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on ALL trains for the next two decades. ALL will leverage these volume commitments to acquire new rolling stock. By 2010, ALL trains will carry more than 13 million tons of Bunge products, up from around five million in 2004. 

The results are lower costs and improved reliability for Bunge, farmers and customers, as well as a better rail network for southern Brazil. 

Ports are also key. This is especially true in Argentina, which exports more than 90 percent of its soy products. Because its agricultural production areas are close to major waterways, the country is a natural exporter. The addition of large, effi cient 

port terminals accentuates this advantage. 

In 2004, Bunge began construction on a high-volume export terminal and storage facility in the town of Ramallo. The facility will handle grains, soybean meal and soybean oil from the underserved Buenos Aires province. Although Buenos Aires produces 35 percent of Argentina’s agricultural output, only fi ve percent is loaded there. The addition of Bunge’s Ramallo facility will improve the effi ciency of our agribusiness operations, boost the province’s export capabilities and provide economic benefi ts to Ramallo itself, a town of only 10,000 residents. 

