32 Average Occupancy (%) 88 74 84 TOP TENANTS Finance Factors Hawaiiana Management Tutti Frutti Yogurt

REAL ESTATE LEASING – HAWAII OFFICE LONO CENTER MAUI CLINIC BUILDING TYPE Office LOCATION Maui ACQUISITION DATE January 9, 1991 ACQUISITION PRICE $1.4 million 59 DATE CONSTRUCTED 1973 OCCUPANCY AT 12/31/14 87% GLA (IN SQ.FT.) 13,400 ($ in thousands) 2014 2013 2012 Gross Revenue 502 529 506 NOI 152 227 207 Capital Improvements 19 16 - Average Occupancy (%) 87 85 84 TOP TENANTS Dr. James Hattaway D.C. Hawaii Dental Group U.S. Coast Guard TYPE Office LOCATION Maui ACQUISITION DATE December 1, 2008 DATE CONSTRUCTED 1958, renovated 2010 OCCUPANCY AT 12/31/14 58% GLA (IN SQ.FT.) 16,600 ($ in thousands) 2014 2013 2012 Gross Revenue 465 656 663 NOI 165 321 351 Capital Improvements - 25 17 Average Occupancy (%) 58 89 93 TOP TENANTS Maui Clinic Pharmacy Physical Therapy and Wellness Center

REAL ESTATE LEASING – HAWAII OFFICE STANGENWALD BUILDING TYPE Office LOCATION Oahu ACQUISITION DATE December 10, 1996 ACQUISITION PRICE $2.8 million DATE CONSTRUCTED 1901, renovated 1980 OCCUPANCY AT 12/31/14 91% GLA (IN SQ.FT.) 27,100 ($ in thousands) 2014 2013 2012 Gross Revenue 766 677 645 NOI 365 280 217 Capital Improvements 95 550 251 Average Occupancy (%) 91 84 81 TOP TENANTS Brue Burke McPheeters and Estes Law Firm Leather Sole HonBlue 60

REAL ESTATE LEASING – HAWAII GROUND LEASES KAILUA GROUND LEASES OTHER OAHU GROUND LEASES TYPE Ground Lease LOCATION Oahu ACQUISITION DATE December 20, 2013 61 ACQUISITION PRICE See Table 15 ACRES 28 ($ in thousands) 2014 2013* 2012 Gross Revenue 5,727 147 n/a NOI 4,206 136 n/a TOP TENANTS Napa Genuine Parts Company Fortus Property Group Macy’s, Inc. Windward Ford Pali Lanes, LLC TYPE Ground Lease LOCATION Oahu ACQUISITION DATE December 20, 2013 ACQUISITION PRICE See Table 15 ACRES 23 ($ in thousands) 2014 2013* 2012 Gross Revenue 5,994 181 n/a NOI 4,777 161 n/a TOP TENANTS Bradley Shopping Center Company Servco Pacific Tesoro Hawaii TSM Investments, Inc. WCSC, LLC * Acquired December 20, 2013 * Acquired December 20, 2013

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MAINLAND COMMERCIAL PROPERTY INFORMATION SHEETS RETAIL Little Cottonwood Center 64 Royal MacArthur Center 64 Wilshire Shopping Center 65 INDUSTRIAL Midstate Hayes 66 Sparks Business Center 66 OFFICE Concorde Commerce Center 67 Deer Valley Financial Center 67 Gateway Oaks 68 Ninigret Office Park 68 1800 and 1820 Preston Park 69 2868 Prospect Park 69 San Pedro Plaza 70 Union Bank 70 63 Note: NOI is provided for each of the properties in the following information sheets. Refer to Table 14 on page 40 for a sta tem ent about Management’s use of non - GAAP financial measures and required reconciliations.

REAL ESTATE LEASING – MAINLAND RETAIL LITTLE COTTONWOOD CENTER ROYAL MACARTHUR CENTER TYPE Retail LOCATION Sandy, UT ACQUISITION DATE October 26, 2010 ACQUISITION PRICE $20.8 million 64 DATES CONSTRUCTED 1998 - 2008 OCCUPANCY AT 12/31/14 94% GLA (IN SQ.FT.) 141,500 ($ in thousands) 2014 2013 2012 Gross Revenue 2,082 2,075 2,112 NOI 1,368 1,379 1,436 Capital Improvements 97 134 - Average Occupancy (%) 94 94 94 TOP TENANTS Black Bear Restaurant Chase Bank Fresh Market McDonald’s Starbucks TYPE Retail LOCATION Dallas, TX ACQUISITION DATE March 1, 2007 ACQUISITION PRICE $13.5 million DATES CONSTRUCTED 2006 OCCUPANCY AT 12/31/14 98% GLA (IN SQ.FT.) 44,800 ($ in thousands) 2014 2013 2012 Gross Revenue 1,501 1,345 1,229 NOI 920 996 706 Capital Improvements 52 229 195 Average Occupancy (%) 98 100 85 TOP TENANTS Andalous Mediterranean Grill Citibank Five Guys Burgers Jamba Juice La Madeleine Pie Five

REAL ESTATE LEASING – MAINLAND RETAIL WILSHIRE SHOPPING CENTER TYPE Retail LOCATION Greeley, CO ACQUISITION DATE March 19, 1997 ACQUISITION PRICE $2.5 million 65 DATES CONSTRUCTED 1970 OCCUPANCY AT 12/31/14 72% GLA (IN SQ.FT.) 46,500 ($ in thousands) 2014 2013 2012 Gross Revenue 372 346 340 NOI 191 194 190 Capital Improvements - - - Average Occupancy (%) 72 57 57 TOP TENANTS Dollar Tree Kentucky Fried Chicken McDonald’s Sherwin - Williams

REAL ESTATE LEASING – MAINLAND INDUSTRIAL MIDSTATE HAYES SPARKS BUSINESS CENTER TYPE Industrial LOCATION Visalia, CA ACQUISITION DATE Buildings 2/4: November 14, 2008 Buildings 1/3: December 11, 2008 66 ACQUISITION PRICE Buildings 2/4: $19.7M Buildings 1/3: $15.5M DATES CONSTRUCTED 2002 - 2008 OCCUPANCY AT 12/31/14 99% GLA (IN SQ.FT.) 790,200 ($ in thousands) 2014 2013 2012 Gross Revenue 3,509 3,263 3,283 NOI 2,730 2,559 2,443 Capital Improvements 36 17 17 Average Occupancy (%) 99 95 87 TOP TENANTS Coast Distribution International Paper Sarnova TYPE Industrial LOCATION Sparks, NV ACQUISITION DATE December 23, 2002 ACQUISITION PRICE $20.1 million DATES CONSTRUCTED 1996 - 1998 OCCUPANCY AT 12/31/14 98% GLA (IN SQ.FT.) 396,100 ($ in thousands) 2014 2013 2012 Gross Revenue 2,415 2,212 2,319 NOI 1,900 1,695 1,807 Capital Improvements 23 174 318 Average Occupancy (%) 98 98 94 TOP TENANTS BSI Inspectorate America Corp. St. Mary’s Health Group State of Nevada

REAL ESTATE LEASING – MAINLAND OFFICE CONCORDE COMMERCE CENTER DEER VALLEY FINANCIAL CENTER TYPE Office LOCATION Phoenix, AZ ACQUISITION DATE December 22, 2006 ACQUISITION PRICE $24.7 million 67 DATES CONSTRUCTED 1998 OCCUPANCY AT 12/31/14 100% GLA (IN SQ.FT.) 138,700 ($ in thousands) 2014 2013 2012 Gross Revenue 2,895 1,422 2,013 NOI 1,777 133 951 Capital Improvements 86 2,694 2,194 Average Occupancy (%) 100 100 86 TOP TENANTS Fiserv Solutions Jan - Pro United Healthcare Group TYPE Office LOCATION Phoenix, AZ ACQUISITION DATE June 7, 2005 ACQUISITION PRICE $22.3 million DATES CONSTRUCTED 2001 OCCUPANCY AT 12/31/14 76% GLA (IN SQ.FT.) 126,600 ($ in thousands) 2014 2013 2012 Gross Revenue 1,832 1,551 1,505 NOI 729 475 469 Capital Improvements 124 146 585 Average Occupancy (%) 76 75 71 TOP TENANTS Blackboard Campus Viridian Health Management

REAL ESTATE LEASING – MAINLAND OFFICE GATEWAY OAKS NINIGRET OFFICE PARK TYPE Office LOCATION Sacramento, CA ACQUISITION DATE June 14, 2006 ACQUISITION PRICE $12.3 million 68 DATES CONSTRUCTED 1999 OCCUPANCY AT 12/31/14 8 3 % GLA (IN SQ.FT.) 58,700 ($ in thousands) 2014 2013 2012 Gross Revenue 649 567 610 NOI 277 134 162 Capital Improvements 691 - 504 Average Occupancy (%) 83 54 50 TOP TENANTS Fortune Schools IKON Sutter Health Care URS TYPE Office LOCATION Salt Lake City, UT ACQUISITION DATE January 26, 2006 ACQUISITION PRICE $21.4 million DATES CONSTRUCTED 1999 & 2002, renovated 2010 OCCUPANCY AT 12/31/14 96% GLA (IN SQ.FT.) 185,500 ($ in thousands) 2014 2013 2012 Gross Revenue 3,056 3,024 3,117 NOI 1,865 1,834 1,895 Capital Improvements - 394 68 Average Occupancy (%) 96 100 100 TOP TENANTS Silicon Valley Bank Sun Products Teleperformance USA Tetra Tech

REAL ESTATE LEASING – MAINLAND OFFICE 1800 AND 1820 PRESTON PARK 2868 PROSPECT PARK TYPE Office LOCATION Plano, TX ACQUISITION DATE June 30, 2006 ACQUISITION PRICE $24.3 million 69 DATES CONSTRUCTED 1997 - 1998, renovated 2010 OCCUPANCY AT 12/31/14 92% GLA (IN SQ.FT.) 198,800 ($ in thousands) 2014 2013 2012 Gross Revenue 3,551 3,508 3,423 NOI 1,882 1,945 1,821 Capital Improvements 305 1,109 665 Average Occupancy (%) 92 93 89 TOP TENANTS American Flood Research Arrow Electronics CMA TYPE Office LOCATION Sacramento, CA ACQUISITION DATE August 25, 1998 ACQUISITION PRICE $20.6 million DATES CONSTRUCTED 1998, renovated 2008 OCCUPANCY AT 12/31/14 96% GLA (IN SQ.FT.) 162,900 ($ in thousands) 2014 2013 2012 Gross Revenue 2,921 2,452 1,813 NOI 1,677 1,299 587 Capital Improvements 1,298 890 870 Average Occupancy (%) 96 86 68 TOP TENANTS Cisco GEI

REAL ESTATE LEASING – MAINLAND OFFICE SAN PEDRO PLAZA UNION BANK TYPE Office LOCATION San Antonio, TX ACQUISITION DATE June 4, 1998 (office) September 14, 2000 (retail) 70 ACQUISITION PRICE $15.3 million (office) $1.1 million (retail) DATES CONSTRUCTED 1985 OCCUPANCY AT 12/31/14 65% ($ in thousands) 2014 2013 2012 Gross Revenue 2,143 2,328 2,374 NOI 751 969 1,041 Capital Improvements 948 - 1,840 Average Occupancy (%) 65 73 83 GLA (IN SQ.FT.) 163,900 (office) 8,000 (retail) TOP TENANTS Cricket Communications Jim Adler & Associates Reata Real Estate Starbucks Union Pacific Railroad Co. TYPE Office LOCATION Everett, WA ACQUISITION DATE June 7, 2011 ACQUISITION PRICE $10.9 million DATES CONSTRUCTED 1993 & 2008 OCCUPANCY AT 12/31/14 100% GLA (IN SQ.FT.) 84,000 ($ in thousands) 2014 2013 2012 Gross Revenue 1,534 1,525 1,497 NOI 1,374 1,350 1,305 Capital Improvements - - - Average Occupancy (%) 100 100 100 TOP TENANTS Union Bank