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Our decentralized organization, common mission and shared values of openness, trust and teamwork kept us agile and responsive to opportunities. 

Most important, however, was our team. Bunge is comprised of a superb group of talented individuals. Their hard work was, and is, responsible for our success. 

Refi ning Bunge’s operating model is one of the four parts of our global strategy. The other parts are positioning the company for growth, focusing relentlessly on effi ciency, and improving customer service and quality. We continued to implement each in 2004. 

We spent a record $437 million in capital expenditures last year. Much of this was dedicated to building our business in promising growth markets. A number of investments were directed toward Bunge’s expansion in Eastern Europe, which will improve our geographic balance and position us in a growing market for both origination and consumption. 

We also ramped up the activities of our global productivity initiatives and formed a number of strategic partnerships that will provide growth opportunities and improve Bunge’s effi ciency, customer service and product quality. 

We work hard to be a good partner with companies, customers, employees and others. Partnerships help us access new markets, technologies and skills, and produce benefi ts for our communities. This year’s annual report highlights some of the many ways Bunge partners to create value. 

Our 2004 results strengthen our belief that Bunge’s strategy is on target. As shareholders, you can expect us to continue to pursue it. 

In 2005, look for Bunge to make additional investments in key growth markets. Our industry benefi ts from healthy, organic growth rates, but we intend to outpace them. Also expect continued focus on improving effi ciency, quality and service. We made progress in these areas in 2004, but recognize that we can do more. Lastly, expect us to stay true to the operating model that has been instrumental to our success. 

If we do these things well, 2005 should bring excellent results for Bunge and additional value for our shareholders. 

As always, we thank you for the confidence you have placed in us. 

Sincerely, 

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