Bunge Reports Third Quarter Results

WHITE PLAINS, N.Y., Oct. 23 /PRNewswire-FirstCall/ -- Bunge Limited (NYSE: BG)
-- Cash provided by operating activities was $2.2 billion in the quarter
-- The Company is maintaining its full year 2008 earnings guidance

-- Financial Highlights

(In millions, except per share data and percentages)

Quarter Ended Nine Months Ended
9/30/08 9/30/07 % Change 9/30/08 9/30/07 % Change
Volumes (metric
tons) 35.2 37.7 (7)% 102.5 102.9 - %
Net sales $14,797 $9,729 52 % $41,631 $25,370 64 %
Total segment
EBIT (1,2) $247 $532 (54)% $1,767 $834 112 %
Agribusiness $170 $381 (55)% $1,035 $526 97 %
Fertilizer $84 $112 (25)% $610 $219 179 %
Edible Oil
Products $(29) $17 (271)% $36 $41 (12)%
Milling products $22 $22 - % $86 $48 79 %

Net income (2) $234 $351 (33)% $1,274 $533 139 %
Earnings per
Common share
-diluted (2,3) $1.70 $2.70 (37)% $9.26 $4.12 125 %

(1) Total segment earnings before interest and tax ("EBIT") is a
non-GAAP financial measure. The information required by
Regulation G under the Securities Exchange Act of 1934, including
a reconciliation to net income, is included in the tables attached
to this press release.

(2) Bunge's results included certain gains and charges that may be of
interest to investors. See the Additional Financial Information
section included in the tables attached to this press release for
more information.

(3) See Note 2 to the consolidated statements of income attached to this
press release for information on the calculation of diluted earnings
per share.

-- Overview

Alberto Weisser, Bunge's Chairman and Chief Executive Officer stated, "The
third quarter was a volatile time in the global agribusiness and food markets,
but the Bunge team managed through the period with skill. We head toward the
end of 2008 with a comfortable liquidity position and continued expectations
for record full-year results.

"Current conditions in the global agribusiness market are clearly different
than the extraordinary ones experienced in the first half of the year.
Comparatively, recent results have been pressured by softer demand for feed
inputs and slower farmer selling in certain regions, as well as by reduced
sales of fertilizer in Brazil.

"We see the current market environment as relatively short-lived. The basic
fundamentals of our industry remain intact and should generate compelling
growth for companies with global asset networks and broad product offerings.
World population and living standards in developing economies continue to
rise, and non-food uses for agricultural commodities are expected to increase.
We expect that these factors will contribute to a rebound in overall demand.
At the same time, ending stocks of agricultural commodities remain below
historic norms, which will encourage the markets to maintain commodity prices
at levels that provide incentives to farmers to plant larger areas and buy the
nutrients necessary to generate higher crop yields.

"We continue working to capitalize on our industry's growth trends by building
upon Bunge's strong global network of assets. For example, we recently
purchased a 50% stake in the port of Phu My Port in Vietnam. Since 2004,
Bunge has had exclusive rights to ship agricultural commodities through the
port. As an owner, we will be able to expand the port's capacity and
accelerate the growth of our business in this attractive market.

"One of our global strategies is to invest in complementary value chains--such
as sugar and corn wet milling--in which we can leverage our existing risk
management, logistics and industrial expertise to succeed. In September we
purchased a majority stake in a second sugarcane mill in Brazil, which we plan
to expand. We also entered into joint ventures with Itochu to develop sugar
and sugarcane-based ethanol opportunities in the country. Together, Bunge and
Itochu will complete the expansion of the Santa Juliana mill and develop a
new, greenfield mill. The three projects are expected to reach full annual
capacity of over 12 million metric tons of sugarcane in the aggregate, within
four years.

"Since the announcement of the merger, Corn Products and Bunge have been
engaged in preparations for the integration of our two companies. Bunge and
Corn Products currently anticipate that the special shareholders' meetings of
both companies will be held in mid to late December, rather than in November
as previously anticipated. We are disappointed in the performance of the
stock prices of the two companies, but Bunge's belief in the strategic
rationale for the merger is unchanged."

-- Third Quarter Results

Agribusiness

Oilseed processing results were slightly lower in the quarter, as higher
margins were more than offset by lower volumes. Softseed processing results
in Europe and Canada were strong in the quarter, whereas demand for soybean
products weakened. Slow farmer selling in the U.S. and Brazil due in part to
volatility of commodity and currency prices, as well as harvest delays in the
U.S., contributed to lower results in grain origination. Lower distribution
results reflected margins that returned to more normal levels from the higher
margins experienced in the third quarter of last year. Risk management
strategies continued to work well during a volatile period. Foreign exchange
losses of $192 million, primarily in our Brazilian subsidiary, from U.S.
dollar-denominated financing of working capital were offset by the positive
impact of foreign exchange on valuations of commodity inventories included in
gross profit. In the third quarter, the Brazilian real devalued 17% against
the U.S. dollar.

Third quarter EBIT included a $60 million credit resulting from a favorable
ruling related to certain transactional taxes in Brazil that were accrued and
paid in past years.

Fertilizer

Volumes were down in the quarter primarily due to soybean and corn farmers
accelerating purchases in the first half of the year and a tight credit
environment for farmers. Higher margins were more than offset by $215 million
of foreign exchange losses resulting from the devaluation of the Brazilian
real on U.S. dollar-denominated financing of working capital. Unlike in
agribusiness where inventories are marked to market, the offsetting gain on
fertilizer inventories is expected to occur in future quarters when the
inventories are sold. Minority interest increased in the quarter due to
higher results at Fosfertil.

Edible Oil Products

Volumes increased in the quarter. Results declined primarily due to high raw
material costs in Europe as a result of crude oil inventories purchased prior
to the recent price declines.

Milling Products

Higher margins in wheat milling were offset by lower volumes in corn milling.

Financial Costs

Interest expense decreased in the quarter due to lower average debt levels,
mostly resulting from the drop in prices of agricultural commodity inventories
which led to lower average working capital needs.

Income Taxes

The effective tax rate for the nine months ended September 30, 2008 was 24%
compared to 26% for the same period in 2007. The decrease in the effective
tax rate was primarily due to a higher percentage of earnings in lower tax
jurisdictions.

Cash Flow

Cash provided by operating activities in the third quarter of 2008 was $2,210
million compared to cash provided by operating activities of $134 million in
the same period last year. For the nine months ended September 30, 2008, cash
provided by operating activities was $1,727 million compared to cash used for
operating activities in the same period last year of $642 million. The $2.4
billion year-over-year improvement reflects the drop in commodity prices
during the quarter, as well as higher earnings and actions taken to increase
the efficiency of working capital management.

-- Outlook

Jacqualyn Fouse, Chief Financial Officer, stated, "We expect a solid finish to
the year. Agribusiness should benefit from large harvests in the northern
hemisphere. Fertilizer margins should remain strong, though volumes will
likely be moderated due to the level of forward purchasing which occurred in
the first half of the year and current tight farmer credit conditions. Foods
results should improve due to lower raw material costs. 2008 will be a record
year for earnings and cash flow, and reinforces the importance of viewing our
business on a full-year basis.

"In consideration of this outlook, we are maintaining our 2008 full-year
earnings guidance of $11.60 to $11.90 per share. This guidance assumes an
effective tax rate range of 24% to 28%. This fully diluted per share guidance
is based on an estimated weighted average of 138 million shares outstanding,
which includes assumed dilution relating to our convertible preference
shares."

Conference Call and Webcast Details
Bunge Limited's management will host a conference call at 10:00 a.m. EDT on
Thursday, October 23, 2008, to discuss the company's results.

Additionally, a slide presentation to accompany the discussion of the third
quarter financial results can be found in the 'Investor Information' section
of our Web site, www.Bunge.com, under 'Investor Presentations'.

To listen to the conference call, please dial (877) 719-9791. If you are
located outside of the United States or Canada, dial (719) 325-4762. Please
dial in five to 10 minutes before the scheduled start time. When prompted,
enter confirmation code 3968460. The conference call will also be available
live on the company's Web site at www.Bunge.com.

To access the webcast, click the "News and Information" link on the Bunge
homepage then select "Webcasts and Upcoming Events". Click on the link for
the "Q3 2008 Bunge Limited Conference Call," and follow the prompts to join
the call. Please go to the Web site at least 15 minutes prior to the call to
register and to download and install any necessary audio software.
For those who cannot listen to the live broadcast, a replay of the call will
be available following the call and continuing through November 22, 2008. To
listen to the replay, please dial (888) 203-1112, or, if located outside of
the United States or Canada, dial (719) 457-0820. When prompted, enter
confirmation code 3968460. A rebroadcast of the conference call will also be
available on the company's Web site. To locate the rebroadcast on the Web
site, click on the "News and Information" link on the Bunge homepage then
select "Audio Archives" from the left-hand menu. Select the link for the "Q3
2008 Bunge Limited Conference Call". Follow the prompts to access the replay.

About Bunge Limited
Bunge Limited (www.Bunge.com, NYSE: BG) is a leading global agribusiness and
food company founded in 1818 and headquartered in White Plains, New York.
Bunge's over 25,000 employees in over 30 countries enhance lives by improving
the global agribusiness and food production chain. The 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.

Cautionary Statement Concerning Forward-Looking Statements
This press release contains both historical and forward-looking statements.
All statements, other than statements of historical fact are, or may be deemed
to be, forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended. These forward-looking statements are not based on
historical facts, but rather reflect our current expectations and projections
about our future results, performance, prospects and opportunities. We have
tried to identify these forward-looking statements by using words including
"may," "will," "expect," "anticipate," "believe," "intend," "estimate,"
"continue" and similar expressions. These forward-looking statements are
subject to a number of risks, uncertainties and other factors that could cause
our actual results, performance, prospects or opportunities, as well as those
of the markets we serve or intend to serve, to differ materially from those
expressed in, or implied by, these forward-looking statements. The following
important factors, among others, could affect our business and financial
performance: our ability to complete, integrate and benefit from acquisitions,
divestitures, joint ventures and strategic alliances; estimated demand for the
commodities and other products that we sell and use in our business; industry
conditions, including the cyclicality of the agribusiness industry and
unpredictability of the weather; agricultural, economic and political
conditions in the primary markets where we operate; and other economic,
business, competitive and/or regulatory factors affecting our business
generally. The forward-looking statements included in this release are made
only as of the date of this release, and except as otherwise required by
federal securities law, we do not have any obligation to publicly update or
revise any forward-looking statements to reflect subsequent events or
circumstances.

Additional Information
This press release is not a substitute for the preliminary joint proxy
statement/prospectus or any other documents that Bunge Limited and Corn
Products International, Inc. have filed or will file with the SEC in
connection with the proposed merger. Investors and securityholders are urged
to carefully read the preliminary joint proxy statement/prospectus and any
other relevant documents filed or to be filed by Bunge or Corn Products,
including the definitive joint proxy statement/prospectus when it becomes
available, because they will contain important information. The preliminary
joint proxy statement/prospectus is, and other documents filed or to be filed
by Bunge and Corn Products with the SEC are or will be, available free of
charge at the SEC's web site (www.sec.gov), by accessing Bunge's website at
www.bunge.com under the tab "Investor Information" and from Bunge by directing
a request to Bunge Limited, 50 Main Street, White Plains, NY 10606, Attention:
Investor Relations, and from Corn Products by directing a request to Corn
Products International, Inc., 5 Westbrook Corporate Center Westchester, IL
60154, Attention: Investor Relations.

Bunge, Corn Products and their respective directors, executive officers and
other employees may be deemed to be participants in a solicitation of proxies
from the securityholders of Bunge or Corn Products in connection with the
proposed merger. Information about Bunge's directors and executive officers
is available in Bunge's proxy statement, dated April 16, 2008, for its 2008
annual meeting of shareholders and in Bunge's most recent filing on Form 10-K.
Information about Corn Products' directors and executive officers is
available in Corn Products' proxy statement, dated April 4, 2008, for its 2008
annual meeting of stockholders and in Corn Products' most recent filing on
Form 10-K. Additional information about the interests of potential
participants is included in the preliminary joint proxy statement/prospectus
referred to above.

Additional Financial Information

The following table provides a summary of certain gains and charges that
may be of interest to investors. The table includes a description of
these items and their effect on total earnings before interest and taxes
(EBIT), income from operations before income tax, net income and earnings
per share for the quarter and nine months ended September 30, 2008 and
2007.

(In millions, Income From
except per Operations Before Earnings Per Share
share data) Total EBIT Income Tax Net Income Diluted

Quarter Ended
September 30: 2008 2007 2008 2007 2008 2007 2008 2007

Transactional
tax credit (1) $62 $ - $62 $ - $41 $ - $0.30 $ -
Impairment and
restructuring
charges (3) - (2) - (2) - (2) - (0.02)
Total $62 $(2) $62 $(2) $41 $(2) $0.30 $(0.02)

(In millions, Income From
except per Operations Before Earnings Per Share
share data) Total EBIT Income Tax Net Income Diluted

Nine Months Ended
September 30: 2008 2007 2008 2007 2008 2007 2008 2007

Transactional
tax credit (1) $190 $ - $190 $ - $131 $ - $0.95 $ -
Gain on sale
of land (2) 14 - 14 - 9 - 0.07 -
Impairment and
restructuring
charges (3) - (10) - (10) - (9) - (0.07)
Total $204 $(10) $204 $(10) $140 $(9) $1.02 $(0.07)

(1) As a result of favorable rulings related to certain transactional taxes in
Brazil that were accrued and paid in past years, Bunge recorded $117 million
and $11 million in cost of goods sold in its agribusiness and its milling
products segments, respectively, pertaining to transactional tax credits on
sales and $60 million and $2 million in selling, general and administrative
expenses in its agribusiness and edible oil products segment, respectively,
pertaining to transactional tax credits on financial transactions.

(2) In the second quarter of 2008, Bunge recorded a gain on sale of land in
its edible oil products segment.

(3) Impairment and restructuring charges in the quarter ended September 30,
2007 consisted of $1 million in the agribusiness segment and $1 million in the
edible oil products segment. Impairment and restructuring charges in the nine
months ended September 30, 2007 consisted of $5 million in the agribusiness
segment and $5 million in the edible oil products segment. These 2007
impairment charges were recorded in cost of goods sold.

CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share data and percentages)
(Unaudited)

Quarter Ended Nine Months Ended
September 30, Percent September 30, Percent
2008 2007 Change 2008 2007 Change

Net sales (Note 1) $14,797 $9,729 52% $41,631 $25,370 64%
Cost of goods sold
(Note 1) (13,588) (8,822) 54% (38,104) (23,631) 61%

Gross profit 1,209 907 33% 3,527 1,739 103%
Selling, general and
administrative
expenses (382) (353) 8% (1,244) (925) 34%
Interest income 57 44 30% 159 112 42%
Interest expense (67) (52) 29% (192) (144) 33%
Interest expense on
readily marketable
inventories (30) (50) (40)% (93) (107) (13)%
Foreign exchange gain
(loss) (471) 56 (941)% (206) 178 (216)%
Other income
(expense)−net (1) (5) (80)% (13) (2) 550%

Income from operations
before income tax 315 547 (42)% 1,938 851 128%
Income tax expense (5) (145) (459) (221) 108%
Income from operations
after income tax 310 402 (23)% 1,479 630 135%
Minority interest (90) (57) 58% (232) (104) 123%
Equity in earnings
(loss) of affiliates 14 6 133% 27 7 286%

Net income 234 351 (33)% 1,274 533 139%

Convertible preference
share dividends (19) (8) (58) (25)
Net income available to
common shareholders $215 $343 (37)% $1,216 $508 139%

Earnings per common
share - diluted
(Note 2): $1.70 $2.70 (37)% $9.26 $4.12 125%

Weighted-average
common shares
outstanding-diluted
(Note 2) 137,839,070 129,794,933 137,634,556 129,505,800

Note 1: Net sales and cost of goods sold for the quarter and nine months
ended September 30, 2007 have been restated.

Note 2: Weighted-average common shares outstanding-diluted for the quarter
and nine months ended September 30, 2008 includes the dilutive effect of
14,572,258 weighted average common shares that would be issuable upon
conversion of Bunge's convertible preference shares because the effect of the
conversion would have been dilutive. The dilutive effect of the 7,483,740
weighted average common shares, which would be issuable upon conversion of
Bunge's convertible preference shares, is included in the earnings per common
share-diluted calculation for the quarter and nine months ended September 30,
2007 because the effect of the conversion would have been dilutive.

CONSOLIDATED SEGMENT INFORMATION
(In millions, except volumes and percentages)
(Unaudited)

Set forth below is a summary of certain items in our consolidated
statements of income and volumes by reportable segment.

Quarter Ended Nine Months Ended
September 30, Percent September 30, Percent
2008 2007 Change 2008 2007 Change
Volumes (in thousands
of metric tons):
Agribusiness 29,683 31,168 (5)% 86,501 86,261 -%
Fertilizer 3,082 4,033 (24)% 8,748 9,529 (8)%
Edible oil products 1,452 1,418 2% 4,281 4,069 5%
Milling products 1,004 1,097 (8)% 2,972 3,010 (1)%
Total 35,221 37,716 (7)% 102,502 102,869 -%

Net sales (Note 1):
Agribusiness $10,152 $6,736 51% $28,894 $18,027 60%
Fertilizer 1,899 1,239 53% 4,875 2,646 84%
Edible oil products 2,232 1,388 61% 6,411 3,771 70%
Milling products 514 366 40% 1,451 926 57%
Total $14,797 $9,729 52% $41,631 $25,370 64%

Gross profit:
Agribusiness $534 $538 (1)% $1,743 $911 91%
Fertilizer 543 245 122% 1,314 482 173%
Edible oil products 84 79 6% 306 232 32%
Milling products 48 45 7% 164 114 44%
Total $1,209 $907 33% $3,527 $1,739 103%

Selling, general and
administrative
expenses:
Agribusiness $(174) $(173) 1% $(641) $(451) 42%
Fertilizer (78) (82) (5)% (243) (199) 22%
Edible oil products (102) (74) 38% (278) (211) 32%
Milling products (28) (24) 17% (82) (64) 28%
Total $(382) $(353) 8% $(1,244) $(925) 34%

Foreign exchange
gain (loss):
Agribusiness $(192) $19 $(33) $83
Fertilizer (270) 33 (169) 94
Edible oil products (9) 5 (4) 5
Milling products - (1) - (4)
Total $(471) $56 $(206) $178

Equity in earnings
of affiliates:
Agribusiness $7 $(2) 450% $9 $(10) 190%
Fertilizer 2 - 100% 6 (1) 700%
Edible oil products 4 6 (33)% 9 16 (44)%
Milling products 1 2 (50)% 3 2 50%
Total $14 $6 133% $27 $7 286%

Minority interest:
Agribusiness $(6) $(1) 500% $(23) $(12) 92%
Fertilizer (112) (80) 40% (294) (153) 92%
Edible oil products (4) 2 (300)% (7) 2 (450)%
Milling products - - -% - - -%
Total $(122) $(79) 54% $(324) $(163) 99%

Other income/
(expense):
Agribusiness $1 $ - 100% $(20) $5 (500)%
Fertilizer (1) (4) (75)% (4) (4) -%
Edible oil products (2) (1) 100% 10 (3) 433%
Milling products 1 - 100% 1 - -%
Total $(1) $(5) (80)% $(13) $(2) 550%

Segment earnings before
interest and tax:
Agribusiness $170 $381 (55)% $1,035 $526 97%
Fertilizer 84 112 (25)% 610 219 179%
Edible oil products (29) 17 (271)% 36 41 (12)%
Milling products 22 22 -% 86 48 79%
Total (Note 2) $247 $532 (54)% $1,767 $834 112%

Reconciliation of
total segment earnings
before interest and tax:
Total segment
earnings before
interest and tax $247 $532 $1,767 $834
Interest income 57 44 159 112
Interest expense (97) (102) (285) (251)
Income tax (5) (145) (459) (221)
Minority interest
share of interest
and tax 32 22 92 59
Other (Note 3) - - - -
Net income $234 $351 $1,274 $533

Depreciation, depletion
and amortization:
Agribusiness $(48) $(38) 26% $(144) $(108) 33%
Fertilizer (44) (37) 19% (130) (107) 22%
Edible oil products (20) (15) 33% (56) (44) 27%
Milling products (5) (5) -% (14) (12) 17%
Total $(117) $(95) 23% $(344) $(271) 27%

Interest income:
Agribusiness $11 $9 22% $42 $23 83%
Fertilizer 37 17 118% 89 48 85%
Edible oil products 1 1 -% 3 2 50%
Milling products - - -% 1 1 -%
Total $49 $27 81% $135 $74 82%

Interest expense:
Agribusiness $(70) $(90) (22)% $(208) $(211) (1)%
Fertilizer (6) (4) 50% (15) (14) 7%
Edible oil products (16) (7) 129% (46) (23) 100%
Milling products (5) (1) 400% (16) (3) 433%
Total $(97) $(102) (5)% $(285) $(251) 14%

Note 1: Net sales and cost of goods sold for the quarter ended September 30,
2007 have been restated.

Note 2: Total segment earnings before interest and tax ("EBIT") is a non-GAAP
measure and is not intended to replace net income, the most directly
comparable GAAP measure. The information required by Regulation G under the
Securities Exchange Act of 1934, including the reconciliation to net income,
is included under the caption "Reconciliation of Non-GAAP Measures."

Note 3: Includes other amounts not directly attributable to Bunge's segments.

CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
September 30, December 31, September 30,
2008 2007 2007
ASSETS
Current assets:
Cash and cash equivalents $1,494 $981 $845
Trade accounts receivable 3,536 2,541 2,697
Inventories 6,995 5,924 5,622
Deferred income taxes 430 219 142
Other current assets 4,827 4,853 4,454
Total current assets 17,282 14,518 13,760
Property, plant and equipment, net 4,298 4,216 3,967
Goodwill 366 354 251
Other intangible assets, net 115 139 112
Investments in affiliates 779 706 684
Deferred income taxes 771 903 939
Other non-current assets 1,029 1,155 1,113
Total assets $24,640 $21,991 $20,826

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term debt $765 $590 $1,529
Current portion of
long-term debt 567 522 106
Trade accounts payable 5,566 4,061 3,614
Deferred income taxes 225 166 118
Other current liabilities 3,941 3,495 3,589
Total current liabilities 11,064 8,834 8,956
Long-term debt 2,961 3,435 3,480
Deferred income taxes 164 149 178
Other non-current liabilities 981 876 904
Minority interest in subsidiaries 760 752 602
Shareholders' equity 8,710 7,945 6,706
Total liabilities and shareholders'
equity $24,640 $21,991 $20,826

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Nine Months Ended
September 30,
2008 2007
OPERATING ACTIVITIES
Net income $1,274 $533
Adjustments to reconcile net income to Cash
provided by (used for) operating activities:
Foreign exchange (gain) loss on debt 90 (167)
Impairment of assets 6 10
Bad debt expense 68 39
Depreciation, depletion and amortization 344 271
Stock-based compensation expense 56 31
Recoverable tax provision (19) -
Deferred income taxes (22) (64)
Minority interest 232 104
Equity in earnings of affiliates (26) (7)
Changes in operating assets and liabilities,
excluding the effects of acquisitions:
Trade accounts receivable (1,255) (557)
Inventories (1,453) (1,571)
Prepaid commodity purchase contracts 268 (103)
Secured advances to suppliers (5) 124
Trade accounts payable 1,997 908
Advances on sales 171 (79)
Unrealized net (gain) loss on Derivative
contracts (322) (199)
Margin deposits 44 (189)
Accrued liabilities 190 126
Other - net 89 148
Cash provided by (used for) operating activities 1,727 (642)

INVESTING ACTIVITIES
Payments made for capital expenditures (594) (382)
Investments in affiliates (68) (36)
Acquisitions of businesses, net of cash acquired (61) (31)
Related party loans 30 1
Proceeds from disposal of property, plant and
equipment 36 18
Proceeds from investment 2 -
Cash used for investing activities (655) (430)

FINANCING ACTIVITIES
Net change in short-term debt with
maturities of 90 days or less (586) 687
Proceeds from short-term debt with
maturities greater than 90 days 1,209 679
Repayments of short-term debt with
maturities greater than 90 days (405) (348)
Proceeds from long-term debt 1,757 1,576
Repayments of long-term debt (2,205) (1,041)
Proceeds from sale of common shares 7 23
Dividends paid to common shareholders (64) (59)
Dividends paid to preference shareholders (61) (25)
Dividends paid to minority interest (153) (8)
Other 38 28
Cash (used for) provided by financing activities (463) 1,512
Effect of exchange rate changes on cash
and cash equivalents (96) 40

Net increase in cash and cash equivalents 513 480
Cash and cash equivalents, beginning of period 981 365
Cash and cash equivalents, end of period $1,494 $845

Reconciliation of Non-GAAP Measures

This earnings release contains total segment earnings before interest and tax,
net financial debt and net financial debt less readily marketable inventories,
which are "non-GAAP financial measures" as this term is defined in Regulation
G of the Securities Exchange Act of 1934. In accordance with Regulation G,
Bunge has reconciled these non-GAAP financial measures to the most directly
comparable U.S. GAAP measures.

Total segment earnings before interest and tax

Total segment earnings before interest and tax ("EBIT") is Bunge's
consolidated net income that excludes interest income and expense and income
tax attributable to each segment.

Total segment EBIT is a non-GAAP financial measure and is not intended to
replace net income, the most directly comparable GAAP financial measure.
Total segment EBIT is an operating performance measure used by Bunge's
management to evaluate its segments' operating activities. Bunge believes
EBIT is a useful measure of its segments' operating profitability, since the
measure reflects equity in earnings of affiliates and minority interest and
excludes income tax. Income tax is excluded as management believes income tax
is not material to the operating performance of its segments. Interest income
and expense have become less meaningful to the segments' operating activities
as Bunge is financing more of its working capital with equity rather than
debt. In addition, EBIT is a financial measure that is widely used by
analysts and investors in Bunge's industries. Total segment EBIT is not a
measure of consolidated operating results under U.S. GAAP and should not be
considered as an alternative to net income or any other measure of
consolidated operating results under U.S. GAAP.

Below is a reconciliation of total segment EBIT to net income:

Quarter Ended Nine Months Ended
September 30, September 30,
(In millions) 2008 2007 2008 2007
Total segment EBIT $247 $532 $1,767 $834
Interest income 57 44 159 112
Interest expense (97) (102) (285) (251)
Income tax (5) (145) (459) (221)
Minority interest share
of interest and tax 32 22 92 59
Other (1) - - - -

Net income $234 $351 $1,274 $533

(1) Includes other amounts not directly attributable to Bunge's segments.

Net Financial Debt

Net financial debt is the sum of short-term debt, current maturities of
long-term debt and long-term debt, less cash and cash equivalents and
marketable securities. Net financial debt is presented because management
believes it represents a meaningful measure of Bunge's leverage capacity and
solvency. Net financial debt is not a measure of solvency under U.S. GAAP and
should not be considered as an alternative to total debt as a measure of
solvency.

Net financial debt less readily marketable inventories (RMI), or net financial
debt less RMI, is the sum of short-term debt, current maturities of long-term
debt and long-term debt, less cash and cash equivalents, marketable securities
and readily marketable inventories. Net financial debt less RMI is presented
because management believes it represents a more complete picture of Bunge's
leverage capacity and solvency since it adjusts for readily marketable
inventories. Readily marketable inventories are agricultural inventories that
are readily convertible to cash because of their commodity characteristics,
widely available markets and international pricing mechanisms. Net financial
debt less RMI is not a measure of leverage capacity and solvency under U.S.
GAAP and should not be considered as an alternative to total debt as a measure
of solvency.

Below is a reconciliation of total long-term and short-term debt to net
financial debt and to net financial debt less readily marketable inventories:

September 30, December 31, September 30,
(In millions) 2008 2007 2007
Short-term debt $765 $590 $1,529
Long-term debt, including current
portion 3,528 3,957 3,586
Total debt (1) 4,293 4,547 5,115
Less:
Cash and cash equivalents (1) 1,494 981 845
Marketable securities 43 5 19
Net financial debt 2,756 3,561 4,251
Less: Readily marketable inventories 3,142 3,358 3,645
Net financial debt less readily
marketable inventories $(386) $203 $606

(1) Includes total debt of $11 million, $26 million and $26 million and cash
and cash equivalents of $759 million, $449 million and $361 million as of
September 30, 2008, December 31, 2007 and September 30, 2007, respectively,
relating to Fosfertil.

SOURCE Bunge Limited

Investors, Mark Haden, +1-914-684-3398, Mark.Haden@Bunge.com; Media, Stewart
Lindsay, +1-914-684-3369, Stewart.Lindsay@Bunge.com, both of Bunge Limited