A&B Third-Quarter 2007 Dividend Authorized

June 28, 2007

HONOLULU--(BUSINESS WIRE)--June 28, 2007--The Board of Directors of Alexander & Baldwin, Inc. (NASDAQ:ALEX) today announced a third-quarter 2007 dividend of 29 cents per share, payable on September 6, 2007 to shareholders of record as of the close of business on August 2, 2007.

Alexander & Baldwin, Inc., headquartered in Honolulu, is engaged in ocean transportation and logistics services, through its subsidiaries, Matson Navigation Company, Inc. and Matson Integrated Logistics, Inc.; in real estate, through A&B Properties, Inc.; and in agribusiness, 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
Vice President, Corporate Development and
Investor Relations

SOURCE: Alexander & Baldwin, Inc.