ANNUAL REPORT 1999

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(in $ millions, except per share data) 1999 1998 1997 1996 1995

Revenue $ 5,061 $ 4,424 $ 4,336 $ 3,840 $ 3,804

Income from continuing operations $ 49 $ 12 $ 160 $ 89 $ 120

Loss from discontinued operations - - - - (97)

Net income 49 12 160 89 23

Diluted net income (loss) per common share

Continuing operations $ 0.85 $ 0.20 $ 2.65 $ 1.47 $ 2.00

Discontinued operations - - - - (1.61)

Net income 0.85 0.20 2.65 1.47 0.39

Diluted average common shares outstanding 57 60 60 60 60

Total assets $ 3,034 $ 2,915 $ 2,464 $ 2,487 $ 2,442

Capitalization

Short-term debt $ 39 $ 36 $ 14 $ 22 $ 24

Long-term debt 1,286 1,116 755 904 896

Minority interests 49 57 38 30 26

Common shareholders’ equity 532 622 666 550 508

Total capitalization 1,906 1,831 1,473 1,506 1,454

Book value per common share $ 9.53 $ 10.49 $ 11.10 $ 9.18 $ 8.49

Common stock price:

End of year 161/4 30 453/4 34 35

High 3313/16 571/8 495/8 431/2 38

Low 1313/16 285/16 333/8 327/8 24

Annual cash dividends per common share 0.40 0.40 0.40 0.40 0.40

NOTE: Income from continuing operations for 1999 includes a pre-tax charge of $48 million and net insurance proceeds of $28 million. Income from continuing operations for 1998 and 1996 includes pre-tax charges of $120 million, net of insurance proceeds, and $50 million, respectively. Income from continuing operationsfor 1995 includes a pre-tax gain of $62 million related to assets sold or held for sale. The real estate and resorts business distributed to shareholders in 1995 has beenpresented throughout this report as discontinued operations.

Dole Financial Highlights

5,06199

3,80495

3,84096

4,33697

4,42498

30899

37297

33896

30895

32898

53299

50895

55096

66697

62298

GROWTH CASH FLOW CAPITALIZATION

Revenue(in $ millions)

EBITDA*(in $ millions)

• Depreciation & Amortization • EBIT

Shareholder Equity(in $ millions)

* Before special charges in 1999, 1998 and 1996, net insurance proceeds in 1999 and a net gain on asset dispositions in 1995.

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To Our Shareholders:

CORE BUSINESSES, LOW COSTS, PEOPLE

FINANCIAL RESULTS

For the first time in Dole’s 148-year history, sales exceeded $5 billion in 1999.

While sales increased 14%, net income from ongoing operations, which excludes

special charges and Hurricane Mitch net insurance proceeds, was $68 million for

1999 versus $113 million for 1998. Cash flow from ongoing operations

(EBITDA) remained strong, totaling $308 million for 1999 compared with $328

million for 1998.

The year presented numerous challenges and the main order of business was

overcoming obstacles and capitalizing on opportunities. Refinement of

our global structure began with the streamlining of our operations to synchronize

with recovering economies in Latin America, Asia and Europe. Further, we

expanded our product offerings to benefit from a resilient U.S. economy.

We pursued three primary goals throughout the year: focus on our core

businesses, remain the world’s low-cost producer of fresh fruits, fresh vegetables

and fresh-cut flowers, and employ and maintain the most talented people in the

industry. These goals resulted in the following significant activities and

modifications in 1999:

• Rehabilitation and recuperation from the devastating effects of Hurricane

Mitch and the California citrus freeze.

• Downsizing and cost-cutting in our worldwide banana operations.

• Consolidation of our North American-sourced fresh product administration

and sales activities.

• Expansion of our new fresh pineapple variety.

• Numerous successful new product introductions including Great Restaurant

Salads, FRUIT BOWLS® and FUN SHAPES®.

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• Consolidation of the flower

companies acquired during the latter

part of 1998,

• Continued expansion of our

distribution networks in Europe

and Japan,

• Completion and delivery of the

two largest refrigerated container ships

in the world — the Dole Chile and the

Dole Colombia,

• Opening of Dole’s world headquarters

in Westlake Village, California.

Dole enters the Year 2000 with a renewed sense of purpose. In the long term,

we are confident that investing in our brands and our people will improve

profitability and enhance shareholder returns. The DOLE® brand is stronger

than ever in its universal representation of fresh, nutritious, high-quality

products. The difficult period of rehabilitation and downsizing has effectively

been accomplished. Our infrastructure is transformed, our cost structure

is improved and our worldwide management team is united in purpose and

direction, prepared to accelerate growth and profitability.

Once again, we express our appreciation to our shareholders, employees,

customers and suppliers for their continued support and confidence.

Sincerely,

David H. Murdock

Chairman and Chief Executive Officer

• Consolidation of the flower

companies acquired during the latter

part of 1998.

• Continued expansion of our

distribution networks in Europe

and Japan.

• Completion and delivery of the

two largest refrigerated container ships

in the world — the Dole Chile and the

Dole Colombia.

• Opening of Dole’s world headquarters

in Westlake Village, California.

Dole enters the Year 2000 with a renewed sense of purpose. In the long term,

we are confident that investing in our brands and our people will improve

profitability and enhance shareholder returns. The DOLE® brand is stronger

than ever in its universal representation of fresh, nutritious, high-quality

products. The difficult period of rehabilitation and downsizing has effectively

been accomplished. Our infrastructure is transformed, our cost structure

is improved and our worldwide management team is united in purpose and

direction, prepared to accelerate growth and profitability.

Once again, we express our appreciation to our shareholders, employees,

customers and suppliers for their continued support and confidence.

Sincerely,

David H. Murdock

Chairman and Chief Executive Officer

Dole Food Company Board of Directors(Seated): David H. Murdock (Standing, left to right): David A. DeLorenzo, James F.Gary, Richard M. Ferry, Elaine L. Chao, Mike Curb, Zoltan Merszei

OUTLOOK

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Dole Fresh VegetablesDole ArtichokesDole AsparagusDole Bell PeppersDole BroccoliDole Brussels SproutsDole Butter LettuceDole CarrotsDole CauliflowerDole CeleryDole Dry OnionsDole EndiveDole EscaroleDole Green Leaf LettuceDole Green OnionsDole Iceberg LettuceDole Idaho PotatoesDole RadishesDole Red Leaf LettuceDole Romaine LettuceDole Sugar PeasDole Tomatoes

Dole Fresh-Cut VegetablesDole All-American Toss SaladDole American Special

Blend SaladDole Chopped Romaine SaladDole Classic Cole SlawDole Classic Greek

Marinade SaladDole Classic Iceberg SaladDole Classic Romaine SaladDole Complete Caesar SaladDole Complete Caesar Salad

with Light DressingDole Complete Creamy

Garlic Caesar SaladDole Complete Oriental SaladDole Complete Romano SaladDole Complete Sunflower

Ranch SaladDole Complete Zesty Italian

Salad with Light DressingDole European Special

Blend SaladDole French Special

Blend SaladDole Greener Selection SaladDole Italian Special

Blend SaladDole Mediterranean

Marinade SaladDole Mediterranean Special

Blend SaladDole Peeled Mini-CarrotsDole Romaine Special

Blend SaladDole Shredded CarrotsDole Shredded LettuceDole Shredded Red CabbageDole Spring Mix Special

Blend SaladDole Triple Cheese Toss SaladDole Tuscany Special

Blend SaladDole Verona Special

Blend Salad

Pascual HermanosDole Santa (Grape) TomatoesDole Cherry TomatoesDole On-Vine TomatoesDole Plum TomatoesDole Little Gem Baby LettuceDole Rucola SaladDole Mini Leaf SaladDole Spring Onions

Dole Dried Fruit & NutDole Dates Chopped in

Recloseable BagsDole CinnaRaisins in

Recloseable BagsDole Golden Seedless RaisinsDole Dates Pitted in Recloseable

BagsDole Pitted Prunes CanisterDole Pitted Prunes in

Recloseable BagsDole Seedless Raisins CanisterDole Seedless Raisins in

Recloseable BagsDole Seedless Raisins

Mini SnacksDole Seedless Raisins Six Packs

SamanDole Golden RaisinsDole Mixed Fruit & NutDole Pine NutsDole Soelia PistachiosDole Soft ApricotsGuyennoise Prunor Pitted

PrunesGuyennoise Prunor Whole

PrunesJA Whole DatesJA Whole PrunesSoelia Blanched Whole

AlmondsSoelia Dried ApricotsSoelia Dried FigsSoelia Pitted PrunesSoelia Sliced Thin AlmondsSoelia Whole PeanutsSoelia Whole PrunesDole Walnut HalvesWhole Deglet Nour Dates

Dole Fresh FruitDole ApplesDole ApricotsDole AvocadoDole BananasDole BlackberriesDole CantaloupeDole CherriesDole ClementinesDole CoconutsDole CranberriesDole GrapefruitDole Gift BasketsDole GrapesDole Honeydew MelonDole KiwiDole LemonsDole Limes

Dole LycheesDole MandarinsDole MangoesDole Morado BananaDole Native BananaDole NectarinesDole OrangesDole PapayasDole PeachesDole PearsDole PersimmonsDole PineappleDole Fresh-Cut Pineapple

ChunksDole Fresh-Cut Pineapple

SpearsDole Fresh-Cut Pineapple

CylindersDole Plantains Dole PlumsDole PomegranatesDole RaspberriesDole SatsumasDole StrawberriesDole Super Sweet BananaDole TangelosDole TangerinesDole Yucca

Dole Packaged FoodsDole Aloe Vera (Solid)Dole Apricot HalvesDole Apricot Snack CupDole Apricots in Juice or SyrupDole Crushed Pineapple in Juice

or SyrupDole Deciduous Fruit Cocktail

in Juice and SyrupDole Fruit Bowls – Diced

PeachesDole Fruit Bowls – Mixed

FruitDole Fruit Bowls – Pineapple

TidbitsDole Fruit Bowls – Tropical

FruitDole Fruit Festival Snack CupDole Guava HalvesDole Guava in SyrupDole Ketchup

(Regular & Hot Spice)Dole Longans in SyrupDole Longans Snack CupDole Lychees in SyrupDole Lychees Snack CupDole Mandarin Orange

Fruit CupsDole Mandarin Orange

SegmentsDole Mandarin Orange

Segments, Easy OpenDole Mango Cubes Snack CupDole Mango Juice DrinkDole Mango Slices in Blended

Juice or Syrup

Dole Melon-Flavored Tropical Fruit in Syrup

Dole MushroomDole Nata de Coco in SyrupDole Nata de Coco

with Jackfruit Snack CupDole Papaya in SyrupDole Peach Halves in SyrupDole Peach Snack CupDole Peaches in Juice and SyrupDole Pear Snack CupDole Pears in Juice and SyrupDole Pine Orange Banana JuiceDole Pineapple Chunks in Juice

or SyrupDole Pineapple ConcentrateDole Pineapple Cubes in SyrupDole Pineapple Fun Shapes –

CosmicDole Pineapple Fun Shapes –

Sea CreaturesDole Pineapple Grapefruit JuiceDole Pineapple Grapefruit

Juice DrinkDole Pineapple JuiceDole Frozen Pineapple JuiceDole Pineapple Juice DrinkDole Pineapple Lychee

Juice DrinkDole Pineapple Orange JuiceDole Pineapple Orange

Juice BoxDole Pineapple Orange

Juice DrinkDole Pineapple Orange

Raspberry Juice BoxDole Pineapple Pink

Grapefruit DrinkDole 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 JuiceDole Rambutan in SyrupDole Rambutan Snack CupDole Rambutan with Pineapple

Snack CupDole Red Papaya Chunks in

Light SyrupDole Tropical Fruit Cocktail in

Juice and SyrupDole Tropical Fruit Cocktail

in Syrup with Passion Fruit Juice

Dole Tropical Fruit Juice BoxDole Tropical Fruit SaladDole Tropical Fruit Salad,

Easy OpenDole White AsparagusDole Yellow Papaya Chunks

in SyrupSeasons Pineapple JuiceSeasons Tropical Fruit Mix

Dole Fresh FlowersAgapanthusAlstroemeriaAster ButterflyAster MatsumotoAster MontecasinoBells of IrelandBouvardiaBupleurumCallasCampanulasCarnationsChinese CarnationsCremonsDelphiniumFarm BouquetsFootball MumsFreesiaGerberaGerspiderGypsophilaKangaroo PawsLeatherleafLiatrisLiliesLimoniumLisianthusMillion Stars GypsophilaMiniature CarnationsMonk’s HoodNerinesPomponsQueen Anne’s LaceRoses (Hybrid Tea)Roses (Micro)Rover MumsSnapdragonsSolidagoSolidasterSpider MumsSpray RosesStaticeStockStrawflowersSunflowersSweetheart RosesTracheliumTree FernYarrow

Dole Worldwide Product List

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DOLE FOOD COMPANY, INC.

Directors

Elaine L. Chao2

Distinguished FellowThe Heritage Foundation

Mike Curb1,3

ChairmanCurb Records, Inc.

David A. DeLorenzoPresident and Chief Operating OfficerDole Food Company, Inc.

Richard M. Ferry1,2

ChairmanKorn/Ferry International(international executive search firm)

James F. Gary2,3

Chairman EmeritusPacific Resources, Inc.

Zoltan Merszei3

Former Chief Executive Officer, President and ChairmanThe Dow Chemical Company

David H. Murdock1

Chairman of the Board andChief Executive OfficerDole Food Company, Inc.

DOLE FOOD COMPANY, INC.

Officers

David H. MurdockChairman of the Board andChief Executive Officer

David A. DeLorenzoPresident and Chief Operating Officer

Kenneth J. KayVice President andChief Financial Officer

Patrick A. NielsonVice President – International Legal andRegulatory Affairs

George R. HorneVice President – Human Resources

Roberta WiemanVice President

Roger P. ShockleyVice President-Mergers, Acquisitions andNew Business Development

Gil BorokController and Chief Accounting Officer

Beth PotilloTreasurer

DOLE FOOD COMPANY

Operating Division Officers

Paul CuyegkengPresident-Dole Asia

William F. FeeneyPresident-Dole Europe

Juergen SchumacherPresident-Dole Latin America

Peter M. NolanPresident-Dole North America

Lawrence A. KernPresident-Dole Fresh Vegetables

Roberto ZacariasPresident-Dole Honduran Beverage

Lorenzo de la TorrePresident-Dole Fresh Flowers

Michael J. CavalleroVice President Sales and Marketing, North America

Directors and Officers

1 Executive, Finance and Nominating Committee2 Audit Committee3 Compensation and Employee Benefits Committee

The new Dole Columbia docked in Honduras following her maiden voyage. The Dole Chile was also christened in 1999. They are the largest refrigerated container vessels in the world, each capable of hauling nearly one million boxes, doubling the capacity of other vessels.

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AuditorsArthur Andersen LLP633 West Fifth Street, Los Angeles, CA 90071

Securities Transfer and Dividend Disbursement AgentAmerican Stock Transfer & Trust Company40 Wall StreetNew York, NY 10005(800) 937-5449Internet address: www.amstock.com

Dividend InformationA cash dividend of $0.10 per common share was declared ineach quarter of 1999 for a total annual dividend of $0.40 pershare. Dole Food Company, Inc. does not have a dividendreinvestment plan.

Investment Community InquiriesMembers of the investment community should direct inquiries to:Office of the Chief Financial OfficerDole Food Company, Inc.One Dole Drive, Westlake Village, CA 91362(818) 879-6600E-mail address: investor_relations@na.dole.com

Shareholder InquiriesFor a copy of the Annual Report on Form 10-K, or for otherinformation requests, shareholders should contact:Office of the Corporate SecretaryDole Food Company, Inc.One Dole Drive, Westlake Village, CA 91362Telephone (818) 879-6814Facsimile (818) 879-6615E-mail address: shareholder_relations@na.dole.com

Dole’s Annual Report on Form 10-K is available on the internet at http://www.dole.com

Stock ExchangeDole Food Company, Inc.’s common stock (DOL) is tradedon The New York and Pacific Stock Exchanges

Internet Addresseshttp://www.dole.comhttp://www.dole5aday.com

Company and Shareholder Information

THE COMPANY

Founded in Hawaii in 1851, Dole Food Company, Inc. is the largest producer and marketer of fresh fruits, fresh vegetablesand fresh-cut flowers, and markets a growing line of packaged foods. The Company does business in more than 90 countriesand employs approximately 59,500 full-time people.

Corporate HeadquartersOne Dole Drive, Westlake Village, CA 91362 (818) 879-6600

DOLE® IS A REGISTERED TRADEMARK OF DOLE FOOD COMPANY, INC.

©2000 DOLE FOOD COMPANY, INC. ALL RIGHTS RESERVED.

Corporate Officers: (Seated – Left to Right): David H. Murdock, David A. DeLorenzo(Standing – Left to Right): Patrick A. Nielson, Gil Borok, Roberta Wieman, George R. Horne, Kenneth J. Kay, Beth Potillo, Roger P. Shockley

Operating Officers:(Seated – Left to Right): David H. Murdock, David A. DeLorenzo (Standing – Left to Right): Juergen Schumacher, Michael J. Cavallero, William F. Feeney, Peter M. Nolan, Roberto Zacarias, Lorenzo de la Torre,Paul Cuyegkeng, Lawrence A. Kern

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Dole Food Company, Inc.www.Dole.com

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