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About Us

Founded in Hawaii in 1851, Dole Food Company, Inc., with 2010 revenues of $6.9 billion, is the world's largest producer and marketer of high-quality fresh fruit and fresh vegetables. Dole markets a growing line of packaged and frozen foods, and is a produce industry leader in nutrition education and research. The Company does business in more than 90 countries and employs, on average, 36,000 full-time, regular employees and 23,000 full-time seasonal or temporary employees, worldwide.

DOLE FOOD COMPANY, INC. ANNOUNCES ACTION OF SPECIAL COMMITTEE OF ITS BOARD OF DIRECTORS CONCERNING PROPOSAL BY DAVID H. MURDOCK TO ACQUIRE ALL OUTSTANDING SHARES

WESTLAKE VILLAGE, CA - October 23, 2002

Dole Food Company, Inc. (NYSE:DOL) today announced the initial response of the Special Committee of its Board of Directors to the proposal from David H. Murdock, the Company's Chairman of the Board and CEO, to acquire the approximately 76% of the common stock of the Company not already owned by Mr. Murdock or his family for $29.50 per share in cash. The Special Committee advised Mr. Murdock that it will not approve a transaction at the $29.50 price. However, the Special Committee has commenced negotiations with Mr. Murdock to determine if an increase in the offer price can be achieved that the Special Committee can approve. The Special Committee has also directed its independent financial advisor, Goldman, Sachs & Co., to contact potential financial and strategic buyers.

In his September 22, 2002 letter to the Company's Board of Directors, Mr. Murdock stated that his proposal would expire if a definitive agreement had not been signed by November 6, 2002, while reserving his right to terminate his proposal earlier. The Special Committee has been advised by Mr. Murdock that, in light of these negotiations with the Special Committee, he has extended his proposal deadline to November 13, 2002, again reserving his right to terminate his proposal earlier.

Dole Food Company, Inc., with 2001 revenues of $4.5 billion, is the world's largest producer and marketer of high-quality fresh fruit, fresh vegetables and fresh-cut flowers, and markets a growing line of packaged foods.