G L O B A L O V E R V I E W

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1 GLOBAL OVERVIEW

2 Enhancing Lives by Improving the Global Agribusiness and Food Production Chain WELCOME TO BUNGE. FOUNDED IN 1818, WE ARE ONE OF THE WORLD S LEADING AGRIBUSINESS AND FOOD COMPANIES. We employ more than 22,000 people in more than 30 countries. We help farmers grow more crops. We transport and process agricultural commodities efficiently and safely. And we create high-quality food products enjoyed by people worldwide. In the pages ahead, we invite you to learn about some of the people, processes and values that drive our business.

3 Helping Our Customers Serve Theirs Better Bunge trans fat-free frying oil BUNGE PARTNERS WITH FOOD PROVIDERS TO MEET THE CHANGING NEEDS OF CONSUMERS Bunge supplies food processors and food service companies around the world with bulk and packaged edible oils, shortenings and margarines. We help our commercial customers better serve consumers by anticipating and responding to their changing needs. BISCUITVILLE RESTAURANT GREENSBORO, NORTH CAROLINA, USA

4 HELPING OUR CUSTOMERS SERVE THEIRS BETTER Because Bunge took great care to provide us with the exact product we needed, we felt confident as we made the change. The response from our customers has been nothing but positive. Kellie Hicks, Biscuitville marketing director In recent years, consumer concern about trans fatty acids has led restaurants and food processors in North America to seek replacement oils and shortenings that reduce or eliminate trans fats in their products. BISCUITVILLE Biscuitville is a family-owned restaurant chain in North Carolina and Virginia popular for its biscuits and home-style specialties. Biscuitville, a popular family-owned restaurant chain in North Carolina and Virginia known for its home-style specialties, is among many Bunge customers seeking to reduce trans fats in the foods they serve. More and more of our customers were asking about trans fats, recalls Larry Williams, Biscuitville s purchasing director. We wanted to do the right thing, but we also had to deliver the same great-tasting food they expect from us. Larry turned to Bunge Oils national account manager Tom Humphreys for help. The challenge was finding a frying oil free of trans fats that could be used to prepare Biscuitville favorites like fried chicken, hash browns and apple turnovers without changing their taste or texture. We re constantly working with restaurants and food manufacturers to formulate oil blends that meet their specific needs, says Tom. We took Biscuitville s requirements to our food scientists to find a solution that would work best. Biscuitville tried out three Bunge oil formulations in its test kitchens. But the true test came when Biscuitville debuted the new oils to their customers in a handful of outlets. Our customers are really loyal, says Chuck Alston, manager of a Biscuitville restaurant in Greensboro, North Carolina. If we were to make a noticeable change in the recipe of our foods, they would know it right away. Biscuitville found that a high-oleic, low-linolenic canola oil with zero grams of trans fat and a low level of saturated fat per serving performed the best based on what they heard from their restaurant managers and customers. Because Bunge took great care to provide us with the exact product we needed, we felt confident as we made the change, notes Biscuitville marketing director Kellie Hicks. The response from our customers has been nothing but positive. BUNGE 04

5 PIONEERING TRANS FAT ALTERNATIVES Bunge has developed a range of reduced trans fat and non-trans fat products made from soy, canola, corn and other oils. These products are helping restaurant chains and food processors meet consumers desire for alternatives that do not compromise taste. We offer low-linolenic soybean oil developed in partnership with DuPont/Pioneer, high-oleic canola oil using specialty seeds from Dow AgroSciences and a line of patented reduced trans fat and trans fat-free products. At our dedicated research and development centers, Bunge continues to develop innovative product solutions, including a proprietary process that reduces trans fats in partially hydrogenated oil by more than 85 percent. Biscuitville and Bunge continue to work together to explore ways to lower or eliminate trans fats in other foods on the restaurant s menu. It s all about listening to our customers and understanding what they need to keep their customers happy, says Tom Humphreys. Bunge is always looking ahead, and that gives us a great competitive advantage. PARTNERING ON SOLUTIONS Bunge Oils national account manager Tom Humphreys (right) worked closely with Biscuitville purchasing director Larry Williams to fi nd a trans fat-free frying oil that would meet the needs of loyal Biscuitville customers and restaurant managers like Chuck Alston (background). 05 BUNGE

6 Powering Efficiency, Fueling Growth Bunge Argentina, Buenos Aires OUR LOGISTICS NETWORK CONNECTS TWO COUNTRIES HALF A WORLD APART Tracking the journey of soybean meal from Argentina to Vietnam illustrates how, with the right combination of assets, processes and teamwork, Bunge s logistics management adds value at every link of the food production chain. BUNGE PORT OPERATIONS PHU MY, VIETNAM

7 POWERING EFFICIENCY, FUELING GROWTH Bunge s investment in Phu My is helping to fuel growth in Vietnam and Argentina. Horst Guenther, Bunge general manager for Southeast Asia distribution Soybean meal, derived from processing soybeans, is a major source of protein for commercial animal feed and is one of Bunge s core products. In Vietnam, commercial feed production has grown by more than 10 percent annually over the past five years, as rising incomes and modernizing livestock and aquaculture industries allow people to add more meat to their diets. The commercial feed industry in Vietnam depends on imports including nearly two million metric tons of soybean meal in Bunge sources much of that meal half a world away in Argentina, and our logistics bridge the geographic divide. We originate soybeans from farmers in the country s growing areas, process them through our network of industrial facilities and transport soybean meal and other commodities from our local ports to Vietnam, a monthlong journey of more than 9,000 nautical miles across the Atlantic and Indian Oceans. CONNECTING FARMERS IN ARGENTINA In Buenos Aires, Bunge traders Eduardo Vazquez (left) and Pablo Tejon help link farmers in Argentina to customers in Vietnam and other distant parts of the world. 2. In Puerto General San Martín, freighters load soybean meal and grains on the Parana River and prepare for the journey ahead. 3. Jan Fuhrmann (left), operations manager, oversees Bunge port activities at Phu My. Because of our investments in logistics on both ends of the production chain, farmers here in Argentina have access to customers in the world s fastest-growing markets, while customers in Vietnam can obtain the quality and quantity of the protein meals and grains they need at competitive prices, says Pablo Tejon, a Bunge meal and oil trader in Argentina. Bunge-chartered ships loaded with soybean meal, corn and wheat land at the Phu My port, on the Thi Vai River about 70 kilometers from Ho Chi Minh City. Phu My is presently the only licensed port that can handle large freighters called Panamax vessels, which span the length of more than two American football fields and can hold up to 65,000 metric tons of cargo. Bunge has invested in the port and has exclusive rights to use it for agricultural products. Because Phu My is more easily accessible by road and BUNGE 08

8 BUNGE LOGISTICS CREATE VALUE Bunge s logistics network extends from the world s most productive agricultural regions in North America, South America and Europe to customers across the globe. Each year, we move tens of millions of tons of agricultural commodities from origin to destination via trucks, railcars, barges, boats and freighters. Efficiency gains in logistics management unlock value for our company and our customers. Bunge s logistics are complemented by a communications network that integrates trading, freight and logistics personnel in the Americas, Europe and Asia. Information about commodity prices, demand and availability flows around the clock to help us coordinate the best combination of logistics to serve the needs of our customers, at both ends of the production chain. internal waterways than the country s main southern port at Ho Chi Minh City, our customers save time and money. Phu My is helping to bring more efficient logistics to Vietnam, says Horst Guenther, Bunge s general manager for Southeast Asia distribution. The results are a more consistent commodity flow into the nation at very competitive values. Among the barges that load Bunge soybean meal at Phu My are those that transport it upriver to GreenFeed, a fast-growing commercial animal feed company. By providing a consistent supply of high-quality raw materials, Bunge is helping GreenFeed meet rising demand. As populations increase and living standards improve in the years to come, tens of millions of tons of additional agricultural commodities will be needed to satisfy demand in Vietnam and other developing nations. Bunge s focus on logistics, therefore, is constant. Bunge s investment in Phu My is helping to fuel growth in Vietnam and Argentina, notes Horst. Our port operations and our global logistics management give us a unique position in the market and help us and customers like GreenFeed keep pace with the rapid development of the region....with CUSTOMERS IN VIETNAM 4. A ship unloads commodities for inland transport by truck and river barge. 5. Customers in Vietnam, like GreenFeed in Long An province, take delivery of Bunge-sourced commodities, which they use as raw materials in animal feed and other products BUNGE

9 Partnering For Responsible Growth Technology improves agriculture in Brazil BUNGE WORKS WITH FARMERS TO IMPROVE THE PRODUCTION CHAIN AT ITS FIRST ESSENTIAL LINK The Henrichsen family in Mato Grosso do Sul, Brazil, produces soy, corn and other crops used to feed people around the globe. Bunge helps farmers like the Henrichsens grow more crops and successfully bring them to market. HENRICHSEN FARM MATO GROSSO DO SUL, BRAZIL

10 PARTNERING FOR RESPONSIBLE GROWTH Agriculture is important to the future of Brazil and the world. My family and other farmers throughout the country are conscious of the role we play and the responsibility that comes with it, and Bunge actively supports us. Ilton Henrichsen, Bunge farmer-customer in Brazil PRECISION FARMING Analyzing soil samples taken from the Henrichsens land, Bunge agronomists develop custom fertilizer blends and application plans that increase farm productivity and optimize fertilizer use. We enjoy a very good working relationship with the people of Bunge, says Ilton Henrichsen, a farmer who is also an agronomist. They supply us with the fertilizer and expertise we need, and they buy our crops and distribute them around the world. Bunge is the largest supplier of fertilizer to farmers in South America, and we provide them with a full range of agronomic services. A team of Bunge agronomists gives the Henrichsens training in the latest farming methods, including crop management, soil fertilization and maintenance practices. The team also employs precision farming techniques to create and apply specialized fertilizer solutions for the Henrichsen s farm. Using soil analysis and global positioning satellite technology, our agronomists identify the nutrient needs of specific plots on the farm and develop and apply fertilizer treatments accordingly, which helps improve crop yields and optimize fertilizer use. Bunge sells agricultural commodities in approximately 80 countries, which gives us insights into the global markets. We use that knowledge to help farmers commercialize the crops they grow. The Henrichsens farm is located in the Cerrado, a tropical woodland-savannah region that covers almost a quarter of Brazil. The Cerrado is ideally suited for agriculture. In the area where the farm is located, rainfall averages 1,850 millimeters (73 inches) a year and typical daily temperatures range from Celsius (55-82 Fahrenheit). BUNGE 12

11 The Cerrado also is a rich natural area that is home to many diverse species of animals and plants. Brazilian law requires that farmers in the Cerrado set aside lands to preserve this important ecosystem. The Henrichsens, like other farmers, are mindful of their responsibilities to the environment. My family and many other families in distant places depend on this land, says Ilton. So we have an obligation to treat it with care and respect not only today, but also for future generations. In addition to helping farmers increase their yields, we help them protect the environment. Bunge works in partnership with Conservation International, a global nongovernmental organization, and Oréades, a nongovernmental organization in Brazil, to help the Henrichsens and other farmers in the Cerrado manage their lands in an environmentally responsible way. Together, we provide information and consultation on sustainable farming methods and provide technical assistance to help growers properly establish and maintain legal reserves. CONSERVING TOGETHER Ozeias Mehret of Bunge (left) and Renato Moreira of Oréades (right) help the Henrichsens maintain their legal reserve, as part of a larger eff ort among Bunge, Conservation International and Oréades to help farmers in the Cerrado comply with environmental laws and practice sustainable production methods. Bunge supports other environmental and social projects in the region. Examples include the Comunidade Terapêutica Nova Esperança (New Hope Therapeutic Community), which produces seedlings used in the recovery of legal reserves, and a nursery that raises saplings used to reinvigorate deforested areas. Agriculture is important to the future of Brazil and the world, says Ilton Henrichsen. My family and other farmers throughout the country are conscious of the role we play and the responsibility that comes with it, and Bunge actively supports us. FERTILIZER: A GROWING BUSINESS Bunge partners with the agricultural communities of Brazil and Argentina to help them more efficiently produce soy, cotton, corn, coffee, sugarcane, wheat and other crops. As the largest fertilizer manufacturer in South America, we provide growers with crop nutrients, blended fertilizers, applied fertilizer services and other farm products and services. We also offer farmers financing solutions. Bunge supplies other fertilizer manufacturers and the animal nutrition industry with raw materials, as well. 13 BUNGE

12 BUNGE RESEARCH AND DEVELOPMENT LABORATORY BUDAPEST, HUNGARY Pursuing Innovation In Food Products WE WORK ACROSS DISCIPLINES AND GEOGRAPHIES TO DEVELOP PRODUCTS THAT BENEFIT CONSUMERS Bunge produces leading consumer vegetable oil, margarine and mayonnaise brands in South America, Europe and Asia, as well as a wide range of quality milled corn and wheat products in the Americas. Bunge Europe Research and Development Center, Budapest, Hungary

13 PURSUING INNOVATION IN FOOD PRODUCTS With deep knowledge of regional markets, our innovation teams work to meet the needs of consumers around the world. A point of focus is developing products that deliver added benefits to consumers, such as specialty oils fortified with micronutrients. SHARING EXPERTISE Dr. Katalin Kővári (far left) and researchers at the Bunge Europe Research and Development Center in Budapest worked with Bunge scientists in Geneva to develop a bottled vegetable oil that helps address the problem of iodine deficiency in Romania. Bunge employees in Europe developed a vegetable oil that offers a potential market solution to the problem of iodine deficiency in Romania. Many people in Romania do not get enough iodine in their regular diets. Iodine deficiency poses numerous health risks. It increases the risk of miscarriage and stillbirth, and it is the most common cause of preventable mental retardation worldwide. Bunge is a global leader in bottled vegetable oil, and 98 percent of Romanian households use cooking oil, so we wondered how we could help, says Bunge marketing manager Ionela Nicolau. Our innovation team looked at the problem from a marketing perspective to see if we could devise a product that could help people get more iodine in their diets. Area development manager Adina Creangă, a chemist and member of the innovation team in Romania, helped bridge the business and science of the project. Scientists at the Bunge Europe Research and Development Center in Budapest, Hungary, and in Geneva, Switzerland, worked to meet the challenge of adding iodine to vegetable oil. Dr. Katalin Kővári, director of R&D, and Dr. Nathalie Henin, director of scientific affairs, helped lead this collaborative effort. The team also worked with the World Health Organization, the International Council for the Control of Iodine Deficiency Disorders, the Romanian health ministry and other government, medical and scientific authorities. THE NEXT GENERATION OF PRODUCTS Wellness is a concern for consumers around the world, and Bunge is providing them with products that offer enhanced nutritional benefits. In Brazil, Bunge markets Cyclus margarine and oils with omega-3 fatty acids. In Europe, Bunge has created a family of fortified oils under the Oleina and Floriol brands, such as Oleina with vitamins A, D, E and F (in Russia and Ukraine) and Floriol with omega-3 fatty acids (in Poland). In North America, Bunge is using plant extracts called phytosterols to develop products that help consumers lower cholesterol, including Delta TM SL vegetable oil and formulations used in chocolate bars and shortening. BUNGE 16

14 It s rewarding when we can combine our expertise in business and science to create something that has the potential to help improve people s lives. Ionela Nicolau, Bunge marketing manager, Romania Bunge scientists found an iodine source that is soluble in sunflower oil. This innovation led to the development of Floriol Iod Protect TM, the first iodine-enriched vegetable oil available to consumers in Romania. One tablespoon delivers 10 percent of the daily recommended requirement of iodine and also provides vitamin E and other fatty acids that help the body absorb and process iodine. EDUCATING CONSUMERS Bunge complemented the production and distribution of iodine-enriched Floriol Iod Protect TM with educational outreach to inform Romanian consumers about the importance of iodine to good health. Following the product s launch, Bunge initiated a campaign to educate consumers in Romania about the importance of iodine. We also began exploring distribution of the new oil in other countries. Everyone was excited to work on the development of this product, says Ionela Nicolau. It s rewarding when we can combine our expertise in business and science to create something that has the potential to help improve people s lives. 17 B U N G E

15 BUSHMEYER FARMS EAST HANNIBAL, ILLINOIS, USA Collaborating With Our Farmer-Customers A DEDICATION TO SERVING FARMERS IS ONE OF OUR CORE VALUES We think of farmers as our customers, and we use the term farmer-customer to highlight the fundamental importance of that relationship to our business. Working with farmers in Brazil

16 COLLABORATING WITH OUR FARMER-CUSTOMERS Farming is a challenging business. By staying close to farmers, Bunge can make their jobs easier and make their business and ours more profitable and rewarding. Tim Ridgley, Bunge grain marketing specialist, USA The production chain begins with farmers, and their success is crucial to ours. We work to understand their needs and develop relationships built on service, quality, satisfaction and trust. Bunge links farmers to the global marketplace, providing market access and information. We also consult with them on ways to increase farm profitability and improve their business overall. We offer an array of agronomic services and collaborate on crop planning, risk management and direct sales programs. Like a plant s many varieties, our work with farmers takes different forms in the many places around the world where we buy grains and oilseeds, but the goal always is the same to give our growers highly informed, personalized service. Tim Ridgley, a Bunge grain marketing specialist in the United States, embodies this mission. Tim works with farmer-customers in Missouri and Illinois, developing marketing programs to help them better manage their businesses. Tim works with more than 200 farmers. One of his customers is the Bushmeyer family, which has been farming its land in East Hannibal, Illinois, for 100 years. Bushmeyer Farms, which grows corn, soybeans and wheat, has been a customer since 1969, when Bunge opened a grain elevator nearby on the banks of the Mississippi. FOCUSING ON FARMERS Bunge grain marketing specialist Tim Ridgley (top photo, center) and Bunge grain elevator manager Norman Kendrick (right) meet with farmer-customer Steve Bushmeyer to help him plan for the upcoming season. We value the personal attention that Bunge gives our business, says Steve Bushmeyer, who runs the farm with his brother, cousin and other family members. Tim does a great job of keeping us up to date on prices and changes in the market and helping us plan ahead and manage our risk. In South America, where Bunge is the largest fertilizer manufacturer, we supply farmers in Brazil and Argentina with a full portfolio of products and services, including crop nutrients and agronomic consulting. Bunge also provides information on the latest farming techniques, and we share our expertise on trends in the global commodities markets with farmers individually and at meetings, workshops and special forums. BUNGE 20

17 HELPING FARMERS MEET RISING AGRICULTURAL DEMAND Population expansion and economic growth result in increased consumption of meat protein and vegetable oil and higher demand for grains and oilseeds. Demand for both soybean meal (a primary component of animal feed) and vegetable oil has risen at 5 percent per year since The use of farm crops for biofuels and other non-food purposes also is driving demand for agricultural products. Bunge works with farmers in the primary growing regions of North America, South America and Europe to meet this demand, originating and transporting soybeans, rapeseed, sunseed, canola, wheat, sorghum, corn and other products. Our global network of grain elevators maximizes convenience and efficiency for farmers and ensures ease of distribution to our processing facilities and customers. By handling grains and oilseeds across the entire span of the production chain, from origin to destination, we help farmers supply quality products year-round to customers in approximately 80 countries. We work closely with farmers in Europe, as well. In Poland, Bunge has relationships with more than 7,000 rapeseed producers. We provide seeds, agricultural and technical assistance in the field and training on optimal cultivation, harvesting, drying and storage. In Ukraine, we consult with farmers on seeds, fertilizers and crop protection. We also offer a convenient price determination system and flexible payment terms. Through Web sites and dedicated call centers, Bunge offers farmer-customers convenient account management tools, as well as 24-hour access to real-time commodity pricing and market news. Farming is a challenging business, notes Tim Ridgley. By staying close to farmers, Bunge can make their jobs easier and make their business and ours more profitable and rewarding. 21 BUNGE

18 Bunge Limited is a leading global agribusiness and food company founded in 1818 and headquartered in White Plains, New York. Bunge s over 22,000 employees in over 30 countries enhance lives by improving the global agribusiness and food production chain. The company supplies fertilizer to farmers in South America, originates, transports and processes oilseeds, grains and other agricultural commodities worldwide, produces food products for commercial customers and consumers, and supplies raw materials and services to the biofuels industry. BUNGE LIMITED 50 Main Street, White Plains, New York 10606, United States Telephone: (914) Design: Edelman Design Communications Editorial: Bunge Limited/Edelman Editorial Services Paper: Mohawk Navajo Printing: Sandy Alexander Principal photography: Fernando Bueno, Chau Bao Doan, Daniele Fiore, Mark Green, Ale Lipszyc and Arthur Meyerson Sandy Alexander, an ISO 14001:2004 certified printer, printed this publication with the use of renewable wind power combined with the use of UV soy-based inks, resulting in nearly zero volatile organic compound {VOC} emissions. The text portion of the publication was printed on Mohawk Navajo, a 20 percent post-consumer recycled sheet produced with wind energy, realizing the net benefit of trees not cut down or not traveling 2, miles in an average automobile. The use of 100 percent wind-generated power earns the Green-e certification. BUNGE 22

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20 50 Main Street White Plains, New York United States