More About The IDC Plan

Note: Much of the information presented here also applies to the PSR Plan.

Customer Service

By using Fidelity Investments to handle the IDC Plan recordkeeping duties, A&B gives you access to a variety of information resources, provided through Fidelity's Retirement Benefits Line (800-835-5098) and its Website, www.401k.com. For hearing impaired access, call 800-835-5089; from overseas, call collect 606-491-8257.

The Fidelity Retirement Benefits Line provides you with information pertaining to your IDC Plan Account 24 hours a day, seven days a week, through an automated voice response system. You may also speak to a Fidelity Participant Services representative by calling Monday through Friday, 8:30 a.m. to midnight, Eastern Standard Time (EST).

Information about your IDC Account is also just a click away via Fidelity's NetBenefitsSM Website. Through one or both of these systems, you can...

• Enroll in the IDC Plan;

• Create or change your Personal Identification Number (PIN)—you need a PIN to regularly access your personal data via either system;

• Access your current account balance information and chart your savings;

• Change your deferral percentage;

• Obtain information about the available investment options, including historical fund performance;

• Change your current or future investment allocation;

• Review selected transaction history for the preceding 90 days;

• Request and print an online statement;

• Obtain loan information; and

• Request prospectuses and other literature.

In addition, through the Fidelity Website you can also access...

• Personal financial planning information, including investment education, an "Ask the Experts" service and Fidelity's Stages magazine;

• Answers to frequently asked 401(k) questions;

• Tools, worksheets and calculators designed to help you plan your financial future; and

• Market and fund performance information, including Fidelity's outlook on the market and up-to-date mutual fund information.

Beneficiary Designations

When you enroll in the A&B IDC and PSR Plans, you must name a beneficiary (or beneficiaries). If you die, your beneficiary(ies) will receive the value of your Accounts.

You can...

• Name anyone as your beneficiary—your IDC and PSR Plan beneficiary(ies) do not have to be the same individual(s) named as beneficiary(ies) to your life insurance benefits;

• Name more than one beneficiary; and

• Change your beneficiary designation at any time.

However, if you are married, your spouse is automatically your sole beneficiary, unless your spouse consents to you naming another sole beneficiary, or naming more than one beneficiary. Your spouse's consent must be provided in writing, and it must be notarized. Should you decide to change your beneficiary designation to someone other than, or in addition to, your spouse you must again obtain your spouse's consent as explained above. Similarly, your beneficiary designation will no longer be in effect if you remarry; you must then name a new beneficiary.

If you die without naming a beneficiary, or if you are not survived by your designated beneficiary, benefits will be payable...

• First to your surviving spouse;

• Then, to your surviving children if you have no surviving spouse; and

• Finally, to your estate if you have no surviving spouse or children.

Please remember that your IDC and PSR Plan Accounts may be a significant financial asset that can help provide for your family or others in the event of your death—it is your responsibility to keep your beneficiary designations up to date.

Assignment Of Plan Assets

You may not transfer or assign your right to receive benefits under the IDC or PSR Plans, nor may you use your right to benefits as collateral for any loan (other than a loan from the IDC Plan). Similarly, your benefits are not subject to any creditors' claims or to attachment by legal process (other than Federal tax levies and judgments, or the enforcement of offset rights or security interests granted in connection with Plan loans or as required by law).

Plan benefits, however, may be applied to the satisfaction of child support and alimony claims in accordance with a Qualified Domestic Relations Order (QDRO), as explained previously.

If You Are Returning From Uniformed Service

If you are absent due to service in the uniformed services of the U.S. and you return to work for the Company while your re-employment rights are protected by law, you may make "make-up" contributions to your Account up to the amount that could have been contributed if you had remained employed during your uniformed service period. (Note that this provision applies only to those returning from uniformed service on or after December 12, 1994.)

You may make these additional make-up contributions during the make-up period, which is...

• Equal to three times your period of absence, but

• Not longer than five years.

This period begins on your rehire date, or the date the Company notifies you of your right to make these additional contributions, whichever occurs later.

You will also receive Company matching contributions applicable to your make-up contributions. However, no retroactive interest or investment earnings will be credited to your Plan Account.

When Your Right To Contribute Ends

Your right to contribute to the A&B IDC Plan ends when you...

• Are no longer considered to be an eligible participant, as outlined under Who Is Eligible;

• Retire;

• Leave A&B;

• Become disabled and are no longer receiving compensation from A&B; or

• Die.

Plan Administration And Funding

Alexander & Baldwin, Inc. is the Plan Administrator responsible for the day-to-day administration and operation of the IDC and PSR Plans. The Plan Administrator or its designate will maintain records of all participant accounts and transactions that occur under the Plans.

For each participant, the Plan Administrator will maintain two separate accounts...

• A PSR Account, in which your share of the Company's contributions are deposited; and

• An IDC Account, in which any salary deferral contributions and Company matching contributions are deposited.

The Plan Administrator, through the A&B Administrative and Investment Committees, will also have the authority and responsibility for the...

• Interpretation of the Plans' provisions;

• Establishment of rules and regulations for the day-to-day administration of the Plans;

• Review of benefit claims and hardship withdrawals and loan requests;

• Selection of one or more investment managers; and

• Retention of legal, accounting and other professional services.

The Plan Administrator, or its designate, will also provide you with a statement of your IDC and PSR Accounts at least once each year.

Administrative expenses may be paid directly by A&B out of its own assets or charged against any account in the Trust Fund.

All amounts contributed to the Plans are deposited into a Trust Fund managed by the trustee. The benefits provided by the Plans will be paid to participants or their beneficiaries solely, and directly, from the Trust Fund. The Company will not be responsible or liable for any benefit payments.

Note: The Trust Fund is a separate and distinct fund. It is not part of A&B's general assets and cannot be commingled with Company assets.

Claims For Plan Benefits

You must apply for the payment of any benefits under the IDC/PSR Plans. Such an application should be made with the Plan Administrator.

Should you or your beneficiary believe that your benefits differ from the amount determined by the Plan Administrator, you or your beneficiary may file an official claim for benefits with the Plan Administrator in writing. The Plan Administrator will process your claim within 90 days of receiving the claim.

For information regarding appealing a claim that is denied in whole or in part, see Claim Procedures.

No Guarantee Of Benefits

The Pension Benefit Guaranty Corporation (PBGC) insures benefits payable under plans that provide for fixed and determinable retirement benefits, such as the benefits to which you may be entitled under the A&B Retirement Plan for Salaried Employees. Because the amount of benefits due you under the A&B IDC and PSR Plans depends on the investment experience of your Account(s)—and so are not fixed and determinable—they are not insured by the PBGC.

However, state and Federal laws governing trustee conduct set high standards of care for the Plan trustee.

"Top Heavy" Provisions

Federal law imposes limitations on the total dollar amount that may be allocated each year to any one participant through profit sharing contributions, salary deduction contributions and the reallocation of forfeitures. In this way, the Plans are prevented from becoming "top heavy." These limitations will generally affect only a few highly paid participants, and the Plans incorporate procedures for reducing allocations in the event these imitations would otherwise be exceeded.

You will be notified by the Company if you are affected by these limitations.

Additional Information

Additional information pertaining to your Plan is provided under Putting It All Together... . Also, for information pertaining to plan administration and your rights under Federal law, see Legal Information.