PRELIMINARY PROSPECTUS SUBJECT TO COMPLETION DATED 12 AUGUST 2020 STRICTLY CONFIDENTIAL DEL MONTE PHILIPPINES, INC. (incorporated in the Republic of the Philippines) Offer of up to [Php5,000,000,000.00] Bonds with an oversubscription option of up to [Php2,500,000,000.00] Bonds Offer Price of up to 100% of Face Value To be listed and traded through the Philippine Dealing & Exchange Corp. Joint Issue Managers, Joint Lead Underwriters, and Joint Bookrunners Financial Adviser to the Issuer The date of this Preliminary Prospectus is 12 August 2020 THE SECURITIES AND EXCHANGE COMMISSION HAS NOT APPROVED THESE SECURITIES OR DETERMINED IF THIS PROSPECTUS IS ACCURATE OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE AND SHOULD BE REPORTED IMMEDIATELY TO THE SECURITIES AND EXCHANGE COMMISSION. DEL MONTE PHILIPPINES, INC. JY Campos Centre, 9th Avenue corner 30th Street Bonifacio Global City, Taguig City Philippines Telephone Number: : +632 88562888 Corporate website: https://www.delmontephil.com/ This Prospectus relates to the registration and the public offer for sale, distribution, and issuance (the “Offer”) by Del Monte Philippines, Inc. (“DMPI”, the “Company”, or the “Issuer”) in the Philippines of Peso-denominated fixed-rate bonds (the “Bonds”), with an aggregate principal amount of up to PhP5,000,000,000.00 with an oversubscription option of up to PhP2,500,000,000.00. The Offer comprises the following series of the Bonds: (i) [•]% p.a. three-year fixed-rate bonds due 2023 (the “Series A Bonds”), and (ii) [•]% p.a. five-year fixed-rate bonds due 2025 (the “Series B Bonds), all of which shall be issued by the Company simultaneously on [•] (the “Issue Date”) pursuant to the terms and conditions of the Bonds. The Issuer reserves the right to allocate the Bonds between the different series based on the bookbuilding process and may opt to allocate the entire amount to just one series. Interest on the Bonds shall be payable quarterly in arrears starting on [•] for the first Interest Payment Date and on [•], [•], [•], and [•] of each year for each subsequent Interest Payment Date at which the Bonds are outstanding or the subsequent Business Day, without adjustment, if such Interest Payment Date is not a Business Day. The Bonds shall be repaid at par (or 100% of face value), plus any outstanding interest, on the relevant maturity date of each series or on [•] for the Series A Bonds, and on [•] for the Series B Bonds, unless the Company exercises its early redemption option for the Series B Bonds on the Optional Redemption Dates according to the conditions therefor. For a more detailed discussion on the redemption of the Bonds, please refer to the discussion under the section “Description of the Bonds – Redemption and Purchase” starting on page [●] of this Prospectus. The Bonds have been rated [Aaa] by Philippine Rating Services Corporation on [•]. Upon their issuance, the Bonds shall constitute the direct, unconditional, unsecured and unsubordinated obligations of the Company and shall at all times rank pari passu and ratably without any preference or priority amongst themselves and at least pari passu with all other present and future unsecured and unsubordinated obligations of the Issuer other than obligations preferred by law. The Bonds shall effectively be subordinated in right of payment to, among others, all of the Company’s secured debts to the extent of the value of the assets securing such debt and all of its debt that is evidenced by a public instrument under Article 2244(14) of the Civil Code of the Philippines executed prior to the Trust Indenture Agreement (see “Description of the Bonds”). The Bonds are offered to the public at face value through the Joint Issue Managers, Joint Lead Underwriters, and Joint Bookrunners named herein with the Philippine Depository & Trust Corp. (“PDTC”) as the Registrar of the Bonds. It is intended that upon issuance, the Bonds shall be issued in scripless form, with PDTC maintaining the scripless Registry of Bondholders. The Bonds are intended to be listed on the Philippine Dealing & Exchange Corp. (“PDEx”). The Bonds shall be issued in minimum principal denominations of PhP50,000.00 each, and in integral multiples of PhP10,000.00 thereafter. The Bonds shall be traded in denominations of PhP10,000.00 in the secondary market. The Company expects to raise net proceeds of up to a maximum of [Php7,389,060,000.00], if the oversubscription option is fully exercised. Without exercising such oversubscription option, the net proceeds are estimated to be approximately [Php4,922,070,000.00], after deducting fees, commissions, and expenses relating to the issuance of the Bonds. Proceeds of the Offer shall be used to refinance existing debt obligations of the Issuer and its subsidiaries and for general corporate purposes, which is discussed further in the section entitled “Use of Proceeds” on page [•] of this Prospectus. The Joint Issue Managers, Joint Lead Underwriters, and Joint Bookrunners shall receive a fee of up to [0.45]% on the final aggregate nominal principal amount of the Bonds issued. On [●], the Board of Directors authorized the sale and offer of the Bonds under such terms and conditions as the management of the Company may deem advantageous to it. On 12 August 2020, the Company filed an application with the Securities and Exchange Commission (“SEC”) to register the Bonds under the provisions of the Securities Regulation Code of the Philippines (Republic Act No. 8799) (“SRC”). On [•], the SEC issued an order rendering the Registration Statement filed by the Company effective and a corresponding permit to offer securities for sale covering the Bonds. On [●], the Company filed an application for the listing of the Bonds on the PDEx. However, there is no assurance that such a listing will be achieved either before or after the relevant issue date of the Bonds being offered at a particular time or whether such a listing will materially affect the liquidity of the Bonds on the secondary market. Such listing will be subject to the Company’s execution of a listing agreement with PDEx that may require the Company to make certain disclosures, undertakings and payments on an ongoing basis. The Company reserves the right to withdraw any offer and sale of the Bonds at any time, and the Issuer and Joint Issue Managers, Joint Lead Underwriters, and Joint Bookrunners reserve the right to reject any application to purchase the Bonds in whole or in part and to allot to any prospective purchaser less than the full amount of the Bonds sought by such purchaser. If an offer of the Bonds is withdrawn or discontinued, the Company shall subsequently notify the SEC and, as applicable, the PDEx. The Joint Issue Managers, Joint Lead Underwriters, and Joint Bookrunners may acquire for their own account any portion of the Bonds. Holders of the Bonds shall not be entitled to any dividends from the Issuer, the Bonds being a debt issue. Nevertheless, the Company’s dividend policy is discussed further in the section “Market Price of and Dividends on the Company’s Common Equity and Related Stockholder Matters” on page [•] of this Prospectus. The Bonds will be registered and offered exclusively in the Philippines. The distribution of this Prospectus and the offer and sale of the Bonds may, in certain jurisdictions, be restricted by law. The Company and the Joint Issue Managers, Joint Lead Underwriters, and Joint Bookrunners require persons into whose possession this Prospectus comes, to inform themselves of the applicable legal requirements under the laws and regulations of the countries of their nationality, residence or domicile, and as to any relevant tax or foreign exchange control laws and regulations affecting them personally. This Prospectus does not constitute an offer of any securities, or any offer to sell, or a solicitation of any offer to buy any securities of the Company in any jurisdiction, to or from any person whom it is unlawful to make such offer in such jurisdiction. This Prospectus contains the [final] terms of the Bonds. Information on the Issuer and this Offer is only available in the Prospectus and the Bond Agreements. The Joint Issue Managers, Joint Lead Underwriters, and Joint Bookrunners have exercised reasonable due diligence required by regulations in ascertaining that all material representations contained in the Prospectus are true and correct and that no material information was omitted, which was necessary in order to make the statements contained in said documents not misleading. No person or group of persons has been authorized by the Company and the Joint Issue Managers, Joint Lead Underwriters, and Joint Bookrunners to give any information or to make any representation concerning the Bonds other than as contained in this Prospectus. If given or made, any such information or representation must not be relied upon as having been authorized by the Company or any of the Joint Issue Managers, Joint Lead Underwriters, and Joint Bookrunners. The information contained in this Prospectus relating to the Company and its subsidiaries (together with DMPI, the “Group”) and the Group’s operations has been supplied by the Company, unless otherwise stated herein. To the best of its knowledge and belief, the Company, which has taken reasonable care to ensure that such is the case, confirms that the information contained in this Prospectus relating to it and its operations is correct, and that there is no material misstatement or omission of fact which would make any statement in this Prospectus misleading in any material respect, and that the Company hereby accepts full and sole responsibility for the accuracy of the information contained in this Prospectus with respect to the same. Unless otherwise indicated, all information in this Prospectus is as of the date of this Prospectus.