Del Monte Foods Does Not Endorse below Market `Mini Tender' Offer by TRC Capital.

SAN FRANCISCO -- Del Monte Foods (NYSE: DLM) announced today that it has received a copy of an unsolicited "mini-tender" offer statement dated July 14, 2004, pursuant to which TRC Capital Corporation, a private Canadian investment company, has offered to purchase up to 8,000,000 shares of common stock of Del Monte Foods. The offer price of $10.00 per share represents a 3.75% discount to the closing price for Del Monte's shares on the New York Stock Exchange on July 13, 2004, the day before the date of the offer. Del Monte Foods does not recommend or endorse this offer.

The Securities and Exchange Commission (SEC) has issued an investor alert regarding mini-tender offers, noting that, "Some bidders make mini-tender offers at below-market prices, hoping that they will catch investors off guard if the investors do not compare the offer price to the current market price." The SEC's investor alert may be found on the SEC web site, at http://www.sec.gov/investor/pubs/minitend.htm.

Del Monte urges investors to obtain current market quotations for their shares, consult with their broker or financial advisor and exercise caution with respect to TRC Capital's offer.

Stockholders are advised that TRC Capital's offer is subject to numerous conditions, including financing, and TRC Capital has also reserved the right, in its reasonable discretion, to extend the period of time during which the offer is open, thereby possibly delaying payment for shares of Del Monte Foods tendered in the offer, or to amend its offer in any other respect.

Del Monte understands that TRC Capital has made many such mini-tender offers in the past. Mini-tender offers seek to acquire less than five percent of a company's outstanding shares and thereby avoid many procedural protections and disclosure requirements of the SEC that apply to offers for more than five percent of a company's outstanding shares. The TRC Capital Corporation offer for eight million shares represents an offer for approximately 3.81% of Del Monte Foods' outstanding shares.

Del Monte stockholders who have already tendered shares into the offer are advised that they may withdraw their shares as described in the TRC Capital Corporation offering documents prior to the expiration of the offer, which is currently scheduled for August 12, 2004.

Del Monte Foods

Del Monte Foods is one of the country's largest and most well-known producers, distributors and marketers of premium quality, branded and private label food and pet products for the U.S. retail market, generating over $3 billion in net sales in fiscal 2004. With a powerful portfolio of brands including Del Monte(R), Contadina(R), StarKist(R), S&W(R), Nature's Goodness(TM), College Inn(R), 9Lives(R), Kibbles' n Bits(R), Pup-Peroni(R), Snausages(R), and NawSomes! (R), Del Monte products are found in nine out of 10 American households. For more information on Del Monte Foods Company, visit the Company's Web site at www.delmonte.com.