-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 WCiT3YV+kd9g4/EkTX0aHGoJw+F33BA69CBA4AaQ4B7b1b9fKP0e1j5VNWkdtfb7
 01TpC0F/MDmRBNVChIXv3g==

<SEC-DOCUMENT>0001187034-03-000019.txt : 20030220
<SEC-HEADER>0001187034-03-000019.hdr.sgml : 20030220
<ACCEPTANCE-DATETIME>20030220141042
ACCESSION NUMBER:		0001187034-03-000019
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030219
FILED AS OF DATE:		20030220

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALEXANDER & BALDWIN INC
		CENTRAL INDEX KEY:			0000003453
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER TRANSPORTATION [4400]
		IRS NUMBER:				990032630
		STATE OF INCORPORATION:			HI
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-00565
		FILM NUMBER:		03574078

	BUSINESS ADDRESS:	
		STREET 1:		822 BISHOP STREET
		STREET 2:		PO BOX 3440
		CITY:			HONOLULU
		STATE:			HI
		ZIP:			96801
		BUSINESS PHONE:		8085256611

	MAIL ADDRESS:	
		STREET 1:		822 BISHOP STREET
		STREET 2:		PO BOX 3440
		CITY:			HONOLULU
		STATE:			HI
		ZIP:			96801

REPORTING-OWNER:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MULHOLLAND C BRADLEY
		CENTRAL INDEX KEY:			0001206933
		RELATIONSHIP:				OFFICER

	FILING VALUES:
		FORM TYPE:		4

	BUSINESS ADDRESS:	
		STREET 1:		822 BISHOP ST.
		CITY:			HONOLULU
		STATE:			HI
		ZIP:			96813
		BUSINESS PHONE:		8085258450

	MAIL ADDRESS:	
		STREET 1:		822 BISHOP ST.
		CITY:			HONOLULU
		STATE:			HI
		ZIP:			96813
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>mul233.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>
</TITLE>
</HEAD>
<BODY>
SEC Form 4
<TABLE width=1272 border=1>
<TR>
<TD width=254 valign=top>
    <div align=center><font size=4 face=Tahoma><b>FORM 4</b></font></div>
    <br><div><font size=1 face=Tahoma><b>[ ] Check this box if no longer<br>subject to Section 16.  Form 4 or Form<br>5 obligations may continue.<br><i>See</i> Instruction 1(b).</b></font></div>
<br><font size=1 face=Tahoma>(Print or Type Responses)</font>
</TD>
<TD width=764 valign=middle align=center>
    <font face=Tahoma><b>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</b></font><br>
    <font size=1 face=tahoma><b>Washington, D.C.&nbsp;&nbsp;20549</b></font><br><br>
    <font size=2 face=tahoma><b>STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP</b></font><br><br>
    <font size=1 face=tahoma>Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility</font><br>
    <font size=1 face=tahoma>Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940</font><br>
</TD>
<TD width=254 valign=top>
    <div align=center><font size=1 face=Tahoma>OMB APPROVAL</font></div>
    <br><div align=center><hr width=98%></div><br>
    <div><font size=1 face=Tahoma>OMB Number: 3235-0287</font></div>
    <div><font size=1 face=Tahoma>Expires: January 31, 2005<br>Estimated average burden<br>hours per response. . . . . 0.5</font></div>
</TD>
</TR>
</TABLE>
<TABLE width=1272 border=1>
<TR>
<TD width=310 valign=top rowspan=2>
    <div><font size=1 face=Tahoma>1. Name and Address of Reporting Person<sup>*</sup></font></div>
    <div><font size=1 face=Tahoma><b>Mulholland, C. Bradley&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></font></div>
    <div align=center><hr width=98%></div>
    <div align=center><font size=1 face=Tahoma>(Last) &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;(First) &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;(Middle)</font></div>
    <div><font size=1 face=Tahoma><b>c/o Matson Navigation Company, Inc.</b></font></div>
    <div><font size=1 face=Tahoma><b>P. O. Box 7452</b></font></div>
    <div align=center><hr width=98%></div>
    <div align=center><font size=1 face=Tahoma>(Street)</font></div>
    <div><font size=1 face=Tahoma><b>San Francisco, CA&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94120</b></font></div>
    <div align=center><hr width=98%></div>
    <div align=center><font size=1 face=Tahoma>(City) &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;(State) &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;(Zip)</font></div>
    <br>
</TD>
<TD width=444 valign=top colspan=2>
    <div><font size=1 face=Tahoma>2. Issuer Name and Ticker or Trading Symbol</font></div><br>
    <div><font size=1 face=Tahoma><b>Alexander &amp; Baldwin, Inc. &nbsp; ALEX</b></font></div>
</TD>
<TD width=518 valign=top rowspan=2>
    <div><font size=1 face=Tahoma>6. Relationship of Reporting Person(s) to Issuer</font></div>
    <div align=center><font size=1 face=Tahoma>(Check all applicable)</font></div><br>
    <div><font size=1 face=Tahoma><u>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<b>X</b>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</u> Director &nbsp;
    <u>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</u> 10% Owner</font></div>
    <div><font size=1 face=Tahoma><u>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<b>X</b>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</u> Officer &nbsp; &nbsp;
    <u>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</u> Other</font></div>
    <div><font size=1 face=Tahoma>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
    <b><u>Director, Vice Chairman of wholly-owned sub.</u></b></font></div>
    <div align=center><hr width=98%></div>
    <div><font size=1 face=Tahoma>7. Individual or Joint/Group Filing (Check Applicable Line)</font></div>
    <br><div><font size=1 face=Tahoma><u> <b>X</b> </u> &nbsp; Form filed by One Reporting Person</font></div>
    <div><font size=1 face=Tahoma><u> &nbsp; &nbsp; </u> &nbsp; Form filed by More than One Reporting Person</font></div>
</TD>
</TR>
<TR>
<TD width=254 valign=top>
    <div><font size=1 face=Tahoma>3. I.R.S. Identification<br>&nbsp;&nbsp;&nbsp;&nbsp;Number of Reporting<br>&nbsp;&nbsp;&nbsp;&nbsp;Person, if an entity<br>&nbsp;&nbsp;&nbsp;&nbsp;(voluntary)</font></div>
</TD>
<TD width=190 valign=top>
    <div><font size=1 face=Tahoma>4. Statement for<br>&nbsp;&nbsp;&nbsp;&nbsp;Month/Day/Year</font></div><br>
    <div><font size=1 face=Tahoma><b>&nbsp;&nbsp;&nbsp;&nbsp;February 18, 2003</b></font></div>
    <br><div align=center><hr width=98%></div>
    <div><font size=1 face=Tahoma>5. If Amendment,<BR>&nbsp;&nbsp;&nbsp;&nbsp;Date of Original<br>&nbsp;&nbsp;&nbsp;&nbsp;(Month/Day/Year)</font></div>
</TD>
</TR>
</TABLE>
<TABLE width=1272 border=1>
<TR>
<TD width=100% valign=top>
    <div align=center><font size=1 face=Tahoma><b>Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned</b></font></div>
</TD>
</TR>
</TABLE>
<TABLE width=1272 border=1>
<TR>
<TD width=340 valign=top>
    <div><font size=1 face=Tahoma>1. Title of Security<br>&nbsp;&nbsp;&nbsp;&nbsp;(Instr. 3)</font></div><br>
</TD>
<TD width=100 valign=top>
    <div><font size=1 face=Tahoma>2. Transaction Date<br>&nbsp;&nbsp;&nbsp;&nbsp;(Month/Day/Year)</font></div>
</TD>
<TD width=100 valign=top>
    <div><font size=1 face=Tahoma>2A. Deemed<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Execution<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date, if any<br><br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Month/Day/Year)</font></div>
</TD>
<TD width=100 valign=top>
    <font size=1 face=Tahoma>3. Transaction<br>&nbsp;&nbsp;&nbsp;&nbsp;Code<br>&nbsp;&nbsp;&nbsp;&nbsp;and<br>&nbsp;&nbsp;&nbsp;&nbsp;Voluntary<br>&nbsp;&nbsp;&nbsp;&nbsp;Code<br>&nbsp;&nbsp;&nbsp;&nbsp;(Instr. 8)</font>
    <br><br><div align=center><hr width=98%></div>
    <div align=center><font size=1 face=Tahoma>Code &nbsp;|&nbsp; V &nbsp; &nbsp; </font></div>
</TD>
<TD width=320 valign=top>
    <font size=1 face=Tahoma>4. Securities Acquired (A) or Disposed (D) Of<br>&nbsp;&nbsp;&nbsp;&nbsp;(Instr. 3, 4, and 5)</font>
    <br><br><br><br><div align=center><hr width=98%></div>
    <div align=center><font size=1 face=Tahoma>&nbsp; &nbsp; &nbsp; &nbsp; Amount &nbsp; &nbsp;&nbsp; | &nbsp; &nbsp; &nbsp; &nbsp; A/D &nbsp; &nbsp; &nbsp; &nbsp; | &nbsp; &nbsp; &nbsp; &nbsp; Price &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</font></div>
</TD>
<TD width=140 valign=top>
    <div><font size=1 face=Tahoma>5. Amount of<br>&nbsp;&nbsp;&nbsp;&nbsp;Securities<br>&nbsp;&nbsp;&nbsp;&nbsp;Beneficially<br>&nbsp;&nbsp;&nbsp;&nbsp;Owned<br>&nbsp;&nbsp;&nbsp;&nbsp;Following<br>&nbsp;&nbsp;&nbsp;&nbsp;Reported<br>Transaction(s)<br><br>&nbsp;&nbsp;&nbsp;&nbsp;(Instr. 3 and 4)</font></div>
</TD>
<TD width=114 valign=top>
    <div><font size=1 face=Tahoma>6. Owner-<br>&nbsp;&nbsp;&nbsp;&nbsp;ship<br>&nbsp;&nbsp;&nbsp;&nbsp;Form:<br>&nbsp;&nbsp;&nbsp;&nbsp;Direct(D)<br>&nbsp;&nbsp;&nbsp;&nbsp;or<br>&nbsp;&nbsp;&nbsp;&nbsp;Indirect (I)<br><br>&nbsp;&nbsp;&nbsp;&nbsp;(Instr. 4)</font></div>
</TD>
<TD width=100 valign=top>
    <div><font size=1 face=Tahoma>7. Nature of<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indirect<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beneficial<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ownership<br><br>&nbsp;&nbsp;&nbsp;&nbsp;(Instr. 4)</font></div>
</TD>
</TR>
<TR>
<TD width=250><br>
</TD>
<TD width=100><br>
</TD>
<TD width=100><br>
</TD>
<TD width=100><br>
</TD>
<TD width=320><br>
</TD>
<TD width=140><br>
</TD>
<TD width=114><br>
</TD>
<TD width=100><br>
</TD>
</TR>
</TABLE>
<TABLE width=1272 border=0>
<TR>
<TD ALIGN=LEFT VALIGN=TOP>
    <div><font size=1 face=Tahoma>Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.</font></div>
    <div><font size=1 face=Tahoma>* If the form is filed by more than one reporting person, <i>see</i> Instruction 4(b)(v).</font></div><br>
</TD>
<TD ALIGN=LEFT VALIGN=TOP>
    <div align=center><font size=1 face=Tahoma>Persons who respond to the collection of information contained in this form are not required to <BR>respond unless the form displays a currently valid OMB control number.</font></div>
</TD>
<TD>
    <div align=right><font size=1 face=Tahoma>(over)<br>SEC 1474 (9-02)</font></div>
</TD>
</TR>
</TABLE>
<TABLE width=1272 border=0>
<TR>
<TD width=100%><hr width=98%>
</TD>
</TR>
</TABLE>
<TABLE width=1272 border=0>
<TR>
    <TD width=100% align=right><font face=Tahoma><b>Mulholland, C. Bradley  - February 18, 2003</b></font><br>
</TD>
</TR>
</TABLE>
<TABLE width=1272 border=0>
<TR>
    <TD width=100%><font face=Tahoma><b>Form 4 (continued)</b></font>
</TD>
</TR>
</TABLE>
<TABLE width=1272 border=1>
<TR>
<TD width=100% valign=top>
    <div align=center><font size=1 face=Tahoma><b>Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned</b></font></div>
    <div align=center><font size=1 face=Tahoma><b>(<i>e.g.</i>, puts, calls, warrants, options, convertible securities)</b></font></div>
</TD>
</TR>
</TABLE>
<TABLE width=1272 border=1>
<TR>
<TD width=172 valign=top>
    <div><font size=1 face=Tahoma>1. Title of Derivative Security<br>&nbsp;&nbsp;&nbsp;&nbsp;(Instr. 3)</font></div>
</TD>
<TD width=76 valign=top>
    <div><font size=1 face=Tahoma>2. Conver-<br>&nbsp;&nbsp;&nbsp;&nbsp;sion or<br>&nbsp;&nbsp;&nbsp;&nbsp;Exercise<br>&nbsp;&nbsp;&nbsp;&nbsp;Price of<br>&nbsp;&nbsp;&nbsp;&nbsp;Deri-<br>&nbsp;&nbsp;&nbsp;&nbsp;vative<br>&nbsp;&nbsp;&nbsp;&nbsp;Security</font></div>
</TD>
<TD width=76 valign=top>
    <div><font size=1 face=Tahoma>3. Transaction<br>&nbsp;&nbsp;&nbsp;&nbsp;Date<br><br>&nbsp;&nbsp;&nbsp;&nbsp;(Month/<br>&nbsp;&nbsp;&nbsp;&nbsp;Day/<br>&nbsp;&nbsp;&nbsp;&nbsp;Year)</font></div>
</TD>
<TD width=76 valign=top>
    <div><font size=1 face=Tahoma>3A. Deemed<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Execution<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date, if<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any<br><br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Month/<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Day/<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year)</font></div>
</TD>
<TD width=78 valign=top>
    <font size=1 face=Tahoma>4. Transaction</font>
    <br><font size=1 face=Tahoma>&nbsp;&nbsp;&nbsp;&nbsp;Code</font><br>
    <font size=1 face=Tahoma>&nbsp;&nbsp;&nbsp;&nbsp;and</font><br>
    <font size=1 face=Tahoma>&nbsp;&nbsp;&nbsp;&nbsp;Voluntary (V)</font><br>
    <font size=1 face=Tahoma>&nbsp;&nbsp;&nbsp;&nbsp;Code</font><br>
    <font size=1 face=Tahoma>&nbsp;&nbsp;&nbsp;&nbsp;(Instr.8)</font>
    <br><br><br><hr width="98%">
    <div align=center><font size=1 face=Tahoma>Code | V &nbsp; &nbsp; </font></div>
</TD>
<TD width=160 valign=top>
    <font size=1 face=Tahoma>5. Number of Derivative<br>&nbsp;&nbsp;&nbsp;&nbsp;Securities Acquired (A)<br>&nbsp;&nbsp;&nbsp;&nbsp;or Disposed (D) Of<br><br>&nbsp;&nbsp;&nbsp;&nbsp;(Instr. 3,4 and 5)</font>
</TD>
<TD width=162 valign=top>
    <div><font size=1 face=Tahoma>6. Date Exercisable(DE) and<br>&nbsp;&nbsp;&nbsp;&nbsp;Expiration Date(ED)<br>&nbsp;&nbsp;&nbsp;&nbsp;(Month/Day/Year)</font></div>
    <br><br><br><br><br><div align=center><hr width=98%></div>
    <div align=center><font size=1 face=Tahoma>&nbsp; (DE) &nbsp; &nbsp; | &nbsp; &nbsp; (ED) &nbsp;</font></div>
</TD>
<TD width=186 valign=top>
    <div><font size=1 face=Tahoma>7. Title and Amount of<br>&nbsp;&nbsp;&nbsp;&nbsp;Underlying Securities<br>&nbsp;&nbsp;&nbsp;&nbsp;(Instr. 3 and 4)</font></div>
</TD>
<TD width=76 valign=top>
    <div><font size=1 face=Tahoma>8. Price<br>&nbsp;&nbsp;&nbsp;&nbsp;of<br>&nbsp;&nbsp;&nbsp;&nbsp;Derivative<br>&nbsp;&nbsp;&nbsp;&nbsp;Security<br>&nbsp;&nbsp;&nbsp;&nbsp;(Instr.5)</font></div>
</TD>
<TD width=102 valign=top>
    <font size=1 face=Tahoma>9. Number of<br>&nbsp;&nbsp;&nbsp;&nbsp;Derivative<br>&nbsp;&nbsp;&nbsp;&nbsp;Securities<br>&nbsp;&nbsp;&nbsp;&nbsp;Beneficially<br>&nbsp;&nbsp;&nbsp;&nbsp;Owned<br>&nbsp;&nbsp;&nbsp;&nbsp;Following<br>&nbsp;&nbsp;&nbsp;&nbsp;Reported<br>&nbsp;&nbsp;&nbsp;&nbsp;Transactions<br>&nbsp;&nbsp;&nbsp;&nbsp;(Instr.4)</font>
</TD>
<TD width=50 valign=top>
    <font size=1 face=Tahoma>10.<br>Owner-<br>ship<br>Form of<br>Deriv-<br>ative<br>Security:<br>Direct<br>(D)<br>or<br>Indirect<br>(I)<br>(Instr.4)</font>
</TD>
<TD width=128 valign=top>
    <font size=1 face=Tahoma>11. Nature of<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indirect<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beneficial<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ownership<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Instr.4)</font>
</TD>
</TR>
<TR>
<TD width=178>
    <font size=1 face=Tahoma><b>Common Stock Equivalent Units</b></font><br>
</TD>
<TD width=76 align=right>
    <font size=1 face=Tahoma><b>1-for-1</b></font>
</TD>
<TD width=76>
    <font size=1 face=Tahoma><b>02/18/2003</b></font>
</TD>
<TD width=76>
    <div><br></div>
</TD>
<TD width=78>
    <div align=center><font size=1 face=Tahoma><b> &nbsp; &nbsp;A</b> | <b>&nbsp;</b>&nbsp; &nbsp; </font></div>
</TD>
<TD width=160>
    <font size=1 face=Tahoma><b>&nbsp; &nbsp; (A) 557.00</b></font>
</TD>
<TD width=162>
    <div align=center><font size=1 face=Tahoma><b>see footnote (1)</b> | <b>see footnote (1)</b></font></div>
</TD>
<TD width=186>
    <font size=1 face=Tahoma><b>Common Stock</b> - <b>557.00</b></font>
</TD>
<TD width=76 align=right>
    <font size=1 face=Tahoma><b> </b></font><br>
</TD>
<TD width=102 align=right>
    <font size=1 face=Tahoma><b>557.00</b></font>
</TD>
<TD width=50>
    <div align=center><font size=1 face=Tahoma><b>D</b></font></div>
</TD>
<TD width=128>
    <font size=1 face=Tahoma><b></b></font><br>
</TD>
</TR>
<TR>
<TD width=178><br>
</TD>
<TD width=76><br>
</TD>
<TD width=76><br>
</TD>
<TD width=76><br>
</TD>
<TD width=78><br>
</TD>
<TD width=160><br>
</TD>
<TD width=162><br>
</TD>
<TD width=186><br>
</TD>
<TD width=76><br>
</TD>
<TD width=102><br>
</TD>
<TD width=50><br>
</TD>
<TD width=128><br>
</TD>
</TR>
</TABLE>
    <font size=1 face=Tahoma>Explanation of Responses : </font><br><br><br>
<TABLE width=1272 border=0>
<TR>
<TD width=60% valign=top>
    <font size=1 face=Tahoma>** Intentional misstatements or omissions of facts constitute Federal Criminal Violations.</font><br>
    <font size=1 face=Tahoma>&nbsp; &nbsp; &nbsp; &nbsp; <i>See</i> 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).</font><br><br>
    <font size=1 face=Tahoma>Note: &nbsp; File three copies of this Form, one of which must be manually signed.  If space is insufficient,</font><br>
    <font size=1 face=Tahoma>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <i>see</i> Instruction 6 for procedure.</font><br><br>
    <font size=1 face=Tahoma>Potential persons who are to respond to the collection of information contained in this form are not</font><br>
    <font size=1 face=Tahoma>required to respond unless the form displays a currently valid OMB number.</font>
</TD>
<TD width=40% valign=top>
    <font size=1 face=Tahoma><u><b>/s/ C. Bradley  Mulholland</b>&nbsp; &nbsp; &nbsp; &nbsp; </u>&nbsp; &nbsp; &nbsp; &nbsp;<u><b> &nbsp; &nbsp;02-19-2003 &nbsp; &nbsp;</b></u><br>** Signature of Reporting Person &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Date</font><br><br><br><br>
    <div align=right><font size=1 face=Tahoma>Page 2<br></font></div>
</TD>
</TR>
</TABLE>
<TABLE width=1272 border=0>
<TR>
<TD width=100%><hr width=98%>
</TD>
</TR>
</TABLE>
<TABLE width=1272 border=0>
<TR>
    <TD width=100% align=right><font face=Tahoma><b>Mulholland, C. Bradley  - February 18, 2003</b></font><br>
</TD>
</TR>
</TABLE>
<TABLE width=1272 border=0>
<TR>
    <TD width=100%><font face=Tahoma><b>Form 4 (continued)</b></font>
</TD>
</TR>
</TABLE>
<TABLE width=1272 border=1>
<TR>
<TD width=100%>
    <div align=center><font face=Tahoma><b>FOOTNOTE Descriptions for Alexander &amp; Baldwin, Inc. ALEX</b></font></div><br>
    <div align=right><font face=Tahoma>Form 4 - February 2003</font></div><br>
    <div><b><font size=2 face=Tahoma>C. Bradley  Mulholland<br>c/o Matson Navigation Company, Inc.<br>P. O. Box 7452<br>San Francisco, CA 94120</font></b></div>
    <div align=center><hr width=98%></div>
    <div><font size=2 face=Tahoma><b>Explanation of responses:</b></font></div><br>
    <font size=1 face=Tahoma><b>(1) &nbsp; Each unit will be cashed out at the fair market value per share of the Issuer's common stock upon the earlier of (1) the Reporting Person's termination of employment or (2) the expiration of the deferral period specified by such person.</b></font><br>
</TD>
</TR>
</TABLE>
<TABLE width=1272 border=0>
<TR>
<TD width=100% align=right>
    <font size=1 face=Tahoma>Page 3</font>
</TD>
</TR>
</TABLE>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
