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Diamond Foods Announces Proposed Refinancing

About Diamond Foods

Diamond Foods is an innovative packaged food company focused on building and energizing brands including Kettle® Chips, Emerald® snack nuts, Pop Secret® popcorn, and Diamond of California® nuts. Diamond's products are distributed in a wide range of stores where snacks and culinary nuts are sold. For more information, visit the Company's corporate web site: http://www.diamondfoods.com.

Note Regarding Forward-looking Statements

This press release includes forward-looking statements, including statements about the refinancing described above and related transactions, the anticipated terms and amount of the possible refinancing transactions, prospects for redeeming Oaktree senior notes, the ability of the Company to lower its cost of debt and achieve capital structure flexibility and prospects for consummating any refinancing transaction. These forward-looking statements are based on our assumptions and expectations only as of the date of this press release. We use the words "anticipate," "believe," "estimate," "expect," "intend," "plan," "seek," "may" and other similar expressions to identify forward-looking statements about our future expectations, projections of future results or financial condition, or other "forward-looking" information. You should carefully consider cautionary statements in this press release and under the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the periodic reports that we file from time to time with the SEC. We do not undertake any obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release. Actual results may differ materially from what we currently expect because of many risks and uncertainties, such as: unexpected difficulties in refinancing our existing indebtedness; unexpected delays or increased costs in implementing our business strategies; changes in consumer preferences for snack and nut products; risks relating to our leverage, including the cost of our debt and its effect on our ability to respond to changes in our business, markets and industry; potential difficulties raising additional capital, and the possibly dilutive impact of such capital; risks relating to litigation and regulatory proceedings; uncertainties relating to our relations with growers; availability and cost of walnuts and other raw materials; increasing competition and possible loss of key customers; and general economic and capital markets conditions.

CONTACT: Investors:
         ICR
         Katie Turner
         415-230-7952
         
         Media:
         ICR
         Anton Nicholas/Jessica Liddell
         415-445-7431

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