Castle & Cooke Announces New Fixed Base Operation at Honolulu International Airport

Business Wire, June 13, 2007

HONOLULU -- Castle & Cooke announced today that it is opening a new Fixed Base Operation (FBO) at the Honolulu International Airport. Castle & Cooke recently acquired the former Circle Rainbow building on Lagoon Drive and has begun renovating the building and plans to construct new hangars for Hawai'i's general aviation flight departments and charter customers. The newly renovated FBO will be Castle & Cooke's first aviation facility in Hawai'i and will afford a new alternative to the existing aviation businesses based at the airport.

"We are excited to bring this beautiful building back to life as a new fixed base operation and are pleased to partner with the state to do so," said David H. Murdock, Chairman and Owner of Castle & Cooke. The fixed base operation will provide first class office and renovated hangar space for corporate flight departments, charter customers and aviation operators, as well as individual aircraft owners. FBO services will include aircraft fueling, maintenance, cleaning, catering, and other ground services for private aircraft. Upon completion, the facility will also have an elegant lobby and reception area, shower and restroom facilities, and a flight planning and coordination area with large conference rooms.

"We anticipate investing millions of dollars in renovations and interior modifications, which will add capacity to the busy Honolulu International Airport," said Harry Saunders, President of Castle & Cooke Hawai'i. "Castle & Cooke will add substantial value to the airport property, the aviation community and the State of Hawai'i," said state Department of Transportation Director Barry Fukunaga. "We are pleased to have a strong tenant with a proven track record of success in development and particularly aviation services. Castle & Cooke is helping the state to realize its vision of bringing top-quality facilities and tenants to the South Ramp area."

The facility is slated to be Hawai'i's premier fixed base operation with more than 20,000 square feet of hangar space and 60,000 square feet of Class A office space, according to Steven Friedmann, Executive Vice President of Castle & Cooke Aviation. "Our aviation operations will be open for business this summer and Honolulu will have a first class FBO to complement our existing operations. Castle & Cooke has a long history of investing and developing in Hawai'i and our aviation business has a proven track record of success as well. Our goal is to bring those disciplines together and create a new level of service at our FBO in Honolulu."

The former Circle Rainbow building was built in 1993 on 3.2 acres of prime airport property. The planned improvements for the facility consist of office renovations, new parking lots and improved hangars. The adjacent taxiway offers convenient access to the airport's runway.

About Castle & Cooke

Castle & Cooke, Inc. and its affiliated companies have operations in more than 24 states. The company's diversified businesses include the development and ownership of real estate, leasing of transportation equipment, manufacture of brick and building materials, and ownership of public warehouses. The company's real estate developments include master planned communities such as Mililani Town on the island of O'ahu, Lake Sherwood in Thousand Oaks, Calif., Seven Oaks in Bakersfield, Calif. and Keene's Pointe in Orlando, Fla. The Company also owns two of the world's highest-rated Four Seasons resorts and golf courses on the island of Lana'i in Hawai'i.

Castle & Cooke Aviation brings more than 28 years of aviation experience in the general aviation arena. In addition to the new building and large hangars, Castle & Cooke intends to provide fuel services to the growing Honolulu general aviation community. It currently operates one of the largest general aviation facilities at the Van Nuys Airport in Los Angeles. Castle & Cooke's Van Nuys facility hangars over 45 private aircraft and flight departments. Van Nuys Airport is the busiest general aviation airport in the world.