HONOLULU--(BUSINESS WIRE)--July 21, 2003--Alexander & Baldwin, Inc. (Nasdaq:ALEX) today announced that a wholly-owned A&B affiliate, South Maui Development LLC, has entered into a contract for the acquisition of the Hawaii real estate assets of certain subsidiaries of the Shinwa Golf Group, at a purchase price of approximately $135 million, subject to certain adjustments at closing. These assets include three golf courses and 270 acres of fully zoned undeveloped land at the renowned Wailea Resort on Maui, and two golf courses and an undeveloped hotel site at the Kauai Lagoons Resort. Closing of the transaction is scheduled for early October.

Wailea Resort has long been recognized as one of Hawaii's premier destination resorts and as one of the finest residential resort communities in the world. Originally master-planned in the early 1970s by A&B subsidiary Wailea Development Company, the resort now encompasses over 1,500 acres along 1.5 miles of Maui's southern coastline. It includes three golf courses, six hotels with 2,500 rooms, 450 single-family home sites, 1,300 condominium apartments and the 156,000 square-foot Shops at Wailea retail center. In 1989, A&B sold its remaining interest in Wailea (consisting of 927 acres, including two golf courses) to Shinwa. Shinwa continued the world-class development of the Wailea Resort, subsequently building in Wailea two award-winning golf courses, a premier clubhouse and two residential subdivisions, and acquired the Kauai Lagoons Resort property.

A&B President & CEO Allen Doane said, "These are exceptional properties, which present excellent near- and long-term opportunities. A&B already has a strong presence on Maui and possesses the local development expertise and on-island resources that make this acquisition a particularly good strategic fit. It is an obvious reflection of our continuing strong belief in Hawaii's future and real estate values."

In the past four years alone, A&B has announced 16 acquisitions of Hawaii real estate, with a total investment of nearly $300 million. A&B development projects are ongoing in Kahului and Kaanapali on Maui; in Waikiki, Central Oahu, and at the Ko Olina Resort in Leeward Oahu; at Poipu and Port Allen on Kauai; and in Kamuela on the Big Island.

A&B will be completing the acquisition with an affiliate of GolfBC Group, a Vancouver-based company headed by Caleb Chan. "Mr. Chan is a successful and well-respected real estate developer and golf course owner in British Columbia. He also is a recognized philanthropist, and we are fortunate to have such a community-minded individual with whom to work," Doane concluded.

"My family and I have been coming to Maui regularly for many years now, and previously owned a home in Wailea for a number of years," said Chan. "I have a strong commitment to the long-term excellence of Wailea so, in that regard, it is also very pleasing to be able to work alongside a strong and experienced ally such as A&B, which has a similar long-term commitment to quality, as well as to community."

Chan has developed a golf investment and management business that is defining a higher standard of quality and consistency among premier golf destinations in British Columbia. "We look forward with great pleasure to working with the fine people, and world class facilities, at the Wailea and Kauai golf courses, and to realizing together the benefits that will come with combining our experience and shared passion for golf," said Chan.

A&B's current landholdings include a total of over 90,000 acres in Hawaii, making it Hawaii's fifth largest private landowner, and an income property portfolio comprising 5 million square feet of leasable space in 18 Mainland and 23 Hawaii office, industrial and retail properties. A&B's major lines of business are ocean transportation (Matson Navigation Company, 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.

The GolfBC Group is a golf and resort management and investment company based in British Columbia, Canada, and is the owner of eight championship golf courses in British Columbia. Additional information about GolfBC can be found at its web site: www.golfbc.com.

Statements in this press release that are not historical facts are "forward-looking" statements that involve a number of risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement. Factors that could cause actual results to differ materially from those contemplated in the statements include, without limitation, failure to satisfy the closing conditions set forth in the definitive agreement and other risks associated generally with acquisitions.

CONTACT:
A&B
Meredith J. Ching, 808-525-6669
mching@abinc.com
or
GolfBC
Donald Lee, 604-681-8700 ext. 212
dlee@golfbc.com