Competing to Win -...

Competing to Win

Chiquita Brands InternationalInvestor Day

New York

March 2, 2006

Chiquita Brands International, Inc. March 2, 2006 2

Today’s Agenda

Q&A11:15

Fernando AguirreChairman & CEO

Achieving High Standards& Closing Remarks11:00

Jeff ZallaSVP and CFOFinancial Overview10:30

Tanios VivianiPresident, Fresh Express

Leveraging the Strengths of Fresh Express10:00

Break9:45

Bob KistingerPresident & COO, Chiquita Fresh Group

Improving North American Profitability9:15

Manuel RodriguezSVP, Government & International Affairs

Bob KistingerPresident & COO, Chiquita Fresh Group

Managing Changes in EU Banana Regime8:45

Fernando AguirreChairman & CEOStrategic Overview8:30


Safe Harbor Statement

This presentation 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 impact of the conversion to a tariff-only banana import regime in the European Union in 2006; the company's ability to successfully operate Fresh Express; unusual weather conditions; industry and competitive conditions; financing; the customary risks experienced by global food companies, such as the impact of product and commodity prices, currency exchange rate fluctuations, government regulations, labor relations, taxes, crop risks, political instability and terrorism; and the outcome of pending governmental investigations and claims involving the company.

Any forward-looking statements made in this presentation 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.

Strategic Overview

Fernando AguirreChairman & Chief Executive Officer


Today’s Key Takeaway Messages

Chiquita has a clear vision and winning strategy to become a consumer-driven global leader of branded and value-added food products

Aggressively began addressing potential EU tariff changes well in advance

Executing against 2006 priorities

Confident in our ability to win


Sustainable Growth Strategy

… while maintaining high standards and conservative financial policies

Strengthen our core business

Pursue profitable

growth

Build a high-performance

organization

Be a consumer-driven global leader of branded and value-added food products


Chiquita: A Global, Diversified Company

Fresh Cut24%

Fresh Select31%

Other1%

Bananas44%

Sales by Segment2005 Pro Forma with Fresh Express

Premier global brand

Strong market position

$4+ billion in sales in 70+ countries

25,000 employees


Perfect Product Fit with Consumer Needs

Health Taste

Convenience

USDA: “Eat Your Fruits and Vegetables!”

Eat 13 servings daily

May help prevent diseases

Select fruits with more potassium,like bananas

Buy easy-to-prepare vegetables, such as packaged salads


Chiquita: A Global, Diversified Company

Bananas

Banana Innovation

Fresh Cut

Fresh Cut Expansion

Fresh Select

Fruit Ingredients

New Businesses

New Markets

/Alliances

Sales by Category2010 Estimate

Grow profitably

Expand with higher-margin products

Increase diversification


Chiquita Provides Healthy Foods

Fresh Express Value-Added Salads

Chiquita Fruit Bites

Chiquita mini’sChiquita-to-Go Bananas

Chiquita Fruit Smoothies


Our 2006 Priorities

Successfully manage changes in EU banana regime

Continue to improve profitability in North America

Effectively leverage the strengths of Fresh Express


Addressed 2006 EU Challenge Well in Advance

Invested in Eastern European (AC-10) markets long before EU enlargement

Enhanced euro and fuel hedging programs

Strengthened investments in brand support and innovation

Diversified revenues and earnings with Fresh Express acquisition

Added talent in key positions


Europe: Competing to Win

We will compete based on clear consumer brand preference, superior customer service and innovation

Expand price premium while growing premium Chiquita-label volume

Continue to reinforce Chiquita brand with consumers

Strengthen customer relationships by emphasizing superior service and value

Expand into new markets

Innovate with value-added products

Successfully Manage Changes in EU Banana Regime

Manuel RodriguezSenior Vice President

Government and International Affairs& Corporate Responsibility Officer

Bob KistingerPresident & Chief Operating Officer

Chiquita Fresh


Background: EU Banana Regime

1993: EU quota and licensing regimeSignificantly reduced Chiquita’s volume into EU

2001: EU-US Understanding on Bananas reformed regimeQuotas retained for 5 years, distinct for Latin America and ACPImport licenses redistributed on a nondiscriminatory basisTariff-only called for by 2006

WTO legal standard: New tariff must “at least maintain total market access” for Latin American bananas


Process Recap: EU Tariff Change

Process to dateAug. 2005: WTO arbitrators reject €230/ton proposalOct. 2005: WTO arbitrators reject €187/ton proposalNov. 2005: EC proposes €176/ton MFN tariffDec. 2005: Hong Kong WTO Ministerial; no changes to proposalJan. 2006: €176/ton proposal takes effect

Latin American governments pursuing legal remedies

Legal challenges could force EC to negotiate improvements


Legal Challenges to Extend Through 2006

Article 21.5Claim: ACP quota and duty-free treatment are WTO violationsPotential Parties: The complainants in the 1996-1999 WTO case, i.e., Honduras, Guatemala, United States, Mexico and Ecuador Timing: With appeals, typically 8-9 months

1966 ProceduresClaim: the EU did not receive required waivers before enlarging ACP quota (Art. XIII) with duty-free in-quota access (Art. I)Potential Parties: Any or all Latin American supplying countries Timing: Likely 7-8 months plus “reasonable time to implement”

SubsidiesClaim: EC banana subsidies cause serious prejudice to Latin America Parties: Any or all Latin American supplying countries Timing: Due to complexity of arguments, could take about a year


2005: EU Banana Quota by Source

In 2005, Chiquita had the No. 1 market share in the EU-2530% of “dollar” quota; 21% of all bananas

Latin America

67%Community

17%

ACP 16%

Total Quota Market257MM boxes

Chiquita51MM boxes sold

ACP 2%

LatinAmerica

98%


Barriers to Entry in EU & Chiquita’s Competitive Advantage

Brand preferenceConsumer recognition of Chiquita premium valueLeading market share across EU

ScaleEfficient supply chain economicsConsistent quality Year-round supply Breadth of distribution across EUMeet expectations of major retailers

Value-added servicesCategory management leadershipCountry-specific sales structuresRipening capacity


EU Market Likely to Remain Different from US

Brand differentiationMultiple brands at retailChiquita price premium

Market pricingWeekly quotesFew annual fixed-price contracts with customersRetail price variability

EU is not one market – varies by countryCountry-specific customer mixDifferent price levels


Impact of New EU Tariff on Chiquita

Net incremental cost exposure of $70MM$110MM higher tariff costs (€176/ton vs. €75/ton)$40MM savings in license purchase costs

Attempting to pass through incremental costs to customers and consumers

Chiquita’s EU pricing up 5% in January and similar year-over-year trend in February

Continuing to shift to premium Chiquita labelChiquita premium label volume up 5% in January, with second-label fruit down significantly, and similar trend in February

Still too early to estimate full-year impact on price and volume


Chiquita Response to New EU Tariff

Reinforce consumer brand equity to protect price premium

Typical retail price premium of more than 25%

Strengthen customer relationshipsConsistent quality, service, profitabilityCategory management leadership

Global actionsEuro, fuel hedging programsReduce costsDiversify revenues and earnings

Average Banana Retail Price(€/Kg, H1 2005)

€ 0.00

€ 0.50

€ 1.00

€ 1.50

€ 2.00

€ 2.50

Belgian Retailer German Retailer

All Other Brands Chiquita

+27%

+28%


Rainforest Alliance Campaign Reinforced Price Premium & Brand Equity

40% 39%

28%

74%

44%

53%

36%

81%

Price Premium RespectsEnvironment

Respects SocialRights

Quality

Pre-CampaignPost-Campaign

Source: TNS Monthly Tracking Research

Percent of European ConsumersStrongly Agree + Agree


Rainforest Alliance Campaign


Europe: Competing to Win

We will compete based on clear consumer brand preference, superior customer service and innovation

Expand price premium while growing premium Chiquita-label volume

Continue to reinforce Chiquita brand with consumers

Strengthen customer relationships by emphasizing category management leadership, our superior service, quality and value

Expand into new markets

Innovate with value-added products


Initial test location in Hamburg

2-3 additional locations by this summer

Chiquita Fruit Bar Reinforces Brand Equity

Continue to Improve Profitability in North America

Bob KistingerPresident & Chief Operating Officer

Chiquita Fresh


Improving Pricing in Our Base Business

Recover industry cost increases through surcharges and higher contract pricing

First meaningful price increase in North America in 15 years

Restructure contract terms to reduce risk exposure

Capture value of superior Chiquita performance vs. competition

85

90

95

100

105

2001 2002 2003 2004 2005

Chiquita Average Annual Pricing in North America

Index: 2001 = 100


Stores Offering Chiquita Sell More Bananas

+22% volume advantage for retailers that sell Chiquita

Category management leadership

7 “Category Captain” awards from Progressive Grocer, including 2 “Best in Class”

0

2,500

5,000

7,500

10,000

CompetitorsComposite

ChiquitaComposite

Pounds sold per $1MM of total grocery salesSource: AC Nielsen Data 52 Wks: WE 01/03/04 – 12/25/04 & WE 01/01/05 – 12/24/05. All information is 4011 only.

+22%


Capturing the Value Chiquita Delivers

Leverage best-in-class category development program

Invest in differentiated marketing programs & messages

Expand into new distribution channels enabled by proprietary technology

Test differentiated products and opportunities to transform the base grocery business


Establishing Chiquita as the premier fruit brand among 41MM Hispanic consumers in United States

Hispanics spend 41% more on fresh fruit and 72% more on bananas than average U.S. household

Testing integrated marketing campaign in Chicago and Miami

Driving higher sales and brand equityTest market sales 4-7 points higher than control marketsDouble-digit positive movement in brand equity measures

Increasing in-store marketing

Reaching the Attractive Hispanic Segment


Reaching the Attractive Hispanic Segment


Reaching On-the-Go Consumers

42% of consumers would eat more bananas if availableNo. 1 barrier to increasing consumption is immediate availabilitySupply chain challenges due to delivery frequency and cold chain

Chiquita can now uniquely meet this consumer need with proprietary packaging technology

Core-Mark expansion: 5,000+ C-Stores by year-end

Strong retail pricing to customers and higher margins to Chiquita


Expanding Specialty Banana Sales

Chiquita Mini’s: baby banana clusters in convenient bags

Meets consumer need for portable, healthy snacks

Delivering incremental sales and profit for the categoryAbout 4x the revenue/lb. for retailers vs. regular bananasMuch higher margins to Chiquita

2,000+ outlets today and expanding as supply permits


Reinforcing Differentiation with Consumers

“Freshness you can taste” consumer message

Pre-market ad testing well above normalRating “Is the only brand for me” +22 pts vs. controlHigher purchase intent +12 pts vs. controlConsumers recall the key concepts (freshness, care, quality) atextremely high levels

Testing to begin later this year in two local markets to measure the impact on driving incremental profitable volume


“Fresh Tastes Best” Market Test

Effectively Leverage the Strengths of Fresh Express

Tanios VivianiPresident

Fresh Express


Delivering a Successful Acquisition

Expanding leadershipConsumer: leader in market share, highest shelf velocity and ACV distributionRetailers: category captain, high profit contributor, high volume growthFoodservice: QSR focus, menu design partner, supplier of choice

Poised for further growthAligned with consumer needs: health, taste, and convenienceDriving high category growth potentialLeveraging competencies: scale, innovation, supply chain and value selling

Successfully integratingContinuity of managementDelivering synergiesLeveraging scale on logistics, procurement and cross-selling


Expanding Retail Share Leadership

Record market share

Expanding share gap over No. 2 brand

CAGR of 13% since 2000, outpacing category at 9%

Category could be 3-5x bigger than today

35%

30%

33%

32%

27%

25%

30%

35%

40%

45%

2000 2001 2002 2003 2004 2005

No. 2 Brand

All Other Brands

Source: IRI Total U.S. Grocery and Wal-Mart Reports; 2005 period is 13 weeks ended Jan. 15, 2006.

Fresh Express

Dollar share of retail value-added salads

43%


1.20.7

1.11.00.90.8

0.9

0.60.7

0.80.9

0.9

0.80.7

0.60.6

0.50.5

2000 2001 2002 2003 2004 2005

Fresh Express Dole Other

Fresh Express Innovation Drives Category

Source: IRI Panel Data, including Wal-Mart

Value-Added Salads Sales at Retail

$2.7 $2.5

$2.3

$2.0$1.8

9%

9% Category Growth

13%

’00-’05 CAGR

8%

($Bn)

$2.9


Three-Pronged Innovation Strategy

Products Merchandising Technology

Healthy Snacks

Meal Solutions

Drives category growth


2005 Strong Retail Salad Launches

Baby Blends – October

Complete Salads – May

Organics – March

11 new products = 9% of Fresh Express sales at retail54% of category growth

Source: IRI Total U.S. Grocery and Wal-Mart Reports; 2005 period is 52 weeks ended Jan. 15, 2006.


Fresh Cut Fruit: Path to Profitability

2005 pro forma revenues grew 55%Leading supplier to McDonald’s for Fruit & Walnut Salad and Apple Dipper productsChiquita Fruit Bites 25% ACV and No. 1 market share at 45%

Fresh Cut Fruit integration completePlant consolidation and processing efficiencySKU rationalization (products, sizes, pricing)Significantly reduced losses

Believe the category has strong potential

Source: IRI Total U.S. Grocery and Wal-Mart Reports; Period is 13 weeks ended Jan. 15, 2006.


Fruit Smoothie Innovation Extends Brand

First entry into attractive frozen fruit category

Leverages our capabilities in sourcing, logistics and processing

Meets consumer need for healthy, convenient snack choices

Delivers higher margins to Chiquita


Foodservice Poised for Growth in 2006

Benefits of the foodservice business Provides operational scaleMitigates exposure to raw product volatility Makes distribution and logistics more efficient across the businessAllows for innovative product testing and cross-selling opportunities

2006 focused on profitable growth Centered on high-quality QSR customers

Launched full line of fresh deli salad offerings

Attractive category with higher margins

Chef Salad


Achieving Integration Synergies

Taken actions to deliver $6MM in annualized synergies

Expect to enter 2007 at $12MM+ in annualized savings

Confident in reaching $20MM synergies goal by year 3


Fresh Express: A Great Strategic Fit

Meets consumer needs: convenient, healthy, fresh

Strong brand equity with premium pricing

Core capability in value-added selling

Diversifies Chiquita’s revenues and earnings

Accelerates growth rate and achieves higher margins

Financial Overview

Jeff ZallaSenior Vice President &

Chief Financial Officer


Healthy Growth in Net Sales

($Bn)

$1.8 $1.9 $2.2

$1.1$1.2

$0.5

2003 2004 2005

Atlanta$2.6

$3.1

$3.9

AtlantaAtlanta Q2-Q3

Fresh Express H2

50% growth since 2003

20% organic revenue growth since 2003

10% CAGR$0.8


Strong Operating Income Performance

$211

$131$124

2003 2004 2005($MM)

Operating Incomeadjusted for certain gains and charges (a)

(a) Operating income has been adjusted to exclude: 2003: restructuring charges of $26MM and net gains on asset sales $42MM2004: restructuring charges of $11MM, and net loss on asset sales $7MM2005: impact of Tropical Storm Gamma of $17MM and shut-down of fresh-cut facility of $6MM


Impact from Tropical Storms

Katrina: $13MM in H2 2005, mostly offset by insurance

Gamma: $17MM in Q4 2005 costs

Banana volume shortages to continue into Q2 2006

Demonstrating resilienceExtraordinary response of supply chain Prudent all-risk insurance Customers absorb higher inland logistics costsDiverse sourcing

So. Guatemala

22%

Costa Rica23%Panama

16%

Colombia11%

Honduras10%

Ecuador11%

Other2%

No. Guatemala

5%

2005 Banana Sourcing


Plan to Offset Industry Cost Increases

2006 estimate: +$75MM vs. 2005$48MM to Chiquita banana business$27MM to Fresh Express business

60% of increase due to fuel and fuel-related costs (after hedging)

Fuel-related surcharge programs to offset large majority of fuel increase

$40MM estimated cost reductionsSupply chainTropical productionProcurementCorporate overhead


Disciplined Hedging Acts As Insurance

Euro: Put options only, to protect downside and preserve upside

Current coverage (Target 75%)• 79% for 2006 at $1.19• 47% for 2007 at $1.20

€48MM of debt offsets net euro balance sheet exposure

Bunker Fuel: Swaps to lock in pricesCurrent coverage (Max 75%)

• 45% for 2006 at $169/MT• 26% for 2007 at $250/MT

1% change in market fuel rates = ~$0.5MM impact to shipping costs in 2006

Average usage 300,000MT per year in core markets (EU and North America)

$38

$30

$8

$16

2003 2004 2005 2006($MM)

Euro Hedging Costs

1

1 $13MM of put option premiums offset by a net gain of $5MM


Paying Down Debt Remains Priority

$775MM of debt added for Fresh Express financingAlready repaid more than $100MM

Target debt-to-capital ratio of <40% by 2007

$997

$1,108

$350$395$436

$532

Dec 2004

Dec 2005

Dec 2003

June 2005

$MMDec

2002Mar

2002

Debt/Cap 44% 20% 48%


$45-55$43Capital Expenditures

$80$60Gross Interest Expense1

≤10%$3Taxes

$10$5Amortization

$75-85$60Depreciation

$16$8Euro Hedging Costs

+$8-12+$27Brand Support and Innovation(vs. prior year)

20062005($MM)

Selected Financial Information

1 Assumes average LIBOR @ 4.70%

Achieving High Standards& Closing Remarks

Fernando AguirreChairman &

Chief Executive Officer


Sound Corporate Governance

Independent, expert, involved board of directors committed to good governance

Full Sarbanes-Oxley §404 compliance at year-end 2005 with no material weaknesses

Reinforcing culture of ethics and compliance

Transparency from operating results to business conduct


Recognition for Corporate Responsibility

Chiquita added to KLD’s Domini 400 Social IndexWidely recognized benchmark for socially responsible investors

Chiquita named to SB20 for the 4th year in a rowSustainableBusiness.com’s list of top 20 “green” stocks

Corporate responsibility yields business benefitsImproves brand reputation and imageLowers costsImproves labor relationsImportant to many customers, particularly in Europe


Chiquita’s Winning Strengths

Premier global brand and strong market position

Clear vision and winning consumer-centric strategy

Perfect product fit with consumer needs

Aggressive innovation toward higher-margin products

Diversified revenues and earnings to drive long-term profitable growth

Competing to Win

Chiquita Brands InternationalMarch 2, 2006

New York

Competing to Win -...

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