Maui Land & Pineapple Company Expands Credit Facilities

Business Wire, Nov 19, 2007

Wells Fargo Bank, N.A. Provides $90 Million in Financing

KAHULUI, Hawai`i -- Maui Land & Pineapple Company, Inc. (AMEX:MLP) today announced the company has entered into a $90 million secured revolving line of credit in a financing transaction led by Wells Fargo Bank, N.A. (NYSE:WFC).

"We are very pleased to have Wells Fargo as lead lender on this facility, and as a business partner, and look forward to working with the bank in the future," said Robert Webber, senior vice president and chief financial officer of MLP. "Our lenders have a deep appreciation for the current value, as well as the future potential, of our businesses."

Also participating as lenders in the credit facility are MLP's long-time lender American AgCredit and American Savings Bank, one of Hawai'i's largest financial institutions.

Guy Churchill, manager of Wells Fargo's Real Estate Group in Hawai'i stated, "We are pleased to have the opportunity to work with a company like MLP and assist in the execution of its long-term development plans. The revitalization of the Kapalua Resort is very exciting and we look forward to partnering with MLP on future projects as we continue to expand our business in the Hawai'i market."

MLP entered into the facility on November 15, 2007. The new facility provides for up to $90 million in financing to be used to fund working capital and development projects and has an initial term through November 2009. The credit facility is subject to customary terms and conditions and covenants consistent with the company's prior revolving loans.

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 based 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 Gold[R] extra sweet pineapple, and Kapalua Land Company Ltd., operator of Kapalua[R] Resort, a master-planned resort community in West Maui.

Wells Fargo is a national leader in commercial real estate with more tan $30 billion in originations annually and 40 offices nationwide. The Wells Fargo Real Estate Group, which recently established operations in Hawai'i, provides a broad spectrum of financing solutions to investors, developers, and public companies in the commercial real estate sector.