Statements in this call and presentation are not guarantees of future performance. And we do not undertake any obligation to update our forward-looking statements.

Management will be referring to non-GAAP financial measures when discussing results for the quarter and year. In particular, we will be referring to non-GAAP net income, diluted earnings per share and Ocean Transportation operating profit that exclude the impact of losses from the operation and shutdown of our discontinued CLX2 service. Included in the appendix of today’s slide presentation is a reconciliation of the GAAP to non-GAAP financial measures, a statement regarding our use of these measures and additional SEC required information. Slides from this presentation are available for your download at our website www.alexanderbaldwin.com.

This slide provides you an agenda for our presentation, after which we will take your questions. We will start with Stan, who will comment on the year.

Stanley M. Kuriyama

Good afternoon everyone and thank you for joining our call today. 2011 was a challenging and atypical year for the company with mixed results across our various lines of business and the announcement of a major milestone in the company's history.

At Matson’s we saw volume increases in our core Hawaii trade lane due to a strong improvement in Hawaii tourism, as well as increases in Guam due to Horizon Lines exit from the trade. However, overcapacity and low rates in the Transpacific trade significantly suppressed our earnings in our China services resulting in the eventual discontinuation of CLX2.

It was a difficult year for the Transpacific carriers with nearly all companies incurring heavy losses in 2011. We remain fortunate that even under these adverse conditions the double head haul and premium service of our CLX1 string allows it to be one of the few profitable lines in the Transpacific trade.

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