HONOLULU--(BUSINESS WIRE)--April 26, 2001--The Board of Directors of Alexander & Baldwin, Inc. (Nasdaq:ALEX) today announced a second-quarter 2001 dividend of 22.5 cents per share, payable on June 7, 2001 to shareholders of record as of the close of business on May 7, 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.