Matson Integrated Logistics Completes Purchase of TransAmerica Transportation Services

December 4, 2003

CONCORD, CA – December 4, 2003 -- Matson Integrated Logistics (MIL) announced today that it has completed the asset purchase of TransAmerica Transportation Services, Inc. (TTS), a third party logistics company based in Akron, Ohio. The new MIL business unit will operate initially under the name TransAmerica Transportation Services LLC and will ultimately be renamed Matson Integrated Logistics. The unit will retain virtually all of TTS's current management team. Specializing in truck brokerage services throughout North America, TTS currently moves over 50,000 shipments annually, generating revenues of approximately $45 million during the latest twelve month period. The company offers various brokerage services, including truckload, less-than-truckload, expedited services, and intermodal. Financial details of the acquisition were not disclosed.

As a non-asset based transportation company with over 18,000 carrier partners, TTS shares MIL's business philosophy of providing customers with multimodal transportation services that are not tied to any proprietary rail or truck network. Instead, the emphasis is on high-quality, on-time multimodal freight transportation services at the most competitive price, with shipments moving on the transportation system of the customer's choice. There is no preference to utilize company-owned assets, and there are no geographic service boundaries. The purchase of TTS will further strengthen MIL's presence in the Midwest and substantially expand the company's rapidly growing highway services division. In addition to TTS's management team, the agreement ensures that TTS will continue to be represented by its current roster of over 50 agents located throughout the U.S. “This new business unit will significantly help Matson Integrated Logistics move forward with its goal of leading the industry with comprehensive logistics services,” said Robert Papworth, president, MIL. “We are particularly happy that Gary Patena and his brother, Bruce, will remain at the helm of the company they founded in 1989. Their knowledge of TTS's business operations will ensure a seamless transition for customers and a continuation of the high quality service standards established by TTS.”

The purchase of TTS reflects the continued growth of MIL, which has built up momentum in recent years. In 2002, the company experienced a 60 percent increase in revenue and substantive growth in volume. In 2003, the company was ranked the number one intermodal marketing company (IMC) in Logistics Management magazine's Quest for Quality award, outscoring a group of strong competitors in all service areas of the IMC category. It was the third consecutive year that the company has been honored with this award and the second time it has been ranked the number one IMC.

TTS has no connection to or affiliation with Transamerica Corporation, which is headquartered in San Francisco.

MIL is a leading provider of multimodal transportation services to the North American market. MIL capabilities include domestic intermodal rail service, international intermodal service, long haul and regional highway services, specialized hauling and international air freight. MIL serves a broad range of customers and industries with customized transportation solutions and award-winning service. MIL is a subsidiary of Matson Navigation Company, Inc. (Matson). Matson is a wholly owned subsidiary of Alexander & Baldwin, Inc. of Honolulu (NASDAQ: ALEX).

CONTACT:
Jeff Hull, public relations
(510) 628-4534