2011BMOCAPITALMARKETS FARMTOMARKETCONFERENCE

May18,2011 May 18, 2011

ForwardLookingStatements g
Todays presentation includes forward-looking statements that reflect Bunges current views with respect to future events financial events, performance and industry conditions. These forward-looking statements are subject to various risks and uncertainties. uncertainties Bunge has provided additional information in its reports on file with the SEC concerning factors that could cause actual results to differ materially from those contained in this presentation, and encourages you to review these factors.

ALeadingGlobalAgribusiness&FoodCompany g g p y
Key Facts
Revenue: $46 Billion Employees: ~32,000 Facilities: ~400 Countries of Operations: 30+
Agribusiness Sugar & Bioenergy Food & Ingredients Fertilizer

Average Net Operating Assets

Agribusiness Sugar & Bioenergy Food & Ingredients Fertilizer Other
9% 12% 19% 6%

54%

A global leader in oilseed processing il d i A global leader in grain and oilseed marketing

21 mmt sugarcane milling capacity illi it producing sugar, ethanol and electricity #2 in global trade and distribution

Leading producer of oils, margarines & il i industrial fats in the Americas and Europe Growing oils position in Asia Leading corn and wheat miller in the Americas

Fertilizer operations in Brazil, Argentina and th B il A ti d the U.S. Joint venture with OCP in Morocco

DriversofOurBusiness
Populationgrowingfastestindevelopingeconomies
GlobalPopulationbyTypeofEconomy(millions)

Globalmiddleclassis growingrapidly...
Population earning between $1020/day

7,875 5,671 1,717 812

1950

million people

1,200 1,275
2050
Less Developed

1,237
2010
More Developed

+770

WorldIsUrbanizing
GlobalPopulationbyTypeofCommunity(millions)

430

3,495 737 1,798 1 798

1950
Source: UN

6,398

2000

2030

3,412 ,
2010
Rural Urban

2,793
2050
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TheBungeApproachReliesonThreeStrategicPillars

Agribusiness:
BuildingonExcellent Positions

Optimize oilseed value chain and build share in growth markets Expand share of global grain trade

SolidPerformanceinAVarietyofMarketConditions y
Agribusiness EBIT 1,2 US$ millions $
949 856 820 840

335

2006

2007

2008

2009

2010

1 2006-2008 include Sugar & Bioenergy which became a separate segment in Q1 2010 2 Refer to the appendix at the back of the presentation for further information on Total segment EBIT

LongTermDemandGrowthShouldRemainStrong g g
Growth in World Demand for Grains and Oilseeds
900
2.7%

800 700 Millions of metric tons f s 600 500 400 300

CAGR
2.9%

2.8%

1.6%

200 100 0 All Uses Food 1990s 2000s Feed 2010s 2020s Fuel
7

Source: LMC

Global,Integrated,CoordinatedChainisEssential g
Agribusiness Chain
Food & Ingredients

Farmer
Soy y Corn Wheat Sorghum Barley Canola Rapeseed Sunseed Flaxseed

Grain Origination O i i ti
Storing Blending Drying Financing

Logistics
Rail R il Truck Barge Ocean vessel

Basic Processing P i
Soybean Rapeseed Canola Sunseed Specialty seeds

Sales & Distribution

Raw material Protein meal Vegetable oil Financial se ces services

Refining, Value Added & Packaging

Edible oils Margarine Mayonnaise Corn, wheat & rice products

Risk Management

Value creation shifts along the chain

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WellPositionedandBalancedGlobalNetwork
Bunges Oilseed Processing Capacity g g p y
Asia
Soy

Bunges Global Reach

Europe
Soy Rapeseed Sunseed

7% 23% 32%

North America
Soy, Canola y,

38% %

South America
Soy, Cottonseed

Silos: S North America: 78 South America: 74 Europe: 14

Port terminals: North America: 4 South America: 18 Europe: 3 Asia: 1

Includes wholly owned, leased, joint venture and toll facilities. Ports include certain transshipment facilities on rivers. Map reflects countries of operation with assets and/or commercial offices.

WeAreContinuingtoBuildOurGlobalAssetNetwork, LinkingKeyLocations Linking Key Locations

Export Grain Terminal Port of Longview, WA Port Terminal & Oilseed Processing Plant Phu My, Vietnam Oilseed Processing Plant Taixing, China

L Located i P ifi N th t d in Pacific Northwest t Second largest export corridor in North America Most efficient route for moving grain to Asian markets Joint venture with ITOCHU and STX Pan Ocean Annual capacity: 8 million metric tons, capable of handling grain, p oilseeds and protein meals Expected start up: harvest 2011

A Approximately 70 k f i t l km from H Ho Chi Minh City Near commercial feed mill operations Only commercial dry bulk port in Vietnam Building integrated soybean processing plant with crushing and multi-oil refining/bottling capabilities Expected start up: Q2 2011

L Located near one of the t d f th fastest growing meat and vegetable oil markets Capacity of 3,000 metric tons per day Currently operating

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Sugar& Sugar & Bioenergy:

InvestinginNew Areas A

Grow and expand the business to become a l di global, f ll b leading l b l fully integrated and flexible player in the industry Grow in bioenergy and biomaterials

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BungeHasEstablishedaStrongProductionBasein BrazilWithModern,FlexibleandEfficientMills Brazil With Modern Flexible and Efficient Mills

Original Bunge Mills

MT

TO DF MG

BA

Pedro Afonso (TO)

Santa Juliana (MG)

Monte Verde (MS)

Additional Mills from Moema Group

ESVitria RJ

MS
Ribeiro Preto

PR

Santos Paranagu

Moema (SP)

Frutal (MG)

Ouroeste (SP)

Moema mills Bunge existing mills

Itapagipe (MG)
Note: Map not drawn to scale.

Guariroba (SP)
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Sugar&EthanolBenefitfromFavorableGrowth Outlooks
World Sugar Consumption million mt, raw value
40

Brazilian Domestic Ethanol Demand million cubic meters

Anhydrous Hydrous 30 25 20 15 10 5 0

210 200 190 180 170 160 150 140 2005 2010 2015 2020

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2010-2020 CAGR = 2-3%

2006

2007

2008

2009

2015

Source: LMC International

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CoGenerationisExpectedtoBecomeanImportant SourceofIncome Source of Income

Sugarcane mill profit mix
Mills provide electricity during dry season when reservoirs from hydropower plants are low Energy is sold directly to large customers or at auctions to power companies Provides cash flow stability y
Ethanol Electricity Electricity Ethanol

EBITDA margins in 80-90% range Over time could provide between 15-20% revenue 15 20% contribution

Sugar

Sugar

High initial capital cost to install generation equipment and transmission lines to grid

Milling 4 mmt of cane can produce electricity equivalent to consumption of a Brazilian city of 300,000 inhabitants
Note: Consumption figures assumes Brazlian parameters and 200 day crush season Source: UNICA 14

LeadingPlayersWillbeGlobal g y
Consumption growth Fastest production growth Sugar flows Ethanol flows

Business model of l di B i d l f leading sugar player l

Global footprint Low cost production assets Meaningful share of global t d M i f l h f l b l trade

Integrated value chain Robust risk management

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Food&Ingredients:
Strengthenand MaintainPositions

Off new value-added products Offer l dd d d t and enter new geographies in edible oils Maintain strong positions in milling

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StrongPositionsinKeyMarkets g y
Bottled Oil Market Share Brazil Poland Hungary Romania Germany Ukraine Russia #2 #3
17

Margarine Market Share #2 #2 #2

#1 #1 #1 #1

#2

ValueAddedFoodBusinessCompletestheChain p
Raw Material Cost Impact
Oil
100%
Oil as % of total pro l oduction cost

Other

On average, food & ingredients consumes ~60% of the Bunge crude oil production il d ti Margarine and mayonnaise also absorb significant quantities of oil

75%

50%

25% %

0% Bulk Oils Retail Oils Margarine Mayo

Sources: Euromonitor

1 18

ExpandingintoAdjacentBusinesses p g j
Acquired Pacific International Rice Mill in Q4 2010 Produces bulk & packaged milled rice Serves foodservice food foodservice, processing and export channels Located in Woodland, CA with annual milling capacity of 363,000 mmt Natural extension of Bunges existing milling business business, requiring: origination, risk management, logistics, customerfocused approach
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Fertilizer: Fertilizer:
ValuableComplement toAgribusiness Operations

R d Reduce costs, i t improve risk i k management and regain market share in certain regions Assess other geographies

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BungeFertilizerOperations g p

U.S. NPK Wholesale Morocco JV Acidulation plants MAP/DAP/TSP production plants (under construction)

Argentina SSP production plant Nitrogen production plant NPK bl di blending & distribution
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Brazil NPK blending & distribution

FinancialOverview& Financial Overview & Outlook

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BungeLimitedEarningsHighlights g g g g
QuarterEndedMar31
$ in millions, excl. volume & EPS

2011 29,284 $317 $253 $2 $67 $(5) $232 $1.49

2010 31,923 $118 $122 $5 $31 $(40) $63 $0.31

Volume(000mt) TotalsegmentEBIT(1) Agribusiness Sugar&Bioenergy Food&Ingredients(2) Fertilizer NetincomeattributabletoBunge Earningspershare diluted

1. Total segment EBIT and earnings per common share-diluted (excl. certain gains and charges) are non-GAAP financial measures. A reconciliation to the most directly comparable U.S. GAAP measure is included elsewhere in this presentation. 2. Includes edible oil products and milling products segments.

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2011Overview
Tight supply and volatility continue to characterize the markets Farmers responding to higher prices with large planting and use of inputs Current conditions put a premium on efficient, flexible supply chains and excellent risk management Bunges key strengths well-suited to current environment Sugar & bi S bioenergy and fertilizer moving toward full potential d f tili i t d f ll t ti l

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Thankyou.

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AdditionalFinancialInformation Additional Financial Information &ReconciliationNotes

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HistoricalPerformance
TotalSegmentEBIT(1,2)
US$millions
3,228

NetIncome(2)
US$millions
2,354

1,208 419 592 796 543 618

1,363 878 443 134 469 255 300 778 530 521

1,064 543 361

275

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

Volumes
Millionsofmetrictons

ROIC (3) &EPS(2)

16%

137 106 86 72 109 117 120

138

141

15%

13% 11% 9% 9% 4.10 11% 10% 10% 10% 15.06 5% 3.48

135

12% 9% 6% 3% 0%

1.86

2.63

2.81

4.43

4.28 5.95 7.73

4% 2.22

$16 $14 $12 $10 $8 $6 $4 $2 $0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

Return on Invested Capital

EPS

1. Total segment EBIT is a non-GAAP financial measure. A reconciliation to the most directly comparable GAAP measure is included elsewhere in this presentation. 2. Excludes $111 million gain on the sale of the Brazilian soy ingredients business in 2003 and $2,440 million gain on the sale of the Brazilian fertilizer nutrients assets, as well as $90 million related to the loss on extinquishment of debt following the sale of the nutrients assets in 2010. 3. ROIC is a non-GAAP financial measure. A reconciliation to the most directly comparable GAAP measure is included elsewhere in this presentation.

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Backup:NonGAAPReconciliationNotes p
Total segment earnings before interest and tax Total T t l segment EBIT is consolidated net income attributable to Bunge excluding i t t i lid t d t i tt ib t bl t B l di interest i t income and d expense and income tax attributable to each segment. Total segment EBIT is a non-GAAP financial measure and is not intended to replace net income attributable to Bunge, the most directly comparable GAAP financial measure Total segment EBIT is Bunge measure. an operating performance measure used by Bunges management to evaluate segment operating activities. Bunge management believes EBIT is a useful measure of operating profitability, since the measure includes equity in earnings of affiliates and noncontrolling interest and excludes income tax. tax Income tax is excluded as management believes income tax is not material to the operating performance of its segments. Interest income and expense are also not considered meaningful to the segments operating activities. Total segment EBIT is not a measure of U.S. GAAP consolidated operating results and should not be considered as an alternative to net income or any other measure of consolidated operating results under U S GAAP U.S. GAAP.

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Backup:NonGAAPReconciliationNotes p
Reconciliation of total segment EBIT to net income:

In millions Total Segment EBIT Interest - net Income tax benefit (expense) I t b fit ( ) Noncontrolling interest share of interest and tax Other (1) Net income

2001 $275 (134) (72) 64 1 $134

2002 $419 (107) (104) 46 1 $255

2003 (1) 2004 $561 (113) (201) 53 0 $300 $796 (110) (290) 73 0 $469

2005 $543 (126) 82 31 0 $530

2006 $618 (161) 36 28 0 $521

2007 $1,208 (187) (310) 67 0 $778

2008 $1,363 (147) (245) 93 0 $1,064

2009 $443 (161) 110 (31) 0 $361

2010 $3,228 (229) (298) (689) 44 $2,354

1. Excludes $111 million tax-free gain on the sale of the Brazilian soy ingredients business

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Backup:NonGAAPReconciliation p
Below is a reconciliation of 2010 earnings per common share-diluted (excl. certain gains & charges) to earnings per common share-diluted:

YearEndedDec31 2010 Earningspercommonsharediluted(excl.certaingains &charges) Gainonsaleoffertilizernutrientsassetsandlosson Gain on sale of fertilizer nutrients assets and loss on extinguishmentofdebt Earningspercommonsharediluted

$3.48 $11.58 $15.06

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Backup:NonGAAPReconciliation p
Below is a reconciliation of total segment EBIT to net income attributable to Bunge:

QuarterEndedMar31
($ i millions) in illi )

2011 $317 21 (72) (43) 9 $232

2010 $118 19 (78) (9) 13 $63

Total segment EBIT Interest income Interest expense Income tax Noncontrollinginterestshareofinterestandtax NetincomeattributabletoBunge

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Backup:NonGAAPReconciliationNotes p
Return on Invested Capital:
Bunge calculates Return on Invested Capital (ROIC) as net income plus/minus minority interest, income tax (benefit) expense, di discontinued operations-loss/gain and i t ti d ti l / i d interest expense ti t times th effective tax rate divided b th average the ff ti t t di id d by the total capital. Bunge believes that ROIC provides investors with a measure of the return the company generates on the capital invested in its business. ROIC is not a measure of financial performance under generally accepted accounting principles and should not be considered in isolation or as an alternative to net income as an indicator of company performance or as an alternative to cash flows from operating activities as a measure of liquidity.
(US$ in millions)

FISCAL YEAR ENDED DECEMBER 31, Net income Add back/subtract: Non-controlling interest Income tax (benefit) expense Interest expense Discontinued operations-loss/(gain) Cumulative effect of change in accounting principles Certain gains & charges Operating income before tax Effective tax rate Operating income after tax Shareholders Shareholders' equity Non-controlling interest Certain gains & charges Total Debt Total capital Total capital (end of year) Total capital (beginning of year) Average total capital ROIC (1) (2)

2010 (1) $2,354 34 689 298 (2,350) $1,025 22% $800 $12,220 $12 220 334 (1,708) 4,881 $15,727 $15,727 $14,180 $14,954 5%

2010 $2,354 34 689 298 $3,375 23% $2,599 $12,220 $12 220 334 4,881 $17,435 $17,435 $14,180 $15,808 16%

2009 $361 (26) (110) 283 $508 0% $508 $9,494 $9 494 871 3,815 $14,180 $14,180 $11,711 $12,946 4%

2008 $1,064 262 245 361 $1,932 16% $1,623 $7,436 $7 436 692 3,583 $11,711 $11,711 $13,244 $12,478 13%

2007 $778 146 310 353 $1,587 26% $1,174 $7,945 $7 945 752 4,547 $13,244 $13,244 $9,561 $11,403 10%

2006 $521 60 (36) 280 $825 0% $825 $5,668 $5 668 410 3,484 $9,561 $9,561 $7,697 $8,629 10%

2005 $530 71 (82) 231 $750 0% $750 $4,226 $4 226 325 3,146 $7,697 $7,697 $6,936 $7,317 10%

2004 $469 146 289 214 $1,118 32% $760 $3,375 $3 375 280 3,281 $6,936 $6,936 $6,325 $6,631 11%

2003 $411 104 201 215 7 (111) (2) $827 33% $554 $2,377 $2 377 554 3,394 $6,325 $6,325 $5,370 $5,848 9%

2002 $255 102 104 176 (3) 23 $657 22% $512 $1,472 $1 472 495 3,403 $5,370 $5,370 $3,682 $4,526 11%

2001 $134 72 68 223 (3) (7) $487 26% $360 $1,376 $1 376 493 1,813 $3,682 $3,682 $4,207 $3,945 9%

Excludes $2,440 million gain on the sale of the Brazilian fertilizer nutrients assets, as well as $90 million related to the loss on extinquishment of debt following the sale of the nutrients assets. Excludes $111 million tax-free gain on the sale of the Brazilian soy ingredients business

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