A&B 4th-Quarter 2000 Dividend Authorized

October 26, 2000

HONOLULU--(BUSINESS WIRE)--Oct. 26, 2000--The Board of Directors of Alexander & Baldwin, Inc. (NASDAQ:ALEX) today announced a fourth-quarter 2000 dividend of 22.5 cents per share, payable on December 7, 2000 to shareholders of record as of the close of business on November 9, 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 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.

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