Bunge .Bmo.5.18.11.Final

2011 BMO CAPITAL MARKETS FARM TO MARKET CONFERENCE Ma 18 20 2011

Forward‐ Forw ard‐Look Lookin in State Statements ments Today’s presentation includes forward-looking statements that reflect ’ , performance and industry conditions.

These forward-looking statements are subject to various risks and . 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.

1

Forward‐ Forw ard‐Look Lookin in State Statements ments Today’s presentation includes forward-looking statements that reflect ’ , performance and industry conditions.

These forward-looking statements are subject to various risks and . 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.

1

A Le Lead adin in Gl Glob obal al A ri ribu busi sine ness ss & Fo Food od Co Com m an … Key Facts

Average Avera ge Net Operating Assets

Revenue: $46 Billion

Agribusiness Sugar & Bioenergy Food & Ingredients Fertilizer Other

Employees: ~32,000 Facilities: ~400

9% 12%

6%

54%

19%

Countries of Operations: 30+ Agribusiness

• A global leader in o see process ng • A global leader in grain and oilseed marketing

Sugar & Bioenergy

Food & Ingredients

• 21 mmt mmt sug sugarc arcane ane m ng capac y producing sugar, ethanol and electricity

• Leading producer of o s, ma marrga garr ne nes s industrial fats in the Americas and Europe

• #2 in global trade and distribution

• Growing oils position in Asia

Fertilizer

• Fertilizer operations in raz , rg rgen na an e U.S. • Joint venture with OCP in Morocco

• Leading corn and wheat miller in the Americas 2

Drivers of Our Business Population growing fastest in developing economies Global Population by Type of Economy (millions)

Global middle class is growing rapidly. . . between $10–20/day

7,875

million people

5,671 1,717 812

1,200 1,275

1,237

1950

2010 More Developed

+770

2050 Less Developed

World Is Urbanizing Global Population by Type of Community (millions)

3,495

6,398

2000

2030

737 , 1950 Source: UN

3,412 2010 Rural

Urban

, 2050 3

The Bunge Approach Relies on Three Strategic Pillars

4

Agribusiness: Building on Excellent  Positions

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

5

Solid Performance in A Variet of Market Conditions Agribusiness EBIT 1,2 US$ millions 949 856

2006

2007

820

2008

2009

840

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

6

Lon ‐Term Demand Growth Should Remain Stron Growth in World Demand for Grains and Oilseeds 900 2.7%

800

CAGR

700   n   o    t   c    i   r    t   e   m   o   s   n   o    i    l    l    i    M

2.9%

600 500

2.8%

300 1.6%

200 100 0 All Uses

Source: LMC

Food 1990s

Feed 2000s

2010s

Fuel 2020s

7

Global, Integrated, Coordinated Chain is Essential Food & Ingredients

Agribusiness Chain

Farmer • • • • • • • • •

So Corn Wheat Sorghum Barley Canola Sunseed Flaxseed

Grain r g na on • • • •

Storing Blending Drying Financing

Logistics • a • Truck • Barge • Ocean vessel

Basic rocess ng • • • • •

Soybean Rapeseed Canola Sunseed

Sales & • • • •

Raw material Protein meal Vegetable oil Financial services

Refining, Value Added & Packaging • • • •

Edible oils Margarine Mayonnaise Corn, wheat &

seeds

Risk Management

Value creation shifts along the chain 8

Well‐Positioned and Balanced Global Network  Bunge’s Oilseed Processing Capacity

Bunge’s Global Reach

Asia • Soy

Europe • Soy • Rapeseed • Sunseed

North America

7%

• So

Canola

32%

23%

38% South America • Soy, Cottonseed

Silos:

Port terminals:

• North America: 78

• North America: 4

• South America: 74

• South America: 18

• Europe: 14

• Europe: 3

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.

9

We Are Continuing to Build Our Global Asset Network, Port Terminal & Oilseed Processing Plant Phu My, Vietnam

Export Grain Terminal Port of Longview, WA

• oca e n ac c or wes • Second largest export corridor in North America • Most efficient route for moving grain to Asian markets • Joint venture with ITOCHU and STX Pan Ocean

•

pprox ma e y Chi Minh City

m rom o

• Near commercial feed mill operations • Only commercial dry bulk port in Vietnam

• Annual capacity: 8 million metric tons, capable of handling grain, oilseeds and protein meals

• Building integrated soybean processing plant with crushing and multi-oil refining/bottling capabilities

• Expected start up: harvest 2011

• Expected start up: Q2 2011

Oilseed Processing Plant Taixing, China

• oca e near one o e fastest growing meat and vegetable oil markets • Capacity of 3,000 metric tons per day • Currently operating

10

Bioenergy: Investing in New reas

• Grow and expand the business to ecome a ea ng g o a , u y integrated and flexible player in the industry • biomaterials

11

Bunge Has Established a Strong Production Base in , Original Bunge Mills

TO

MT

BA

Pedro

Santa

Monte

DF

Additional Mills from Moema Group

MG

MS

ESVitória Ribeirão Preto

PR

RJ

Santos Paranaguá

Moema (SP)

Frutal (MG)

Itapagipe (MG)

Guariroba (SP)

Ouroeste (SP)

Moema mills Bunge existing mills

Note: Map not drawn to scale.

12

Sugar & Ethanol Benefit from Favorable Growth

World Sugar Consumption

Brazilian Domestic Ethanol Demand

million mt, raw value

million cubic meters 40 Anhydrous

35

210

Hydrous

2010-2020 CAGR = 2-3%

200

30

190

25

180

20

170

15

160

10

150

5

140

0

2005

Source: LMC International

2010

2015

2020

2006

2007

2008

2009

2015

13

Co‐Generation is Expected to Become an Important  Sugarcane mill profit mix

• Mills provide electricity during dry season when reservoirs from hydropower plants are low

Electricity Electricity Ethanol

• Provides cash flow stabilit Ethanol

Sugar

• Energy is sold directly to large customers or at auctions to power companies

Sugar

–

EBITDA margins in 80-90% range

–

Over time could provide contribution

• High initial capital cost to install generation equipment and

Milling 4 mmt of cane can produce electricity equivalent to

Note: Consumption figures assumes Brazlian parameters and 200 day crush season Source: UNICA

14

Leadin Pla ers Will be Global Consumption growth Fastest production growth Sugar flows Ethanol flows

us ness mo e o ea ng sugar p ayer

• •

Global footprint Low cost production assets

• •

Integrated value chain Robust risk management

ean ng u s are o g o a ra e 15

Food & Ingredients: Strengthen and Maintain Positions

•

er new va ue-a e pro ucts and enter new geographies in edible oils

•

16

Stron Positions in Ke Markets Bottled Oil

Margarine

Brazil

#1

#2

Poland

#1

#2

Hungary

#1

#2

Romania

#1

German Ukraine

#2 #2

17

Value‐Added Food Business Com letes the Chain Raw Material Cost Im act Oil    t   s   o   c   n   o    i    t   c   u    d   r   p    l   a    t   o    t    f   o    %   s   a    l    i    O

• On average, food & ingredients consumes ~60% of the Bunge crude o pro uct on

Other

• Margarine and ma onnaise also absorb significant quantities of oil

75%

50%

25%

0% Bulk Oils Retail Oils Margarine

Sources: Euromonitor

Mayo

18 1

Ex andin into Ad acent Businesses Acquired Pacific International Rice Mill in Q4 2010

 –  Produces bulk & packaged milled rice  –  erves oo serv ce, oo processing and export channels  –  Located in Woodland, CA with 363,000 mmt  –  Natural extension of Bunge’s , requiring: origination, risk management, logistics, customerfocused approach 19

:

•

Valuable Complement  to Agribusiness pera ons

•

e uce costs, mprove r s management and regain market share in certain regions

20

Bun e Fertilizer O erations

U.S. • NPK Wholesale

• Acidulation plants • MAP/DAP/TSP production plants (under construction)

Argentina plant • Nitrogen production plant •

• NPK blending & distribution

en ng & distribution 21

Outlook 

22

Bun e Limited Earnin s Hi hli hts Quarter Ended Mar 31 $ in millions, excl. volume & EPS

2011

2010

29,284

31,923

$317

$118

Sugar & Bioenergy

$2

$5

Food & Ingredients (2)

$67

$31

Fertilizer

$(5)

$(40)

Net income attributable to Bunge

$232

$63

Earnings per share ‐ diluted

$1.49

$0.31

Volume (000 mt) Total segment EBIT (1)

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.

23

2011 Overview 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

Bunge’s key strengths well-suited to current environment ugar

oenergy an

er

zer mov ng owar

u po en a

24

Thank you.

25

& Reconciliation Notes

26

Historical Performance Total Segment EBIT (1,2)

Net Income (2)

US$ millions

US$ millions 3,228

1,208 419

275

2001

2002

2003

2004

1,064

1,363 778

878

796

592

2,354

618

2005

2006

443

2007

2008

2009

134 2010

2001

255

300

2002

2003

469

530

521

2004

2005

2006

543

2007

2008

2009

2010

ROIC (3) & EPS (2)

Volumes Millions of metric tons

137 106

109

117

138

141

16%

15%

135

120

12%

13% 9%

10%

9%

10%

10%

15.06

9%

86

6%

72

3%

1.86

2.63

2.81

4.10

4.43

4.28 5.95

4% 7.73 2.22

0%

5% 3.48

$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

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.

EPS

27

Backu : Non‐GAAP Reconciliation Notes Total segment earnings before interest and tax o a segmen s conso a e ne ncome a r u a e o unge exc u ng n eres ncome an 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 a r u a e o unge, e mos rec y compara e nanc a measure. o a segmen s an operating performance measure used by Bunge’s 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 . 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 . . .

28

Backu : Non‐GAAP Reconciliation Notes Reconciliation of total segment EBIT to net income:

In millions

2001

2002

2003 (1) 2004

2005

2006

2007

$275

$419

$561

$796

$543

$618

(134)

(107)

(113)

(110)

(126)

(161)

(187)

(147)

(161)

(229)

Income tax benefit (expense)

(72)

(104)

(201)

(290)

82

36

(310)

(245)

110

(298)

Noncontrolling interest share of interest and tax

64

46

53

73

31

28

67

93

(31)

(689)

1

1

0

0

0

0

0

0

0

44

$134

$255

$300

$469

$530

$521

$778

$1,064

$361

$2,354

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

$443

2010

Interest - net

Net income

$1,363

2009

Total Segment EBIT

Other (1)

$1,208

2008

$3,228

29

Backu : Non‐GAAP Reconciliation Below is a reconciliation of 2010 earnings per common share-diluted (excl. certain gains & charges) to earnings per common share-diluted:

Year Ended Dec 31 2010

Earnings per common share‐diluted (excl. certain gains & charges) extinguishment of debt Earnings per common share‐diluted

$3.48 $11.58 $15.06

30

Backu : Non‐GAAP Reconciliation Below is a reconciliation of total segment EBIT to net income attributable to Bunge :

Quarter Ended Mar 31 n m ons

Total segment EBIT Interest income

Income tax Noncontrolling interest share of interest and tax Net income attributable to Bunge

$317

$118

21

19

(43)

(9)

9

13

$232

$63

31