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Annual Report Embracing Change, Embracing Building on Our Mission 2018 Annual Report 2018 Annual Report Embracing Change, Building on Our Mission A letter from Kathleen Hyle, Non-Executive Board Chair 2018 was a year of significant change for Bunge. We faced challenges, and at the same time had some notable achievements. We also took action to place the company on a better footing for the future. Our industry faced several headwinds. These included an uncertain global trade environment, macroeconomic pressures and weather-related issues in key regions. Operational and risk management missteps also negatively impacted the company. However, we worked hard to navigate these issues, as we have throughout our 200-year history. 2018 Bunge Annual Report 01 We are not satisfied with our 2018 results. We have the global footprint, assets and team to perform better. We have made a number of changes to position Bunge for sustainable growth. Despite near-term challenges, growth in global population and incomes, in global trade, and in demand for protein and oils makes our mission of connecting harvests to homes all the more crucial — now and in the future. We have refreshed our Board by adding six new members, appointing new committee chairs and a new Board Chair. We also formed the Strategic Review Committee to conduct a comprehensive assessment of our portfolio, focused on enhancing long-term shareholder value. The Committee is reviewing each of Bunge’s individual businesses and our capital allocation priorities. In December, we announced that Soren Schroder would step down as CEO. In January, we named Board member Gregory A. Heckman as Bunge’s Acting CEO. Greg has more than 30 years of experience in agribusiness and food and ingredients, and we are fortunate to have his leadership during this interim period. Greg’s fresh perspective, deep industry knowledge and experience are already driving progress. At this writing, we continue our global process to identify our next CEO. We have also made key changes in the leadership of our Agribusiness segment and sharpened our focus on risk management. Looking back, we can be proud of our accomplishments in 2018. We have made a number of changes to position Bunge for sustainable growth. Loders Croklaan Acquisition emerging companies and products that have the potential to disrupt the food and agriculture value and Integration chain. These investments hold promise to solve our In March, we closed the acquisition of Loders Croklaan. customers’ pain points, drive changes to business This reinforced our position as a global leader in B2B models, lower costs and unlock new growth markets. edible oils. We have made good progress integrating Loders into our B2B oils business. Synergies to date are Sustainability tracking well against plan, and we have already begun to see the benefits of this powerful combination. In 2019, In 2018, we continued to pursue long-term CO₂, water, we expect further synergies from cross-selling and the and waste reduction goals in our facilities. We have integration of the logistics supply chain. also increased the traceability and verification of key supply chains, including palm oil and soy. Through industry efforts such as the Soft Commodities Forum, Cost Savings we helped effect change on the ground. Our commitment We remained focused on cost discipline in 2018 — to sustainability, governance and transparency remained and will continue to emphasize this in 2019. This focus strong, with an engaged board committee and active is integral to Bunge’s culture of continuous improvement. communication of our initiatives and standards. We are ahead of schedule on cost savings from the Global Throughout our history, Bunge has adapted in the Competitiveness Program, with approximately $200 million face of change. In 2019, we will continue that rich captured over the past 18 months. This year, we will tradition as we work to drive success for the company accelerate consolidation of certain functions globally and for our customers. I am proud of the work that through a shared service model. our employees do every day, and I am proud to be associated with this company. Thank you for your Innovation continued support of Bunge. Across the company, we continued to invest in innovation in 2018 to remain at the forefront of Sincerely, our industry. One example is our collaboration with IBM to leverage geospatial data to improve our Kathleen Hyle crop forecasting models. In addition, our corporate Non-Executive Board Chair venture capital arm, Bunge Ventures, invests in 02 2018 Bunge Annual Report A letter from Gregory A. Heckman, Acting CEO I became Acting CEO of Bunge in January 2019, after joining the Board last fall. Shortly after taking this role, I laid out four strategic priorities for 2019: Driving operational performance, optimizing the portfolio, implementing a more rigorous capital allocation framework, and improving our financial discipline. These priorities will guide our decisions going forward. • Driving operational performance means streamlining decision making to be more responsive to market trends and opportunities, increasing accountability, partnering with customers to expand our opportunity set, and sharing best practices across geographies. In short, we are empowering employees across the globe to better anticipate customer needs, and to address them. • Optimizing the portfolio involves identifying and emphasizing the businesses where our investment of time and resources will be most impactful. That means businesses where we have a top market position or are confident we will reach that goal within a reasonable time frame. We’ll examine strategic alternatives, including exiting businesses, where we don’t think we can meet that threshold on the right timeline. Ultimately, this work will help us to create a more focused portfolio poised to deliver greater value for shareholders. • In terms of capital allocation, we will incorporate learnings from our past investments to improve returns on our capital expenditures, while also prioritizing our use of working capital. This, along with optimizing the portfolio, will help us to maintain a strong balance sheet. • Improving our financial discipline means we will continue to reduce costs and boost efficiency, following our work to date to capture $200 million of savings from the Global Competitiveness Program. We achieved this milestone a year ahead of schedule, and we’re not done yet. As this work continues, it is with the understanding that the cost reduction activities we undertake must not impact the quality and safety standards that are hallmarks of Bunge. 2018 Bunge Annual Report 0304 We recognize that meeting our commitments 32 port terminals, 51 oilseed processing plants, more is paramount, and one of the changes we have than 160 grain silos and 119 production facilities. Our made this year is our approach to earnings guidance. relationships with more than 70,000 farmers span over We will now provide a directional outlook for the 60 countries. Our commitment to safety, sustainability company as a whole, based on prevailing market and corporate responsibility is core to our culture, conditions, rather than trying to predict future earnings and our 31,000 knowledgeable employees are dedicated based on external factors that we don’t control. to serving our customers and eager to succeed. Our We have also strengthened our risk management portfolio and our people, along with solid long-term capabilities with the recent appointment of new market fundamentals, provide the basis for leadership. Managing physical flows, and the inherent my confidence in Bunge’s long-term earnings power risk that comes with them, will continue to be a core and growth potential. competency for us. In sum, there is great strength in Bunge’s asset Bunge has been a leader in grains and oilseeds for portfolio and global network. I’m impressed by the two centuries. With the changes we have made and expertise of our employees and their work to drive will make going forward, we will be better positioned our business forward. I’m inspired by our mission to to capitalize on the fundamental tailwinds driving connect farmers and consumers, and to ensure that long-term growth in our industry, and to build on our food and feed products move safely and efficiently from global leadership position. where they’re grown to where they’re needed. I’m encouraged by our investments in assets like We are the world’s largest producer and exporter of soy Loders Croklaan, which enhance our value-added products, and the breadth and depth of our global asset food and ingredients portfolio, help us to reach new base would be difficult to replicate. Our portfolio includes customers and generate additional sales opportunities and deeper relationships with existing customers. It’s clear we have work to do, and we recognize that for investors, Bunge is a “show-me story.” But we are Our portfolio includes 32 port moving with focus and speed. And we look forward to terminals, 51 oilseed processing demonstrating our progress. plants, more than 160 grain silos and 119 production facilities. Sincerely, Gregory A. Heckman Acting Chief Executive Officer 04 2018 Bunge Annual Report Locations by Facility Type Grain origin/ infrastructure Port terminal Oilseed processing plant Edible oil facility Grain milling facility Financial Highlights Earnings Per Share1 Return on Invested Capital1 $5.01 8.6% $4.67 7.4% 6.5% 5.2% 5.0% $2.72 4.4% $1.94 $1.64 $0.89 2016 2016 2017 2017 2018 2018 2016 2016 2017 2017 2018 2018 (US$) Adjusted for certain Adjusted for certain gains & charges and U.S. GAAP Adjusted gains & charges excludes Sugar & Bioenergy segment 1. Adjusted Earnings Per Share, Return on Invested Capital ("ROIC"), and Funds from Operations, Adjusted ("Adjusted FFO") are non-GAAP financial measures. Reconciliations to the most comparable U.S. GAAP financial measures are provided on page 7.
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