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Solid Performance. Strategic Progress Bunge 2015 Annual Report Annual 2015 Solid Performance. Strategic Progress. 50 Main Street White Plains, New York 10606 U.S.A. www.bunge.com 2015 Annual Report Dear Shareholders: Shareholder Information Corporate Office Stock Listing Insisting on a zero-incident safety culture. Driving Bunge Limited New York Stock Exchange productivity gains. Investing to optimize an 50 Main Street Ticker Symbol: BG outstanding global asset network. Building White Plains, NY 10606 value-added businesses. U.S.A. 914-684-2800 At Bunge, these are our unwavering priorities and, $100m we believe, the right ones for today’s market and for Contact Information the future. Hard work over the past several years has resulted in a safer workplace, stronger operations in productivity Corporate and Investor Relations Transfer Agent and intrinsic value creation. We stand on a strong 914-684-3476 Computershare, Inc. foundation, well positioned to generate higher improvements 480 Washington Boulevard earnings and maintain excellent returns in the Board of Directors Jersey City, NJ 07310-1900 coming years. L. Patrick Lupo, Chairman U.S.A. Ernest G. Bachrach U.S. Shareholders Toll-Free Enrique H. Boilini 800-851-9677 Carol M. Browner 1 Shareholders Outside the U.S. Paul Cornet de Ways-Ruart 201-680-6578 $152m Bernard de La Tour TDD for Hearing-Impaired d’Auvergne Lauraguais U.S. Shareholders CAPITAL RETURNED EVA William Engels 800-231-5469 TO SHAREHOLDERS IN 2015 Andrew Ferrier TDD for Hearing-Impaired Kathleen Hyle Shareholders Outside the U.S. Share Repurchases John E. McGlade 201-680-6610 Dividends Soren Schroder, CEO, Bunge Limited A Year of Milestones Annual Meeting Shareholder Website The annual meeting will be held on 2015 was a year of many milestones. We had www.computershare.com/investor May 25, 2016, at 10:00 a.m. at the Sofitel Hotel, fewer serious safety incidents, improved returns 45 West 44th Street, New York, NY 10036, and a record EBIT performance in Agribusiness. Investor Information U.S.A. See the proxy statement for $00 $2 We drove productivity savings and returned additional information. capital to shareholders as part of a balanced Copies of the company’s annual report, filed allocation framework. with the Securities and Exchange Commission (SEC) on Form 10-K, and other SEC filings can Independent Auditors These were notable achievements, considering the be obtained free of charge on our website at Deloitte & Touche LLP challenging environment. Issues of oversupply, www.bunge.com or by contacting our Investor emerging market volatility and weaker GDP growth — ww.addison.com Relations department. w facts of life in the commodity space overall — ​are relevant in ag and food as well. www.bunge.com Design by Addison by Design 2015 Bunge Annual Report 1 We saw these headwinds materialize in multiple ways during the year. Slow farmer selling and spot buying by customers pressured margins in softseed crush and our U.S. grain business. Food & Ingredients (F&I) faced RETURN ON a nearly 4 percent drop in Brazilian GDP that impacted INVESTED CAPITAL2 consumer spending. Although we battled headwinds, we capitalized on Adjusted for certain gains & charges opportunities. Bunge’s strong agribusiness position in Adjusted for certain gains & charges Brazil enabled us to serve farmers who commercialized and excludes S&B segment large volumes of crops and conduct an impressive export program. Agribusiness volumes in Brazil rose by $1,291M 10.0% 4 percent.$1,206M We$1,229M also leveraged good structural soy crush margins in the U.S. and Europe, and stepped up 8.4% 8.3% activity in Argentina as that country began to reform 6.6% its agricultural policies. Teams around the world secured hard-won performance improvements, including better China crushing results and solid profitability in sugarcane milling. While our view on the milling operation’s 2013 2014 2015 2014 2015 long-term place in Bunge’s portfolio has not changed, the business has fundamentally improved and we are in a better position to realize maximum value moving forward. Weakness in the Brazilian economy will continue to pressure F&I earnings in the country, and slow farmer selling will persist in some markets, especially the TOTAL SEGMENT EBIT, 2,3 northern hemisphere. But there are a number of ADJUSTED positive trends in evidence around the world. The (US $) combination of these trends and Bunge’s strong positions gives us optimism about earnings growth and continued excellent returns. Global demand for our core Agribusiness products continues to grow, and South America, Bunge’s largest $1,291M 10.0% region, will lead the market, with big crops, large $1,206M $1,229M export flows and strong margins. Our food business 8.4% 8.3% will continue to grow in North America, Europe and 6.6% Asia, benefiting from leaner operations, consumer- driven innovation and tighter working relationships with key customers. Fertilizer should benefit as Argentine farmers commercialize stocks and invest in inputs. In Sugar, the market outlook is constructive. We are entering a period of declining stocks and 2013 2014 2015 2014 2015 the broader Brazilian industry, after several years of 2 2015 Bunge Annual Report struggles, is unlikely to respond with quick supply increases. This should provide attractive margins for our milling business. CHINA SOYBEAN IMPORTS (million metric tons) Realizing Earnings Potential Looking further ahead, we see a clear path to realizing our earnings potential. 109 95 Market trends and improvements will play a role. 81 The biggest part of our business is soy crushing, and the fundamentals in that sector are trending positive. Demand for meal and oil is growing and crush utilization rates are improving. The market is steadily cutting into overcapacity, and margins should improve as a result. With over 40 million tons of soy crush capacity, 2015 2020 2025 Source: USDA GROWING GLOBAL CONSUMPTION every incremental dollar of margin is a significant (indexed) benefit to Bunge. At the same time, global trade in Soybeans grains and oilseeds continues to grow, and Bunge Veg Oil will benefit thanks to our well balanced and highly Corn efficient footprint. A return to more normal conditions Wheat in Brazil foods and U.S. grains will result in bottom line improvements from a streamlined asset base. 130 Most important, however, will be what we control ourselves, and here I have tremendous confidence. 120 We have an outstanding team that has proven its ability to manage a variety of market environments. 110 We are focused on the right things and have made measurable progress across all of our strategic pillars. Our balance sheet is the strongest it has ever been 100 and will enable us to move quickly when opportunities 17 2014 2015 2016 20 2018 2019 2020 2021 2022 2023 2024 arise. In 2015, we conducted a successful $500 million bond offering and saw our credit ratings improve. We now have BBB or equivalent ratings with a stable Source: USDA, FAO outlook from Fitch, Moody’s and S&P. 2015 Bunge Annual Report 3 In total, Bunge is strategically, operationally and financially rock solid, well prepared for the future and committed to another year of progress in our safety, best in class, winning footprint and right INJURY RATES balance strategies. (per 200,000 hours worked) HPE Fatal & Lost Time Steady Total Lost Time Strategic Progress 0.17 Safety Our goal is a zero-incident culture. Our strategy involves the application of best-in-class practices in critical areas, especially the control or elimination of the five High Potential Exposures (HPEs) that account 0.04 for the majority of serious injuries in our operations. It’s a continuous journey that is not free of setbacks, but in 2015, we made progress, reflected in a 34 percent reduction in HPE lost-time incidents and a 17 percent reduction in total lost-time incidents. Our approach to HPEs is anchored in our global Teams produced gains at nearly every point of our safety campaign, Stand for Safety, which empowers integrated value chain—from industrial efficiency employees worldwide with awareness and prevention and product quality enhancements in processing tools they can use on the job, and requires supervisors and packaging, through logistics, to downstream to coach, train and engage frequently with their teams. supply chain management and pricing. Following We have expanded the program to include new best-in-class principles, approaches pioneered in training modules and supervisor led toolbox talks, and one part of the business are spreading to other will extend it further in 2016. Highlights will include operations. The Bunge Management Operating additional awareness and training efforts, investment System, a manufacturing excellence methodology in physical assets and improvements to safety process first introduced in F&I oil facilities and then applied standards in critical areas, such as driving, combustible in corn and wheat mills, is now being rolled out in dust management and work at height. crushing plants and refineries. And the Facility Analysis Best in Class Program (FAP) is moving beyond soy processing and into F&I. In FAP alone, we have identified more than 1,000 improvement opportunities at 23 plants The focus on Best in Class has spread throughout in eight countries. Over the next 15 months, the all of our operations. Enhanced analytics, optimized program is targeting 15 refineries with the largest assets and improved processes generated over financial opportunities. $100 million in savings in 2015, with contributions from each segment. We are on track to reach our 2017 savings targets. 4 2015 Bunge Annual Report Winning Footprint Argentina, we have successfully built an F&I franchise, with packaged and bottled oils, oilseed derived Bunge’s existing footprint is strongest in the world’s ingredients, and wheat and rice products for domestic most important regions, and we continue to pursue and export customers, where we previously had only efficiency improvements in established regions and an Agribusiness value chain.
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