Maui Land & Pineapple Company, Inc. (NYSE:MLP) intends to pursue a rights offering for up to $40 million of its common stock. The record date for the rights offering is July 7, 2010.

The Company intends to utilize the proceeds from the rights offering to repurchase up to all of its outstanding senior secured convertible notes, which we refer to as the Notes. The aggregate principal amount outstanding under the Notes is $40 million. As of June 24, 2010, the Company has entered into agreements to purchase at least $27.5 million of the Notes upon successful completion of the rights offering. The Company may enter into repurchase agreements on the same terms with other holders of Notes prior to completion of the rights offering.

Upon commencement of the rights offering, shareholders will receive one non-transferable subscription right for each share of common stock owned as of the close of business on July 7, 2010. Each subscription right will entitle the shareholder to purchase a specified number of shares of common stock, which will be determined based upon the total number of outstanding shares of common stock on the record date and the subscription price of the shares. Shareholders who fully exercise all of their initial subscription rights will be entitled to purchase any unsubscribed shares at the same subscription price per share, on a pro rata basis.

A registration statement on Form S-1 relating to the subscription rights has been filed with the United States Securities and Exchange Commission, which we refer to as the SEC, but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. The rights offering will be made only by means of a prospectus.

About Maui Land & Pineapple Company, Inc.

Maui Land & Pineapple Company, Inc., organized in 1909, is a landholding, real estate development and asset management company headquartered in Maui, Hawaii. The company owns approximately 24,000 acres of land on Maui, including its principal development, the Kapalua Resort, a 1,650 acre master-planned, luxury destination resort community.

Forward-Looking Statements

Some of the statements contained in this press release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements about future events and expectations and are not guarantees of performance or results. Forward-looking statements involve risks and uncertainties and are based on our beliefs and assumptions, and on the information available to us at the time that these disclosures were prepared. Our actual performance and results may differ significantly from those we discuss in these forward-looking statements. For specific factors, risks and uncertainties that could cause our actual performance and results to differ materially from the assumptions and projections contained in these forward-looking statements, please read our Registration Statement on Form S-1, filed with the SEC on June 22, 2010, and our other filings with the SEC. Any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by law or the rules of the New York Stock Exchange, we expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement.

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