#1Matson Investor Presentation February 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 February 7, 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 26-37 of our Form 10-Q filed on November 3, 2022 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 | February 2023#33 Matson: At-a-Glance ● ● $ in millions 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 $2,500 $2,000 $1,500 OCEAN TRANSPORTATION $1,000 $500 $0 2018 2019 Operating Income 2020 ul Net Income Investor Presentation | February 2023 2021 LTM 3Q22 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% LOGISTICS Financial Return Metrics 2018 2019 2020 || 2021 LTM 3Q22 Return on Equity (ROE) Return on Invested Capital (ROIC) Matson.#4Matson Today: Connecting the Pacific 4 Hong Kong Laem Chabang Qingdao O Shanghai Ningbo Xiamen Ho Chi Minh Dalian Q Busan Kaohsiung Hakata Kobe Okinawa Yokohama Saipan/Tinian/Rota O Guam Yap Palau Chuuk Pohnpei Kosrae Brisbane Kwajalein/Ebeye Sydney Melbourne Investor Presentation | February 2023 O Majuro Lautoka Suva Dutch Harbor Auckland Apia Vava 'u Nuku 'alofa Anchorage Kodiak Honolulu (HQ) Niue Pago Pago Aitutaki Rarotonga Nawiliwili Honolulu (HQ) HAWAII LEGEND Tacoma Concord (HQ) Oakland Corporate Office Kaumala pau Intermodal connections throughout North America Matson Offices O Non-Office Ports of Call Matson Logistics Offices ● Salt Lake City ◆ Phoenix Customer Service Center LA/Long Beach Houston Mexico City Kaunakakai Kahului Kawaihae C Chicago Monterrey Hilo Akron. Philadelphia Atlanta Savannah Hawaii Service China-Long Beach Express (CLX) China-Long Beach Express+ (CLX+) Alaska-Asia Express (AAX) Alaska Service Guam/ Micronesia / Okinawa Service South Pacific Service Partner Carrier * seasonal service 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 -7.5 million shares from August 3, 2021 through December 31, 2022 for a total cost of ~$597 million Compelling dividend yield with dividend growth history Investment grade credit metrics Balance sheet strength leads to low cost of capital Investor Presentation | February 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 | February 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 Destination Long Beach • Dedicated terminal space in Long Beach with off-dock container yard • Door-to-door services in coordination with Matson Logistics 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 Investor Presentation | February 2023 Matson's Focus Continue to differentiate services with reliability as a premium service provider Attract new customers away from air freight Continue to find opportunities to lower breakeven cost on CLX+ ● ● ● ● Market Overview Competitors: - Other transpacific carriers Air freight carriers OFF-DOCK CONTAINER YARD OVERFLOW PIER A- OWNED AND OPERATED BY MATSON JV BONDED OFF-DOCK CONTAINER YARD PRIMARY CLX+ peppe 3.5 miles EXCLUSIVE USE TERMINAL 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 CLX Port of Long Beach Matson.#88 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 for upcoming fishing season Investor Presentation | February 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.#99 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 Fight for every piece of freight Investor Presentation | February 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.#1010 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 | February 2023 $ in millions $120 $100 $80 $60 $40 $20 $0 SSAT JV Equity Income 2018 2019 2020 SSAT is the best operator on the U.S. West Coast. 2021 LTM 3Q22 Matson.#1111 Matson Logistics Overview of Services Freight Forwarding Transportation Brokerage Warehousing and Distribution Supply Chain Mgmt. and Other ● ● ● ● ● ● ● LCL consolidation and freight forwarding primarily to the Alaska market through Span Alaska Domestic and international rail intermodal Long-haul and regional highway trucking Less-than-truckload and expedited freight Over 1.5 million sq. ft. across 4 buildings in attractive port-based locations Mix of contract and public warehouses PO management, freight forwarding and NVOCC services Organically grown from Matson's CLX service Investor Presentation | February 2023 Operating Income ($ in millions) Operating Income and Margin $80 $70 $60 $50 $40 $30 $20 $10 $0 2018 2019 Operating Income 2020 2021 LTM 3Q22 10% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% -Operating Income Margin Operating Income Margin Matson.#12atson CASTON 16 Mason MATU latson 5142 641 4581 CAUTION W Matso MA Matson Appendix#1313 Appendix - Update on New Vessel and LNG Projects • On November 1st, signed agreements with Philly Shipyard, Inc. for construction of three new LNG-ready Aloha Class vessels ● - New vessels for CLX service; will move three existing CLX vessels into Alaska service after new vessels placed into service Overview of new Aloha Class vessels - LNG-ready; dual-fuel engines - State-of-the-art green technology features and a fuel-efficient. hull design. - 500 containers of additional capacity per voyage versus existing CLX vessels Expect the additional capacity to be a meaningful net income, operating income and EBITDA contributor - Vessel deliveries expected in 4Q26, 2Q27 and 4Q27 • Contract cost of $1 billion - P Made first milestone payment of ~$50 million from the CCF Investor Presentation | February 2023 Current Expected Milestone Payments ($ in millions) Year 2022 2023 2024 2025 2026 2027 2028 2029 TOTAL Payment -$50 50 71 351 307 157 10 3 -$999 Matson.#1414 Appendix - Update on New Vessel and LNG Projects (continued) • Three new Aloha Class vessels and LNG projects are important steps towards achieving Matson's 2030 greenhouse emissions goal - Reduce Scope 1 greenhouse gas emissions from owned fleet by 40% by 2030 using a 2016 baseline • LNG installation projects on Daniel K. Inouye (DKI) and Manukai remain on track - Daniel K. Inouye: current estimated total cost ~$35 million - Manukai: current estimated total cost ~$60 million Moving forward with LNG installation project on Kaimana Hila (KMH) - Current estimated total cost on KMH is $35 million - Currently scheduled to enter dry-dock in 2Q24 and for install work to last ~5 months • Continue to evaluate LNG installation projects on Lurline and Matsonia - If move forward, installations would be in 2024 and 2025 - Current estimated total cost on both Kanaloa Class vessels is ~$85 million Investor Presentation | February 2023 Matson.#1515 Appendix -Non-GAAP Measures Matson reports financial results in accordance with U.S. generally accepted accounting principles ("GAAP"). The Company also considers other non-GAAP measures to evaluate performance, make day-to-day operating decisions, help investors understand our ability to incur and service debt and to make capital expenditures, and to understand period-over-period operating results separate and apart from items that may, or could, have a disproportional positive or negative impact on results in any particular period. These non-GAAP measures include, but are not limited to, Earnings Before Interest Expense, Interest Income, Income Taxes, Depreciation and Amortization ("EBITDA"), Return on Invested Capital ("ROIC") and Return on Equity ("ROE"). ($ in millions, except ROIC and ROE) (6) Total debt Less: total cash and cash equivalents Net debt. Net income Add: loss from discontinued operations Add: income tax expense Add: interestexpense 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) Average total debt + (6) Average shareholders' equity (C) Total invested capital (D) ROIC = (B)/(D) ROE = (A)/(C) (4) (4) LTM as of 09/30/22 Investor Presentation | February 2023 $531.8 $ 629.0 (242.8) (282.4) 289.0 346.6 $ 1,380.4 346.4 19.0 (1.3) 163.0 1,907.5 $ 1,380.4 (1.0) 15.2 1,394.6 2021 57.8% 75.8% $927.4 243.9 22.6 156.4 1,350.3 17.9 945.3 2020 $ 760.1 (14.4) 745.7 47.1% 70.6% $ 193.1 65.9 27.4 $927.4 $ 193.1 137.3 423.7 20.4 213.5 2019 12.3% 21.9% $958.4 $856.4 (21.2) (19.6) 937.2 836.8 25.1 22.5 (1) $ 82.7 $ 109.0 134.0 264.3 For the years ended December 31, 2018 2017 2016 16.7 99.4 (2) 5.9% 10.6% 38.7 18.7 130.9 297.3 14.2 123.2 $857.1 $ 738.9 $ 429.9 (19.8) (13.9) (25.5) 837.3 725.0 404.4 (3) $ 82.7¹) $109.02) $231.0(3) 7.8% 15.2% $231.0 (105.8) 24.2 146.6 296.0 14.9 245.9 $81.4 17.8% 39.4% 49.1 24.1 135.4 290.0 $81.4 2015 15.1 96.5 $ 589.5 $694.6 $859.3 $907.4 $856.8 $798.0 $584.4 $401.8 1,821.7 1,314.3 883.5 780.5 716.3 586.1 472.8 407.1 2,411.2 2,008.9 1,742.8 1,687.9 1,573.1 1,384.1 1,057.2 808.9 $ 103.0 74.8 18.5 105.8 302.1 $103.0 10.7 113.7 2014 $ 373.6 (293.4) 80.2 $70.8 51.9 17.3 90.1 230.1 $70.8 10.0 80.8 $329.9 351.0 680.9 9.1% 14.1% 11.9% 17.2% 25.3% 20.2% 2013 $286.1 $319.1 (114.5) (19.9) 171.6 299.2 $53.7 32.2 14.4 91.0 191.3 $53.7 9.0 62.7 $302.6 309.1 611.7 2012 10.3% 17.4% $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 2012-2021 and LTM 3Q22 were 38.8%, 37.5%, 42.3%, 42.1%, 37.6%, (84.5%), 26.2%, 23.3%, 25.4%, 20.8% and 20.1%, 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. (6) Total debt is presented before any reduction for deferred loan fees as required by U.S. GAAP. Matson.