Deutsche Bank Global Consumer ConferenceJune 15, 2010

1

Forward‐Looking Statements

Today’s presentation includes forward-looking statements that reflect Bunge’s current views with respect to future events, financial performance and industry conditions.

These forward-looking statements are subject to various risks and uncertainties. Bunge has provided additional information in its reports on file with the SEC concerning factors that could cause actual results to differ materially from those contained in this presentation, and encourages you to review these factors.

2

Business Profile:A Leading Global Agribusiness & Food Company

Employees: ~32,000

Facilities: ~400

Countries of Operations: 30+

Key Facts

Agribusiness Sugar & Bioenergy Food & Ingredients

•A global leader in oilseed processing

•A global leader in grain and oilseed marketing

•Leading producer of consumer bottled oil brands in South America, Europe and Asia

•Leading supplier to food service companies and food processors in North America

•Leading corn and wheat miller in the Americas

•20 mmt sugarcane milling capacity producing sugar, ethanol and electricity

•#2 in global trade and distribution

Fertilizer

•Retail fertilizer in Brazil

•Fertilizer operations in Argentina and the U.S.

•Joint venture with OCP in Morocco

3

Balanced Global Asset Network 

Includes wholly owned, leased, joint venture and toll facilities. Oil processing includes refineries, bottling and packaging plants, which in certain instances are part of larger processing facilities but are reflected separately in this table. Ports include certain transshipment facilities on rivers. Map reflects countries of operation with assets and/or commercial offices.

Elevator Fertilizer Mill Oilseed Proc.

Oil Proc. Port Sugar Mill

South America

76 21 7 16 9 17 8

Asia 4 4 1

Europe 12 18 33 4

North America

81 5 16 18 4

Total 169 21 12 54 64 26 8

4

Historical Performance

(1) Total segment EBIT is a non-GAAP financial measure. A reconciliation to the most directly comparable GAAP measure is included elsewhere in this presentation.

(2) Excludes $111 million gain on the sale of the Brazilian soy ingredients business.

Net IncomeUS$ millions

Total Segment EBITUS$ millions

(2)

(1)

CAGR: 6%

(2)

CAGR: 13%

275

796543 618

1,363

443419 592

1,208

2001 2002 2003 2004 2005 2006 2007 2008 2009

134469 530 521

1,064

361255 300778

2001 2002 2003 2004 2005 2006 2007 2008 2009

5

Long‐Term Targets and Historical Performance

9%

11%

9%

11%10% 10% 10%

13%

5%7.735.954.284.434.10

2.812.631.86

2.22

0%

3%

6%

9%

12%

15%

2001 2002 2003 2004 2005 2006 2007 2008 2009

$0

$2

$4

$6

$8

$10

Return on Invested Capital EPS

72

109117 120

137 138 141

106

86

2001 2002 2003 2004 2005 2006 2007 2008 2009

VolumesMillions of metric tons

CAGR: 9%

ROIC & EPS

Growth Targets(average annual volume growth over 5 years)

Agribusiness5 - 7%

Fertilizer 5 - 7%

Food & Ingredients 3 - 5%

Sugar & Bioenergy8 - 10%

Growth Targets

• EPS: 10 - 12% per year (average annual growth over 5 years)

• ROIC at least 2 points > WACC

(1) ROIC is a non-GAAP financial measure. A reconciliation to the most directly comparable GAAP measure is included elsewhere in this presentation.

(1 )

6

Sale of Our Brazilian Fertilizer Nutrients Assets

Strategic rationale:

• Immediately realize significant value created in the fertilizer business

• Fertilizer industry undergoing change – opportune time to exit upstream activities

• Enables Bunge to redeploy resources in core businesses and other growth areas

Priorities for use of proceeds ($3.5 billion net in cash)

• Use approximately $1.5 billion to pay down debt

• Fund share repurchase program of up to $700 million of common shares

• Fund internal projects and make strategic acquisitions

• Invest in adjacent businesses that have strong returns

7

Drivers of our Business: Growth in Demand and Trade

8

Population is Growing Fastest in Developing Economies

Source: UN

Global Population by Type of Economy (millions)

1,237

5,671

1,275812

7,875

1,717

1950 2010 2050

More Developed Less Developed

9

Growing Middle Class is Spurring Meat Consumption 

94

46

9

High‐IncomeCountries

Middle‐IncomeCountries

Low‐IncomeCountries

Sources: Euromonitor, World Resources Institute

430

1,200

2000 2030

Global middle class is growing rapidly. . .

Population earning between $10-20/day

million people

… should close gap in per capita meat consumption

Meat consumption per capita

Kg / person

+770

10

Leading to Steady Growth in Our Core Markets 

Source: USDA

Global Consumption of Core Bunge Products

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

1990 1995 2000 2005 2010

000s Metric Tons

Vegetable Oil Soybean Meal

Average annual growth rates: ~4.5%

11

The World is Urbanizing

Source: UN

3,412

3,495

2,7931,798

6,398

737

1950 2010 2050

Rural Urban

Global Population by Type of Community (millions)

12

Water stress defined as water withdrawal as proportion of mean annual river runoff.Source: SMAKHTIN, V.U., REVENGA, C., DÖLL, P. (2004) Taking into account environmental water requirements in global-scale water resources assessments. Research Report of the CGIAR Comprehensive Assessment of Water Management in Agriculture. No. 2, International Water Management Institute, Colombo, Sri Lanka, 24 pp.

Constraints on Natural Resources

13Source: USDAUnit of measurement: mmt

Key Regions Will Drive Export Growth: 2008‐2019

79120

51

56

Rest of WorldS. America

Soybeans & Soybean Meal

172218

79

71

Rest of WorldE. Europe, N. America, Argentina, Australia

Wheat & Coarse Grains

4762

34

44

Rest of WorldU.S.

Corn

14

Agribusiness: Building on Excellent Positions

• Optimize oilseed value chain and build share in growth markets

• Expand share of grain trade

15

We Will Continue to Build Our Global Asset Network,Linking Key Locations

Export Grain TerminalPort of Longview, WA

Port Terminal &Oilseed Processing Plant

Phu My, VietnamOilseed Processing Plant

Tianjin, China

•Located in Pacific Northwest

•Second largest export corridor in North America

•Most efficient route for moving grain to Asian markets

•Joint venture with ITOCHU and STX Pan Ocean

•Annual capacity: 8 million metric tons, capable of handling grain, oilseeds and protein meals

•Approximately 70 km from Ho Chi Minh City

•Near commercial feed mill operations

•Only commercial dry bulk port in Vietnam

•Building integrated soybean processing plant with crushing and multi-oil refining/bottling capabilities

•Located 90 km from center of Beijing, one of the fastest growing meat and vegetable oil markets

•Capacity expanded from 1,000 to 4,000 metric tons per day

•Joint venture with CP Group, largest feed miller in Asia

16

Fertilizer: Valuable Complement to Agribusiness Operations

• Optimize volumes, product offerings and logistics

• Reduce risks associated with price volatility

• Adjust cost structure

17

Fertilizer Operations Going Forward

Argentina• SSP production

plant• Nitrogen production

plant• NPK retail

U.S.• NPK Wholesale

Brazil• NPK retail

Morocco JV• Acidulation plants• MAP/DAP/TSP

production plants(under construction)

18

Sugar & Bioenergy: Investing in New Areas

• Integrate Moema• Grow and expand the business to

become a leading global, fully integrated and flexible player in the industry

19

Moema Acquisition Most Recent Step In Executing on Strategy to Become Global Leader in Sugar

2005

Acquired Moema:5 mills with 13.7 mmt of capacityExpands Bunge total capacity to 20 mmt

20102006 2007 2008 2009

Acquired 60% stake in Monteverde millAcquired Tate & Lyle sugar trading & merchandizing business

Acquired Santa Juliana mill (1st asset)Started development of Pedro Afonso mill

Started sugar trading & merchandising operation

20

Bunge Has Established Strong Production Base in Brazil

MT BA

DF

TO

MS

PR

MG

RibeirãoPreto RJ

ES

Paranaguá

Santos

Vitória

Moema mills

Bunge mills(existing or under construction)

Note: Map not drawn to scale

0

5

10

15

20

25

30

35

40

45

2009 2010 2011 2012 2013 2014 2017

PotentialCombinedMoemaBunge

Expected Evolution of Bunge Sugarcane Milling CapacityExpected Evolution of Bunge Sugarcane Milling Capacity

Million metric tons sugarcane.

Includes forecast capacity at Bunge’s Sta. Juliana, Monteverde and Pedro Afonso mills, as well as Moema’s share of capacity.

21

Brazil is Leading Supplier to Growing Sugar Market

Source: LMC International

World Sugar ConsumptionWorld Sugar Consumption Brazil is the Lowest-Cost Raw Sugar Producer in the WorldBrazil is the Lowest-Cost Raw Sugar Producer in the World

million mt, raw value Raw sugar cash costs ex-factory

140

150

160

170

180

190

200

210

2005 2010 2015 2020

2010-2020CAGR = 2-3%

22

Brazilian Ethanol Demand Growing withFlex‐Fuel Car Fleet

Forecasted Brazilian Car Fleet Forecasted Brazilian Car Fleet Brazilian Domestic Ethanol DemandBrazilian Domestic Ethanol Demand

0

5

10

15

20

25

30

35

40

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Ethanol only

Flex Fuel

Gasoline

Sources: Anfavea, UNICA, ANP

0

5

10

15

20

25

30

35

40

2006 2007 2008 2009 2015

Anhydrous

Hydrous

CAGR = 8%

millions million cubic meters

23Sources: UNICA

Sugar‐Based Ethanol Has Attractive Energy Profile

0102030405060708090

100

2006/2007 2015/2016

Sugar Ethanol Electricity

Revenue Mix of Average Brazilian Sugar Mill

Sugarcane-based ethanol has attractive energy and greenhouse gas (GHG) profileSugarcane-based ethanol has attractive energy and greenhouse gas (GHG) profile

• Net energy balance of sugar is about 8:1 vs. corn, which is about 1:1

• ~61% GHG reduction vs. gasoline per U.S. EPA

• Classified as advanced biofuel in U.S.

• Approved for import into EU

24

Food & Ingredients:  Strengthen and Maintain Positions

• Offer new value-added products and enter new geographies in edible oils

• Maintain strong positions in wheat and corn dry milling

25

Value‐Added Food Business and Market Approach

Raw Material Cost ChartRaw Material Cost Chart

0%

25%

50%

75%

100%

EO Bulk EO Retail Margarine Mayo

Oil as % of total production cost

Oil Other

Sources: Euromonitor

Consumption by ChannelConsumption by Channel

0%

25%

50%

75%

100%

US Poland Russia Brazil Vietnam

Retail Food Processor Food Service

26

Raisio Acquisition Strengthens European Food Business 

• Acquired in Q4 2009

• Headquartered in Finland

• Strong portfolio of brands and innovation capabilities

• Strengthens market position in Poland

• Provides entrance into Finland and Sweden

• Gain access to Benecol (cholesterol reducing ingredient)

27

Our Approach

Multicultural team Core values Integrated and locally empowered

Purpose

FinancialGoals

StrategicPillars

EssentialCapabilities

Organization

Global assetnetwork

linking key locations

Risk management Logistics Industrial Value added

Strengthen core businesses

Expand into adjacent businesses:Geographies

Up/DownstreamNew products

Continuous operational improvement

ROIC 2% > WACCAvg. annual EPS growth: 10-12%

Avg. annual volume growth: Ag & Fert 5-7%, F&I 3-5%, S&B 8-10%

To improve the global foodproduction chain

28

Essential Productivity Improvement in Face of Strengthening Currencies

193

184

66 443

2007 2008 2009 Total

Cumulative Target 2007-2010: $500 million in savings

Operational Excellence Focus AreasOperational Excellence Focus Areas

• Industrial

• SG+A

• Logistics

• Procurement

Productivity Savings 2007-2009Productivity Savings 2007-2009

29

2010 Global EnvironmentalSustainability Goals – “1‐1‐5”

Reduce greenhouse gas emissions per ton of output by 1%

Reduce our water use per ton of output by 1%

Reduce the total amount of material we send to landfills by 5%

• Small statistically; big absolute impact– 1% emissions reduction = 6,000 cars off the road for 1 year– 1% water reduction (≈ 223 million gallons) = 1.2 million people in the U.S.

turning off their water for a day– 5% reduction in landfill waste = the household trash produced annually by

a town of 23,000 people in Spain

30

Our Work is Improving the GlobalFood Production Chain

31

31

FINANCIAL PERFORMANCE

32

Bunge Limited ResultsQuarter Ended March 31

2010 2009 %-Δ

Volume (000 mt) 31,923 32,251 (1)%

Total segment EBIT (1) $118 $(203) n/m

Agribusiness $122 $28 336%

Sugar & Bioenergy $5 $(10) n/m

Fertilizer $(40) $(262) 85%

Food & Ingredients (2) $31 $41 (24)%

Net income (loss) attributable to Bunge $63 $(195) n/m

Earnings (loss) per share $0.31 $(1.76) n/m

Quarter EndedMarch 31,

$ in millions excl. volume & EPS

(1) Total segment EBIT is a non-GAAP financial measure. A reconciliation to the most directly comparable GAAP measure is included elsewhere in this presentation.

(2) Includes edible oil products and milling products segments.

33

Bunge LimitedBalance Sheet Summary

(1) Current assets (excluding cash and cash equivalents and marketable securities) less Current liabilities (excluding short term debt and current portion of long term debt).

(2) 12 month rolling average.

Mar 31,

2010

Dec 31,

2009

Mar 31,

2009

Operating Working Capital (1) $4,589 $5,205 $4,797

- Inventories $3,955 $4,862 $4,961

• Readily Marketable Inventories $2,665 $3,380 $2,671

Cash Cycle Days (2) 45.9 46.7 45.5

Total Debt $4,132 $3,815 $3,683

Total Bunge Shareholders’ Equity $9,987 $9,494 $7,111

$ in millions

34

Quarter Ended March 31,

Bunge LimitedCash Flow Summary

2010 2009

Funds from Operations (before working capital changes)

$ 269 $(67)

Working Capital Changes $491 $(296)

Cash Flow from Operations $760 $(363)

Capital Expenditures $(287) $(112)

$ in millions

35

• Big crops should provide ample supply for agribusiness

• USDA forecasting global demand for soybean meal to grow by 4% and vegetable oil to grow by 5%

• Could be some pressure on margins from increased oilseed processing capacity in North America

• Brazil sugarcane harvest is underway; mills are operating

• Retail fertilizer should improve in the second half of the year

• Food & ingredients expected to perform as planned

2010 Outlook

36

Thank you.

37

2009

2008

2007

2005

2002

2001

1999

1998

1997

70s & 80s

1967

1945

1938

1918

1905

1884

1859

1818

Starts business in North America

Relocates to Antwerp to trade commodities

JPG Bunge founds Bunge & Co. in Amsterdam

Establishes operations in Argentina to trade grain Makes first export of

soybeans from Brazil

Enters Brazilian fertilizer market with purchase of Serrana

Expands into Brazil and enters the wheat milling business

Diversifies along the food production chain

In Brazil, purchases soy processor Cevaland begins acquisition of new fertilizer brands

Builds largest US soybean crushing and refining plant

Moves headquarters to US and creates international marketing unit

Goes public on NYSE and becomes Argentina’s leading agribusiness company in

Purchases Cereol and becomes the world’s largest soy processor

Opens first soybean processing plant in China

Purchases Santa Juliana sugarcane mill in Brazil

Builds first soy processing plant in US

Purchases edible oils company Walter Rau in Germany

Begins building an export terminal in the U.S. Pacific Northwest and a crushing plant in Vietnam

2010

In Brazil, purchases Moema: adding 5 new sugarcane mills

Bunge has operated in agribusiness for over 190 years

38

Backup:  Non‐GAAP Reconciliation Notes

(1) Excludes $111 million tax-free gain on the sale of the Brazilian soy ingredients business

Reconciliation of total segment EBIT to net income:

In millions 2001 2002 2003 2004 2005 2006 2007 2008 2009

Total Segment EBIT $275 $419 $561 $796 $543 $618 $1,208 $1,363 $443Interest - net (134) (107) (113) (110) (126) (161) (187) (147) (161)Income tax benefit (expense) (72) (104) (201) (290) 82 36 (310) (245) 110Noncontrolling interest share of interest and tax 64 46 53 73 31 28 67 93 (31)Other (1) 1 1 0 0 0 0 0 0 0

Net income $134 $255 $300 $469 $530 $521 $778 $1,064 $361

(1)

39

Backup:  Non‐GAAP Reconciliation Notes

Return on Invested Capital:

Bunge calculates Return on Invested Capital (ROIC) as net income plus/minus minority interest, income tax (benefit) expense, discontinued operations-loss/gain and interest expense times the effective tax rate divided by the average total capital. Bunge believes that ROIC provides investors with a measure of the return the company generates on the capital invested in its business. ROIC is not a measure of financial performance under generally accepted accounting principles and should not be considered in isolation or as an alternative to net income as an indicator of company performance or as an alternative to cash flows from operating activities as a measure of liquidity.

(US$ in millio ns)

FISCAL YEAR ENDED DECEMBER 31, 2009 2008 2007 2006 2005 2004 2003 2002 2001

Net income $361 $1,064 $778 $521 $530 $469 $411 $255 $134Add back/subtract :

Minorit y interest (26) 262 146 60 71 146 104 102 72Income tax (benefit) expense (110) 245 310 (36) (82) 289 201 104 68Interest expense 283 361 353 280 231 214 215 176 223Discont inued operations-loss/(gain) – – – – – – 7 (3) (3)Cumulative effect of change in accounting principles – – – – – – – 23 (7)Gain on sale of soy ingredients business – – – – – – (111) – –

Ope rating income be fore tax $508 $1,932 $1,587 $825 $750 $1,118 $827 $657 $487

Effective tax rate 0% 16% 26% 0% 0% 32% 33% 22% 26%Operating income after tax $508 $1,623 $1,174 $825 $750 $760 $554 $512 $360

Shareholders' equity $9,494 $7,436 $7,945 $5,668 $4,226 $3,375 $2,377 $1,472 $1,376Minorit y interest 871 692 752 410 325 280 554 495 493Total Debt 3,815 3,583 4,547 3,484 3,146 3,281 3,394 3,403 1,813

Total capital $14,180 $11,711 $13,244 $9,561 $7,697 $6,936 $6,325 $5,370 $3,682

Total capital (end of year) $14,180 $11,711 $13,244 $9,561 $7,697 $6,936 $6,325 $5,370 $3,682Total capital (beginning of year) $11,711 $13,244 $9,561 $7,697 $6,936 $6,325 $5,370 $3,682 $4,207

Average total capital $12,946 $12,478 $11,403 $8,629 $7,317 $6,631 $5,848 $4,526 $3,945

ROIC 4% 13% 10% 10% 10% 11% 9% 11% 9%

40

Backup: Non‐GAAP Reconciliation Notes

Total segment earnings before interest and tax

Total segment earnings before interest and tax (“EBIT”) is Bunge’s consolidated net income (loss) that excludes interest income and expense and income tax attributable to each segment.

Total segment EBIT is a non-GAAP financial measure and is not intended to replace net income (loss) attributable to Bunge, the most directly comparable GAAP financial measure. Total segment EBIT is an operating performance measure used by Bunge’s management to evaluate its segments’ operating activities. Bunge’s management believes EBIT is a useful measure of its segments’ operating profitability, since the measure reflects equity in earnings of affiliates and noncontrolling interest and excludes income tax. Income tax is excluded as management believes income tax is not material to the operating performance of its segments. In addition interest income and expense have become less meaningful to the segments’ operating activities. Total segment EBIT is not a measure of consolidated operating results under U.S. GAAP and should not be considered as an alternative to net income (loss) attributable to Bunge or any other measure of consolidated operating results under U.S. GAAP.

41

Below is a reconciliation of total segment EBIT to net income (loss) attributable to Bunge:

Backup: Non‐GAAP Reconciliation

(1) Includes other amounts not directly attributable to Bunge’s operating segments.

($ in millions) 2010 2009

Total segment EBIT $118 $(203)

Interest income 19 36

Interest expense (78) (67)

Income tax (9) 34

Noncontrolling interest share of interest and tax 13 5

Net income (loss) attributable to Bunge $63 $(195)

Quarter Ended March 31,