Investor Presentaiton

APPENDIX (1) Other product-related charges for the quarter ended April 2, 2021 primarily related to $3.1 million in inventory write-offs of non-tropical fruit resulting from inclement weather in Chile. Partially offsetting the inventory write-offs is a $2.5 million insurance recovery associated with damages to the Company's Guatemala banana operations caused by two hurricanes in the fourth quarter of 2020. Other product-related charges for the quarter ended March 27, 2020 included $8.0 million of inventory write-offs associated with the COVID-19 pandemic, primarily related to the fresh and value-added products segment. The COVID-19 pandemic led to volatile supply and demand conditions across the Company's key global markets in the first quarter of 2020 which negatively affected the pricing and demand for its products, including within its foodservice distribution channel. (2) Asset impairment and other (credits) charges, net for the quarter ended April 2, 2021 primarily related to an insurance recovery associated with damages to fixed assets in Guatemala caused by two hurricanes in the fourth quarter of 2020. Asset impairment and other (credits) charges, net for the quarter ended March 27, 2020 included (1) a $4.0 million insurance recovery related to a voluntary recall of vegetable products in 2019, (2) a $1.3 million charge relating to a settlement with the California Air Resource Board (refer to the Form 10-K for the year ended January 1, 2021 for further information on this matter), and (3) a $0.9 million impairment of property, plant, and equipment incurred in connection with the relocation of a facility in California. (3) Gain on disposal of property, plant and equipment, net for the quarter ended April 2, 2021 primarily related to a $2.4 million gain on the sale of a refrigerated vessel. Gain on disposal of property, plant and equipment, net for the quarter ended March 27, 2020 primarily related to a gain on the sale of marine equipment. (4) Other adjustments for the quarter ended March 27, 2020 related to estimated trade receivable credit losses, reflected in selling, general, and administrative expenses, primarily associated with the Company's foodservice customer base as a direct result of the COVID-19 pandemic. (5) Tax effects are calculated in accordance with ASC 740, Income Taxes, using the same methodology as the GAAP provision of income taxes. Income tax effects of non-GAAP adjustments are calculated based on the applicable statutory tax rate for each jurisdiction in which such charges were incurred, except for those items which are non-taxable for which the tax provision (benefit) was calculated at 0%. Certain non-GAAP adjustments were subject to valuation allowances and therefore were calculated at 0%. The quarter ended March 27, 2020 also includes a $1.7 million tax benefit associated with the Coronavirus Aid, Relief, and Economic Security ("CARES") Act. 44

View entire presentation