partnering for the future report of independent registered  public accounting firm to the board of directors and shareholders of bunge limited 89 In our opinion, such consolidated financial statements present fairly, in all material respects, the financial position of Bunge Limited and Subsidiaries at December 31, 2004 and 2003, and the results of their operations and their cash flows for each  of the three years in the period ended December 31, 2004, in  conformity with accounting principles generally accepted in the United States of America. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial state- ments are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States),  the effectiveness of the Company’s internal control over finan- cial reporting as of December 31, 2004, based on the criteria established in Internal Control—Integrated Framework issued  by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated March 7, 2005 expressed  an unqualified opinion on management’s assessment of the effectiveness of the Company’s internal control over financial reporting and an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting. We have audited the accompanying consolidated balance  sheets of Bunge Limited and Subsidiaries (the “Company”) as  of December 31, 2004 and 2003, and the related consolidated statements of income, shareholders’ equity, and cash flows for each of the three years in the period ended December 31, 2004. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits. As discussed in Note 7 and 13 to the financial statements,  effective January 1, 2002 the Company changed its method of accounting for goodwill and certain intangible assets to conform to Statement of Financial Accounting Standards Board No.142 and changed its method of accounting for asset retirement  obligations to conform to Statement of Financial Accounting Standards No.143. New York, New York March 7, 2005