HONOLULU--(BUSINESS WIRE)--Sept. 27, 2003--Alexander & Baldwin, Inc. (NASDAQ:ALEX) Chairman Emeritus Robert J. "Bobby" Pfeiffer passed away yesterday, at age 83, at his home in Orinda, Calif., after a lengthy illness. Pfeiffer, one of Hawaii's most esteemed business and community leaders, enjoyed a maritime and business career that spanned 58 years, nearly 38 of them with A&B and its ocean transportation subsidiary, Matson Navigation Company, Inc. Notably, he served A&B for 12 and a half years as chairman of the board, president and chief executive officer. More information on Pfeiffer's career, lifetime achievements and service to the community is available at www.alexanderbaldwin.com.

Charles M. Stockholm, A&B chairman, said "We were deeply saddened to learn of Bobby's passing. He was completely devoted to A&B, to Matson and to the maritime community, having risen through the ranks to become an industry giant. Along the way, he pioneered many innovations that were instrumental in enhancing the industry. He was a leader in the truest sense of the word, contributed significantly to our company. Bob will be greatly missed by all who knew and worked with him."

Pfeiffer began his long association with Matson in 1956 and, in 1973, he was named Matson president. While leading parent company A&B, Pfeiffer established a far-reaching legacy based on his motto, the Hawaiian word imua -- "go forward". In 1999, upon his retirement, the boards of both A&B and Matson named him chairman emeritus; he kept regular office hours at Matson headquarters in San Francisco until shortly before his death. Services are pending. In lieu of flowers, the family suggests that donations in Pfeiffer's memory be made to the Hawaii Maritime Center, the S.S. Jeremiah O'Brien-Robert J. Pfeiffer Memorial Fund or to one's favorite charity.

Alexander & Baldwin, Inc. is a diversified corporation headquartered in Honolulu.

CONTACT:
Alexander & Baldwin, Inc.
Linda Howe, 808-525-6642
lhowe@abinc.com

SOURCE: Alexander & Baldwin, Inc.