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Our role is to improve the production chain, but our goal is to be the best agribusiness and food company in the world. We pursue this end by following a clear strategy and staying true to a unique approach.

We work tirelessly to position Bunge in our industry's best growth markets. A significant portion of our annual capital expenditures goes toward building and acquiring assets in the regions outlined earlier-places where farmers are growing more crops and where people are consuming more food. In 2006, among other projects, we continued the expansion of our fertilizer mining and production facilities in Brazil, purchased a second soybean crushing and refining plant in China and created a soybean/rapeseed switch line at our oilseed processing plant in Mannheim, Germany. In 2007 we expect to complete two crushing and refining expansion projects in Canada, start construction on a third soybean processing plant in China and bring online new oilseed processing facilities in Ukraine, Russia and Spain.

We also assess opportunities in new areas related to our core businesses. Sugar is one. Global consumption of sugar, for use in food or fuel ethanol, is expected to grow steadily over the next decade. At the same time, reform of existing trade rules should liberalize the global marketplace to the benefit of low-cost producers in the Southern Hemisphere. We see opportunity in this market, and feel that the requirements for success-integrated operations, logistics and risk management-match our core strengths. Our long-standing presence in Brazil, which has a strong domestic market and is expected to be a leading exporter of sugar and sugar-based ethanol, is another advantage. As such, we are committed to expanding Bunge's presence in sugar. To date we have started a marketing business, and we continue to evaluate opportunities to expand our asset base to include sugar and sugar-based ethanol production facilities.

ANNUAL RAINFALL BY COUNTRY

The large amount of rainfall South America receives helps it serve the food needs of a growing global population.
(Relative country size reflects amount of annual rainfall.)

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