ShareholderShareholder ReportReport AprilApril 20072007

Calavo Growers, Inc. 1141A Cummings Road Santa Paula, CA 93060 1924 - The Avocado Growers Exchange is founded as a grower member-owned cooperative representing approximately 300 acres of avocado production • Packing volume was approximately 148,000 pounds • Sales price F.O.B. Los Angeles $0.31lb. • Net to grower was $0.26 lb.

Original bankbook used by the CAGE cooperative

2007® Calavo Growers, Inc. 2 1925 - A national contest is held to rename the California Avocado Grower Exchange • The winner combines the words California and Avocado to create the new company name “Calavo” • Winner receives a grand prize of free avocados for 1 year 1926

2007® Calavo Growers, Inc. 3 1928 - Calavo builds its first grower-owned packinghouse in Vernon, California

2007® Calavo Growers, Inc. 4 1929 - Calavo trademarks the name Calavo and begins advertising “CALAVOS” as avocados

2007® Calavo Growers, Inc. 5 Calavo’s first seven years are marked by heavy planting, light crops, good returns and experimental marketing methods

Net to Grower 1924 $0.26 1925 $0.36 1926 $0.30 1927 $0.19 1928 $0.35 1929 $0.16 1930 $0.35

1927 – crop tripled 1929 – crop quadrupled

2007® Calavo Growers, Inc. 6 1930 – Calavo promotes avocados by air expressing “Calavos” to California Governor C. C. Young for the 6th Annual Avocado Show

Governor C. C. Young

2007® Calavo Growers, Inc. 7 1931 to 1934 – Planting levels off and production jumps from a range of 300,000 to 900,000 lbs. to more than 3MM lbs. • Net return to grower is $.087 to $.13 lb. • Moderate national advertising begins • Product line diversification with Mexican limes and avocado oil begins

2007® Calavo Growers, Inc. 8 1934 to 1935 – California crop reaches 20 MM lbs. of which Calavo markets two thirds • Educational booklets for avocado dealers, chefs, and recipe booklets for housewives are produced

“Calavos” mentioned on menus in the top restaurants in the

2007® Calavo Growers, Inc. 9 1936 to 1940 – National advertising increases in journals and newspapers timed with shipments • Sales force grows to 125 salesmen in 45 branch offices

2007® Calavo Growers, Inc. 10 1941 – Calavo makes its first “Million Dollar Return” to grower- members marketing it’s largest crop ever - 19.4MM lbs. 1944 – New general offices added to the Vernon packinghouse 1946 – Acquires a packinghouse in Escondido, California* 1948 – Celebrates its 25th anniversary 1949 – Product line now includes papaya, coconuts, mangos, kiwifruit, persimmons, and Asian pears

* Escondido packinghouse operated until 1988. 2007® Calavo Growers, Inc. 11 1955 – Calavo creates second company logo • Ground breaking takes place for the Santa Paula packinghouse • Marketed volume is at 54.4MM lbs. (82% Fuerte) • Select national advertising continues

FebruaryFebruary 14, 14, 1955 1955 (L-R): (L-R): Donna Donna Bowker, Bowker, daughter daughter of of grower grower George George Bowker,Bowker, William William Evert, Evert, Contractor, Contractor, George George W. W. Burt, Burt, Calavo Calavo Director Director (Building(Building Committee Committee Chairman), Chairman), Robert Robert L. L. Payton, Payton, Contractor Contractor 2007® Calavo Growers, Inc. 12 1960 – Calavo creates third company logo 1961 – California Avocado Advisory Board takes over consumer advertising 1962 – Calavo acquires Frigid Foods in Escondido, CA 1963 –Santa Barbara packinghouse opens; ceased operation in 1991 1964 – Calavo begins international exports to

2007® Calavo Growers, Inc. 13 1965 – Calavo launches its first processed consumer product “Avocado Dip” • Introduces cardboard cartons with wood veneer ends 1966 – Gross sales reach $23MM 1969 – Fourth company logo created

2007® Calavo Growers, Inc. 14 1972 – Avocados first packed in cardboard cartons

Santa Paula packinghouse circa 1970’s 1974 – Calavo celebrates its 50th anniversary • 40 net-lb. wood • Sales top field crates $25 million replaced with larger field bins

2007® Calavo Growers, Inc. 15 1975 – Calavo opens Calavo Foods processing plant in Santa Paula, California • The marketing and sales of Calavo brand frozen guacamole begins

2007® Calavo Growers, Inc. 16 1985 – Calavo opens its first automated facility in Temecula, California • Gross sales top $100MM marketing 73MM lbs. 1988 – Calavo creates its fifth and current logo

2007® Calavo Growers, Inc. 17 Late 1980’s – Creative trade advertising features • Tight-fill pack • Preconditioning • Avocado bags

2007® Calavo Growers, Inc. 18 1990 – Gross sales $150 million on pounds exceeding 74MM lbs. 1994 – Calavo begins processed operations in Mexicali, 1997 – Packinghouse in Uruapan, Mexico opens 1998 – Celebrates 75th anniversary

2007® Calavo Growers, Inc. Uruapan Packinghouse 19 Early 1990’s – Trade advertising promotes • Avocado varieties • Peak of season Hass • Quality assurance

2007® Calavo Growers, Inc. 20 Mid 1990’s – Corporate advertising shifts to emphasize California grower relations

2007® Calavo Growers, Inc. 21 Late 1990’s – Foodservice advertising expands it’s reach beyond typical guacamole usage with the award winning “Secret Ingredient” trade advertising campaign

2007® Calavo Growers, Inc. 22 2000 – Gross sales top $225MM marketing 119MM lbs. – a 45% volume increase due to strong grower recruitment programs 2001 – Member-shareholders voted overwhelmingly to convert to for- profit status 2002 – Calavo shares are listed and begin trading publicly over the NASDAQ Market System under the ticker symbol CVGW

2007® Calavo Growers, Inc. 23 2003 – Calavo acquires Maui Fresh International (MFI) to build a larger, stronger and more diversified agribusiness MFI sources and distributes a variety of tropical fruits and vegetable items such as papaya, chiles, tomatoes, mushrooms, ginger and garlic in and from the U.S., Canada, Mexico, and more

2007® Calavo Growers, Inc. 24 2004 – Calavo celebrates its 80th anniversary • Opens a new 90,000 square foot production facility in Uruapan, Mexico • Installs ultra-high pressure technology to manufacture fresh refrigerated guacamoles and avocado products

2007® Calavo Growers, Inc. 25 2005 – Calavo launches it’s new, fresh refrigerated guacamoles coupled with a national trade advertising campaign

2007® Calavo Growers, Inc. 26 2005 – Calavo announces equity cross-investment with the Limoneira Company – a diversified agribusiness and land enterprise • Calavo gains the packing volume of the industry’s largest grower • Makes Calavo Limoneira’s single biggest shareholder

2007® Calavo Growers, Inc. 27 2005 – Calavo returns to it’s roots with the headquarter relocation to the historic Limoneira Company ranch in the heart of one of it’s principal growing regions, Santa Paula, California

2007® Calavo Growers, Inc. 28 2005 – Calavo opens the California Value Added Depot and introduces ProRipeVIPTM • VIP –Verified Internal Pressure • Sound wave technology acoustically measures preconditioned avocados with extreme scientific precision to an exact degree of firmness

2007® Calavo Growers, Inc. 29 VIP acoustic sensors measure the entire avocado down to the seed, not just the surface pressure Guarantees 100% consistency regardless of seasonality or county of origin

VIP Technology OLD Technology

2007® Calavo Growers, Inc. 30 2006 – Calavo opens two additional Value Added Depots to meet customer demand for preconditioned and firmness tested avocados • Gross sales top $274MM marketing 288MM lbs.

#1 #3 Santa Paula, Swedesboro, California New Jersey

#2 San Antonio, Texas 2007® Calavo Growers, Inc. 31 CalavoCalavo TodayToday Calavo owns three modern packinghouses strategically located in the world’s largest avocado growing regions

U.S. Distribution Mexico Distribution

2007® Calavo Growers, Inc. 33 Santa Paula and Temecula capable of handling more than 300MM lbs. annually • Through these facilities pass Santa Paula, California approximately 35% of the domestic avocado harvest • More than double that of our closest competitor

Temecula, California

2007® Calavo Growers, Inc. 34 Uruapan, Mexico fresh packinghouse is capable of packing more than 100MM lbs. annually • The facility was built in 1997 with keen foresight to the borderless operations that exist today • 50,000 square foot building on a 5 acre parcel of land allows for future growth

2007® Calavo Growers, Inc. 35 Calavo owns and operates three Value Added Depots • ProRipeVIPTM technology • Bagging equipment • Forced air ThermalTech ripening rooms • Processed products storage • Diversified products

2007® Calavo Growers, Inc. 36 Swedesboro, New Jersey Santa Paula, California

San Antonio, Texas Value Added Depots are strategically located for distribution to volume markets

2007® Calavo Growers, Inc. 37 90,000 square foot processing plant is also located in Uruapan, Mexico • Manufactures more than 50MM lbs. of fresh avocados into fresh and frozen guacamoles, pulp, halves and frozen products • Finished products ship to U.S., Canada, Europe, Asia, New Zealand, Australia

2007® Calavo Growers, Inc. 38 CalavoCalavo CountryCountry

2007® Calavo Growers, Inc. 39 MissionMission StatementStatement

To be a market-oriented food products company of excellence, leading the industry in market share, profitability, and value to stakeholders; and being dedicated to optimizing the development and performance of its employees. In this pursuit, Calavo will be engaged in brand marketing and will continue it’s global orientation as the international marketer of avocados and related food products in fresh and process forms when shareholder equity can be enhanced.

2007® Calavo Growers, Inc. 40 KeyKey FinancialsFinancials

Statement of Operations

12 Months Ending 12 Months Ending 10/31/2006 10/31/2005 Sales $273,910 $258,822 Costs $268,122 $255,500 Net $5,788 $3,322 Net Income Per Share $0.40 $0.24

2007® Calavo Growers, Inc. 41 KeyKey FinancialsFinancials

Statement of Operations

3 Months Ending 3 Months Ending 1/31/2007 1/31/2006 Sales $57,293 $50,647 Costs $55,962 $51,312 Net $1,331 ($665) Net Income Per Share $0.09 ($0.05)

2007® Calavo Growers, Inc. 42 KeyKey FinancialsFinancials

Statement of Operations

6 Months Ending 6 Months Ending 4/30/2007 4/30/2006 Sales $126,477 $118,076 Costs $122,559 $116,552 Net $3,918 $1,524 Net Income Per Share $0.27 $0.11

2007® Calavo Growers, Inc. 43 KeyKey FinancialsFinancials

Statement of Operations

9 Months Ending 9 Months Ending 7/31/2007 7/31/2006 Sales $217,689 $196,880 Costs $211,549 $192,430 Net $6,140 $4,450 Net Income Per Share $0.43 $0.31

2007® Calavo Growers, Inc. 44 BoardBoard ofof DirectorsDirectors • Lecil E. Cole • John M. Hunt • J. Link Leavens • Mike Hause • Scott N. Van Der Kar • Alva V. Snider • Fred J. Ferrazzano • Edigio Carbone • Dorcas H. McFarlane • Harold S. Edwards • Donald M. Sanders • Alan Van Wagner • George H. Barnes

2007® Calavo Growers, Inc. 45 ExecutiveExecutive ManagementManagement

• Lecil E. Cole – Chairman of the Board, President & CEO • Arthur J. Bruno – COO, CFO & Corporate Secretary • Mike Browne – Vice President, Fresh Operations • Rob Wedin – Vice President, Fresh Sales and Marketing • Dionisio Ortiz – Vice President, Operations Calavo de Mexico • Al Ahmer – Vice President, Processed Product Sales and Production • Scott H. Runge – Treasurer • James E. Snyder – Corporate Controller

2007® Calavo Growers, Inc. 46 StrategicStrategic BusinessBusiness ObjectivesObjectives

Explore strategic acquisitions that broaden the scope of products and services and are complementary to the core of our business operations and philosophy Expand our markets and our marketability equally within and beyond our domestic borders Seek to add a volume commodity to our product line that would immediately and affectively impact our bottom line Continue to explore all opportunities that lead to increasing shareholder value

2007® Calavo Growers, Inc. 47