A+B Reports 2004 Net Income of $100.7 Million Full-Year Income up 24%

Business Editors

HONOLULU----Alexander + Baldwin,
Inc.42 per fully diluted share. In Food Products, HC+S had a
strong finish to a difficult year.5
million, or 29 percent greater than in 2003. Operating profit of $34. Related to the delivery and financing of the ship, Matson
retired $100 million of commercial paper notes using funds from the
capital construction fund.

Alexander + Baldwin, Inc.; and in
food products, through Hawaiian Commercial + Sugar Company and Kauai
Coffee Company, Inc.44 $0.63
Net Income $2.1
--------- --------- --------- ---------
Total Operating Profit 38 .8 $100.7
Capital Expenditures (151.2) (214.1
Repurchases of Capital Stock (2.4 18.Launching First in Hawaii, Expedia!fun(TM) Brings the Trusted Expedia(R) Brand
to Major Leisure Destinations and Makes It Easier for Travelers to Have the
Perfect Trip

MAUI, Hawaii and BELLEVUE, Wash.

Originally settled by Polynesians, Hawaii was unified by King Kamehameha shortly after its first contact with Europeans , by Captain James Cook's expeditions of the 1770s.

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Maui Land + Pineapple Company The Ritz-Carlton Hotel Company and Exclusive Resorts Present Kapalua Bay

Revenue in the full year 2004 was $1,494,300,000 ,
compared with $1,228,500,000 in the full year 2003.
"As far as the outlook for 2005, we expect to improve upon 2004.8 - 23%
-------------------------------------------------------------- --------
Volume (Units)
----------------------------------------------------------------------
Hawaii Containers 45,600 42,200 8%
Hawaii Automobiles 46,700 36,200 29%
Guam Containers 4,000 4,100 - 2%
----------------------------------------------------------------------

For the fourth quarter of 2004, Ocean Transportation revenue of
$230.7 million in the fourth quarter of 2003 .

REAL ESTATE -- LEASING

Quarter Ended ------- ------------------------------------------------------------
Dollars in Millions 2004 2003 Change
------------------------------------------------------------------ ----
Revenue $21.7 $20.7 1. Sales revenue
of $2.7
million, as well as joint venture income, including sales of 37 homes
at Kai Lani, on Oahu.8 percent in 2003.94
Average Shares Outstanding 42,600,000 41,600,000
Diluted Average Shares Outstanding 43,200,000 41,900,000

(1) "Discontinued Operations: Properties " consists of sales, or
intended sales, of certain lands and buildings that are material
and have separately identifiable earnings and cash flows.3 63.8 2.0 13.
today reinforced its leadership position in destination services with the
launch of its new Expedia!fun(TM) brand .

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The luxurious homes will be matched by a 6,100 square-foot beach club and
8,500 square-foot multi-level recreational area including a lagoon-style pool,
and bar and grill. For the year, operating profit from Real Estate-Sales
increased a stellar 45 percent.5 million, or 23 percent,
lower than the fourth quarter of 2003.

Year Ended ---------- ---------------------------------------------------------
Dollars in Millions 2004 2003 Change
----------------------------------------------------------------------
Revenue $850. This increase was due to higher Hawaii cargo volume, improved
yields and cargo mix, increases in the fuel surcharge and vessel
charters.7 million to 2003 results .0 3.0 5%
----------------------------------------------------------------------
Occupancy Rates
----------------------------------------------------------------------
Mainland 95% 93% 2%
Hawaii 90% 90% --
----------------------------------------------------------------------

For the full year 2004 (before removing amounts treated as
discontinued operations), growth in property leasing revenue and
operating profit reflected primarily higher occupancies in the
Mainland commercial leasing portfolio and higher rental rates.

Year Ended -------------------------------------------------------------------
Dollars in Millions 2004 2003 Change
---------------------------------------------------------- ------------
Revenue $112.43
Net Income $0.8 112.0 9.6 192.0 98.newscom. Expedia's award-winning Expert Searching and
Pricing (ESP) technology delivers the most comprehensive flight options
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Total Hawaii automobile volume was 29 percent
higher, the result of unusually high shipments of autos for use in
rental car fleets. ft.2 million. The factors noted above that
raised revenue were nearly offset by a $1.5) - (6.8 38.7 68.42 $0. in the United States, Canada and/or
other countries.

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0121.
Robert Phillips
http://profnet.
"Challenges notwithstanding, we are optimistic about our Company's
prospects for the years ahead. Matson's bunker fuel surcharge offset markedly higher
fuel costs.8 $68. The benefits of higher electrical power sales volume and
prices, and stronger food-grade sugar and roasted coffee sales were
offset by the lower raw sugar production and sales prices.com.44
Diluted Share Earnings
Continuing Operations $0.5 4.3) -
Dividends Paid (38. With the 36 newly branded Hawaii
kiosks, including those acquired through the acquisition of Activity World in
March 2004, Expedia!fun(TM) provides travelers with a physical location for
booking vacation activities, tours, and attractions during their trip."
The re-branding of the activity desks will be celebrated today with a
traditional Hawaiian blessing ceremony at the Hyatt Regency Maui ." Expedia is an
operating company of IAC/InterActiveCorp (Nasdaq: IACI).

The Hawaiian Islands are shield volcanos formed by a magma hotspot under the Pacific plate; the island of Hawaii is home of Kilauea, the world's most active volcano.

Hawaii was admitted to the United States in 1959, the 50th and youngest state.

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L. All of this to be
situated in one of the world's most scenic oceanfront locations , framed by
manicured pineapple fields.
For the fourth quarter of 2004, net income was $18,700 ,000, or
$0. We will be patient, as we know that in real estate
there is a time to buy and a time to sell.7 --
----------------------------------------------------------------------

For the fourth quarter of 2004 (before removing amounts treated as
discontinued operations), property leasing revenue of $21.6 $23.0 million, of a Maui property and the leasing income from the
above -mentioned commercial properties in California and Texas, and the
office building in Hawaii.2
million was $2.1 million
were $1.1 million, or 34 percent, higher than full-year 2003. The increases
were due principally to expenses of Sarbanes-Oxley compliance and also
to an increase in incentive bonus accruals.3
Logistics Services 109.0) (5.7)
Interest Expense (3.2)
--------- --------- --------- ---------
Income From Continuing
Operations
Before Income Taxes 29.4) (60.0
--------- --------- --------- ---------
Net Income $18.43 $0.6
Diluted Shares 43.3 43.

Expedia Launches Expedia!fun(TM) Branded Kiosks for Booking Destination Activities in Top Leisure Markets

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Kapalua Bay consists of The Residences at Kapalua Bay, featuring 84
private ownership homes, and The Ritz-Carlton Club, Kapalua Bay offering 62
residences sold in deeded, one-twelfth fractional ownership interests. Along with inviting residences designed to the
highest standards of luxury, there will be signature service in The Ritz-
Carlton tradition where Members and their guests are made to feel part of a
small intimate family.278. (Nasdaq:ALEX ) today reported net income for the full year 2004 of
$100,700,000, or $2.

COMMENTS ON QUARTER , YEAR + OUTLOOK

"2004 results were outstanding, exceeding objectives that the
Company had established at the beginning of the year," said Allen
Doane, president and chief executive officer of A+B. These same economic conditions in
Hawaii, when added to a number of well-timed and executed new
development investments, resulted in our Real Estate segment
increasing its operating profit by 21 percent in 2004. In fact, our
investments over the last several years in A+B's two core businesses
were essential to the company's growth in 2004. Absent that factor, the
improvement between 2003 and 2004 would have been greater.0 $9. At year-end 2004, it
consisted of 3.0 million. By comparison, sales during the fourth quarter
of 2003 included two lots at Maui Business Park for $1.0 million and
eight floors at the Alakea Corporate Tower for a total of $8. Sales in 2004
included 33 Maui and Oahu commercial properties for $24 million, three
residential development parcels for $13.32 $1.8 68.3 $93.37 $1.0)
CCF Withdrawals, Net 140 .0
Proceeds From Issuance of
(Payment of) Debt, Net (101.

The isolation of the islands belies thousands of unique species of plants and animals, over 300 of which are today endangered .

The last native ruler, Queen Liliuokalani, was overthrown in 1893 with the backing of American business interests.

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5- and 3. Net income in the fourth quarter of
2003 was $18,800,000, or $0. Although there was nominal sales activity in Real Estate-Sales
in the quarter, this had been anticipated and described in earlier
communications.3 million was $7.1 $1.3 $0.0 percent for 2004.44
Average Shares Outstanding 42,900,000 42,000,000
Diluted Average Shares Outstanding 43,600,000 42,500,000

Year Ended -----------------------------------
Revenue $1,494,300,000 $1,228,500,000
Income From Continuing Operations $98,700,000 $68,300,000
Discontinued Operations:
Properties(1) $2,000,000 $13,000,000
Net Income $100,700,000 $81,300,000
Basic Share Earnings
Continuing Operations $2.3 82.6) (1.
(Photo: http://www.
In Hawaii alone last year, Expedia sent 150,000 people to luaus, 100
couples to the altar, and 37,000 people on helicopter tours of the islands.

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KAHULUI, Hawaii, Maui Land + Pineapple Company,
Inc.2 million, or 16 percent, higher than the
fourth quarter of 2003. During
the fourth quarter of 2004, cargo volume was strong but Matson
operated two additional ships for most of the quarter to help meet
that demand and to offset the effects of shoreside labor shortages in
Southern California ports.
A 40 percent increase in units handled in the quarter and a 48 percent
increase for the year were due to the combined effect of an
acquisition in late 2003 and unit growth in virtually all segments of
the business -- domestic, international, highway and airfreight.8 $37. In both 2003 and 2004, the majority of property sales in the
respective years took place prior to the fourth quarter.
The most prominent sales during the fourth quarter of 2004 were of
two floors at the Alakea Corporate Tower office condominium for a
total of $2 .

Year Ended ------------------------------------- ------------------------------
Dollars in Millions 2004 2003 Change
----------------------------------------------------------------------
Revenue $82.42 $0.5 376.7 20.2
Logistics Services 3.94

Average Shares 42. Whether travelers want activities by air
(helicopter tours and parasailing), land (bike tours and museum passes), or
sea (snorkeling and dinner cruises ), Expedia has a wide range of options.

Hawaii, one of the world's most popular vacation destinations , is also the world's most isolated major population center.

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Additionally, residents will have access to exclusive
resort golf and dining privileges, and a 30,000 square-foot spa.33 per fully diluted share.
Matson's Hawaii fleet is now back to its normal 8-ship configuration
and Hawaii's economy appears to have momentum that will carry through
for the remainder of the year. Total Hawaii container cargo rose four percent and
automobiles eight percent in the full year 2004 compared with the full
year 2003.7 3.3) $2.3 million was $8.7 million, or 45 percent, greater.3 million , 8 office condominium floors for a total
of $8.

FOOD PRODUCTS

Quarter Ended ----------------------------------------------------------------- --
Dollars in Millions 2004 2003 Change
----------------------- -----------------------------------------------
Revenue $32.6 X
----------------------------------------------------------------------
Tons Sugar Produced 56,400 49,500 14%
------------------------------------------------------- ---------------

For the fourth quarter of 2004, Food Products revenue of $32. The $116 million reduction in long-term
debt is the net of the commercial paper retirement and normal debt
repayments , offset by the new borrowing for the ship., headquartered in Honolulu, is engaged
in ocean transportation and intermodal services, through its
subsidiaries, Matson Navigation Company, Inc.43 $0 .3 112. This frees up more time for them to sit, relax and enjoy their
vacation.

Its population of more than one million lives on the eight major
islands, though more than one hundred outer islands stretch northeast along the Hawaiian archipelago.

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C. Targeted for occupancy by late 2008, residents
and Club Members will enjoy beautiful sunsets and stunning vistas of Molokai
and Lanai.prnewswire. Full -year results in Food Products
finished only slightly below the prior year as a result of the strong
finish.

TRANSPORTATION -- LOGISTICS SERVICES

Quarter Ended -------------------------------------------------------------------
Dollars in Millions 2004 2003 Change
------------------------------------------------ ----------------------
Revenue $109.7 59%
Operating Profit $8.8 2%
------------------------------------------------------------ ----------
Occupancy Rates
------------------------------------------------------------------- ---
Mainland 95% 94% 1%
Hawaii 91% 91% --
---------------------------------------------------- ------------------
Leasable Space (Million sq.7 million in Hawaii, the same as at year-end 2003.8 $80. In the continuing effort to recover from the
production shortfall in the first half of the year, 6,900 more tons of
raw sugar were harvested and processed in this year's fourth quarter
than during the comparable period of 2003.3 million were 56 percent higher than the full year 2003 .

CASH FLOW COMMENTS

Comparing the full year 2004 with that of 2003, operating cash
flows increased by $37 million, due primarily to higher earnings.1 $776.8
Less Amounts Reported In
Discontinued Operations (1.9
Reconciling Items (1.3 0.4 159 .0 42.9

Consolidated Balance Sheets
- --------------------------
(In Millions)

December 31, December 31,
------------- -------- -----
2004 2003
------------- -------------
(Unaudited)
ASSETS
Current Assets $288 $247
Investments 111 68
Real Estate Developments 82 77
Property, Net 1,133 1,079
Capital Construction Fund 40 165
Other Assets 124 124
------------- -------------
Total $1,778 $1,760
============= =============

LIABILITIES + EQUITY
Current Liabilities $235 $183
Long-Term Debt 214 330
Post-Retirement Benefit Obligs.4)
All Other, Net 16 .

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Nine distinctive
structures of between three to six stories will follow the descending contour
of the coastline to the sea. Sales reservations are scheduled to begin by end of March
with prices starting at $4 million.44 per fully diluted share. "Our
Transportation segment achieved a 20 percent increase in operating
profit as a result of management initiatives as well as continued
strengthening of the Hawaii economy.
"Even the fourth quarter results exceeded our internal targets,
thanks primarily to Matson Navigation Company and its subsidiary,
Matson Integrated Logistics. Matson realized extremely strong growth
in volume in the quarter, necessitating the addition of reserve
shipping capacity to its Hawaii service."

TRANSPORTATION -- OCEAN TRANSPORTATION

Quarter Ended ------------------------------------------------------------------ -
Dollars in Millions 2004 2003 Change
------------------------ ----------------------------------------------
Revenue $230. This increase was due to higher Hawaii
container and auto volume, improved yields and cargo mix, and
increases in the bunker fuel surcharge necessitated by higher fuel
costs.1
million was $73.3 million was $15.9 $4. Comparing the two periods, the composition of the
leased property portfolio was relatively stable.

Year Ended ------------------- ------------------------------------------------
Dollars in Millions 2004 2003 Change
----------------------------------------------------------------------
Revenue $83.42
Net Income $0.0) (20.1 108.2) (11.3

Discontinued Operations:
Properties 0.64
Basic Earnings Per Share,
Net Income $0.
With the Expedia!fun(TM) kiosks , customers now have the option of purchasing
these attractions and services during their trip by visiting one of 36 hotel
and resort locations on the Big Island, Maui, Oahu, and Kauai.

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94 per
fully diluted share.7 million
was $1.5 2.6 million write-down of the
'04 coffee crop to market value due to an unexpectedly low harvest and
to continuing low sugar prices. The
net $140 million withdrawn from the capital construction fund and the
net $102 million decrease in debt also reflect primarily the
previously mentioned ship delivery, financing and associated
retirement of commercial paper. Additional information about A+B may be found at
its web site: www.8 80.3 10.8 $108.3
Real Estate
Leasing 10.9
Less Amounts Reported In
Discontinued Operations (0.9)
Food Products 1.7) - (7.0 $135.

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"We are delighted to be a partner in the development of Kapalua Bay and to
add 28 luxury residences in the development to our portfolio of distinctive
residences for our members ," said Donn Davis, CEO of Exclusive Resorts.39,
or 20 percent.5 60%
Operating Profit $3.)
----------------------------------------------------------------------
Mainland 3.8 million, 17-1/2 office
condominium floors for a total of $19.2 million.
Full-year 2004 operating profit declined by $300,000 compared with
2003, due mainly to lower raw sugar prices, three-percent lower raw
sugar production, the $1. The increase in the rate was due
in large part to an increase in current state income taxes due to
higher income . These
forward-looking statements are not guarantees of future performance.7
Real Estate
Leasing 21.5) -
--------- -------- - --------- ---------
Total Revenue $394.3 $1,228.1) (5.6 41.3) (37. I was able to book six different tours, and the agent
took the time to plan my days carefully .

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, and Exclusive Resorts are
collaborating to develop Kapalua Bay, a stylish collection of fractional and
private ownership condominium residences at the Kapalua Resort in West Maui --
including residences that will be part of Exclusive Resorts' luxury residence
club.
"Kapalua's scenic coast, the appealing residences and first-class service of
the resort combine to create an ideal destination that our members have come
to expect from Exclusive Resorts.jsp?userid=338737

In addition, we fully intend to
maintain our real estate acquisition discipline, suggesting that it
will be more difficult to find new investments with attractive returns
in the near term.3 $93.2 16%
----------------------------------------------------------------------
Volume (Units)
----------------------------------------------------------------------
Hawaii Containers 169,300 162,400 4%
Hawaii Automobiles 157,000 145,200 8%
Guam Containers 17,200 17,800 - 3%
-------------- --------------------------------------------------------

For the full year 2004, Ocean Transportation revenue of $850.1 million, or 16
percent, higher than the full year 2003. As in the fourth quarter , the three non-recurring items
added a net $10.3 million was $18.3 million and 28 residential
properties for $23.1 - 6%
----------------------------------------------------------------------
Tons Sugar Produced 198,800 205,700 - 3%
--------------------------------- -------------------------------------

For the full year 2004, Food Products revenue was flat with that
of 2003. The $43 million
net increase in investments was primarily due to the Hokua joint
venture.3) (20.8 5.4) (39.6 42., Expedia, Inc. The
brand launch is an evolution of Expedia's continued commitment to helping
travelers with every part of their trip, whether in the planning or purchase
process or, now, while consumers are at their destination.com/cgi-bin/prnh /20050119/SFTU131 )
"Expedia is bringing its expertise in travel and global relationships with
travel providers to help customers plan and have great vacations, and that
includes what you do when you get there," said Jamie McDonald, vice president,
destination services, Expedia, Inc. "Now guests
can explore their options with the trusted Expedia name when they want to book
a luau, helicopter tour, or other activities, and then make the reservation
right on-site.S.

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We expect
increased competitive impact at Matson as new competitor capacity is
brought into the Hawaii trade . Total Hawaii container volume was eight percent higher than the
fourth quarter of 2003. The greater cargo volume continues to reflect
Hawaii's economic growth and, especially, the continuing high level of
construction activity.1 X
---------------------------------------------------------------- ------

As in prior periods, the strong growth in revenue and operating
profit for the fourth quarter and full year 2004 in the Logistics
Services business was mainly the result of increased customer volume.3 7%
Operating Profit $10.9 45%
--------- -------------------------------------------------------------

For the full year 2004, sales revenue of $82.
By comparison, sales during the full year 2003 included a shopping
center in Nevada for $23. Leasing revenue and
operating profit for the two quarters included one commercial property
in California, one commercial property in Texas and one office
building in Hawaii that the Company intends to sell.2 $29.9 0%
Operating Profit $4. This compared
with a rate of 36. Statements in this press
release that are not historical facts are "forward-looking
statements," within the meaning of the Private Securities Litigation
Reform Act of 1995, that involve a number of risks and uncertainties
that could cause actual results to differ materially from those
contemplated by the relevant forward-looking statement.
This release should be read in conjunction with our Annual Report on
Form 10-K and our other filings with the SEC through the date of this
release, which identify important factors that could affect the
forward-looking statements in this release.42 $0.1 1.9 4.1) (3.1
Income Taxes (11.9 42."
The Expedia!fun(TM) kiosk in the Hyatt Regency Maui recently helped
customer Claire Hooper-Young book several excursions during her vacation. is the world's leading online travel service and the fourth
largest travel agency in the U.com
Expedia, Expedia.

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"
Club Members can spend time each year at Kapalua Bay, or at other Club
locations worldwide through reciprocal use privileges.com/ud_public.6
million was $10.3 million were
$5. The $54 million increase in Property, Net is primarily due to
the new ship offset, in part, by depreciation.95
Diluted Share Earnings
Continuing Operations $2.9 237.8 34.6
Write-Down of Long-Lived
Assets - (7.6 29.4 18.44 $0.44 $2 .4
--------------- --------------
Increase/(Decrease) In Cash $36.1 $5.8
=============== ==============

Depreciation $(80. "Expedia!fun(TM) extends our brand beyond
the Internet and provides travelers with an easy and trusted way to book
travel services that help improve their travel experience."
Since 2001, Expedia has offered a broad range of activities online for
customers interested in saving time and money by booking travel services that
enhance their trip in advance. "I did not have to make a lot of calls myself or lose a whole day
planning my vacation . ESP also allows customers to dynamically build complete
trips that combine flights, Expedia(R) Special Rate hotels and other lodging,
ground transportation, and destination services and activities.

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"
Robert Phillips, senior vice president of business development for The
Ritz-Carlton Club, said , "Kapalua Resort is a rare property that meets The
Ritz-Carlton Club's vision for its Members who seek exceptional locales with a
captivating sense of adventure.
The Residences at Kapalua Bay will feature upscale, island-influenced
contemporary homes with spacious floor plans ranging in size from 3,000-4,200
square feet, offering three-bedroom / three-bathroom / den options and a full
appliance package. For the full year
2003, the Company reported net income of $81,300,000 , or $1. This decrease was primarily the
result of a $16.1 $776.

REAL ESTATE -- SALES

Quarter Ended ------------------------------------- ------------------------------
Dollars in Millions 2004 2003 Change
----------------------------------------------------------------------
Revenue $2.0 million lower than in the fourth quarter of
2003.5 million, 18 Maui and Oahu commercial
properties for $19.
There were no sales of property during the fourth quarters of 2004
or 2003 that resulted in discontinued operations.64
Net Income $2.3 $850.0 8.3) 2.5) (12.6)
Corporate Expenses (6.

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Members
benefit from the quality of service and amenities that are trademarks of Ritz-
Carlton hotels .5 $199. These factors were partially offset
by added vessel operating expenses, higher cargo handling costs and
depreciation.3 2. Sales in 2003 that were classified as
discontinued operations included the sales of the Nevada property and
five commercial properties on Maui. Power sales
of $15.

ALEXANDER + BALDWIN, INC.3 83.0) (1.0 $326 .5
========= ========= ========= =========

Operating Profit, Net Income:
-----------------------------
Transportation
Ocean Transportation $25.3 0.43 $2.2 41. 45 44
Other Long-Term Liabilities 41 36
Deferred Income Taxes 339 356
Shareholders ' Equity 904 811
------------- -------------
Total $1,778 $1,760
============= =============

Consolidated Statements of Cash Flows
-------------------------------------
(In Millions)

Year Ended
--------------------------------
December 31 ,
--------------------------------
2004 2003
--------------- ------- -------
(Unaudited)

Operating Cash Flows $173.

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Cole, chairman,
president and chief executive officer of Maui Land + Pineapple Company Inc. Fully diluted earnings per share rose by $0.8 29%
Operating Profit $34.8 $112.8 $5.2%.8) 60.3) $(72. Participating
hotels also have the opportunity to pass on special savings or reward guests
with certificates that can be redeemed at the Expedia!fun(TM) desks. Expedia's
quality and leadership have been recognized in awards such as PC Magazine's
"Editors' Choice" and Forbes' "Favorite General Travel Site. CST: 2029030 -40
For more information, press only: For Expedia: Al de Leon,
Fleishman-Hillard, 415/318-4004 , expediapr@fleishman.

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"Kapalua Bay will offer a new kind of resort experience that will place it
among the world's premier destinations," said David C. The
improved revenue and operating profit resulted from a small increase
in Mainland property occupancy levels and the net effect of numerous
changes in rental rates and occupancies, and receipt of a lease
termination payment.7 million square feet of leasable space on the Mainland
and 1.

CORPORATE EXPENSE, TAX RATE

For the fourth quarter of 2004, corporate expenses of $6.
The consolidated tax rate was 38. and Matson Integrated
Logistics, Inc.33 $1.5 $199.5)
Food Products 32.3) (3.7 $18.
"Hyatt strives to attend to all our guests' needs, and with the
Expedia!fun(TM) kiosk in the hotel, we continue to deliver on that goal by
making it easier for travelers to enjoy the many excursions on Maui," said
Frank Lavey, general manager, Hyatt Regency Maui Resort and Spa.
"Having the Expedia!fun(TM) kiosk in the hotel lobby was great," Hooper -Young
said.com, and the airplane logo are either registered
trademarks or trademarks of Expedia , Inc.

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"Luxurious residences will be complemented by the finest health and
recreational amenities with unrivaled service standards.5-bathroom
residences with floor plans ranging from 1,770-2,090 square feet. Twenty-eight of The Residences will be
purchased by Exclusive Resorts for use by its 1,800 members who have access to
the club's portfolio of 300 luxury residences in 36 premier destinations .
"2005 will not be without its challenges, however.3 $32.8 million, or 10 percent, higher than the full year
2003.4 million, or seven percent, higher than in the fourth quarter
of 2003 .7 million and 23 residential properties for $9.
Discontinued operations for the full year 2004 included the sale,
for $1.
Operating profit for the fourth quarter of 2004 exceeded the
fourth quarter of 2003 by about $800,000.1) (42.2 29.8 45.

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Overlooking "America's Best Beach," Kapalua Bay will embrace its magnificent
24-acre oceanfront surrounding with understated elegance. At Kapalua Bay, they
will enjoy fully furnished, two- and three-bedroom / 2.

Available Topic Expert(s ): For information on the listed expert(s), click
appropriate link.5 million was $31.
Operating profit of $25.7 million pension conversion settlement gain -- the
largest of three non-recurring items that together boosted operating
profit by a net $10.
Operating profit of $108.9 $237 .3 $63.; in real estate, through A+B Properties, Inc.37 $1.29 $1.44 $2 .6)
=============== ==============

With more than 2,000 compelling offerings,
Expedia helps travelers get more out of their vacation and enjoy the sights in
more than 250 regions worldwide.

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The Ritz-
Carlton Hotel Company will provide management services for all residences. Contracts will begin this July.1 X
----------------------------------------- -----------------------------

Year Ended --------- ----------------------------------------------------------
Dollars in Millions 2004 2003 Change
----------------------------------------------------------------------
Revenue $376.7 --
------------------------------------------- ---------------------------
Hawaii 1.8 NA
------------ ----------------------------------------------------------

As anticipated and described in earlier earnings releases, few
property sales took place in the fourth quarter of 2004.9 million, or 10 percent , higher than in 2003, due
mainly to higher power sales volume and rates, and higher raw sugar
production and sales. The combination of those steps accounts for
virtually all of the $125 million net reduction in the capital
construction fund balance.alexanderbaldwin.

Industry Segment Data, Net Income
---------------------------------
(In Millions , Except Per Share Amounts, Unaudited)

Three Months Ended Year Ended
------------------- -------------------
December 31, December 31,
------------ ------- -------------------
2004 2003 2004 2003
--------- --------- --------- ---------
Revenue:
--------
Transportation
Ocean Transportation $230.3
Sales 2.7 $1,494.0
Sales (0.32 $1.95

Diluted Earnings Per Share,
Net Income $0.5 43.

About Expedia, Inc.
Expedia, Inc. Other product and company names mentioned herein may be
trademarks of their respective owners.

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, The Ritz-Carlton Hotel Company, L."
For information, please call 800. Revenue in the
fourth quarter of 2004 was $394,000,000, compared with revenue of
$326,700,000 in the fourth quarter of 2003. The real estate market continues to be
favorable -- conditions are certainly better suited to sellers of real
estate than to buyers.3 16%
Operating Profit $25.3 10%
Operating Profit $108. This improvement was
primarily the result of the factors that increased revenue, plus the
absence of an excise tax accrual that took place in 2003, and lower
general and administrative costs. Operating profit was $200,000, or two percent, higher.3 4%
Operating Profit $38.3 $10.3 - 78%
Operating Profit ($ 0 .3 10%
Operating Profit $1.6 million coffee write -down and multiple
effects of high energy costs, partially offset by the benefits of
higher power sales and rates .1 million, or 22 percent higher than the fourth quarter of
2003. For the full year 2004, corporate expenses of $20. The Company's statutory combined federal and state tax
rate is approximately 38 . The effective rate varies with changes in
the geographic location of our operations.

BALANCE SHEET COMMENTS

During the third quarter of 2004, Matson took delivery of a new
vessel.
-------------------------
2004 and 2003 Fourth-Quarter and Full-Year Results
--------------------------------------------------

2004 2003
-------------- - ---------------
Three Months Ended -----------------------------------
Revenue $394,000,000 $326,700,000
Income From Continuing Operations $18,400,000 $18,000,000
Discontinued Operations:
Properties(1) $300,000 $800,000
Net Income $18,700,000 $18,800,000
Basic Share Earnings
Continuing Operations $0.3 $32.8 37.6 23.1 142 .7) (11.3) (15.8)
--------- --------- --------- ---------
Income From Continuing
Operations 18.7 $81.3
========= ========= ========= =========

Basic Earnings Per Share,
Continuing Operations $0.33 $1.