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A&B 3rd-Quarter 2003 Dividend Authorized

Press Release: Alexander & Baldwin
June 27, 2003
HONOLULU, HI -- The Board of Directors of Alexander & Baldwin, Inc. (Nasdaq:ALEX) yesterday announced a third-quarter 2003 dividend of 22.5 cents per share, payable on Sept. 4, 2003 to shareholders of record as of the close of business on Aug. 7, 2003.

Alexander & Baldwin, Inc., headquartered in Honolulu, is engaged in ocean transportation and intermodal services, through its subsidiary, Matson Navigation Company, Inc. and Matson Intermodal System, Inc.; in property development and management, 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.

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Contact: 
     Alexander & Baldwin, Inc.
     John B. Kelley, 808/525-8422
     invrel@abinc.com


Source: Alexander & Baldwin