A&B 1st-Quarter 2002 Dividend Authorized

January 24, 2002

Honolulu (January 24, 2002) -- The Board of Directors of Alexander & Baldwin, Inc. (NASDAQ:ALEX) today announced a first-quarter 2002 dividend of 22.5 cents per share, payable on March 7, 2002 to shareholders of record as of the close of business on February 14, 2002.

Alexander & Baldwin, Inc., headquartered in Honolulu, is engaged in ocean transportation, through its subsidiary, Matson Navigation Company, Inc., in property development and management, through A&B Properties, Inc., and in food products, through Hawaiian Commercial & Sugar Company and Kauai Coffee Company, Inc. Additional information about A&B may be found at its web site: www.alexanderbaldwin.com.

For further information, contact:
John B. Kelley, Vice President
808-525-8422
E-mail: invrel@abinc.com