<PAGE>
FLEXI-VAN LEASING, INC.
251 Monroe Avenue
Kenilworth, NJ 07033-1106
(908) 276-8000
FAX: (908) 276-7666
Contact: Scott A. Griswold
(310) 208-6055
FLEXI-VAN LEASING, INC. ANNOUNCES OWNERSHIP INCREASE TO 92% OF
CASTLE & COOKE, INC. FOLLOWING COMPLETION OF TENDER OFFER
LOS ANGELES, CALIFORNIA, July 24, 2000 -- Flexi-Van Leasing, Inc.
announced today that it now owns approximately 92% or 15,672,000 shares of
Castle & Cooke, Inc. as a result of the successful completion of the
supplemental offering period provided under the tender offer made by Castle
Acquisition Company, Inc., a wholly-owned subsidiary of Flexi-Van Leasing, Inc.
In the tender offer, Castle Acquisition Company, Inc. received tenders of
approximately 89% of the Castle & Cooke, Inc. shares not already owned by
Flexi-Van Leasing, Inc., based on the approximately 11,170,000 shares which were
tendered.
In accordance with the terms of the merger agreement, shares tendered
in the five day supplemental offering period have been accepted and are being
paid for promptly.
Castle & Cooke, Inc. and Flexi-Van Leasing, Inc. are in the process of
preparing for mailing to shareholders materials relating to the merger of Castle
Acquisition Company, Inc. in and to Castle & Cooke, Inc. It is expected that the
merger will be completed in late August or early September, 2000.
Any questions concerning the merger should be addressed to Georgeson
Shareholder Communications, Inc. at (800) 223-2064 (toll free) in the United
States or at (212) 440-9800 (collect) elsewhere.
###
