A&B 3rd-quarter 2001 Dividend Authorized

June 28, 2001

HONOLULU--(BUSINESS WIRE)--June 28, 2001--The Board of Directors of Alexander & Baldwin, Inc. (Nasdaq:ALEX) today announced a third-quarter 2001 dividend of 22.5 cents per share, payable on September 6, 2001 to shareholders of record as of the close of business on August 2, 2001.

Alexander & Baldwin, Inc., headquartered in Honolulu, is engaged in ocean transportation, through its subsidiary, Matson Navigation Company, Inc., property development and management, through A&B Properties, Inc.; and 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.

CONTACT: Alexander & Baldwin, Inc.
John B. Kelley, Vice President, 808/525-8422
invrel@abinc.com