Washington, D.C. 20549

(Name of Issuer)

(Title of Class of Securities)

(CUSIP Number)

(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)

(Date of Event Which Requires Filing of this Statement)

 

 

CUSIP No.		014482103		Page 2

¹ This calculation is based on 41,560,279 shares of common stock, without par value (the “Common Shares”), of Alexander & Baldwin, Inc. (the “Issuer”) outstanding as of February 16, 2011, as reported in the Issuer’s Definitive Proxy Statement on Schedule 14A, dated March 10, 2011 (the “2011 Proxy Statement”).

CUSIP No.		014482103		Page 3

² This calculation is based on 41,560,279 Common Shares outstanding as of February 16, 2011, as reported in the 2011 Proxy Statement.

CUSIP No.		014482103		Page 4

³ This calculation is based on 41,560,279 Common Shares outstanding as of February 16, 2011, as reported in the 2011 Proxy Statement.

CUSIP No.		014482103		Page 5

⁴ This calculation is based on 41,560,279 Common Shares outstanding as of February 16, 2011, as reported in the 2011 Proxy Statement.

CUSIP No.		014482103		Page 6

⁵ This calculation is based on 41,560,279 Common Shares outstanding as of February 16, 2011, as reported in the 2011 Proxy Statement.

CUSIP No.		014482103		Page 7

⁶ This calculation is based on 41,560,279 Common Shares outstanding as of February 16, 2011, as reported in the 2011 Proxy Statement.

CUSIP No.		014482103		Page 8

⁷ This calculation is based on 41,560,279 Common Shares outstanding as of February 16, 2011, as reported in the 2011 Proxy Statement.

CUSIP No.		014482103		Page 9

⁸ This calculation is based on 41,560,279 Common Shares outstanding as of February 16, 2011, as reported in the 2011 Proxy Statement.

CUSIP No.		014482103		Page 10

⁹ This calculation is based on 41,560,279 Common Shares outstanding as of February 16, 2011, as reported in the 2011 Proxy Statement.

TABLE OF CONTENTS

Item 1. Security and Issuer

Item 2. Identity and Background

Item 3. Source and Amount of Funds or Other Consideration

Item 4. Purpose of Transaction

Item 5. Interest in Securities of the Issuer

Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer

Item 7. Material to be Filed as Exhibits

SIGNATURES

EXHIBIT INDEX

Exhibit 99.1

Exhibit 99.2

SCHEDULE 13D

Item 1.		Security and Issuer

This Schedule 13D (this “Schedule 13D”) relates to the common stock, without par value (the “Common Shares”), of Alexander & Baldwin, Inc., a Hawaii corporation (the “Issuer”). The address of the principal executive offices of the Issuer is 822 Bishop Street, Post Office Box 3440, Honolulu, Hawaii 96801.

As of March 31, 2011, as reflected in this Schedule 13D, the Reporting Persons (as hereinafter defined) beneficially owned an aggregate of 4,113,824 Common Shares (the “Subject Shares”), representing approximately 9.9% of the outstanding Common Shares. The Reporting Persons also have additional economic exposure to approximately 372,900 Common Shares under certain cash-settled total return swaps (“Swaps”), bringing their total aggregate economic exposure to 4,486,724 Common Shares, representing approximately 10.8% of the outstanding Common Shares.

Item 2.		Identity and Background

(a), (f) This Schedule 13D is being filed by: (i) Pershing Square Capital Management, L.P., a Delaware limited partnership (“Pershing Square”); (ii) PS Management GP, LLC, a Delaware limited liability company (“PS Management”); (iii) Pershing Square GP, LLC, a Delaware limited liability company (“Pershing Square GP”); (iv) William A. Ackman, a citizen of the United States of America; (v) Marcato, L.P., a Delaware limited partnership (“Marcato Fund I”); (vi) Marcato II, L.P., a Delaware limited partnership (“Marcato Fund II”); (vii) Marcato International Master Fund Ltd., a Cayman Islands exempted company (“Marcato Master Fund” and together with Marcato Fund I and Marcato Fund II, the “Marcato Funds”); (viii) Marcato Capital Management LLC, a Delaware limited liability company (“Marcato”); and (ix) Richard T. McGuire, a citizen of the United States of America (collectively, the “Reporting Persons”).

The Reporting Persons have entered into a joint filing agreement, dated as of March 31, 2011, a copy of which is attached hereto as Exhibit 99.1.

(b) The business address of Pershing Square, PS Management, Pershing Square GP and William A. Ackman is 888 Seventh Avenue, 42nd Floor, New York, New York 10019. The business address of Marcato Fund I, Marcato Fund II, Marcato and Richard T. McGuire is 235 Pine Street, Suite 1650, San Francisco, California 94104. The business address of Marcato Master Fund is c/o Ogier Fiduciary Services (Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman KY1-9007, Cayman Islands.

(c) Pershing Square’s principal business is serving as investment advisor to certain affiliated funds. PS Management’s principal business is serving as the sole general partner of Pershing Square. Pershing Square GP’s principal business is serving as the sole general partner of Pershing Square, L.P., a Delaware limited partnership, and Pershing Square II, L.P., a Delaware limited partnership. The principal occupation of William A. Ackman is serving as the managing member of each of PS Management and Pershing Square GP. The principal business of each of the Marcato Funds is investing in securities. The principal business of Marcato is serving as the (i) sole general partner of Marcato Fund I and Marcato Fund II, and (ii) investment manager of Marcato Master Fund and Marcato International Ltd., a Cayman Islands exempted company. The principal occupation of Richard T. McGuire is serving as the managing member of Marcato.

(d) During the last five years, none of the Reporting Persons has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).

(e) During the last five years, none of the Reporting Persons has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

Item 3.		Source and Amount of Funds or Other Consideration.

Pershing Square advises a number of client accounts, including the accounts of Pershing Square, L.P., Pershing Square II, L.P. and Pershing Square International, Ltd., a Cayman Islands exempted company (including its wholly-owned subsidiary PSRH, Inc., a Cayman Islands corporation) (collectively, the “Pershing Square Funds”), which purchased 3,561,943 Common Shares for total consideration of $148,100,867 (including brokerage commissions) and 279,675 notional shares underlying the Swaps. The source of funds for such transactions was derived from the capital of the Pershing Square Funds. The Marcato Funds purchased 551,881 Common Shares for total consideration of $20,730,015 (including brokerage commissions) and 93,225 notional shares underlying the Swaps. The source of funds for such transactions was derived from the capital of the Marcato Funds.

Item 4.		Purpose of Transaction.

The Reporting Persons believe that the Common Shares are undervalued and are an attractive investment.

The Reporting Persons expect to engage in discussions with management, the board and other stockholders of the Issuer and other relevant parties concerning the business, assets, capitalization, financial condition, operations, governance, management, strategy and future plans of the Issuer, which discussions may include proposing or considering one or more of the actions described in subsections (a) through (j) of Item 4 of Schedule 13D.

The Reporting Persons intend to review their investments in the Issuer on a continuing basis. Depending on various factors (including, without limitation, the Issuer’s financial position and strategic direction, actions taken by the board, price levels of the Common Shares, other investment opportunities available to the Reporting Persons, concentration of positions in the portfolios managed by the Reporting Persons, market conditions and general economic and industry conditions), the Reporting Persons may take such actions with respect to their investments in the Issuer as they deem appropriate, including, without limitation, purchasing additional Common Shares or other financial instruments related to the Issuer or selling some or all of their beneficial or economic holdings, engaging in hedging or similar transactions with respect to the securities relating to the Issuer and/or otherwise changing their intention with respect to any and all matters referred to in Item 4 of Schedule 13D.

Item 5.		Interest in Securities of the Issuer.

(a), (b) Based upon the 2011 Proxy Statement, 41,560,279 Common Shares were outstanding as of February 16, 2011. Based on the foregoing, the Subject Shares represented approximately 9.9% of the Common Shares issued and outstanding as of such date.

Pershing Square, as the investment adviser to the Pershing Square Funds, may be deemed to have the shared power to vote or direct the vote of (and the shared power to dispose or direct the disposition of) 3,561,943 Common Shares (the “Pershing Shares”). As the general partner of Pershing Square, PS Management may be deemed to have the shared power to vote or to direct the vote of (and the shared power to dispose of or direct the disposition of) the Pershing Shares. As the general partner of Pershing Square, L.P. and Pershing Square II, L.P., Pershing Square GP may be deemed to have the shared power to vote or to direct the vote of (and the shared power to dispose or direct the disposition of) the 1,127,030 Common Shares held for the benefit of Pershing Square, L.P. and Pershing Square II, L.P. By virtue of William A. Ackman’s position as the managing member of each of PS Management and Pershing Square GP, William A. Ackman may be deemed to have the shared power to vote or direct the vote of (and the shared power to dispose or direct the disposition of) the Pershing Shares and, therefore, William A. Ackman may be deemed to be the beneficial owner of the Pershing Shares for purposes of this Schedule 13D. Marcato Fund I may be deemed to have the shared power to vote or direct the vote of (and the shared power to dispose or direct the disposition of) 148,993 Common Shares. Marcato Fund II may be deemed to have the shared power to vote or direct the vote of (and the shared power to dispose or direct the disposition of) 63,142 Common Shares. Marcato Master Fund may be deemed to have the shared power to vote or direct the vote of (and the shared power to dispose or direct the disposition of) 339,746 Common Shares. Marcato, as the general partner of Marcato Fund I and Marcato Fund II and the investment manager of Marcato Master Fund, may be deemed to have the shared power to vote or direct the vote of (and the shared power to dispose or direct the disposition of) 551,881 Common Shares (the “Marcato Shares”). By virtue of Richard T. McGuire’s position as the managing member of Marcato, Richard T. McGuire may be deemed to have the shared power to vote or direct the vote of (and the shared power to dispose or direct the disposition of) the Marcato Shares and, therefore, Richard T. McGuire may be deemed to be the beneficial owner of the Marcato Shares for purposes of this Schedule 13D. Pershing Square, PS Management, Pershing Square GP and William A. Ackman disclaim beneficial ownership of the Marcato Shares, and the Marcato Funds, Marcato and Richard T. McGuire disclaim beneficial ownership of the Pershing Shares.

(c) Exhibit 99.2, which is incorporated by reference into this Item 5(c) as if restated in full herein, describes all of the transactions in Common Shares and Swaps that were effected during the past sixty days by the Reporting Persons for the benefit of the Pershing Square Funds and the Marcato Funds.

(d) No other person is known to the Reporting Persons to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Subject Shares, except that dividends from, and proceeds from the sale of, (i) the Common Shares held by the accounts managed by Pershing Square may be delivered to such accounts and (ii) the Common Shares held by the accounts managed by Marcato may be delivered to such accounts.

(e) Not applicable.

Item 6.		Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer

Pershing Square, PS Management, Pershing Square GP and William A. Ackman, on the one hand, and the Marcato Funds, Marcato and Richard T. McGuire, on the other hand, do not currently have any contracts, arrangements or understandings with respect to the Subject Shares. They do, however, reserve the right to reach an understanding with respect to the Subject Shares in the future.

The Subject Shares are beneficially owned by the Reporting Persons. Furthermore, (i) Pershing Square, PS Management, Pershing Square GP and William A. Ackman entered into Swaps for the benefit of the Pershing Square Funds (the “Pershing Square Swaps”), and (ii) the Marcato Funds, Marcato and Richard T. McGuire entered into Swaps for the benefit of the Marcato Funds (the “Marcato Swaps”), in each case, on the dates described on Exhibit 99.2. The Pershing Square Swaps constitute economic exposure to approximately 0.7% notional outstanding Common Shares in the aggregate, with a reference price of $45.12 and expire on the date described on Exhibit 99.2. The Marcato Swaps constitute economic exposure to approximately 0.2% notional outstanding Common Shares in the aggregate, with a reference price of $45.12 and expire on the date described on Exhibit 99.2.

Under the terms of the Pershing Square Swaps and the Marcato Swaps, (i) the applicable Pershing Square Fund or Marcato Fund, as applicable, will be obligated to pay to the counterparty any negative price performance of the notional number of Common Shares subject to the applicable Pershing Square Swap or Marcato Swap, as applicable, as of the expiration date of such Swap, and (ii) the counterparty will be obligated to pay to the applicable Pershing Square Fund or Marcato Fund, as applicable, any positive price performance of the notional number of Common Shares subject to the applicable Pershing Square Swap or Marcato Swap, as applicable, as of the expiration date of the Swaps. With regard to the Pershing Square Swaps and the Marcato Swaps, any notional distributions received by the counterparty on such notional Common Shares during the term of the Swaps will be paid to the applicable Pershing Square Fund or Marcato Fund, as applicable, either (i) with respect to certain Swaps, during the term of the applicable Swap or (ii) with respect to the balance of the Swaps, at maturity. Any interest accruing at the rates set forth in the Swaps will be paid to the counterparty either (i) with respect to certain Swaps, during the term of the applicable Swap or (ii) with respect to the balance of the Swaps, at maturity. All balances will be cash settled at the expiration date of the Swaps. The Pershing Square Funds’ and the Marcato Funds’ third-party counterparties for the Pershing Square Swaps and the Marcato Swaps, respectively, include entities related to Morgan Stanley.

Neither the Pershing Square Swaps nor the Marcato Swaps give the Reporting Persons direct or indirect voting, investment or dispositive control over any securities of the Issuer and do not require the counterparty thereto to acquire, hold, vote or dispose of any securities of the Issuer. Accordingly, the Reporting Persons disclaim any beneficial ownership of any Common Shares that may be referenced in such contracts or Common Shares or other securities or financial instruments that may be held from time to time by any counterparty to the contracts.

In addition to the agreements referenced above, the Reporting Persons may, from time to time, enter into and dispose of additional cash-settled total return swaps or other similar derivative transactions with one or more counterparties that are based upon the value of Common Shares, which transactions could be significant in amount. The profit, loss and/or return on such additional contracts may be wholly or partially dependent on the market value of the Common Shares, relative value of the Common Shares in comparison to one or more other financial instruments, indexes or securities, a basket or group of securities in which the Common Shares may be included or a combination of any of the foregoing.

Item 7.		Material to be Filed as Exhibits.

Exhibit 99.1		Joint Filing Agreement, dated as of March 31, 2011, among Pershing Square Capital Management, L.P., PS Management GP, LLC, Pershing Square GP LLC, William A. Ackman, Marcato, L.P., Marcato II, L.P., Marcato International Master Fund Ltd., Marcato Capital Management LLC and Richard T. McGuire.
Exhibit 99.2		Trading data.

SIGNATURES

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this Statement is true, complete and correct.

Dated: March 31, 2011

PERSHING SQUARE CAPITAL MANAGEMENT, L.P.
By:		PS Management GP, LLC, its General Partner
By:		/s/ William A. Ackamn
		Name: William A. Ackman Title: Managing Member
PS MANAGEMENT, GP, LLC
By:		/s/ William A. Ackamn
		Name: William A. Ackman Title: Managing Member
PERSHING SQUARE GP, LLC
By:		/s/ William A. Ackamn
		Name: William A. Ackman Title: Managing Member
		/s/ William A. Ackam
Name: William A. Ackman

[Signature Page to Schedule 13D]

MARCATO, L.P.
By:		Marcato Capital Management LLC, its General Partner
By:		/s/ Richard T. McGuire
		Name: Richard T. McGuire Title: Managing Member
MARCATO II, L.P.
By:		Marcato Capital Management LLC, its General Partner
By:		/s/ Richard T. McGuire
		Name: Richard T. McGuire Title: Managing Member
MARCATO INTERNATIONAL MASTER FUND LTD.
By:		/s/ Richard T. McGuire
		Name: Richard T. McGuire Title: Director
MARCATO CAPITAL MANAGEMENT LLC
By:		/s/ Richard T. McGuire
		Name: Richard T. McGuire Title: Managing Member
		/s/ Richard T. McGuire
Name: Richard T. McGuire

[Signature Page to Schedule 13D]

EXHIBIT INDEX

Exhibit 99.1		Joint Filing Agreement, dated as of March 31, 2011, among Pershing Square Capital Management, L.P., PS Management GP, LLC, Pershing Square GP LLC, William A. Ackman, Marcato, L.P., Marcato II, L.P., Marcato International Master Fund Ltd., Marcato Capital Management LLC and Richard T. McGuire.
Exhibit 99.2		Trading data.

EXHIBIT 99.1

JOINT FILING AGREEMENT

In accordance with Rule 13d-1(k)(l) under the Securities Exchange Act of 1934, as amended, each of the undersigned hereby agrees to the joint filing, along with all other such undersigned, on behalf of the Reporting Persons (as defined in the joint filing), of a statement on Schedule 13D (including amendments thereto) with respect to the common stock, without par value, of the Issuer (as defined in the attached Schedule 13D), and agrees that this agreement be included as an Exhibit to such joint filing. This agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument.

[Signature Page Follows]

IN WITNESS WHEREOF, each of the undersigned has executed this Joint Filing Agreement as of this 31^st day of March, 2011.

PERSHING SQUARE CAPITAL MANAGEMENT, L.P.
By:		PS Management GP, LLC, its General Partner
By:		/s/ William A. Ackman
		Name: William A. Ackman Title: Managing Member
PS MANAGEMENT, GP, LLC
By:		/s/ William A. Ackman
		Name: William A. Ackman Title: Managing Member
PERSHING SQUARE GP, LLC
By:		/s/ William A. Ackman
		Name: William A. Ackman Title: Managing Member
		/s/ William A. Ackman
Name: William A. Ackman

[Signature Page to Joint Filing Agreement]

MARCATO, L.P.
By:		Marcato Capital Management LLC, its General Partner
By:		/s/ Richard T. McGuire
		Name: Richard T. McGuire Title: Managing Member
MARCATO II, L.P.
By:		Marcato Capital Management LLC, its General Partner
By:		/s/ Richard T. McGuire
		Name: Richard T. McGuire Title: Managing Member
MARCATO INTERNATIONAL MASTER FUND LTD.
By:		/s/ Richard T. McGuire
		Name: Richard T. McGuire Title: Director
MARCATO CAPITAL MANAGEMENT LLC
By:		/s/ Richard T. McGuire
		Name: Richard T. McGuire Title: Managing Member
		/s/ Richard T. McGuire
Name: Richard T. McGuire

[Signature Page to Joint Filing Agreement]

Name		Trade Date				Buy/ Sell				No. of Shares / Quantity				Unit Cost				Strike Price				Trade Amount				Security				Expiration Date
Pershing Square, L.P.		January 31, 2011				Buy					5,354			$	40.17				N/A			$	215,089			Common Stock					N/A
Pershing Square, L.P.		March 1, 2011				Buy					9,300			$	40.17				N/A			$	373,600			Common Stock					N/A
Pershing Square, L.P.		March 2, 2011				Buy					10,736			$	40.18				N/A			$	431,350			Common Stock					N/A
Pershing Square, L.P.		March 4, 2011				Buy					14,909			$	40.88				N/A			$	609,483			Common Stock					N/A
Pershing Square, L.P.		March 7, 2011				Buy					43,314			$	40.57				N/A			$	1,757,214			Common Stock					N/A
Pershing Square, L.P.		March 8, 2011				Buy					2,295			$	40.84				N/A			$	93,730			Common Stock					N/A
Pershing Square, L.P.		March 14, 2011				Buy					25,480			$	40.94				N/A			$	1,043,093			Common Stock					N/A
Pershing Square, L.P.		March 15, 2011				Buy					102,740			$	39.96				N/A			$	4,105,686			Common Stock					N/A
Pershing Square, L.P.		March 16, 2011				Buy					108,835			$	40.32				N/A			$	4,387,977			Common Stock					N/A
Pershing Square, L.P.		March 17, 2011				Buy					10,887			$	40.98				N/A			$	446,143			Common Stock					N/A
Pershing Square, L.P.		March 18, 2011				Buy					105,849			$	40.00				N/A			$	4,234,341			Common Stock					N/A
Pershing Square, L.P.		March 21, 2011				Buy					229,442			$	41.23				N/A			$	9,459,568			Common Stock					N/A
Pershing Square, L.P.		March 22, 2011				Buy					98,058			$	40.88				N/A			$	4,008,272			Common Stock					N/A
Pershing Square, L.P.		March 23, 2011				Buy					48,100			$	41.09				N/A			$	1,976,198			Common Stock					N/A
Pershing Square, L.P.		March 24, 2011				Buy					81,470			$	42.33				N/A			$	3,448,845			Common Stock					N/A
Pershing Square, L.P.		March 25, 2011				Buy					13,980			$	44.33				N/A			$	619,726			Common Stock					N/A
Pershing Square, L.P.		March 31, 2011				Buy					70,204			$	45.12				N/A				N/A			Cash-Settled Total Return Swap					March 28, 2013
Name		Trade Date				Buy/ Sell				No. of Shares / Quantity				Unit Cost				Strike Price				Trade Amount				Security				Expiration Date
Pershing Square II, L.P.		January 31, 2011				Buy					116			$	40.17				N/A			$	4,660			Common Stock					N/A
Pershing Square II, L.P.		March 4, 2011				Buy					284			$	40.88				N/A			$	11,610			Common Stock					N/A
Pershing Square II, L.P.		March 7, 2011				Buy					867			$	40.57				N/A			$	35,173			Common Stock					N/A
Pershing Square II, L.P.		March 8, 2011				Buy					41			$	40.84				N/A			$	1,674			Common Stock					N/A
Pershing Square II, L.P.		March 14, 2011				Buy					507			$	40.94				N/A			$	20,755			Common Stock					N/A
Pershing Square II, L.P.		March 15, 2011				Buy					2,039			$	39.96				N/A			$	81,482			Common Stock					N/A
Pershing Square II, L.P.		March 16, 2011				Buy					2,172			$	40.32				N/A			$	87,570			Common Stock					N/A
Pershing Square II, L.P.		March 17, 2011				Buy					219			$	40.98				N/A			$	8,974			Common Stock					N/A
Pershing Square II, L.P.		March 18, 2011				Buy					2,111			$	40.00				N/A			$	84,448			Common Stock					N/A
Pershing Square II, L.P.		March 21, 2011				Buy					4,564			$	41.23				N/A			$	188,167			Common Stock					N/A
Pershing Square II, L.P.		March 22, 2011				Buy					1,962			$	40.88				N/A			$	80,199			Common Stock					N/A
Pershing Square II, L.P.		March 23, 2011				Buy					964			$	41.09				N/A			$	39,606			Common Stock					N/A
Pershing Square II, L.P.		March 24, 2011				Buy					1,697			$	42.33				N/A			$	71,839			Common Stock					N/A
Pershing Square II, L.P.		March 25, 2011				Buy					334			$	44.34				N/A			$	14,811			Common Stock					N/A
Pershing Square II, L.P.		March 31, 2011				Buy					2,153			$	45.12				N/A				N/A			Cash-Settled Total Return Swap					March 28, 2013
Name		Trade Date				Buy/ Sell				No. of Shares / Quantity				Unit Cost				Strike Price				Trade Amount				Security				Expiration Date
*Pershing Square International, Ltd.		January 31, 2011				Buy					7,732			$	40.17				N/A			$	310,622			Common Stock					N/A
*Pershing Square International, Ltd.		March 2, 2011				Buy					5,577			$	40.18				N/A			$	224,072			Common Stock					N/A
*Pershing Square International, Ltd.		March 4, 2011				Buy					19,692			$	40.88				N/A			$	805,013			Common Stock					N/A
*Pershing Square International, Ltd.		March 7, 2011				Buy					58,296			$	40.57				N/A			$	2,365,022			Common Stock					N/A
*Pershing Square International, Ltd.		March 8, 2011				Buy					3,069			$	40.84				N/A			$	125,341			Common Stock					N/A
*Pershing Square International, Ltd.		March 14, 2011				Buy					34,066			$	40.94				N/A			$	1,394,584			Common Stock					N/A
*Pershing Square International, Ltd.		March 15, 2011				Buy					137,763			$	39.96				N/A			$	5,505,271			Common Stock					N/A
*Pershing Square International, Ltd.		March 16, 2011				Buy					147,149			$	40.32				N/A			$	5,932,709			Common Stock					N/A
*Pershing Square International, Ltd.		March 17, 2011				Buy					14,949			$	40.98				N/A			$	612,601			Common Stock					N/A
*Pershing Square International, Ltd.		March 18, 2011				Buy					142,463			$	40.00				N/A			$	5,699,033			Common Stock					N/A
*Pershing Square International, Ltd.		March 21, 2011				Buy					308,804			$	41.23				N/A			$	12,731,551			Common Stock					N/A
*Pershing Square International, Ltd.		March 22, 2011				Buy					201,332			$	40.88				N/A			$	8,229,754			Common Stock					N/A
*Pershing Square International, Ltd.		March 23, 2011				Buy					98,762			$	41.09				N/A			$	4,057,656			Common Stock					N/A
*Pershing Square International, Ltd.		March 24, 2011				Buy					167,389			$	42.33				N/A			$	7,086,028			Common Stock					N/A
*Pershing Square International, Ltd.		March 25, 2011				Buy					29,016			$	44.33				N/A			$	1,286,288			Common Stock					N/A
*Pershing Square International, Ltd.		March 31, 2011				Buy					207,318			$	45.12				N/A				N/A			Cash-Settled Total Return Swap					March 28, 2013

Name

Trade Date

Buy/ Sell

No. of Shares / Quantity

Unit Cost

Strike Price

Trade Amount

Security

Expiration Date

Pershing Square Holdco V, LLC

March 25, 2011

Buy

525,358

$

44.33

N/A

$

23,289,238

Common Stock

N/A

Pershing Square Holdco V, LLC

March 28, 2011

Buy

250,711

$

44.88

N/A

$

11,252,609

Common Stock

N/A

Name

Trade Date

Buy/ Sell

No. of Shares / Quantity

Unit Cost

Strike Price

Trade Amount

Security

Expiration Date

Marcato, LP

February 1, 2011

Buy

101

$

41.01

N/A

$

4,142

Common Stock

N/A

Marcato, LP

February 23, 2011

Buy

11,704

$

40.88

N/A

$

478,468

Common Stock

N/A

Marcato, LP

March 1, 2011

Buy

2,275

$

40.35

N/A

$

91,786

Common Stock

N/A

Marcato, LP

March 3, 2011

Buy

2,095

$

41.46

N/A

$

86,855

Common Stock

N/A

Marcato, LP

March 15, 2011

Buy

8,368

$

40.01

N/A

$

334,835

Common Stock

N/A

Marcato, LP

March 18, 2011

Buy

22,605

$

40.02

N/A

$

904,648

Common Stock

N/A

Marcato, LP

March 31, 2011

Buy

23,503

$

45.12

N/A

N/A

Cash-Settled Total Return Swap

March 28, 2013

Name

Trade Date

Buy/ Sell

No. of Shares / Quantity

Unit Cost

Strike Price

Trade Amount

Security

Expiration Date

Marcato II, LP

February 1, 2011

Buy

178

$

41.01

N/A

$

7,300

Common Stock

N/A

Marcato II, LP

February 2, 2011

Buy

401

$

41.37

N/A

$

16,589

Common Stock

N/A

Marcato II, LP

February 3, 2011

Buy

700

$

41.14

N/A

$

28,799

Common Stock

N/A

Marcato II, LP

February 4, 2011

Buy

745

$

41.36

N/A

$

30,815

Common Stock

N/A

Marcato II, LP

February 23, 2011

Buy

5,747

$

40.88

N/A

$

234,941

Common Stock

N/A

Marcato II, LP

March 1, 2011

Buy

2,760

$

40.35

N/A

$

111,354

Common Stock

N/A

Marcato II, LP

March 3, 2011

Buy

804

$

41.46

N/A

$

33,332

Common Stock

N/A

Marcato II, LP

March 15, 2011

Buy

3,569

$

40.01

N/A

$

142,809

Common Stock

N/A

Marcato II, LP

March 18, 2011

Buy

9,310

$

40.02

N/A

$

372,584

Common Stock

N/A

Marcato II, LP

March 31, 2011

Buy

9,470

$

45.12

N/A

N/A

Cash-Settled Total Return Swap

March 28, 2013

Name

Trade Date

Buy/ Sell

No. of Shares / Quantity

Unit Cost

Strike Price

Trade Amount

Security

Expiration Date

Marcato International Master Fund, Ltd.

February 1, 2011

Buy

443

$

41.01

N/A

$

18,167

Common Stock

N/A

Marcato International Master Fund, Ltd.

February 2, 2011

Buy

12,833

$

41.37

N/A

$

530,888

Common Stock

N/A

Marcato International Master Fund, Ltd.

February 3, 2011

Buy

22,410

$

41.14

N/A

$

921,977

Common Stock

N/A

Marcato International Master Fund, Ltd.

February 4, 2011

Buy

23,845

$

41.36

N/A

$

986,301

Common Stock

N/A

Marcato International Master Fund, Ltd.

February 23, 2011

Buy

30,742

$

40.88

N/A

$

1,256,754

Common Stock

N/A

Marcato International Master Fund, Ltd.

March 1, 2011

Buy

5,916

$

40.35

N/A

$

238,684

Common Stock

N/A

Marcato International Master Fund, Ltd.

March 3, 2011

Buy

4,701

$

41.46

N/A

$

194,895

Common Stock

N/A

Marcato International Master Fund, Ltd.

March 15, 2011

Buy

19,259

$

40.01

N/A

$

770,626

Common Stock

N/A

Marcato International Master Fund, Ltd.

March 18, 2011

Buy

48,085

$

40.02

N/A

$

1,924,352

Common Stock

N/A

Marcato International Master Fund, Ltd.

March 31, 2011

Buy

60,252

$

45.12

N/A

N/A

Cash-Settled Total Return Swap

March 28, 2013