SINGAPORE, June 5 - Deutsche Bank has initiated coverage on Del Monte Pacific with a "buy" investment recommendation and a price target of S$0.90.

Del Monte Pacific Limited

Del Monte Pacific Posts Robust 66% Growth in Second Half Profits;

Full Year 2006 Results Return to Growth

? 4Q sales improved by 20% to US$83.2m while 2H sales grew by 19%4Q sales improved by 20% to US$83.2m while 2H sales grew by 19%

? Record full year sales of US$243.4m, up 9.5%Record full year sales of US$243.4m, up 9.5%

? 4Q PBIT margin increased to 15%, up 4 ppts4Q PBIT margin increased to 15%, up 4 ppts

? Net income jumped 62% in 4Q to US$9.2m and 13% for Full Year to US$21.0mNet income jumped 62% in 4Q to US$9.2m and 13% for Full Year to US$21.0m

? Final dividend of 0.97 US cents/share (1.48 SGD cents/share); Full Year payout of 75%Final dividend of 0.97 US cents/share (1.48 SGD cents/share); Full Year payout of 75%

Singapore, 23rd February 2007 ? Mainboard-listed Del Monte Pacific Limited (Bloomberg: DELM

SP, Reuters: DMPL.SI) reported record revenues for full year 2006 amounting to US$243.4

million, 9.5% higher than the previous year. Net income for the full year grew by 13% to US$21.0

million, reversing three years of profit declines.

Net income for the second half alone registered strong growth of 66%, the result of better volume,

brand-building programs, and transition cost-saving initiatives under the new management. This

reversed the 31% decline in first half net income, bringing full year results back to growth.

Del Monte Pacific was acquired by NutriAsia Pacific Ltd early last year. NutriAsia Pacific Ltd is the

joint venture company of the NutriAsia Group and San Miguel Corporation. The new management

team joined in March 2006.

"We are pleased with the robust performance in the second half of 2006. The Company is back

on the growth track and the momentum is very encouraging going into 2007," said Ramon S.

Ang, Chairman of DMPL.

the Fourth Quarter and Full Year Ended 31 December 2006

Del Monte Pacific Limited Fourth Quarter and Full Year 2006 Results Page 2 of 23

23rd February 2007rd February 2007

CONTENTS Page

Summary 3

Financial Highlights 4

Review of Operating Performance 4

Variance from Prospect Statement 5

Business Outlook 5

Review of Turnover and PBIT

By geographical segments 6

By business segments 7

Review of Cost of Goods Sold and Operating Expenses 9

Review of Group Assets and Liabilities 10

Share Capital 11

Cash Flow and Liquidity 11

Capital Expenditure 11

Dividends 12

Financial Statements

Profit and Loss Accounts 13

Balance Sheets 14

Statements of Changes in Equity 15

Statement of Cash Flows 17

Notes to the Financial Statements

1. Financial Highlights in Singapore Dollars 18

2. Audit 18

3. Accounting Policies 18

4. Group Segmental Reporting 19

5. Quarterly Turnover and PBIT Breakdown 21

6. Interested Person Transactions 21

7. Contingent Liabilities 21

Risk Management 22

Corporate Profile 23

For enquiries, please contact:

Jennifer Luy

Del Monte Pacific Limited

Tel: (65) 6324 6822

Fax: (65) 6221 9477

jluy@delmontepacific.com

Del Monte Pacific Limited c/o 78 Shenton Way, #26-01 Singapore 079120 Tel: (65) 6324 6822 www.delmontepacific.comwww.delmontepacific.com

Del Monte Pacific Limited Fourth Quarter and Full Year 2006 Results Page 3 of 23

23rd February 2007rd February 2007

Del Monte Pacific Posts Robust 66% Growth in Second Half Profits;

Full Year 2006 Results Return to Growth

? 4Q sales improved by 20% to US$83.2m while 2H sales grew by 19%4Q sales improved by 20% to US$83.2m while 2H sales grew by 19%

? Record full year sales of US$243.4m, up 9.5%Record full year sales of US$243.4m, up 9.5%

? 4Q PBIT margin increased to 15%, up 4 ppts4Q PBIT margin increased to 15%, up 4 ppts

? Net income jumped 62% in 4Q to US$9.2m and 13% for Full Year to US$21.0mNet income jumped 62% in 4Q to US$9.2m and 13% for Full Year to US$21.0m

? Final dividend of 0.97 US cents/share (1.48 SGD cents/share); Full Year payout of 75%Final dividend of 0.97 US cents/share (1.48 SGD cents/share); Full Year payout of 75%

Singapore, 23rd February 2007 ? Mainboard-listed Del Monte Pacific Limited (Bloomberg: DELM

SP, Reuters: DMPL.SI) reported record revenues for full year 2006 amounting to US$243.4

million, 9.5% higher than the previous year. Net income for the full year grew by 13% to US$21.0

million, reversing three years of profit declines.

Net income for the second half alone registered strong growth of 66%, the result of better volume,

brand-building programs, and transition cost-saving initiatives under the new management. This

reversed the 31% decline in first half net income, bringing full year results back to growth.

Del Monte Pacific was acquired by NutriAsia Pacific Ltd early last year. NutriAsia Pacific Ltd is the

joint venture company of the NutriAsia Group and San Miguel Corporation. The new management

team joined in March 2006.

"We are pleased with the robust performance in the second half of 2006. The Company is back

on the growth track and the momentum is very encouraging going into 2007," said Ramon S.

Ang, Chairman of DMPL.

Growth in the second half was strongest in the Philippines, reflecting improvements in volume,

the favourable impact of the Peso appreciation, cost savings from transition initiatives, growth of

processed fruits and a new focus on leveraging the Company?s beverage segment - a growing

category of which DMPL owns over 80% of the canned juice market.

This excellent sales growth accompanied gains in DMPL?s other markets. New businesses led by

Del Monte Pacific?s China-subsidiary Great Lakes and Del Monte Foods India also posted

significantly higher revenues, contributing US$14.3 million or 6% of the Group?s 2006 revenues.

The Company also expects strong contribution to its future earnings from the impact of its

ongoing cost efficiency program which to date has resulted in savings of US$1.3 million. The

program includes consolidation of tollpack operations, warehouse rationalization, improvements

in production and trucking scheduling, and reduction in packaging and agricultural input costs.

Working together with new owners NutriAsia and San Miguel resulted in significant operational

synergies. These include joint media purchase and DMPL?s provision of cattle fattening service to

San Miguel using pineapple pulp for additional revenues.

?We are encouraged that initiatives we put in place are starting to bear fruit,? says Joselito D.

Campos, Jr., Managing Director and CEO of DMPL. ?This is just the beginning and there will be

more business-building activities going forward. We are in discussions with San Miguel?s

subsidiary, National Foods, for DMPL to supply to the Australian and New Zealand markets. We

are also working closely with our Del Monte partners to come up with improved supply

agreements."

Moving forward, DMPL will continue to focus on better operating execution, improving the product

mix and widening opportunities to broaden availability and distribution of the Company?s key

brands.

Del Monte Pacific Limited Fourth Quarter and Full Year 2006 Results Page 4 of 23

23rd February 2007rd February 2007

Group performance will continue to improve as the full impact of volume-generating initiatives

coupled with the cost-saving program will be realised starting 2007. Barring any unforeseen

circumstances, Management expects the Group to outperform results achieved in 2006.

The Board has declared today a final dividend of 0.97 US cents (US$0.0097) per share,

representing a 75% payout of the Group?s net profit in the second half of 2006. Coupled with the

interim dividend of 0.49 US cents (US$0.0049), this translates to a 75% payout of full year profit.

FINANCIAL HIGHLIGHTS ? FOURTH QUARTER 2006 AND FULL YEAR 2006

For the three months

ended 31 Dec

YoY

Change

For the year

ended 31 Dec

YoY

Change

Amounts in US$?000 unless

otherwise stated11

2006 2005 (%) 2006 2005 (%)

Turnover 83,246 69,187 20.3 243,391 222,358 9.5

Gross profit2 26,662 16,568 60.9 62,839 58,569 7.383,246 69,187 20.3 243,391 222,358 9.5

Gross profit2 26,662 16,568 60.9 62,839 58,569 7.32 26,662 16,568 60.9 62,839 58,569 7.3

Gross profit margin (%) 32.0 23.9 8.1 ppt 25.8 26.3 (0.5 ppt)32.0 23.9 8.1 ppt 25.8 26.3 (0.5 ppt)

EBITDA 15,222 13,033 16.8 35,866 34,151 5.015,222 13,033 16.8 35,866 34,151 5.0

EBITDA margin (%) 18.3 18.8 (0.5 ppt) 14.7 15.4 0.7 ppt18.3 18.8 (0.5 ppt) 14.7 15.4 0.7 ppt

PBIT 12,775 7,687 66.2 28,622 24,517 16.712,775 7,687 66.2 28,622 24,517 16.7

PBIT margin (%) 15.3 11.1 4.2 ppt 11.8 11.0 0.8 ppt15.3 11.1 4.2 ppt 11.8 11.0 0.8 ppt

Net profit 9,160 5,645 62.3 21,037 18,616 13.09,160 5,645 62.3 21,037 18,616 13.0

Net profit margin (%) 11.0 8.2 2.8 ppt 8.6 8.4 0.2

Return on Equity (%) 5.3 3.5 1.8 ppt 12.1 11.7 0.411.0 8.2 2.8 ppt 8.6 8.4 0.2

Return on Equity (%) 5.3 3.5 1.8 ppt 12.1 11.7 0.45.3 3.5 1.8 ppt 12.1 11.7 0.4

Net cash/(debt) 7,832 18,366 (57.4) 7,832 18,366 (57.4)

Cash flow from/(used in)

operations7,832 18,366 (57.4) 7,832 18,366 (57.4)

Cash flow from/(used in)

operations

9,233

17,996

(48.7)

8,590

12,274

(30.0)

Capital expenditure 2,295 3,497 (34.4) 6,117 7,640 (19.9)2,295 3,497 (34.4) 6,117 7,640 (19.9)

(in US cents)

EPS 0.85 0.52 63.5 1.94 1.73 12.1

NAV per share 16.07 14.86 8.1 16.07 14.86 8.1

Operating cash flow per share 0.85 1.66 (48.8) 0.79 1.13 (30.1)

Dividend per share 0.97 0.98 (1.2) 1.46 1.29 13.00.85 0.52 63.5 1.94 1.73 12.1

NAV per share 16.07 14.86 8.1 16.07 14.86 8.1

Operating cash flow per share 0.85 1.66 (48.8) 0.79 1.13 (30.1)

Dividend per share 0.97 0.98 (1.2) 1.46 1.29 13.016.07 14.86 8.1 16.07 14.86 8.1

Operating cash flow per share 0.85 1.66 (48.8) 0.79 1.13 (30.1)

Dividend per share 0.97 0.98 (1.2) 1.46 1.29 13.00.85 1.66 (48.8) 0.79 1.13 (30.1)

Dividend per share 0.97 0.98 (1.2) 1.46 1.29 13.00.97 0.98 (1.2) 1.46 1.29 13.0

days days

Inventory (days) 74 72 2 93 93 -

Receivables (days) 28 26 2 38 33 5

Account Payables (days) 45 44 1 57 56 174 72 2 93 93 -

Receivables (days) 28 26 2 38 33 5

Account Payables (days) 45 44 1 57 56 128 26 2 38 33 5

Account Payables (days) 45 44 1 57 56 145 44 1 57 56 1

1The Company?s reporting currency is US dollars. See Notes to the Financial Statements number 1 for the Singaporedollar

equivalent table.The Company?s reporting currency is US dollars. See Notes to the Financial Statements number 1 for the Singaporedollar

equivalent table.

2 G&A expenses of Del Monte Philippines, Inc., a subsidiary of the Group, was previously reflected as part of Cost of

Sales. Starting 2006, this was moved to General and Administration line below Gross Profit to be consistent with the

presentation for the rest of the subsidiaries under the Group. Accordingly, prior year figure was restated.G&A expenses of Del Monte Philippines, Inc., a subsidiary of the Group, was previously reflected as part of Cost of

Sales. Starting 2006, this was moved to General and Administration line below Gross Profit to be consistent with the

presentation for the rest of the subsidiaries under the Group. Accordingly, prior year figure was restated.The Company?s reporting currency is US dollars. See Notes to the Financial Statements number 1 for the Singaporedollar

equivalent table.

2 G&A expenses of Del Monte Philippines, Inc., a subsidiary of the Group, was previously reflected as part of Cost of

Sales. Starting 2006, this was moved to General and Administration line below Gross Profit to be consistent with the

presentation for the rest of the subsidiaries under the Group. Accordingly, prior year figure was restated.G&A expenses of Del Monte Philippines, Inc., a subsidiary of the Group, was previously reflected as part of Cost of

Sales. Starting 2006, this was moved to General and Administration line below Gross Profit to be consistent with the

presentation for the rest of the subsidiaries under the Group. Accordingly, prior year figure was restated.

REVIEW OF OPERATING PERFORMANCE FOR THE 4Q AND FY 2006

Fourth Quarter

Group turnover for the fourth quarter grew 20% to US$83.2 million from US$69.2 million on the

back of strong sales in all the Company?s major markets. New businesses contributed US$4.7

million or 6% to total turnover, significantly higher than in the prior year quarter.

Sales in all major categories in the Philippines were up resulting in a 16% sales growth. Prices

increased by 7% coupled with the favourable impact of the 8% Peso appreciation on the

translation of Peso accounts to US Dollars.

Great Lakes contributed US$4.6 million, up from US$1.0 million in the prior year quarter, on

higher volume and reduced trade spending.

Del Monte Pacific Limited Fourth Quarter and Full Year 2006 Results Page 5 of 23

23rd February 2007rd February 2007

Group gross profit improved by 61% to US$26.7 million from US$16.6 million due to higher sales

and lower costs as a result of transition team initiatives. Gross margin jumped to 32%, up 8

percentage points.

Net income increased by 62% to US$9.2 million from US$5.6 million due to strong PBIT and

lower interest expenses.

The core products - processed products and beverages - which accounted for 98% of total

turnover in the fourth quarter, increased by 22% due to higher volume in all product categories

and improved prices. PBIT also improved 59% resulting from strong sales.

Non-processed products - mainly the non-core fresh pineapples and cattle business sold only in

Asia - which accounted for 2% of total turnover in the fourth quarter ? fell 21% due to lower

volume of fresh pineapple and cattle.

Asia Pacific contributed 72% to fourth quarter Group turnover. Turnover in Asia Pacific grew by

19% to US$60.3 million driven by the strong performance in the Philippines and China. The 8%

appreciation of the Peso also had a favourable impact on Peso-denominated sales when

translated to US Dollars. Great Lakes registered healthy growth.

PBIT in Asia Pacific for the fourth quarter was up 45% to US$9.1 million from US$6.3 million on

the back of higher sales and lower costs.

Turnover for Europe/North America in the fourth quarter, which accounted for 28% of total

turnover, posted 23% higher sales of US$23.0 million due to better volume and prices of

processed pineapple.

PBIT for Europe/North America more than doubled to US$3.7 million from US$1.4 million as a

result of improved turnover and lower costs.

Full Year

The Group?s turnover for the full year 2006 grew by 9.5% to US$243.4 million. Better

performance in the Philippines, North America and in the new businesses, more than offset weak

results in Europe. The new businesses contributed US$14.3 million or 6% of total turnover. The

new businesses still posted operating losses, although much lower than the prior year.

PBIT increased 17% to US$28.6 million primarily due to higher gross profit and lower exceptional

items this year as compared to last year. Net profit grew 13% to US$21.0 million from $18.6

million on the back of higher PBIT.

The Group?s net cash (cash and bank balances less borrowings) amounted to US$7.8 million as

at 31 December 2006 compared to US$18.4 million at 31 December 2005. The Group?s net cash

level was significantly reduced due to the Del Monte trademark settlement worth US$8.5m and

the acquisition of the remaining 11% stake in Abpak Company Ltd for US$1.3m. (Please refer to

Note 7 of the Company?s 2005 Annual Report for more details on the trademark settlement).

VARIANCE FROM PROSPECT STATEMENT

The full year results were better than earlier guidance that they would at least be comparable to

that of 2005.

BUSINESS OUTLOOK

Group performance will continue to improve as the full impact of volume-generating initiatives

coupled with the cost-saving program will be realised starting 2007. Barring any unforeseen

circumstances, Management expects the Group to outperform results achieved in 2006.

Del Monte Pacific Limited Fourth Quarter and Full Year 2006 Results Page 6 of 23

23rd February 2007rd February 2007

REVIEW OF TURNOVER AND PBIT

1. By geographical segments

In US$?000 Turnover PBIT

For the three months

ended 31 Dec

YoY

Change

For the three months

ended 31 Dec

YoY

Change

2006 2005 (%) 2006 2005 (%)

Asia Pacific 60,284 50,544 19.3 9,106 6,276 45.1

Europe/North America 22,962 18,643 23.2 3,669 1,411 160.0

Total 83,246 69,187 20.3 12,775 7,687 66.260,284 50,544 19.3 9,106 6,276 45.1

Europe/North America 22,962 18,643 23.2 3,669 1,411 160.0

Total 83,246 69,187 20.3 12,775 7,687 66.222,962 18,643 23.2 3,669 1,411 160.0

Total 83,246 69,187 20.3 12,775 7,687 66.283,246 69,187 20.3 12,775 7,687 66.2

In US$?000 Turnover PBIT

For the year

ended 31 Dec

YoY

Change

For the year

ended 31 Dec

YoY

Change

2006 2005 (%) 2006 2005 (%)

Asia Pacific 162,958 146,762 11.0 21,268 15,726 35.2

Europe/North America 80,433 75,596 6.4 7,354 8,791 (16.3)

Total 243,391 222,358 9.5 28,622 24,517 16.7162,958 146,762 11.0 21,268 15,726 35.2

Europe/North America 80,433 75,596 6.4 7,354 8,791 (16.3)

Total 243,391 222,358 9.5 28,622 24,517 16.780,433 75,596 6.4 7,354 8,791 (16.3)

Total 243,391 222,358 9.5 28,622 24,517 16.7243,391 222,358 9.5 28,622 24,517 16.7

See Notes to the Financial Statements number 4 for more details.

Asia Pacific

Asia Pacific accounted for 72% of Group turnover in the fourth quarter. Sales in this region

improved by 19% to US$60.3 million from US$50.5 million largely due to the strong performance

in the Philippines and China. This offset weak results in the non-processed product category.

Turnover in the Philippine market grew by 16% on increased prices of 7% coupled with the

favourable impact of the 8% Peso appreciation on the translation of Peso accounts to US Dollars.

The mixed fruit and beverage categories posted the highest turnover growth in the Philippines.

Great Lakes contributed US$4.6 million, up from US$1.0 million in the prior year quarter, on

higher volume and reduced trade spending.

Del Monte Foods India (DMFI) enjoyed higher sales versus the same quarter last year although

sales were not material yet as the operations in India continued to build scale. In the fourth

quarter, DMFI started selling mango puree to the Middle East, a major market for Indian mango

puree. It also built its exports customer base, with initial shipments to Europe made in the fourth

quarter.

Exports of Del Monte products into the Indian Sub-continent expanded. Pakistan, the Company?s

biggest export market in the Indian subcontinent, showed good prospects with over 30% sales

growth. A new market was also opened by appointing a distributor in Nepal importing Del MonteDel Monte products into the Indian Sub-continent expanded. Pakistan, the Company?s

biggest export market in the Indian subcontinent, showed good prospects with over 30% sales

growth. A new market was also opened by appointing a distributor in Nepal importing Del MonteDel Monte

202 juices from the Philippines and Del Monte 1-litre PET juices from Great Lakes in China.

PBIT in Asia Pacific for the fourth quarter improved by 45% to US$9.1 million from US$6.3 million

on the back of higher sales and lower costs. PBIT margin increased to 15.1% from 12.4% in the

same quarter last year.

For the full year period, Asia Pacific accounted for 67% of turnover. Turnover grew by 11% to

US$163.0 million from US$146.8 million mainly due to higher sales in the Philippines and in

China, which offset weak sales of non-processed products. Sales in the Philippines grew by 13%

on the back of higher prices, aided by the 8% Peso appreciation.Del Monte 1-litre PET juices from Great Lakes in China.

PBIT in Asia Pacific for the fourth quarter improved by 45% to US$9.1 million from US$6.3 million

on the back of higher sales and lower costs. PBIT margin increased to 15.1% from 12.4% in the

same quarter last year.

For the full year period, Asia Pacific accounted for 67% of turnover. Turnover grew by 11% to

US$163.0 million from US$146.8 million mainly due to higher sales in the Philippines and in

China, which offset weak sales of non-processed products. Sales in the Philippines grew by 13%

on the back of higher prices, aided by the 8% Peso appreciation.

Del Monte Pacific Limited Fourth Quarter and Full Year 2006 Results Page 7 of 23

23rd February 2007rd February 2007

Great Lakes? turnover in 2006 almost doubled to US$13.9 million from US$7.1 million on higher

volume and reduced trade spending. Great Lakes accounted for 8.5% of Asia Pacific turnover.

Great Lakes reduced its losses before interest and tax as compared to the prior year.

PBIT in Asia Pacific for the full year period rose 35% to US$21.3 million from US$15.7 million due

to higher sales and lower other operating expenses. PBIT margin increased to 13.1% from 10.7%

in the same period last year. New businesses ? China and India ? still posted losses although

lower than the prior year.

Europe/North America

Europe/North America comprised 28% of Group turnover in the fourth quarter. Sales in this region

grew by 23% to US$23.0 million from US$18.6 million due to higher volume and prices of

processed pineapple.

PBIT for Europe/North America more than doubled to US$3.7 million from US$1.4 million as a

result of improved turnover. PBIT margin rose to 16.0% from 7.6% in the same quarter last year.

For the full-year period, Europe/North America accounted for 33% of turnover. Turnover

increased by 6% to US$80.4 million from US$75.6 million as strong sales in North America offset

declines in Europe.

However, PBIT fell 16% to US$7.4 million from US$8.8 million due to the negative impact of the

Peso appreciation on costs and inflationary cost increases. PBIT margin decreased to 9.1% from

11.6% in 2005.

2. By business segments

In US$?000 Turnover PBIT

For the three months

ended 31 Dec

YoY

Change

For the three months

ended 31 Dec

YoY

Change

2006 2005 (%) 2006 2005 (%)

Processed Products 60,498 51,713 17.0 10,703 7,947 34.7

Beverages 21,176 15,492 36.7 2,117 106 n/m

Non-processed Products 1,572 1,982 (20.7) (45) (366) n/m

Total 83,246 69,187 20.3 12,775 7,687 66.260,498 51,713 17.0 10,703 7,947 34.7

Beverages 21,176 15,492 36.7 2,117 106 n/m

Non-processed Products 1,572 1,982 (20.7) (45) (366) n/m

Total 83,246 69,187 20.3 12,775 7,687 66.221,176 15,492 36.7 2,117 106 n/m

Non-processed Products 1,572 1,982 (20.7) (45) (366) n/m

Total 83,246 69,187 20.3 12,775 7,687 66.21,572 1,982 (20.7) (45) (366) n/m

Total 83,246 69,187 20.3 12,775 7,687 66.283,246 69,187 20.3 12,775 7,687 66.2

In US$?000 Turnover PBIT

For the year

ended 31 Dec

YoY

Change

For the year

ended 31 Dec

YoY

Change

2006 2005 (%) 2006 2005 (%)

Processed Products 165,770 151,442 9.5 22,415 18,042 24.2

Beverages 72,545 60,798 19.3 6,732 5,950 13.1

Non-processed Products 5,076 10,118 (49.8) (525) 525 n/m

Total 243,391 222,358 9.5 28,622 24,517 16.7165,770 151,442 9.5 22,415 18,042 24.2

Beverages 72,545 60,798 19.3 6,732 5,950 13.1

Non-processed Products 5,076 10,118 (49.8) (525) 525 n/m

Total 243,391 222,358 9.5 28,622 24,517 16.772,545 60,798 19.3 6,732 5,950 13.1

Non-processed Products 5,076 10,118 (49.8) (525) 525 n/m

Total 243,391 222,358 9.5 28,622 24,517 16.75,076 10,118 (49.8) (525) 525 n/m

Total 243,391 222,358 9.5 28,622 24,517 16.7243,391 222,358 9.5 28,622 24,517 16.7

See Notes to the Financial Statements number 4 for more details.

Processed Products

Processed products, our largest product category, contributed 73% to Group turnover in the

fourth quarter. This segment comprises of processed fruits and vegetables (pineapple, tropical

mixed fruit, tomato-based products), and other processed products such as pasta and

condiments. It also now includes sales of Del Monte-branded processed products such as

canned vegetable and deciduous fruits sourced from other Del Monte companies.

Del Monte Pacific Limited Fourth Quarter and Full Year 2006 Results Page 8 of 23

23rd February 2007rd February 2007

Turnover of processed products grew by 17% to US$60.5 million from US$51.7 million on higher

volume of 15% and increased prices of 2%. All product segments ? processed pineapple, mixed

fruits, tomato-based and other products ? registered higher sales, with the strongest performance

coming from processed pineapple and mixed fruits.

PBIT grew by 35% to US$10.7 million from US$7.9 million due to higher turnover and lower

costs. PBIT margin improved to 17.7% from 15.4%.

For the full year, processed products accounted for 68% of total turnover. Turnover increased by

9.5% to US$165.8 million from US$151.4 million due to strong sales of all the product segments

with the highest growth coming from mixed fruits.

PBIT rose 24% to US$22.4 million from US$18.0 million on the back of higher turnover and lower

other operating expenses, mitigating the negative impact of inflationary cost increases and the

strong Peso. PBIT margin increased to 13.5% from 11.9% in 2005.

Beverages

Beverages consist of juices, juice drinks, purees and juice concentrates. This segment accounted

for 25% of the Group?s turnover in the fourth quarter.

Turnover for this segment grew 37% to US$21.2 million from US$15.5 million due to strong sales

of juices in the Philippines and China.

Great Lakes contributed US$4.2 million to beverage sales, significantly higher than prior year

quarter. Beverage sales from Great Lakes accounted for 20% of total beverage turnover in the

fourth quarter.

PBIT was also up significantly to US$2.1 million from US$0.1 million and PBIT margin increased

to 10.0% from 0.7%. Great Lakes and Del Monte Foods India still registered losses, although

much lower than prior year quarter.

For the full year, beverage accounted for 30% of total turnover. Turnover for this segment

increased by 19% to US$72.5 million from US$60.8 million mainly due to higher sales of juices in

the Philippines and China and higher concentrate sales to North America. Great Lakes posted

strong sales of US$12.0 million, up 72%, on improved volume and reduced trade spending.

Consequently, Beverage PBIT for the full year grew by 13% to US$6.7 million from US$5.9

million. However, new businesses still posted losses. Beverage PBIT margin was slightly lower at

9.3% from 9.8%.

Non-processed Products

Accounting for 2% of Group turnover in the fourth quarter, non-processed products consist mainly

of the non-core cattle business and fresh pineapples, both sold only in Asia. The cattle operation

is used for the disposal of pineapple pulp.

Turnover for this segment dropped 21% to US$1.6 million from US$2.0 million as a result of

sharp volume declines for both cattle and fresh pineapple offsetting improved prices. This

resulted to losses before profit and tax; however, losses were substantially reduced as compared

to prior year quarter due to the favourable fair valuation of biological assets as required under IAS

41.

For the full year, turnover fell 50% to US$5.1 million from US$10.1 million due to lower volume

and prices for fresh pineapple and lower volume for cattle. PBIT was a loss of US$0.5 million

from a profit of US$0.5 million last year.

Del Monte Pacific Limited Fourth Quarter and Full Year 2006 Results Page 9 of 23

23rd February 2007rd February 2007

REVIEW OF COST OF GOODS SOLD AND OPERATING EXPENSES

% of Turnover For the three months

ended 31 Dec

For the year

ended 31 Dec

2006 2005 2006 2005

Cost of Goods Sold 68.0 76.1 74.2 73.7

Distribution and Selling Expenses 8.3 4.4 7.0 5.6

General and Administration Expenses 5.6 5.7 5.4 5.4

Other Operating Expenses 2.6 3.0 2.0 4.568.0 76.1 74.2 73.7

Distribution and Selling Expenses 8.3 4.4 7.0 5.6

General and Administration Expenses 5.6 5.7 5.4 5.4

Other Operating Expenses 2.6 3.0 2.0 4.58.3 4.4 7.0 5.6

General and Administration Expenses 5.6 5.7 5.4 5.4

Other Operating Expenses 2.6 3.0 2.0 4.55.6 5.7 5.4 5.4

Other Operating Expenses 2.6 3.0 2.0 4.52.6 3.0 2.0 4.5

Cost of Goods Sold

Cost of goods sold as a percentage of turnover decreased in the fourth quarter to 68.0% from

76.1% in the prior year quarter due to savings from transition team initiatives. For the full year,

cost of goods sold as a percentage of turnover increased to 74.2% from 73.7% due to increases

in raw materials, packaging, labour and energy costs, as well as the unfavourable impact of the

8% Peso appreciation.

Distribution and Selling Expenses

Distribution and selling expenses as a percentage of turnover increased in the fourth quarter and

for the full year due to higher spending in the Philippine and China markets. New TV ads were

aired in the Philippines for base products as well as new products.

General and Administration Expenses

General and administration expenses as a percentage of turnover was almost similar for the

fourth quarter of 2006 and the prior year period, and remained flat for the full year.

Other Operating Expenses

Other operating expenses as a percentage of turnover declined for both the fourth quarter and

the full year due to a number of large exceptional items in 2005.

For the fourth quarter of 2005, these included the US$0.8 million provision for off-specification

products and a US$1.3 million provision for doubtful debt.

For the full year 2005, these included:

? US$1.0 million provision for product disposalUS$1.0 million provision for product disposal

? US$1.8 million provision for off-specification productsUS$1.8 million provision for off-specification products

? US$0.5 million provision for an asset impairmentUS$0.5 million provision for an asset impairment

? US$1.1 million in additional tax assessmentsUS$1.1 million in additional tax assessments

? US$1.3 million provision for doubtful debt

Moreover, IAS 41 adjustments also had a favourable impact of US$0.3 million on the fourth

quarter?s other operating expenses. IAS 41 requires the Company to revalue biological assets at

fair value less point-of-sale costs. The relatively large fluctuations in cattle prices can significantly

affect the carrying value of this asset and thus impact the income statement.US$1.3 million provision for doubtful debt

Moreover, IAS 41 adjustments also had a favourable impact of US$0.3 million on the fourth

quarter?s other operating expenses. IAS 41 requires the Company to revalue biological assets at

fair value less point-of-sale costs. The relatively large fluctuations in cattle prices can significantly

affect the carrying value of this asset and thus impact the income statement.

In US$?000 For the three months

ended 31 Dec

YoY

Change

For the year

ended 31 Dec

YoY

Change

2006 2005 (%) 2006 2005 (%)

Other operating expenses

(before IAS 41)

2,490 2,018 23.4 4,861 9,628 (49.5)

Net changes in fair value

of biological assets that

remain unsold as at the

end of the period2,018 23.4 4,861 9,628 (49.5)

Net changes in fair value

of biological assets that

remain unsold as at the

end of the period

(259)

67

n/m

(5)

451

n/m

Other operating expenses

(after IAS 41)

2,231

2,085

7.0

4,856

10,079

(51.8)

Del Monte Pacific Limited Fourth Quarter and Full Year 2006 Results Page 10 of 23

23rd February 2007rd February 2007

REVIEW OF GROUP ASSETS AND LIABILITIES

Extract of Accounts with Significant Variances in US$?000 As at

31 Dec 2006 31 Dec 2005

Property, plant and equipment 56,198 54,562

Intangible assets 15,880 14,734

Other assets 6,865 6,398

Biological assets 44,451 40,067

Trade and other receivables 46,121 32,422

Finance liabilities 1,523 2,350

Trade and other payables 33,716 38,815

Current tax liabilities 4,070 1,764

Property, plant and equipment

Fixed assets increased compared to year-end 2005 due to higher capital expenditures for the

operations in Lulong, China.

Intangible assets

Intangible assets increased compared to year-end 2005 due to the goodwill arising from the

acquisition of the remaining 11% stake in Abpak Company Ltd on 11 July 2006. The goodwill

amounted to US$1.6 million.

Other assets

Other assets increased compared to year-end 2005 due to higher advances to landowners for

long-term leases of agricultural land plus the impact of the Peso appreciation.

Biological assets

Biological assets consist of deferred growing crops and livestock. Biological assets increased

compared to year-end 2005 due to higher deferred growing crop costs as a result of an increase

in land cultivation and the impact of Peso appreciation.

Trade and other receivables

Trade and other receivables increased compared to year-end 2005 due to higher quarter sales

volume and increased Value Added Tax receivable resulting from the implementation of the

Reformed Valued Added Tax (VAT) in the Philippines that came into effect on 1 February 2006.

Finance liabilities

Finance liabilities decreased compared to year-end 2005 due to the transfer of the current portion

of unpaid financial leases to accrued liabilities.

Trade and other payables

Trade and other payables decreased compared to year-end 2005 primarily due to the settlement

of trademark payable to Cirio.

Current tax liabilities

Current tax liabilities were significantly higher compared to year-end 2005 due to better fourth

quarter profits in the high-tax jurisdiction as well as higher corporate income tax rate of 35% from

32%, effective November 2005.

Del Monte Pacific Limited Fourth Quarter and Full Year 2006 Results Page 11 of 23

23rd February 2007rd February 2007

SHARE CAPITAL

Ordinary shares issued and fully paid-up share capital 31 Dec 2006 31 Dec 2005