#1Matson Investor Presentation November 2023#22 Forward-Looking Statements Statements made during this presentation that set forth expectations, predictions, projections or are about future events are based on facts and situations that are known to us as of November 14, 2023. We believe that our expectations and assumptions are reasonable. Actual results may differ materially, due to risks and uncertainties, such as those described on pages 14-24 of our Form 10-K filed on February 24, 2023 and other subsequent filings by Matson with the SEC. Statements made during this presentation are not guarantees of future performance. We do not undertake any obligation to update our forward-looking statements. Investor Presentation | November 2023#33 Matson: At-a-Glance ● ● $ in millions OCEAN TRANSPORTATION A leading U.S. carrier in the Pacific Lifeline to economies of Hawaii, Alaska, Guam and other Pacific islands Niche, premium, expedited services from China to Southern California 35% ownership in SSAT that operates 8 West Coast terminals Operating Income, Net Income and EBITDA $1,800 $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 2018 2019 2020 2021 2022 LTM 3Q23 Operating Income ■Net Income Investor Presentation | November 2023 EBITDA ● Top 10 integrated, asset-light logistics services Freight forwarding, transportation brokerage, warehousing, and supply chain management services Leverages Matson and Span Alaska brands Scalable model with high ROIC 80% 70% 60% 50% 40% 30% 20% 10% 0% 2018 LOGISTICS Financial Return Metrics 2019 2020 2021 2022 LTM 3Q23 ■ Return on Equity (ROE) Return on Invested Capital (ROIC) Matson.#4Haiphong Matson Today: Connecting the Pacific Fairbanks Wasilla Soldotna Hong Kong 4 Laem Chabang Qingdao O Shanghai Ningbo Xiamen Ho Chi Minh Dalian O Busan Kaohsiung Hakata Kobe Okinawa Yokohama Saipan/Tinian Guam Yap Palau Chuuk Pohnpei Kosrae Brisbane O Sydney Melbourne Kwajalein/Ebeye Investor Presentation | November 2023 O Majuro Lautoka Suva Auckland Dutch Harbor Apia Vava 'u Anchorage i Kodiak Honolulu (HQ) Niue Nuku 'alofa Pago Pago Aitutaki Rarotonga LEGEND Matson Offices O Non-Office Ports of Call Matson Logistics Offices Juneau Nawiliwili Auburn Tacoma Walnut Creek (HQ) Oakland Corporate office Intermodal connections throughout North America Honolulu (HQ) HAWAII Salt Lake City Phoenix Customer Service Center LA/Long Beach Kaumalapau Houston Mexico City Hawaii Service China-Long Beach Express (CLX) China-Long Beach Express+ (CLX+) Alaska-Asia Express (AAX) Chicago Monterrey Kawaihae O Kaunakakai Kahului Atlanta Hilo NY/NJ Akron Savannah Alaska Service Guam / Micronesia / Okinawa Service South Padfic Service Partner Carrier Matson.#55 Investment Highlights Unique Network Connecting the Pacific World-Class Operator and Premium Service Provider Increasingly Diversified Cash Flows Organic Growth Opportunities Stable, Growing and Defensible Cash Flow Generation Commitment to Returning Cash to Shareholders Strong Balance Sheet ● ● ● ● . ● Providing critical supply lifelines to economies throughout the Pacific Strong market positions in attractive niche markets with multi-decade customer relationships Dual head-haul economics on China-to-Long Beach Express (CLX) service Logistics' business lines complement ocean services and drive high ROIC opportunities Fastest transit and cargo availability creates competitive advantage and premium rates for China service CLX and CLX+ are the fastest and second fastest ocean services in the Transpacific tradelane Fastest transit time to Guam from U.S. West Coast with superior on-time performance Well-maintained fleet with industry-leading on-time performance Dedicated terminals with best-in-class truck turns and unmatched cargo availability Hawaii Neighbor Island barge fleet and Micronesia feeder vessels create hub-and-spoke efficiency Increasingly diversified cash flows from: - Distinct ocean tradelane service routes A niche provider of logistics services complementing the tradelane services An equity investment in SSAT, a leading U.S. West Coast terminal operator Significant organic growth in the last 2 years through addition of CLX+ and AAX services Announced ~$1 billion new vessel program on November 2, 2022 - new Aloha Class vessels in CLX to provide meaningful lift to net income, operating income and EBITDA Pursue opportunities that leverage the combined services of Ocean Transportation and Logistics Financial strength to invest to grow the core businesses, pursue strategic opportunities and return capital to shareholders Since 2015, approximately $700 million in investments for Alaska entry Repurchased ~20% of our stock from August 3, 2021 through September 30, 2023 for a total cost of over $705 million Compelling dividend yield with dividend growth history Investment grade-credit metrics Balance sheet strength leads to low cost of capital Investor Presentation | November 2023 Matson.#66 Hawaii Service Overview of Service • 5 U.S. West Coast departures and 3 arrivals in Honolulu per week • Dedicated neighbor island barge service Honolulu 9-ship deployment 2 ships 2 ships -5 ships Investor Presentation | November 2023 Tacoma Oakland LA/Long Beach ● Market Overview Competitors: Pasha Barges - Air freight Matson's Focus • Maintain best-in-class on-time arrival and cargo availability • Dedicated terminals and fully- integrated cargo delivery to major neighbor islands Matson.#77 China Service Service CLX (started 2005) CLX+ (started May 2020) ● ● Overview of Service ● Frequency Weekly from Ningbo/Shanghai Weekly from Ningbo/Shanghai US West Coast Ports Long Beach Long Beach Feeder services from other Asian port origins CLX and CLX+ are premium services providing an alternative to deferred air freight and other ocean carriers Dedicated terminal space in Long Beach with off-dock container yard Door-to-door services in coordination with Matson Logistics Matson's Focus Investor Presentation | November 2023 Continue to differentiate services with reliability as a premium service provider Attract new customers away from air freight ● ● ● Market Overview Competitors: Other transpacific carriers Air freight carriers OFF-DOCK CONTAINER YARD OVERFLOW PIER A- OWNED AND OPERATED BY MATSON JV CLX+ 791 BONDED OFF-DOCK CONTAINER YARD PRIMARY 3.5 miles EXCLUSIVE USE TERMINAL CLX CLX is the #1 Transpacific Service and CLX+ is #2 Expedited, 10-day transit from Shanghai Exclusive terminal (for CLX) - unrivaled speed Next day cargo availability at off-dock facility Port of Long Beach Matson.#8$ Economically Advantageous Compared to Air Freight: China Service - Elements of Demand ● 8 Significant cost savings for 5 to 7 days of additional transit time "High Touch" Customer Service: ● High level of service at origin and destination Demand for Matson's 400-1.00 China Service Investor Presentation | November 2023 Fast, Reliable Ocean Transit: CLX is the fastest CLX+ is the second fastest ● ● Unmatched Destination Services: +²4 ● • 24-hour cargo availability ● ● Ownership and control of our chassis The consistency of our service is a significant differentiator in the marketplace. Only U.S. Customs bonded off-dock facility in LA/Long Beach providing quick turn times Matson.#99 Alaska Service ● ● ● ● ● ● ● ● Overview of Service Twice weekly service to Anchorage and Kodiak Weekly service into Dutch Harbor Matson is the only U.S. containership operator serving Kodiak and Dutch Harbor Market Overview Competitors: TOTE, barges, air freight and OTR trucking Air freight rates are very high relative to the cost of goods being shipped NB volume growth tied to Alaska's economy SB and Alaska-to-Asia Express (AAX) volume tied to seasonality of seafood harvests Matson's Focus Maintain excellence in on-time cargo availability Expand premium SB service differentiation Market AAX service Investor Presentation | November 2023 Current 3-Ship Deployment Dutch Harbor, Alaska Anchorage Kodiak ALD: Tacoma-Anchorage-Kodiak-Dutch Harbor-Tacoma ALA: Tacoma-Anchorage-Kodiak-Tacoma Tacoma Note: Picture excludes AAX service from Dutch Harbor as backhaul service on the CLX+. Matson.#1010 Guam Service ● ● ● Overview of Service Weekly service to Guam as part of CLX service 3-to-5 day ocean transit advantage from U.S. West Coast Matson's Focus Maintain superior service and on-time performance Investor Presentation | November 2023 ● Market Overview Competitors: - APL (U.S. flagged service) Trans-ships in Yokohama, Japan and Busan, South Korea to Guam via a 2-ship feeder service - International carriers with Asia direct services Air freight Matson.#1111 SSAT Joint Venture ● Overview Matson owns a 35% interest in SSA Terminals, LLC (SSAT), the leading U.S. West Coast terminal operator SSAT currently provides terminal and stevedoring services to carriers at 8 terminal facilities Port Long Beach Tacoma Oakland Seattle Terminal Pier A C60 West Sitcum OICT B63 T-5 T-18 T-30 Acreage 196 68 123 270 80 65* 196 70 * Further redevelopment of site could bring terminal to potentially ~143 acres. Investor Presentation | November 2023 $ in millions $90 $80 $70 $60 $50 $40 $30 $20 $10 $0 -$10 SSAT JV Equity Income 2018 2019 2020 2021 2022 LTM 3Q23 SSAT is the best operator on the U.S. West Coast. Matson.#1212 Matson Logistics Overview of Services Freight Forwarding Transportation Brokerage Warehousing and Distribution Supply Chain Mgmt. and Other ● ● ● ● ● LCL consolidation and freight forwarding primarily to the Alaska market through Span Alaska Domestic and international rail intermodal Long-haul and regional highway trucking Less-than-truckload and expedited freight Over 1.5 million sq. ft. across 4 buildings in attractive port-based locations Mix of contract and public warehouses PO management, freight forwarding and NVOCC services Organically grown from Matson's CLX service Investor Presentation | November 2023 Operating Income ($ in millions) Operating Income and Margin $80 $70 $60 $50 $40 $30 $20 $10 $0 il 2017 2018 2019 2020 2021 2022 LTM 3Q23 Operating Income 10% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% -Operating Income Margin Operating Income Margin Matson.#13Metson atson CAUTION HIGH WP HIGH Maison NET PEL MATU latson 5142 64 11 4581 INT 454 Matso Matson Appendix#1414 Appendix -Non-GAAP Measures Matson reports financial results in accordance with U.S. generally accepted accounting principles ("GAAP"). The Company also considers other non-GAAP measures to evaluate performance, make day-to-day operating decisions, help investors understand our ability to incur and service debt and to make capital expenditures, and to understand period-over-period operating results separate and apart from items that may, or could, have a disproportional positive or negative impact on results in any particular period. These non-GAAP measures include, but are not limited to, Earnings Before Interest Expense, Interest Income, Income Taxes, Depreciation and Amortization ("EBITDA"), Return on Invested Capital ("ROIC"), Return on Equity ("ROE"), Total Debt-to-EBITDA and Net Debt-to-EBITDA. For the years ended December 31, 2018 2017 2016 ($ in millions, except ROIC and ROE) Total debt (6) Less: total cash and cash equivalents Net debt Net income Add: loss from discontinued operations Add: income tax expense Add: interest expense Subtract: interest income Add: depreciation and amortization EBITDA Net income (A) Add: loss from discontinued operations Subtract: interest income (tax-effected) Add: interest expense (tax-effected) Total return (B) (6) Average total debt Average shareholders' equity (C) Total invested capital (D) ROIC = (B)/(D) ROE = (A)/(C) (4) (4) LTM as of 09/30/23 $450.3 (156.5) 293.8 74.0 13.5 (33.1) 166.6 533.7 $312.7 $1,063.9 (26.5) 10.7 296.9 2022 $ 491.1 2,344.5 2,835.6 $517.5 (249.8) 267.7 10.5% 13.3% $312.7 $ 1,063.9 288.4 18.0 (8.2) 2021 (6.5) 14.2 1,071.6 $ 927.4 164.1 156.4 1,526.2 1,350.3 $ 629.0 $760.1 $958.4 $ 856.4 (282.4) (14.4) (21.2) (19.6) 346.6 745.7 937.2 836.8 243.9 22.6 $927.4 17.9 945.3 2020 $ 193.1 65.9 27.4 (6) Total debt is presented before any reduction for deferred loan fees as required by U.S. GAAP. Investor Presentation | November 2023 137.3 423.7 $ 193.1 2019 20.4 213.5 $ 82.7 25.1 22.5 16.7 99.4 (2) 41.9% 47.1% 12.3% 5.9% 53.7% 70.6% 21.9% 10.6% $109.0 38.7 18.7 130.9 297.3 134.0 264.3 146.6 296.0 $82.7¹) $109.02) $231.0(³) $ 573.3 $694.6 $859.3 $ 907.4 $856.8 1,982.2 1,314.3 883.5 780.5 716.3 2,555.5 2,008.9 1,742.8 1,687.9 1,573.1 14.2 123.2 $857.1 $738.9 $ 429.9 (19.8) (13.9) 837.3 725.0 (25.5) 404.4 (3) $ 231.0 (105.8) 24.2 14.9 245.9 $81.4 7.8% 17.8% 15.2% 39.4% 49.1 24.1 135.4 290.0 $81.4 15.1 96.5 $798.0 $ 584.4 586.1 472.8 1,384.1 1,057.2 2015 $ 103.0 74.8 18.5 105.8 302.1 $ 103.0 10.7 113.7 $401.8 407.1 808.9 9.1% 14.1% 17.2% 25.3% 2014 $70.8 $373.6 $286.1 $319.1 (293.4) (114.5) 80.2 171.6 51.9 17.3 90.1 230.1 $ 70.8 10.0 80.8 2013 $ 329.9 351.0 680.9 $53.7 32.2 14.4 91.0 191.3 $53.7 9.0 62.7 $302.6 309.1 611.7 2012 11.9% 10.3% 20.2% 17.4% (19.9) 299.2 $45.9 6.1 33.0 11.7 95.4 192.1 $45.9 6.1 7.2 59.2 $319,1 (5) (5) 279.9" 599.0(5) 9.9% 16.4% (1) Includes a non-cash tax benefit of $2.9 million related to discrete adjustments as a result of applying the provisions of the Tax Cuts and Jobs Act (the "Tax Act"). (2) Includes a non-cash tax expense of $2.9 million related to discrete adjustments as a result of applying the provisions of the Tax Act. (3) Includes the benefit of a one-time, non-cash adjustment of $154.0 million related to the enactment of the Tax Act. (4) The effective tax rates each year in the period 2012-2022 and LTM 3Q23 were 38.8%, 37.5%, 42.3%, 42.1%, 37.6%, (84.5%), 26.2%, 23.3%, 25.4%, 20.8%, 21.3% and 19.1%, respectively. The effective tax rates for 2017, 2018 and 2019 excluding adjustments related to the Tax Act, would have been 38.5%, 24.2% and 26.0%, respectively. (5) The 2012 calculation is based on total invested capital as of December 31, 2012 due to the timing of the separation from Alexander & Baldwin. Matson.