2019 Annual Report A LETTER FROM GREGORY A. HECKMAN, CEO 2019 was a year of change and progress at Bunge. We began the year by establishing our strategic priorities of driving operational performance, optimizing our portfolio, and improving our fi nancial discipline. Guided by these priorities, we successfully navigated a challenging and complex external environment marked by trade disputes, livestock disease in major demand destinations, as well as a late U.S. harvest. In addition to these external factors, we also implemented signifi cant internal improvements. These improvements began by solidifying our executive ranks, incorporating new leadership into a realigned team with proven track records. This team has created a renewed sense of purpose in driving accountability and in impacting progress across our strategic priorities: Driving operational performance In May 2019, we began the shift away from a regional, matrix-based structure to a global operating model built around value chains. When completed, this model will simplify the organization and speed up decision-making, thereby increasing our operating and strategic fl exibility, customer focus, and accountability. This model will also align employee incentives to the whole of Bunge, rather than to the parts. We also relocated our global headquarters to St. Louis in order to increase effi ciency, collaboration and shared insights. We ended 2019 with strong operational performance. We achieved a fi ve-year best in oilseed crush and capacity utilization rates — and in realizing the lowest industrial unit costs across our soy and sunseed crushing operations. These improvements helped us weather the challenging markets and opportunistically capture more margin. In May 2019, we began the shift away from a regional, matrix-based structure to a global operating model built around value chains. Optimizing our portfolio We continue to examine all ways to get the most out of our global platform, investments, and resources. In 2019, we contributed our sugar and bioenergy assets in Brazil to a new 50-50 joint venture with BP, creating the second largest operator as measured by eff ective crushing capacity in the 2019 Bunge Annual Report | 1 Brazilian bioethanol market. We have a strong partner in BP, and we have retained flexibility for further future monetization. This transaction also enabled us to decrease our leverage with the $775 million of cash proceeds received at closing. We announced an agreement to sell our margarine and mayonnaise assets in Brazil, and completed the sale of our stake in a U.S. ethanol business. We also completed a number of smaller transactions, selling several idled grain facilities in Eastern Europe and two idled wheat milling sites in Brazil. Finally, we optimized our South American grain footprint to improve capacity utilization by closing several other grain facilities. We made solid progress in 2019, but our work on this front continues. Improving our financial discipline and rigor We identified and captured cost savings opportunities in 2019, including achieving approximately $50 million in savings from our previously- established Global Competitiveness Program, and are driving additional savings opportunities from our more recent portfolio and operating model changes. As always, we continue to reduce costs and increase efficiency without impacting the quality and safety standards that are hallmarks of Bunge. We improved our approach to risk management, focusing on taking the appropriate level of risk given the earnings power of Bunge and the environment we are operating within. Finally, we remain committed to a disciplined capital allocation strategy, ensuring that all capital deployment decisions are the result of a deliberate and thorough process driven by in-depth analysis and stress testing on the front end, as well as performing rigorous post-project reviews. Throughout this period of change, our core focus remains on connecting farmers and consumers globally. We recognize that Bunge’s leadership position is not just the result of our global platform and scale, but also a result of relationships and the trust our team has built over two centuries. This trust is reinforced by a steadfast commitment to safety, sustainability, and corporate responsibility. Throughout this period of change, our core focus remains on connecting farmers and consumers globally. When you look at our footprint, it’s easy to see why Bunge leads the way. Today, our unparalleled global portfolio of grain facilities, port terminals, processing and refining plants, and bottling and packaging facilities ensures that food and feed products move safely and efficiently from where they’re grown and processed to where they’re needed. We work closely with our customers, providing them with high quality raw and processed products and collaborate with them in developing tailored solutions and creating innovative food and ingredients. 2019 Bunge Annual Report | 2 With Bunge Ventures, we are actively working to fi nd and support innovative companies making cutting-edge advances in various areas of our business, including in plant and animal-based proteins — as evidenced by our early investment in Beyond Meat. Throughout 2019, Bunge continued to integrate sustainability across every level of our value chains. During a time when the linkages between climate change and food security are more apparent than ever, we are committed to doing our part and using our scale and infl uence to help lead the industry forward. We believe that the sector in which we operate positions us to unite actions across the food value chain to future-proof our food system. To achieve this and meet the challenges of the 21st century, we have defi ned sustainability goals — incorporating activities and commitments that will enable robust action on climate change, promote responsible supply chains, and ensure accountability for all that we do. For example, in December 2019, we entered into a sustainability-linked $1.75 billion revolving credit facility that ties the interest rate to our performance across fi ve sustainability targets. These targets highlight and measure Bunge’s continued advancement of initiatives across reducing greenhouse gases, increasing the traceability of agricultural commodities, and supporting increasing levels of the adoption of sustainable practices across the wider soybean and palm supply chains. Sustainability is ingrained in our culture and governance — and importantly, backed by the actions of our colleagues around the world. During 2020, we will continue our work to further improve industrial operations and streamline our business, while also continuing to actively provide innovative solutions to support our customer’s needs, helping them meet their business goals and diff erentiate them in the marketplace. Following the anticipated completion of our new operating model and our disciplined approach to risk management, we will be in a better position to quickly adjust to changing market dynamics and maximize the earnings potential of our global platform. We have strong momentum and have built a solid foundation for success. Around the world, our almost 25,000 employees have proven their ability to execute in a rapidly-changing environment, and we are well positioned to deliver signifi cant value to all of our stakeholders as we move through 2020 and beyond. I am extremely proud of the entire Bunge team for all we have accomplished over the past year. While we have made signifi cant headway, we still have more to do. We look forward to continuing to demonstrate our progress and are thankful to all our shareholders for their continued support. Sincerely, Gregory A. Heckman Chief Executive Offi cer 2019 Bunge Annual Report | 3 (This page has been left blank intentionally.) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K ࠚ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 Or Ⅺ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-16625 29MAR201300314706 BUNGE LIMITED (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Bermuda (I.R.S. Employer Identification No.) 98-0231912 (Address of principal executive offices) 1391 Timberlake Manor Parkway St. Louis Missouri (Zip Code) 63017 (Registrant’s telephone number, including area code) (314) 292-2000 Securities registered pursuant to Section 12(b) of the Act: Title of each class Common Shares, $0.01 par value per share Trading Symbol(s) BG Name of each exchange on which registered New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ࠚ No Ⅺ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Securities Act. Yes Ⅺ No ࠚ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ࠚ No Ⅺ Indicate by check mark whether the registrant has submitted electronically every