2006 Annual Report		[home][financial highlights][shareholder letter][form 10-K][shareholder information]

(A)   Total segment operating profit is the consolidated segment operating profit of Bunge's segments. Total segment operating profit is a non-U.S. GAAP measure and is not intended to replace income from continuing operations before income tax, minority interest and equity in earnings of affiliates, the most directly comparable U.S. GAAP measure. The information required by Regulation G under the Securities Exchange Act of 1934, including reconciliation to income from continuing operations before income tax, is included to the right.
(B) 2003 excludes an after tax gain on the sale of the Brazilian soy ingredients business of $111 million, or $1.02 per fully diluted share.
(C) The calculation of return on shareholders' equity excludes losses in 2003 of $7 million and gains in 2002 of $3 million from discontinued operations, and in 2003 excludes the $111 million gain on the sale of the Brazilian soy ingredients business.
(D) Includes the weighted average common shares issuable upon conversion of Bunge's $250 million 3.75% convertible notes due 2022 for the years ended December 31, 2005, 2004, 2003 and 2002. The convertible notes were redeemed in November 2005.
A reconciliation of income from continuing operations before income tax, minority interest and equity in earnings of affiliates, which is the U.S. GAAP financial measure most directly comparable to total consolidated segment operating profit, follows:

Year Ended December 31,
(US$ in millions), 2002 2003 2004 2005 2006
Income from continuing operations
before income tax, minority interest
and equity in earnings of affiliates		     $476     $707     $891     $488     $522
Unallocated (income) expense-net (1) 45 22 (41 ) (32 ) (79 )
Gain on sale of ingredients business - (111 ) - - -
Total segment operating profit $521 $618 $850 $456 $443

(1)   Unallocated (income) expense-net included interest income, interest expense, foreign exchange gains and losses and other income and expense not directly attributable to Bunge's operating segments.


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