Letter to Shareholders	page 5/5

BIOFUELS The emergence of biofuels mandates in the Americas and Europe, and the desire of many for an alternative to petroleum-based fuels have led to a surge in the production of biodiesel and ethanol. Because these products are derived from agricultural commodities, they have had a notable effect on Bunge's markets. In simple terms, growth in the production of biofuels has created incremental demand that has contributed to higher prices for corn, soy and other commodities. The effects are several-higher incomes for farmers and incrementally higher costs for food manufacturers and retail consumers. Managing these effects beneficially will be an ongoing challenge for policymakers and markets around the world. Bunge is foremost a food company. We recognize the value that first-generation products can play in developing a viable and sustainable biofuels industry. But we also believe that government mandates should consider what is the first and best use of the food we grow. They should incorporate the flexibility necessary to build the industry on the principles of sustainable production and consumption, balancing demands of food, feed and fuel. Bunge is following a selective approach to biofuels. We are pursuing sugar-based ethanol, which has a more efficient energy profile and more compelling economics, while making minority investments in corn ethanol and biodiesel projects in sensible locations. We are investigating possibilities to participate in second-generation fuels, including cellulosic ethanol, via strategic alliances, and we are making our voice heard in the public policy debate via the Roundtable on Sustainable Biofuels and other groups.

VALUES, CULTURE AND TEAM
A dynamic operating model requires a skilled team that shares common values and a strong culture. Last year we made key hires. Jackie Fouse joined us as CFO, and we added experienced talent to our risk management function.

These executives join an organization that emphasizes the values of openness and trust, integrity, teamwork, entrepreneurship and citizenship. When you choose an operating model with the flexibility to adapt to changing circumstances, you need to have a culture that allows for a free exchange of information and a respectful but effective challenging of ideas. We believe our values reflect this. They help us identify and strike the right balance between decentralization and integration. And they encourage the trust and teamwork that is essential to a successful organization.

ENHANCING LIVES
Our purpose is to enhance lives by improving the food and agribusiness production chain-to make it more efficient, safer and more sustainable. I believe strongly that our core activities accomplish this. Our work with farmers helps them improve yields and income. Our investment in efficient assets helps to lower the end cost of food. Speeding logistics saves energy and mitigates emissions. Healthier products, like low-linolenic soybean oil, benefit consumers.

In 2007, Bunge increased its commitment to sustainability. We adopted a global sustainability policy and created teams that will focus on four areas of importance to our business: sustainable agriculture, climate, healthy diets and waste reduction. In 2008, we will issue an overview of our global citizenship activities, building on the good work already done by our Brazilian operations. And we will continue to engage in multi-stakeholder efforts, including the Soy Working Group in Brazil, the Roundtable on Responsible Soy, the Round Table on Sustainable Biofuels and the Global Reporting Initiative. Bunge is focused on its sustainability efforts and we expect to make real progress in the coming years, but it will be a long journey and we have much work to do.

LOOKING AHEAD
A long-term perspective is essential in Bunge's industry. Conditions and results can swing from quarter to quarter, but the underlying growth proposition is clear-as the world grows and economies expand, demand for agricultural commodities and global trade will increase. The world will require companies that can help farmers grow more crops, that can handle and process those crops, that can establish linkages between regions of production and consumption, and that can create products that food manufacturers, food service firms and consumers desire.

The most advantaged companies will be those with a global presence and perspective, a broad product portfolio, risk management expertise and a great team-companies that can capture the full benefit of industry trends, capitalize on select opportunities when and where they arise, serve changing demands and weather risk through natural diversification and skill.

Bunge possesses these capabilities, and we are driven to improve upon them. We remain optimistic about the journey ahead and the value that we will create along the way for our shareholders.

Thank you for the trust you have placed in us.

Regards,

Alberto Weisser
Chairman and Chief Executive Officer
Bunge Limited

March 14, 2008

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