New A&B Will Have a Well-Capitalized Balance Sheet Providing Strong Liquidity and Financial Flexibility; Receives Favorable IRS Ruling on Tax-Free Nature of Planned Separation. Alexander & Baldwin Holdings, Inc. (NYSE: ALEX) ("Company"), successor by merger to Alexander & Baldwin, Inc., today announced that, in connection with previously announced plans to separate its transportation and land businesses into two publicly traded companies, it has entered into new financing arrangements for the land business ("New A&B"). The new financing arrangements will provide significant liquidity and support New A&B in the execution of its growth strategies as a stand-alone company and complement separately announced financing arrangements that have been made for Matson Navigation Company, Inc.