A&B First-Quarter 2007 Dividend Authorized

January 29, 2007

HONOLULU--(BUSINESS WIRE)--Jan. 29, 2007--The Board of Directors of Alexander & Baldwin, Inc. (NASDAQ:ALEX) announced a first-quarter 2007 dividend of 25 cents per share, payable on March 1, 2007 to shareholders of record as of the close of business on February 16, 2007.

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.
Kevin L. Halloran, 808-525-8422
Director, Corporate Finance and Investor Relations

SOURCE: Alexander & Baldwin, Inc.