page 2/2 Position for Growth While managing near-term challenges, we continue to position Bunge for long-term profitability and growth. Bunge's industry is based on consistent growth trends. World population continues to grow. People are earning more and eating better diets. As they do, they consume more vegetable oils and meat, which increases consumption of soybean and other protein meals. The world will need more crops to meet this growing demand, and several regions— North and South America and Eastern Europe—should supply them. Brazil is expected to lead the world in agricultural production growth, and its fertilizer industry should grow accordingly. USDA statistics show that growth in demand for soybean meal and vegetable oil has risen by an average rate of approximately five percent per annum for 15 years. At this rate, the world will need over 220 million tons of soybean meal by 2015—over 80 million more than it consumed last year. This will require the production of around 100 million additional tons of soybeans. This is powerful growth, and Bunge is well-positioned to capitalize on it. We are the world's largest oilseed processor, a leading seller of edible oils to food processors and food service companies and bottled vegetable oils to consumers, and the largest fertilizer manufacturer in South America. In 2005, we took numerous steps to improve our position in growing markets: We purchased our first soybean processing plant in China. We expect to close the purchase of a second plant this year. We worked to expand our phosphate mining capacity in Brazil, which enables Bunge to source more phosphate domestically and at better margins. We expect a 10 percent increase in capacity to come online in 2006. We entered the retail margarine business in Poland, extending our value chain in that market. To better capitalize on European demand for biodiesel and the resultant margin benefit in softseeds, we created a joint venture biodiesel company and began increasing our rapeseed crushing capacity in Mannheim, Germany. We expanded our crushing capacity in Argentina, the world's most advantaged soybean crushing market. Focus on Efficiency We are improving efficiency through capital investments and by enhancing our business processes. In 2005, we began construction on a joint fertilizer and grain terminal in Santos, Brazil's largest port. When completed, the terminal will enable Bunge to import fertilizer raw materials and export grains via the same vessels, loading facilities and interior rail networks. This year we will begin operating three new plants in Europe: two in Spain that will replace older, less efficient facilities, and one late in the year in Russia that will begin to supply our domestic bottled oil business at improved margins. On the process side, Bunge is embracing Lean Sigma, which focuses on improving an organization's efficiency from the ground up. Lean Sigma fits Bunge's approach and culture. Based on kaizens—small workplace efficiency events held by individual facilities and functions—Lean Sigma provides a global methodology that can be applied locally, in a decentralized fashion. We will run 250 kaizen events this year—nearly five per week. We are just getting started, but I am already impressed with the results. Improving Service and Quality In 2005, we reemphasized our customer focus initiative, which is aimed at deepening our understanding of customers' needs and developing stronger, long-term relationships with each of them. As an example, we entered into a partnership with an existing meal customer, through which we supply the company's feed mills in the southeast United States with grains via dedicated logistics. This relationship enables Bunge and the customer to manage inventory and risk management more profitably. The long-term commitment enables us to make supply chain investments that improve reliability and expand our operations, while improving our understanding of our customer's business. Enhancing our Operating Model We recognize that our industry can be volatile. In any year there are some external variables working in our favor and some to our disadvantage. But we have a talented team at Bunge and our operating model helps us manage through challenges and deliver results. Bunge has global operations that are balanced and integrated. We also have a clear mission and shared values. These allow us to work in a decentralized fashion that promotes agility and responsiveness. Our track record demonstrates the benefit of our operating model. Since Bunge's IPO in 2001, volumes have risen by 65 percent, earnings per share by 138 percent and dividends per share by 45 percent. During this time, return on shareholders' equity has averaged 15 percent. Our Role Our role in the world, our mission as a company, is to enhance lives by improving the global food and agribusiness production chain: to help farmers grow more crops, to transport and process those commodities efficiently and safely, and to create affordable, high-quality food products that people trust and enjoy. There will always be room for improvement, but if we focus on our strategy and stay true to our operating model, we will go a long way toward fulfilling this role. The benefits will be growth for our company, increased value for shareholders, better income for farmers and lower prices and higher quality for customers and consumers. We value the confidence and trust that you have placed in our company. Sincerely, Alberto Weisser Chairman & Chief Executive Officer Bunge Limited March 15, 2006 TOP OF PAGE page 2/2