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## Dear Shareholders, 

2004 was yet another outstanding year for Bunge. We earned $469 million, which represents a 56 percent increase over 2003, if you exclude that year’s gain on the sale of our soy ingredients business. We also created signifi cant value for our shareholders. Return on shareholders’ equity was a solid 16 percent; return on invested capital was 11 percent, well beyond our goal of two points over weighted average cost of capital; and our quarterly dividend increased by 18 percent. 

We performed well despite a challenging industry landscape. 2004 was a volatile year. A short crop in the United States caused big price swings for soybeans. Ocean freight rates moved dramatically. Trade with China suffered from disruptions; 

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and issues, including Asian rust, trans fats and biotechnology, continued to infl uence the industry. 

With few exceptions, it was a strong year across the company. Our fertilizer division performed particularly well; our Canadian businesses posted outstanding results; and our risk manage- ment and ocean freight functions navigated through the year with expertise. 

Our unique operating model contributed greatly to our overall performance. Our integrated and balanced operations enabled us to capture value at numerous points on the food production chain and generate earnings across geographies and products. 

