Fresh Del Monte Produce Acquires Significant Banana and Pineapple Production Operations in Costa Rica

This transaction provides us with a unique opportunity to leverage the extensive experience of our management team to enhance operating efficiencies and accelerate our cost-savings initiatives.

11/06/08 Fresh Del Monte Produce Inc. announces that it has acquired the shares of Desarollo Agroindustrial de Frutales, S.A., a producer of high quality bananas in Costa Rica; the shares of Frutas de Exportacion, S.A , a major provider of gold pineapples in Costa Rica; and the shares of an affiliated sales and marketing company, collectively known as n"Caribana." This transaction further strengthens Fresh Del Monte's position as one of the world's leading fresh produce companies. The acquisition cost was $403 million. The Company expects the acquisition to be accretive to earnings in the first year.

"We are enthusiastic about the financial and operating advantages that the acquisition of Caribana creates for Fresh Del Monte Produce, and ultimately, our customers and shareholders," said Mohammad Abu-Ghazaleh, Fresh Del Monte's Chairman and Chief Executive Officer. "Caribana is a natural fit with Fresh Del Monte. Their products perfectly mirror those that we currently offer. This transaction substantially increases Del Monte branded banana and Del Monte Gold Extra Sweet pineapple production for us from Central America. Acquiring Caribana dramatically expands our ability to supply high-quality products to our customers in an environment of rapidly rising global demand."

Mr. Abu-Ghazaleh added, "In addition, Caribana's production and packing facilities are in close proximity to our existing Costa Rica operations creating significant opportunity for operating synergies. This transaction provides us with a unique opportunity to leverage the extensive experience of our management team to enhance operating efficiencies and accelerate our cost-savings initiatives. The acquisition will allow us to capture savings throughout the supply chain. The combination will increase vessel and warehousing utilization and enhance our ability to capture cost savings in product procurement, inland transportation, administration and raw materials. Efficiency is an ongoing key area of focus for Fresh Del Monte and we believe this transaction is a huge win, particularly in the current economic climate. This deal enhances Fresh Del Monte's position to capture the attractive opportunities that we have in markets around the world as we aggressively strive to capitalize on rising demand for high-quality, healthful, wholesome and nutritious fresh fruit."

Key Strategic and Financial Benefits:

Enhances existing core product platform for expected revenue and earnings growth. The addition of Caribana's extensive production area substantially increases Fresh Del Monte's presence in the banana market and further strengthens the Company's number one position in the gold pineapple market. Caribana sells approximately 18 million boxes of bananas annually. In 2007, Fresh Del Monte purchased approximately 5 million boxes of bananas from Caribana. The acquired gold pineapple production is estimated to be approximately 11 million boxes per year. This transaction firmly positions Fresh Del Monte to capitalize on growing global demand for fresh produce and rapidly expand its reach into existing and new markets.

Increases efficiency and generates significant opportunities for cost-savings synergies. The close proximity of Caribana's production and packing operations to Fresh Del Monte's farms provides the potential for significant operating efficiencies and synergies. Cost-savings opportunities range from the ability to optimize the Company's logistics and warehousing platforms to consolidating administrative functions. Fresh Del Monte also expects to capture cost savings in the procurement of agricultural supplies, production equipment, fertilizers and packaging materials.

Builds scale and strengthens current infrastructure. As a result of the acquisition, Fresh Del Monte's current land holdings in Costa Rica increased by approximately 13,000 hectares of quality farm land. Many of these farms have obtained prestigious ISO certifications. In the transaction, Fresh Del Monte also acquired state-of-the-art packing facilities, as well as modern farming equipment. Combining Caribana's farms and production capabilities with Fresh Del Monte's powerful, vertically integrated infrastructure, allows the Company to significantly enhance its ability to provide the highest quality produce to meet the growing needs of its global customers.