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The Cutrale and Safra Groups Successfully Complete Tender Offer for Chiquita Brands International, Inc.

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The Cutrale and Safra Groups ("Cutrale-Safra") today announced the completion of the tender offer by its affiliate, Cavendish Acquisition Corporation, to purchase all of the outstanding shares of common stock of Chiquita Brands International, Inc. ("Chiquita") (NYSE: CQB) at a price of $14.50 per share, net to the seller in cash, without interest and subject to any required withholding taxes. The tender offer expired at 12:00 midnight, New York City time, at the end of the day on Monday, January 5, 2015.

Computershare Trust Company, N.A., the depositary for the tender offer, has advised that as of midnight, New York City time, at the end of the day on January 5, 2015, 39,791,364 shares of Chiquita common stock had been validly tendered (and not validly withdrawn) pursuant to the tender offer, representing approximately 84.46 percent of the outstanding shares of Chiquita common stock. In addition, the depositary for the tender offer has advised that Notice of Guaranteed Delivery were delivered for 1,748,335 shares of Chiquita common stock, representing approximately 3.71 percent of the outstanding shares of Chiquita common stock. All conditions to the tender offer have been satisfied. Accordingly, Cutrale-Safra, through Cavendish Acquisition Corporation, has accepted for payment and will promptly pay for shares validly tendered and not validly withdrawn.

Cutrale-Safra, through Cavendish Acquisition Corporation, expects to promptly complete a "short-form" merger under Section 14A:10-5.1 of the New Jersey Business Corporation Act after exercise of its top-up option under the merger agreement. At the time the merger becomes effective, all remaining shares of Chiquita common stock not tendered into the tender offer and not owned by Cavendish Acquisition Corporation, its parent Cavendish Global Limited, and its affiliates or by Chiquita and its subsidiaries, will be canceled in the merger and converted into the right to receive $14.50 per share in cash, without interest, subject to any required withholding of taxes. Following completion of the merger, shares of Chiquita common stock will no longer be listed on the New York Stock Exchange.

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