Maui Land & Pineapple Company, Inc. Announces Purchase of Interest in The Ritz-Carlton, Kapalua

Business Wire, March 28, 2007

KAHULUI, Hawaii -- Maui Land & Pineapple Company, Inc. (ML&P) (AMEX:MLP), today announced the acquisition of an interest in the partnership that owns The Ritz-Carlton, Kapalua. In the transaction, ML&P sold the leased land underlying The Ritz-Carlton, Kapalua to owners, Kapalua/Gengate Holdings, LLC, in return for $25 million and a 21.43 percent ownership interest in the hotel.

"As a partner in The Ritz-Carlton, Kapalua we can carefully sequence our development programs and ensure that our residents and guests ultimately enjoy a seamless array of premium services throughout Kapalua Resort," said David C. Cole, Chairman, President & CEO of ML&P. "The Ritz-Carlton, Kapalua joins the Kapalua Bay Residences, The Kapalua Gold Villas, Honolua Village, and Kapalua Mauka as part of an integrated resort experience at ML&P's 23,000 acre master planned community in West Maui."

In 2005, ML&P acquired a 51 percent interest in the Kapalua Bay Hotel and commenced redevelopment of the property in 2006 as part of a broader plan to modernize and move the well-known resort up market.

Earlier this year, The Ritz-Carlton, Kapalua announced that it will close for extensive renovations in July 2007.

Maui Land & Pineapple Company, Inc. is committed to the integration of agriculture, natural resource management and eco-effective design principles to create and manage holistic communities. ML&P's vision of holistic communities is based on the traditional Hawaiian model of ahupua`a, a system of self-reliance centered on the artful use of land and water resources to sustain island life indefinitely. ML&P is a Hawai`i corporation and successor to a business organized in 1909. Its principal operating subsidiaries are Maui Pineapple Company Ltd., a producer and marketer of Maui-grown conventional and organic pineapple and diversified produce and Kapalua Land Company Ltd., operator of Kapalua Resort, a master-planned resort community in West Maui. For additional information please visit http://www.mauiland.com.