We performed well despite a challenging industry landscape. 2004 was a volatile year. A short crop in the United States caused big price swings for soybeans. Ocean freight rates moved dramatically. Trade with China suffered from disruptions; and issues, including Asian rust, trans fats and biotechnology, continued to influence the industry.

With few exceptions, it was a strong year across the company. Our fertilizer division performed particularly well; our Canadian businesses posted outstanding results; and our risk management and ocean freight functions navigated through the year with expertise.

Our unique operating model contributed greatly to our overall performance. Our integrated and balanced operations enabled us to capture value at numerous points on the food production chain and generate earnings across geographies and products. Our decentralized organization, common mission and shared values of openness, trust and teamwork kept us agile and responsive to opportunities.

Most important, however, was our team. Bunge is comprised of a superb group of talented individuals. Their hard work was, and is, responsible for our success.

Refining Bunge's operating model is one of the four parts of our global strategy. The other parts are positioning the company for growth, focusing relentlessly on efficiency, and improving customer service and quality. We continued to implement each in 2004.

We spent a record $437 million in capital expenditures last year. Much of this was dedicated to building our business in promising growth markets. A number of investments were directed toward Bunge's expansion in Eastern Europe, which will improve our geographic balance and position us in a growing market for both origination and consumption.

We also ramped up the activities of our global productivity initiatives and formed a number of strategic partnerships that will provide growth opportunities and improve Bunge's efficiency, customer service and product quality.

We work hard to be a good partner with companies, customers, employees and others. Partnerships help us access new markets, technologies and skills, and produce benefits for our communities. This year's annual report highlights some of the many ways Bunge partners to create value.

Our 2004 results strengthen our belief that Bunge's strategy is on target. As shareholders, you can expect us to continue to pursue it.

In 2005, look for Bunge to make additional investments in key growth markets. Our industry benefits from healthy, organic growth rates, but we intend to outpace them. Also expect continued focus on improving efficiency, quality and service. We made progress in these areas in 2004, but recognize that we can do more. Lastly, expect us to stay true to the operating model that has been instrumental to our success.

If we do these things well, 2005 should bring excellent results for Bunge and additional value for our shareholders.

As always, we thank you for the confidence you have placed in us.

Sincerely,

alberto weisser
chairman & chief executive officer
bunge limited
april 11, 2005