AMENDMENT TO LOAN AGREEMENT


This amendment is entered into this 23rd day of March 2001
and is effective as of December 31, 2000, by and between
American AgCredit, FLCA successor in interest to Pacific
Coast Farm Credit Services, FLCA successor in interest to
Pacific Coast Farm Credit Services, ACA ("FLCA") and
American AgCredit, PCA successor in interest to Pacific
Coast Farm Credit Services, PCA successor in interest to
Pacific Coast Farm Credit Services, ACA ("PCA") and MAUI
LAND & PINEAPPLE COMPANY, INC., a Hawaii Corporation
("Borrower").  As used herein, all capitalized terms not
otherwise defined herein shall have the meanings as set
forth in the Loan Agreement dated April 18,1997 and the
Term Loan Agreement dated June 1, 1999 as those terms are
hereinbelow defined.

                          RECITALS

A. Borrower and PCA entered into a loan agreement dated
   April 18, 1997 ("Equipment Loan Agreement") whereby PCA made
   available to Borrower a Revolving Line of Credit and Term
   Loan ("Loan") pursuant to the terms and conditions set forth
   in the Equipment Loan Agreement and evidenced by a
   promissory note ("Note") dated April 18, 1997 in the face
   amount of Five Million Dollars ($5,000,000.00).  Said
   Agreement was amended on October 5, 1998, February 16, 2000
   and May 16, 2000.

B. Borrower and FLCA, entered into a Term Loan Agreement
   dated June 1, 1999 ("Term Loan Agreement") which Term Loan
   Agreement was amended on February 16, 2000 and May 16, 2000.

C. Both the Equipment Loan Agreement and the Term Loan
   Agreement contain covenants requiring that the Debt Coverage
   Ratio not be less than certain ratios for each fiscal year.
   This covenant is found in Section 12 (i) (3) of the Term
   Loan Agreement and Section 14 j (3) of the Equipment Loan
   Agreement.  Borrower has requested that the PCA and the FLCA
   amend their loan documents to change the Debt Coverage Ratio
   requirement for the year 2000.  Both the PCA and the FLCA
   are willing to make the requested changes.

ACCORDINGLY THE PARTIES AGREE AS FOLLOWS:

1. The above recitals are acknowledged as true and correct.

2. PCA hereby amends Section 14 j (3) of the Equipment Loan
   Agreement, as amended, as follows:

   (a) After the phrase ".continuing through the Tranche B
       Maturity Date " add the following "except for Fiscal Year
       2000".

   (b) Insert the following: "For Fiscal Year 2000 only, the
       Borrower shall not permit the Consolidated Debt Coverage
       Ratio to be less than 0.60:1.00".

3. The  FLCA hereby amends Section 12 (i) (3) of the Term
   Loan Agreement as follows:

   (a) After the phrase ".continuing for each Fiscal Year
       thereafter." add the following "except for Fiscal Year
       2000".

   (b) Insert the following: "For Fiscal Year 2000 only, the
       Borrower shall not permit the Consolidated Debt Coverage
       Ratio to be less than 0.60:1.00".

4. The Borrower represents and warrants that, after giving
   effect to this Amendment, it is in compliance with the terms
   and conditions of the Term Loan Agreement and Equipment Loan
   Agreement.

5. The Amendments set forth herein shall be binding when this
   Amendment to Loan Agreement has been signed and returned
   to the PCA and the FLCA.

6. Except as expressly modified by this Amendment to Loan
   Agreement, all terms and conditions of the Loan Agreements,
   as amended, shall remain in full force and effect.

IN WITNESS WHEREOF the parties have signed this on the date
first above written.

BORROWER:

MAUI LAND & PINEAPPLE COMPANY, INC., a Hawaii Corporation

By: /S/PAUL J MEYER
Title: Executive Vice President/Finance


By: /S/GARY L GIFFORD
Title: President


American AgCredit FLCA and
American AgCredit, PCA

By: /S/SEAN O'DAY
Title: Regional Vice President