partnering for the future 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 benefi ts from healthy, organic  growth rates, but we intend to outpace them. Also expect  continued focus on improving effi ciency, 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, 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. Refi ning 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 effi ciency, and improving  customer service and quality. We continued to implement  each in 2004. 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. Our decentralized organization, common mission and shared  values of openness, trust and teamwork kept us agile and  responsive to opportunities. 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 effi ciency,  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 benefi ts for our  communities. This year’s annual report highlights some of  the many ways Bunge partners to create value. 3 alberto weisser chairman & chief executive officer bunge limited april 11, 2005