Fresh Del Monte Responds to Lawsuit Initiated by Former Mexican Shareholders.

Business Editors

CORAL GABLES, Fla.--(BUSINESS WIRE)--Nov. 21, 2002

Fresh Del Monte Produce Inc. (NYSE:FDP), one of the world's largest producers and marketers of fresh fruit, vegetables and other produce, received information through a report over First Call today by BB&T Capital Markets of a lawsuit which has been initiated in New York against the Company and other defendants by one or more former minority shareholders from Mexico. Although no complaint setting out any allegations has been filed with the New York court and the Company has not been served with any papers, based on the BB&T report, the plaintiff is allegedly a holding company with ties to Carlos Cabal Peniche, a former fugitive from justice in Mexico. In 1996, Mr. Cabal and the current plaintiff asserted claims in connection with the sale of the stock in the Company to IAT, which were resolved when Mr. Cabal, the holding company and their attorneys signed releases of all claims against Fresh Del Monte and the IAT Group. The 1996 settlement was also approved by the New York State Supreme Court in New York City. Accordingly, we are confident that the subsequent acquisition of Fresh Del Monte by the IAT Group in December 1996 was effected in accordance with all applicable laws and with all necessary consents and legal approvals. The allegations, as we understand them based on the BB&T report, are frivolous and without merit. The Company intends to defend itself vigorously.

Fresh Del Monte is a leading vertically integrated producer and marketer of high quality fresh and packaged fresh-cut fruit and vegetables. Our products include bananas, pineapples, cantaloupe, honeydew, watermelons, grapes, non-tropical fruit (including citrus, apples, pears, peaches, plums, nectarines, apricots and kiwi), plantains, Vidalia(R) sweet onions and various greens. We market our 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 published as of the date hereof and 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, some of which are beyond the control of the Company, and 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.