A&B 1st-Quarter 2005 Dividend Authorized

January 27, 2005

HONOLULU--(BUSINESS WIRE)--Jan. 27, 2005--The Board of Directors of Alexander & Baldwin, Inc. (NASDAQ:ALEX) today announced a first-quarter 2005 dividend of 22.5 cents per share, payable on March 3, 2005 to shareholders of record as of the close of business on February 18, 2005.

Alexander & Baldwin, Inc., headquartered in Honolulu, is engaged in ocean transportation and intermodal services, through its subsidiaries, Matson Navigation Company, Inc. and Matson Integrated Logistics, Inc.; in real estate, through A&B Properties, Inc.; and in 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.

CONTACT: Alexander & Baldwin, Inc.
John B. Kelley, 808-525-8422
SOURCE: Alexander & Baldwin, Inc.