HONOLULU – (May 1, 2003) – Alyson J. Nakamura has been promoted to assistant general counsel at Alexander & Baldwin, Inc. (NASDAQ: ALEX), effective May 1, 2003 announced A&B President and Chief Executive Officer Allen Doane. Nakamura will continue to serve as corporate secretary, a position she assumed in February 1999. She reports to Michael J. Marks, the company's vice president and general counsel. Nakamura joined A&B in 1994 as assistant corporate secretary.

“It is a pleasure to recognize Alyson's many contributions to A&B,” said Doane. “Most recently, her compliance efforts associated with new corporate governance and recordkeeping laws have ensured we protect our most valuable asset: A&B's good reputation.”

“She has been at the forefront of management activities related to such issues as our Code of Conduct and has implemented shareholder voting by telephone and Intranet,” added Michael Marks. “Alyson's knowledge of ever-changing corporate governance laws and developments is essential to the efficient functioning of our management team and corporate board and committee meetings.”

Prior to joining A&B, Nakamura worked for Cades Schutte Fleming & Wright as an attorney. She is a graduate of the University of Hawaii with a bachelor's degree in finance. She earned her law degree from the University of California, Davis Law School.

Nakamura, 37, served on the board of the Coalition for a Drug Free Hawaii and is an officer of the Alexander & Baldwin Sugar Museum, on Maui.

Alexander & Baldwin is a diversified company headquartered in Honolulu. A&B's major lines of business are transportation (Matson Navigation Company, Inc., Matson Intermodal Systems, Inc.); property development and management (A&B Properties, Inc.); and food products (Hawaiian Commercial & Sugar Company, Kauai Coffee Company). Additional information about A&B may be found at its web site: www.alexanderbaldwin.com

CONTACT:
Meredith J. Ching, 808-525-6669