Overview (cont’d)

Significant highlights for Dole Food Company, Inc. and its consolidated subsidiaries (“Dole” or the Company”) for the year ended December 31, 2011 were as follows:

Revenues for 2011 were $7.2 billion, an increase of 5%. Revenues grew in all three of Dole’s reporting segments.

Operating income in 2011 was $229.6 million compared to $193.7 million in 2010, an increase of 19%. Excluding the $32.5 million gain on legal settlements recorded during 2010, operating income increased $68.5 million or 43%.

• Fresh Fruit. Operating income increased primarily as a result of improved banana performance worldwide. In addition, Dole’s European ripening and distribution and Chilean deciduous fruit businesses generated higher earnings.
• Fresh Vegetables. Operating income increased due to improved pricing and lower marketing expenditures in our packaged salads operations, partially offset by higher harvesting and growing costs in the fresh-packaged vegetables operations.
• Packaged Foods. Operating income was lower as improved pricing was offset by higher product costs and higher selling, marketing and general and administrative expenses worldwide.

Dole committed to a new restructuring plan during the third quarter of 2011 in the fresh fruit segment in Europe, Latin America and Asia. These restructuring efforts, coupled with our 2010 restructuring plan, will further reduce costs by realigning supply with demand. During fiscal 2011, Dole incurred total restructuring costs of $30.2 million. As a result of the two plans, Dole has recorded total restructuring charges of $51.6 million to date and expects to incur additional charges of $3.7 million during 2012. Cost savings realized for fiscal 2011 are estimated to be $38 million associated with the 2010 plan. During fiscal 2012, Dole expects to realize additional cost savings of $25 million related to the 2011 restructuring plan.

During the fourth quarter of 2011, Dole completed the sale of Dole Food España, S.A.U. (“Dole Spain”), to a subsidiary of Compagnie Financière de Participations, a company in which Dole holds a non-controlling 40% ownership interest.

Dole completed the acquisition of SunnyRidge Farm, one of the top blueberry companies in the United States, during the fourth quarter of 2011. Total consideration was $91.3 million, plus an earn-out payable in 2015 that will be between $0 and $15 million. Dole paid the consideration, less certain escrowed amounts, primarily from cash on hand, some of which was attributable to Dole’s third quarter 2011 refinancing transactions.