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Fresh Del Monte Produce Inc. Doubles Quarterly Cash Dividend

08.27.03

CORAL GABLES, Fla.--(BUSINESS WIRE)--Aug. 27, 2003--Fresh Del Monte Produce Inc. (NYSE:FDP) today announced that its board of directors has approved an increase in the Company's regular quarterly cash dividend rate, from $0.10 per share to $0.20 per share. The increased regular quarterly cash dividend will be payable on December 4, 2003, to shareholders of record on November 11, 2003.

The dividend increase recognizes the Company's continuing strong earnings, confidence in future earnings and the board's commitment to enhance shareholder value. The Company reaffirmed that it's on track with its long-term strategy and its commitment to profitable growth and continued investment in the future.

Fresh Del Monte is a leading vertically integrated producer and marketer of high quality fresh produce. The Company's products include bananas, pineapples, cantaloupe, honeydew, watermelons, tomatoes, potatoes, onions, strawberries, grapes, non-tropical fruit (including citrus, apples, pears, peaches, plums, nectarines, apricots and kiwi), plantains, Vidalia(R) sweet onions and various greens. The Company markets its products worldwide under the DEL MONTE(R) brand, a symbol of product quality and reliability since 1892.

This press release contains certain forward-looking statements regarding the intents, beliefs or current expectations of the Company or its officers with respect to various matters. These forward-looking statements are based on information currently available to the Company and the Company assumes no obligation to update these statements. It is important to note that these forward-looking statements are not guarantees of future performance and involve risks and uncertainties. The Company's actual results may differ materially from those in the forward-looking statements as a result of various important factors, including those described under the caption "Key Information - Risk Factors" in Fresh Del Monte Produce Inc.'s Form 20-F for the year ended December 27, 2002.

Note to the Editor: This release and other press releases are available on the Company's web site, http://www.freshdelmonte.com.

    CONTACT: Fresh Del Monte Produce Inc., Coral Gables
             John F. Inserra, 305/520-8065
             or
             Christine A. Cannella, 305/520-8451

    SOURCE: Fresh Del Monte Produce Inc.
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