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Chiquita Reports Improved Third Quarter 2008 Results

October 30, 2008

CINCINNATI, Oct. 30 /PRNewswire-FirstCall/ — Chiquita Brands International, Inc. today released financial and operating results for the third quarter 2008. For continuing operations, the company reported net sales of $840 million, up 7 percent year-over-year, and a net loss of $6 million, or $(0.13) per diluted share, compared to a net loss of $26 million, or $(0.61) per diluted share, in the year-ago period. The 2008 quarter included a gain of $10 million, or $0.22 per diluted share, from repurchases of senior notes, and the 2007 quarter included a charge of $4 million, or $(0.09) per share, related to the exit of owned operations in Chile. All financial results in this press release are for continuing operations only, unless otherwise stated.

“Our operating results improved over last year,” said Fernando Aguirre, chairman and chief executive officer. “Our pricing discipline and focus on profitability has improved the year-on-year performance of our banana segment for the fifth consecutive quarter, which more than offset lower results in our salad operations. We are making progress on all the elements of our profit improvement plans for salads, including permanent contract pricing and fuel related surcharges, to deliver better margins over time. Looking ahead, we continue to expect to achieve significantly better operating results for the full year versus 2007.”

Mr. Aguirre added, “As we committed to investors, we used most of the proceeds from the sale of Atlanta AG to reduce debt. We repurchased senior notes at prices that reflect an attractive long-term value for shareholders. Our improved operating performance, strong capital structure and liquidity enable us to remain focused on executing our profitable growth strategy, despite turmoil in global financial markets. While others are restructuring their operations and addressing balance sheet concerns, we have already delivered in these areas and our year-to-date results demonstrate that we are a compelling long-term investment opportunity.”

   2008 THIRD QUARTER SUMMARY                                      Q3       Q3       YTD          YTD   ($ millions)                      2008     2007      2008         2007    Net sales                        $840.0   $785.2   $2,770.1     $2,624.4   Operating income (loss)           $(4.9)   $(7.3)    $124.3        $41.4   Gain on repurchase of senior    notes(1)                          $9.6        -       $9.6            -   Other income                          -        -       $8.6            -   Net income (loss) from    continuing operations            $(5.9)  $(25.9)     $85.9       $(23.2)   Net income (loss) from    discontinued operations           $0.3    $(2.3)      $2.3         $0.2    Net income (loss)                 $(5.6)  $(28.2)     $88.2       $(23.0)   Total debt                                           $804.7       $804.0   Cash                                                 $170.1       $119.2     (1) Third quarter 2008 includes a net gain of approximately $10 million,       or $0.22 per diluted share, related to open market repurchases of $66       million principal amount of senior notes using $55 million of cash.       The senior note repurchase program was completed in October 2008,       through the use of an additional $20 million in cash to repurchase $25       million principal amount of senior notes, for an additional net gain       of $4 million.     -- Net sales: Quarterly sales rose primarily due to higher banana pricing      in North America and favorable average euro exchange rates, partly      offset by lower banana volumes in core European markets.    -- Operating income:  Quarterly operating losses decreased year-over-year      due to higher banana pricing in North America, favorable average euro      exchange rates and savings from the company's business restructuring,      offset by continued weakness in salad operations.  For third quarter      net sales and operating income information by segment, see Exhibit A.    -- Total debt:  Adjusted for completion of the senior note repurchase      program in October, the company's total debt would have been $780      million at September 30, 2008, and its debt-to-capital ratio would have      been 44 percent versus a long-term target of 40 percent.  See the      detailed debt schedule in Exhibit F and the senior note repurchases      discussion below.     ATLANTA AG SALE COMPLETION  

As previously announced, the company completed the sale of its wholly owned German subsidiary Atlanta AG to UNIVEG Fruit and Vegetables BV in August 2008 for net proceeds of $94 million, resulting in a net gain on sale of approximately $1 million.

SENIOR NOTE REPURCHASES

As it had committed, the company used most of the proceeds of the Atlanta AG sale to reduce debt. During September and October 2008, the company used approximately $75 million of cash to repurchase a total of $91 million principal amount of its 7 1/2% senior notes due 2014 and 8 7/8% senior notes due 2015 in the open market, as shown below. The repurchases resulted in net gains of approximately $10 million in the third quarter and $4 million in the fourth quarter.

   ($ millions)                           Q3             Q4                                         2008           2008         Totals   Principal amount of notes    repurchased:   7 1/2% Senior Notes                   $42.1          $12.6         $54.7   8 7/8% Senior Notes                    24.2           12.4          36.6                                         $66.3          $25.0         $91.3    Cash used for repurchases             $55.1          $19.9         $75.0    Net gain(1)                            $9.6           $4.5         $14.1     (1) The gain on the repurchases of senior notes is presented net of       transaction costs and the write-off of deferred financing fees.                                                        Adjusted                                       June 30,       Sept 30,                                         2008           2008(1)    Total Debt                           $873.7         $779.7     (1) Adjusted figures reflect the repurchase of $25 million in senior notes       during October 2008, as detailed in Exhibit F.    

On an adjusted basis reflecting the completion of the senior note repurchase program in October 2008, the company had $150 million in cash and cash equivalents at the end of the third quarter 2008, a bank revolving credit facility with approximately $129 million in available borrowing capacity, and debt maturities of no more than $20 million per year until 2014. In addition, annualized interest expense will be reduced by approximately $8 million as a result of the repurchases.

EUROPEAN HEADQUARTERS RELOCATION

In late October 2008, the company committed to the relocation of its European headquarters from Belgium to Switzerland, which is expected to be completed in 2009. The company expects to incur one-time costs related to this relocation in the range of $15-25 million, of which approximately $5-9 million will be recognized in the fourth quarter of 2008 and most of the remainder will be recognized in the first half of 2009. This relocation is expected to optimize the company’s long-term tax structure.

OUTLOOK

The company continues to expect to generate significant improvement in sales and operating income from continuing operations for the full-year 2008, compared to the full-year 2007. This is primarily due to increases in pricing and the benefits of the company’s 2007 restructuring, which have more than offset increases in industry and other product supply costs. The company has reduced its guidance for industry costs by $15-20 million as a result of recent fuel price reductions. It has also increased the outlook for other product supply costs for full-year 2008 to recognize approximately $20 million of higher costs realized in the third quarter and $20 million expected to be incurred in the fourth quarter. The increase in other product supply costs reflects higher transportation and network inefficiencies, as well as lower farm productivity due to weather. The following chart summarizes management’s estimates, based on current trends and market prices, of the impact of certain items on the company’s results for 2008.

                                         Q1     Q2     Q3     Q4    Full-Year                                        2008   2008   2008   2008     2008                                       Actual Actual Actual Estimate Estimate   ($ millions)   Higher Costs:     Higher Industry Costs(1)            $50   $42    $53  $35-45  $180-190     Other Higher Product Supply      Costs(2)                           $29   $33    $30  $23-33  $115-125       Sub total                         $79   $75    $83  $58-78  $295-315    Price Increases, Cost Reductions    and Other Benefits:     Pricing and Exchange Gains(3)       $92  $104    $74    +        +     Gross Cost Savings                  $10   $11     $8   $6-11   $35-40     2007 Business Restructuring Savings $18   $19    $17  $11-14   $65-68     Incremental Fuel Hedging Gains(4)    $7    $8     $9     $(9)     $15       Sub total                        $127  $142   $108    +        +    Net Benefit                           $48   $67    $25             +    Capital Expenditures                  $12    $9    $11  $18-23   $50-55   Depreciation & Amortization           $19   $19    $17  $15-18   $70-73   Gross Interest Expense(5)             $17   $17    $17  $16-19   $67-70   Net Interest Expense(5)               $16   $15    $15  $12-15   $58-61   Euro Hedging Costs (Gains)(6)          $5    $6     $2    $(10)      $3     (1) Represents year-over-year increases for items such as purchased fruit,       raw products, fertilizers, bunker fuel, ship charters, paper and       resins.   (2) Represents year-over-year increases for items such as labor and       materials in banana production and salad manufacturing, discharging       and other logistic costs.   (3) Pricing variance includes year-over-year improvement in bananas and       salads pricing, as well as euro exchange benefits.   (4) Includes year-over-year variance in the company's fuel hedging program       based on the 2008 fuel swap portfolio and market forward rates as of       October 27, 2008.  For the fourth quarter, a hedging loss of $(2)       million is expected in 2008 compared to a hedging gain of $7 million       in 2007.   (5) Excludes $9 million for the write-off of deferred financing fees       related to the refinancing of the company's credit facility in the       first quarter.   (6) Based on market forward rates as of October 27, 2008 in relation to       the company's 2008 hedging portfolio, which includes euro put options       at average strike rates of $1.40.      Conference Call  

A conference call to discuss third quarter 2008 results will begin at 4:30 p.m. EDT today and will be available via webcast at http://www.chiquita.com/. Toll-free telephone access will be available by dialing 1-888-224-1164 in the United States and +913-312-0974 from international locations. A webcast and audio replay of the call will be available at http://www.chiquita.com/ until November 13, 2008. To access the phone replay, dial 1-888-203-1112 from the United States and +719-457-0820 from international locations and enter the access code 2041881. A transcript of the call will be posted as soon as possible after October 30, and will be available from the company’s web site for 12 months.

About Chiquita Brands International, Inc.

With annual revenues of approximately $4 billion from continuing operations, Chiquita Brands International, Inc. 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 23,000 people operating in more than 70 countries worldwide. For more information, please visit our web site at http://www.chiquita.com/.

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: the customary risks experienced by global food companies, such as prices for commodity and other inputs, food safety, currency exchange rate fluctuations, government regulations, industry and competitive conditions, labor relations, taxes, political instability and terrorism; changes in the competitive environment following the 2006 conversion to a tariff-only banana import regime in the European Union; unusual weather conditions and crop risks; access to and cost of financing; the company’s ability to achieve the cost savings and other benefits anticipated from its 2007 restructuring; any negative operating or other impacts from the relocation of the company’s European headquarters to Switzerland; product recalls and other events affecting the industry and consumer confidence in company products; and the outcome of pending claims and governmental investigations involving the company, and the legal fees and other costs incurred in connection with such items.

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.

   Exhibit A:    THIRD QUARTER DETAILED SEGMENT INFORMATION  

(All comparisons below are to the third quarter 2007, unless otherwise specified.)

   The company reports the following three business segments:    -- Bananas: This segment includes the sourcing (purchase and production),      transportation, marketing and distribution of bananas.    -- Salads and Healthy Snacks: This segment includes value-added salads, as      well as fresh vegetable and fruit ingredients used in foodservice,      processed fruit ingredient products and healthy snacking operations,      including the company's fresh fruit smoothie product, Just Fruit in a      Bottle, sold in Europe.    -- Other Produce: This segment includes the sourcing, marketing and      distribution of whole fresh fruits and vegetables other than bananas.    

The company does not allocate certain corporate expenses to the reportable segments. These expenses are included in “Corporate.”

Bananas

Net sales for the segment increased 13 percent to $474 million. Segment operating income was $22 million, compared to $4 million in the year-ago period.

   Banana segment operating results improved due to:    -- $46 million from improved pricing in North America.   -- $10 million benefit from higher average euro exchange rates (outlined      in Exhibit E).   -- $9 million of higher fuel hedging gains, which partly offset higher      industry costs (below).   -- $4 million from improved pricing in Trading markets.   -- $3 million from lower brand support and innovation costs.   -- $3 million from improved pricing in Asia and the Middle East as well as      favorable Yen exchange rates.     These improvements were partially offset during the quarter by:    -- $44 million of industry cost increases for purchased fruit,      fertilizers, bunker fuel and ship charters.   -- $12 million of higher production costs from owned banana production,      discharging and inland transportation, net of $4 million from cost-      savings programs other than the 2007 restructuring.   -- $3 million of higher costs related to Hurricanes Ike and Gustav, as      well as Tropical Storm Kyle.     Salads and Healthy Snacks  

Net sales increased 2 percent to $325 million. Operating loss was $8 million, compared to operating income of $7 million in the year-ago period. Included in the operating income (loss) for both quarters is an investment of $6 million in the successful expansion of Just Fruit in a Bottle in Europe.

Salads and Healthy Snacks segment operating results were adversely affected by:

   -- $10 million of increased production and transportation costs primarily      related to temporary network inefficiencies during the consolidation of      processing and distribution centers, net of $4 million of cost savings      in North American salad operations.   -- $9 million of higher industry costs due to increases primarily in fuel,      as well as raw product costs in North American salad operations.   -- $5 million of higher costs driven by product mix, including the      expansion of single-serve Gourmet Cafe salads and growth in more      value-added healthy snacking products.   -- $3 million of lower volume in retail salads and foodservice, due      principally to the termination of contracts that were not sufficiently      profitable in a rising cost environment.     These adverse items were partially offset during the quarter by:    -- $14 million due to higher pricing including fuel surcharges in retail      salads and foodservice, net of a $3 million cumulative accounting      adjustment for the amortization of prepaid customer incentives.     Other Produce  

Net sales decreased 14 percent to $42 million due primarily to the exit of owned operations in Chile. The quarterly operating income was breakeven, compared to a loss of $5 million in the year-ago period. The year-ago period includes a charge of $4 million related to the exit of owned operations in Chile.

Corporate

Corporate expenses increased $5 million primarily due to higher incentive compensation accruals, as a result of expected full-year performance, and legal fees.

   Exhibit B:                    CHIQUITA BRANDS INTERNATIONAL, INC.                       CONSOLIDATED INCOME STATEMENT            (Unaudited - in millions, except per share amounts)                                     Quarter Ended        Nine Months Ended                                     September 30,         September 30,                                  2008         2007      2008        2007    Net sales                     $840.0       $785.2   $2,770.1    $2,624.4   Operating expenses:       Cost of sales              734.9        676.2    2,323.2     2,245.1       Selling, general and        administrative             94.4         96.1      274.6       281.0       Depreciation                14.1         18.3       47.6        55.3       Amortization                 2.4          2.5        7.4         7.4       Equity in earnings of        investees                  (0.9)        (0.6)      (7.0)       (5.8)                                  844.9        792.5    2,645.8     2,583.0   Operating income (loss)         (4.9)        (7.3)     124.3        41.4    Interest income                  2.2          3.2        5.3         8.2   Interest expense               (17.0)       (20.3)     (60.4)      (67.0)   Other income(1)                  9.6            -       18.2           -   Income (loss) from continuing   operations before taxes        (10.1)       (24.4)      87.4       (17.4)   Income tax benefit    (expense) (2)                   4.2         (1.5)      (1.5)       (5.8)   Net Income (loss) from    continuing operations          (5.9)       (25.9)      85.9       (23.2)   Net Income (loss) from    discontinued operations(3)      0.3         (2.3)       2.3         0.2   Net income (loss)              $(5.6)      $(28.2)     $88.2      $(23.0)     Basic earnings per share:          Continuing operations  $(0.13)      $(0.61)     $1.97       $(0.55)          Discontinued           operations              0.00        (0.05)      0.06         0.01                                 $(0.13)      $(0.66)     $2.03       $(0.54)   Diluted earnings per    share:(4)          Continuing operations  $(0.13)      $(0.61)     $1.93       $(0.55)          Discontinued           operations              0.00        (0.05)      0.05         0.01                                 $(0.13)      $(0.66)     $1.98       $(0.54)   Shares used to calculate    basic earnings per share       44.2         42.5       43.5         42.4   Shares used to calculate    diluted earnings per share(4)  44.2         42.5       44.5         42.4     (1) Includes, for the third quarter, a $10 million net gain from       repurchases of senior notes and, for the nine-month period, an       additional $8 million for the favorable resolution of a claim related       to a non-income tax refund.  An offsetting $3 million of related tax       expense for the claim resolution is included in "Income tax benefit       (expense)" for the nine-month period.    (2) Includes benefits of $4 million and $9 million for the quarter and       nine months ended September 30, 2008, and $1 million and $5 million       for the quarter and nine months ended September 30, 2007, primarily       due to the resolution of tax contingencies in various jurisdictions.    (3) Includes the operating results of Atlanta AG and related operations,       as well as the $1 million third quarter gain on the sale of Atlanta.    (4) Includes any dilutive effect of outstanding warrants and stock options       based on the treasury stock method, and the dilutive effect of       restricted stock awards.  For the quarter and nine months ended       September 30, 2008, the 4.25% convertible senior notes due 2016 did       not have a dilutive effect because the average trading price of the       common shares was below the initial conversion price of $22.45 per       share.      Exhibit C:                    CHIQUITA BRANDS INTERNATIONAL, INC.                    OPERATING STATISTICS - THIRD QUARTER    (Unaudited - in millions, except for percentages and exchange rates)                                                                    Percent                                                                   Change                                            Quarter Ended         Favorable                                            September 30,       (Unfavorable)                                          2008         2007        vs. 2007   Net sales by segment      Bananas                            $473.5       $417.5          13.4 %      Salads and Healthy Snacks           324.7        319.2           1.7 %      Other Produce                        41.8         48.5         (13.8)%         Total net sales                 $840.0       $785.2           7.0 %    Segment operating income (loss)      Bananas                             $21.6         $4.2         414.3 %      Salads and Healthy Snacks            (8.4)         6.7            N/A      Other Produce                         0.2         (4.9)           N/A      Corporate                           (18.3)       (13.3)        (37.6)%         Total operating income           $(4.9)       $(7.3)         32.9 %    Operating margin by segment      Bananas                              4.6 %        1.0 %        3.6pts      Salads and Healthy Snacks           (2.6)%        2.1 %       (4.7)pts      Other Produce                        0.5 %      (10.1)%       10.6pts    SG&A as a percent of sales             11.2 %       12.2 %        1.0pts    Company banana sales volume   (40 lb. boxes)      North America(1)                     15.3         15.2           0.7 %      European Core Markets(2)             11.6         12.4          (6.5)%      Asia and the Middle East(3)           5.7          5.0          14.0 %      Trading Markets(4)                    1.5          1.7         (11.8)%         Total                             34.1         34.3          (0.6)%    Fresh Express retail    value-added salad sales volume         16.0         16.4          (2.4)%    (12-count cases)    Euro average exchange    rate, spot (dollars per euro)         $1.51        $1.36          11.0 %    Euro average exchange    rate, hedged (dollars per euro)       $1.49        $1.33          12.0 %      Exhibit C (continued):                    CHIQUITA BRANDS INTERNATIONAL, INC.                     OPERATING STATISTICS - NINE MONTHS    (Unaudited - in millions, except for percentages and exchange rates)                                                                      Percent                                                                    Change                                         Nine Months Ended         Favorable                                           September 30,        (Unfavorable)                                        2008         2007          vs. 2007   Net sales by segment      Bananas                          $1,564.3     $1,377.9          13.5 %      Salads and Healthy Snacks         1,009.9        950.6           6.2 %      Other Produce                       195.9        295.9         (33.8)%         Total net sales               $2,770.1     $2,624.4           5.6 %    Segment operating income (loss)      Bananas                            $171.3        $79.9         114.4 %      Salads and Healthy Snacks           (10.7)        14.8            N/A      Other Produce                         8.2         (5.2)           N/A      Corporate                           (44.5)       (48.1)          7.5 %         Total operating income          $124.3        $41.4         200.2 %    Operating margin by segment      Bananas                             11.0 %        5.8 %        5.2pts      Salads and Healthy Snacks           (1.1)%        1.6 %      (2.7)pts      Other Produce                        4.2 %       (1.8)%        6.0pts    SG&A as a percent of sales              9.9 %       10.7 %        0.8pts    Company banana sales volume   (40 lb. boxes)      North America(1)                     46.6         46.6           0.0 %      European Core Markets(2)             36.8         40.8          (9.8)%      Asia and the Middle East(3)          16.6         14.3          16.1 %      Trading Markets(4)                    4.1          6.5         (36.9)%         Total                            104.1        108.2          (3.8)%    Fresh Express retail    value-added salad sales volume         51.1         50.0           2.2 %   (12-count cases)    Euro average exchange rate, spot   (dollars per euro)                     $1.52        $1.34          13.4 %    Euro average exchange rate, hedged   (dollars per euro)                     $1.49        $1.30          14.6 %     (1) Total volume sold includes all banana varieties, such as       Chiquita-to-Go, Chiquita minis, organic bananas and plantains.    (2) The company's European Core Markets include the 27 member states of       the European Union, Switzerland, Norway and Iceland.    (3) The company primarily operates through joint ventures in this region,       where sales are invoiced mostly in U.S. dollars.    (4) The company's Trading markets are mainly European and Mediterranean       countries that do not belong to the European Union.      Exhibit D:                 CHIQUITA AVERAGE BANANA PRICES AND VOLUME         YEAR-OVER-YEAR PERCENTAGE CHANGE - FAVORABLE (UNFAVORABLE)                                2008 vs. 2007                                (Unaudited)                                      Pricing                      Volume   Region                          Q3       YTD                Q3       YTD    North America(1)                33 %     29 %               1 %       0 %    European Core Markets(2)       U.S. Dollar basis(3)        11 %     21 %              (6)%     (10)%       Local Currency               0 %      6 %    Asia and the Middle East(4)       U.S. Dollar basis           11 %     13 %              14 %      16 %    Trading Markets       U.S. Dollar basis           22 %     28 %             (12)%     (37)%     (1) Pricing includes fuel-related and other surcharges. Total volume sold       includes all banana varieties, such as Chiquita-to-Go, Chiquita minis,       organic bananas and plantains.    (2) The company's European Core Markets include the 27 member states of       the European Union, Switzerland, Norway and Iceland.    (3) Prices on a U.S. dollar basis do not include the impact of hedging.    (4) The company primarily operates through joint ventures in this region,       where sales are invoiced mostly in U.S. dollars.                     FRESH EXPRESS RETAIL VALUE-ADDED SALADS                      NET REVENUE PER CASE AND VOLUME         YEAR-OVER-YEAR PERCENTAGE CHANGE - FAVORABLE (UNFAVORABLE)                                           2008 vs. 2007                                           (Unaudited)                                Net Revenue                 Volume                                 Per Case   Region                     Q3       YTD              Q3         YTD    North America(1)           5 %      5 %             (2)%        2 %     (1) Net revenue per case includes fuel-related surcharges.      Exhibit E:                             EUROPEAN CURRENCY              YEAR-OVER-YEAR CHANGE - FAVORABLE (UNFAVORABLE)                                2008 vs. 2007                         (Unaudited - in millions)    Currency Impact (Euro/Dollar)                               Q3       YTD            Revenue                                           $22      $101            Local Costs                                        (8)      (32)            Hedging(1)                                          1         3            Balance sheet translation(2)                       (5)       (4)    Net European currency impact                               $10       $68     (1) Hedging costs in the third quarter 2008 were $2 million compared to $3       million in the third quarter 2007.  Hedging costs for YTD 2008 were       $13 million compared to $16 million for YTD 2007.    (2) Balance sheet translation was $(3) million for the third quarter 2008       and $(2) million YTD 2008.  Balance sheet translation was $2 million       for the third quarter and YTD 2007.      Exhibit F:                    CHIQUITA BRANDS INTERNATIONAL, INC.                     DEBT SCHEDULE - THIRD QUARTER 2008                         (Unaudited - in millions)                                               Payments,             Adjusted                         June 3,               Other     Sept. 30,  Sept. 30,                          2008    Additions  Reductions     2008     2008(1)    Parent Company     7 1/2% Senior      Notes(1)            $250.0        $-      $(42.1)    $207.9    $195.3     8 7/8% Senior      Notes(1)             225.0         -       (24.2)     200.8     188.4     4.25% Convertible      Senior Notes         200.0         -           -      200.0     200.0    Subsidiaries     Term Loans            197.5         -        (2.5)     195.0     195.0     Revolving Credit      Facilities               -         -           -          -         -     Other                   1.2         -        (0.2)       1.0       1.0    Total Debt(3)          $873.7        $-      $(69.0)    $804.7    $779.7                       CHIQUITA BRANDS INTERNATIONAL, INC.                     DEBT SCHEDULE - YEAR-TO-DATE 2008                         (Unaudited - in millions)                                                Payments,            Adjusted                        Dec. 31,                Other     Sept. 30, Sept. 30,                         2007     Additions   Reductions     2008     2008(1)   Parent Company    7 1/2% Senior     Notes(1)           $250.0         $-       $(42.1)     $207.9     $195.3    8 7/8% Senior     Notes(1)            225.0          -        (24.2)      200.8      188.4    4.25% Convertible     Senior Notes(2)         -      200.0            -       200.0      200.0    Subsidiaries    Term Loans(2)        325.7      200.0       (330.7)      195.0      195.0     Revolving Credit     Facilities(2)           -       57.0        (57.0)          -          -    Other                  2.5          -         (1.5)        1.0        1.0     Total Debt(3)        $803.2     $457.0      $(455.5)     $804.7     $779.7    Debt-to-capital    ratio                 47 %                                45 %       44 %     (1) During September 2008, the company repurchased $66 million, and in       October 2008 another $25 million, principal amount of its senior notes       at a discount, by applying $75 million of proceeds from the sale of       Atlanta AG.    (2) The company's debt structure has significantly improved through the       issuance of $200 million of convertible notes and refinancing of its       credit facility, comprised of a new $150 million revolving credit       facility and a $200 million term loan, during the first quarter 2008.    (3) Excludes discontinued operations.  

Chiquita Brands International, Inc.

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

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