CALAVO GROWERS INCNASDAQ CVGW

INVESTOR MEETINGS

Fall 2009

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Except for the historical information contained

herein this presentation contains forward-looking

statements that involve known and unknown risks

uncertainties and other factors that could cause the

actual results of the Company to be materially

different from the historical results or from any

future results expressed or implied by such forward-

looking statements2

Safe Harbor Statement

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3CONFIDENTIAL copy2009 Calavo Growers Inc

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c -

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4

85-Year History

Founded in 1924 as a California avocado co-operative

Non-traditional path to the public market in 2001

Double-Digit US Avocado Consumption Growth

A focus on healthier eating and Hispanic diet influence

Growing Business with Flexible Infrastructure

Proven strategy of increasing and diversifying business

with minimal incremental expense

Company Overview

CONFIDENTIAL copy2009 Calavo Growers Inc

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09

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5

Business Overview

Grower Grocer

CONFIDENTIAL copy2009 Calavo Growers Inc

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09

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6

Calavo has Focused on Three Areas to Drive Success

1 Diversifying Sourcing

2 Diversifying Products

3 Leveraging Infrastructure

CONFIDENTIAL copy2009 Calavo Growers Inc

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7

Diversifying Sourcing

Grocer

CONFIDENTIAL copy2009 Calavo Growers Inc

Main Sources

in 2003

Grocer

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c -

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09

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8

Diversifying Sourcing (cont)

CONFIDENTIAL copy2009 Calavo Growers Inc

Main Sources

Today

Grocer

Ca

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Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

Except for the historical information contained

herein this presentation contains forward-looking

statements that involve known and unknown risks

uncertainties and other factors that could cause the

actual results of the Company to be materially

different from the historical results or from any

future results expressed or implied by such forward-

looking statements2

Safe Harbor Statement

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

3CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

4

85-Year History

Founded in 1924 as a California avocado co-operative

Non-traditional path to the public market in 2001

Double-Digit US Avocado Consumption Growth

A focus on healthier eating and Hispanic diet influence

Growing Business with Flexible Infrastructure

Proven strategy of increasing and diversifying business

with minimal incremental expense

Company Overview

CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

5

Business Overview

Grower Grocer

CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

6

Calavo has Focused on Three Areas to Drive Success

1 Diversifying Sourcing

2 Diversifying Products

3 Leveraging Infrastructure

CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

7

Diversifying Sourcing

Grocer

CONFIDENTIAL copy2009 Calavo Growers Inc

Main Sources

in 2003

Grocer

Ca

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we

rs In

c -

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ll 20

09

Inve

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r Me

etin

gs

8

Diversifying Sourcing (cont)

CONFIDENTIAL copy2009 Calavo Growers Inc

Main Sources

Today

Grocer

Ca

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we

rs In

c -

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ll 20

09

Inve

sto

r Me

etin

gs

3CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

4

85-Year History

Founded in 1924 as a California avocado co-operative

Non-traditional path to the public market in 2001

Double-Digit US Avocado Consumption Growth

A focus on healthier eating and Hispanic diet influence

Growing Business with Flexible Infrastructure

Proven strategy of increasing and diversifying business

with minimal incremental expense

Company Overview

CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

5

Business Overview

Grower Grocer

CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

6

Calavo has Focused on Three Areas to Drive Success

1 Diversifying Sourcing

2 Diversifying Products

3 Leveraging Infrastructure

CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

7

Diversifying Sourcing

Grocer

CONFIDENTIAL copy2009 Calavo Growers Inc

Main Sources

in 2003

Grocer

Ca

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Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

8

Diversifying Sourcing (cont)

CONFIDENTIAL copy2009 Calavo Growers Inc

Main Sources

Today

Grocer

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

4

85-Year History

Founded in 1924 as a California avocado co-operative

Non-traditional path to the public market in 2001

Double-Digit US Avocado Consumption Growth

A focus on healthier eating and Hispanic diet influence

Growing Business with Flexible Infrastructure

Proven strategy of increasing and diversifying business

with minimal incremental expense

Company Overview

CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

5

Business Overview

Grower Grocer

CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

6

Calavo has Focused on Three Areas to Drive Success

1 Diversifying Sourcing

2 Diversifying Products

3 Leveraging Infrastructure

CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

7

Diversifying Sourcing

Grocer

CONFIDENTIAL copy2009 Calavo Growers Inc

Main Sources

in 2003

Grocer

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

8

Diversifying Sourcing (cont)

CONFIDENTIAL copy2009 Calavo Growers Inc

Main Sources

Today

Grocer

Ca

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Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

5

Business Overview

Grower Grocer

CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

6

Calavo has Focused on Three Areas to Drive Success

1 Diversifying Sourcing

2 Diversifying Products

3 Leveraging Infrastructure

CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

7

Diversifying Sourcing

Grocer

CONFIDENTIAL copy2009 Calavo Growers Inc

Main Sources

in 2003

Grocer

Ca

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Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

8

Diversifying Sourcing (cont)

CONFIDENTIAL copy2009 Calavo Growers Inc

Main Sources

Today

Grocer

Ca

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Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

6

Calavo has Focused on Three Areas to Drive Success

1 Diversifying Sourcing

2 Diversifying Products

3 Leveraging Infrastructure

CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

7

Diversifying Sourcing

Grocer

CONFIDENTIAL copy2009 Calavo Growers Inc

Main Sources

in 2003

Grocer

Ca

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Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

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etin

gs

8

Diversifying Sourcing (cont)

CONFIDENTIAL copy2009 Calavo Growers Inc

Main Sources

Today

Grocer

Ca

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we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

7

Diversifying Sourcing

Grocer

CONFIDENTIAL copy2009 Calavo Growers Inc

Main Sources

in 2003

Grocer

Ca

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Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

8

Diversifying Sourcing (cont)

CONFIDENTIAL copy2009 Calavo Growers Inc

Main Sources

Today

Grocer

Ca

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we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

8

Diversifying Sourcing (cont)

CONFIDENTIAL copy2009 Calavo Growers Inc

Main Sources

Today

Grocer

Ca

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Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

9

Diversifying Products

CONFIDENTIAL copy2009 Calavo Growers Inc

Main Products

in 2003

Grocer

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rs In

c -

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ll 20

09

Inve

sto

r Me

etin

gs

10

Diversifying Products (cont)

CONFIDENTIAL copy2009 Calavo Growers Inc

Main Products

Today

Grocer

Ca

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Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

11

Leveraging Infrastructure

CONFIDENTIAL copy2009 Calavo Growers Inc

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09

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etin

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12

The Business Today

Divisional Breakdown

Fresh Products

Processed Products Fresh872 Processed

128

Fresh679

Processed321

CONFIDENTIAL copy2009 Calavo Growers Inc

Key Balance Sheet Items

$139 million in long-term debt

$259 million position in LMNR

TTM Net Sales

TTM Gross Profit

Period ended 07312009

CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

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Fresh Division

CONFIDENTIAL copy2009 Calavo Growers Inc

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etin

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14

Unit Driven Business Model

CONFIDENTIAL copy2009 Calavo Growers Inc

More Avocado Units Means More Avocado Gross Profit

Grower Grocer

Ca

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Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

15

US Avocado Consumption

Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc

0

200

400

600

800

1000

1200

1400

1600

Mill

ion

s

1999 ndash 2006

13 CAGR

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c -

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09

Inve

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etin

gs

16

Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc

0

200

400

600

800

1000

1200

1400

1600

Mill

ion

s

2006 ndash Today

Growth Restricted by Lack of Supply

US Avocado Consumption

US Avocado Consumption

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c -

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ll 20

09

Inve

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17

Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc

0

200

400

600

800

1000

1200

1400

1600

Mill

ion

s FY 2010

Calavo Estimates Available Supply

to Increase by at least 50

US Avocado Consumption

Ca

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we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

Ca

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c -

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09

Inve

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r Me

etin

gs

18

More Value-Added Means More Gross Profit Per Unit

CONFIDENTIAL copy2009 Calavo Growers Inc

Value-Added

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Inve

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19

RipeningProRipeVIPreg = 207 of avocado cartons

Pre-condition = 69 of avocado cartons

Bagging

Bags = 126 of avocado cartons

Period ended 07312009

CONFIDENTIAL copy2009 Calavo Growers Inc

More Value-Added Means More Gross Profit Per Unit

Value-Added

Ca

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09

Inve

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etin

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20

Processed Division

CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

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Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

Ca

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Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

21CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

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Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

Ca

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Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

22CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

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Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

Infrastructure and Customer List Creates Expansion Opportunity

23

Calavo SKUCalavo SKU

CONFIDENTIAL copy2009 Calavo Growers Inc

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09

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etin

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24

2005 2006 2007 2008 2009

First 3Qs $027 $031 $043 $026 $078

Total $024 $040 $051 $053

$000

$010

$020

$030

$040

$050

$060

$070

$080

Diversification Key to 2009 EPS Growth

CONFIDENTIAL copy2009 Calavo Growers Inc

Period ending 07312009

TTM

EPS =

$106

Ca

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Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

25

Success in Leveraging SGampA

400

500

600

700

800

900

$0

$10

$20

$30

$40

2005 2006 2007 2008 First 3Qs 2009

Mil

lio

ns

Total Gross Profit SGampA as a of Gross Profit

CONFIDENTIAL copy2009 Calavo Growers Inc

Period ending 07312009

Ca

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Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

26

How Will Calavo Continueto Grow

Continue diversifying sourcing

CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

10

Diversifying Products (cont)

CONFIDENTIAL copy2009 Calavo Growers Inc

Main Products

Today

Grocer

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

11

Leveraging Infrastructure

CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

12

The Business Today

Divisional Breakdown

Fresh Products

Processed Products Fresh872 Processed

128

Fresh679

Processed321

CONFIDENTIAL copy2009 Calavo Growers Inc

Key Balance Sheet Items

$139 million in long-term debt

$259 million position in LMNR

TTM Net Sales

TTM Gross Profit

Period ended 07312009

CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

13

Fresh Division

CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

14

Unit Driven Business Model

CONFIDENTIAL copy2009 Calavo Growers Inc

More Avocado Units Means More Avocado Gross Profit

Grower Grocer

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

15

US Avocado Consumption

Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc

0

200

400

600

800

1000

1200

1400

1600

Mill

ion

s

1999 ndash 2006

13 CAGR

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

16

Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc

0

200

400

600

800

1000

1200

1400

1600

Mill

ion

s

2006 ndash Today

Growth Restricted by Lack of Supply

US Avocado Consumption

US Avocado Consumption

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

17

Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc

0

200

400

600

800

1000

1200

1400

1600

Mill

ion

s FY 2010

Calavo Estimates Available Supply

to Increase by at least 50

US Avocado Consumption

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

18

More Value-Added Means More Gross Profit Per Unit

CONFIDENTIAL copy2009 Calavo Growers Inc

Value-Added

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

19

RipeningProRipeVIPreg = 207 of avocado cartons

Pre-condition = 69 of avocado cartons

Bagging

Bags = 126 of avocado cartons

Period ended 07312009

CONFIDENTIAL copy2009 Calavo Growers Inc

More Value-Added Means More Gross Profit Per Unit

Value-Added

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

20

Processed Division

CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

21CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

22CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

Infrastructure and Customer List Creates Expansion Opportunity

23

Calavo SKUCalavo SKU

CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

24

2005 2006 2007 2008 2009

First 3Qs $027 $031 $043 $026 $078

Total $024 $040 $051 $053

$000

$010

$020

$030

$040

$050

$060

$070

$080

Diversification Key to 2009 EPS Growth

CONFIDENTIAL copy2009 Calavo Growers Inc

Period ending 07312009

TTM

EPS =

$106

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

25

Success in Leveraging SGampA

400

500

600

700

800

900

$0

$10

$20

$30

$40

2005 2006 2007 2008 First 3Qs 2009

Mil

lio

ns

Total Gross Profit SGampA as a of Gross Profit

CONFIDENTIAL copy2009 Calavo Growers Inc

Period ending 07312009

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

26

How Will Calavo Continueto Grow

Continue diversifying sourcing

CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

11

Leveraging Infrastructure

CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

12

The Business Today

Divisional Breakdown

Fresh Products

Processed Products Fresh872 Processed

128

Fresh679

Processed321

CONFIDENTIAL copy2009 Calavo Growers Inc

Key Balance Sheet Items

$139 million in long-term debt

$259 million position in LMNR

TTM Net Sales

TTM Gross Profit

Period ended 07312009

CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

13

Fresh Division

CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

14

Unit Driven Business Model

CONFIDENTIAL copy2009 Calavo Growers Inc

More Avocado Units Means More Avocado Gross Profit

Grower Grocer

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

15

US Avocado Consumption

Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc

0

200

400

600

800

1000

1200

1400

1600

Mill

ion

s

1999 ndash 2006

13 CAGR

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

16

Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc

0

200

400

600

800

1000

1200

1400

1600

Mill

ion

s

2006 ndash Today

Growth Restricted by Lack of Supply

US Avocado Consumption

US Avocado Consumption

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

17

Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc

0

200

400

600

800

1000

1200

1400

1600

Mill

ion

s FY 2010

Calavo Estimates Available Supply

to Increase by at least 50

US Avocado Consumption

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

18

More Value-Added Means More Gross Profit Per Unit

CONFIDENTIAL copy2009 Calavo Growers Inc

Value-Added

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

19

RipeningProRipeVIPreg = 207 of avocado cartons

Pre-condition = 69 of avocado cartons

Bagging

Bags = 126 of avocado cartons

Period ended 07312009

CONFIDENTIAL copy2009 Calavo Growers Inc

More Value-Added Means More Gross Profit Per Unit

Value-Added

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

20

Processed Division

CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

21CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

22CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

Infrastructure and Customer List Creates Expansion Opportunity

23

Calavo SKUCalavo SKU

CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

24

2005 2006 2007 2008 2009

First 3Qs $027 $031 $043 $026 $078

Total $024 $040 $051 $053

$000

$010

$020

$030

$040

$050

$060

$070

$080

Diversification Key to 2009 EPS Growth

CONFIDENTIAL copy2009 Calavo Growers Inc

Period ending 07312009

TTM

EPS =

$106

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

25

Success in Leveraging SGampA

400

500

600

700

800

900

$0

$10

$20

$30

$40

2005 2006 2007 2008 First 3Qs 2009

Mil

lio

ns

Total Gross Profit SGampA as a of Gross Profit

CONFIDENTIAL copy2009 Calavo Growers Inc

Period ending 07312009

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

26

How Will Calavo Continueto Grow

Continue diversifying sourcing

CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

12

The Business Today

Divisional Breakdown

Fresh Products

Processed Products Fresh872 Processed

128

Fresh679

Processed321

CONFIDENTIAL copy2009 Calavo Growers Inc

Key Balance Sheet Items

$139 million in long-term debt

$259 million position in LMNR

TTM Net Sales

TTM Gross Profit

Period ended 07312009

CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

13

Fresh Division

CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

14

Unit Driven Business Model

CONFIDENTIAL copy2009 Calavo Growers Inc

More Avocado Units Means More Avocado Gross Profit

Grower Grocer

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

15

US Avocado Consumption

Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc

0

200

400

600

800

1000

1200

1400

1600

Mill

ion

s

1999 ndash 2006

13 CAGR

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

16

Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc

0

200

400

600

800

1000

1200

1400

1600

Mill

ion

s

2006 ndash Today

Growth Restricted by Lack of Supply

US Avocado Consumption

US Avocado Consumption

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

17

Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc

0

200

400

600

800

1000

1200

1400

1600

Mill

ion

s FY 2010

Calavo Estimates Available Supply

to Increase by at least 50

US Avocado Consumption

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

18

More Value-Added Means More Gross Profit Per Unit

CONFIDENTIAL copy2009 Calavo Growers Inc

Value-Added

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

19

RipeningProRipeVIPreg = 207 of avocado cartons

Pre-condition = 69 of avocado cartons

Bagging

Bags = 126 of avocado cartons

Period ended 07312009

CONFIDENTIAL copy2009 Calavo Growers Inc

More Value-Added Means More Gross Profit Per Unit

Value-Added

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

20

Processed Division

CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

21CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

22CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

Infrastructure and Customer List Creates Expansion Opportunity

23

Calavo SKUCalavo SKU

CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

24

2005 2006 2007 2008 2009

First 3Qs $027 $031 $043 $026 $078

Total $024 $040 $051 $053

$000

$010

$020

$030

$040

$050

$060

$070

$080

Diversification Key to 2009 EPS Growth

CONFIDENTIAL copy2009 Calavo Growers Inc

Period ending 07312009

TTM

EPS =

$106

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

25

Success in Leveraging SGampA

400

500

600

700

800

900

$0

$10

$20

$30

$40

2005 2006 2007 2008 First 3Qs 2009

Mil

lio

ns

Total Gross Profit SGampA as a of Gross Profit

CONFIDENTIAL copy2009 Calavo Growers Inc

Period ending 07312009

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

26

How Will Calavo Continueto Grow

Continue diversifying sourcing

CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

13

Fresh Division

CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

14

Unit Driven Business Model

CONFIDENTIAL copy2009 Calavo Growers Inc

More Avocado Units Means More Avocado Gross Profit

Grower Grocer

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

15

US Avocado Consumption

Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc

0

200

400

600

800

1000

1200

1400

1600

Mill

ion

s

1999 ndash 2006

13 CAGR

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

16

Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc

0

200

400

600

800

1000

1200

1400

1600

Mill

ion

s

2006 ndash Today

Growth Restricted by Lack of Supply

US Avocado Consumption

US Avocado Consumption

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

17

Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc

0

200

400

600

800

1000

1200

1400

1600

Mill

ion

s FY 2010

Calavo Estimates Available Supply

to Increase by at least 50

US Avocado Consumption

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

18

More Value-Added Means More Gross Profit Per Unit

CONFIDENTIAL copy2009 Calavo Growers Inc

Value-Added

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

19

RipeningProRipeVIPreg = 207 of avocado cartons

Pre-condition = 69 of avocado cartons

Bagging

Bags = 126 of avocado cartons

Period ended 07312009

CONFIDENTIAL copy2009 Calavo Growers Inc

More Value-Added Means More Gross Profit Per Unit

Value-Added

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

20

Processed Division

CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

21CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

22CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

Infrastructure and Customer List Creates Expansion Opportunity

23

Calavo SKUCalavo SKU

CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

24

2005 2006 2007 2008 2009

First 3Qs $027 $031 $043 $026 $078

Total $024 $040 $051 $053

$000

$010

$020

$030

$040

$050

$060

$070

$080

Diversification Key to 2009 EPS Growth

CONFIDENTIAL copy2009 Calavo Growers Inc

Period ending 07312009

TTM

EPS =

$106

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

25

Success in Leveraging SGampA

400

500

600

700

800

900

$0

$10

$20

$30

$40

2005 2006 2007 2008 First 3Qs 2009

Mil

lio

ns

Total Gross Profit SGampA as a of Gross Profit

CONFIDENTIAL copy2009 Calavo Growers Inc

Period ending 07312009

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

26

How Will Calavo Continueto Grow

Continue diversifying sourcing

CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

14

Unit Driven Business Model

CONFIDENTIAL copy2009 Calavo Growers Inc

More Avocado Units Means More Avocado Gross Profit

Grower Grocer

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

15

US Avocado Consumption

Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc

0

200

400

600

800

1000

1200

1400

1600

Mill

ion

s

1999 ndash 2006

13 CAGR

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

16

Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc

0

200

400

600

800

1000

1200

1400

1600

Mill

ion

s

2006 ndash Today

Growth Restricted by Lack of Supply

US Avocado Consumption

US Avocado Consumption

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

17

Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc

0

200

400

600

800

1000

1200

1400

1600

Mill

ion

s FY 2010

Calavo Estimates Available Supply

to Increase by at least 50

US Avocado Consumption

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

18

More Value-Added Means More Gross Profit Per Unit

CONFIDENTIAL copy2009 Calavo Growers Inc

Value-Added

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

19

RipeningProRipeVIPreg = 207 of avocado cartons

Pre-condition = 69 of avocado cartons

Bagging

Bags = 126 of avocado cartons

Period ended 07312009

CONFIDENTIAL copy2009 Calavo Growers Inc

More Value-Added Means More Gross Profit Per Unit

Value-Added

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

20

Processed Division

CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

21CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

22CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

Infrastructure and Customer List Creates Expansion Opportunity

23

Calavo SKUCalavo SKU

CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

24

2005 2006 2007 2008 2009

First 3Qs $027 $031 $043 $026 $078

Total $024 $040 $051 $053

$000

$010

$020

$030

$040

$050

$060

$070

$080

Diversification Key to 2009 EPS Growth

CONFIDENTIAL copy2009 Calavo Growers Inc

Period ending 07312009

TTM

EPS =

$106

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

25

Success in Leveraging SGampA

400

500

600

700

800

900

$0

$10

$20

$30

$40

2005 2006 2007 2008 First 3Qs 2009

Mil

lio

ns

Total Gross Profit SGampA as a of Gross Profit

CONFIDENTIAL copy2009 Calavo Growers Inc

Period ending 07312009

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

26

How Will Calavo Continueto Grow

Continue diversifying sourcing

CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

15

US Avocado Consumption

Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc

0

200

400

600

800

1000

1200

1400

1600

Mill

ion

s

1999 ndash 2006

13 CAGR

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

16

Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc

0

200

400

600

800

1000

1200

1400

1600

Mill

ion

s

2006 ndash Today

Growth Restricted by Lack of Supply

US Avocado Consumption

US Avocado Consumption

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

17

Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc

0

200

400

600

800

1000

1200

1400

1600

Mill

ion

s FY 2010

Calavo Estimates Available Supply

to Increase by at least 50

US Avocado Consumption

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

18

More Value-Added Means More Gross Profit Per Unit

CONFIDENTIAL copy2009 Calavo Growers Inc

Value-Added

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

19

RipeningProRipeVIPreg = 207 of avocado cartons

Pre-condition = 69 of avocado cartons

Bagging

Bags = 126 of avocado cartons

Period ended 07312009

CONFIDENTIAL copy2009 Calavo Growers Inc

More Value-Added Means More Gross Profit Per Unit

Value-Added

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

20

Processed Division

CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

21CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

22CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

Infrastructure and Customer List Creates Expansion Opportunity

23

Calavo SKUCalavo SKU

CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

24

2005 2006 2007 2008 2009

First 3Qs $027 $031 $043 $026 $078

Total $024 $040 $051 $053

$000

$010

$020

$030

$040

$050

$060

$070

$080

Diversification Key to 2009 EPS Growth

CONFIDENTIAL copy2009 Calavo Growers Inc

Period ending 07312009

TTM

EPS =

$106

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

25

Success in Leveraging SGampA

400

500

600

700

800

900

$0

$10

$20

$30

$40

2005 2006 2007 2008 First 3Qs 2009

Mil

lio

ns

Total Gross Profit SGampA as a of Gross Profit

CONFIDENTIAL copy2009 Calavo Growers Inc

Period ending 07312009

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

26

How Will Calavo Continueto Grow

Continue diversifying sourcing

CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

16

Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc

0

200

400

600

800

1000

1200

1400

1600

Mill

ion

s

2006 ndash Today

Growth Restricted by Lack of Supply

US Avocado Consumption

US Avocado Consumption

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

17

Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc

0

200

400

600

800

1000

1200

1400

1600

Mill

ion

s FY 2010

Calavo Estimates Available Supply

to Increase by at least 50

US Avocado Consumption

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

18

More Value-Added Means More Gross Profit Per Unit

CONFIDENTIAL copy2009 Calavo Growers Inc

Value-Added

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

19

RipeningProRipeVIPreg = 207 of avocado cartons

Pre-condition = 69 of avocado cartons

Bagging

Bags = 126 of avocado cartons

Period ended 07312009

CONFIDENTIAL copy2009 Calavo Growers Inc

More Value-Added Means More Gross Profit Per Unit

Value-Added

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

20

Processed Division

CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

21CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

22CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

Infrastructure and Customer List Creates Expansion Opportunity

23

Calavo SKUCalavo SKU

CONFIDENTIAL copy2009 Calavo Growers Inc

Ca

lavo

Gro

we

rs In

c -

Fa

ll 20

09

Inve

sto

r Me

etin

gs

24

2005 2006 2007 2008 2009

First 3Qs $027 $031 $043 $026 $078

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Diversification Key to 2009 EPS Growth

CONFIDENTIAL copy2009 Calavo Growers Inc

Period ending 07312009

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How Will Calavo Continueto Grow

Continue diversifying sourcing

CONFIDENTIAL copy2009 Calavo Growers Inc

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Historical Data Provided by California Avocado Commission CAC estimate Calavo estimateCONFIDENTIAL copy2009 Calavo Growers Inc

0

200

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1400

1600

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s FY 2010

Calavo Estimates Available Supply

to Increase by at least 50

US Avocado Consumption

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More Value-Added Means More Gross Profit Per Unit

CONFIDENTIAL copy2009 Calavo Growers Inc

Value-Added

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RipeningProRipeVIPreg = 207 of avocado cartons

Pre-condition = 69 of avocado cartons

Bagging

Bags = 126 of avocado cartons

Period ended 07312009

CONFIDENTIAL copy2009 Calavo Growers Inc

More Value-Added Means More Gross Profit Per Unit

Value-Added

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Processed Division

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21CONFIDENTIAL copy2009 Calavo Growers Inc

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22CONFIDENTIAL copy2009 Calavo Growers Inc

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Infrastructure and Customer List Creates Expansion Opportunity

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Calavo SKUCalavo SKU

CONFIDENTIAL copy2009 Calavo Growers Inc

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2005 2006 2007 2008 2009

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Total $024 $040 $051 $053

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$080

Diversification Key to 2009 EPS Growth

CONFIDENTIAL copy2009 Calavo Growers Inc

Period ending 07312009

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How Will Calavo Continueto Grow

Continue diversifying sourcing

CONFIDENTIAL copy2009 Calavo Growers Inc

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More Value-Added Means More Gross Profit Per Unit

CONFIDENTIAL copy2009 Calavo Growers Inc

Value-Added

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RipeningProRipeVIPreg = 207 of avocado cartons

Pre-condition = 69 of avocado cartons

Bagging

Bags = 126 of avocado cartons

Period ended 07312009

CONFIDENTIAL copy2009 Calavo Growers Inc

More Value-Added Means More Gross Profit Per Unit

Value-Added

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Processed Division

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21CONFIDENTIAL copy2009 Calavo Growers Inc

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22CONFIDENTIAL copy2009 Calavo Growers Inc

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Infrastructure and Customer List Creates Expansion Opportunity

23

Calavo SKUCalavo SKU

CONFIDENTIAL copy2009 Calavo Growers Inc

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2005 2006 2007 2008 2009

First 3Qs $027 $031 $043 $026 $078

Total $024 $040 $051 $053

$000

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$020

$030

$040

$050

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Diversification Key to 2009 EPS Growth

CONFIDENTIAL copy2009 Calavo Growers Inc

Period ending 07312009

TTM

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$106

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CONFIDENTIAL copy2009 Calavo Growers Inc

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How Will Calavo Continueto Grow

Continue diversifying sourcing

CONFIDENTIAL copy2009 Calavo Growers Inc

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RipeningProRipeVIPreg = 207 of avocado cartons

Pre-condition = 69 of avocado cartons

Bagging

Bags = 126 of avocado cartons

Period ended 07312009

CONFIDENTIAL copy2009 Calavo Growers Inc

More Value-Added Means More Gross Profit Per Unit

Value-Added

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Processed Division

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21CONFIDENTIAL copy2009 Calavo Growers Inc

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22CONFIDENTIAL copy2009 Calavo Growers Inc

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Calavo SKUCalavo SKU

CONFIDENTIAL copy2009 Calavo Growers Inc

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2005 2006 2007 2008 2009

First 3Qs $027 $031 $043 $026 $078

Total $024 $040 $051 $053

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Diversification Key to 2009 EPS Growth

CONFIDENTIAL copy2009 Calavo Growers Inc

Period ending 07312009

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How Will Calavo Continueto Grow

Continue diversifying sourcing

CONFIDENTIAL copy2009 Calavo Growers Inc

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Processed Division

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22CONFIDENTIAL copy2009 Calavo Growers Inc

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Calavo SKUCalavo SKU

CONFIDENTIAL copy2009 Calavo Growers Inc

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2005 2006 2007 2008 2009

First 3Qs $027 $031 $043 $026 $078

Total $024 $040 $051 $053

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Diversification Key to 2009 EPS Growth

CONFIDENTIAL copy2009 Calavo Growers Inc

Period ending 07312009

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How Will Calavo Continueto Grow

Continue diversifying sourcing

CONFIDENTIAL copy2009 Calavo Growers Inc

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22CONFIDENTIAL copy2009 Calavo Growers Inc

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Calavo SKUCalavo SKU

CONFIDENTIAL copy2009 Calavo Growers Inc

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2005 2006 2007 2008 2009

First 3Qs $027 $031 $043 $026 $078

Total $024 $040 $051 $053

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Diversification Key to 2009 EPS Growth

CONFIDENTIAL copy2009 Calavo Growers Inc

Period ending 07312009

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CONFIDENTIAL copy2009 Calavo Growers Inc

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How Will Calavo Continueto Grow

Continue diversifying sourcing

CONFIDENTIAL copy2009 Calavo Growers Inc

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22CONFIDENTIAL copy2009 Calavo Growers Inc

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Calavo SKUCalavo SKU

CONFIDENTIAL copy2009 Calavo Growers Inc

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2005 2006 2007 2008 2009

First 3Qs $027 $031 $043 $026 $078

Total $024 $040 $051 $053

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Diversification Key to 2009 EPS Growth

CONFIDENTIAL copy2009 Calavo Growers Inc

Period ending 07312009

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How Will Calavo Continueto Grow

Continue diversifying sourcing

CONFIDENTIAL copy2009 Calavo Growers Inc

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Calavo SKUCalavo SKU

CONFIDENTIAL copy2009 Calavo Growers Inc

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2005 2006 2007 2008 2009

First 3Qs $027 $031 $043 $026 $078

Total $024 $040 $051 $053

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Diversification Key to 2009 EPS Growth

CONFIDENTIAL copy2009 Calavo Growers Inc

Period ending 07312009

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How Will Calavo Continueto Grow

Continue diversifying sourcing

CONFIDENTIAL copy2009 Calavo Growers Inc

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2005 2006 2007 2008 2009

First 3Qs $027 $031 $043 $026 $078

Total $024 $040 $051 $053

$000

$010

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$030

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$050

$060

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$080

Diversification Key to 2009 EPS Growth

CONFIDENTIAL copy2009 Calavo Growers Inc

Period ending 07312009

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$106

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Success in Leveraging SGampA

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How Will Calavo Continueto Grow

Continue diversifying sourcing

CONFIDENTIAL copy2009 Calavo Growers Inc

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Success in Leveraging SGampA

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How Will Calavo Continueto Grow

Continue diversifying sourcing

CONFIDENTIAL copy2009 Calavo Growers Inc

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How Will Calavo Continueto Grow

Continue diversifying sourcing

CONFIDENTIAL copy2009 Calavo Growers Inc

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Continue diversifying products

CONFIDENTIAL copy2009 Calavo Growers Inc

How Will Calavo Continueto Grow

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How Will Calavo Continue to Grow

CONFIDENTIAL copy2009 Calavo Growers Inc

Continue leveraging infrastructure

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How Will Calavo Continue to Grow

CONFIDENTIAL copy2009 Calavo Growers Inc

Continue leveraging infrastructure

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Portfolio of Assets

CONFIDENTIAL copy2009 Calavo Growers Inc

Calavorsquos owned facilities

ndash 53K sq ft Santa Paula packinghouse

ndash 60K sq ft Temecula packinghouse

ndash 70K sq ft 5 acre Santa Paula VAD

ndash 90K sq ft Uruapan processing facility

ndash 50K sq ft Uruapan packinghouse

ndash 725 acres and facility in Hawaii

Investment in the Limoneira Company (LMNR)

ndash CVGW owns 172K shares of LMNR LMNR owns 1M shares of CVGW

ndash Largest California avocado grower citrus

ndash Over 7000 acres of land water assets

ndash June of 2008 City of Santa Paula approved key East Area 1 project

ndash Long-term investment by Calavo

CONFIDENTIAL copy2009 Calavo Growers Inc

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30CONFIDENTIAL copy2009 Calavo Growers Inc

Summary

Leader in US Avocado Marketbull Driven by a focus on healthier eating and Hispanic influence

bull Consumption to grow with 50 more fruit available

Unit Driven Business Modelbull More units mean more gross profit

bull More value-add business means more gross profit per unit

Non-Avocado Growth Opportunitiesbull New processed products eg fresh salsa fresh hummus

bull Non-avocado fresh business tomatoes pineapples etc

CONFIDENTIAL copy2009

Calavo Growers Inc

NASDAQ CVGW

APPENDIX

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Historical USA Avocado Consumption and Supply Data

Data Provided by California Avocado Commission estimateCONFIDENTIAL copy2009 Calavo Growers Inc

1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-082008-09

CA 3211 4223 3997 3352 4318 3004 6009 2592 3288 1645

CHILE 770 1150 1442 2022 1972 2828 1436 2711 1556 1926

MEXICO 259 225 587 634 922 2488 2508 4402 4852 6462

DOMINICAN REPUBLIC 86 109 165 158 239 187 237 276 330 241

NEW ZEALAND 75 81 38 12 04 00 01 23 30 00

FL 494 513 600 483 487 412 211 546 594 400

OTHERS 03 05 05 08 05 01 02 00 00 00

TOTAL AGGREGATE 4898 6306 6834 6669 7947 8920 10404 10550 10650 10674

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An International CompanyCalavo Source and Supply Locations

Avocadosndash Sourcing from USA

Mexico Chile Peru

ndash Supplying to USA Canada Asia Europe

Tomatoesndash Sourcing from Mexico

ndash Supplying to USA Canada

Papayasndash Sourcing from Hawaii

ndash Supplying to USA Canada

Processed guacamolendash Sourcing from Mexico

ndash Supplying to USA Canada Asia Europe Australia New Zealand

Pineapplesndash Sourcing from Hawaii

ndash Supplying to USA Canada

Mushroomsndash Sourcing from Canada

ndash Supplying to USA Canada

CONFIDENTIAL copy2009 Calavo Growers Inc

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Fresh Division

Revenue StructureDifferent method of payment in each category

bull California avocados ndash marketing and packing fee

bull Mexican avocados ndash buy and sell

bull Chilean avocados ndash commission on sale price

bull Tomatoes ndash commission on sale price

bull Pineapples ndash set fee per box sold

bull Mushrooms ndash commission on sale price

bull Papayas ndash marketing and packing fee

Calavo earns an extra fee from customers for value-added servicesbull ProRipeVIPreg or pre-conditioning

bull Bagging

bull Special packing

Recognized revenue includes the price of the fruitbull As a result gross margin percent in California avocados and pineapples inversely related to price

bull Sale price up gross profit the same gross margin percentage down (assuming flat unit volume)

bull Sale price down gross profit the same gross margin percent up (assuming flat unit volume)

CONFIDENTIAL copy2009 Calavo Growers Inc

CONFIDENTIAL copy2009

Calavo Growers Inc

NASDAQ CVGW

FOR FOLLOW-UP NEEDS CONTACT MICHAEL LIPPOLD(805) 421-5032mikelcalavocom

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30CONFIDENTIAL copy2009 Calavo Growers Inc

Summary

Leader in US Avocado Marketbull Driven by a focus on healthier eating and Hispanic influence

bull Consumption to grow with 50 more fruit available

Unit Driven Business Modelbull More units mean more gross profit

bull More value-add business means more gross profit per unit

Non-Avocado Growth Opportunitiesbull New processed products eg fresh salsa fresh hummus

bull Non-avocado fresh business tomatoes pineapples etc

CONFIDENTIAL copy2009

Calavo Growers Inc

NASDAQ CVGW

APPENDIX

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Historical USA Avocado Consumption and Supply Data

Data Provided by California Avocado Commission estimateCONFIDENTIAL copy2009 Calavo Growers Inc

1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-082008-09

CA 3211 4223 3997 3352 4318 3004 6009 2592 3288 1645

CHILE 770 1150 1442 2022 1972 2828 1436 2711 1556 1926

MEXICO 259 225 587 634 922 2488 2508 4402 4852 6462

DOMINICAN REPUBLIC 86 109 165 158 239 187 237 276 330 241

NEW ZEALAND 75 81 38 12 04 00 01 23 30 00

FL 494 513 600 483 487 412 211 546 594 400

OTHERS 03 05 05 08 05 01 02 00 00 00

TOTAL AGGREGATE 4898 6306 6834 6669 7947 8920 10404 10550 10650 10674

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An International CompanyCalavo Source and Supply Locations

Avocadosndash Sourcing from USA

Mexico Chile Peru

ndash Supplying to USA Canada Asia Europe

Tomatoesndash Sourcing from Mexico

ndash Supplying to USA Canada

Papayasndash Sourcing from Hawaii

ndash Supplying to USA Canada

Processed guacamolendash Sourcing from Mexico

ndash Supplying to USA Canada Asia Europe Australia New Zealand

Pineapplesndash Sourcing from Hawaii

ndash Supplying to USA Canada

Mushroomsndash Sourcing from Canada

ndash Supplying to USA Canada

CONFIDENTIAL copy2009 Calavo Growers Inc

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Fresh Division

Revenue StructureDifferent method of payment in each category

bull California avocados ndash marketing and packing fee

bull Mexican avocados ndash buy and sell

bull Chilean avocados ndash commission on sale price

bull Tomatoes ndash commission on sale price

bull Pineapples ndash set fee per box sold

bull Mushrooms ndash commission on sale price

bull Papayas ndash marketing and packing fee

Calavo earns an extra fee from customers for value-added servicesbull ProRipeVIPreg or pre-conditioning

bull Bagging

bull Special packing

Recognized revenue includes the price of the fruitbull As a result gross margin percent in California avocados and pineapples inversely related to price

bull Sale price up gross profit the same gross margin percentage down (assuming flat unit volume)

bull Sale price down gross profit the same gross margin percent up (assuming flat unit volume)

CONFIDENTIAL copy2009 Calavo Growers Inc

CONFIDENTIAL copy2009

Calavo Growers Inc

NASDAQ CVGW

FOR FOLLOW-UP NEEDS CONTACT MICHAEL LIPPOLD(805) 421-5032mikelcalavocom

CONFIDENTIAL copy2009

Calavo Growers Inc

NASDAQ CVGW

APPENDIX

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32

Historical USA Avocado Consumption and Supply Data

Data Provided by California Avocado Commission estimateCONFIDENTIAL copy2009 Calavo Growers Inc

1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-082008-09

CA 3211 4223 3997 3352 4318 3004 6009 2592 3288 1645

CHILE 770 1150 1442 2022 1972 2828 1436 2711 1556 1926

MEXICO 259 225 587 634 922 2488 2508 4402 4852 6462

DOMINICAN REPUBLIC 86 109 165 158 239 187 237 276 330 241

NEW ZEALAND 75 81 38 12 04 00 01 23 30 00

FL 494 513 600 483 487 412 211 546 594 400

OTHERS 03 05 05 08 05 01 02 00 00 00

TOTAL AGGREGATE 4898 6306 6834 6669 7947 8920 10404 10550 10650 10674

0

200

400

600

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1000

1200

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An International CompanyCalavo Source and Supply Locations

Avocadosndash Sourcing from USA

Mexico Chile Peru

ndash Supplying to USA Canada Asia Europe

Tomatoesndash Sourcing from Mexico

ndash Supplying to USA Canada

Papayasndash Sourcing from Hawaii

ndash Supplying to USA Canada

Processed guacamolendash Sourcing from Mexico

ndash Supplying to USA Canada Asia Europe Australia New Zealand

Pineapplesndash Sourcing from Hawaii

ndash Supplying to USA Canada

Mushroomsndash Sourcing from Canada

ndash Supplying to USA Canada

CONFIDENTIAL copy2009 Calavo Growers Inc

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34

Fresh Division

Revenue StructureDifferent method of payment in each category

bull California avocados ndash marketing and packing fee

bull Mexican avocados ndash buy and sell

bull Chilean avocados ndash commission on sale price

bull Tomatoes ndash commission on sale price

bull Pineapples ndash set fee per box sold

bull Mushrooms ndash commission on sale price

bull Papayas ndash marketing and packing fee

Calavo earns an extra fee from customers for value-added servicesbull ProRipeVIPreg or pre-conditioning

bull Bagging

bull Special packing

Recognized revenue includes the price of the fruitbull As a result gross margin percent in California avocados and pineapples inversely related to price

bull Sale price up gross profit the same gross margin percentage down (assuming flat unit volume)

bull Sale price down gross profit the same gross margin percent up (assuming flat unit volume)

CONFIDENTIAL copy2009 Calavo Growers Inc

CONFIDENTIAL copy2009

Calavo Growers Inc

NASDAQ CVGW

FOR FOLLOW-UP NEEDS CONTACT MICHAEL LIPPOLD(805) 421-5032mikelcalavocom

Ca

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32

Historical USA Avocado Consumption and Supply Data

Data Provided by California Avocado Commission estimateCONFIDENTIAL copy2009 Calavo Growers Inc

1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-082008-09

CA 3211 4223 3997 3352 4318 3004 6009 2592 3288 1645

CHILE 770 1150 1442 2022 1972 2828 1436 2711 1556 1926

MEXICO 259 225 587 634 922 2488 2508 4402 4852 6462

DOMINICAN REPUBLIC 86 109 165 158 239 187 237 276 330 241

NEW ZEALAND 75 81 38 12 04 00 01 23 30 00

FL 494 513 600 483 487 412 211 546 594 400

OTHERS 03 05 05 08 05 01 02 00 00 00

TOTAL AGGREGATE 4898 6306 6834 6669 7947 8920 10404 10550 10650 10674

0

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400

600

800

1000

1200

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An International CompanyCalavo Source and Supply Locations

Avocadosndash Sourcing from USA

Mexico Chile Peru

ndash Supplying to USA Canada Asia Europe

Tomatoesndash Sourcing from Mexico

ndash Supplying to USA Canada

Papayasndash Sourcing from Hawaii

ndash Supplying to USA Canada

Processed guacamolendash Sourcing from Mexico

ndash Supplying to USA Canada Asia Europe Australia New Zealand

Pineapplesndash Sourcing from Hawaii

ndash Supplying to USA Canada

Mushroomsndash Sourcing from Canada

ndash Supplying to USA Canada

CONFIDENTIAL copy2009 Calavo Growers Inc

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34

Fresh Division

Revenue StructureDifferent method of payment in each category

bull California avocados ndash marketing and packing fee

bull Mexican avocados ndash buy and sell

bull Chilean avocados ndash commission on sale price

bull Tomatoes ndash commission on sale price

bull Pineapples ndash set fee per box sold

bull Mushrooms ndash commission on sale price

bull Papayas ndash marketing and packing fee

Calavo earns an extra fee from customers for value-added servicesbull ProRipeVIPreg or pre-conditioning

bull Bagging

bull Special packing

Recognized revenue includes the price of the fruitbull As a result gross margin percent in California avocados and pineapples inversely related to price

bull Sale price up gross profit the same gross margin percentage down (assuming flat unit volume)

bull Sale price down gross profit the same gross margin percent up (assuming flat unit volume)

CONFIDENTIAL copy2009 Calavo Growers Inc

CONFIDENTIAL copy2009

Calavo Growers Inc

NASDAQ CVGW

FOR FOLLOW-UP NEEDS CONTACT MICHAEL LIPPOLD(805) 421-5032mikelcalavocom

Ca

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we

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33

An International CompanyCalavo Source and Supply Locations

Avocadosndash Sourcing from USA

Mexico Chile Peru

ndash Supplying to USA Canada Asia Europe

Tomatoesndash Sourcing from Mexico

ndash Supplying to USA Canada

Papayasndash Sourcing from Hawaii

ndash Supplying to USA Canada

Processed guacamolendash Sourcing from Mexico

ndash Supplying to USA Canada Asia Europe Australia New Zealand

Pineapplesndash Sourcing from Hawaii

ndash Supplying to USA Canada

Mushroomsndash Sourcing from Canada

ndash Supplying to USA Canada

CONFIDENTIAL copy2009 Calavo Growers Inc

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34

Fresh Division

Revenue StructureDifferent method of payment in each category

bull California avocados ndash marketing and packing fee

bull Mexican avocados ndash buy and sell

bull Chilean avocados ndash commission on sale price

bull Tomatoes ndash commission on sale price

bull Pineapples ndash set fee per box sold

bull Mushrooms ndash commission on sale price

bull Papayas ndash marketing and packing fee

Calavo earns an extra fee from customers for value-added servicesbull ProRipeVIPreg or pre-conditioning

bull Bagging

bull Special packing

Recognized revenue includes the price of the fruitbull As a result gross margin percent in California avocados and pineapples inversely related to price

bull Sale price up gross profit the same gross margin percentage down (assuming flat unit volume)

bull Sale price down gross profit the same gross margin percent up (assuming flat unit volume)

CONFIDENTIAL copy2009 Calavo Growers Inc

CONFIDENTIAL copy2009

Calavo Growers Inc

NASDAQ CVGW

FOR FOLLOW-UP NEEDS CONTACT MICHAEL LIPPOLD(805) 421-5032mikelcalavocom

Ca

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09

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etin

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34

Fresh Division

Revenue StructureDifferent method of payment in each category

bull California avocados ndash marketing and packing fee

bull Mexican avocados ndash buy and sell

bull Chilean avocados ndash commission on sale price

bull Tomatoes ndash commission on sale price

bull Pineapples ndash set fee per box sold

bull Mushrooms ndash commission on sale price

bull Papayas ndash marketing and packing fee

Calavo earns an extra fee from customers for value-added servicesbull ProRipeVIPreg or pre-conditioning

bull Bagging

bull Special packing

Recognized revenue includes the price of the fruitbull As a result gross margin percent in California avocados and pineapples inversely related to price

bull Sale price up gross profit the same gross margin percentage down (assuming flat unit volume)

bull Sale price down gross profit the same gross margin percent up (assuming flat unit volume)

CONFIDENTIAL copy2009 Calavo Growers Inc

CONFIDENTIAL copy2009

Calavo Growers Inc

NASDAQ CVGW

FOR FOLLOW-UP NEEDS CONTACT MICHAEL LIPPOLD(805) 421-5032mikelcalavocom

CONFIDENTIAL copy2009

Calavo Growers Inc

NASDAQ CVGW

FOR FOLLOW-UP NEEDS CONTACT MICHAEL LIPPOLD(805) 421-5032mikelcalavocom