Paul K. Ito Named A&B Controller

"We are very pleased to be able to promote someone of Paul's skilllevel and experience to this position," said A&B Senior Vice Presidentand Chief Financial Officer Christopher J. Benjamin, to whom Ito willreport. "Paul is extremely talented and has technical expertise thatis invaluable in this era of increasingly complex accounting andreporting standards. After nine years with Deloitte & Touche, mostrecently as a member of the firm's national office accountingconsultation and research group, Paul joined A&B one year ago and hashelped broaden and strengthen our internal audit function as itsdirector. He is highly qualified to take on his new role ascontroller."

Benjamin continued, "Tom Wellman has made innumerablecontributions to A&B over the past 17 years, including ten years ascontroller. We have Tom to thank for developing and overseeing anaccounting, reporting and control environment of the highestintegrity. We wish him well in his new role as chief financial officerof The Gas Company, another long-standing, well-respected Hawaii firm,as he assumes that position upon its expected acquisition by NewYork-based Macquarie Infrastructure Company."

A&B President and CEO Allen Doane also announced the appointmentsof Benjamin as treasurer, a position previously held by Wellman, andof Timothy H. Reid as assistant treasurer. Reid also is treasurer ofA&B's Matson Navigation Company subsidiary. "Chris, Tom and Tim haveworked closely together over the past two years to enhance theCompany's balance sheet, negotiate both secured and unsecuredfacilities, and reduce the company's cost of capital," Doane said."These appointments not only recognize the contributions of Chris andTim in this process, but will ensure a seamless transition in thetreasury function."

Additional information on these individuals:

Paul K. Ito joined A&B in April 2005 as director, internal audit.Ito is a certified public accountant (CPA). He earned a master'sdegree in professional accounting (MPA), with a concentration inmanagerial accounting, from the University of Texas at Austin, and abachelor's degree in finance and marketing from the University ofHawaii at Manoa. Ito earned numerous academic awards including theFinancial Executives Institute scholarship award and Ellen McAngusEzell scholarship award, as well as the Elijah Watt Sells Gold MedalAward for obtaining the highest score in the nation on the May 1996CPA exam. Prior to joining A&B he worked for Deloitte & Touche, LLP inits San Francisco national office.

Christopher J. Benjamin joined A&B in August 2001 and was promotedto chief financial officer in May 2004. Benjamin holds a master'sdegree in business administration (MBA) from Harvard Business Schooland graduated from the University of Michigan with a bachelor's degreein economics.

Timothy H. Reid joined Matson Navigation Company in March 1991 asassistant treasurer and was promoted to the position of treasurer in1992. Reid is a certified public accountant (CPA). He earned amaster's degree in business administration (MBA) from Golden GateUniversity, specializing in tax, and a bachelor's degree in accountingfrom the University of San Francisco. Prior to joining Matson, Reidworked for Crowley Maritime, Shaklee Corporation, Crown Zellerbach,and KPMG Peat Marwick.

Alexander & Baldwin, Inc. is a diversified corporationheadquartered in Honolulu. A&B's major lines of business are oceantransportation (Matson Navigation Company, Inc. and Matson IntegratedLogistics, Inc.); real estate (A&B Properties, Inc.); and foodproducts (Hawaiian Commercial & Sugar Company, Kauai Coffee Company,Inc.). Additional information about A&B may be found at its web site:www.alexanderbaldwin.com.

Statements in this press release that are not historical facts are"forward-looking statements," within the meaning of the PrivateSecurities Litigation Reform Act of 1995, that involve a number ofrisks and uncertainties that could cause actual results to differmaterially from those contemplated by the relevant forward-lookingstatement. These forward-looking statements are not guarantees offuture performance. This release should be read in conjunction withour Annual Report on Form 10-K and our other filings with the SECthrough the date of this release, which identify important factorsthat could affect the forward-looking statements in this release.