dole 2003 annual

Annual Report 2003

R4_Dole AR03.080604.final 08/25/04 6:35 PM Page 2

Dole Financial Highlights

(in millions) 2003 2002 2001 2000 1999

Revenues, net $ 4,773 $ 4,392 $ 4,314 $ 4,400 $ 4,449

Gross Margin 659 695 430 469 452

Cash Flow from Operating Activities

of Continuing Operations 339 227 244 121 49

Total Assets 3,988 3,037 2,768 2,801 2,994

Working Capital 279 715 586 377 393

Capitalization

Short-term debt 47 243 27 45 38

Long-term debt 1,804 882 816 1,135 1,285

Total shareholders’ equity 456 745 736 555 532

Total capitalization $ 2,307 $ 1,870 $ 1,579 $ 1,735 $ 1,855

NOTE: In 2003, Dole completed a going-private transaction. Financial results for 2003 prior to the going-private merger transaction (“Predecessor”

presentation) have been combined with the financial results after the going-private merger transaction (“Successor” presentation) to facilitate an

understanding of Dole results. In 2001, Dole divested its Honduran Beverage operations. Operating results of this business have been accounted for

as a discontinued operation.

Revenues, net(in $ millions)

Total Capitalization(in $ millions)

Cash Flow from Operating Activities

of Continuing Operations( in $ millions)

49 121 244 227 339’99 ’00 ’01 ’02 ’03

1,855 1,735 1,579 1,870 2,307’99 ’00 ’01 ’02 ’03

4,449 4,400 4,314 4,392 4,773’99 ’00 ’01 ’02 ’03

Gross Margin(in $ millions)

452 469 430 695 659’99 ’00 ’01 ’02 ’03


In just one year as a private company,

Dole is meeting and surpassing expecta-

tions of reaching higher earnings and

growth potential. The Company has

expanded with increased sales of nearly

nine percent, as well as increased earnings

from operations of approximately 18

percent. In 2003, subsequent to the

going-private transaction, the Company

repaid over $200 million in bank debt.

Dole’s management continues to follow very similar procedures

and policies, though with management changes indicative of

Dole’s strong management base. Richard J. Dahl was promoted

to President and Chief Operating Officer. Other recently-

announced promotions from senior and middle management

include the appointment of Joseph S. Tesoriero as Vice President

and Chief Financial Officer; C. Michael Carter to Executive Vice

President, General Counsel and Corporate Secretary; Scott A.

Griswold to Executive Vice President, Corporate Development;

Roberta Wieman to Executive Vice President, Chief of Staff;

Sue Hagen to Senior Vice President, Human Resources, and

Javier H. Idrovo to Senior Vice President, Strategy. Dr. Andrew J.

Conrad, co-founder and chief scientific officer of the National

Genetics Institute, a subsidiary of Laboratory Corporation of

America, joined Dole’s Board of Directors.

The Dole Nutrition Institute’s first year has been full of exciting

new initiatives aimed at educating the public about the health

benefits of fruits and vegetables. Every day, headlines prove

the timeliness of this message. Obesity in America and

around the world continues to reach crisis proportions. Poor

2003 was a banner year. It began with the

completion of the going-private transaction in

March. This transaction marked a turning

point in Dole’s 152-year history, opening up

long-term opportunities while minimizing the

short-term pressures of the public equities market.

Dole’s 16 oz. Pineapple Chunks were intro-

duced in early 2004 as part of a full line of

fresh-cut fruit offerings. Specially cultivated

to produce an extra sweet, juicy flavor,

Tropical Gold® pineapple delivers the taste

consumers prefer from a brand they trust. Fresh-cut fruit is an

emerging category that capitalizes on consumers’ demand for

products offering wholesome nutrition in convenient formats.

DOLE® Fresh-Cut Pineapple Chunks

David H. Murdock

Chairman and Chief

Executive Officer

1

A Message From

Mr. David H. Murdock


brochures, website, and published articles. The Institute’s

innovative employee wellness program has helped many

employees to lose weight, improve fitness, lower cholesterol

and improve health—while helping Dole to lead by example

as an advocate for better diet and daily exercise.

As part of the wellness program, a “model café” was created

with the total revamping of the menu in Dole’s corporate

employees’ dining facilities, encompassing a near total

elimination of saturated fat, junk foods, sugar sodas, etc. and

including the addition of a fresh juice and smoothie bar, the

expansion of fish and vegetarian selections, and a “Daily

Dole” special, low in calories and fat.

The Company continues its investment in deep plowing as

part of its commitment to sustainable agriculture and better

nutrition. Now in its eleventh year, the practice of deep

plowing rejuvenates the soil, reaching up to three feet deep,

while conventional plowing merely turns the topsoil. By this

process, Dole was able to eliminate most banana pests

(known as nematodes), producing taller, healthier plants

with greater yields.

diet and inactivity is on the verge of surpassing tobacco as the

leading cause of preventable death, according to a watershed

report released by the Centers for Disease Control. Excess

weight and lack of exercise now contributes to 400,000 deaths

a year—representing an increase of 33% over the past decade.

In order to help combat these unhealthy trends, the Dole

Nutrition Institute is bringing the most definitive nutritional

information to thousands of consumers through its newsletter,

2

Launched in early 2004 as part of a new

line of clamshell packaged salad blends,

DOLE 7 oz. Spring Mix Salad Blend offers

a convenient new twist on already popular

salad blends. Packaged in clear, reusable

plastic clamshell containers, this product

combines great taste, versatility and value. Other blends

available in clamshell packaging include Baby Spinach and

Baby Romaine.

DOLE® Spring Mix Salad Blend

Dole Food Company, Inc. Board of Directors(Seated, left to right): David H. Murdock, Richard M. Ferry, Andrew J. Conrad, Ph.D.(Standing, left to right): David A. DeLorenzo, C. Michael Carter, Justin M. Murdock, Scott A. Griswold,Richard J. Dahl, David H. Murdock, Jr., Edward C. Roohan, Roberta Wieman


Governor Schwarzenegger said: “This is going to be an

extraordinary center. I’ve seen the plans. It’s absolutely

remarkable...this is going to be one of those places the rest of

the world will know.” The groundbreaking was one of the

most exciting days of my life. I look forward to the completion

of construction of the complex in March 2006.

The achievements of this past year are a reflection of the

incredible dedication, creativity, and teamwork of everyone

at Dole Food Company. I am extremely proud of the men

and women that have made this year of new beginnings

possible. They have my sincerest thanks and my confidence,

as we move forward to cultivating these beginnings and

watch them bear fruit.

Sincerely,

David H. Murdock

Chairman and Chief Executive Officer

The most important ground broken this year was that of the

new Dole Wellness Center, Spa and Hotel. On March 12,

2004, California Governor Arnold Schwarzenegger joined in

a groundbreaking ceremony for an over 700,000 square-foot

complex to comprise medical facilities with physicians

on-site providing state-of-the-art diagnostic services; a

267-room five-star hotel to be operated by a first class hotel

and resort company; a full-service spa and fitness center; a

conference center and an ultra-modern TV production facility

focusing on health and wellbeing programming; and an

interactive wellbeing center to be developed in partnership

with a prominent health plan manager.

This new health and nutrition center, to be built adjacent to

Dole’s World Headquarters in Westlake Village, California,

is a natural extension of Dole’s goal to provide people with

not just the knowledge but the tools and treatments to fight

disease and upgrade their quality of life. Visitors will be

empowered not just to learn but to live fuller, longer, more

vibrant lives.

3

(Left to right): Robert Slavin, Mayor, Westlake Village; Dr. Andrew J. Conrad; David H. Murdock; California Governor Arnold Schwarzenegger; Leonard D.Schaeffer, Chairman and Chief Executive Officer, WellPoint Health Networks, Inc.; Denny Weinberg, Executive Vice President, WellPoint Health Networks, Inc.


The Dole Wellness Center,Spa and Hotel

This health and beauty destination is the brainchild of

Dole Food Company, Inc. Chairman and CEO, David

H. Murdock. His holistic vision of human potential and

longer life through better nutrition and fitness was the

foundation for establishing the Dole Nutrition Institute,

dedicated to nutrition education and disease prevention.

The new complex will be located 30 miles northwest of

Los Angeles across from the Dole World Headquarters in

Westlake Village. Construction of the complex began in

March 2004 and it is anticipated that construction will be

completed in March 2006. The handsome, six-story, brick

and glass contemporary design was conceived by renowned

architect Arnold Savrann. Ten acres of elegantly landscaped

walking and running paths will wind through ponds, fountains,

waterfalls and theme gardens.

On March 12, 2004, ground was broken for

a premiere wellness center, medical spa and

luxury hotel to be built amid beautifully

landscaped gardens spanning the 20 acres

directly across from Dole Food Company, Inc.

World Headquarters.

4


Hotel & Conference Center

The luxury hotel will have a grand ballroom capable of

accommodating 350 guests, a conference center and business

center. Dining options will include a sushi restaurant and

spa café.

A unique outdoor function area is planned with nearby luxuri-

ous gardens and waterfalls. There will be walking/jogging paths

on the ten acres of open land surrounding the new complex.

Medi-Spa

The health and beauty spa will feature over two dozen

treatment rooms, each complemented with private outdoor

gardens and spa bath amenities. Hydrotherapy pools, Vichy

showers, steam rooms, watsu pools and dry saunas are among

the amenities that will provide visitors with a relaxing, state-

of-the-art spa experience where they will be attended to by

experienced and skilled aestheticians and therapists.

A full-service beauty salon will be integrated into the spa,

with top stylists offering a modern approach to beauty, hair,

nails and makeup.

Medical Facility

A major component of the new development will be a

medical facility with physicians on staff to provide diagnostic

services. Fully integrated into the wellness complex and spa,

the facility will offer guests an opportunity to learn what

dietary and behavioral changes can help them ward off the

DNA damage that increases the risk of cancer and other

chronic diseases.

Medical staff will include a team of physicians board-certified

in their respective disciplines. This facility will contain a

complete diagnostic and imaging suite including MRI,

• Broccoli was brought to the United States

in the early 1900’s by Italian immigrants

to northern California. Broccoli is high in

vitamins A and C and contains phytochem-

icals that may help prevent cancer.

• The winner of an athletic event in ancient Greece was given

a bunch of celery, much like flowers are given today. Celery is

a great source of potassium and fiber.

Did you know?

5


The clinic will be supported by a research and scientific

program that includes a proprietary test that can assay the

rate at which DNA damage is occurring within an individual.

This test will then serve as an objective benchmark to determine

the efficacy of antioxidants included in the Dole Scale nutrition

program being advocated at the clinic.

Health & Wellbeing Center

It is envisioned that a unique center will be created within

the overall complex where guests and visitors can access

interactive technology and support services to monitor and

improve their health.

A serene environment will encourage browsing in the well-

being exhibit gallery or in a variety of wellbeing retail stores

or taking a refreshing break at the healthy juice and snack bar.

Personal health coaches will serve as guides to exploring

various self-improvement programs and vacations.

Combined with the medical, diagnostic and personal care

services in other parts of the complex, a proprietary Wellbeing

Index will be used to assess health and wellness through both

The complex will consist of a 267-room five-star

hotel to be operated by a first class hotel and resort

company, a full-service luxury spa and fitness

facility, a comprehensive medical clinic and

diagnostic facility, a wellness center, as well as a

television studio with full production capability.

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CT scan and other body-scan imaging equipment, X-Ray

and ultrasound capabilities, a full medical laboratory, exam

suites, and an endoscopy suite. In addition, there will be

related health care professionals, such as physical

therapists and dieticians, on staff.


Television Studio

A state-of-the-art television production studio will develop and

offer programs that emphasize the importance of healthful

eating and the role that good food, nutrition, and exercise play

in living a long, healthy and productive life. Programs designed

to promote health and longevity will be created for guests to

follow during and after their visits to the center.

Conclusion

David H. Murdock, Chairman and CEO of Dole stated:

“It has long been my belief that Dole can play a crucial role

in helping consumers eat healthier and thus lead longer,

healthier and more vital lives. This new complex is an example

of Dole’s commitment to this goal.”

In addition to the wellness center in Westlake Village, it is

anticipated that wellness centers will be developed at the

Manele Bay Hotel and the Lodge at Koele on the Island of

Lana‘i, Hawaii. The Manele Bay Hotel, the Lodge at Koele

and the Wellness Center in Westlake Village are owned by an

affiliate of Dole.

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• One-quarter of a medium cantaloupe

provides more than 400 percent of your

daily vitamin A and nearly 100 percent of

your daily vitamin C.

• Most of the United States’ domestic

supplies of artichokes are grown in the midcoast region of

California. Artichokes are high in Vitamin C and fiber and

are a good source of folate.

Did you know?

body measures and self-reporting. The resulting Wellbeing Index

score, targeting what the center calls the four pillars of wellbeing,

identifies a baseline measurement for each enrolled guest.

Using this baseline diagnosis, wellbeing center personal

health coaches will suggest a program of life changes to

promote happiness, health and longevity. The areas of focus

include food and nutrition, physical fitness, recreation,

physical and emotional health and the latest in what science,

technology, communications and personal care can offer.


The Dole Nutrition InstituteHere is a look back at the year’s accomplishments, and a look

forward to future plans:

Dole Nutrition News: Launching an electronic newsletter

featuring the “Dole Diet Center”, “Nutrition News Desk”,

“Director’s Corner”, “Featured Recipe”, and the “Dole Spa”.

“Partners in Health” Pamphlet Series and Healthy Snack

Magnet: Publishing the first five brochures in a series

of seven ultimately to include: #1 Weight Loss, #2 Heart

Health, #3 Diabetes, #4 Kids’ Health, #5 Carb Confusion,

#6 Women’s Health, #7 Dole Spa and others.

Dole Employee Wellness Program: Implementing an

innovative wellness program for Dole headquarters

employees. A 60-member study group was established

to measure the program’s health impact.

Nutrition Sales and Marketing Conference: Teaching Dole

sales representatives how integrating nutrition into marketing

is an effective strategy.

Nutrition Literacy Survey: Polling 6,232 grade school

children to ascertain their level of nutrition know-how,

revealing confusion about obesity and its impact on health.

FDA Health Claim Advertisement: Promoting the Food and

Drug Administration’s newly-approved health claim with half-

page advertisements that ran in major newspapers nationwide.

Research Laboratory: Employing a manager for the Dole

Nutrition Research Laboratory and conducting phytochemical

analyses of produce.

Dole Nutrition Institute Website: Including Food Facts A-Z, 365

Days of Nutrition, Dole Spa, a Nutrition Quiz, and much more.

Looking ahead, the Institute plans on expanding the Dole

Nutrition News, expanding the Dole Nutrition Institute

website, launching a fresh fruit recipe contest and creating a

produce training video for retailers.

Jennifer A. Grossman, Vice President

Director, Dole Nutrition Institute

The Dole Nutrition Institute had a fruitful first

year, bringing to life new projects designed to

educate the public about the role of proper

nutrition in promoting health and preventing

disease. In particular, our efforts have focused

on researching and communicating the unique

potential of a plant-based diet to aid weight

loss, lower cholesterol and reduce the risk of

certain types of cancer, cardiovascular disease

and other chronic diseases.

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Dole Fresh VegetablesDole ArtichokesDole AsparagusDole BroccoliDole Brussels SproutsDole Butter LettuceDole CarrotsDole CauliflowerDole CeleryDole CilantroDole Green Leaf LettuceDole Fresh Bulb Onions –

yellow, red and whiteDole Green OnionsDole Sweet OnionsDole Iceberg LettuceDole Idaho PotatoesDole Portobello MushroomsDole RadishesDole Red Leaf LettuceDole Red PotatoesDole Romaine LettuceDole Russet PotatoesDole Shiitake MushroomsDole Sugar PeasDole White MushroomsDole White PotatoesDole Yukon Gold Potatoes

Dole Fresh-Cut VegetablesDole American Salad BlendDole Baby Spinach Salad BlendDole Baby Spinach

and Red Leaf Salad BlendDole Baby Spinach

and Radicchio Salad BlendDole Butter Lettuce Salad BlendDole European Salad BlendDole Field Greens Salad BlendDole French Salad BlendDole Hearts of Romaine Mix

Salad BlendDole Italian Salad BlendDole Mediterranean BlendDole Spring Mix Salad BlendDole Very Veggie® Salad BlendDole Caesar Salad KitDole Creamy Garlic

Caesar Salad KitDole Light Caesar Salad KitDole Romano Salad KitDole Sunflower Ranch Salad KitDole Angel Hair Cole SlawDole Classic Cole SlawDole Chopped Romaine SaladDole Classic Iceberg SaladDole Classic Romaine SaladDole Greener Selection® SaladDole Just Lettuce® SaladDole Organic Baby LettucesDole Organic Baby SpinachDole Organic Romaine Hearts

and RadicchioDole Organic Spring Mix

with HerbsDole Baby RomaineDole Leafy RomaineDole Peeled Mini-CarrotsDole Shredded Carrots

Dole Shredded LettuceDole Shredded Red CabbageDole Spinach

Dole Fresh FruitDole ApplesDole ApricotsDole AvocadosDole Baby BananasDole BananasDole Banana PureeDole CantaloupesDole CherriesDole ChayoteDole ClementinesDole CoconutsDole CranberriesDole GrapefruitDole GrapesDole Honeydew MelonsDole KiwisDole Malange (root)Dole MangoesDole NectarinesDole Oranges Dole Organic BananasDole Organic PineapplesDole PapayasDole PeachesDole PearsDole PineapplesDole PlantainsDole PlumsDole PomegranatesDole Premium Select® PineappleDole Red BananasDole StrawberriesDole Sweetio® BananasDole Sweetio™ PineappleDole Tropical Gold® PineappleDole Yuca

Dole Fresh-Cut Fruit Dole Fresh-Cut CantaloupeDole Fresh-Cut Fruit MixDole Fresh-Cut Honeydew MelonDole Fresh-Cut Melon MixDole Fresh-Cut Papaya HalvesDole Fresh-Cut Pineapple ChunksDole Fresh-Cut Pineapple

Cored & PeeledDole Fresh-Cut Pineapple

Cylinders Dole Fresh-Cut Pineapple RingsDole Fresh-Cut Pineapple SpearsDole Fresh-Cut Tropical Fruit MixDole Fresh-Cut Watermelon

Dole Packaged FoodsDole Aloe Vera (Solid)Dole Crushed Pineapple in Juice

or SyrupDole Deciduous Fruit

Cocktail in Juice or SyrupDole Fruit Bowls® –

Cherry Mixed Fruit Dole Fruit Bowls – Fruit Salad

with Extra CherriesDole Fruit Bowls – Peaches

Dole Fruit Bowls – PearsDole Fruit Bowls – Mixed FruitDole Fruit Bowls – PineappleDole Fruit Bowls – Tropical FruitDole Fruit Bowls – Mandarin

OrangesDole Fruit Bowls – Mixed Fruit

in Black Cherry GelDole Fruit Bowls –

Pineapple in Lime Gel Dole Fruit Bowls –

Mandarins in Orange GelDole Fruit Bowls –

Peaches in Strawberry GelDole Reduced Sugar Fruit Bowls

– Pears in Kiwiberry GelDole Fruit Festival Snack CupDole Fruit Salad with Extra

Cherries, Plastic CupDole Guava Halves Dole Guava in Syrup Dole Longans in SyrupDole Longans Snack CupDole Lychees in SyrupDole Mandarin Orange

Fruit CupsDole Mandarin OrangesDole Mandarin Orange

Segments Easy OpenDole Mango Slices

in Blended Juice or SyrupDole MushroomsDole Nata de Coco in SyrupDole Nata de Coco with

Jackfruit Snack CupDole Peach Halves in SyrupDole Pineapple ConcentrateDole Pineapple Cubes in SyrupDole Pineapple Grapefruit

Juice DrinkDole Pineapple JuiceDole Pineapple Juice BoxDole Frozen Pineapple JuiceDole Pineapple Juice DrinkDole Pineapple

Lychee Juice DrinkDole Pineapple Mandarin

Orange Banana JuiceDole Pineapple Orange JuiceDole Pineapple

Orange Juice BoxDole Pineapple

Orange Juice DrinkDole Pineapple Orange

Banana Juice BoxDole Pineapple Orange

Raspberry Juice BoxDole Pineapple Passion

Banana Juice BoxDole Pineapple Orange

Strawberry JuiceDole Pineapple Slices

in Juice or SyrupDole Pineapple Snack CupDole Pineapple Snack

Wedges Easy OpenDole Pineapple Strawberry

Juice DrinkDole Pineapple Tidbits for PizzaDole Pineapple Tidbits in Juice

Dole Plastic Jar – MandarinsDole Plastic Jar – Mixed FruitDole Plastic Jar – Pineapple

ChunksDole Plastic Jar – Sliced PeachesDole Plastic Jar – Tropical FruitDole Pouch – Pineapple Tidbits

in SyrupDole Pouch – Tropical Fruit

SaladDole Rambutan in SyrupDole Rambutan Snack CupDole Red Papaya

Chunks in Light SyrupDole Tomato SauceDole Tropical Fruit Cocktail

in Juice and SyrupDole Tropical Fruit Cocktail in

Syrup with Passion Fruit JuiceDole Tropical Fruit Juice BoxDole Tropical Fruit SaladDole Tropical Fruit Salad –

Easy OpenDole Tropical Pineapple Juice

BlendDole White AsparagusDole Yellow Papaya Chunks

in Syrup Seasons™ Pineapple JuiceSeasons Tropical Fruit Mix

Dole Fresh FlowersAlstroemeriaAster ButterflyAster MatsumotoAster MontecasinoBupleurumCampanulasCarnationsChinese CarnationsCremonsDelphiniumFarm BouquetsFootball MumsFreesiaGerberaGerspiderGypsophilaKangaroo PawsLimoniumLisianthusMicro PomponsMillion Stars GypsophilaMiniature CarnationsMonk’s HoodMumsPomponsRoses (Hybrid tea)Rover Mums – Fall onlySnapdragonsSolidagoSpider MumsSpray RosesStaticeStockSunflowersSweetheart Roses

Dole Worldwide Product List

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SourcingRipening/DistributionMarkets Corporate

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Food Operating Divisions

Europe and Africa

Belgium • Cameroon • Canary Islands • France • Germany • Ghana • Greece • Italy • Ivory Coast • Kenya • Morocco

Namibia • Netherlands • South Africa • Spain • Sweden • Turkey • United Kingdom • Zimbabwe

Latin America and Caribbean

Bermuda • Chile • Colombia • Costa Rica • Dominican Republic • Ecuador • Guadeloupe

Guatemala • Honduras • Jamaica • Martinique • Mexico • Peru

AsiaChina • Hong Kong • Japan • New Zealand • Philippines • South Korea • Thailand

North AmericaCanada • United States: Arizona, California, Florida, Hawaii, Ohio, Washington

Food Marketing Divisions

Europe and Middle East

Albania • Algeria • Austria • Azerbaijan • Bahrain • Belarus • Belgium • Bosnia • Bulgaria • Croatia • Czech Republic

Denmark • Estonia • Egypt • Finland • France • Georgia • Germany • Greece • Hungary • Iceland • India • Ireland • Israel

Italy • Jordan • Kazakhstan • Kuwait • Latvia • Lebanon • Lithuania • Luxembourg • Macedonia • Malta • Morocco • Netherlands • Norway

Oman • Poland • Portugal • Qatar • Romania • Russia • Saudi Arabia • Senegal • Slovakia • Slovenia • Spain • Sweden • Switzerland

Tajikistan • Tunisia • Turkey • Ukraine • United Arab Emirates • United Kingdom • Uzbekistan

Latin America and Caribbean

Argentina • Chile • Colombia • Costa Rica • Dominican Republic • Ecuador • Guatemala • Honduras

Mexico • Peru • Puerto Rico • Uruguay

Asia China • Hong Kong • Japan • New Zealand • Philippines • Singapore • South Korea • Thailand

North America Canada • United States

Dole Worldwide Operations

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Dole Food Company, Inc.

Business Review 2003

11


Introduction

Dole Food Company, Inc. was founded in Hawaii in 1851 and

was incorporated under the laws of Hawaii in 1894. Dole

reincorporated as a Delaware corporation in July 2001.

During fiscal year 2003, we had, on average, 36,000 full-time

permanent employees and 23,000 full-time seasonal or

temporary employees worldwide. Dole is the world’s largest

producer and marketer of high-quality fresh fruit, fresh

vegetables and fresh-cut flowers, markets a growing line

of packaged and frozen foods and is a produce industry

leader in nutrition education and research. Dole is a

leading producer and marketer of branded and non-branded

frozen fruit.

Overview

Dole is the world’s largest producer of fresh fruit, fresh

vegetables and fresh-cut flowers, and we market a growing

line of value-added products. We are one of the world’s

largest producers of bananas and pineapples, a leading

marketer of table grapes and citrus worldwide and an industry

leader in packaged and frozen food products, ready-to-eat

salads and vegetables. Our most significant products hold

the number one or number two positions in the respective

markets in which we compete.

We utilize product quality, food safety, brand recognition,

competitive pricing, customer service and consumer marketing

programs to enhance our position within the food industry.

Dole provides wholesale, retail and institutional customers

around the world with high-quality food products that bear

the DOLE® trademarks. The DOLE brand was introduced in

1933, and we believe it is one of the most recognized for fresh

and packaged produce in the United States, as evidenced by

our 42% unaided consumer brand awareness — twice that of

our nearest competitor, according to C.A. Walker and

Associates. Consumer and institutional recognition of the

DOLE trademarks and related brands and the association of

these brands with high-quality food products contribute signif-

icantly to our leading positions in the markets that we serve.

We source or sell over 200 products in more than 90 countries.

Our fully-integrated operations include sourcing, growing,

processing, distributing and marketing our products. Our

products are produced both directly on Dole-owned or leased

land and through associated producer and independent

grower arrangements under which we provide varying

degrees of farming, harvesting, packing, storing, shipping,

stevedoring and marketing services.

Industry

The worldwide fresh produce industry is characterized by

consistent underlying demand and favorable growth dynamics.

In recent years, the market for fresh produce has grown at a

rate above population growth, supported by ongoing trends

including greater consumer demand for healthy, fresh and

convenient foods, increased retailer square footage devoted

to produce, and increased emphasis on fresh produce as a

differentiating factor in attracting customers. According to

the United Nations’ Food and Agriculture Organization,

worldwide produce production grew 3.6% per annum from

814 million metric tons in 1990 to an estimated 1,244 million

in 2002. Total wholesale fresh produce sales in the United

States surpassed $80 billion in 2001, up from approximately

$35 billion in 1987, representing a 6.1% compounded annual

growth rate.

Health conscious consumers are driving much of the growth

in demand for fresh produce. Over the past 20 years, the

benefits of natural, preservative-free foods have become an

increasingly prominent element of the public dialogue on

health and nutrition. As a result, consumption of fresh fruit

and vegetables has increased markedly. According to the

United States Department of Agriculture (“USDA”),

Americans consumed 54 more pounds of fresh fruit and veg-

etables per capita in 2000 than they did in 1986. Time-starved

consumers are also demonstrating continued demand for

convenient, ready-to-eat products. Food manufacturers have

responded with new product introductions and packaging

innovations in segments such as bagged baby carrots and

ready-to-eat salads, contributing to industry growth. For

example, the US market for fresh-cut produce has increased

from an estimated $3 billion in 1994 to an estimated $11

billion in 2000. According to the International Fresh-cut

Produce Association, growth in the fresh-cut produce market

is forecasted to continue at a compound annual rate of 6.4%,

reaching approximately $15 billion by 2005.

12


Retail consolidation and the growing importance of food to

mass merchandisers are major factors affecting the food

manufacturing and fresh produce industries. As food retailers

have grown and expanded, they have sought to increase

profitability through value-added product offerings and in-

store services. As fresh produce has become a strategic focus,

retailers have expanded square footage dedicated to produce

departments by almost 7% per annum between 1994 and

1999. This development has led to an increase in produce

sales as a percentage of total supermarket sales, from 8.8% in

1987 to 9.8% in 2001, according to the Food Marketing

Institute. The fresh produce category is also attractive to

retailers due to its higher margins. According to the USDA’s

Agriculture Information Bulletin No. 758, gross margins for

the produce department were 33% compared to a 26%

average for the entire store in 1997. Fully-integrated produce

companies, such as Dole, are well positioned to meet the

needs of large retailers through the delivery of consistent,

high-quality produce, reliable service, competitive pricing

and innovative products. Established produce companies

have sought to strengthen relationships with leading retailers

through value-added services such as banana ripening and

distribution, category management, branding initiatives and

establishment of long-term supply agreements.

Competitive Strengths

Our competitive strengths have contributed to our strong

historical operating performance and should enable us to

capitalize on future growth opportunities:

• Market Share Leader. Our most significant products hold

the number one or number two positions in the respective

markets in which we compete. We maintain number one

market share positions in global bananas, winter fruits

exported from Chile, and in North American iceberg lettuce,

celery, cauliflower, ready-to-eat salads and packaged fruit

products, including our line of fruit cups called FRUIT

BOWLS® and FRUIT-N-GEL BOWLS™. In addition, we

believe that we are the only fully-integrated fresh-cut flower

and bouquet supplier of our size in North America.

• Strong Global Brand. Consumer and institutional recognition

of the DOLE trademark and related brands and the association

of these brands with high-quality food products contribute

significantly to our leading positions in each of the markets

that we serve. By implementing a global marketing program,

we have made the distinctive red “DOLE” letters and sun-

burst a familiar symbol of freshness and quality recognized

around the world. We believe that opportunities exist to

leverage the DOLE brand through product extensions and

new product introductions.

• Low-Cost Production Capabilities. We believe we are one of

the lowest-cost producers of many of our major product

lines, including bananas, North American fresh vegetables

and ready-to-eat salads and packaged fruit products. Over

the last several years, we have undertaken various initiatives

to achieve this low-cost position, including closing facilities,

centralizing our raw material purchasing and leveraging our

global logistics infrastructure more efficiently. We plan to

maintain these low-cost positions through a continued focus

on operating efficiency.

• State-of-the-Art Infrastructure. We have made significant

investments in our production, processing, transportation

and distribution infrastructure with the goal of efficiently

delivering the highest quality and freshest product to our

customers. We own or lease approximately 120,000 acres of

land worldwide, over 50 processing, ripening and distribution

centers, and the largest dedicated refrigerated containerized

shipping fleet in the world, comprising 21 ships and

approximately 10,800 refrigerated containers. The investments

in our infrastructure should allow for continued growth

without the need for sizable capital expenditures in the

near term. In addition, our market-leading logistics and

distribution capabilities allow us to act as a preferred fresh

and packaged food provider to leading global supermarkets

and mass merchandisers.

• Diversity of Sourcing Locations. Dole currently sources its

fresh fruits, vegetables and fresh-cut flowers in 28 countries

and distributes products in more than 90 countries. We are

not dependent on any one country for the sourcing of any of

our products. The largest concentration of production is in

Ecuador, where we sourced approximately one-third of our

Latin bananas in 2003. The diversity of our production

sources reduces our risk from exposure to natural disasters

and political disruptions in any one particular country.

13


• Experienced Management Team. Our management team has

a demonstrated history of delivering strong operating results

through disciplined execution. The current management team

has been instrumental in our continuing drive to transform Dole

from a production driven company into a marketing driven one.

In addition, the management team led our recent company-wide

restructuring and improvement initiatives.

Business Segments

Dole has four primary business segments: fresh fruit, fresh

vegetables, packaged foods, and fresh-cut flowers. The fresh

fruit segment contains several operating units that

produce and market fresh fruit to wholesale, retail and

institutional customers worldwide. The fresh vegetables

segment contains several operating units that produce and

market commodity vegetables and ready-to-eat packaged

vegetables to wholesale, retail and institutional customers

primarily in North America, Europe and Asia. The packaged

foods segment contains several operating units that

produce and market packaged foods, including fruit, juices,

snack foods and frozen food. Our fresh-cut flowers segment

sources, imports and markets fresh-cut flowers, grown mainly

in Colombia and Ecuador, primarily to wholesale florists and

retail grocers in the United States.

Fresh Fruit

Our fresh fruit business segment has four primary operating

units: bananas, fresh pineapple, European Ripening &

Distribution and Dole Chile. We believe that we are the

industry leader in growing, sourcing, shipping and distributing

consistently high-quality fresh fruit.

Bananas

Dole is the world’s largest producer of bananas, growing and

selling more than 120 million boxes of bananas annually. We

sell most of our bananas under the DOLE brand. We primarily

sell bananas to customers in North America, Europe and Asia.

We are the number one brand of bananas in both North

America and Japan and the number two brand in Europe. In

Latin America, our bananas are primarily sourced in

Honduras, Costa Rica, Ecuador, Colombia, Guatemala and

Peru. Bananas produced by us in Latin America are shipped

primarily to North America and Europe on our refrigerated,

containerized shipping fleet. In Asia, we source our bananas

primarily in the Philippines.

Consistent with our strategy to focus on value-added

products, we have continued to expand our focus on higher

margin, niche bananas. While the traditional “green” bananas

still comprise the majority of our banana sales, we have

successfully introduced niche bananas such as organic, low

chemical and sweet bananas. We have found that organic

produce is a growing category in North America and Europe

and there is a strong demand for low chemical and sweet

bananas in Asia.

Fresh Pineapples

We are the number two global producer of fresh pineapples,

growing and selling more than 20 million boxes annually. We

sell our pineapples globally and source them from company-

operated farms and independent growers in Latin America,

Hawaii, the Philippines and Thailand. We produce and sell

two principal varieties of pineapples: the Champaka (or

green) pineapple and the sweet yellow pineapple. The

Champaka pineapple, traditionally the most widely available

type of pineapple, is primarily sold to the foodservice sector

and is also used in our packaged products. The sweet yellow

pineapple was introduced in 1999 under the DOLE

PREMIUM SELECT® label; we also market a substantial

portion of the fruit under the DOLE TROPICAL GOLD®

label. The sweet yellow pineapple sells for a higher price than

the Champaka, which translates into a higher margin for us

and our customers.

European Ripening & Distribution

Our European Ripening & Distribution business distributes

DOLE and non-DOLE branded fresh produce in Europe.

This business operates approximately 48 sales and distribution

centers in nine countries, predominantly in Western Europe.

This business assists us in firmly establishing customer

relationships in Europe. We own 60% of Scandinavia’s

leading importer and distributor of fruit, vegetables and

flowers, with imports from more than 60 countries.

14


Dole Chile

We began our Chilean operations in 1982 and have grown to

become the largest exporter of Chilean fruit. We export

grapes, apples, pears, stone fruit (e.g., peaches and plums)

and kiwifruit. The weather and geographic features of Chile

are similar to those of the Western United States, with

opposite seasons. Accordingly, Chile’s harvest is counter-

seasonal to that in the Northern Hemisphere, offsetting the

seasonality in our other fresh fruit. We primarily export

Chilean fruit to North America, Latin America and Europe.

Fresh Vegetables

Our fresh vegetables business segment operates two units:

commodity and value-added. We source our fresh vegetables

from company-owned and contracted farms. To satisfy the

increasing demand for our products, we have continued to

expand production and distribution capabilities of our fresh

vegetables segment. We have recently completed expansion

projects at our Springfield, Ohio and Yuma, Arizona ready-

to-eat salad and vegetable facilities.

Commodity Vegetables

We source, harvest, cool, distribute and market more than 20

different types of fresh vegetables, including iceberg lettuce,

red and green leaf lettuce, romaine lettuce, butter lettuce,

celery, cauliflower, broccoli, carrots, brussels sprouts, green

onions, asparagus, snow peas and artichokes. We sell our

commodity vegetable products primarily in North America,

Asia and, to a lesser extent, Western Europe. In North

America, we are the number one provider of lettuce, celery

and cauliflower.

Value-Added

Our value-added vegetable products include ready-to-eat

salads, bagged baby carrots, broccoli florets, and cauliflower

florets. In 2003, consumers purchased more of our ready-to-

eat salads than any other brand.

Packaged Foods

Our packaged food segment produces canned pineapple,

canned pineapple juice, fruit juice concentrate and fruit in

plastic cups and pouches. All of our significant packaged

food products hold the number one market position in

North America.

Our FRUIT BOWLS products were introduced in 1998 and

continue to exceed our volume and share expectations. The

trend towards convenience and healthy snacking has been

responsible for the explosive growth in the plastic fruit cup

category, which is now larger than the applesauce cup and

gelatin cup categories.

Dole recently completed the acquisition of J.R. Wood, Inc.,

a leading producer and marketer of branded, foodservice,

industrial and non-branded frozen food products.

Fresh-Cut Flowers

We entered the fresh-cut flowers business in 1998 and are

now the largest producer of fresh flowers in Latin America

with over 90% of our Latin American flowers shipped into

North America. Our products include over 800 varieties of

fresh-cut flowers such as roses, carnations and Alstroemeria.

We are the only flower importer with guaranteed daily

deliveries by air. Immediately after harvesting, our flowers

are flown to our Miami facilities where temperatures are

maintained at consistent levels in all warehouse and production

operations. Maintaining the cold chain enables us to deliver

the freshest and healthiest flowers to the market.

Global Logistics

We have significant owned and operated food sourcing and

related operations in Chile, Colombia, Costa Rica, Ecuador,

Guatemala, Honduras, Japan, the Philippines, Thailand and

the United States. We also source food products in Algeria,

Argentina, Australia, Brazil, Cameroon, China, Greece, Italy,

Ivory Coast, Mexico, New Zealand, Peru, South Africa, South

Korea, Spain, Tunisia and Turkey. Significant volumes of

Dole’s fresh fruit and packaged products are marketed in

Canada, Western Europe, Japan and the United States, with

lesser volumes marketed in Australia, China, Hong Kong,

New Zealand, South Korea, and certain other countries in

Asia, Eastern Europe, Scandinavia, the Middle East and

Central and South America.

15


Research and Development

Our research and development programs concentrate on

sustaining the productivity of our agricultural lands, food

safety, product quality of existing products and the

development of new value-added products, as well as

agricultural research and packaging design. Agricultural

research is directed toward sustaining and improving

product yields and product quality by examining and

improving agricultural practices in all phases of production

(such as development of specifically adapted plant varieties,

land preparation, fertilization, cultural practices, pest and

disease control, post-harvesting, handling, packing and

shipping procedures), and includes on-site technical services

and the implementation and monitoring of recommended

agricultural practices. Research efforts are also directed towards

integrated pest management and biological pest control.

Specialized machinery is developed for various phases of agri-

cultural production and packaging that reduces labor costs,

improves productivity and efficiency and increases product

quality. Agricultural research is conducted at field facilities

primarily in California, Hawaii, Latin America and Asia. We also

sponsor research related to environmental improvements and

the protection of worker and community health.

Management

Below is a list of the names and brief employment history of

the officers and senior management of Dole as of July 29, 2004.

David H. Murdock, Chairman of the Board and Chief

Executive Officer. Mr. Murdock joined the Company as

Chairman of the Board and Chief Executive Officer in July

1985. He was also President from February to July 2004. He

has been Chairman of the Board, Chief Executive Officer and

Director of Castle & Cooke, Inc., a Hawaii corporation, since

October 1995 (indirectly wholly-owned by Mr. Murdock

since September 2000). Since June 1982, he has been

Chairman of the Board and Chief Executive Officer of Flexi-Van

Leasing, Inc., a Delaware corporation wholly-owned by Mr.

Murdock. Mr. Murdock also is the sole owner and developer

of the Sherwood Country Club in Ventura County,

California, and numerous other real estate developments, and

is the sole stockholder of numerous corporations engaged in

a variety of business ventures and in the manufacture of

industrial and building products.

Richard J. Dahl, President and Chief Operating Officer. Mr.

Dahl became Dole’s President and Chief Operating Officer in

July 2004. He was promoted to Senior Vice President and

Chief Financial Officer in July 2003 and became a director of

Dole in April 2003. Mr. Dahl joined Dole as Vice President

and Chief Financial Officer in June 2002, after serving as

President and Chief Operating Officer of Pacific Century

Financial Corporation and Bank of Hawaii. Prior to Pacific

Century, Mr. Dahl held various positions at Ernst & Young.

He holds a B.S. in Accounting from the University of Idaho

and is a Certified Public Accountant.

C. Michael Carter, Executive Vice President, General Counsel

and Corporate Secretary. Mr. Carter became Dole’s Executive

Vice President, General Counsel and Corporate Secretary in

July 2004. He was promoted to Senior Vice President,

General Counsel and Corporate Secretary in July 2003 and

became a director of Dole in April 2003. Mr. Carter joined

the Company in October 2000 as Vice President, General

Counsel and Corporate Secretary. Prior to his employment

by Dole, Mr. Carter had served as Executive Vice President,

General Counsel and Corporate Secretary of Pinkerton’s

Inc. Prior to Pinkerton’s, Inc., Mr. Carter held positions

at Concurrent Computer Corporation, Nabisco Group

Holdings, The Singer Company and the law firm of Winthrop,

Stimson, Putnam and Roberts. He holds a B.S. from the

University of California at Berkeley and a J.D. from George

Washington University.

Scott A. Griswold, Executive Vice President, Corporate

Development. Mr. Griswold was promoted to Executive Vice

President, Corporate Development, in July 2004. He became

Dole’s Vice President, Acquisitions and Investments, in July

2003 and joined Dole’s Board of Directors in April 2003. Mr.

Griswold has been Executive Vice President of Finance of

Castle & Cooke, Inc., which is indirectly wholly-owned by

Mr. Murdock, since 2000. Since 1987, he has served as an

officer and/or director of various companies held by Mr.

Murdock. Mr. Griswold holds a B.A. from Luther College.

Roberta Wieman, Executive Vice President, Chief of Staff.

Ms. Wieman became Dole’s Executive Vice President, Chief

of Staff in July 2004 and joined Dole’s Board of Directors in

April 2003. She joined the Company in November 1991 as

Executive Assistant to the Chairman of the Board and Chief

16


Executive Officer and was promoted to Vice President in

February 1995. She has also served as an officer and/or

director of various companies held by Mr. Murdock.

Sue Hagen, Senior Vice President, Human Resources. Ms.

Hagen became Dole’s Senior Vice President, Human

Resources, in July 2004. She was promoted to Vice President,

Human Resources, in April 2003. She was Vice President,

Human Resources, North America Operations, from January

2000 to March 2003. Ms. Hagen joined the Company in June

1986. She holds a B.S. from the University of Redlands and an

M.B.A. from the University of Southern California.

Javier H. Idrovo, Senior Vice President, Strategy. Mr. Idrovo

became Dole’s Senior Vice President, Strategy, in July 2004. He

joined the Company in 2001 as Vice President, Strategy. He

previously worked as a Manager for Boston Consulting Group.

Mr. Idrovo holds a B.S. and M.S. in Engineering from Harvey

Mudd College, and an M.B.A. from Harvard Business School.

Jeffrey B. Conner, Vice President, Associate General Counsel

and Assistant Secretary. Mr. Conner became Dole’s Vice

President, Associate General Counsel and Assistant Secretary

in July 2003. He joined Dole in January 2001 as Associate

General Counsel. Mr. Conner also serves as Division General

Counsel for Dole’s Worldwide Vegetable Division. Prior to

joining Dole, he practiced law at the law firm of Gibson,

Dunn & Crutcher. Mr. Conner holds a B.A. from the

University of California, Los Angeles, a Ph.D. in Economics

from Harvard University and J.D. from Harvard University.

Yoon J. Hugh, Vice President, Corporate Controller and Chief

Accounting Officer. Ms. Hugh joined the Company in

December 2001 as Assistant Corporate Controller and was

promoted to Corporate Controller and Chief Accounting

Officer in October 2002 and to Vice President, Corporate

Controller and Chief Accounting Officer in July 2003. Prior to

joining Dole, she was with PricewaterhouseCoopers LLP for

approximately 10 years. Ms. Hugh holds a B.A. in Business/

Economics from the University of California, Los Angeles.

Beth Potillo, Vice President and Treasurer. Ms. Potillo became

Vice President and Treasurer of Dole in July 2003. She

joined the Company in 1986. She was Manager of Financial

Planning from January 1995 to July 1995. She held the

position of Manager of Corporate Finance from July 1995 to

July 1997. She became Assistant Treasurer of Dole in July

1997, and Treasurer of Dole in November 1998. Ms. Potillo

holds a B.M. from Southern Illinois University and an

M.B.A. from the University of California, Los Angeles.

Joseph S. Tesoriero, Vice President and Chief Financial

Officer. Mr. Tesoriero became Dole’s Vice President and Chief

Financial Officer in July 2004. He joined the Company in

October 2002 as Vice President, Taxes. From July 1998 to

September 2002, Mr. Tesoriero was Senior Vice President of Tax

with Global Crossing Services Company, Inc. Prior to Global

Crossing, he held various tax-related positions with The

Coleman Company, Inc., Revlon, Inc., International Business

Machines and Deloitte Haskins & Sells. Mr. Tesoriero holds a

B.S. in Accounting from Villanova University, a J.D. from New

York Law School and an LL.M. in Tax from Boston University

School of Law.

Jonathan Y. Bass, Vice President and General Manager,

Chilean Division. Mr. Bass joined the Company in 1977 as

Manager of Financial Analysis in the Costa Rican banana

division. He held various financial and operational positions

in the Latin American banana organization and was

ultimately promoted to Vice President for Banana

Production. Mr. Bass was appointed Vice President and

General Manager of the Chilean Division in 1989. He holds

a B.S. from the University of North Carolina and an M.B.A.

from the University of Hawaii.

Michael J. Cavallero, President, North America Tropical

Fresh Fruit. Mr. Cavallero joined the Company in 1974 as a

technical service representative with the Fresh Marketing

organization where he held various positions before transferring

to Fresh Vegetables in 1986 as Vice President, Sales. In 1992,

he was promoted to Vice President, Sales and Marketing,

North America. He was promoted to President, North

America Tropical Fresh Fruit in March 2001. Mr. Cavallero

holds a B.A. from San Francisco State University.

William F. Feeney, President, Dole Europe. Mr. Feeney joined

the Company in 1981 as Vice President and General Manager

of Chile. He became President and Managing Director of

Dole Europe in 1990 with the creation of a European head-

quarters, which has been in Paris since 1993. Mr. Feeney

holds a B.S. from the U.S. Naval Academy and an M.B.A.

from Columbia University.

17


Richard A. Harrah, President, Dole Latin America.

Mr. Harrah joined the Company in 2000 as Vice President of

Operations for Dole Fresh Flowers, and was appointed

President of Dole Latin America in July 2001. He previously

worked for Noboa Corporation as Chief Financial Officer

and as Chief Operating Officer. Prior to Noboa, Mr. Harrah

also held positions with Geest and Del Monte Fresh Produce.

Mr. Harrah holds a B.A. from the University of Redlands and

an M.B.A. from the University of Southern California.

Peter M. Nolan, President, Worldwide Packaged Foods.

Mr. Nolan joined the Company in 1992 as Senior Vice

President, Sales and Marketing for North America and

became President of Packaged Foods in 1995. He was

promoted to President, North America Operations in 2000,

and was subsequently promoted to President, Worldwide

Packaged Foods. Mr. Nolan previously worked for Van De

Kamp’s Frozen Foods and Vlasic Foods, as well as Sanwa

Food. He holds a B.S. from Boston University.

James Prideaux, President, Dole Asia. Mr. Prideaux joined the

Company as Chief Financial Officer of Dole Asia in July 2000.

He became acting President in June 2003 and was named

President in February 2004. Prior to joining Dole, Mr. Prideaux

held various financial positions with Atlantic Richfield

Company (ARCO). He holds a B.B.A. from Birmingham

University, England, and is a Chartered Accountant.

John T. Schouten, President, Dole Fresh Flowers.

Mr. Schouten joined the Company in 1985 and held various

positions in the sales and production organizations of Dole

Fresh Vegetables. He was promoted to Senior Vice President

and General Manager, Commodity Operations in 2000, and

was promoted to President, Dole Fresh Flowers, in May 2002.

Mr. Schouten holds a B.A. from the University of Oregon.

Eric M. Schwartz, President, Worldwide Vegetables.

Mr. Schwartz joined Dole in 1993 as Plant Manager, Dole

Fresh Vegetables. He left the company in 1996 and returned

in 1998 as Vice President of Manufacturing, Dole Fresh

Vegetables. He most recently was Senior Vice President of

Operations at Dole Fresh Vegetables, and was promoted to

President, Worldwide Vegetables in March 2001. Mr.

Schwartz holds a B.S. from Pennsylvania State University.

Disclosure Regarding Forward-Looking Statements

(Cautionary Statements Under the Private Securities

Litigation Reform Act of 1995)

Some of the information included in this Annual Report and

other materials filed or to be filed by us with the Securities

and Exchange Commission (as well as information included

in oral statements or other written statements made or to be

made by us or our representatives) contains or may contain

forward-looking statements within the meaning of Section

27A of the Securities Act and Section 21E of the Securities

Exchange Act of 1934, as amended (the “Exchange Act”).

These statements can be identified by the fact that they do

not relate strictly to historical or current facts and may

include the words “may,” “could,” “should,” “would,”

“believe,”“expect,”“anticipate,”“estimate,”“intend,”“plan” or

other words or expressions of similar meaning. We have

based these forward-looking statements on our current

expectations about future events. The forward-looking

statements include statements that reflect management’s

beliefs, plans, objectives, goals, expectations, anticipations and

intentions with respect to our financial condition, results

of operations, future performance and business, including

statements relating to our business strategy and our current and

future development plans.

Our website address is www.dole.com. For detailed financial

information with respect to Dole’s business and its operations,

see Dole’s Consolidated Financial Statements and the related

Notes to Consolidated Financial Statements, which are

included in Dole’s Form 10-K.

18


Dole Food Company, Inc. Operating Division Officers (Seated, right to left): David H. Murdock, Jonathan Y. Bass, Michael J. Cavallero(Standing, right to left): James Prideaux, William F. Feeney, Peter M. Nolan, Richard A. Harrah, Eric M. Schwartz

Dole Food Company, Inc. Officers and Operating Division Officers

Dole Food Company, Inc. Officers(Seated, right to left): David H. Murdock, Sue Hagen, Javier H. Idrovo(Standing, right to left): C. Michael Carter, Beth Potillo, Richard J. Dahl, Roberta Wieman, Scott A. Griswold, Yoon J. Hugh(Not pictured): Jeffrey B. Conner, Joseph S. Tesoriero

19


Directors

David H. MurdockChairman of the Board and Chief Executive OfficerDole Food Company, Inc.

C. Michael CarterExecutive Vice President, GeneralCounsel and Corporate SecretaryDole Food Company, Inc.

Andrew J. Conrad, Ph.D.Co-founder and Chief Scientific OfficerNational Genetics Institute

Richard J. DahlPresident and Chief Operating OfficerDole Food Company, Inc.

David A. DeLorenzoFormer Vice Chairman,President and Chief Operating OfficerDole Food Company, Inc.

Richard M. FerryFounder ChairmanKorn/Ferry International(international executive search firm)

Scott A. GriswoldExecutive Vice President,Corporate DevelopmentDole Food Company, Inc.Executive Vice President, FinanceCastle & Cooke, Inc.

David H. Murdock, Jr.Chief Executive Officer and PresidentJEDCO (home builder)Vice President of DevelopmentCastle & Cooke, Inc.

Justin M. MurdockVice President of InvestmentsCastle & Cooke, Inc.

Edward C. RoohanPresident and Chief Operating OfficerCastle & Cooke, Inc.

Roberta WiemanExecutive Vice President, Chief of StaffDole Food Company, Inc.Executive Vice President and Corporate Secretary Castle & Cooke, Inc.

Officers

David H. MurdockChairman of the Boardand Chief Executive Officer

Richard J. DahlPresident and Chief Operating Officer

C. Michael CarterExecutive Vice President, GeneralCounsel and Corporate Secretary

Scott A. GriswoldExecutive Vice President,Corporate Development

Roberta WiemanExecutive Vice President, Chief of Staff

Sue HagenSenior Vice President,Human Resources

Javier H. IdrovoSenior Vice President, Strategy

Jeffrey B. ConnerVice President, Associate GeneralCounsel and Assistant CorporateSecretary

Yoon J. HughVice President, Controller andChief Accounting Officer

Beth PotilloVice President and Treasurer

Joseph S. TesorieroVice President and Chief Financial Officer

Operating Division Officers

James PrideauxPresident, Dole Asia

William F. FeeneyPresident, Dole Europe

Richard A. HarrahPresident, Dole Latin America

Peter M. NolanPresident, Dole WorldwidePackaged Foods

Eric M. SchwartzPresident, Dole WorldwideFresh Vegetables

John T. SchoutenPresident, Dole Fresh Flowers

Michael J. CavalleroPresident, Dole North AmericaTropical Fresh Fruit

Jonathan Y. BassVice President and General Manager,Dole Chile

Dole Food Company, Inc. Directors, Officers and Operating Division Officers

20

DOLE Fresh-Cut Fruit Mix is an integral offering in Dole’s

new fresh-cut fruit line. Combining everyday favorites such as

cantaloupe, honeydew and grapes, DOLE Fresh-Cut Fruit

Mix brings consumers the refreshing fruits they love in the

convenient formats their busy lives demand. Available in 12

oz. and 24 oz. fully recyclable, clear plastic containers. Also available are fresh-cut can-

teloupe, watermelon, honeydew, melon mix, pineapple rings, pineapple chunks, and

cored and peeled pineapple.

DOLE® Fresh-Cut Fruit Mix


The Company

Founded in Hawaii in 1851, Dole Food Company, Inc. isthe largest producer and marketer of high-quality freshfruit, fresh vegetables and fresh-cut flowers, markets a growing line of packaged and frozen foods, and is a produceindustry leader in nutrition education and research. TheCompany does business in more than 90 countries and employs approximately 59,000 people in full-time permanent or full-time seasonal or temporary positions.

Corporate Headquarters

One Dole DriveWestlake Village, CA 91362818-879-6600

Auditors

Deloitte & Touche LLP350 South Grand AvenueLos Angeles, CA 90071

Investment Community Inquiries

Members of the investment community should directinquiries to:

Office of the Chief Financial OfficerDole Food Company, Inc.One Dole DriveWestlake Village, CA 91362818-879-6600E-mail address: [email protected]

Other Inquiries

For other information requests, direct the inquiry to:Office of the Corporate SecretaryDole Food Company, IncOne Dole DriveWestlake Village, CA 91362818-879-6814E-mail address: [email protected]

Internet Addresses

http://www.dole.com http://www.dole5aday.comhttp://www.dolenutritioninstitute.com

Company Information

David H. Murdock accepts congratulations from CaliforniaGovernor Arnold Schwarzenegger at the groundbreaking ceremonyfor the Dole Wellness Center, Spa and Hotel held March 12, 2004.

• Orange carrots have been grown in the

United States since colonial times. Raw carrots

are an excellent source of beta-carotene,

which is converted into vitamin A, and are a

good source of fiber.

• Grapefruit may have originated in China 4,000 years ago.

Grapefruit is high in vitamin C and contains antioxidants that

may help prevent certain forms of cancer.

Did you know?

Dole Food Company, Inc.www.dole.com www.dole5aday.com www.dolenutritioninstitute.com


dole 2003 annual

Economy & Finance