X0201 4 2004-01-15 0 0000003453 ALEXANDER & BALDWIN INC ALEX 0001206921 DODS WALTER A JR P. O. BOX 3200 HONOLULU HI 96847 1 0 0 0 Common Stock 2003-03-06 5 J 0 186.34 A 5892.58 D Common Stock 2004-01-15 4 A 0 300 33.24 A 6192.58 D On June 25, 1998, the Board of Directors of the Company declared a dividend, with respect to each share of common stock, of Common Stock Purchase Rights (the 'Rights') pursuant to a Rights Agreement, dated as of June 25, 1998. The Rights are currently attached to, represented by, and transferable with, certificates representing outstanding shares of common stock. These shares were acquired during the fiscal year under the Issuer's Dividend Reinvestment Program pursuant to Rule 16b-2, at prices ranging from $24.72 to $31.62. These shares were acquired during the fiscal year under the Issuer's Dividend Reinvestment Program pursuant to Rule 16b-2, at prices ranging from $24.31 to $26.55, and under a third party-administered Dividend Reinvestment Program pursuant to Rule 16b-2 at prices ranging from $25.17 to $26.61. Issuance of shares is additional remuneration for Board services in a transaction exempt under SEC Rule 16b-3(d). /s/ Dods, Jr., Walter A. 2004-01-16