50 MAIN STREETWHITE PLAINS NY 10606UNITED STATES

WWW.BUNGE.COM

CITIZENSHIP

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C O N T E N T S

Enhancing Lives 2

Ethics, Governance and Values 4

Safety 6

Environment 8

Environmental Performance 10

Sustainability 12

Employees and Labor 14

Commitment to Communities 16

Looking Ahead 18

Bunge helps farmers grow more crops. We transport and process

agricultural commodities effi ciently and safely. And we create

high-quality food products enjoyed by people worldwide.

BUNG E L IM ITE D

50 Main Street | White Plains, New York 10606 | United States Telephone: (914) 684-2800

Bunge Limited is a leading global agribusiness and food company founded in 1818 and headquartered in White Plains, New York. Bunge’s 25,000 employees in over 30 countries enhance lives by improving the global agribusiness and food production chain. Th e company supplies fertilizer to farmers in South America, originates, transports and processes oilseeds, grains and other agricultural commodities worldwide, produces food products for commercial customers and consumers, and supplies raw materials and services to the biofuels industry.

WWW.BUNG E .COM

SANDY ALEXANDER INC, an ISO 14001:2004 certifi ed printer, printed this publication using a SANDY ALEXANDER INC, an ISO 14001:2004 certifi ed printer, printed this publication using a carbon-neutral process on 100% post-consumer recycled paper. Using this recycled fi ber in place of carbon-neutral process on 100% post-consumer recycled paper. Using this recycled fi ber in place of virgin fi ber preserves 54.82 trees for the future, prevents 158.29 lbs. of waterborne waste, saves 23,284 virgin fi ber preserves 54.82 trees for the future, prevents 158.29 lbs. of waterborne waste, saves 23,284 gallons of wastewater fl ow, prevents 5,073 lbs. net greenhouse gases and saves 38,828,000 BTU’s of gallons of wastewater fl ow, prevents 5,073 lbs. net greenhouse gases and saves 38,828,000 BTU’s of energy from being consumed.energy from being consumed.Using wind-generated electricity for the printing of Bunge Citizenship preventsUsing wind-generated electricity for the printing of Bunge Citizenship prevents 2,390 lbs. of carbon 2,390 lbs. of carbon dioxide, 17 lbs. of sulfur dioxide and 5.5 lbs. of nitrogen oxides from being emitted. Th e savings of dioxide, 17 lbs. of sulfur dioxide and 5.5 lbs. of nitrogen oxides from being emitted. Th e savings of wind-generated electricity is equivalent to 2,073 miles not driven in an automobile or 163 trees being wind-generated electricity is equivalent to 2,073 miles not driven in an automobile or 163 trees being planted.planted.

Please send your comments and questions to us via email at citizenship@bunge.com.

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Principal photographers: Fernando Bueno, Chau Bao Doan, Clóvis Ferreira, Daniele Fiore, Mark Green, Tom Maday, Principal photographers: Fernando Bueno, Chau Bao Doan, Clóvis Ferreira, Daniele Fiore, Mark Green, Tom Maday, Arthur Meyerson, Allan Hunter Shoemake, Ron Wu and Bunge colleagues around the world.Arthur Meyerson, Allan Hunter Shoemake, Ron Wu and Bunge colleagues around the world.

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CITIZENSHIP | 1

Th ank you for reading Bunge Citizenship. Th e pages that follow provide an overview of Bunge’s policies and activities that relate to economic and social development and environmental stewardship.

Sustainability is part of our company’s purpose – to enhance lives by improving the global agribusiness and food production chain. By connecting more regions and communities around the world to the chain – and doing so safely and effi ciently – Bunge helps bring aff ordable food to more people and increases

D E A R S TA K E H O L D E R S ,

their access to the global markets that drive economic growth. If we make the chain more sustainable, we will make it more effi cient, form stronger relationships with our customers and create greater value for society.

In Brazil, where we have been a member of the business community for more than a century, Bunge has demonstrated a commitment to sustainability through economic, social and environmental initiatives and comprehensive reporting. Building on that foundation, we have begun increasing our focus on sustainability in our operations around the world.

After careful analysis, Bunge has identifi ed Climate, Waste Reduction, Sustainable Agriculture and Healthy Diets as four areas where we can make a diff erence while creating value for our stakeholders. We are moving ahead in each area and will communicate our progress. Th is publication is one step in that journey.

We welcome your comments and suggestions.

Regards,

Alberto WeisserChairman and Chief Executive Offi cerBunge Limited

August 2008

Sustainability is part of our purpose.

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2 | BUNGE

BUNGE’S PURPOSE

To enhance lives by improving the global

agribusiness and food production chain:

• to help farmers grow more crops,

• to transport and process farm products effi ciently

and safely, and

• to create affordable, high-quality food products

that people trust and enjoy.

We are committed to fulfi lling our mission by

building the world’s best agribusiness and food

company.

in over 30 countries, connects areas of agricultural supply and demand, linking farmers in one part of the world with consumers in another.

By partnering with agricultural communities in the Americas, Europe and Asia, we help farmers effi ciently grow oilseeds, grains and other crops and bring them to market. We produce bulk and packaged edible oils, shortenings and margarines for food processors and food service companies; vegetable oil, margarine and mayonnaise brands for consumers; and milled corn and wheat products for food processors, bakers and brewers. We also supply feedstock to the livestock and biofuels industries.

Bunge is committed to being a good corporate citizen. Th at means acting ethically, maximizing the value we create, minimizing the impact of our business on the environment, ensuring the highest levels of safety in our operations and products, and furthering the well-being of our stakeholders and the communities where we operate.

THE VALUE OF OUR WOR K

Bunge is an agribusiness and food company made up of three core businesses: Fertilizer, Agribusiness and Food Products. We work to meet the growing demand for food around the world by providing aff ordable, high-quality food products and feed ingredients effi ciently and safely. Our team, comprised of 25,000 employees

E N H A N C I N G L I V E S

ON THE WE B To learn more about the ways Bunge employees work to improve the global agribusiness and food

production chain, visit www.bunge.com/about-bunge/enhancing-lives.html.

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CITIZENSHIP | 3

IMPR OVING THE CHAIN – FR OM FAR M, TO TABLE , TO COMMUNITY

PROMOTING RESPONSIBLE AGRICULTURE

HELPING TO ENHANCE PEOPLES’ DIETS

MEETING GROWING DEMAND FOR FOOD

IMPROVING LIFE IN THE COMMUNITY

By providing a consistent supply of safe, high-quality farm products,

Bunge helps the food industry in developing regions like China, India

and Southeast Asia produce better food at lower cost. This, in turn,

makes food more varied, plentiful and affordable, enabling people to

improve their diets.

Through our work and through special company programs and

initiatives, corporate giving and the volunteer efforts of our employees,

Bunge helps improve life for people in the communities where we work

in Asia, Europe and the Americas.

Bunge’s food products help deliver vital nutrients that may be lacking

in certain regional diets. In Ukraine, Bunge developed Oleina IntelektUm

to address an endemic defi ciency in omega-3 fatty acids. In Romania,

Bunge launched Floriol Iod Protect, the country’s fi rst iodine-enriched

vegetable oil.

Bunge helps farmers in Brazil meet the world’s growing demand for

food. Working with leading conservation organizations, we provide

farmers with information and consultation on sustainable farming

methods and help them establish and maintain environmental reserves.

Safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

Environmental . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Sustainability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12

Labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15

OUR POLIC IE S

We have developed the following global policies to address key issues in our industry:

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4 | BUNGE

Integrity is one of Bunge’s core values. We are fair in all of our dealings, and we adhere to high standards of ethical conduct.

CODE OF ETH ICS

Bunge’s Code of Ethics states our principles of business ethics and the minimum requirements of business conduct for all Bunge directors, offi cers and employees. In addition, Bunge employees around the world must follow principles of conduct expressly defi ned in the employee handbook at their respective operating companies.

Th e Code of Ethics covers confl icts of interest, compliance with local laws, fair dealing and integrity, and the protection and proper use of Bunge assets, among other topics. Th e members of the Bunge Executive Committee are responsible for implementing and monitoring compliance with the code in their respective Bunge companies.

COR POR ATE GOVE R NANCE

Our corporate governance policies and practices enhance our accountability, integrity and transparency. Bunge’s board of directors promotes both legal compliance and the highest standards of honesty and ethical behavior throughout our company.

Our board’s Corporate Governance and Nominations Committee is responsible for monitoring, advising and making recommendations to the board with respect to the law and practice of corporate governance and the

duties and responsibilities of directors of public companies, as well as overseeing our corporate governance initiatives and related policies.

ON THE WE B To read Bunge’s Code of Ethics and our corporate governance policies and practices, go to

www.bunge.com/investor-info.html and click on Corporate Governance. To learn more about Bunge’s Core Values,

go to www.bunge.com/about-bunge/core-values.html.

Bunge Limited is publicly traded on the New York Stock Exchange

(NYSE:BG).

To maintain objective oversight of management, the board consists of a substantial majority of independent directors. Th e directors meet in regularly scheduled executive sessions without management present, and the board’s key committees are composed solely of independent directors. Directors meet stringent defi nitions of independence that limit their past employment with Bunge, compensation arrangements and business transactions with Bunge.

E T H I C S , G O V E R N A N C E A N D VA L U E S

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CITIZENSHIP | 5

INTEGRITY

Honesty and fairness guide our every action.

TEAMWORK

We value individual excellence and work as a team for the benefi t of Bunge and our stakeholders.

CITIZENSHIP

We contribute to the development of individuals and the social and economic fabric of our communities, and we act as stewards of the environment.

BUNG E ’S COR E VALUE S

Bunge is guided by a set of core values: Integrity, Teamwork, Citizenship, Entrepreneurship and Openness and Trust. Th ese values refl ect who we are and what we do. Th ey guide and inspire our work every day.

ENTREPRENEURSHIP

We prize individual initiative to meet opportunities and deliver results.

OPENNESS AND TRUST

We are open to other ideas and opinions, and we trust our colleagues.

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6 | BUNGE

S A F E T Y

To be the world’s best agribusiness and food company, Bunge also must strive to be the safest. We reinforce our commitment to safety through continuous training, communication, benchmarking and best practice sharing. Our goal is to have no work-related injuries or illnesses and to provide our customers and consumers with products of the highest safety, quality and value.

We evaluate our safety performance in a variety of ways. One very important measure is safety frequency – the number of lost-time accidents (those that cause employees to miss one or more days of work) per every 200,000 hours worked. Many facilities also track key safety management activities, such as levels of accident prevention, emergency preparedness, communication and training. By measuring these leading indicators, we can assess safety performance and take corrective action – before accidents happen.

Maintaining a safe workplace requires vigilance, focus and teamwork. As a part of our ongoing safety training, employees at our plants and facilities learn that they are accountable for their own safety and that of others.

BUNGE’S SAFETY POLICY

• No work is so important or urgent that it cannot

be performed safely.

• All work-related injuries, illnesses and unsafe

practices are preventable.

• All personnel are responsible and accountable

for their own safety and the safety of others.

• Safety performance is a key indicator of

operational excellence.

Since 2004, the Safety First campaign has helped Bunge improve

safety performance in our European operations. The latest phase of the

campaign emphasizes the role each employee plays in creating a zero-

accident culture — making safety top of mind, reporting all potential

safety issues and supporting our colleagues on the job every day.

We won’t consider ourselves to be a successful company unless we’re a safe company. – Alberto Weisser, Chairman and Chief Executive Offi cer,

Bunge Limited

WOR KPLACE SAFETY

Bunge believes that all workplace injuries and work-related illnesses can be prevented. Our employees follow a simple rule: No work is so important or urgent that it cannot be performed safely.

Each Bunge facility around the world adheres to our Safety Policy and our Global Safety Rules, which prescribe numerous safety practices, including work habits, use of protective equipment, machinery operation and hazardous materials handling. All facilities must meet these global safety standards along with all relevant national, regional and local regulations. Our local management teams develop site-specifi c rules and guidelines designed for their particular operations, plants, equipment and work environments.

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REDUCTION IN ACCIDENTS

Frequency of lost-time accidents per every 200,000 hours of work

0.7

0.8

0.9

1.0

0.6

0.5

0.3

0.4

0.2

0.1

0.02005 2006 2007 2008 20102009

ACTUAL TARGET

CITIZENSHIP | 7

our customers’ specifi cations. For example, we off er identity-preserved products, such as GMO-free soybeans and soy meal.

Our Food and Feed Safety and Quality Program meets internationally accepted standards, including Hazard Analysis Critical Control Points (HACCP), International Organization for Standardization (ISO) systems and Good Manufacturing Practices (GMP). Bunge facilities follow company-wide policies and procedures, while complying with regulations and working closely with customers to meet their individual requirements. Communication among our global safety team promotes best practice sharing and continuous improvement, and coordinates proactive responses to any potential safety or quality issues.

Thousands of people, including Bunge employees, U.S. and

international food company managers, regulatory offi cials,

university scholars and trade association members, have

attended Bunge Milling’s Good Manufacturing Practices Seminar,

which has been offered for more than 50 years. This three-and-

a-half-day program provides hands-on training in U.S. federal

regulations and food safety guidelines. Bunge clients who

attend these seminars learn Bunge Milling’s sanitation and food

safety practices so they can apply them to their own operations.

Active employee involvement is essential for achieving continuous safety improvement. Each Bunge employee has a responsibility to take the time to be safe; to report and correct unsafe conditions; and to expect nothing less from our colleagues and partners. Th rough individual observations and suggestions as well as formalized activities, such as safety committees and LeanSigma kaizen events linking safety and productivity, our employees help inform the development of safer policies, practices and procedures. Th ey have identifi ed thousands of safety improvements, big and small, at our operations worldwide.

FOOD AND FE E D SAFETY

Bunge buys crops from farmers, and we store, handle, process and transport agricultural commodities and food products to customers and consumers around the world. At every link in the production chain, we take necessary steps to ensure the quality and the safety of our food products and feed ingredients and to meet

ON THE WE B To learn more about safety at Bunge, go to www.bunge.com/about-bunge/citizenship.html and click

on the link to our Global Safety Rules.

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8 | BUNGE

BUNGE’S ENVIRONMENTAL POLICY

Bunge’s business will be conducted in a manner

that promotes environmental quality. To achieve

this Bunge is committed to:

• Comply with environmental laws and

requirements applicable to our processes,

products and services.

• Promote continual environmental improvement

and sustainable development by applying

environmental management principles,

environmental performance indicators and

environmental risk assessments.

• Provide and support employee environmental

management training, respect for the

environment and environmental performance

responsibility.

• Measure and assess environmental

performance associated with our facilities’

processes, products and services.

• Demonstrate social responsibility by

seeking to meet the environmental needs

of our communities and by promoting the

responsible use of natural resources.

• Seek pollution prevention, waste minimization,

reuse and recycling in our processes, products

and services, when technically feasible and

economically justifi ed.

ON THE WE B To learn more, go to www.bunge.com/about-bunge/citizenship.html and click on Environmental

Policy and Practices.

Bunge Fertilizantes employees at an environmental monitoring station

in Araxá, Minas Gerais, Brazil.

Bunge minimizes waste, mitigates the risk of environmental harm and promotes recycling and the effi cient use of energy and natural resources through an environmental management system built on four pillars: monitoring, measurement, training and communication.

E N V I R O N M E N T

MONITOR ING

Bunge’s environmental monitoring program includes audits, inspections and plant visits. Environmental audits are performed by either consulting fi rms or by qualifi ed Bunge personnel and help us improve our environmental performance. Our auditing program evaluates each plant’s environmental legal compliance status, physical environmental control equipment and operations, environmental documentation, environmental management procedures and practices, pollution reduction, waste minimization and potential environmental issues.

MEASUR E ME NT

Bunge has diverse operations in more than 30 countries, each with its own environmental regulations and standards. Each individual Bunge unit measures the environmental aspects of its activities. To ensure uniform company-wide reporting, we are developing

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CITIZENSHIP | 9

a single set of key environmental performance measures based on generally accepted global indexes and environmental management and quality benchmarks that can be applied across our business worldwide and used in external reporting.

Our global measurement framework will include environmental indicators developed by the Global Reporting Initiative (GRI). Some of the environmental performance measures currently in use can be found in the Environmental Performance section, which starts on the next page.

TR AIN ING

Our training in environmental best practices and responsibility takes many forms, including formal classroom sessions and hands-on training for employees throughout our operations. Topics of instruction include the prevention of oil spills and chemical releases, accident response, composting and odor and sound control.

COMMUNICATION

As part of the company’s Productivity, Quality, Safety and Environment (PQSE) initiative, Bunge’s

Bunge is exploring ways to implement environmental best practices in our operations around the world. For example, the San Jerónimo Sud

Industrial Complex in Argentina uses composting and land farming to treat organic waste. In the composting process, microorganisms and worms

in lombriculture beds naturally transform compost into fertile soil that is used in a vegetable garden.

environmental leadership group meets regularly as it works to standardize the company’s environmental management system. Th rough ongoing cross-company sharing of best practices and progressive environmental protection techniques, the group is leading Bunge’s eff ort to consistently improve and regularly measure our environmental performance.

Today, a majority of the energy Bunge uses in Brazil comes

from biomass, such as woodchips, rice hulls, sugarcane

bagasse, wood from reforesting projects and wood certifi ed

by authorized environmental agencies. Bunge grows

eucalyptus trees to help fuel its operations. By expanding

our reforestation operations annually, we aim to achieve

self-suffi ciency in renewable source biomass for our Brazilian

operations by 2012.

COMPOST LOMBRICULTURE GARDEN

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Scope 1:

Direct GHG

Scope 2:

Indirect GHG

Scope 3:

Indirect GHG

Total approximate CO2 equivalent: 6 million metric tons

Total approximate renewable biomass (gross):

0.7 million metric tons

GLOBAL CARBON FOOTPRINT

10 | BUNGE

ON THE WE B The Bunge Sustainability Report for Brazil – 2008 Edition, which follows the complete GRI G3 Reporting Framework,

can be found at www.bunge.com.br/sustentabilidade/2008/eng/home.htm along with other supporting information. To learn

more about the WBCSD/WRI GHG Protocol, go to www.ghgprotocol.org. To learn about the GRI G3, visit www.globalreporting.org.

Bunge is a large agribusiness company with signifi cant industrial and logistics components that can generate environmental impacts in the form of emissions, wastes and resource use.

We have presented our environmental performance using measures that we believe are relevant to our business and our stakeholders. In order to provide pertinent information in an accessible form, we have chosen to use the GHG (greenhouse gas) Protocol developed by the World Business Council on Sustainable Development (WBCSD) and World Resources Institute (WRI) and select indicators based on the Global Reporting Initiative’s (GRI) G3 Reporting Framework.

CAR BON E MISS IONS

Bunge has been engaged in mitigating carbon emissions for several years through investment in Clean Development Mechanism (CDM) projects, participation in European cap and trade markets, and via our carbon credit subsidiary, EcoinvestCarbon S.A. Our Brazilian operations have reported their emissions publicly using the GRI G3 Reporting Framework. Th is is the fi rst year Bunge has reported its global carbon footprint. Th e results for 2007 are shown in the chart to the right.

With this fi rst report, we hope to provide a basic snapshot of our emissions profi le and present it in a format that is easy to interpret. We highlight our industrial emissions, some of the larger contributors to our indirect emissions and our renewable energy use.

Calculating Bunge’s entire direct and indirect carbon footprint is a complex process with numerous

E N V I R O N M E N TA L P E R F O R M A N C E

NOTES ON DATA

Reported data are approximate and unaudited. Reported emissions are

based on the WBCSD/WRI GHG Protocol and include the following:

• Scope 1: Direct GHG emissions from industrial and other Bunge-owned

facilities (excludes emissions from the combustion of renewable biomass).

• Scope 2: Indirect GHG emissions related to electricity purchased by Bunge-

owned facilities.

• Scope 3: Indirect GHG emissions related to chartered ocean freight.

• Renewable biomass: Gross amount of emissions related to use of

renewable fuels in Bunge-owned facilities. Fuel types include rice hulls,

sugarcane bagasse, wheat straw and plantation-raised wood, among

others. The total lifecycle emissions for these fuels is zero. In Brazil, Bunge

also uses legally cleared wood in some facilities. The use of this wood is

considered non-renewable and is included in Scope 1. Bunge expects to

use only renewable biomass at all of its current Brazilian facilities by 2012.

Various emissions factors were used in these calculations. Publicly available

factors were applied for convenience or when specifi c factors were

unavailable. Sources include:

• Fuel values: Integrated Pollution Prevention and Control (IPPC) and WRI.

• Electricity: U.S. Department of Energy EnergyStar program; European

Confederation of Iron and Steel Industries; EcoinvestCarbon S.A.; recent

CDM projects under the Kyoto Protocol.

considerations. Our goal is to increase the breadth and depth of our environmental reporting over time.

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Natural gas

Biomass

Coal

Fuel oil

Diesel

LPG

Gasoline

Surface

(river, sea, bay)

Well

City

Recycling

Landfi ll disposal

Incineration

(with and without

energy recovery)

On-site storage

Composting

Recovery

Reuse

Reuse

Landfi ll disposal

Coprocessing

Incineration <1%

On-site storage <1%

Recycling <1%

ENERGY WASTES*

WATER

Non-hazardous wastes

Total approximate energy consumption: 40 million gigajoules

Total approximate water withdrawal: 160 million cubic meters

Approximate listed non-hazardous wastes: 250,000 metric tons

Approximate listed hazardous wastes: 12,000 metric tons

* These charts do not include wastes from our Asian operations or mining wastes

from our fertilizer segment, which total more than 25 million tons and include

waste rock, process waste (tailings) and on-site storage. These wastes are handled

properly in accordance with environmental laws and best practices.

Hazardous wastes

CITIZENSHIP | 11

SNAPSHOT OF BUNGE’S ENVIRONMENTAL PERFORMANCE

The following exhibits provide a basic means for evaluating Bunge’s environmental impacts. Included are the amount

and types of energy and water consumption and the amount of waste by disposal method. The fi gures presented are

approximate and unaudited.

EXAMPLE S OF E NE R GY-SAVING IN IT IAT IVE S

In 2007, Bunge facilities took steps to reduce energy use through conservation, effi ciency improvements and energy

recovery. In Brazil, Bunge’s units in Gaspar (SC), Rio Grande (RS), Luis Eduardo Magalhães (BA) and Suape (PE) saved

731 gigajoules of energy by replacing and repairing ineffi cient equipment, reducing electric power consumption during

peak hours and by turning off equipment when not in use. In Rondonópolis (MT), effi ciency improvements in cottonseed

extraction reduced energy use by 0.306 gigajoules per ton processed. In Argentina, natural gas savings of 4,617 gigajoules

was achieved by optimizing boiler use. Bunge’s fertilizer operations in Brazil generated 634,705 gigajoules in energy using

steam recaptured from manufacturing processes.

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12 | BUNGE

best practices for global sustainability reporting and the most widely accepted methodology and metrics.

Bunge promotes sustainable agriculture in Brazil in collaboration with industry, farmers, government, consumers, nongovernmental organizations (NGOs) and other groups. Bunge provides farmers with education and consultation on crop rotation and soil conservation techniques, land-use planning, precision-farming methods and other practices that increase farm productivity, thus reducing the need to cultivate new land. We reserve the right to cease doing business with farms that violate Brazilian environmental or labor laws, as established in our supply contracts with farmers.

PR E SE RVING V ITAL ECOSYSTE MS

Brazil is home to the majority of the Amazon rainforest; the Cerrado, a biologically dense woodland savanna; the Atlantic Forest, a species-rich coastal habitat containing many rare plant and animal species; and the Pantanal, the world’s largest wetland. Balancing Brazil’s continued economic development with the need to protect and preserve these vital ecosystems is a priority for the nation and the responsible members of industry who operate there.

In July 2006, Bunge and other members of Brazil’s vegetable oil and grain exporting industries committed to a voluntary two-year moratorium on trading soy from newly deforested areas in the Amazon biome. In June 2008, the group extended the moratorium into 2009. Th ird-party studies have shown the moratorium to be eff ective in limiting the expansion of soybean farming in the region. Surveys conducted in early 2008 found no new soy plantations on 193 recently deforested areas of 100 hectares or more in the biome.

After announcing the initial moratorium, Bunge and the other participating companies formed the Soy

Bunge believes that agricultural production must increase in a sustainable way to feed the world’s growing population. We engage in eff orts that preserve and renew resources and promote best practices.

OUR FOCUS ON BR AZ IL

Bunge focuses most of its current sustainability activities in South America, especially in Brazil, where we have been a leading agribusiness and food company for more than 100 years, and where agriculture represents a signifi cant part of the economy. Our operating units in Brazil (Bunge Alimentos, Bunge Fertilizantes and Fertimport) issue an annual sustainability report documenting our environmental, social and economic performance in the country. Th e report follows guidelines established by the Global Reporting Initiative (GRI), a nonprofi t foundation that develops

S U S TA I N A B I L I T Y

BUNGE’S SUSTAINABILITY POLICY

Bunge’s purpose is to enhance lives by improving the

global agribusiness and food production chain. We are

committed to sustainable development and will adhere

to the following principles:

• We will strive to be good citizens by contributing to

the economic and social development of the

communities where we work;

• We will work to achieve a high level of environmental

performance by adopting science-based, culturally

sensitive and pragmatic best practices and by

promoting these practices within our supply chain;

• We will partner with companies and organizations to

promote and apply sustainable practices; and

• We will communicate openly about our activities

and maintain a constructive dialogue with

stakeholders.

We will apply these principles across our operations,

pursuing both global and regional goals.

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CITIZENSHIP | 13

Working Group to work with the Brazilian government and other stakeholders on key issues. Members include Bunge, Cargill, ADM, Amaggi, Greenpeace, Conservation International, Th e Nature Conservancy, WWF, ABIOVE (the Brazilian oilseed processing association), ANEC (the Brazilian grain exporters association) and Articulação Soja-Brasil (a Brazilian NGO). Th e Soy Working Group has implemented a mapping and monitoring program, educated farmers on environmental best practices and supports the Brazilian government’s eff orts to create a workable and enforceable zoning plan.

Th e Cerrado, one of Brazil’s most active agricultural areas, is a region with tremendous biodiversity. Bunge, Conservation International and Brazilian NGO

Oréades have formed the BioCerrado Alliance to assist farmers in the region with setting aside legally required reserves, creating contiguous biodiversity corridors and restoring deforested areas.

Bunge, in partnership with the Brazilian Ministry of the Environment, has developed an environmental manual to help farmers in the Cerrado comply with the country’s environmental laws and adopt best practices. Th e guide is distributed by Bunge fi eld teams, the Ministry of the Environment and the Brazilian Institute of the Environment and Renewable Natural Resources (IBAMA).

PARTNE R ING FOR SUSTAINAB IL ITY

Bunge, together with companies on fi ve continents, NGOs and other industry stakeholders, is part of a sustainability working group established by the GRI. Th e group is developing specifi c sustainability indicators for the food industry to enable companies and stakeholders to better measure and communicate sustainability progress.

In North America, Bunge is part of an initiative called “Creating Sustainable Outcomes for Agriculture.” Th is eff ort is bringing together NGOs, growers and companies in the agricultural supply chain to promote sustainability in production agriculture, focusing on water, soil and habitat conservation.

In Europe, Bunge is a member of the Roundtable on Sustainable Biofuels, a multistakeholder initiative launched by the Energy Center at the EPFL (École Polytechnique Fédérale de Lausanne) in Switzerland to develop international standards for sustainable biofuels.

Our subsidiary EcoinvestCarbon S.A. helps companies

(including Bunge) reduce their greenhouse gas emissions and

implement renewable energy projects that earn carbon credits,

which EcoinvestCarbon sells to other companies, creating

economic incentives for additional investment in new, greener

technologies. For example, by installing biodigestors like the

one pictured above, EcoinvestCarbon is helping pig farmers in

Brazil collect methane and carbon dioxide emitted by manure

and safely convert it into energy.

ON THE WE B To learn more about Bunge’s work to promote sustainability in Brazil, go to www.bunge.com/about-

bunge/promoting_sustainability.html.

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14 | BUNGE

E M P LOY E E S AN D L AB O R

Bunge’s success depends upon our employees. By helping them achieve their career goals, we help the company grow.

VALUING INDIV IDUALS

Bunge off ers employees equal opportunity, competitive compensation and benefi ts, and programs designed to promote individual health, wellness and quality of life, and we are committed to providing a safe working environment. Our decentralized operating model emphasizes individual initiative and local decision making informed by shared strategies and a global purpose: to enhance lives by improving the global agribusiness and food production chain.

We help our employees achieve their full potential by providing them with a range of career development opportunities. We off er professional development and training programs, as well as tuition assistance for job-related continuing education. Specialized training ranges from high-level workshops for commodities traders and risk managers to targeted programs for plant managers and personnel that help ensure the safest working environment possible.

Bunge values the people who work in the agribusiness and food production chain. We expect the businesses with which we work to value and respect the individuals who work for them.

ON THE WE B To learn more about how Bunge promotes fair labor, go to www.bunge.com/about-bunge/labor-

standards.html.

FAIR TREATMENT OF FARM WORKERS

IN BRAZIL

Bunge sources agricultural commodities from

thousands of farms in Brazil, and our goal is to improve

conditions in our supply chain. In our contracts with

agricultural suppliers, we reserve the right to suspend

or terminate business relationships if substandard

conditions are found.

We condemn forced labor and other human rights

violations. We are a signatory of the National Slave

Work Eradication Pact developed by the Ethos Institute

and the International Labour Organization (ILO) and

endorsed by the Brazilian government, civil society

and other companies.

We cross-reference our commercial agreements

against the Brazilian government’s list of farms that

have been found to commit labor abuses. We will not

do business with properties named on the list until they

have offi cially demonstrated that working conditions

meet Labor Ministry standards. If a supplier should

appear on the list, we will seek only to collect any

outstanding debts and will not enter into new

commercial agreements until it is offi cially verifi ed

that the supplier has taken corrective actions and is

in compliance with the law.

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CITIZENSHIP | 15

FORCED LABORBunge will not use forced labor, whether in the form of prison labor, indentured

labor, bonded labor or otherwise.

CHILD LABOR

Bunge will only hire employees who meet local minimum age requirements,

and under no circumstances should workers be employed under the age of 14.

If apprentice or similar programs exist, they must be in compliance with all

applicable local laws and regulations.

HARASSMENT AND ABUSE Bunge will provide a workplace in which employees are treated with dignity and

respect, and will not tolerate any form of harassment or abuse.

NONDISCRIMINATION Employment at Bunge will be based on job-related qualifi cations and skills.

HEALTH AND SAFETY

Bunge will maintain a safe and healthy work environment in compliance with all

applicable local laws and regulations. Bunge’s employees also will abide by Bunge’s

global safety policies.

FREEDOM OF ASSOCIATION

AND RIGHT TO COLLECTIVE

BARGAINING

Bunge will respect the right to freedom of association and collective bargaining.

WAGES, BENEFITS AND

WORK HOURS

Bunge will comply with all wage and compensation requirements as defi ned under

applicable local laws and regulations for regular work, overtime, maximum hours

and other elements of compensation and employee benefi ts.

Employees shall, on a regularly scheduled basis, be entitled to at least one day

off in every seven-day period, except as required to meet urgent business needs.

ENVIRONMENTBunge will comply with all applicable environmental laws, rules and regulations.

Bunge’s employees also shall comply with Bunge’s global Environmental Policy.

SUPPLIER RELATIONSHIPS

Bunge’s suppliers shall ensure:1) that their operations, and those of their

subcontractors and suppliers, comply with the Bunge Global Labor Policy, and

2) that any housing that they, or their subcontractors or suppliers, may furnish

to their employees provides a safe and healthy living environment.

BUNGE’S GLOBAL LABOR POLICY

Bunge Limited is committed to maintaining a healthy and safe work environment for its employees.

The company requires that its operations and employees comply with all applicable laws, rules and regulations in the

countries where it is engaged in business. Bunge’s employees also shall abide by company policies, including Bunge’s

Code of Ethics and the principles contained in this Global Labor Policy. In addition, Bunge expects its subcontractors’

and suppliers’ compliance with this Policy and laws designed to protect their workers.

Bunge reserves the right to take any actions it deems appropriate, including termination of employment and/or

contractual relationships with third parties, in the event of reported violations of the Bunge Global Labor Policy, or

applicable laws, rules and regulations.

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16 | BUNGE

C O M M I TM E N T TO C O M M U N I T I E S

We demonstrate our commitment to the communities where we work and live by contributing to community projects, education, the environment, culture and social programs.

Whether building a neighborhood park in Ukraine, bringing together a group of young volunteers to help a Missouri town damaged by a tornado or starting a community food garden at a school in Brazil, Bunge employees make positive contributions in their communities.

NORTH AME R ICA

Bunge supports the Progressive Agriculture Foundation, a nonprofi t organization that promotes farm safety in the United States and Canada. A leading sponsor of the organization’s Safety Day program, Bunge provides fi nancial support, and employee volunteers help to organize Safety Days and provide hands-on safety training in their communities. In 2007, the program reached more than 80,000 children and adults.

Th e Bunge North America Foundation provides funding for educational and cultural institutions through direct

Bunge North America supports the Progressive Agriculture Foundation’s

Safety Day program. As a sponsor of day camps in the United States

and Canada and through the volunteer efforts of employees, Bunge

helped the program reach more than 80,000 children and adults in 2007.

Bunge is committed to furthering the well-being of our stakeholders and the communities where we operate.

ON THE WE B To learn more about Fundação Bunge, visit www.fundacaobunge.org.br/eng/.

fi nancial contributions and by matching the charitable contributions made by Bunge employees and retirees. Bunge North America also awards scholarships to the children of employees who excel in school.

BR AZ IL

Bunge has been in Brazil for more than 100 years. We are committed to helping advance the country’s economic and social development, preserve its cultural heritage and promote conservation and responsible resource use.

Created in 1955, Fundação Bunge (the Bunge Foundation) is one of the oldest active civic organizations in Brazil. Th e foundation’s mission is to improve education and share knowledge through various programs that engage Bunge employees, the community and other stakeholders.

Fundação Bunge’s annual awards programs – Prêmio Fundação Bunge and Prêmio Professores Do Brasil – recognize intellectual leadership in arts and science and excellence in public education.

Th rough Communidade Educativa (Educative Community), employees volunteer for two or more hours per week on company time to work on projects that each year help thousands of students learn and do better in school. In 2007, 445 employees dedicated 11,996 hours to volunteering through the program, which involved 50,000 people.

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CITIZENSHIP | 17

ReciCriar helps improve the quality of primary education by training teachers, increasing their subject-matter knowledge and promoting the exchange of eff ective teaching methods.

Th e Centro de Memória Bunge maintains more than 700,000 documents and artifacts related to Bunge’s history and Brazil’s national heritage. Th e center holds public exhibitions, hosts free workshops on historical preservation and provides assistance to institutions working on preservation projects.

AR G E NTINA

Bunge Argentina supports community institutions that provide education, health care and social services to children and adults with disabilities and other special needs. Th e company also administers environmental education programs in neighboring school systems. Employee volunteers are the backbone of these eff orts.

E UR OPE

Bunge Europe focuses its eff orts on developing countries. Bunge Ukraine, for example, helps maintain

a local orphanage, sponsors educational programs for gifted children, funds health care for the needy and provides food assistance for the disabled. In Poland, Bunge provides funding and donates food to local community groups. Bunge Russia supports local philanthropic eff orts, including a program that benefi ts orphaned children in the town of Boguchary, located in the Voronezh region.

AS IA

Corporate social responsibility is a growing focus at Bunge Asia, Bunge’s newest operating company. Th rough its support of education, health services, local infrastructure and environmental projects, Bunge Asia is working to address the needs of people in the developing areas where it operates, including communities in China and India.

ReciCriar helps improve the quality of primary education in Brazil

through innovative programs for teachers.

With traffi c accidents a leading cause of fatalities in Argentina,

the country’s government decreed 2007 “Road Safety Year.”

To support this important message, Bunge Argentina chose

road safety as the theme of its annual community program,

which coincides with El Día del Niño (The Day of the Child).

The Academia de Conductores (Driving Academy) Web site

featured interactive games and learning materials that teach

children about road safety and good driving habits.

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18 | BUNGE

L O O K I N G A H E A D

BUNGE’S GLOBAL SUSTAINABILITY PROGRAM

In 2007, Bunge identifi ed four areas of focus for its fi rst global sustainability program – Climate, Waste Reduction,

Sustainable Agriculture and Healthy Diets. Bunge’s future reporting on its citizenship activities will include

discussion of these areas.

CLIMATE

• Achieve low emissions with high cost-effi ciency.

• Develop energy-savings goals.

• Pursue business opportunities in the carbon credit and

emissions mitigation markets and other market-based solutions

to climate change.

WASTE REDUCTION

• Continue to establish processes that reduce key industrial and

process wastes and water usage.

• Improve environmental management at our facilities.

SUSTAINABLE AGRICULTURE

• Continue to increase the sustainability of the global agribusiness

and food production chain.

• Take a leadership role in promoting sustainable, profi table

practices among farmers worldwide.

HEALTHY DIETS

• Expand Bunge’s portfolio of food products that offer consumers

added health benefi ts.

• Identify emerging dietary trends in order to create products that

meet consumers’ changing needs.

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C O N T E N T S

Enhancing Lives 2

Ethics, Governance and Values 4

Safety 6

Environment 8

Environmental Performance 10

Sustainability 12

Employees and Labor 14

Commitment to Communities 16

Looking Ahead 18

Bunge helps farmers grow more crops. We transport and process

agricultural commodities effi ciently and safely. And we create

high-quality food products enjoyed by people worldwide.

BUNG E L IM ITE D

50 Main Street | White Plains, New York 10606 | United States Telephone: (914) 684-2800

Bunge Limited is a leading global agribusiness and food company founded in 1818 and headquartered in White Plains, New York. Bunge’s 25,000 employees in over 30 countries enhance lives by improving the global agribusiness and food production chain. Th e company supplies fertilizer to farmers in South America, originates, transports and processes oilseeds, grains and other agricultural commodities worldwide, produces food products for commercial customers and consumers, and supplies raw materials and services to the biofuels industry.

WWW.BUNG E .COM

SANDY ALEXANDER INC, an ISO 14001:2004 certifi ed printer, printed this publication using a SANDY ALEXANDER INC, an ISO 14001:2004 certifi ed printer, printed this publication using a carbon-neutral process on 100% post-consumer recycled paper. Using this recycled fi ber in place of carbon-neutral process on 100% post-consumer recycled paper. Using this recycled fi ber in place of virgin fi ber preserves 54.82 trees for the future, prevents 158.29 lbs. of waterborne waste, saves 23,284 virgin fi ber preserves 54.82 trees for the future, prevents 158.29 lbs. of waterborne waste, saves 23,284 gallons of wastewater fl ow, prevents 5,073 lbs. net greenhouse gases and saves 38,828,000 BTU’s of gallons of wastewater fl ow, prevents 5,073 lbs. net greenhouse gases and saves 38,828,000 BTU’s of energy from being consumed.energy from being consumed.Using wind-generated electricity for the printing of Bunge Citizenship preventsUsing wind-generated electricity for the printing of Bunge Citizenship prevents 2,390 lbs. of carbon 2,390 lbs. of carbon dioxide, 17 lbs. of sulfur dioxide and 5.5 lbs. of nitrogen oxides from being emitted. Th e savings of dioxide, 17 lbs. of sulfur dioxide and 5.5 lbs. of nitrogen oxides from being emitted. Th e savings of wind-generated electricity is equivalent to 2,073 miles not driven in an automobile or 163 trees being wind-generated electricity is equivalent to 2,073 miles not driven in an automobile or 163 trees being planted.planted.

Please send your comments and questions to us via email at citizenship@bunge.com.

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Principal photographers: Fernando Bueno, Chau Bao Doan, Clóvis Ferreira, Daniele Fiore, Mark Green, Tom Maday, Principal photographers: Fernando Bueno, Chau Bao Doan, Clóvis Ferreira, Daniele Fiore, Mark Green, Tom Maday, Arthur Meyerson, Allan Hunter Shoemake, Ron Wu and Bunge colleagues around the world.Arthur Meyerson, Allan Hunter Shoemake, Ron Wu and Bunge colleagues around the world.

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50 MAIN STREETWHITE PLAINS NY 10606UNITED STATES

WWW.BUNGE.COM

CITIZENSHIP

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