Good day, ladies and gentlemen, and welcome to the Fresh Del Monte Produce Fourth Quarter 2013 Conference Call. (Operator Instructions). As a reminder, this call may be recorded. I would now like to introduce your host for today’s conference, Christine Cannella. You may begin.

Thank you, [Ashley]. Good morning everyone and welcome to Fresh Del Monte’s fourth quarter and full year 2013 conference call. Joining me today are, Mohammad Abu-Ghazaleh, Chairman and Chief Executive Officer; and Richard Contreras, Senior Vice President and Chief Financial Officer. This call complements our fourth quarter and full year 2013 press release we made public this morning. And you can find that release or register for future distributions by visiting our website at www.freshdelmonte.com and clicking on Investor Relations. This conference call is being webcast and will be available for replay approximately two hours after conclusion of this call. Our press release includes reconciliation of any non-GAAP financial measures we mention today to their corresponding GAAP measures. Before we start, please remember that matters discussed on today’s call may include forward-looking statements within the provisions of the Federal Securities Safe Harbor laws. Forward-looking statements involve risks and uncertainties, which are more fully described in today’s press release and our SEC filings. These risk factors may cause actual company results to differ materially. This call is a property of Fresh Del Monte Produce. Redistribution, retransmission or rebroadcast of this call in any form without our written consent is strictly prohibited. Let me turn this call over to Mohammad.

Thank you, Christine and good morning everyone. 2013 was a year of progress for Fresh Del Monte Produce. Throughout the year we took steps to strengthen the foundation we have built, to position us for continued long term performance, which is our ultimate objective. The advancement in 2013 can be credited to our disciplined business strategy. This strategy calls for us to enhance our global distribution and value added footprint, expand our global production capabilities, expand our reach into existing and new markets and diversify our distribution channels and product offerings, to strengthen our company for long term sustainability and growth. During the year, we executed our strategy by expanding our worldwide distribution network with the addition of a distribution and fresh cut center in Toronto, Canada, allowing us to offer our full North America product line in Canada for the first time. We opened a distribution and ripening center in France. We broadened our asset base and increased our production capabilities with the purchase of agricultural land and packing houses in Florida and Virginia for field grown tomatoes. We increased our footprint for bananas and pineapples through acquisitions in Costa Rica and Nicaragua. In addition, we expanded banana production in Asia. We expanded our reach into new markets such as Turkey, Russia and Ukraine. We also continued to expand our distribution channels, one focus being opportunities to establish direct points of pressures for our products. For example, in our Middle East region, we continue to grow our fresh market store initiative. Our fresh market offers consumers quick, convenient and handpicked products that include such items as branded grab and go ultrafresh juices, fruit salads, fresh fruits, specialty sandwiches and salads and bakery items. During the year, we also rolled out additional Del Monte refrigerated vending machines in the Middle…

[Technical Difficulty]… $392 [ph] million, compared to $343 million in 2012. Operating income for the year was $108 million, compared with $166 million in the prior year and net income was $86 million, compared with $147 million in 2012. For the fourth quarter of 2013, excluding adjustments on a comparable basis, we reported a net loss per share of $0.35 compared with earnings per diluted share at breakeven in the fourth quarter of 2012. Net sales were $880 million compared with $777 million in the prior year, an increase of 13%. Gross profit decreased to $34 million, compared with gross profit of $39 million in the fourth quarter of last year. We incurred an operating loss of $17 million, compared with an operating loss of $2 million in the prior year and a net loss for the quarter of $19 million, compared with net income of $200,000 in the fourth quarter of 2012. Included in the adjustments to arrive at comparable net loss in the fourth quarter of 2013 was a $100 million write-off of goodwill and intangible assets related to the 2004 acquisition of our Prepared Food business, $11 million related to unfavorable settlements of lawsuits, $11 million related to the decision to exit banana operations in Brazil, $2 million related to the closure or downsizing of various distribution centers in Europe and $2 million related to a freeze in Chile. Now as I turn to our segments, I will only give fourth quarter statistics as reported. In our banana business segment, net sales increased $65 million to $427 million, compared with $362 million in the fourth quarter of 2012, primarily a result of higher sales volume across all regions and higher pricing in Asia and the Middle East. Overall, volume was 15% higher than last year’s fourth quarter.…

Thank you. (Operator Instructions) Our first question comes from Brett Hundley of BB&T Capital Markets. Your line is open. Brett Hundley - BB&T Capital Markets: Hi, good morning everyone.

Good morning, Brett. Brett Hundley - BB&T Capital Markets: Richard, I just had a quick question for you. Can you go through how much of your Euro and Yen is hedged for 2014?

We typically don’t give those exact numbers, Brett, but as you probably know we hedge about 50%. We try to hedge overall of the following years’ needs. Brett Hundley - BB&T Capital Markets: And then on your Banana volume for the quarter was up more than we had expected and I wanted to talk about this at a couple of different angles. So can you guys first discuss just where you’re seeing the majority of those gains or where you’re allocating the majority of your banana volumes right now?

As we said, it’s pretty much pretty well across the board, we’re seeing increases everywhere. Brett Hundley - BB&T Capital Markets: Okay. And if we hone in on the U.S. market, you know U.S. volumes have been growing for you guys over the past five years or so and I’m just curious how you would characterize this growth and characterize this market at present. And Mohammad, I would love to get your thoughts, are you seeing a lot of the growth in the U.S. market being marketed as your own, your own brands, or they second-labeled and can you just talk about your strategy in pursuing U.S. market growth versus other areas in the world and has that changed more recently as opposed to maybe a couple of years ago?

No. Our policy has been -- our focus has been the same all the time. The U.S. market or North America, in general, has been increasing in volumes in general sense, I am not saying for the -- in general the industry. And I think our growth and our focus have been also growing with that trend. I mean our share has been growing because the market has been growing, number one. And secondly, because we have found new avenues for selling and marketing our bananas really through different channels, and not just being on -- focused on retail. And this has helped us over the last couple of years into expanding our banana, let’s say, supplies and volumes into the U.S. market. So, this is what is really happening in the U.S. We are not fighting to gain market share because – I mean to increase our volumes. As a matter of fact, as I have said it’s more the other way around by finding new locations and new areas where we can sell more fruit than the traditional, let’s say, outlets. Brett Hundley - BB&T Capital Markets: Okay. I guess I mean going forward do you still see the U.S. market as a profitable market? Can you excel in that market? I guess the reason I ask is, you’re seeing a little bit of a change in the retail set, your competitive set has changed a little bit, there’s talk that one of your larger competitors might link up with or rather might become more vertical out of Latin America and would likely take those volumes to the U.S. market and so I’m just curious how you think about the U.S. market going forward and if any change is needed to be made from the multinational standpoint as far as driving profitability there?

Our biggest impact is really the cost. I mean we have been facing increasing cost year after year. As we have actually decided many years ago that we would prefer to have our own production rather than just to be more on the independent or third party suppliers. Our decision at that time has proven to be right today that everybody now is looking to make more vertical integration and to have more supplies of its own, which we do have. Compared to other players in the market, we do have a majority or a big portion of our supplies coming from our own farms, but still not enough to mitigate the increase in cost that is taking place over the last two years. And definitely that has impacted us tremendously in 2013, particularly, because we cannot pass this -- we can't cost increase, but you can change prices in the market because the market is the market. And what we are trying to do now is try to reduce our cost hopefully through different means in order to be able to provide these headwinds that we are facing today in the markets. Brett Hundley - BB&T Capital Markets: So can you guys remind me what percentage owned production represents as a part of total marketing and then secondly, maybe where you need to get that to in order to start mitigating some of these cost risks?

If you talked two or three years back, the percentage would have been much higher than today because today we have a lot more, let's say, in terms of sales -- I mean in terms of volumes. So our percentage has decreased over the last two or three years from owned production to third-party suppliers. But, Richard, do you have anything –

Right now, it’s 40% worldwide. Brett Hundley - BB&T Capital Markets: And overall, you would look to take that higher. I mean do you foresee a situation where you get above 60% owned?

I wouldn't be surprised. Brett Hundley - BB&T Capital Markets: And could that happen rather quickly? I mean whether it’s you as a company or the industry overall, we see a general movement that way, but can that happen over a year's time, two years' time? I mean how should we think about that move towards greater ownership of land?

I don't think that you will see it in less than five years at least. I mean this is not easy-to-find land, to plant, to start production and do the whole infrastructure. That’s not an easy job. Anybody that tells you they can do it little bit [ph] earlier, I think it would be very hard. Brett Hundley - BB&T Capital Markets: Okay. And then just one last question kind of related to banana is can you talk about pricing that you are seeing as of late? And I am most interested in discussing kind of what you are seeing recently as far as pricing across Europe, the Med and Asia.

It's being difficult, it’s still difficult as we talk now. The pricing in Europe, if you look year over year or looking at the same period 2013, 2014, we are seeing less pricing in Europe and difficult conditions. In Asia, the weather has been very also unfortunately a net [ph] effect to the sales there, but we have been, at least in our case, stabilized our prices in order not to lose too much money there at this time of the year because it’s a very difficult period. And as far as the Med is concerned, there is an oversupply. Even as we speak now, there is an oversupply of fruit in this market. So pricing has not picked up as we have seen them in 2013. At this time, 2013 prices were in the $15, $16 range in this market. Now we are talking about $13 and maybe less. Brett Hundley - BB&T Capital Markets: Okay. I wanted to ask a couple other questions. One was just on your Prepared Foods business. Can you guys talk a little bit more specifically about where you are seeing profitability being hurt either by line or region, et cetera and the steps that you are taking to improve this business? I know, Richard, you mentioned a couple broad topics as far as what you are doing. But I would love to just get more color on the actions that you are taking and when you think you can get profitability back to levels that make sense for you guys.

Our major actually setback last year was the concentrate pricing. We produce a lot of concentrate in our operations in Kenya and Costa Rica. And unfortunately, the concentrate price has been so much down compared to the earlier 2012 and before and that has impacted us negatively and it was one of the major factors that hurt the Prepared Food business. And in general, canned stuff is not anymore an appeal. Everything is going into the produce aisle or produce section rather than the middle or the center of the store. And that is a fact that we are facing in Europe though we have a continuous progress and development and growth in markets like in the Middle East and Africa, but unfortunately the big markets are in Europe still. And these markets have been suffering for two factors. One is Europe itself is economically in turmoil and secondly because the canned business itself is also stagnant or a declining business. So we are creating new products and new innovations, which gives us additional leverage in this business. Brett Hundley - BB&T Capital Markets: Mohammad, are you rotating more towards fresh prepared in your own business? And if not, would that be attractive to you to go buy an asset that is more fresh prepared?

We are doing that and we are ready to look at any possibilities and opportunities, yes. Brett Hundley - BB&T Capital Markets: Okay. And then just one from me and I will jump back in the queue. But Richard, the debt, of course, did jump in Q4 and you guys called out the acquisition work that you've done, as well as CapEx and I just wanted to get more color on where exactly this investment money is being spent on the CapEx side.

Yes, I mean the debt jumped $151 million, right and of that -- in the quarter, $70 million of that was CapEx, plus if you add the $19 million acquisition of the pineapple, that’s $89 million of the $150 million. Of course, seasonally, this is the time when we add -- when our debt goes up. But we had the tomato acquisition, which was $39 million. We’ve got the DC in Canada, we've got the pineapple land I mentioned. So there is a lot of expansion CapEx going on all over.

(Operator Instructions) Our next question comes from Eric Larson of CLK. Eric Larson - CL King & Associates : Mohammad, a quick question on banana production where you talk about kind of the oversupply issues that we are seeing. Yet it seems like, and correct me if I am wrong, we are seeing more banana production coming in place. I think there is some production coming in in Panama, which I think you folks are interested in and elsewhere. Can you talk a little bit about that and has Ecuador continued to at least enforce the minimum pricing -- export pricing standards that they were enforcing in the first half of 2013?

Well, if you look at the global picture, yes, there has been an oversupply. First, let's look at the weather. The weather has been perfect last year for the tropics. We didn't have any floods, we didn't have any really catastrophic wind damage or hurricanes, rain. So it was a perfect year and the trees were producing like crazy. I mean that’s what we noticed for South America throughout let's say the last four, five months of 2013. So whatever happened to us happened to everyone else. So you saw a lot of volume going into the markets, not probably North America, but going into the Mediterranean, going into Europe and that has created such an overflow in other markets as well and that has decimated the markets. That’s number one. Number two, yes, you are right that there is Panama and there is other areas that are hopefully potential for growing bananas there, but, of course, we will not go anywhere unless it is a good deal for us be it in Panama, be it in Nicaragua. I mean the whole idea behind expanding our production is to get a lower cost than what we are experiencing today and that will be our target as a whole for the future. So yes, there might be an overproduction in some areas during the year, but we haven't taken into consideration that weather is also a key factor in our business. And what can happen -- what happened in 2013 might not repeat in 2014 or in the future. And besides we need to take our destiny in our own hands. That’s our decision. Eric Larson - CL King & Associates : Yes, sure. Just two other related questions to that. A couple of years ago, you made a really interesting acquisition where you fully integrated some banana production. I believe it was 2008. You might correct me on that, Mohammad. Do you see other opportunities like that available in the market or are those more rare these days?

I think more rare. What we took in 2008 was a good deal for us. To do that same deal today that would cost us a lot, lot, lot more money. Eric Larson - CL King & Associates : Okay. And then just as a follow-on to your third-party contracts, if you have an oversupply of banana production around the world, how come that does not translate into some lower pricing eventually into the third-party contracts that you are sourcing your bananas from or are those longer-term contracts on fixed prices?

I mean we are not going -- I know we have fixed contracts, but for certain times of -- for a certain number of years and we know when they are going to end. But really it’s like a vicious circle. I don't want to be -- as a company, we don't want to be under the mercy of oversupply or someone else has volume. We want to make sure that our destiny is in our hands. We want to make sure that our cost is dictated by us and not taken advantage by third parties. Eric Larson - CL King & Associates : Okay, sure; that makes sense. Then the final question, Mohammad, is your fresh-cut sales were down in the quarter. Obviously, it was related – it sounds like it was a one-time specific issue in the UK with the distribution center. Can you explain that? You saw a good growth, I believe, in every other region around the world with the exception of the UK. What specifically happened there?

It's just because we lost an account in the UK, which was very -- an important element of the supply, which we believe within the next few months -- believe that this is going to come back because their experience with the other supplier has been very poor and we anticipate that this account will come back, as well as we have faced some weather-related issues in the U.S. during the fourth quarter, which have disrupted supplies and deliveries. And that has also affected the operation.

Thank you. I am not showing any further questions in queue. I'd like to turn the call back over to Mohammad Abu-Ghazaleh for any further remarks.

Thank you very much everyone, today and we hope that we can give you better news on our next call. Have a good day. Thank you.