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

Chiquita Reaches Strategic African Sourcing Agreements With ESCOM and
Matanuska Africa Limited
- Represents Significant Diversification in Chiquita's Geographic Sourcing -

CINCINNATI, March 4 /PRNewswire-FirstCall/ -- 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 $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 $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.
SOURCE Chiquita Brands International, Inc.

Ed Loyd of Chiquita Brands International, Inc., +1-513-784-8935,
eloyd@chiquita.com