COMMON STOCK

27 cents per share on the company's 25 cent par value Common Stock payable April 10, 2003 to shareholders of record at the close of business on March 24, 2003.

This adjusted dividend rate was previously announced in a news release on June 13, 2002, and discussed at Heinz's annual shareholders meeting on September 12, 2002. The adjustment reflects Heinz's smaller business base following the spin-off of certain North American-based businesses to Del Monte Corporation and is designed to offer Heinz added financial flexibility and enable it to focus greater resources on marketing its leading brands. The annualized payment of $1.08 per share remains higher than the company's peer group average and the dividend yield is within the top 20% of the S&P 500.

PREFERRED STOCK

42 1/2 cents per share on the company's Third Cumulative Preferred Stock, $1.70 First Series, payable April 1, 2003 to shareholders of record at the close of business on March 24, 2003.

SAFE HARBOR PROVISIONS FOR FORWARD-LOOKING STATEMENTS: This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect management's view of future events and financial performance. These statements are subject to risks, uncertainties, assumptions and other important factors, many of which may be beyond Heinz's control and could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Uncertainties contained in such statements include, but are not limited to, the risk of the divestiture and spin-off transaction and its impact on the operations and financial performance of Heinz and the ability of Heinz to achieve its growth and other business goals. Other uncertainties include sales, earnings and volume growth, achieving cost savings programs, competitive conditions, production, energy, and raw material costs, the ability to maintain favorable supplier relationships, global economic and industry conditions, new product and packaging innovations, achievement of gross margins, success of marketing spending, currency valuations and fluctuations in these rates, the impact of e-commerce and e-procurement, supply chain efficiency and cash flow initiatives, unforeseen economic and political changes in international markets where Heinz competes and over which Heinz has no control, particularly the performance of businesses in hyperinflationary environments, the ability to integrate acquisitions and joint ventures into existing operations and success of divestitures and business combinations, and other factors described in Heinz's Form 10-K for the fiscal year ended May 1, 2002, as updated from time to time by Heinz in its subsequent filings with the Securities and Exchange Commission (the "SEC"). Future dividends on Heinz stock at any level are subject, among other things, to certain legal requirements being met at the time of declaration. The forward-looking statements are and will be based on management's then current views and assumptions regarding future events and operating performance and speak only as of their dates. Heinz undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

ABOUT HEINZ: H. J. Heinz Company is one of the world's leading producers and marketers of branded foods in ketchup, condiments, sauces, meals, soups, seafood, snacks and infant foods. Heinz is a global family of leading brands, including Heinz(R) ketchup, sauces, soups, beans, pasta and infant foods (representing nearly one-third of total sales), Ore-Ida(R) french fries, Boston Market(R) and Smart Ones(R) meals and Plasmon(R) baby food. Heinz's 50 companies have number-one or number-two brands in 200 countries, showcased by Heinz(R) Ketchup, the world's favorite ketchup. Information on Heinz is available at www.heinz.com/news.

CONTACT:          H. J. Heinz Company
                  Media:
                  Ted Smyth, 412/456-5780;
                  Debbie Foster, 412/456-5778;
                  Jack Kennedy, 412/456-5923;
                  or
                  Investors:
                  Jack Runkel, 412/456-6034

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