Chiquita Reaches Strategic African Sourcing Agreements With ESCOM and Matanuska Africa Limited

CINCINNATI, March 4 /PRNewswire/ --

- Represents Significant Diversification in Chiquita's Geographic Sourcing -

- Projects in Angola and Mozambique to Create 6,000 New Jobs -

Chiquita Brands International, Inc. (NYSE: CQB) today announced long-term strategic associations in Africa for the export of bananas to the company's core European markets from Angola with ESCOM, a member of Grupo Espirito Santo, and from Mozambique with Matanuska Africa Limited. With commercial exports expected to start in 2010, each project is expected to create approximately 3,000 direct jobs.

These projects in Angola and Mozambique allow the company to further strengthen the diversity of its geographic sourcing portfolio, and to provide, upon project completion, an expected 20 to 30 percent of the company's premium quality fruit volume for European markets, on a tariff free basis. The decision to expand Chiquita's African presence was based on the company's assessment that sourcing from Africa would continue to be cost-competitive, even if there are future significant reductions in the import tariff rate applied on Latin American bananas imported into the European Union.

"We believe that starting banana production in Angola and Mozambique is an important strategic step that will be very cost-competitive regardless of the eventual outcome of the challenges to the EU tariff import regime," said Fernando Aguirre, chairman and chief executive officer. "We are confident that by leveraging our technical knowledge with the expertise of our new partners, whose core business is based on a strong history of operating success in Africa, we will ensure the reliable production of high-quality, Chiquita-branded fruit. These projects will significantly increase our sourcing from tariff-free ACP countries, reaching an estimated 20 to 30 percent of our European volume of premium bananas. We are also pleased to contribute to economic opportunities in Africa through the creation of new jobs and investment with partners that are committed to sustainable development and corporate responsibility."

The agreement signed today in Benguela, Angola, marks the debut of Chiquita in Angola and of ESCOM in the agricultural sector. Contingent upon necessary governmental approvals, the Agricultural Development Company of Angola, a subsidiary of ESCOM group and the Angolan company Hipergesta, will establish banana production in the province of Benguela, with an investment of more than US$60 million (euro 40 million) provided by the Agricultural Development Company of Angola. In addition, Chiquita recently entered into an agreement with Matanuska Africa Limited for a similar project that is already underway to develop banana production in Mozambique.

While Chiquita will not provide capital for either project, the company will support the projects with its expertise in farm development, good agricultural practices, training of local workers, logistics, marketing and distribution to European markets of premium Chiquita branded product. Both operations have committed themselves to meeting Chiquita's high standards of environmental, labor, social and food safety performance. The first commercial exports to Europe are expected in 2010, after planting anticipated to begin later this year.

About Chiquita Brands International, Inc.

With annual revenues of approximately US$4.7 billion, Chiquita Brands International, Inc. (NYSE: CQB) is a leading international marketer and distributor of high-quality fresh and value-added food products -- from energy-rich bananas and other fruits to nutritious blends of convenient green salads. The company's products and services are designed to win the hearts and smiles of the world's consumers by helping them enjoy healthy fresh foods. The company markets its products under the Chiquita(R) and Fresh Express(R) premium brands and other related trademarks. Chiquita employs approximately 24,000 people operating in more than 70 countries worldwide. For more information, please visit our web site at www.chiquita.com.

ESCOM GROUP

ESCOM group, a member of the Espirito Santo group, is currently one of the largest private foreign investors in Angola, operating in the areas of mining, real estate, energy, aviation, fishery and procurement. It also operates in the public works sector in Congo-Brazzaville and in the provision of services in South Africa and Mozambique. ESCOM promotes sustainable development at an economic, social and environmental level by bringing sustainable development to the people and countries it serves. For more information, please visit our web site at www.escom.pt.

MATANUSKA AFRICA LIMITED

Matanuska Africa Limited is a partnership comprised of Matanuska Mauritius and Rift Valley Holdings, who have over 40 years experience growing bananas in the region for sale into local African markets as well as extensive agricultural experience in organic fair trade tea, coffee, coconut, and sustainable forestry.

Forward-looking Statements

This press release contains certain statements that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Chiquita, including: changes in the competitive environment, following the 2006 conversion to a tariff-only banana import regime in the European Union; unusual weather conditions; industry and competitive conditions; access to, and cost of, capital; our ability to achieve the cost savings and other benefits anticipated from the restructuring announced in October 2007; cost increases and our ability to pass them through to our customers; product recalls and other events affecting the industry and consumer confidence in our products; the customary risks experienced by global food companies, such as the impact of product and commodity prices, food safety, currency exchange rate fluctuations, government regulations, labor relations, taxes, crop risks, political instability and terrorism; and the outcome of pending claims and governmental investigations involving the company and legal fees and other costs incurred in connection with them.

Any forward-looking statements made in this press release speak as of the date made and are not guarantees of future performance. Actual results or developments may differ materially from the expectations expressed or implied in the forward-looking statements, and the company undertakes no obligation to update any such statements. Additional information on factors that could influence Chiquita's financial results is included in its SEC filings, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

Web site: http://www.chiquita.com http://www.escom.pt