A&B 3rd-Quarter 2000 Dividend Authorized

June 22, 2000
HONOLULU--(BUSINESS WIRE)--June 22, 2000--The Board of Directors of Alexander & Baldwin, Inc. (Nasdaq:ALEX - news) today announced a third-quarter 2000 dividend of 22.5 cents per share, payable on September 7, 2000 to shareholders of record as of the close of business on August 3, 2000.

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

Contact:

Alexander & Baldwin, Inc.
John B. Kelley, 808/525-8422