Letter to Shareholders	page 1/5

LETTER TO SHAREHOLDERS




ALBERTO WEISSER
Chairman and Chief Executive Officer
Bunge Limited

Dear Shareholders,

2007 was an outstanding year for Bunge, during which the company's operating profit exceeded $1 billion. This is a great achievement that demonstrates the skill and professionalism of our team of nearly 24,000 employees, the value of our global asset network and the power of the leading positions we have built in promising markets. We see opportunity for a strong year in 2008 and many more beyond.

2007 also showed that ours is a dynamic industry. Conditions can change from quarter to quarter, and Bunge's results can vary accordingly. But beneath a sometimes choppy surface, the currents run steady and true. Populations are growing; standards of living are improving; the world is using agricultural commodities in more ways; and the need for efficient, interregional trade is becoming more pronounced.

These are the trends upon which we are building our company. Today, Bunge is well-positioned to benefit from them, and tomorrow we will be even more so. Through investment in our core businesses and in complementary value chains, through improvements to our assets and processes, and by staying true to our culture and values, Bunge should generate long-term value for shareholders.

2007
2007 was an exciting year for the global agribusiness and food markets. Prices of agricultural commodities and fertilizer raw materials rose sharply, buoyed by strong demand, regional crop production shortages, higher energy prices and biofuels production. Farm economics improved, notably in Brazil, where producers had experienced recent difficulty. Dislocations arose in the commodities markets as a result of production shortfalls, and investment funds continued to put money into commodity futures, contributing to volatility.

Bunge managed these conditions well. Although our agribusiness operations started the year with weak results, they rebounded with strong performances in grain origination, grain and oilseed distribution, and excellent risk management. Fertilizer volumes and margins benefited from renewed demand in Brazil and higher international raw materials prices. Edible oils had difficulty passing higher prices through to customers, but we began to see improvement in the fourth quarter and anticipate better results in 2008.

It is likely that commodity prices will remain higher than normal in the near term due to tight supply, which is reflected in the chart on page four. But at today's levels there is strong incentive for farmers around the world to invest in greater production, through higher yields and acreage expansion. Over time larger harvests should rebuild ending stocks and lead to price moderation.

The near-term implications are beneficial and challenging at the same time. Farm incomes should remain strong and crop input purchases robust, as long as fertilizer and other input prices do not rise too sharply. As fertilizer demand increases, manufacturers will need efficient access to more raw material supplies. In the commodity markets, high prices will promote competition for acreage among crops. Diverse applications-food, feed, energy and other non-food uses-will lead to substitution among products, based on availability and price. The combination of tight supply and larger volumes will require flexible trade to ensure adequate and timely product flow. Value will accrue to firms with an integrated asset base, global logistics, a broad product portfolio and risk management expertise. Downstream, cost-effective raw material supply will continue to be important, as will a broad and innovative product portfolio that includes foods geared toward wellness. As always, efficiency and excellent human capital will be essential.

Bunge has the qualities to succeed in today's market-our 2007 results demonstrate this-and we are following a strategy to ensure future success.

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