Kevin L. Halloran Joins A&B as Director of Corporate Finance and Investor Relations

October 11, 2006

HONOLULU--(BUSINESS WIRE)--Oct. 11, 2006--Kevin L. Halloran has joined Alexander & Baldwin, Inc. (NASDAQ: ALEX) as director, corporate finance and investor relations. In this newly created position, he will be responsible for a variety of corporate finance functions, including communication with the investment community and oversight of corporate development activities. Halloran will report to A&B's Senior Vice President, Chief Financial Officer and Treasurer Christopher J. Benjamin.

Halloran, a 16-year Hawaii resident, began his career in investment banking in New York with Bankers Trust Company, where he was active in several large merger and acquisition transactions in the mid-1980s. He subsequently worked for PSI Institutional Realty, the investment subsidiary of Public Storage, Inc., where he helped raise $400 million of private equity financing. In 1990, Halloran co-launched Media Venture Partners, Inc. (MVP), a business development and creative agency that he operated until 2004. Halloran, through MVP, has provided business development services to A&B in recent years and developed a familiarity with the company's business. In addition to his role as managing director at MVP, Halloran was co-founder and publisher of Venture Magazine, an award-winning business magazine with Hawaii and West Coast distribution.

"Kevin's unique blend of investment banking and corporate development experience, along with his extensive media and communications background, make him a perfect fit for this position," said Benjamin. "He will be integral to our efforts to create shareholder value through corporate development initiatives, while also working with our shareholders on a daily basis to tell our story and understand their objectives. Kevin's prior work with A&B and knowledge of our businesses position him well to add immediate value in this role."

Halloran earned a bachelor's degree in economics from Colgate University and completed the Bankers Trust Management Training program, a year-long, MBA-level management training in accounting, corporate finance, international banking and risk assessment and management.

Alexander & Baldwin, Inc. is a diversified corporation headquartered in Honolulu. A&B's major lines of business are ocean transportation (Matson Navigation Company, Inc. and Matson Integrated Logistics, Inc.); real estate (A&B Properties, Inc.); and food products (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.
Meredith J. Ching, 808-525-6669
mching@abinc.com

SOURCE: Alexander & Baldwin, Inc.