A&B 4th-Quarter 2001 Dividend Authorized

October 25, 2001
HONOLULU, Oct 25, 2001) (BUSINESS WIRE) -- The Board of Directors of Alexander & Baldwin, Inc. (Nasdaq:ALEX) today announced a fourth-quarter 2001 dividend of 22.5 cents per share, payable on December 6, 2001 to shareholders of record as of the close of business on November 8, 2001.

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., Honolulu 
                  John B. Kelley, 808-525-8422 (Vice President)
                  invrel@abinc.com

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