LETTER TO SHAREHOLDERS (continued)

Strategic Approach

Bunge's network of ports, grain elevators, processing, refining and distribution facilities spans the globe. We have leading positions in all of the world's major agricultural production regions. We serve commodity customers and sell a wide range of commercial ingredients and consumer food products around the world. We have a highly skilled, multicultural team that combines local insight and global collaboration to optimize our business.

And we are not standing still.

Our strategic priorities are clear: to strengthen our core businesses, expand into adjacent businesses in which we can use our expertise and asset network to succeed, and to drive efficiency through a systematic approach to operational excellence. We will invest in the capabilities we believe are essential to hone our competitive advantage: a global asset network, logistics, risk management, value-added services, and processing and operations.

We recently started up a new oilseed processing plant in China, and will open another in Vietnam in the coming months. We will expand our softseed processing capacity and inaugurate new grain facilities in the U.S., including our Pacific Northwest export elevator. In Sugar & Bioenergy, we will invest in our plantations, increase our cogeneration capacity and pursue opportunities in new geographies that offer attractive growth potential. Building on the recent acquisition of a rice mill in the U.S., we will continue to explore opportunities in adjacent businesses.

We will also accelerate efforts in operational excellence and innovation. We recently launched a new benchmarking project that will compare our operations to world-class performers and identify steps we can take to close any gaps. Our new global innovation group will continue scouting, developing, buying, selling and licensing technologies that will improve Bunge's profitability, competitive advantage and sustainability. Our recent investment in Solazyme, an innovator in using microalgae to produce oils, is an example of the types of steps we plan to take.

Focus on Citizenship

Every step forward we take will be with the utmost respect for our employees' well-being. Since 2005, we have reduced our safety frequency, the measure of lost-time injuries per 200,000 hours worked, from 0.73 to 0.13. While we just missed our 2010 target of 0.10, a world-class level, we remain committed to our vision of a zero-incident culture. We have renewed our 0.10 goal for 2011 and will introduce new measurement and safety management systems.

Better environmental performance in both our direct operations and our supply chain is a priority as well. In 2010, we exceeded our targets of decreasing CO₂ and water use per ton of output by 1 percent each and total landfill waste by 5 percent, from a 2008 baseline. Notably, we achieved a 3 percent reduction in CO₂, an 11 percent reduction in water and a 34 percent reduction in waste.

We also have become more active in broader issues facing our industry, such as water scarcity, and have contributed to groups including Field to Market in the U.S. and the Soy Working Group in Brazil. We also helped shape, with the World Economic Forum and other leading companies, a New Vision for Agriculture: a blueprint for meeting our food security challenges sustainably and with greater economic benefit for the developing world. You can find more information on these activities and read the full New Vision on Bunge.com.

Our Role is Clear

These actions fit well in the "big tent" we feel is essential for the future. There are many roles to play in meeting our collective challenges. Ours is clear-to improve the food production chain by facilitating a safe and efficient link between farm and consumer, by producing high-quality, trusted products and by enabling greater, more flexible trade of agricultural commodities. We believe that this role will grow in size, importance and value in coming years, and we are committed to fulfilling it to the benefit of our shareholders, employees and society.

Thank you for placing your trust in Bunge.

Regards,

Alberto Weisser
Chairman & Chief Executive Officer
Bunge Limited
April 5, 2011