Document:

Exhibit

2
Hawaii
Loan No. 340128    PROMISSORY NOTE

$62,000,000.00    Dated as of April 10, 2014

For value received, the undersigned, herein called "Borrower," promises to pay to the order of THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY, a Wisconsin corporation, who, together with any subsequent holder of this note (hereinafter, the "Note"), is hereinafter referred to as "Lender", at 720 E. Wisconsin Avenue, Milwaukee, WI 53202 or at such other place as Lender shall designate in writing, in coin or currency which, at the time or times of payment, is legal tender for public and private debts in the United States, the principal sum of SIXTY-TWO MILLION DOLLARS or so much thereof as shall have been advanced from time to time plus interest on the outstanding principal balance at the rate and payable as follows:

Interest shall accrue from the date of advance until maturity at the rate of three and ninety-three hundredths percent (3.93%) per annum (the "Interest Rate").
Accrued interest only on the amount advanced shall be paid on the first day of the month following the date of advance ("Amortization Period Commencement Date") and the first day of each month thereafter for the next Seventy-two (72) months.  On the first day of the Seventy-third (73rd) month and on the first day of each month thereafter until maturity, installments of principal and interest shall be paid in the amount of $293,501.00.
Interest will be calculated assuming each month contains thirty (30) days and each calendar year contains three hundred sixty (360) days.  In the event of a partial month, however, interest for such partial month will be calculated based on the actual number of days the principal balance of this Note is outstanding in the month and the actual number of days in the calendar year.
Payments shall be made directly to Lender by electronic transfer of funds using the Automated Clearing House System.  To effectuate these payments, Borrower, at or prior to the date hereof, shall execute an ACH form provided by Lender.  All installments shall be applied first in payment of interest, calculated monthly on the unpaid principal balance, and the remainder of each installment shall be applied in payment of principal.  The entire unpaid principal balance plus accrued interest thereon shall be due and payable on May 1, 2024 (the "Maturity Date").

Provided Lender has no further obligation to advance principal under this Note to Borrower, beginning June 1, 2014, Borrower shall have the right, upon not less than ten (10) Business Days prior written notice, to prepay (on a Business Day only) this Note in full with a Prepayment Fee (as hereinafter defined); provided, however, that such notice must contain the anticipated date of prepayment.  If Borrower fails to prepay on, or within five (5) Business Days before or after such anticipated date of prepayment, such failure shall be deemed to be a withdrawal of Borrower's notice of prepayment, and Borrower shall be required to submit another 

written notice of prepayment pursuant to the terms and conditions set forth in this Note if Borrower thereafter elects to prepay this Note.  This Prepayment Fee represents consideration to Lender for loss of yield and reinvestment costs and shall also be payable whenever prepayment occurs as a result of the application of Condemnation Proceeds as defined in the Lien Instrument (as hereinafter defined).  The Prepayment Fee shall be the greater of Yield Maintenance or one percent (1%) of the outstanding principal balance of this Note (the "Prepayment Fee").  The Prepayment Fee shall be calculated as of the Prepayment Fee Determination Date.

"Business Day" means any day other than a Saturday, a Sunday or a day on which:  (i) Lender is closed for business or (ii) the Federal Reserve Bank of New York is closed for business.

"Yield Maintenance" means the amount, if any, by which

(i)    the present value on the Prepayment Fee Determination Date of the Then Remaining Payments determined by using the Periodic Discount Rate; exceeds

(ii)    the outstanding principal balance of this Note (exclusive of all accrued interest) on the Prepayment Fee Determination Date.

"Prepayment Fee Determination Date" means

		
	(A)
	In the case of a voluntary prepayment, the date of the voluntary prepayment;

		
	(B)
	

		
	(C)
	In the case of a prepayment following an acceleration of the Indebtedness (as hereinafter defined), the date of such acceleration;

		
	(D)
	

		
	(E)
	In the case of a prepayment due to a condemnation:

		
	(F)
	

		
	(1)
	involving the filing of a claim for the Prepayment Fee with the condemning authority or court of competent jurisdiction, the date of such filing; or

		
	(2)
	not involving the filing of a claim for the Prepayment Fee with the condemning authority or court of competent jurisdiction, the date of such prepayment;

		
	(G)
	In the case of Borrower becoming a debtor in a bankruptcy or other insolvency proceeding, the date of Lender's filing of its proof of claim in such proceeding.

"Then Remaining Payments" means payments in such amounts and at such times as would have been payable subsequent to the Prepayment Fee Determination Date (assuming no prepayment) in accordance with the terms of this Note.

"Periodic Discount Rate" means the rate which, when compounded monthly, equals the Treasury Rate. 

"Treasury Rate" means: 

		
	(A)
	The linearly interpolated yield, compounded semi-annually, of the two (2) most recently auctioned (on the run) non-callable U.S. Treasury bonds, notes or bills (other than inflation indexed (i.e., inflation protected) securities) issued by the United States Treasury having maturity dates equivalent or most nearly equivalent to the Average Life Date as reported (on-line or otherwise) by The Wall Street Journal one (1) Business Day prior to the Prepayment Fee Determination Date; or 

		
	(A)
	If the yields from (A) above are not available, the linearly interpolated yield, compounded semi-annually, of the two (2) Treasury Constant Maturity Series (other than inflation indexed (i.e., inflation protected) securities) having constant maturity dates equivalent or most nearly equivalent to the Average Life Date as reported, for the latest day for which such yields shall have been so reported, as of one (1) Business Day preceding the Prepayment Fee Determination Date, in Federal Reserve Statistical Release H.15 (or comparable successor publication); or 

		
	(C)
	If the yields from (A) and (B) above are not available, a rate comparable to what would have been calculated under clause (A) or (B) above, as reasonably determined by Lender.

To the extent that the source used in (A), (B) or (C) above updates treasury yield information during the day, Lender shall rely on the treasury yields reported prior to 12:00 Noon (Central Time) one (1) Business Day prior to the Prepayment Fee Determination Date.

"Average Life Date" means the date which is the Remaining Average Life from the Prepayment Fee Determination Date.

"Remaining Average Life" means the number of years (calculated to the nearest day) obtained by dividing:

(A)    the sum of the products obtained by multiplying

(1)    the principal component of each Then Remaining Payment;

by

(2)    the number of years (calculated to the nearest day) that will elapse between the Prepayment Fee Determination Date and the scheduled due date of such Then Remaining Payment;

by

(B)    The outstanding principal balance of this Note (exclusive of all accrued interest) on the Prepayment Fee Determination Date.

Upon the occurrence of an Event of Default (as defined in the Lien Instrument) followed by the acceleration of the whole indebtedness evidenced by this Note, the payment of such indebtedness will constitute an evasion of the prepayment terms hereunder and be deemed to be a 

voluntary prepayment hereof and such payment will, therefore, to the extent not prohibited by law, include the Prepayment Fee required under the prepayment in full right recited above.

Borrower shall have a one-time right, upon not less than ten (10) Business Days prior written notice to a partial prepayment (on a Business Day only) of this Note with a Prepayment Fee; provided, however, that such notice must contain the anticipated date of prepayment.  The partial prepayment shall be for no more than $10,000,000.00 and the prepayment shall be subject to the Prepayment Fee.

In the event of a partial prepayment of this Note for any reason contemplated in the Loan Documents (as defined in the Lien Instrument), the Prepayment Fee, if required, shall be an amount equal to the Prepayment Fee if this Note were prepaid in full, multiplied by a fraction, the numerator of which shall be the principal amount prepaid and the denominator of which shall be the outstanding principal balance of this Note immediately preceding the Prepayment Fee Determination Date with respect to such partial prepayment.

Notwithstanding the above and provided Borrower is not in default under any provision contained in the Loan Documents, this Note may be prepaid in full at any time, without a prepayment fee, during the last sixty (60) days of the term of this Note.

The prepayment of this Note as herein provided, together with the Prepayment Fee (if required as herein provided) if received by Lender prior to 12:00 p.m. Central Time on a Business Day, shall be credited on that Business Day, or, if received by Lender at or after 12:00 p.m. Central Time on a Business Day, shall, at Lender's option, be credited on the next Business Day.

Borrower acknowledges and agrees that the Interest Rate hereunder shall be increased if certain financial statements and other reports and evidence of insurance acceptable to Lender are not furnished to Lender, all as described in more detail in the provisions of the Lien Instrument entitled "Financial Statements" and "Insurance".

This Note is secured by certain property (the "Property") in the City and County of Honolulu, State of Hawaii described in a Mortgage and Security Agreement (the "Lien Instrument") of even date herewith executed by TRC LAULANI VILLAGE, LLC, a Delaware limited liability company to THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY.

Upon the occurrence of an Event of Default (as defined in the Lien Instrument), the whole unpaid principal hereof and accrued interest shall, at the option of Lender, to be exercised at any time thereafter, become due and payable at once without notice, notice of the exercise of, and the intent to exercise, such option being hereby expressly waived.

All parties at any time liable, whether primarily or secondarily, for payment of indebtedness evidenced hereby, for themselves, their heirs, legal representatives, successors and assigns, respectively, expressly waive presentment for payment, notice of dishonor, protest, notice of protest, and diligence in collection; consent to the extension by Lender of the time of said payments or any part thereof; further consent that the real or collateral security or any part thereof may be released by Lender, without in any way modifying, altering, releasing, affecting, or 

limiting their respective liability or the lien of the Lien Instrument; and agree to pay reasonable attorneys' fees and expenses of collection in case this Note is placed in the hands of an attorney for collection or suit is brought hereon and any attorneys' fees and expenses incurred by Lender to enforce or preserve its rights under any of the Loan Documents in any bankruptcy or insolvency proceeding.

All amounts due Lender including principal and, to the extent permitted by applicable law, interest not paid when due (without regard to any notice and/or cure provisions contained in any of the Loan Documents), including principal becoming due by reason of acceleration by Lender of the entire unpaid balance of this Note, shall bear interest from the due date thereof until paid at the Default Rate.  "Default Rate" means the lower of a rate equal to the interest rate in effect at the time of the default as herein provided plus 5% per annum or the maximum rate permitted by law.

No provision of this Note shall require the payment or permit the collection of interest, including any fees paid which are construed under applicable law to be interest, in excess of the maximum permitted by law.  If any such excess interest is collected or herein provided for, or shall be adjudicated to have been collected or be so provided for herein, the provisions of this paragraph shall govern, and Borrower shall not be obligated to pay the amount of such interest to the extent that it is in excess of the amount permitted by law.  Any such excess collected shall, at the option of Lender, unless otherwise required by applicable law, be immediately refunded to Borrower or credited on the principal of this Note immediately upon Lender's awareness of the collection of such excess.

Notwithstanding any provision contained herein or in the Lien Instrument to the contrary, if Lender shall take action to enforce the collection of the indebtedness evidenced hereby or secured by the Lien Instrument (collectively, the "Indebtedness"), its recourse shall, except as provided below, be limited to the Property or the proceeds from the sale of the Property and the proceeds realized by Lender in exercising its rights and remedies (i) under the Absolute Assignment (as defined in the Lien Instrument), (ii) under the Guarantee of Recourse Obligations of even date herewith executed by Terramar Retail Centers, LLC (the "Principal") for the benefit of Lender and under other separate guarantees, if any, (iii) under any of the other Loan Documents (as defined in the Lien Instrument) and (iv) in any other collateral securing the Indebtedness.  No direct or indirect owner of Borrower, no member of Borrower and no officer, director, employee, trustee, agent or advisor of: (i) Borrower, (ii) any member of Borrower or (iii) any direct or indirect owner of Borrower shall have any liability with respect to the Indebtedness.  If such proceeds are insufficient to pay the Indebtedness, Lender will never institute any action, suit, claim or demand in law or in equity against Borrower or any direct or indirect owner of Borrower, member of Borrower officer, director, employee, trustee, agent or advisor of (i) Borrower, (ii) any member of Borrower or (iii) any direct or indirect owner of Borrower for or on account of such deficiency; provided, however, that the provisions contained in this paragraph

(i)    shall not in any way affect or impair the validity or enforceability of the Indebtedness or the Lien Instrument; and

(ii)    shall not prevent Lender from seeking and obtaining a judgment against Borrower, and Borrower shall be personally liable, for the Recourse Obligations.

"Recourse Obligations" means

(a) rents and other income from the Property received by Borrower or those acting on behalf of Borrower from and after a Monetary Default (as defined in the Lien Instrument) or a Non Monetary Default (as defined in the Lien Instrument), notice of which Non-Monetary Default has been given, in either case remaining uncured prior to the Conveyance Date (as hereinafter defined), which rents and other income have not been applied to the payment of principal and interest on this Note or to reasonable operating expenses of the Property;

(b) amounts necessary to repair any damage to the Property caused by the intentional acts or omissions of Borrower or those acting on behalf of Borrower;

(c) insurance loss and Condemnation Proceeds (as defined in the Lien Instrument) released to Borrower but not applied in accordance with any agreement between Borrower and Lender as to their application;

(d) the amount of insurance loss proceeds which would have been available with respect to a casualty on the Property, but were not available due to the default by Borrower in carrying all insurance required by Lender;

(e) damages suffered by Lender as a result of fraud or material misrepresentation in connection with the Indebtedness by Borrower or any other person or entity acting on behalf of Borrower;

(f) amounts in excess of any rents or other revenues collected by Lender from operation of the Property from and after acceleration of the Indebtedness until the Conveyance Date, which amounts are necessary to pay real estate taxes, special assessments and insurance premiums with respect to the Property (to the extent not previously deposited with Lender by Borrower pursuant to the provision of the Lien Instrument following the caption entitled "Deposits by Mortgagor"), and amounts required to fulfill Borrower's obligations as lessor under any leases of the Property, in each case, either paid by Lender and not reimbursed prior to, or remaining due or delinquent on the Conveyance Date;

(g) all security deposits under leases of the Property or any portion of the Property collected by Borrower, any agent of Borrower or any predecessor of Borrower, and not refunded to the tenants thereunder in accordance with their respective leases, applied in accordance with such leases or law or delivered to Lender, and all rents collected by Borrower, any agent of Borrower or any predecessor of Borrower more than thirty (30) days in advance of the due date and not applied in accordance with the leases of the Property or delivered to Lender;

(h) all outstanding amounts due under the Indebtedness, including principal, interest, and other charges if there shall be a violation of any of the provisions of the Lien Instrument following the caption entitled "Prohibition on Transfer/One-Time Transfer"; and

(i) reasonable attorneys' fees and expenses incurred to the extent suit is brought to collect any of the amounts described in subparagraphs (a) through (h) above.

"Conveyance Date" means (i) the later of (a) the date on which title vests in the purchaser at the foreclosure sale of the Property pursuant to the Lien Instrument or (b) the date on which Borrower's statutory right of redemption shall expire or be waived or (ii) the date of the conveyance of the Property to Lender in lieu of foreclosure.

All notices, demands, requests and consents permitted or required under this Note shall be given in the manner prescribed in the Lien Instrument.

This Note, the interpretation hereof and the rights, obligations, duties and liabilities hereunder shall be governed and controlled by the laws of the State of Hawaii.

TRC LAULANI VILLAGE, LLC, a Delaware 
limited liability company

By:        /s/ Stephen M. Bowers                    
Name:    Stephen M. Bowers
Title:     President & CEOExhibit

ALEXANDER & BALDWIN, LLC 
SERIES K SENIOR NOTE
No. K-1 
ORIGINAL PRINCIPAL AMOUNT:  $3,979,000.00 
ORIGINAL ISSUE DATE:  April 18, 2018 
INTEREST RATE:  4.81% 
INTEREST PAYMENT DATES:  Semi-annually on each April 18 and October 18 
FINAL MATURITY DATE:  April 18, 2027 
PRINCIPAL PREPAYMENT DATES AND AMOUNTS:  None
FOR VALUE RECEIVED, each of the undersigned, ALEXANDER & BALDWIN, LLC (herein called the “Company”), a limited liability company organized under the laws of the State of Delaware, ALEXANDER & BALDWIN, LLC, SERIES R, ALEXANDER & BALDWIN, LLC, SERIES T, and ALEXANDER & BALDWIN, LLC, SERIES M, on a joint and several basis, hereby promises to pay to THE PRUDENTIAL INSURANCE COMPANY OF AMERICA, or registered assigns, the principal sum of THREE MILLION NINE HUNDRED SEVENTY-NINE THOUSAND AND 00/100 DOLLARS on the Final Maturity Date specified above with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance thereof at the Interest Rate per annum specified above, payable on the Final Maturity Date specified above and on each Interest Payment Date specified above, commencing with the Interest Payment Date next succeeding the date hereof, until the principal hereof shall have become due and payable, and (b) on any overdue payment of interest and, during the continuance of an Event of Default, on such unpaid balance and on any overdue payment of any Yield-Maintenance Amount, at a rate per annum from time to time equal to the Default Rate, payable on each Interest Payment Date as aforesaid (or, at the option of the registered holder hereof, on demand).
Payments of principal, Yield-Maintenance Amount, if any, and interest are to be made in lawful money of the United States of America at JPMorgan Chase Bank, New York, New York or at such other place as the holder hereof shall designate to the Company in writing.
This Note is one of a series of senior notes (herein called the “Notes”) issued pursuant to a Second Amended and Restated Note Purchase and Private Shelf Agreement, dated as of December 10, 2015 (as from time to time amended, restated, supplemented or otherwise modified, the “Agreement”), 

	
			
	 
	 
	 

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between the Company, Alexander & Baldwin, Inc. and the other Guarantors party thereto, on the one hand, and the Purchasers party thereto, on the other hand, and is entitled to the benefits thereof.  Each holder of this Note will be deemed, by its acceptance hereof, to have made the representations set forth in paragraph 9B of the Agreement.  Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Agreement.
This Note is a registered Note and, as provided in the Agreement, upon surrender of this Note for registration of transfer or accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a replacement Note for the then outstanding principal amount will be issued to, and registered in the name of, the transferee.  Prior to due presentment for registration of transfer, the Company may treat the person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company shall not be affected by any notice to the contrary.
This Note is also subject to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the Agreement, but not otherwise.
The Notes have been unconditionally guaranteed by the Company’s direct parent, Alexander & Baldwin, Inc., and certain of its Subsidiaries (other than the Company) pursuant to the terms of the Multiparty Guaranty.
If an Event of Default shall occur and be continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Yield-Maintenance Amount), and with the effect, provided in the Agreement.
This Note shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such state that would permit the application of the laws of a jurisdiction other than such state.
	
		
	 
	ALEXANDER & BALDWIN, LLC 
 
 
 By:  /s/ James E. Mead    
        James E. Mead 
        Its: Authorized signatory
By:  /s/ Nelson N. S. Chun     
        Nelson N. S. Chun 
        Its: Authorized signatory

	
			
	 
	 
	 

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	ALEXANDER & BALDWIN, LLC, SERIES R 
 
 
By:   /s/ James E. Mead    
        James E. Mead 
        Its: Chief Financial Officer
By:  /s/ Nelson N. S. Chun     
        Nelson N. S. Chun 
        Its: Senior Vice President and Chief Legal Officer

	 
	ALEXANDER & BALDWIN, LLC, SERIES T 
 
 
By:    /s/ James E. Mead    
        James E. Mead 
        Its: Chief Financial Officer
By:  /s/ Nelson N. S. Chun     
        Nelson N. S. Chun 
        Its: Senior Vice President and Chief Legal Officer

	 
	ALEXANDER & BALDWIN, LLC, SERIES M 
 
 
By:   /s/ Christopher J. Benjamin    
        Christopher J. Benjamin
        Its: President & Chief Executive Officer

	 
	PGIM, INC.
 
 
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	 
	THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
 
 
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	
			
	 
	 
	 

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	THE GIBRALTAR LIFE INSURANCE CO., LTD.
 
 
By: Prudential Investment Management Japan Co., Ltd., as Investment Manager
By: PGIM, Inc., as Sub-Advisor
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	 
	PRUDENTIAL RETIREMENT INSURANCE AND ANNUITY COMPANY
 
By:    PGIM, Inc., as investment manager
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	 
	PRUDENTIAL LEGACY INSURANCE COMPANY OF NEW JERSEY 

By:    PGIM, Inc., as investment manager
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	 
	FARMERS INSURANCE EXCHANGE 
By:    Prudential Private Placement Investors, L.P. (as Investment Advisor)
By:    Prudential Private Placement Investors, Inc., (as its General Partner)
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	
			
	 
	 
	 

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	MID CENTURY INSURANCE COMPANY 
By:    Prudential Private Placement Investors, L.P. (as Investment Advisor)
By:    Prudential Private Placement Investors, Inc., (as its General Partner)
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	 
	FARMERS NEW WORLD LIFE INSURANCE COMPANY 
By:    Prudential Private Placement Investors, L.P. (as Investment Advisor)
By:    Prudential Private Placement Investors, Inc., (as its General Partner)
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	
			
	 
	 
	 

SAN_FRANCISCO/#52500.2 

ALEXANDER & BALDWIN, LLC 
SERIES K SENIOR NOTE
No. K-2 
ORIGINAL PRINCIPAL AMOUNT:  $7,337,000.00 
ORIGINAL ISSUE DATE:  April 18, 2018 
INTEREST RATE:  4.81% 
INTEREST PAYMENT DATES:  Semi-annually on each April 18 and October 18 
FINAL MATURITY DATE:  April 18, 2027 
PRINCIPAL PREPAYMENT DATES AND AMOUNTS:  None
FOR VALUE RECEIVED, each of the undersigned, ALEXANDER & BALDWIN, LLC (herein called the “Company”), a limited liability company organized under the laws of the State of Delaware, ALEXANDER & BALDWIN, LLC, SERIES R, ALEXANDER & BALDWIN, LLC, SERIES T, and ALEXANDER & BALDWIN, LLC, SERIES M, on a joint and several basis, hereby promises to pay to THE PRUDENTIAL INSURANCE COMPANY OF AMERICA, or registered assigns, the principal sum of SEVEN MILLION THREE HUNDRED THIRTY-SEVEN THOUSAND AND 00/100 DOLLARS on the Final Maturity Date specified above with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance thereof at the Interest Rate per annum specified above, payable on the Final Maturity Date specified above and on each Interest Payment Date specified above, commencing with the Interest Payment Date next succeeding the date hereof, until the principal hereof shall have become due and payable, and (b) on any overdue payment of interest and, during the continuance of an Event of Default, on such unpaid balance and on any overdue payment of any Yield-Maintenance Amount, at a rate per annum from time to time equal to the Default Rate, payable on each Interest Payment Date as aforesaid (or, at the option of the registered holder hereof, on demand).
Payments of principal, Yield-Maintenance Amount, if any, and interest are to be made in lawful money of the United States of America at JPMorgan Chase Bank, New York, New York or at such other place as the holder hereof shall designate to the Company in writing.
This Note is one of a series of senior notes (herein called the “Notes”) issued pursuant to a Second Amended and Restated Note Purchase and Private Shelf Agreement, dated as of December 10, 2015 (as from time to time amended, restated, supplemented or otherwise modified, the “Agreement”), between the Company, Alexander & Baldwin, Inc. and the other Guarantors party thereto, on the one hand, and the Purchasers party thereto, on the other hand, and is entitled to the benefits thereof.  Each holder of this Note will be deemed, by its acceptance hereof, to have made the representations set forth in paragraph 9B of the Agreement.  Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Agreement.
This Note is a registered Note and, as provided in the Agreement, upon surrender of this Note for registration of transfer or accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a replacement Note for the then outstanding principal amount will be issued to, and registered in the name of, the transferee.  Prior to due presentment for registration of transfer, the Company may treat the person 

	
			
	 
	 
	 

SAN_FRANCISCO/#52500.2 

in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company shall not be affected by any notice to the contrary.
This Note is also subject to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the Agreement, but not otherwise.
The Notes have been unconditionally guaranteed by the Company’s direct parent, Alexander & Baldwin, Inc., and certain of its Subsidiaries (other than the Company) pursuant to the terms of the Multiparty Guaranty.
If an Event of Default shall occur and be continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Yield-Maintenance Amount), and with the effect, provided in the Agreement.
This Note shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such state that would permit the application of the laws of a jurisdiction other than such state.

	
		
	 
	ALEXANDER & BALDWIN, LLC 
 
 
 By:  /s/ James E. Mead    
        James E. Mead 
        Its: Authorized signatory
By:  /s/ Nelson N. S. Chun     
        Nelson N. S. Chun 
        Its: Authorized signatory

	 
	ALEXANDER & BALDWIN, LLC, SERIES R 
 
 
By:   /s/ James E. Mead    
        James E. Mead 
        Its: Chief Financial Officer
By:  /s/ Nelson N. S. Chun     
        Nelson N. S. Chun 
        Its: Senior Vice President and Chief Legal Officer

	
			
	 
	 
	 

SAN_FRANCISCO/#52500.2 

	
		
	 
	ALEXANDER & BALDWIN, LLC, SERIES T 
 
 
By:    /s/ James E. Mead    
        James E. Mead 
        Its: Chief Financial Officer
By:  /s/ Nelson N. S. Chun     
        Nelson N. S. Chun 
        Its: Senior Vice President and Chief Legal Officer

	 
	ALEXANDER & BALDWIN, LLC, SERIES M 
 
 
By:   /s/ Christopher J. Benjamin    
        Christopher J. Benjamin
        Its: President & Chief Executive Officer

	 
	PGIM, INC.
 
 
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	 
	THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
 
 
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	 
	THE GIBRALTAR LIFE INSURANCE CO., LTD.
 
 
By: Prudential Investment Management Japan Co., Ltd., as Investment Manager
By: PGIM, Inc., as Sub-Advisor
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	
			
	 
	 
	 

SAN_FRANCISCO/#52500.2 

	
		
	 
	PRUDENTIAL RETIREMENT INSURANCE AND ANNUITY COMPANY
 
By:    PGIM, Inc., as investment manager
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	 
	PRUDENTIAL LEGACY INSURANCE COMPANY OF NEW JERSEY 

By:    PGIM, Inc., as investment manager
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	 
	FARMERS INSURANCE EXCHANGE 
By:    Prudential Private Placement Investors, L.P. (as Investment Advisor)
By:    Prudential Private Placement Investors, Inc., (as its General Partner)
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	 
	MID CENTURY INSURANCE COMPANY 
By:    Prudential Private Placement Investors, L.P. (as Investment Advisor)
By:    Prudential Private Placement Investors, Inc., (as its General Partner)
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	
			
	 
	 
	 

SAN_FRANCISCO/#52500.2 

	
		
	 
	FARMERS NEW WORLD LIFE INSURANCE COMPANY 
By:    Prudential Private Placement Investors, L.P. (as Investment Advisor)
By:    Prudential Private Placement Investors, Inc., (as its General Partner)
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	
			
	 
	 
	 

SAN_FRANCISCO/#52500.2 

ALEXANDER & BALDWIN, LLC 
SERIES K SENIOR NOTE
No. K-3 
ORIGINAL PRINCIPAL AMOUNT:  $13,570,000.00 
ORIGINAL ISSUE DATE:  April 18, 2018 
INTEREST RATE:  4.81% 
INTEREST PAYMENT DATES:  Semi-annually on each April 18 and October 18 
FINAL MATURITY DATE:  April 18, 2027 
PRINCIPAL PREPAYMENT DATES AND AMOUNTS:  None
FOR VALUE RECEIVED, each of the undersigned, ALEXANDER & BALDWIN, LLC (herein called the “Company”), a limited liability company organized under the laws of the State of Delaware, ALEXANDER & BALDWIN, LLC, SERIES R, ALEXANDER & BALDWIN, LLC, SERIES T, and ALEXANDER & BALDWIN, LLC, SERIES M, on a joint and several basis, hereby promises to pay to THE GIBRALTAR LIFE INSURANCE CO., LTD., or registered assigns, the principal sum of THIRTEEN MILLION FIVE HUNDRED SEVENTY THOUSAND AND 00/100 DOLLARS on the Final Maturity Date specified above with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance thereof at the Interest Rate per annum specified above, payable on the Final Maturity Date specified above and on each Interest Payment Date specified above, commencing with the Interest Payment Date next succeeding the date hereof, until the principal hereof shall have become due and payable, and (b) on any overdue payment of interest and, during the continuance of an Event of Default, on such unpaid balance and on any overdue payment of any Yield-Maintenance Amount, at a rate per annum from time to time equal to the Default Rate, payable on each Interest Payment Date as aforesaid (or, at the option of the registered holder hereof, on demand).
Payments of principal, Yield-Maintenance Amount, if any, and interest are to be made in lawful money of the United States of America at JPMorgan Chase Bank, New York, New York or at such other place as the holder hereof shall designate to the Company in writing.
This Note is one of a series of senior notes (herein called the “Notes”) issued pursuant to a Second Amended and Restated Note Purchase and Private Shelf Agreement, dated as of December 10, 2015 (as from time to time amended, restated, supplemented or otherwise modified, the “Agreement”), between the Company, Alexander & Baldwin, Inc. and the other Guarantors party thereto, on the one hand, and the Purchasers party thereto, on the other hand, and is entitled to the benefits thereof.  Each holder of this Note will be deemed, by its acceptance hereof, to have made the representations set forth in paragraph 9B of the Agreement.  Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Agreement.
This Note is a registered Note and, as provided in the Agreement, upon surrender of this Note for registration of transfer or accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a replacement Note for the then outstanding principal amount will be issued to, and registered in the name of, the transferee.  Prior to due presentment for registration of transfer, the Company may treat the person 

	
			
	 
	 
	 

SAN_FRANCISCO/#52500.2 

in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company shall not be affected by any notice to the contrary.
This Note is also subject to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the Agreement, but not otherwise.
The Notes have been unconditionally guaranteed by the Company’s direct parent, Alexander & Baldwin, Inc., and certain of its Subsidiaries (other than the Company) pursuant to the terms of the Multiparty Guaranty.
If an Event of Default shall occur and be continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Yield-Maintenance Amount), and with the effect, provided in the Agreement.
This Note shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such state that would permit the application of the laws of a jurisdiction other than such state.

	
		
	 
	ALEXANDER & BALDWIN, LLC 
 
 
 By:  /s/ James E. Mead    
        James E. Mead 
        Its: Authorized signatory
By:  /s/ Nelson N. S. Chun     
        Nelson N. S. Chun 
        Its: Authorized signatory

	 
	ALEXANDER & BALDWIN, LLC, SERIES R 
 
 
By:   /s/ James E. Mead    
        James E. Mead 
        Its: Chief Financial Officer
By:  /s/ Nelson N. S. Chun     
        Nelson N. S. Chun 
        Its: Senior Vice President and Chief Legal Officer

	
			
	 
	 
	 

SAN_FRANCISCO/#52500.2 

	
		
	 
	ALEXANDER & BALDWIN, LLC, SERIES T 
 
 
By:    /s/ James E. Mead    
        James E. Mead 
        Its: Chief Financial Officer
By:  /s/ Nelson N. S. Chun     
        Nelson N. S. Chun 
        Its: Senior Vice President and Chief Legal Officer

	 
	ALEXANDER & BALDWIN, LLC, SERIES M 
 
 
By:   /s/ Christopher J. Benjamin    
        Christopher J. Benjamin
        Its: President & Chief Executive Officer

	 
	PGIM, INC.
 
 
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	 
	THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
 
 
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	 
	THE GIBRALTAR LIFE INSURANCE CO., LTD.
 
 
By: Prudential Investment Management Japan Co., Ltd., as Investment Manager
By: PGIM, Inc., as Sub-Advisor
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	
			
	 
	 
	 

SAN_FRANCISCO/#52500.2 

	
		
	 
	PRUDENTIAL RETIREMENT INSURANCE AND ANNUITY COMPANY
 
By:    PGIM, Inc., as investment manager
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	 
	PRUDENTIAL LEGACY INSURANCE COMPANY OF NEW JERSEY 

By:    PGIM, Inc., as investment manager
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	 
	FARMERS INSURANCE EXCHANGE 
By:    Prudential Private Placement Investors, L.P. (as Investment Advisor)
By:    Prudential Private Placement Investors, Inc., (as its General Partner)
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	 
	MID CENTURY INSURANCE COMPANY 
By:    Prudential Private Placement Investors, L.P. (as Investment Advisor)
By:    Prudential Private Placement Investors, Inc., (as its General Partner)
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	
			
	 
	 
	 

SAN_FRANCISCO/#52500.2 

	
		
	 
	FARMERS NEW WORLD LIFE INSURANCE COMPANY 
By:    Prudential Private Placement Investors, L.P. (as Investment Advisor)
By:    Prudential Private Placement Investors, Inc., (as its General Partner)
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	
			
	 
	 
	 

SAN_FRANCISCO/#52500.2 

ALEXANDER & BALDWIN, LLC 
SERIES K SENIOR NOTE
No. K-4 
ORIGINAL PRINCIPAL AMOUNT:  $1,380,000.00 
ORIGINAL ISSUE DATE:  April 18, 2018 
INTEREST RATE:  4.81% 
INTEREST PAYMENT DATES:  Semi-annually on each April 18 and October 18 
FINAL MATURITY DATE:  April 18, 2027 
PRINCIPAL PREPAYMENT DATES AND AMOUNTS:  None
FOR VALUE RECEIVED, each of the undersigned, ALEXANDER & BALDWIN, LLC (herein called the “Company”), a limited liability company organized under the laws of the State of Delaware, ALEXANDER & BALDWIN, LLC, SERIES R, ALEXANDER & BALDWIN, LLC, SERIES T, and ALEXANDER & BALDWIN, LLC, SERIES M, on a joint and several basis, hereby promises to pay to PRUDENTIAL RETIREMENT INSURANCE AND ANNUITY COMPANY, or registered assigns, the principal sum of ONE MILLION THREE HUNDRED EIGHTY THOUSAND AND 00/100 DOLLARS on the Final Maturity Date specified above with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance thereof at the Interest Rate per annum specified above, payable on the Final Maturity Date specified above and on each Interest Payment Date specified above, commencing with the Interest Payment Date next succeeding the date hereof, until the principal hereof shall have become due and payable, and (b) on any overdue payment of interest and, during the continuance of an Event of Default, on such unpaid balance and on any overdue payment of any Yield-Maintenance Amount, at a rate per annum from time to time equal to the Default Rate, payable on each Interest Payment Date as aforesaid (or, at the option of the registered holder hereof, on demand).
Payments of principal, Yield-Maintenance Amount, if any, and interest are to be made in lawful money of the United States of America at JPMorgan Chase Bank, New York, New York or at such other place as the holder hereof shall designate to the Company in writing.
This Note is one of a series of senior notes (herein called the “Notes”) issued pursuant to a Second Amended and Restated Note Purchase and Private Shelf Agreement, dated as of December 10, 2015 (as from time to time amended, restated, supplemented or otherwise modified, the “Agreement”), between the Company, Alexander & Baldwin, Inc. and the other Guarantors party thereto, on the one hand, and the Purchasers party thereto, on the other hand, and is entitled to the benefits thereof.  Each holder of this Note will be deemed, by its acceptance hereof, to have made the representations set forth in paragraph 9B of the Agreement.  Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Agreement.
This Note is a registered Note and, as provided in the Agreement, upon surrender of this Note for registration of transfer or accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a replacement Note for the then outstanding principal amount will be issued to, and registered in the name of, the transferee.  Prior to due presentment for registration of transfer, the Company may treat the person 

	
			
	 
	 
	 

SAN_FRANCISCO/#52500.2 

in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company shall not be affected by any notice to the contrary.
This Note is also subject to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the Agreement, but not otherwise.
The Notes have been unconditionally guaranteed by the Company’s direct parent, Alexander & Baldwin, Inc., and certain of its Subsidiaries (other than the Company) pursuant to the terms of the Multiparty Guaranty.
If an Event of Default shall occur and be continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Yield-Maintenance Amount), and with the effect, provided in the Agreement.
This Note shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such state that would permit the application of the laws of a jurisdiction other than such state.

	
		
	 
	ALEXANDER & BALDWIN, LLC 
 
 
 By:  /s/ James E. Mead    
        James E. Mead 
        Its: Authorized signatory
By:  /s/ Nelson N. S. Chun     
        Nelson N. S. Chun 
        Its: Authorized signatory

	 
	ALEXANDER & BALDWIN, LLC, SERIES R 
 
 
By:   /s/ James E. Mead    
        James E. Mead 
        Its: Chief Financial Officer
By:  /s/ Nelson N. S. Chun     
        Nelson N. S. Chun 
        Its: Senior Vice President and Chief Legal Officer

	
			
	 
	 
	 

SAN_FRANCISCO/#52500.2 

	
		
	 
	ALEXANDER & BALDWIN, LLC, SERIES T 
 
 
By:    /s/ James E. Mead    
        James E. Mead 
        Its: Chief Financial Officer
By:  /s/ Nelson N. S. Chun     
        Nelson N. S. Chun 
        Its: Senior Vice President and Chief Legal Officer

	 
	ALEXANDER & BALDWIN, LLC, SERIES M 
 
 
By:   /s/ Christopher J. Benjamin    
        Christopher J. Benjamin
        Its: President & Chief Executive Officer

	 
	PGIM, INC.
 
 
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	 
	THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
 
 
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	 
	THE GIBRALTAR LIFE INSURANCE CO., LTD.
 
 
By: Prudential Investment Management Japan Co., Ltd., as Investment Manager
By: PGIM, Inc., as Sub-Advisor
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	
			
	 
	 
	 

SAN_FRANCISCO/#52500.2 

	
		
	 
	PRUDENTIAL RETIREMENT INSURANCE AND ANNUITY COMPANY
 
By:    PGIM, Inc., as investment manager
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	 
	PRUDENTIAL LEGACY INSURANCE COMPANY OF NEW JERSEY 

By:    PGIM, Inc., as investment manager
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	 
	FARMERS INSURANCE EXCHANGE 
By:    Prudential Private Placement Investors, L.P. (as Investment Advisor)
By:    Prudential Private Placement Investors, Inc., (as its General Partner)
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	 
	MID CENTURY INSURANCE COMPANY 
By:    Prudential Private Placement Investors, L.P. (as Investment Advisor)
By:    Prudential Private Placement Investors, Inc., (as its General Partner)
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	
			
	 
	 
	 

SAN_FRANCISCO/#52500.2 

	
		
	 
	FARMERS NEW WORLD LIFE INSURANCE COMPANY 
By:    Prudential Private Placement Investors, L.P. (as Investment Advisor)
By:    Prudential Private Placement Investors, Inc., (as its General Partner)
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	
			
	 
	 
	 

SAN_FRANCISCO/#52500.2 

ALEXANDER & BALDWIN, LLC 
SERIES K SENIOR NOTE
No. K-5 
ORIGINAL PRINCIPAL AMOUNT:  $1,679,000.00 
ORIGINAL ISSUE DATE:  April 18, 2018 
INTEREST RATE:  4.81% 
INTEREST PAYMENT DATES:  Semi-annually on each April 18 and October 18 
FINAL MATURITY DATE:  April 18, 2027 
PRINCIPAL PREPAYMENT DATES AND AMOUNTS:  None
FOR VALUE RECEIVED, each of the undersigned, ALEXANDER & BALDWIN, LLC (herein called the “Company”), a limited liability company organized under the laws of the State of Delaware, ALEXANDER & BALDWIN, LLC, SERIES R, ALEXANDER & BALDWIN, LLC, SERIES T, and ALEXANDER & BALDWIN, LLC, SERIES M, on a joint and several basis, hereby promises to pay to PRUDENTIAL LEGACY INSURANCE COMPANY OF NEW JERSEY, or registered assigns, the principal sum of ONE MILLION SIX HUNDRED SEVENTY-NINE THOUSAND AND 00/100 DOLLARS on the Final Maturity Date specified above with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance thereof at the Interest Rate per annum specified above, payable on the Final Maturity Date specified above and on each Interest Payment Date specified above, commencing with the Interest Payment Date next succeeding the date hereof, until the principal hereof shall have become due and payable, and (b) on any overdue payment of interest and, during the continuance of an Event of Default, on such unpaid balance and on any overdue payment of any Yield-Maintenance Amount, at a rate per annum from time to time equal to the Default Rate, payable on each Interest Payment Date as aforesaid (or, at the option of the registered holder hereof, on demand).
Payments of principal, Yield-Maintenance Amount, if any, and interest are to be made in lawful money of the United States of America at JPMorgan Chase Bank, New York, New York or at such other place as the holder hereof shall designate to the Company in writing.
This Note is one of a series of senior notes (herein called the “Notes”) issued pursuant to a Second Amended and Restated Note Purchase and Private Shelf Agreement, dated as of December 10, 2015 (as from time to time amended, restated, supplemented or otherwise modified, the “Agreement”), between the Company, Alexander & Baldwin, Inc. and the other Guarantors party thereto, on the one hand, and the Purchasers party thereto, on the other hand, and is entitled to the benefits thereof.  Each holder of this Note will be deemed, by its acceptance hereof, to have made the representations set forth in paragraph 9B of the Agreement.  Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Agreement.
This Note is a registered Note and, as provided in the Agreement, upon surrender of this Note for registration of transfer or accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a replacement Note for the then outstanding principal amount will be issued to, and registered in the name of, the transferee.  Prior to due presentment for registration of transfer, the Company may treat the person 

	
			
	 
	 
	 

SAN_FRANCISCO/#52500.2 

in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company shall not be affected by any notice to the contrary.
This Note is also subject to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the Agreement, but not otherwise.
The Notes have been unconditionally guaranteed by the Company’s direct parent, Alexander & Baldwin, Inc., and certain of its Subsidiaries (other than the Company) pursuant to the terms of the Multiparty Guaranty.
If an Event of Default shall occur and be continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Yield-Maintenance Amount), and with the effect, provided in the Agreement.
This Note shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such state that would permit the application of the laws of a jurisdiction other than such state.
	
		
	 
	ALEXANDER & BALDWIN, LLC 
 
 
 By:  /s/ James E. Mead    
        James E. Mead 
        Its: Authorized signatory
By:  /s/ Nelson N. S. Chun     
        Nelson N. S. Chun 
        Its: Authorized signatory

	 
	ALEXANDER & BALDWIN, LLC, SERIES R 
 
 
By:   /s/ James E. Mead    
        James E. Mead 
        Its: Chief Financial Officer
By:  /s/ Nelson N. S. Chun     
        Nelson N. S. Chun 
        Its: Senior Vice President and Chief Legal Officer

	
			
	 
	 
	 

SAN_FRANCISCO/#52500.2 

	
		
	 
	ALEXANDER & BALDWIN, LLC, SERIES T 
 
 
By:    /s/ James E. Mead    
        James E. Mead 
        Its: Chief Financial Officer
By:  /s/ Nelson N. S. Chun     
        Nelson N. S. Chun 
        Its: Senior Vice President and Chief Legal Officer

	 
	ALEXANDER & BALDWIN, LLC, SERIES M 
 
 
By:   /s/ Christopher J. Benjamin    
        Christopher J. Benjamin
        Its: President & Chief Executive Officer

	 
	PGIM, INC.
 
 
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	 
	THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
 
 
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	 
	THE GIBRALTAR LIFE INSURANCE CO., LTD.
 
 
By: Prudential Investment Management Japan Co., Ltd., as Investment Manager
By: PGIM, Inc., as Sub-Advisor
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	
			
	 
	 
	 

SAN_FRANCISCO/#52500.2 

	
		
	 
	PRUDENTIAL RETIREMENT INSURANCE AND ANNUITY COMPANY
 
By:    PGIM, Inc., as investment manager
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	 
	PRUDENTIAL LEGACY INSURANCE COMPANY OF NEW JERSEY 

By:    PGIM, Inc., as investment manager
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	 
	FARMERS INSURANCE EXCHANGE 
By:    Prudential Private Placement Investors, L.P. (as Investment Advisor)
By:    Prudential Private Placement Investors, Inc., (as its General Partner)
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	 
	MID CENTURY INSURANCE COMPANY 
By:    Prudential Private Placement Investors, L.P. (as Investment Advisor)
By:    Prudential Private Placement Investors, Inc., (as its General Partner)
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	
			
	 
	 
	 

SAN_FRANCISCO/#52500.2 

	
		
	 
	FARMERS NEW WORLD LIFE INSURANCE COMPANY 
By:    Prudential Private Placement Investors, L.P. (as Investment Advisor)
By:    Prudential Private Placement Investors, Inc., (as its General Partner)
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	
			
	 
	 
	 

SAN_FRANCISCO/#52500.2 

ALEXANDER & BALDWIN, LLC 
SERIES K SENIOR NOTE
No. K-6 
ORIGINAL PRINCIPAL AMOUNT:  $3,525,900.00 
ORIGINAL ISSUE DATE:  April 18, 2018 
INTEREST RATE:  4.81% 
INTEREST PAYMENT DATES:  Semi-annually on each April 18 and October 18 
FINAL MATURITY DATE:  April 18, 2027 
PRINCIPAL PREPAYMENT DATES AND AMOUNTS:  None
FOR VALUE RECEIVED, each of the undersigned, ALEXANDER & BALDWIN, LLC (herein called the “Company”), a limited liability company organized under the laws of the State of Delaware, ALEXANDER & BALDWIN, LLC, SERIES R, ALEXANDER & BALDWIN, LLC, SERIES T, and ALEXANDER & BALDWIN, LLC, SERIES M, on a joint and several basis, hereby promises to pay to FARMERS INSURANCE EXCHANGE, or registered assigns, the principal sum of THREE MILLION FIVE HUNDRED TWENTY-FIVE THOUSAND NINE HUNDRED AND 00/100 DOLLARS on the Final Maturity Date specified above with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance thereof at the Interest Rate per annum specified above, payable on the Final Maturity Date specified above and on each Interest Payment Date specified above, commencing with the Interest Payment Date next succeeding the date hereof, until the principal hereof shall have become due and payable, and (b) on any overdue payment of interest and, during the continuance of an Event of Default, on such unpaid balance and on any overdue payment of any Yield-Maintenance Amount, at a rate per annum from time to time equal to the Default Rate, payable on each Interest Payment Date as aforesaid (or, at the option of the registered holder hereof, on demand).
Payments of principal, Yield-Maintenance Amount, if any, and interest are to be made in lawful money of the United States of America at JPMorgan Chase Bank, New York, New York or at such other place as the holder hereof shall designate to the Company in writing.
This Note is one of a series of senior notes (herein called the “Notes”) issued pursuant to a Second Amended and Restated Note Purchase and Private Shelf Agreement, dated as of December 10, 2015 (as from time to time amended, restated, supplemented or otherwise modified, the “Agreement”), between the Company, Alexander & Baldwin, Inc. and the other Guarantors party thereto, on the one hand, and the Purchasers party thereto, on the other hand, and is entitled to the benefits thereof.  Each holder of this Note will be deemed, by its acceptance hereof, to have made the representations set forth in paragraph 9B of the Agreement.  Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Agreement.
This Note is a registered Note and, as provided in the Agreement, upon surrender of this Note for registration of transfer or accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a replacement Note for the then outstanding principal amount will be issued to, and registered in the name of, the transferee.  Prior to due presentment for registration of transfer, the Company may treat the person 

	
			
	 
	 
	 

SAN_FRANCISCO/#52500.2 

in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company shall not be affected by any notice to the contrary.
This Note is also subject to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the Agreement, but not otherwise.
The Notes have been unconditionally guaranteed by the Company’s direct parent, Alexander & Baldwin, Inc., and certain of its Subsidiaries (other than the Company) pursuant to the terms of the Multiparty Guaranty.
If an Event of Default shall occur and be continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Yield-Maintenance Amount), and with the effect, provided in the Agreement.
This Note shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such state that would permit the application of the laws of a jurisdiction other than such state.
	
		
	 
	ALEXANDER & BALDWIN, LLC 
 
 
 By:  /s/ James E. Mead    
        James E. Mead 
        Its: Authorized signatory
By:  /s/ Nelson N. S. Chun     
        Nelson N. S. Chun 
        Its: Authorized signatory

	 
	ALEXANDER & BALDWIN, LLC, SERIES R 
 
 
By:   /s/ James E. Mead    
        James E. Mead 
        Its: Chief Financial Officer
By:  /s/ Nelson N. S. Chun     
        Nelson N. S. Chun 
        Its: Senior Vice President and Chief Legal Officer

	
			
	 
	 
	 

SAN_FRANCISCO/#52500.2 

	
		
	 
	ALEXANDER & BALDWIN, LLC, SERIES T 
 
 
By:    /s/ James E. Mead    
        James E. Mead 
        Its: Chief Financial Officer
By:  /s/ Nelson N. S. Chun     
        Nelson N. S. Chun 
        Its: Senior Vice President and Chief Legal Officer

	 
	ALEXANDER & BALDWIN, LLC, SERIES M 
 
 
By:   /s/ Christopher J. Benjamin    
        Christopher J. Benjamin
        Its: President & Chief Executive Officer

	 
	PGIM, INC.
 
 
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	 
	THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
 
 
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	 
	THE GIBRALTAR LIFE INSURANCE CO., LTD.
 
 
By: Prudential Investment Management Japan Co., Ltd., as Investment Manager
By: PGIM, Inc., as Sub-Advisor
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	
			
	 
	 
	 

SAN_FRANCISCO/#52500.2 

	
		
	 
	PRUDENTIAL RETIREMENT INSURANCE AND ANNUITY COMPANY
 
By:    PGIM, Inc., as investment manager
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	 
	PRUDENTIAL LEGACY INSURANCE COMPANY OF NEW JERSEY 

By:    PGIM, Inc., as investment manager
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	 
	FARMERS INSURANCE EXCHANGE 
By:    Prudential Private Placement Investors, L.P. (as Investment Advisor)
By:    Prudential Private Placement Investors, Inc., (as its General Partner)
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	 
	MID CENTURY INSURANCE COMPANY 
By:    Prudential Private Placement Investors, L.P. (as Investment Advisor)
By:    Prudential Private Placement Investors, Inc., (as its General Partner)
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	
			
	 
	 
	 

SAN_FRANCISCO/#52500.2 

	
		
	 
	FARMERS NEW WORLD LIFE INSURANCE COMPANY 
By:    Prudential Private Placement Investors, L.P. (as Investment Advisor)
By:    Prudential Private Placement Investors, Inc., (as its General Partner)
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	
			
	 
	 
	 

SAN_FRANCISCO/#52500.2 

ALEXANDER & BALDWIN, LLC 
SERIES K SENIOR NOTE
No. K-7 
ORIGINAL PRINCIPAL AMOUNT:  $1,511,100.00 
ORIGINAL ISSUE DATE:  April 18, 2018 
INTEREST RATE:  4.81% 
INTEREST PAYMENT DATES:  Semi-annually on each April 18 and October 18 
FINAL MATURITY DATE:  April 18, 2027 
PRINCIPAL PREPAYMENT DATES AND AMOUNTS:  None
FOR VALUE RECEIVED, each of the undersigned, ALEXANDER & BALDWIN, LLC (herein called the “Company”), a limited liability company organized under the laws of the State of Delaware, ALEXANDER & BALDWIN, LLC, SERIES R, ALEXANDER & BALDWIN, LLC, SERIES T, and ALEXANDER & BALDWIN, LLC, SERIES M, on a joint and several basis, hereby promises to pay to MID CENTURY INSURANCE COMPANY, or registered assigns, the principal sum of ONE MILLION FIVE HUNDRED ELEVEN THOUSAND ONE HUNDRED AND 00/100 DOLLARS on the Final Maturity Date specified above with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance thereof at the Interest Rate per annum specified above, payable on the Final Maturity Date specified above and on each Interest Payment Date specified above, commencing with the Interest Payment Date next succeeding the date hereof, until the principal hereof shall have become due and payable, and (b) on any overdue payment of interest and, during the continuance of an Event of Default, on such unpaid balance and on any overdue payment of any Yield-Maintenance Amount, at a rate per annum from time to time equal to the Default Rate, payable on each Interest Payment Date as aforesaid (or, at the option of the registered holder hereof, on demand).
Payments of principal, Yield-Maintenance Amount, if any, and interest are to be made in lawful money of the United States of America at JPMorgan Chase Bank, New York, New York or at such other place as the holder hereof shall designate to the Company in writing.
This Note is one of a series of senior notes (herein called the “Notes”) issued pursuant to a Second Amended and Restated Note Purchase and Private Shelf Agreement, dated as of December 10, 2015 (as from time to time amended, restated, supplemented or otherwise modified, the “Agreement”), between the Company, Alexander & Baldwin, Inc. and the other Guarantors party thereto, on the one hand, and the Purchasers party thereto, on the other hand, and is entitled to the benefits thereof.  Each holder of this Note will be deemed, by its acceptance hereof, to have made the representations set forth in paragraph 9B of the Agreement.  Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Agreement.
This Note is a registered Note and, as provided in the Agreement, upon surrender of this Note for registration of transfer or accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a replacement Note for the then outstanding principal amount will be issued to, and registered in the name of, the transferee.  Prior to due presentment for registration of transfer, the Company may treat the person 

	
			
	 
	 
	 

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in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company shall not be affected by any notice to the contrary.
This Note is also subject to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the Agreement, but not otherwise.
The Notes have been unconditionally guaranteed by the Company’s direct parent, Alexander & Baldwin, Inc., and certain of its Subsidiaries (other than the Company) pursuant to the terms of the Multiparty Guaranty.
If an Event of Default shall occur and be continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Yield-Maintenance Amount), and with the effect, provided in the Agreement.
This Note shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such state that would permit the application of the laws of a jurisdiction other than such state.

	
		
	 
	ALEXANDER & BALDWIN, LLC 
 
 
 By:  /s/ James E. Mead    
        James E. Mead 
        Its: Authorized signatory
By:  /s/ Nelson N. S. Chun     
        Nelson N. S. Chun 
        Its: Authorized signatory

	 
	ALEXANDER & BALDWIN, LLC, SERIES R 
 
 
By:   /s/ James E. Mead    
        James E. Mead 
        Its: Chief Financial Officer
By:  /s/ Nelson N. S. Chun     
        Nelson N. S. Chun 
        Its: Senior Vice President and Chief Legal Officer

	
			
	 
	 
	 

SAN_FRANCISCO/#52500.2 

	
		
	 
	ALEXANDER & BALDWIN, LLC, SERIES T 
 
 
By:    /s/ James E. Mead    
        James E. Mead 
        Its: Chief Financial Officer
By:  /s/ Nelson N. S. Chun     
        Nelson N. S. Chun 
        Its: Senior Vice President and Chief Legal Officer

	 
	ALEXANDER & BALDWIN, LLC, SERIES M 
 
 
By:   /s/ Christopher J. Benjamin    
        Christopher J. Benjamin
        Its: President & Chief Executive Officer

	 
	PGIM, INC.
 
 
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	 
	THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
 
 
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	 
	THE GIBRALTAR LIFE INSURANCE CO., LTD.
 
 
By: Prudential Investment Management Japan Co., Ltd., as Investment Manager
By: PGIM, Inc., as Sub-Advisor
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	
			
	 
	 
	 

SAN_FRANCISCO/#52500.2 

	
		
	 
	PRUDENTIAL RETIREMENT INSURANCE AND ANNUITY COMPANY
 
By:    PGIM, Inc., as investment manager
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	 
	PRUDENTIAL LEGACY INSURANCE COMPANY OF NEW JERSEY 

By:    PGIM, Inc., as investment manager
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	 
	FARMERS INSURANCE EXCHANGE 
By:    Prudential Private Placement Investors, L.P. (as Investment Advisor)
By:    Prudential Private Placement Investors, Inc., (as its General Partner)
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	 
	MID CENTURY INSURANCE COMPANY 
By:    Prudential Private Placement Investors, L.P. (as Investment Advisor)
By:    Prudential Private Placement Investors, Inc., (as its General Partner)
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	
			
	 
	 
	 

SAN_FRANCISCO/#52500.2 

	
		
	 
	FARMERS NEW WORLD LIFE INSURANCE COMPANY 
By:    Prudential Private Placement Investors, L.P. (as Investment Advisor)
By:    Prudential Private Placement Investors, Inc., (as its General Partner)
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	
			
	 
	 
	 

SAN_FRANCISCO/#52500.2 

ALEXANDER & BALDWIN, LLC 
SERIES K SENIOR NOTE
No. K-8 
ORIGINAL PRINCIPAL AMOUNT:  $1,518,000.00 
ORIGINAL ISSUE DATE:  April 18, 2018 
INTEREST RATE:  4.81% 
INTEREST PAYMENT DATES:  Semi-annually on each April 18 and October 18 
FINAL MATURITY DATE:  April 18, 2027 
PRINCIPAL PREPAYMENT DATES AND AMOUNTS:  None
FOR VALUE RECEIVED, each of the undersigned, ALEXANDER & BALDWIN, LLC (herein called the “Company”), a limited liability company organized under the laws of the State of Delaware, ALEXANDER & BALDWIN, LLC, SERIES R, ALEXANDER & BALDWIN, LLC, SERIES T, and ALEXANDER & BALDWIN, LLC, SERIES M, on a joint and several basis, hereby promises to pay to FARMERS NEW WORLD LIFE INSURANCE COMPANY, or registered assigns, the principal sum of ONE MILLION FIVE HUNDRED EIGHTEEN THOUSAND AND 00/100 DOLLARS on the Final Maturity Date specified above with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance thereof at the Interest Rate per annum specified above, payable on the Final Maturity Date specified above and on each Interest Payment Date specified above, commencing with the Interest Payment Date next succeeding the date hereof, until the principal hereof shall have become due and payable, and (b) on any overdue payment of interest and, during the continuance of an Event of Default, on such unpaid balance and on any overdue payment of any Yield-Maintenance Amount, at a rate per annum from time to time equal to the Default Rate, payable on each Interest Payment Date as aforesaid (or, at the option of the registered holder hereof, on demand).
Payments of principal, Yield-Maintenance Amount, if any, and interest are to be made in lawful money of the United States of America at JPMorgan Chase Bank, New York, New York or at such other place as the holder hereof shall designate to the Company in writing.
This Note is one of a series of senior notes (herein called the “Notes”) issued pursuant to a Second Amended and Restated Note Purchase and Private Shelf Agreement, dated as of December 10, 2015 (as from time to time amended, restated, supplemented or otherwise modified, the “Agreement”), between the Company, Alexander & Baldwin, Inc. and the other Guarantors party thereto, on the one hand, and the Purchasers party thereto, on the other hand, and is entitled to the benefits thereof.  Each holder of this Note will be deemed, by its acceptance hereof, to have made the representations set forth in paragraph 9B of the Agreement.  Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Agreement.
This Note is a registered Note and, as provided in the Agreement, upon surrender of this Note for registration of transfer or accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a replacement Note for the then outstanding principal amount will be issued to, and registered in the name of, the transferee.  Prior to due presentment for registration of transfer, the Company may treat the person 

	
			
	 
	 
	 

SAN_FRANCISCO/#52500.2 

in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company shall not be affected by any notice to the contrary.
This Note is also subject to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the Agreement, but not otherwise.
The Notes have been unconditionally guaranteed by the Company’s direct parent, Alexander & Baldwin, Inc., and certain of its Subsidiaries (other than the Company) pursuant to the terms of the Multiparty Guaranty.
If an Event of Default shall occur and be continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Yield-Maintenance Amount), and with the effect, provided in the Agreement.
This Note shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such state that would permit the application of the laws of a jurisdiction other than such state.

	
			
	 
	 
	 

SAN_FRANCISCO/#52500.2 

	
		
	 
	ALEXANDER & BALDWIN, LLC 
 
 
 By:  /s/ James E. Mead    
        James E. Mead 
        Its: Authorized signatory
By:  /s/ Nelson N. S. Chun     
        Nelson N. S. Chun 
        Its: Authorized signatory

	 
	ALEXANDER & BALDWIN, LLC, SERIES R 
 
 
By:   /s/ James E. Mead    
        James E. Mead 
        Its: Chief Financial Officer
By:  /s/ Nelson N. S. Chun     
        Nelson N. S. Chun 
        Its: Senior Vice President and Chief Legal Officer

	 
	ALEXANDER & BALDWIN, LLC, SERIES T 
 
 
By:    /s/ James E. Mead    
        James E. Mead 
        Its: Chief Financial Officer
By:  /s/ Nelson N. S. Chun     
        Nelson N. S. Chun 
        Its: Senior Vice President and Chief Legal Officer

	 
	ALEXANDER & BALDWIN, LLC, SERIES M 
 
 
By:   /s/ Christopher J. Benjamin    
        Christopher J. Benjamin
        Its: President & Chief Executive Officer

	 
	PGIM, INC.
 
 
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	
			
	 
	 
	 

SAN_FRANCISCO/#52500.2 

	
		
	 
	THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
 
 
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	 
	THE GIBRALTAR LIFE INSURANCE CO., LTD.
 
 
By: Prudential Investment Management Japan Co., Ltd., as Investment Manager
By: PGIM, Inc., as Sub-Advisor
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	 
	PRUDENTIAL RETIREMENT INSURANCE AND ANNUITY COMPANY
 
By:    PGIM, Inc., as investment manager
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	 
	PRUDENTIAL LEGACY INSURANCE COMPANY OF NEW JERSEY 

By:    PGIM, Inc., as investment manager
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	
			
	 
	 
	 

SAN_FRANCISCO/#52500.2 

	
		
	 
	FARMERS INSURANCE EXCHANGE 
By:    Prudential Private Placement Investors, L.P. (as Investment Advisor)
By:    Prudential Private Placement Investors, Inc., (as its General Partner)
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	 
	MID CENTURY INSURANCE COMPANY 
By:    Prudential Private Placement Investors, L.P. (as Investment Advisor)
By:    Prudential Private Placement Investors, Inc., (as its General Partner)
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	 
	FARMERS NEW WORLD LIFE INSURANCE COMPANY 
By:    Prudential Private Placement Investors, L.P. (as Investment Advisor)
By:    Prudential Private Placement Investors, Inc., (as its General Partner)
By:   /s/ Brad Wiginton    
Name: Brad Wiginton
Title: Vice President

	
			
	 
	 
	 

SAN_FRANCISCO/#52500.2

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