Investors Presentation - Mar 2007 (Final)

Investors Presentation Brazil, March 2007

Bunge Competitive Position in the Brazilian Agribusiness

Investors Presentation

March 2007


Presentation Structure

Brazilian Agriculture Overview

Bunge Overview

Agribusiness and Food Bunge Alimentos

Fertilizer Bunge Fertilizantes Fosfertil


Natural Resources: Available Land

Use of land in Brazil million of hectares

Rain Forest 345Breeding Pastures 222Protected Areas 55Annual Crops 47Permanent Crops 15Cities, towns, lakes, riversroads & swamps 20Cultivated Forests 5

Subtotal 707

Other uses 38Unexploited area stillUnexploited area stillavailable for agricultureavailable for agriculture 106106

Total 851Sources: CONAB, MAPA and EMBRAPA.

Cerrado Area

4126652

21

83

4

1313

100

%

AM PA

MT

ACRO

RR AP

MA

TO

BA

GO

MG

RS

PR

SC

MS

SP RJ

ES

PI

CE RN

PBPE

ALSE

Brazil has one of World largest areas to expand agriculture.


World resources

97% of World water: oceans or glaciers

3% is fresh water

Brazilian resources

Around 20% of fresh water reserves

According to the UN researches, in 2015, 1/3 of countries will have problems with water supply

Natural Resources: Water


Brazilian Agribusiness Overview

Brazil Position in the World Exports

# 1 Soybean complex

# 1 Beef, Chicken and leather goods

# 1 Alcohol

# 1 Tobacco

# 1 Coffee

# 1 Sugar Cane

# 1 Orange Juice

# 1 Cellulose 96 97 98 99 00 01 02 03 04 05 06

Source: Aliceweb MDIC, USDA, FAO.

Imports

Exports

Brazilian Agribusiness Trade Balance(US$ billion)

In Brazil, the agribusiness responds for: ~30% of countrys GDP ~80% of trade balance surplus ~40% of labor force

Trade Balance Surplus in 2006:US$ 43 billion

CAGR8.8%

CAGR(2.8%)


Business Environment

From 2004 to 2006 Grain production loss: weather conditions

and Asian rust Good situation of sugarcane coffee,

orange and cotton crops and meat production

Higher costs and lower prices of grains Higher costs of fertilizers BRL Appreciation

Decrease of grain profitability Increase of farmers indebtedness Lower fertilizer consumption and reduced

profitability

From 2007 to 2009

Impact Impact

Brazilian agriculture has passed through a restructuring period.Overall profitability tends to recover. Farmers indebtedness and future

profitability of Mato Grosso will be the key issues.

Better scenario for grains Vegetable Oils as bio-energy source More stable BRL Still good perspectives for sugarcane,

coffee, orange and cotton crops and meat production

Potential new government financing skills for agriculture

Grain producers with better profitability Recover of fertilizer consumption Increase of crushing plants usage


Bunge Overview


Bunge Ltd. Global Presence

Building the best food and agribusiness company of the world with excellent reach and geographical balance

Future growth for food# 1 in main

production regions

Leading importer of soy products

# 1 in imports of soybean

meal


More than 250 facilities (silos,

distribution centers and industrial

plant)

Bunge in Brazil

Brazilian Main Exporters(US$ billion)

2005 2004 05x041st Petrobrs 7.0 4.6 52%2nd CVRD 4.3 3.2 34%3rd Embraer 2.7 3.3 (18%)4th Bunge 2.1 2.7 (22%)5th Volkswagen 1.9 1.5 27%

In Brazil since 1905, Bunge is one of the most important agribusiness and food companies of the country.

In 2005, Bunge was the 2nd company with the best contribution for the Brazilian trade balance


Bunge FertilizantesBunge Alimentos

Largest Agribusiness exporter in Brazil

Latin American leader in soy and wheat milling

Brazilian leader in: Vegetable oils Shortenings Margarine Wheat flour Bakery pre-mixes

Largest fertilizers company in South America

Largest producer of: Phosphate fertilizers in South

America Single super-phosphate in the

world Nitrogen fertilizer in Brazil Feed phosphate in South

America and #4 in the world

Bunge in Brazil


Bunge in Brazil


Agribusiness and Foods

The Brazilian Marketand

Bunge Competitive Position


2006/2007 Grain Production Forecast

13,9

16,4

18,5

21,6

23,422,0

20,737,7

42,1

51,949,6 51,1

52,2

56,4

2000/2001 2001/2002 2002/2003 2003/2004 2004/2005 2005/2006 2006/2007

Source: IBGE

Planted area (ha million)

Grain production (million tons)

Soybean Projection Corn Projection

12,812,3

13,312,8

12,2

12,9 13,0

35,5

48,3

35,1

42,547,7

41,841,5

2000/2001 2001/2002 2002/2003 2003/2004 2004/2005 2005/2006 2006/2007

Although stable production in 2007 profitability is to raise and will motivate the increase of planted area for 2007 / 2008 crop


Soybean - World Production 2020

Source: IBGE / Agroconsult / ABIOVE

M

M

t

o

n

s

Years

Growth

46 %

33 %

118 %

2 %

2005-2020

64 %

248 %

167 %

42 %

1993-2005

83 87 82 85 85

52 56 59 66 8541 41 42 44

4842 41 4245

53

85 87

5111139

5245

60

0

50

100

150

200

250

300

350

2004/05 2005/06 2006/07 2007/08 2009/10 2014/15 2019/20

USA Brazil

Argentina Other


Consumption Drivers Soybean Meal

Source: United Nations - FAO , Dec 06

Annual World Meat Consumption (kg per capita)

80 81 81 82 82 8287

9398

20 21 21 21 22 2225 28

32

30 31 31 31 32 3235 38

41

0

20

40

60

80

100

120

1965 1975 1985 1995 1998 2005 2010 2015 2020

Developed Countries Developing Countries World

= 57 kg per capita


Overview of Bunge Alimentos

Largest Agribusiness exporter in Brazil - US$ 2,3 billion (2006)

Latin America leader in soy and wheat milling

Brazilian leader in: Vegetable oils Shortenings Margarine Wheat flour Bakery pre-mixes

5.307 employees

18.876 farmers


CottonCottonCornCornSoybeanSoybeanAnimal

NutritionAnimal

NutritionSugarSugarSunflowerSunflowerCanolaCanolaWheatWheat

Agribusiness

Santos Port

Rondonpolis Plant

Paranagua PortS.Francisco Sul Port


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RS

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CE RN

PE

PB

Paranagu

Vitoria

Amazonas

River

Santos

Plants Crushing - Soybean # 8

Ports # 8

L.E.Magalhes

Urucui

Ilheus

Ponta Grossa

So Francisco do Sul

Rio Grande

Bunge Alimentos - Agribusiness - Footprint

n Silos # 128

Rondonopolis

Passo Fundo

Luziania

Dourados

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Food Products


Luzinia

L.E.Magalhes

SuapeRR

MG

AC

RO

PA

AP

MS

MT

AM

BA

PI

MA

TO

GO

ES

RJSP

SC

PR

RS

ALSE

CERN

PE

PB

Refineries

So Paulo (Jaguare)

Gaspar

Passo Fundo

Fluminense

Braslia

Marilu

Wheat Milling

Ponta Grossa

Recife

Santos

Joinville

Bunge Alimentos - Food Products - Foot Print

Rondonpolis

Refineries # 6

Plants of Margarine # 3

Plants of Mayonese # 1 Mills of Wheat # 7


Fertilizer

The Brazilian Marketand

Bunge Competitive Position


NPK

FERTILIZERS

Potassium Chloride(KCl)

Single Superphosphate(SSP)

Triple Superphosphate(TSP)

Diammonium Phosphate(DAP)

Monoammonium Phosphate(MAP)

Urea

Ammonium Nitrate

Ammonium Sulfate

Urea

Ammonium Nitrate

Ammonium Sulfate

Monoammonium Phosphate(MAP)

Current Bunge and Fosfertil activities

Nitric Acid

Ammonia

SulfuricAcid

PhosphoricAcid

Basic Raw Materials

Basic or intermediate Fertilizers

Final ProductIntermediateRaw Materials

Nitrogen

Phosphate

Potash

PhosphateRock

MineralPotassium

Natural GasOil

Nafta

S -Sulfur

MineralPotassium

Fertilizer Production Chain

P

N

K


Fosfertil, Copebrs, PCS

Bunge Integrated Business Model

Basic Raw Material Intermediate Raw Material Basic Fertilizer NPK Fertilizer

Level 3

Level 4

Bunge (in BR), Mosaic (in the USA), Agrium (in the USA)

Mosaic (in Brazil), Yara (in Brazil)

Chemical Process

NPK Blenders

BlendingMines

Level 2

Level 1

Arax MineSulfuric Acid Arax Plant SSP Arax Plant

CascavelBlending Unit


Production Location Creates Competitive Advantage

~ $40/t transportation cost advantage for phosphate rock

~106 MillionHectares of Available

Land


World Fertilizer Market Evolution

World Fertilizer Consumption(million tons of nutrients)

Source: IFA, ANDA.

In the past 15 years, Brazilian fertilizer market presented the highest growth rate in the world.

In 2006 it was recovered partially of 2005 decrease (-13%), and the Brazilian market should keep the growing rate higher than 5% / year.

1990 1995 2000 2005CAGR Total

China 27.1 33.5 34.4 43.4 3% 60%USA 18.4 20.1 18.7 20.1 1% 9%India 12.5 13.9 16.7 18.4 3% 47%Brazil 3.2 4.3 6.6 10.5 8% 228%France 5.7 4.9 4.1 3.9 -2% -32%

World 137.4 129.4 136.9 155.1 1% 13%

2005 x 1990


Brazilian Consumption(2005)

Supply The Role of Imports

Note: Phosphate Production: includes internal production with imported raw material.

The 2005 imports supply of around 68% of Brazilian demand for fertilizer might not change significantly in 2006. Brazilian fertilizer market is a price

taker (based on international prices)

90%

10%

44%

65%

56%

35%

Nitrogen Phosphate PotashSource: ANDA and SIACESP.

2.2 million tof N

2.9 million tof P2O5

3.4 million tof K2O

Production

Imports


Overview of Bunge Fertilizantes# 1 Fertilizer retailer company in Brazil and in South America

# 1 Feed phosphate producer in the South America

# 2 Phosphate rock producer in Brazil

# 3 Phosphate fertilizer producer in Brazil

Employees around 3,000

More than 300 agronomists

Four strong brands, top of mind

Differentiated sales approach by market segment

National coverage of distribution

Truck and ocean Freight synergies with agribusiness

Swap transactions fertilizer and grains


Arax

Cajati

Rio Grande (2)

Uberaba (2)

Guar

Cubato (2)

Macei

Candeias

Luis EduardoMagalhes

SerraManhuau

Varginha

Congonhal

Canoas

Camb

Ponta Grossa

Curitiba

Paranagu

Barcarena

So Luis

Rondonpolis (3)

Patos de Minas

Limeira

Ja

Anpolis

Bom Jesus

Imbituba (2)Cascavel

Alto Araguaia

Catalo

Footprint of Bunge Fertilizantes

Phosphate Rock (2)

Operational Facilities

Cerrado PotentialAgricultural Area

Phosphoric Acid (1)

SSP (5)

Sulfuric Acid (3)

NPK Blending (34)

Total Number of Sites: 36

Feed Phosphates (4)

Warehouse along Ferronorte (1)


Overview of Fosfertil# 1 Phosphate rock producer in South America

# 1 Phosphate fertilizer producer in South America

# 1 Nitrogen fertilizer producer in Brazil

Employees around 2,600

Port terminal strategically located in Santos

Industrial plant strategically located in the central region of Brazil

Bunge owns 41% of Fosfertil Bunge

Fertifos

48%52%

56%12%

Fosfertil

Other

Other

32%


Cerrado PotentialAgricultural Area

Footprint of Fosfertil

Operational Facilities

Phosphate Rock

Patos de Minas

Catalo

Phosphate RockPipe-Line

TapiraAmmonia / Ammonium Nitrate

Ultrafertil Port TerminalSantos

SSP

TSP

Phosphoric Acid

Sulfuric Acid

Cubato / Piaaguera

Uberaba

Ammonia / Urea

Araucria

MAP / DAP

Documents

Investors Presentation - Mar 2007 (Final)