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Fresh Del Monte Produce's Board of Directors Votes to Increase Quarterly Dividend

02.13.03

CORAL GABLES, Fla.--(BUSINESS WIRE)--Feb. 13, 2003--Fresh Del Monte Produce Inc. (NYSE:FDP) announced today that, as a result of its continued strong earnings growth and excellent performance, its board of directors has voted to raise the Company's regular quarterly cash dividend from five cents ($0.05) per share to $0.10 per share payable on June 4, 2003, to shareholders of record on May 12, 2003.

Fresh Del Monte is a leading vertically integrated producer and marketer of high quality fresh and packaged fresh-cut fruit and vegetables. The Company's products include bananas, pineapples, cantaloupe, honeydew, watermelons, tomatoes, potatoes, onions, 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 28, 2001.

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

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




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