partnering for the future Utilizing a decentralized model requires talented managers  who live by our values, understand our vision and have the  drive to carry it out. Bunge created the Leadership Development Program (LDP)  to strengthen these attributes among our managers and to  forge the bonds that make our team truly collaborative. The  LDP convenes in the U.S., Brazil and Spain. Its curriculum  was developed in partnership with Washington University in  St. Louis, Fundação Dom Cabral and ESADE Business School. LDP classes include approximately 24 managers, chosen  from around the world. Each class takes part in a series of  three one-week sessions over the course of a year. The  sessions focus on formulating innovative strategy, executing  that strategy through process and system management, and  managing teams to maximize organizational effectiveness. Senior executives play active roles: CEO Alberto Weisser  discusses Bunge’s global strategy with each class; members  of the Executive Committee lead sessions on specific topics;  and members of the Board of Directors chair a discussion  on corporate governance. More than 250 managers have completed or are currently  attending the LDP. 21 2004 operating profit by division Fertilizer Food Products Agribusiness 42% $358 million 44% $372 million 14% $120 million