Matson (MATX) 8-K Regulation FD Disclosure

Exhibit 99.1

ForwardLookingStatements Statementsmadeduringthispresentation thatsetforthexpectationsp, redictions, projectionsorareaboutfutureeventsare basedonfactsandinformationthatis knowntoustodayN, ovember112, 015. Webelievethatourexpectationsand assumptionsarereasonableA. ctual resultsmaydiffermateriallyd, uetorisks anduncertaintiess, uchasthose describedonpages7-15ofthe2014 Form10-KfiledonFebruary272, 015, andothersubsequentfilingsbyMatson withtheSECS. tatementsmadeduring thiscalal ndpresentationarenot guaranteesofutureperformance. Wedonotundertakeanyobligationto updateourforward-lookingstatements. InvestorPresentation|Novembe2r 015 – Slide2

Philadelphia ' Ningbo ngKong •ent_ c;, ;MnfT, ------::: ianRota Gua=----.' :\ (Corporae HQ) / .......-• e Palau • Pohnpei · --_ - MaJuro Kosrae !-.-:.\ · K.-·• ._ .Ch_uuk Yap • . . ·--..J,, Matson offices ......... .. ......... .. -:-,I ,t • ' '...\. • Non-office ports of call . ' • i

InvestmentHighlights • LeadingU.Sc.arrieirnthePacificprovid Alask andGuam Leadingmarkesthareinattractivenic relationships Duahl ead-hauel conomicsonChinaservice inglifelinetoeconomiesoHf awaii, • hemarketswithmulti-decadecustomer • • • Welml aintainedfleewt ithleadingon-timevesseal rrivals Fastesttransiat ndcargoavailability ratesfoCr hinaservice creates5to10dayadvantageandpremium • • Dedicatedterminalswithbesitnclasstruckturns Variedandampl equipmenftleeat cros slocationstomeectustomenr eeds • Financiasltrengthtopaydowndebti,n vesitnfleertenewalp, ursuestrategic opportunitiesandreturncapitatloshareholders • Investmengt radecredimt etrics InvestorPresentation|Novembe22r 015 – Slide4 LeveragingtheMatsonbrandandnetworkintogrowthopportunities Strong balancesheet Significant cashflow generation Worldclass operatorand premium service provider Unique network connecting thePacific

MultipleGrowth&ValueCatalysts • • • • • HawaVii olumeGrowth UnmatchedPremiumServicefromChina AlaskaAcquisition&Integration LogisticsandSSATimprovements Deliveryonf ewAlohaclassvesselsin2H-2018 InvestorPresentation|Novembe22r 015 – Slide5

MarketandServiceLeadertoHawaii • MatsonistheleadingcarrieirntoOahuand NeighboIrslandsp, roviding“just-in-time” supplylifeline Matson’s 10-Ship Deployment – – 5weeklyUSWCdepartures 3o4wr eeklyHonoluluarrivals • 10-shipfleedt eploymenot fferingmosftrequent andreliableservice – Matsondeploys~70%owf eeklycontainershipcapacity toHonolulu OnlycontainershipservicefromPacificNorthwesat nd onlydirecctontainershipservicefromOakland – th shipdeployedona toacompetitor’svessel – CurrentlyM, atsonhasan11 temporarybasisp, rimarilydue mechanicaflailure Competitor’s 5-Ship Deployment • Competitodr eploymencthangesinJune2015 – – – WithdrewfromPacificNorthwest Nolongeor ffersOaklan direcstervice AddedsecondcailnlLA/LongBeach InvestorPresentation|Novembe22r 015 – Slide6

UniqueExpeditedChinaService(CLX) Shanghai Ningbo LA/ Long Beach Xiamen • UtilizationoJfonesAcsthipsinroundtripduahl ead-haurlevenuemodel – Weekly5shipstringconnecting3 portsinChinatoLAL/ ongBeach • Matson’sexpeditedserviceresultsin5to10daycompetitiveadvantage andpremiumrates – DuringUSWClabodr isruptionservice advantagewasasmuchas3weeks • Attractshighvaluet,imesensitivecargo InvestorPresentation|Novembe22r 015 – Slide7

Matson’sChinaServiceDifferentiaflromShanghai 1 to2days 1to2days InvestorPresentation|Novembe22r 015 – Slide8 International ReceivingC: ustomsDeclarationandTerminal Cut-offTimes 2to4days TransitV: esseSl peedandLastCalvl sOther PortCalls 13to15days 10days 3to 5days DischargeD: edicatedTerminalsandSmaller VesselstoUnload 2to4days 1day 1to 3days TotaTl ime 17to23days12 to13 days 5to10days

Guam&MicronesiaService • GuamaCriticaLl inkinCLXNetworkConfiguration – – ConnectionsfromOaklandandPacific NorthwesttoGuamviaHonolulu VolumeinGuamremainstable; approximately75%of Guamcargois ourcedfromtheU.S. • On8/29/15t,heDepartmenottfheNavysignedt CorpsforcestoGuam heRecordoDf ecisionforrelocatingU.SM. arine – Approximately5,000Marines plus1,300dependentsby2022 • Competitoar nnouncedintentiontolaunchabi-weekly 2015 U.Sf.laggedserviceto GuaminlateNovember – Expecstervicetobe9-10dayslow etrhanMatson’sdirecstervice • MatsonservesMicronesiathroughconnectin gcarriear greementswithregionaclarriers InvestorPresentation|Novembe22r 015 – Slide9

AlaskaService • SimilaritieswithHawaMii arket Matson’s 3-Ship Deployment – Remoten, on-contiguouseconomy dependenot nreliablecontainesrerviceas parotvfitaslupplylifeline Amarketthavtaluespremiumservice Loyaclustomebr ase~; 80%overlapwith Matson’sHawaiciustomers 2X Weekly – – 2X Weekly 1X Weekly • Long-termStableRevenueProfile – – Northboundvolumerepresents~75%otfotal Southboundvolumemoreseasonald, riven byseafoodindustry Competitor’s 2-Ship Deployment • KodiakandDutchHarboor perationsare strategic – – Criticallifelinetothesecommunities Importantterminaal ndslocthartesrervices foMr aerskandAPL InvestorPresentation|Novembe22r 015 – Slide10

MatsonLogistics • ANationaNl etworkoIfntegratedServices – – LeveragesMatsonbrand Scalablemodewl ithhighROIC • Improvingresults – – Warehouseoperatingimprovements Returnedoperatingmarginsto2-4%target range Highway TL and LTL Warehousing & Distribution • Focus – Organicgrowthasanationapl rovideor f integratedlogisticsolutions PursuegrowthinfreighftorwardingandNVOCC servicesinChinaconsolidation Considedr isciplinedacquisitionstoexpand serviceoffering – Domestic & International Intermodal China Supply Chain Services – InvestorPresentation|Novembe22r 015 – Slide11

Operating Income & ($ millions) EBITDA Earnings and Cash Flow $5.0 $350 $4.46 $4.5 $297 $300 $4.0 $3.5 $250 $3.0 $200 $2.5 $150 $2.0 $1.5 $100 $1.0 $50 $0.5 $0.0 $0 2012 2014 • EBilDA LTM LTM 2013 •Operating Income 2012 2013 2014 Diluted EPS •Free cash flow per share See the Appendix for a reconciliation of GAAP to non-GAAP for Financial Metrics Free cash flow per share = Net cash flow from operations less capital expenditures divided by diluted shares outstanding

CashGenerationandUsesofCash (1) Doesnotinclude$6.6millioninotherusesofcash (2) Basedontotacl ashconsideration(includingcommonshares w, arrantsr,epaiddebta, ccrue dinterestandbreakagefees) InvestorPresentation|Novembe2r 015 – Slide13

FourthQuarter2015Outlook • OutlookisexclusiveofAcquisitionrelatedSG&Ainexcessofincrementarlun-ratetargetandisbeingprovided relativeto2014operatingincome • OceanTransportationoperatingincome millionachievedin4Q2014primarilydueto: for4Q2015toapproximatethe$46.3 – – – – HigherHawaivi olume Alaskatradelane inclusion LowerChinavolume Timingofuesl urchargecollections impactin4Q2015 inHawaiil,eadingtoalowerYOY • • LogisticsFY2015operatingincomeexp 4Q2015capitael xpendituresofappr capexand$20.9millionforscheduled ectedtoapproximateFY2014levels oximately$30millionformaintenance newvessecl ontractpayments InvestorPresentation|Novembe2r 015 – Slide14

SummaryRemarks • Hawaii - Expecttobenefiftromcontinuedmarket growthandastrongemr arkept osition • Alaska - - Integrationprogressingwell Lowenergypricescreate near-termeconomicheadwinds • China - Beginningtolaptheverystrongresultsachievedinlate2014 • Guam - - U.SM. arinerelocationprovidesalonger-termpositivecontainevrolumetrend Expecttolosesomevolumetocompet itoer nteringtradeinlateNovembe2r 015 • Overallw, econtinuetoexpectstrongcashflowgenerationtosupport: - - - Debpt aydown Fleeat ndequipmenitnvestments Returnocfapitavliaquarterly dividendandsharerepurchaseprogram InvestorPresentation|Novembe2r 015 – Slide15

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HawaiSi erviceResults Fourth Quarter 2015 Outlook • • Modestmarketgrowthexpected ExpectYOYcontainervolumegrowthsimilar to3Q15 Expectodeploy11shipsthroughendof November1; 0shipsthereafter • InvestorPresentation|Novembe2r 015 – Slide17 Third Quarter Performance •Containervolumeincreased14.8percentYOY •Deploymentofadditionavl esselsdueto competitorscheduleandfleetdeployment changes – Competitor’snewshipdeployedasreplacement tonnage;removing5-10%of previouslyexpected capacitygrowth

HawaiVi olumeGrowth • • Recordtourismandstronger constructionaredrivi ngHawaii’shealthyexpansion Constructionupswingweell stablished – – Maindriveirshigh-riseresidentiaclonstructiononOahu Beginningtoseegrowthinsingle-familyhomec upalmos2t 5%throughthefirsht alof2f 015 onstructionwithnumbeornf ewhomespermitted 2005 Last Twelve Months (as of June 30, 2015) 7% 20% Building Materials as a % of Matson's Westbound Hawaii Volume Source: UHEROU: niversityofHawaiEi conomicResearchOrganization;STATE FORECASTUPDATE,September252, 015,http://www.uhero.hawaii.edu InvestorPresentation|Novembe22r 015 – Slide18 Indicator (%ChangeYOY) 2013 2014 2015F 2016F 2017F ReaGl rossDomestic Product 1.6 1.6 2.8 2.2 1.9 VisitorArrivals 1.7 2.3 3.4 1.2 0.9 ConstructionJobs 5.6 1.8 5.9 4.7 5.0 ResidentiaBl uildingPermits 16.5 (9.8) 62.3 5.5 2.3 Non-ResidentiaBl uilding Permits (10.7) 28.8 3.7 4.2 5.2

ChinaExpeditedService(CLXR) esults Source: ShanghaSi hippingExchange Fourth Quarter 2015 Outlook • • • Marketovercapacityexpectedtocontinue Ratesexpectedtoapproximate4Q2014 Modestlylowervolumeexpecteddueto: – – Onefewersailing Absenceofextraordinarilyhighdemandduring U.S.WestCoastlabordisruptions Recentmarketsoftness – InvestorPresentation|Novembe2r 015 – Slide19 Third Quarter Performance •Continuedstrongdemandforpremium expeditedservice •Sizeablepremiumtomarketrates •CommoditySCFaI tornearhistoriclows

AlaskaAcquisition&Integration • • LeveragedMatson’splatformintoAlaska Naturagl eographicrevenuediversificationinthePacific • • • • Reductionodf uplicativ ecorporateoverheadandG&A Customeor verlapandsalesforc efficiencies Coreoperationaslavingsinvessel andtransportationmanagemenctosts Expecttoachievefullyintegratedstatuswithin2yearspost-closing – Integrationon-trackwithexpectations • • • Annuarlun-rateEBITDAcontribution~$70 million within2yearspost-closing EPSandcashflowaccretional readyunderway(exclo. ne-timeitems) ~$0.40-0.45annuaEl PSaccretionand~$1.00oaf nnuaclashflowpesrhare accretionwithin2years(exclo. ne-timeitems) SeetheAppendixforareconciliationofGAAPtonon-GAAPforFinanciaMl etrics InvestorPresentation|Novembe22r 015 – Slide20 Significant Value Creation Integration andSynergy Opportunities Growsand Enhances Platform SignificantlygrowsandenhancesMatson’splatformp, rovidingmultiplenewgrowth andvaluecreationcatalysts

AlaskaServiceResults VolumeincludedinMatson’sresults Fourth Quarter 2015 Outlook • • • Mutednear-termeconomicactivity ExpectYOYvolumetobenegative Installationofexhaustgasscrubberonfirst ship InvestorPresentation|Novembe2r 015 – Slide21 Third Quarter Performance •Firstfulql uarterofoperationspost-closing Acquisition •Volumeincreasedbyapproximatelytwo percentonYOYbasiscomparedtoHorizon •Integrationprogressingasplanned •Investedinequipmentoimproveservicesand capabilities

GuamServiceResults Fourth Quarter 2015 Outlook • • Stableeconomicactivity Competitorannouncedintentionto launchabi-weeklyU.Sf.laggedservice toGuaminlateNovember2015 Expectsomecompetitivevolumelosses afterthisserviceislaunched • InvestorPresentation|Novembe2r 015 – Slide22 Third Quarter Performance •Steadyvolume •On8/29/15t,heDepartmentoftheNavy signedtheRecordofDecisionfor relocatingU.SM. arineCorpsforcesto Guam – Approximately5,000Marinesplus1,300 dependentsby2022

SSAT Joint Venture Matson’s35%interesitnleadingU.S. WesCt oastterminaol perator • – Contributedassetsandterminalel asestoJV in1999 TerminalsremaindedicatedtoMatson – • Services – Vessesltevedoringt,erminaslervices, containeer quipmenmt aintenancec,hassis poolso, n-dockRail • ReducedMatson’scapitainl vestment – – Terminalel ases Cranes • Controlscosat ndimprovesproductivity Long Beach / LA 2 10% – – Economiesosfcale Converftixedcosttovariable • Maintainsuperiosrervice Seattle / Tacoma 2 20% – Keytoscheduleintegrity A* ppro ximateSSA Tterminalilftsasapercentageoaftllerminalilftsby lo catio n • ExposuretoPacificRimgrowth InvestorPresentation|Novembe2r 015 – Slide23 Oakland 2 45% SSAT Market Terminals Share*

SSATJointVenture Fourth Quarter 2015 Outlook • • Profitoexceedthe4Q2014level Welpl ositionedinLA/LBandOaklandfor increasedliftvolumesfrommajor internationacl arriers InvestorPresentation|Novembe2r 015 – Slide24 Third Quarter Performance •Improvedliftvolumes

MatsonLogisticsResults Source: TransportIntermediariesAssociation Source: AssociationofAmericanRailroads Fourth Quarter 2015 Outlook ThirdQuarterPerformance •Operatingincomeexpectedto approximate4Q2014level • Lowerinternationailntermodaal nd highwayvolume Lowerfuesl urchargerevenue Favorablechangesinbusinessmixand contributionmargins Improvedwarehouseresults • • • InvestorPresentation|Novembe2r 015 – Slide25

CondensedStatementofIncome KeyItems OperatingRevenue • Totarlevenueincreased 23.2% Operatingmarginincreased to13.2%from10.2% OceanTransportation $444.8 $329.5 Logistics 99.5 112.3 • CostsandExpenses Operatingcosts 424.8 363.8 Sellingg, eneraal ndadministrative 52.2 36.1 Equityin(incomel)ossfromterminajloint venture (4.5) (3.1) Interestexpense (4.7) (4.4) Incometaxexpense (25.6) (19.1) DilutedEarningsPerShare($/share) $0.94 $0.50 SeetheAddendumfoareconciliationof GAAPtonon-GAAPfoFr inanciaMl etrics InvestorPresentation|Novembe2r 015 – Slide26 NetIncome$41.5 $21.5 Totaol peratingcostsandexpenses 472.5 396.8 OperatingIncome71.8 45.0 Totaol peratingrevenue 544.3 441.8 (in$millions)3Q15 3Q14

CondensedBalanceSheet LiquidityandDebtLevels • Totadl ebtof$481.5million,Net debtof$444.3million NetdebtoLTMEBITDAof1.5x OnOctober12, 015issued$75 millionof30-yearsenior unsecurednotesat3.92% RevolverbalanceatSeptember 30,2015was$118million • • • 12/31/14 – Reducedto$43millionafter$75 millionnotesissuedonOctober1, 2015 oareconciliationof non-GAAPfoFr inanciaMl etrics InvestorPresentation|Novembe2r 015 – Slide27 Assets(in$millions) 9/30/15 12/31/14 Cashandcashequivalents 2$5.5 29$3.4 Othercurrentassets 322.8 226.1 Totacl urrentassets 348.3 519.5 Investmentinterminajlointventure 68.2 64.4 Propertyandequipmentn, et 839.9 691.2 CapitaCl onstructionFunddeposits 11.7 27.5 Intangibleassetsn, et 140.9 2.5 Goodwill 248.3 27.4 Otherassets 79.4 69.3 Totaal ssets $1,736.7 $1,401.8 Liabilities&ShareholdersE’ quity(in$millions)9/ 30/15 Currentportionoflong-termdebt 2$2.2 21$.6 Othercurrentliabilities 275.9 201.9 Totacl urrentliabilities 298.1 223.5 Longtermdebt 459.3 352.0 Deferredincometaxes 336.7 308.4 Otherlong-termliabilities 154.6 154.1 Multi-employerswithdrawalliabilities 56.9 - Totallongtermliabilities 1,007.5 814.5 Shareholders’ equity 431.1 363.8 Totalliabilitiesandshareholders’ equity SeetheAddendumf $1,736.7 $1,401.8 GAAPto

Matson’s Operating Income and EBITDA $millions LTM = Last Twelve Months ended September 30, 2015 More detailed information is available in previously filed Form 10-Ks and 10-Qs InvestorPresentation|Novembe22r 015 – Slide28

OceanTransportationOperatingIncome $millions 10-yeaAr verageAnnuaOl peratingIncom$e1: 03.8million AdjustedOperatingIncome OperatingMargin LTM = Last Twelve Months ended September 30, 2015 More detailed information is available in previously filed Form 10-Ks and 10-Qs InvestorPresentation|Novembe22r 015 – Slide29 Operating Margin Operating Income

LogisticsOperatingIncome $millions 10-yeaAr verageAnnuaOl peratingIncom$e1: 0.9million LTM = Last Twelve Months ended September 30, 2015 More detailed information is available in previously filed Form 10-Ks and 10-Qs InvestorPresentation|Novembe22r 015 – Slide30 Operating Margin Operating Income OperatingIncomeOperatinMgargin

Pre-TaxIncome(LossS) SATInvestment $millions $20 $15 $10 $3.4 $5.2 $4.7 $5 $0 -$5 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 LTM LTM = Last Twelve Months ended September 30, 2015 More detailed information is available in previously filed Form 10-Ks and 10-Qs InvestorPresentation|Novembe22r 015 – Slide31 $17.1 $14.3 $13.3$12.8 $10.7 $8.6 $6.2$6.6 $3.2 10-yeaAr verageAnnuaPl re-taxIncom$e8: .2million -$2.0

Matson’s Jones Act Fleet Deployment (SS=)Steamship InvestorPresentation|Novembe22r 015 – Slide32 Capacity Capacity Vessel Name Type Built (TEU) (Autos) Schedule MAUI Containe(rSS) 1978 1,644 SEA/OAK/HON MANOA Container 1982 2,824 SEA/OAK/HON MOKIHANA Container/Ro-Ro 1983 1,19,93423 LA/HON MATSONIA Container/Ro-Ro(SS) 1973 1,727450 OAK/HON MAHIMAHI Container 1982 2,824 OAK/LA/HON MANULANI Container 2005 2,378 LA/HON/GUAM/CHINA MANUKAI Container 2003 2,378 LA/HON/GUAM/CHINA MAUNAWILI Container 2004 2,378 LA/HON/GUAM/CHINA MAUNALEI Container 2006 1,992 LA/HON/GUAM/CHINA R.JP. FEIFFER Container 1992 2,245 LA/HON/GUAM/CHINA ANCHORAGE Container 1987 1,668 TAC/ANC/KOD/DH KODIAK Container 1987 1,668 TAC/ANC/KOD/DH TACOMA Container 1987 1,668 TAC/ANC/KOD/DH CONSUMER Containe(rSS) 1971 1,690 Reserve KAUAI Containe(rSS) 1980 1,644 Reserve LIHUE Containe(rSS) 1971 2,018 Reserve PRODUCER Containe(rSS) 1974 1,680 Reserve LURLINE Container/Ro-Ro(SS) 1973 1,646761 Reserve NAVIGATOR Containe(rSS) 1972 2,250 Reserve FAIRBANKS Containe(rSS) 1973 1,468 Reserve

Fleet Renewal • Two3600TEUduafluelL, NGcapable containershipsfromAkePr hiladelphia • Significantlylowerscospt eTr EUin Hawafiileet – – – – – Contracpt rice$418million Optimizedspeedtoensurecargoreliability Additiona4l 5-fooctapacityandreefeor utlets Celgl uidespacing(constrm. aterials) NeighboIrslandaccessible – Carryhighefrreighvtolumeswithfewer vesselsdeployed ~30%lowefrueclonsumptionpeTr EU usingconventionaflueol ils Lowecrrewingm, aintenance&repaira, nd dry-dockingcosts – – InvestorPresentation|Novembe2r 015 – Slide33 15 Construction Milestones SteeCl utting 20 KeeLl aying 2016 Continuousconstructionobf lo cks 2017 Instalml ainengine 2018 DeliveryDanieKl I.nouye DeliveryHul#l 030

Addendum– UseofNon-GAAPMeasures “GAAP”). MatsonreportsfinanciarlesultsinaccordancewithU.Sg. enerallyacceptedaccountingprinciples( TheCompanyalsoconsidersothernon-GAAPmeasurestoevaluateperformancem, akeday-to-dayoperating decisionsh, elpinvestorsunderstandourabilitytoincura ndservicedebtandtomakecapitael xpendituresa, ndto understandperiod-over-periodoperatingresultsseparateandapartfromitemsthatmayo, rcouldh, avea disproportionapl ositiveornegativeimpactonresultsin anyparticularperiodT. hesenon-GAAPmeasuresinclude, “EBITDA”)a, ndNetDebt/EBITDA. butarenotlimitedtoE, arningsBefore InterestD, epreciationandAmortization( InvestorPresentation|Novembe2r 015 – Slide34

GAAPtoNon-GAAPReconciliation NET DEBT RECONCILIATION S eptember 30, 2015 (In millions ) Total Debt: Les s : Cas h and cas h equivalents Cas h on depos it in Capital Cons truction Fund Net Debt $ 481.5 (25.5) (11.7) $ 444.3 EBITDA RECONCILIATION Three Months Ended September 30 Las t Twelve Months (In millions ) Net Income 2015 2014 Change $ 41.5 25.6 4.7 23.3 5.7 $ 21.5 19.1 4.4 17.2 5.4 $ 20.0 6.5 0.3 6.1 0.3 $ 104.2 77.7 17.9 75.5 21.9 Add: Add: Add: Add: Income tax expens e Interes t expens e Depreciation and amortization Drydock amortization EBITDA (1) $ 100.8 $ 67.6 $ 33.2 $ 297.2 Add: Acquis ition related SG&A in exces s of run-rate target Add: Molas s es s ettlement EBITDA (before Acquis ition SG&A and Molas s es Settlement) 10.0 - - - 10.0 - 23.5 11.4 $ 110.8 $ 67.6 $ 43.2 $ 332.1 Nine Months Ended September 30 (In millions ) Net Income 2015 2014 Change $ 76.4 60.4 13.6 58.5 16.8 $ 43.0 34.6 13.0 52.0 16.0 $ 33.4 25.8 0.6 6.5 0.8 Add: Add: Add: Add: Income tax expens e Interes t expens e Depreciation and amortization Drydock amortization EBITDA (1) $ 225.7 $ 158.6 $ 67.1 Add: Acquis ition related SG&A in exces s of run-rate target Add: Molas s es s ettlement EBITDA (before Acquis ition SG&A and Molas s es Settlement) 23.5 11.4 - - 23.5 11.4 $ 260.6 $ 158.6 $ 102.0 InvestorPresentation|Novembe2r 015 – Slide35

GAAPtoNon-GAAPReconciliation More detailed information is available in previously filed Form 10-Ks and 10-Qs InvestorPresentation|Novembe2r 015 – Slide36 (in$millions) 2005 2006 2007 2008 2009 2010 SegmenOt peratingIncome ExcludingDiscontinuedOps SegmenDt epreciationand Amortization DeferredDry-dockingAmortization 142.6 60.9 7.9 126.8 59.6 8.5 148.0 65.2 11.5 124.1 68.5 14.2 64.5 70.6 17.5 125.4 70.8 19.6 EBITDA 211.4 194.9 224.7 207.2 152.5 215.6 (in$millions) 2014 2013 2012 2011 NetIncome Subtract:Income(loss)fromdiscontinuedoperations Add:Incometaxexpense Add:Interestexpense Add:Depreciation&amortization Add:Deferreddry-dockingamortization 70.8 51.9 17.3 69.0 21.1 53.7 - 32.2 14.4 69.0 22.0 45.9 (6.1) 33.0 11.7 72.1 23.3 34.2 (11.6) 25.1 7.7 71.6 22.7 EBITDA $230.1 $191.3 $192.1 $172.9

GAAP to Non-GAAP Reconciliation (in $ millions) 2014 2013 2012 2011 Net Income 70.8 53.7 45.9 34.2 Subtract: Income (loss) from discontinued operations - (6.1) (11.6) Add: Income tax expense 51.9 32.2 33.0 25.1 Add: Interest expense 17.3 14.4 11.7 7.7 Add: Depreciation & amortization 69.0 69.0 72.1 71.6 Add: Deferred dry-docking amortization 21.1 22.0 23.3 22.7 EBITDA $230.1 $191.3 $192.1 $172.9 (in $ millions) 2005 2006 2007 2008 2009 2010 Segment Operating Income Excluding Discontinued Ops 142.6 126.8 148.0 124.1 64.5 125.4 Segment Depreciation and Amortization 60.9 59.6 65.2 68.5 70.6 70.8 Deferred Dry-docking Amortization 7.9 8.5 11.5 14.2 17.5 19.6 EBITDA 211.4 194.9 224.7 207.2 152.5 215.6 More detailed information is available in previously filed Form 10-Ks and 10-Qs