As a result of the merger, Castle & Cooke, Inc. ceased being a public company and became privately owned. David H. Murdock stated, �I am pleased that the merger transaction finally has concluded and that the market has recognized that the $19.25 per share consideration offered in the transaction was fair and in the best interest of the former public shareholders of Castle & Cooke. The $19.25 per share price represented a 60% premium over the price of the stock before the merger was announced. The transaction increased the market value of the Company by over $120 million and at the same time gave the shareholders an opportunity to cash out of their investment at a significant premium. In fact, since Castle & Cooke began trading as a public company over four years ago, only about 2% of the shares ever traded exceeded the $19.25 price.�

Mr. Murdock further added, �This transaction was initiated because we realized the investment community for publicly traded companies is very focused on quarter-to-quarter performance. This short-term investment style is often in conflict with the long-term nature of large multi-year real estate development projects. At Castle & Cooke, we have worked diligently to invest and manage the real estate assets and to improve the capital structure of the Company since it became a publicly traded company in late 1995. The reaction on Wall Street over the years to our assets, strategy and actions, as reflected in the stock price, has been a major disappointment. As we analyzed the situation, it appeared that our long-term investments combined with our significant holdings in Hawaii were going to continue to be at odds with the short-term Wall Street investment approach.�

In addition to this Castle & Cooke acquisition, Mr. Murdock�s other assets consist of privately held businesses and other investments, including manufacturing, equipment leasing, real estate and marketable securities. Mr. Murdock is also Chairman of the Board and Chief Executive Officer of Dole Food Company, Inc., the world�s largest producer and marketer of high quality fresh fruit, vegetables and fresh cut flowers.

The real estate segment of Mr. Murdock�s private business includes hotels, commercial facilities and extensive land holdings in Southern California, including the residential and golf course community of Sherwood Country Club in Thousand Oaks. Mr. Murdock stated, �I believe that the combined value of Castle & Cooke and my other private holdings, particularly with respect to real estate activities, is greatly enhanced by this transaction as it will provide substantial synergies. The combined companies� expanded asset base and seasoned management team will provide operational efficiencies and an opportunity to focus on long-term objectives.�

The internal growth opportunities available to the combined companies include the expansion and diversification of existing investments in key markets where they have a presence, including Oahu and Lana�i in Hawaii; Bakersfield, San Jose and Los Angeles in California; Phoenix and Sierra Vista in Arizona; Atlanta, Georgia; Raleigh, North Carolina; Lincoln, Nebraska; Baltimore, Maryland and Orlando, Florida.

Hawaii still remains an area where Castle & Cooke, Inc. maintains its largest investment.  On Oahu, where the Company continues to be the largest residential developer, plans include the continuation of the development of its Mililani and Royal Kunia master-planned communities and the continued development of the Dole Cannery site in downtown Honolulu, an approximately 560,000 square foot commercial and retail project that is home to such tenants as Home Depot and Signature Theatres. 
 

On Lana�i, Castle & Cooke owns and operates the resorts known as the Lodge at Koele and the Manele Bay Hotel, two luxury residential communities adjoining the resorts and two golf courses known as the Experience at Koele and the Challenge at Manele. The Company plans to continue its strategic marketing alliance with the Starwood Luxury Collection and expand its residential developments through increased marketing and improved infrastructure. Mr.

Manele Bay Hotel

Mr. Murdock stated, �With the completion of the transaction, senior management is now focused on the future of Castle & Cooke as a private company. I am convinced not only that the former public shareholders of Castle & Cooke received a fair price for their shares but that operating Castle & Cooke in the future as a private entity will provide opportunities that it would not have had as a public company and will permit long-term sustainable growth for many years to come.�

Castle & Cooke, Inc. is a developer of residential and commercial real estate in Hawaii, California, North Carolina, Arizona, Georgia and Florida. The company also owns and operates two of the world�s highest-rated resorts on the island of Lana�i in Hawaii.