Bunge Limited (BG) ARS 2015 FY Annual report to shareholders

 2015 Annual Report Solid Performance. Strategic Progress. Bunge 2015 Annual Report

 $152m EVA 1 Dear Shareholders: Insisting on a zero-incident safety culture. Driving productivity gains. Investing to optimize an outstanding global asset network. Building value-added businesses. At Bunge, these are our unwavering priorities and, we believe, the right ones for today’s market and for the future. Hard work over the past several years has resulted in a safer workplace, stronger operations and intrinsic value creation. We stand on a strong foundation, well positioned to generate higher earnings and maintain excellent returns in the coming years. A Year of Milestones 2015 was a year of many milestones. We had fewer serious safety incidents, improved returns and a record EBIT performance in Agribusiness. We drove productivity savings and returned capital to shareholders as part of a balanced allocation framework. These were notable achievements, considering the challenging environment. Issues of oversupply, emerging market volatility and weaker GDP growth — facts of life in the commodity space overall — are relevant in ag and food as well. $100m in productivity improvements $300M $249M CAPITAL RETURNED TO SHAREHOLDERS IN 2015 Share Repurchases Dividends

 2015 Bunge Annual Report 1 2014 8.4% 6.6% 2015 10.0% 8.3% $1,291M $1,206M $1,229M 2013 2014 2015 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 a nearly 4 percent drop in Brazilian GDP that impacted consumer spending. Although we battled headwinds, we capitalized on opportunities. Bunge’s strong agribusiness position in Brazil enabled us to serve farmers who commercialized large volumes of crops and conduct an impressive export program. Agribusiness volumes in Brazil rose by 4 percent. We also leveraged good structural soy crush margins in the U.S. and Europe, and stepped up activity in Argentina as that country began to reform 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 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 northern hemisphere. But there are a number of positive trends in evidence around the world. The 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 region, will lead the market, with big crops, large export flows and strong margins. Our food business will continue to grow in North America, Europe and Asia, benefiting from leaner operations, consumerdriven 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 the broader Brazilian industry, after several years of $1,291M $1,206M $1,229M 2013 2014 2015 TOTAL SEGMENT EBIT, ADJUSTED 2,3 (US $) RETURN ON INVESTED CAPITAL2 Adjusted for certain gains & charges Adjusted for certain gains & charges and excludes S&B segment

 2 2015 Bunge Annual Report every incremental dollar of margin is a significant benefit to Bunge. At the same time, global trade in grains and oilseeds continues to grow, and Bunge will benefit thanks to our well balanced and highly efficient footprint. A return to more normal conditions in Brazil foods and U.S. grains will result in bottom line improvements from a streamlined asset base. Most important, however, will be what we control ourselves, and here I have tremendous confidence. We have an outstanding team that has proven its ability to manage a variety of market environments. 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 and will enable us to move quickly when opportunities 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 outlook from Fitch, Moody’s and S&P. struggles, is unlikely to respond with quick supply increases. This should provide attractive margins for our milling business. Realizing Earnings Potential Looking further ahead, we see a clear path to realizing our earnings potential. Market trends and improvements will play a role. 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, Source: USDA 2015 2020 2025 81 95 109 CHINA SOYBEAN IMPORTS (million metric tons) Source: USDA, FAO 100 110 120 130 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 GROWING GLOBAL CONSUMPTION (indexed) Soybeans Veg Oil Corn Wheat

 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 balance strategies. Steady Strategic Progress 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 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 safety campaign, Stand for Safety, which empowers employees worldwide with awareness and prevention tools they can use on the job, and requires supervisors to coach, train and engage frequently with their teams. We have expanded the program to include new training modules and supervisor led toolbox talks, and will extend it further in 2016. Highlights will include additional awareness and training efforts, investment in physical assets and improvements to safety process standards in critical areas, such as driving, combustible dust management and work at height. Best in Class The focus on Best in Class has spread throughout all of our operations. Enhanced analytics, optimized assets and improved processes generated over $100 million in savings in 2015, with contributions from each segment. We are on track to reach our 2017 savings targets. Teams produced gains at nearly every point of our integrated value chain—from industrial efficiency and product quality enhancements in processing and packaging, through logistics, to downstream supply chain management and pricing. Following best-in-class principles, approaches pioneered in one part of the business are spreading to other operations. The Bunge Management Operating System, a manufacturing excellence methodology first introduced in F&I oil facilities and then applied in corn and wheat mills, is now being rolled out in crushing plants and refineries. And the Facility Analysis 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 in eight countries. Over the next 15 months, the program is targeting 15 refineries with the largest financial opportunities. 0.04 0.17 INJURY RATES (per 200,000 hours worked) HPE Fatal & Lost Time Total Lost Time

 4 2015 Bunge Annual Report Argentina, we have successfully built an F&I franchise, with packaged and bottled oils, oilseed derived ingredients, and wheat and rice products for domestic and export customers, where we previously had only an Agribusiness value chain. EBIT in Argentine F&I has grown by over four times in the past five years. The acquisitions of Whole Harvest Foods and Heartland Harvest in the U.S. show how we are acquiring new capabilities, including expeller pressing, new refining technology and a broader milled ingredient portfolio, through bolt-on acquisitions. Our joint venture with TerraVia, formerly Solazyme, has a promising pipeline of algae-based oil and ingredient products. A Diverse, Multicultural Team The ultimate foundation of the Company is our team, and we have an outstanding one. For Bunge, being a diverse, multicultural team is both part of our DNA and a conscious choice that we pursue with energy and passion. A key behavior we promote among our colleagues is to “be an owner.” We expect much of each other and demand more of ourselves; show the courage of our convictions and applaud it in our colleagues; insist on clarity and accountability, and deliver both at all times. We will continue to imbue the concept of ownership throughout the Company and develop the next generation of leaders by reinvigorating our longstanding development programs and investing in new HR and learning management systems. Winning Footprint Bunge’s existing footprint is strongest in the world’s most important regions, and we continue to pursue efficiency improvements in established regions and expansion in high growth areas. We are taking many of these steps through partnerships to reduce capital requirements and unlock additional capabilities. In 2015, we formed a joint venture with the Saudi Agricultural and Livestock Investment Co., and together invested in CWB and established G3, a Canadian export oriented grain company. The combination of Bunge’s existing Canadian grain operations and CWB’s network of interior origination assets creates a strong new competitor in the country. That partnership and a revitalized export terminal in New Orleans — renovation of which is currently underway — provide more efficient conduits for North American export flows. We are executing a similar strategy in Brazil, via our northern export corridor assets. A new, co-located crushing facility at our expanded export terminal in Nikolayev, Ukraine will expand our export program in the Black Sea region, which is an area of critical growth in grain and sunoil exports. Right Balance A winning footprint is not related just to Agribusiness. The 2015 addition of the Pacífico wheat mill, which will replace two older Bunge facilities, secures a leading position in the São Paulo market, Brazil’s largest, with a higher efficiency asset. It is an example of how we are strengthening a profitable, core F&I business, and how our four strategic pillars complement each other to create an effective approach. Our goal is to build a business portfolio in which value-added operations account for 35 percent of EBIT. In addition to moves like the Pacífico acquisition, we are extending our value chain into new markets. In

2015 Bunge Annual Report 5 Stewardship of the Value Chain Our sense of ownership encompasses the entire value chain, from farm to table. It is a view that has motivated our decade long commitment to sustainability, a journey in which we have demonstrated leadership in the form of the Soy Moratorium in Brazil, engaged with other value chain participants in multi-stakeholder groups like Field to Market and Bonsucro, and set and achieved progressively more ambitious goals to shrink the GHG, water and waste footprints of our own operations. A recent highlight was the recognition of Bunge by EXAME magazine as the most sustainable company in Brazil. It was a great and deserved honor that is a testament to the hard work and leadership of our Brazil team, owners all. We’re increasing our pace of change and depth of commitment in three key areas: building 21st Century value chains, integrating sustainability more fully into our long-term strategy and governance, and increasing our transparency and advocacy. In 2015 we became a signatory to the CEO Water Mandate, a UN-sponsored effort to address critical issues of water scarcity and human rights; issued a commitment to zero-deforestation supply chains; and, in partnership with TFT, worked to implement our 2014 palm oil sourcing policy. In Q4 2015, approximately 67 percent of our global palm oil volumes were traceable to the mill level. By the end of this year we also expect to issue a plan for the implementation of our zero-deforestation commitment. Building on a Strong Foundation Many commodity cycles have occurred in the past 200 years — a lot of highs and lows — and Bunge has navigated them all with a long-term perspective, a sense of ownership and an entrepreneurial spirit. Looking forward we are confident that our outstanding team will build on our strong foundation and, with the courage of convictions born of two centuries of experience, deliver for shareholders, customers and society. Soren Schroder CEO, Bunge Limited

6 2015 Bunge Annual Report Total Segment EBIT Reconciliation Year Ended December 31 (US $ in millions) 2013 2014 2015 Total segment EBIT, adjusted $1,291 $1,206 $1,229 Certain gains & charges 38 (250) 19 Interest income 76 87 43 Interest expense (363) (347) (258) Income tax expense (904) (249) (296) Income from discontinued operations, net of tax 97 32 35 Noncontrolling interests’ share of interest and tax 71 36 19 Net income attributable to Bunge $ 306 $ 515 $ 791 ROIC Reconciliation Year Ended December 31 (US $ in millions) 2013 2014 2015 Excludes certain gains & charges Excludes certain gains & charges and Sugar & Bioenergy Excludes certain gains & charges Excludes certain gains & charges and Sugar & Bioenergy Excludes certain gains & charges Excludes certain gains & charges and Sugar & Bioenergy Income from continuing operations before income tax $ 1,014 $ 1,014 $ 734 $ 734 $ 1,051 $1,051 Interest expense 363 363 347 347 258 258 Certain gains & charges (38) (38) 250 250 (19) (19) Sugar & Bioenergy EBIT – 34 – 35 – 22 Operating income before income tax $ 1,339 $ 1,373 $ 1,331 $ 1,366 $ 1,290 $1,312 Tax Rate 30% 30% 28% 26% 27% 26% Return $ 944 $ 968 $ 965 $ 1,011 $ 946 $ 976 Average total capital4 $16,179 $13,145 $14,639 $12,058 $11,344 $9,794 ROIC 5.8% 7.4% 6.6% 8.4% 8.3% 10.0% 1. The Company calculates economic value added (EVA) by comparing Bunge’s return on invested capital (ROIC) to its weighted average cost of capital multiplied by invested capital, based on a four-quarter average. EVA and ROIC are non-GAAP financial measures. 2. Total segment earnings before interest and tax (“EBIT”) and return on invested capital (“ROIC”) are non-GAAP financial measures. Reconciliations to the most directly comparable U.S. GAAP financial measures are presented above. 3. Excludes discontinued operations and adjusted for certain gains & charges. 4. Trailing four-quarter average of total equity plus total debt. 29MAR201300314706

 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K _ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2015 or _ 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 BUNGE LIMITED (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Bermuda (IRS Employer Identification No.) 98-0231912 (Address of principal executive offices) 50 Main Street White Plains, New York USA (Zip Code) 10606 (Registrant’s telephone number, including area code) (914) 684-2800 Securities registered pursuant to Section 12(b) of the Act: Title of each class Common Shares, par value $.01 per share 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 _ No _ 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 _ No _ 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 _ No _ Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes _ No _ Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. _ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of ‘‘large accelerated filer,’’ ‘‘accelerated filer,’’ and ‘‘smaller reporting company’’ in Rule 12b-2 of the Exchange Act: Large Accelerated filer _ Accelerated filer _ Non-accelerated filer _ (do not check if a smaller reporting company) Smaller reporting company _ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes _ No _ The aggregate market value of registrant’s common shares held by non-affiliates, based upon the closing price of our common shares on the last business day of the registrant’s most recently completed second fiscal quarter, June 30, 2015, as reported by the New York Stock Exchange, was approximately $12,561 million. Common shares held by executive officers and directors and persons who own 10% or more of the issued and outstanding common shares have been excluded since such persons may be deemed affiliates. This determination of affiliate status is not a determination for any other purpose. As of February 19, 2016, 140,979,440 Common Shares, par value $.01 per share, were issued and outstanding. DOCUMENTS INCORPORATED BY REFERENCE Portions of the proxy statement for the 2016 Annual General Meeting of Shareholders to be held on May 25, 2016 are incorporated by reference into Part III.

 TABLE OF CONTENTS PAGE PART I Item 1. Business 1 Item 1A. Risk Factors. 8 Item 1B. Unresolved Staff Comments. . 15 Item 2. Properties 15 Item 3. Legal Proceedings 16 Item 4. Mine Safety Disclosures 16 PART II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.. 17 Item 6. Selected Financial Data . 19 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations. . 20 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 40 Item 8. Financial Statements and Supplementary Data. 43 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 43 Item 9A. Controls and Procedures. 43 Item 9B. Other Information . 47 PART III Item 10. Directors, Executive Officers, and Corporate Governance. . 47 Item 11. Executive Compensation 47 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.. 47 Item 13. Certain Relationships and Related Transactions, and Director Independence 47 Item 14. Principal Accounting Fees and Services 47 PART IV Item 15. Exhibits, Financial Statement Schedules 48 Schedule II – Valuation and Qualifying Accounts. . E-1 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS F-1 SIGNATURES. S-1 2015 Bunge Annual Report i

CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS The Private Securities Litigation Reform Act of 1995 provides a improvement, operational excellence and other business ‘‘safe harbor’’ for forward looking statements to encourage optimization initiatives; companies to provide prospective information to investors. This Annual Report on Form 10-K includes forward looking • industry conditions, including fluctuations in supply, demand statements that reflect our current expectations and projections and prices for agricultural commodities and other raw about our future results, performance, prospects and materials and products that we sell and use in our business, opportunities. Forward looking statements include all fluctuations in energy and freight costs and competitive statements that are not historical in nature. We have tried to developments in our industries; identify these forward looking statements by using words including ‘‘may,’’ ‘‘will,’’ ‘‘should,’’ ‘‘could,’’ ‘‘expect,’’ ‘‘anticipate,’’ • weather conditions and the impact of crop and animal ‘‘believe,’’ ‘‘plan,’’ ‘‘intend,’’ ‘‘estimate,’’ ‘‘continue’’ and similar disease on our business; expressions. These forward looking statements are subject to a number of risks, uncertainties, assumptions and other factors • global and regional economic, agricultural, financial and that could cause our actual results, performance, prospects or commodities market, political, social and health conditions; opportunities to differ materially from those expressed in, or • our ability to remediate the reported material weakness in implied by, these forward looking statements. These factors our internal control over financial reporting; include the risks, uncertainties, trends and other factors discussed under the headings ‘‘Item 1A. Risk Factors,’’ as well • operational risks, including industrial accidents and natural as ‘‘Item 1. Business,’’ ‘‘Item 7. Management’s Discussion and disasters; and Analysis of Financial Condition and Results of Operations,’’ and elsewhere in this Annual Report on Form 10-K, including: • other factors affecting our business generally. • changes in governmental policies and laws affecting our In light of these risks, uncertainties and assumptions, you business, including agricultural and trade policies and should not place undue reliance on any forward looking environmental, tax and biofuels regulation; statements contained in this Annual Report on Form 10-K. Additional risks that we may currently deem immaterial or that • our funding needs and financing sources; are not presently known to us could also cause the forward looking events discussed in this Annual Report on Form 10-K • changes in foreign exchange policy or rates; not to occur. Except as otherwise required by federal securities • the outcome of pending regulatory and legal proceedings; law, we undertake no obligation to publicly update or revise any forward looking statements, whether as a result of new • our ability to complete, integrate and benefit from information, future events, changed circumstances or any other acquisitions, divestitures, joint ventures and strategic reason after the date of this Annual Report on Form 10-K. alliances; • our ability to achieve the efficiencies, savings and other benefits anticipated from our cost reduction, margin ii 2015 Bunge Annual Report

PART I Our Sugar and Bioenergy segment produces and sells sugar and ethanol derived from sugarcane, as well as energy derived Item 1. BUSINESS from the sugar and ethanol production process, through our operations in Brazil. Our operations in this segment also References in this Annual Report on Form 10-K to ‘‘Bunge include global trading and merchandising of sugar and ethanol. Limited,’’ ‘‘Bunge,’’ ‘‘the Company,’’ ‘‘we,’’ ‘‘us’’ and ‘‘our’’ refer to Bunge Limited and its consolidated subsidiaries, unless the Our Fertilizer segment is involved in producing, blending and context otherwise indicates. distributing fertilizer products for the agricultural industry in South America, with production and blending assets and operations in Argentina and port facilities in Brazil and BUSINESS OVERVIEW Argentina. We are a leading global agribusiness and food company with integrated operations that stretch from the farm field to HISTORY AND CORPORATE INFORMATION consumer foods. We believe we are a leading: Bunge Limited is a limited liability company formed under the • global oilseed processor and producer of vegetable oils and laws of Bermuda. We are registered with the Registrar of protein meals, based on processing capacity; Companies in Bermuda under registration number EC20791. We trace our history back to 1818 when we were founded as a • global grain processor; trading company in Amsterdam, The Netherlands. We are a holding company, and substantially all of our operations are • seller of packaged vegetable oils worldwide, based on sales; conducted through our subsidiaries. Our principal executive offices and corporate headquarters are located at 50 Main • producer and seller of wheat flours and bakery mixes, dry Street, White Plains, New York, 10606, United States of America milled corn products and milled rice products in North and and our telephone number is (914) 684-2800. Our registered South America based on volume; and office is located at 2 Church Street, Hamilton, HM 11, Bermuda. • producer of sugar and ethanol in Brazil and global trader and merchandiser of sugar, based on volume. 2015 Summary Operating Highlights. In our Agribusiness segment in 2015, we continued to expand our network of We conduct our operations in five segments: Agribusiness, integrated assets. In Canada, we formed a joint venture, G3 Edible Oil Products, Milling Products, Sugar and Bioenergy and Global Grain Group (‘‘G3’’) to expand our Canadian grain Fertilizer. We refer to the Edible Oil and Milling Products business. We upgraded and expanded existing port terminals in segments collectively as our Food and Ingredients businesses. Ukraine and the U.S., as well as progressed on the Our strategy is to profitably grow our position in our core construction of oilseed processing plants in Ukraine and in Agribusiness grain and oilseed value chains, capitalizing on our Asia-Pacific. In our Food and Ingredients businesses, we key origination, logistics, processing and risk management completed the acquisitions of Moinho Pacifico, a leading wheat competencies while pursuing operational excellence. We also flour miller in Brazil, Whole Harvest Foods, a U.S. refiner and are focused on growing our value added Food & Ingredients packager of cooking oils and Heartland Harvest, a U.S. businesses so that over time they represent a more significant producer of die cut pellets made from a variety of starches percentage of our earnings. used to make products for the snack food industry. We also made progress on the construction of a new wheat mill in Rio Our Agribusiness segment is an integrated, global business de Janeiro state, Brazil. In our Sugar and Bioenergy segment, principally involved in the purchase, storage, transport, our sugarcane milling operations benefitted from improved processing and sale of agricultural commodities and market conditions, as well as lower costs and greater efficiency commodity products. Our Agribusiness operations and assets due to our performance improvement initiatives. are located in North and South America, Europe and Asia-Pacific, and we have merchandising and distribution AGRIBUSINESS offices throughout the world. Overview. Our Agribusiness segment is an integrated, global Our Food and Ingredients businesses, which consist of two business involved in the purchase, storage, transport, reportable business segments: Edible Oil Products and Milling processing and sale of agricultural commodities and Products, include businesses that produce and sell edible oil commodity products while managing risk across various based products, including vegetable oils, shortenings, product lines. The principal agricultural commodities that we margarines and mayonnaise and milled grain products such as handle in this segment are oilseeds, primarily soybeans, wheat flours, bakery mixes, corn-based products and rice. The rapeseed, canola and sunflower seed, and grains, primarily operations and assets of our Edible Oil Products segment are wheat and corn. We process oilseeds into vegetable oils and located in North and South America, Europe and Asia-Pacific protein meals, principally for the food, animal feed and and the operations and assets of our Milling Products segment biodiesel industries, through a global network of facilities. Our are located in North and South America. footprint is well balanced, with approximately 36% of our 2015 Bunge Annual Report 1

 processing capacity located in South America, 29% in North weather, government programs and policies and farmer America, 20% in Europe and 15% in Asia-Pacific. planting decisions, our operations in major crop growing regions globally have enabled us to source adequate raw Customers. We sell agricultural commodities and processed materials for our operational needs. commodity products to customers throughout the world. The principal purchasers of our oilseeds, grains and oilseed meal Competition. Due to their commodity nature, markets for our are animal feed manufacturers, livestock producers, wheat and products are highly competitive and subject to product corn millers and other oilseed processors. As a result, our substitution. Competition is principally based on price, quality, agribusiness operations generally benefit from global demand product and service offerings and geographic location. Major for protein, primarily for poultry and pork products. The competitors include but are not limited to: The Archer Daniels principal purchasers of the unrefined vegetable oils produced Midland Co. (‘‘ADM’’), Cargill Incorporated (‘‘Cargill’’), Louis in this segment are our own Food and Ingredients businesses Dreyfus Group, Glencore International PLC and large regional and third-party edible oil processing companies, which use companies such as Wilmar International Limited and China these oils as raw materials in the production of edible oil National Cereals and Oils and Foodstuffs Corporation Limited products for the food service, food processor and retail (‘‘COFCO’’) largely in Asia-Pacific. markets. In addition, we sell oil products for various non-food uses, including industrial applications and the production of FOOD AND INGREDIENTS biodiesel. Overview. Our Food and Ingredients businesses include two Distribution and Logistics. We have developed an extensive reportable business segments: Edible Oil Products and Milling global logistics network to transport our products, including Products. We primarily sell our products to three customer trucks, railcars, river barges and ocean freight vessels. Typically, types or market channels: food processors, food service we either lease the transportation assets or contract with third companies and retail outlets. The principal raw materials used parties for these services. To better serve our customer base in our Food and Ingredients businesses are various crude and and develop our global distribution and logistics capabilities, further processed vegetable oils in our Edible Oil Products we own or operate either directly or through joint venture segment, and wheat, corn and rice in our Milling Products arrangements, various port terminal facilities globally, including segment. These raw materials are agricultural commodities that in Brazil, Argentina, the United States, Canada, Russia, Ukraine, we either produce or purchase from third parties. We seek to Poland, Vietnam and Australia. realize synergies between our Food and Ingredients and Agribusiness operations through our raw material procurement Financial Services and Activities. We also offer various financial activities and co-location of industrial facilities, enabling us to services, principally trade structured finance and financial risk benefit from being an integrated, global enterprise. management services for customers and other third parties. Our trade structured finance operations leverage our international trade flows to generate trade finance derived Edible Oil Products liquidity in emerging markets for customers and other third Products. Our edible oil products include packaged and bulk parties. Our financial risk management services include oils, shortenings, margarines, mayonnaise and other products structuring and marketing over-the-counter (‘‘OTC’’) risk derived from the vegetable oil refining process. We primarily management products to enable agricultural producers and use soybean, sunflower, rapeseed and canola oil that we end users of commodities to manage their commodity price produce in our Agribusiness segment oilseed processing risk exposures. Through our Financial Services Group we also operations as raw materials in this business. We are a leading engage in proprietary trading of foreign exchange and other seller of packaged vegetable oils worldwide, based on sales. financial instruments. Additionally, in Brazil, we provide We have edible oil refining and packaging facilities in North financing services to farmers from whom we purchase America, South America, Europe and Asia-Pacific. soybeans and other agricultural commodities. Our farmer financing activities are an integral part of our grain and oilseed In Brazil, our retail edible oil brands include Soya, the leading origination activities as they help assure the annual supply of packaged vegetable oil brand, as well as Primor and Salada. raw materials for our Brazilian agribusiness operations. We are also a leader in the Brazilian margarine market with our Other. We have minority interests in biodiesel producers in brands Delicia and Primor, as well as in mayonnaise with our Europe and South America. Additionally, we operate three Soya, Primor and Salada brands. In shortenings, we are a animal feed mills in China. These businesses are leading supplier to the food processor market. We also produce complementary to our core Agribusiness operations as in each processed tomato and other staple food products, including case we supply some of the raw materials (crude vegetable oil sauces, condiments and seasonings in Brazil under several and soybean meal) used in their production processes. brand names. Raw Materials. We purchase oilseeds and grains either directly In the United States and Canada, we offer our customers high from farmers or indirectly through intermediaries. Although the quality solutions to fit their goals, such as reducing trans-fats availability and price of agricultural commodities may, in any or lowering saturated fats. Our products include Nutra-Clear NT given year, be affected by unpredictable factors such as Ultra, a high oleic canola oil that is trans-fat free and low in saturated fats and Pro-Formance NT, a high oleic soybean oil 2 2015 Bunge Annual Report

 that is highly stable and trans-fat free. We have also developed Our brands in Brazil include Suprema, Soberana, Primor and proprietary fiber addition processes that allow bakery and food Predileta wheat flours and Gradina, and Pre-Mescla bakery processor customers to achieve significant reductions in premixes. Our wheat flour and bakery mix brands in Mexico saturated fats in shortenings. We also offer expeller pressed include Espiga, Esponja, Francesera, Chulita, Galletera and and physically refined oils to food service customers under the Pastelera. Our corn milling products consist primarily of brand Whole Harvest and also produce margarines and buttery dry-milled corn meals, flours and flaking and brewer’s grits, as spreads, including our leading brand Country Premium, for food well as soy-fortified corn meal, corn-soy blend and other service, food processor and retail private label customers. similar products. As part of our corn portfolio we also sell whole grain and fiber ingredients. In the U.S., we have most In Europe, we are a leader in consumer packaged vegetable recently added ancient grains, such as quinoa and millet to our oils, which are sold in various geographies under brand names portfolio. We have also introduced a range of extruded including Venusz, Floriol, Kujawski, Olek, Unisol, Ideal, Oleina, products that include die cut pellets for the snack food Maslenitsa, Oliwier, Salat and Rozumnitsa, and a leader in industry. We mill and sell bulk and packaged rice in the United margarines, including our brand names Smakowita, Maslo States and also sell branded rice in Brazil under the Primor Rosline, Masmix, Optima, Deli Reform, Keiju, Evesol, Linco, brand. Gottgott, Suvela and Finuu. Most recently, we have introduced Optima margarine with DHA for consumers interested in Customers. The primary customers for our wheat milling adding omega-3 fatty acids to their diets. Additionally, we have products are food processing, bakery and food service introduced first cold pressed oils and spice & herb enhanced companies. The primary customers for our corn milling products under our Deli Reform brand. products are companies in the food processing sector, such as cereal, snack, bakery and brewing companies, as well as the In India, our brands include Dalda, Ginni and Chambal in edible U.S. Government for humanitarian assistance programs. Our oils; Dalda and Gagan in vanaspati; and Masterline in rice milling business sells to customers in the food service and professional bakery fats. In China, our edible oil brand is Dou food processing channels, as well as for export markets. Wei Jia. Competition. Competition is based on a variety of factors, Customers. Our customers include baked goods companies, including price, raw material procurement, brand recognition, snack food producers, restaurant chains, food service product quality, nutritional profile, dietary trends and distributors and other food manufacturers who use vegetable distribution capabilities. In Brazil, our major competitors are oils and shortenings as ingredients in their operations, as well Glencore, M. Dias Branco, J.Macedo and Moinho Anaconda, as as grocery chains, wholesalers, distributors and other retailers well as many small regional producers. Our major competitors who sell to consumers under our brand names or under private in North American corn milling include Cargill, Didion Milling labels. These customers include global and national food Company, SEMO Milling, LLC and Life Line Foods, LLC. Our processors and manufacturers, many of which are leading major competitors in our U.S. rice milling business include brand owners in their product categories. ADM and Farmers’ Rice Cooperative. Our major competitors in Mexico include Grupo Elizondo, Molinera de M ´ exico and Grupo Competition. Competition is based on a number of factors, Trimex. including price, raw material procurement, distribution capabilities and cost structure, brand recognition, product SUGAR AND BIOENERGY quality, innovation, technical support, new product introductions, composition and nutritional value and advertising Overview. We are a leading, integrated producer of sugar and and promotion. Our products may compete with widely ethanol in Brazil, and a leading global trader and merchandiser advertised, well-known, branded products, as well as private of sugar. We own and operate eight sugarcane mills in Brazil, label and customized products. In the United States and the world’s largest producer and exporter of sugar. As of Canada, our principal competitors in the Edible Oil Products December 31, 2015, our mills had a total crushing capacity of segment include ADM, Cargill, Stratas Foods LLC, Unilever NV/ approximately 21 million metric tons per year. Sugarcane, PLC (‘‘Unilever’’) and Ventura Foods LLC. In addition, in Brazil which is the raw material that we use to produce sugar and our principal competitors also include ADM, Cargill, Imcopa, ethanol, is supplied by a combination of our own plantations BRF S.A. and JBS S.A. In Europe, our principal competitors and third-party farmers. Additionally, through cogeneration include ADM, Cargill, Unilever and various local companies in facilities at our sugarcane mills, we produce electricity from the each country. burning of sugarcane bagasse (the fibrous portion of the sugarcane that remains after the extraction of sugarcane juice) Milling Products in boilers, which enables our mills to meet their energy requirements. Any surplus electricity is sold to the local grid or Products. Our Milling Products segment activities include the other large third-party users of electricity. Our trading and production and sale of a variety of wheat flours and bakery merchandising operations engage in marketing and selling mixes in Brazil and Mexico, corn-based products in the United sugar through regional marketing offices in various locations States and Mexico derived from the corn dry milling process and managing the sugar price risk for our business. and milled rice products in the United States and Brazil. 2015 Bunge Annual Report 3

 In recent years, our sugar milling business in Brazil has faced a as well as, for certain mills, between different types of sugar number of significant challenges, including adverse weather (raw and crystal) and ethanol (hydrous and anhydrous). The conditions which negatively affected the supply and quality of ability to adjust our production mix allows us to respond to the sugarcane supplied to our mills, as well as structural changes in customer demand and market prices. challenges stemming primarily from low global sugar prices, domestic cost inflation and the Brazilian government’s fuel Sugar. Our current maximum sugar production capacity is policy which for a period of time capped gasoline prices, 5,900 metric tons per day which, in a season of 5,000 hours of thereby impacting ethanol prices as well. The combination of milling, results in an annual maximum production capacity of these and other factors resulted in our decision to reduce the approximately 1.2 million metric tons of sugar. We produce two capital allocated to this business beginning in 2014, with future types of sugar: very high polarity (‘‘VHP’’) raw sugar and white investment dedicated to agricultural and industrial maintenance crystal sugar. VHP sugar is similar to the raw sugar traded on and efficiency requirements. Additionally, as previously major commodities exchanges, including the standard NY11 announced, we are continuing to explore alternatives to reduce contract, and is sold almost exclusively for export. Crystal sugar our exposure to the Brazilian sugarcane industry. However, the is a non-refined white sugar and is principally sold nature and timing of any potential outcome or transaction is domestically in Brazil. uncertain and cannot be predicted. Ethanol. Our current maximum ethanol production capacity is Raw Materials. Sugarcane is our principal raw material in this 6,200 cubic meters per day which, in a season of 5,000 hours segment, and we both produce it and procure it through of milling, results in an annual maximum production capacity third-party supply contracts. The annual harvesting cycle in of over 1.3 million cubic meters of ethanol. We produce and Brazil typically begins in late March/early April and ends in late sell two types of ethanol: hydrous and anhydrous. Hydrous November/early December. Once planted, sugarcane is ethanol is consumed directly as a transport fuel, while harvested for five to six years, but the yield decreases with anhydrous ethanol is blended with gasoline in transport fuels. each harvest over the life cycle of the cane. As a result, after this period, old sugarcane plants are typically removed and the Electricity. We generate electricity from burning sugarcane area is replanted. The quality and yield of the harvested cane bagasse in our mills. As of December 31, 2015, our total are also affected by factors such as soil quality, topography, installed cogeneration capacity was approximately 322 weather and agricultural practices. megawatts, with 131 megawatts available for resale to third parties after supplying our mills’ energy requirements, Our mills are supplied with sugarcane grown on approximately representing approximately 590,000 megawatt hours of 326,000 hectares of land. This land represents approximately electricity available for resale. 19,000 hectares of land that we own, 211,000 hectares of land Customers. The sugar we produce at our mills is sold in both that we manage under agricultural partnership arrangements the Brazilian domestic and export markets. Our domestic and 96,000 hectares of land farmed by third-party farmers. In customers are primarily in the confectionary and food 2015, approximately 62% of our total milled sugarcane came processing industries. The ethanol we produce is primarily sold from our owned or managed plantations and 38% was to customers for use in the Brazilian domestic market to meet purchased from third-party suppliers. Payments under the the demand for fuel. We also export ethanol in the international agricultural partnership agreements and third-party supply market. Our sugar trading and merchandising operations contracts are based on a formula which factors in the volume purchase and sell sugar and ethanol from our own operations of sugarcane per hectare, sucrose content of the sugarcane as well as third parties to meet international demand. and market prices for sugarcane, which are set by Consecana, the S ˜ ao Paulo state sugarcane, sugar and ethanol council. Other. We have a minority investment in a U.S. corn based ethanol production facility and a 50% interest in a joint venture Our sugarcane planting and harvesting processes are that produces corn based ethanol in Argentina. We have a substantially mechanized. Mechanized harvesting does not 49.9% interest in a joint venture with Solazyme, Inc. for the require burning of the cane prior to harvesting, significantly production of renewable oils, which uses sugar supplied by reducing the environmental impact when compared to manual one of our mills as a raw material. harvesting and resulting in improved soil condition. Competition. We compete with other sugar and ethanol Logistics. Harvested sugarcane is loaded onto trucks and producers in Brazil and internationally, and in the global market trailers and transported to our mills. Since the sucrose content with beet sugar processors, producers of other sweeteners and of the sugarcane begins to degrade rapidly after harvesting, we other biofuels producers. The industry is highly competitive, seek to minimize the time and distance between the cutting of with raw material procurement, cost structure, selling price and the cane and its delivery to our mills for processing. distribution capabilities being important competitive factors. Products. Our mills allow us to produce ethanol, sugar and Our major competitors in Brazil include Cosan Limited, Sa˜o electricity, as further described below. At mills that produce Martinho S.A., LDC-SEV Bioenergia and ED&F Man. Our major both sugar and ethanol, we are able to adjust our production international competitors include British Sugar PLC, Su¨dzucker mix within certain capacity limits between ethanol and sugar, AG, Cargill, Tereos Group, Sucden Group and COFCO. 4 2015 Bunge Annual Report

 FERTILIZER country in a manner that it deems appropriate for a company of our size and activities, based on an analysis of the relative Overview. Through our operations in Argentina, we produce, risks and costs. We believe that our geographic dispersion of blend and distribute a range of NPK fertilizers, including assets helps mitigate risk to our business from an adverse phosphate-based liquid and solid nitrogen fertilizers. NPK event affecting a specific facility; however, if we were to incur a refers to nitrogen (N), phosphate (P) and potassium (K), the significant loss or liability for which we were not fully insured, main components of chemical fertilizers, used for crop it could have a materially adverse effect on our business, production primarily soybeans, corn and wheat. Our operations financial condition and results of operations. in Argentina are closely linked to our grain origination activities as we supply fertilizer to producers who supply us with grain. OPERATING SEGMENTS AND GEOGRAPHIC AREAS We also have a 75% controlling interest in a single super phosphate production (‘‘SSP’’) plant and a strategically located We have included financial information about our reportable river port facility in Argentina. In Brazil, we supply fertilizer to segments and our operations by geographic area in Note 26 of farmers as part of our grain origination activities, and operate a the notes to our consolidated financial statements. fertilizer terminal in the Port of Santos. RESEARCH AND DEVELOPMENT, INNOVATION, PATENTS AND Products and Services. We offer a complete fertilizer portfolio, LICENSES including SSP, ammonia, urea and ammonium thiosulfate that we produce, as well as monoammonium phosphate (‘‘MAP’’), Our research and development activities are focused on diammonium phosphate, triple supersphosphate, urea, UAN, developing products and improving processes that will drive ammonium sulfate and potassium chloride that we purchase growth or otherwise add value to our core business operations. from third parties and resell. We market our products under In our Food and Ingredients business area, we have research the Bunge brand, as well as the Solmix brand for liquid and development centers located in the United States, Brazil, fertilizers. Poland and Hungary to develop and enhance technology and Raw Materials. Our principal raw materials in this segment are processes associated with product development. Additionally, concentrated phosphate rock, sulfuric acid, natural gas, the evolution of biotechnology has created opportunities to ammonium nitrate and sulphur. The prices of fertilizer raw develop and commercialize processes related to the materials are typically based on international prices that reflect transformation of oilseeds, grains and other commodities. To global supply and demand factors and global transportation better take advantage of related opportunities, our global and other logistics costs. Each of these fertilizer raw materials innovation activities involve scouting, developing, buying, selling is readily available in the international market from multiple and/or licensing next generation technologies in food, feed and sources. fuel. Competition. Competition is based on a number of factors, Our total research and development expenses were $16 million including delivered price, product offering and quality, location, for the year 2015, $20 million for the year 2014 and for the year access to raw materials, production efficiency and customer $19 million for 2013. As of December 31, 2015, our research service, including, in some cases, customer financing terms. and development organization consisted of 149 employees Our main competitors in our fertilizer operations are ASP worldwide. (Agrium), YPF, Profertil, Nidera, Yara International (‘‘Yara’’) and Louis Dreyfus Commodities. We own trademarks on the majority of the brands we produce in our Food and Ingredients and Fertilizer businesses. We typically obtain long-term licenses for the remainder. We have RISK MANAGEMENT patents covering some of our products and manufacturing Risk management is a fundamental aspect of our business. processes. However, we do not consider any of these patents Engaging in the hedging of risk exposures and anticipating to be material to our business. We believe we have taken market developments are critical to protect and enhance our appropriate steps to either own or license all intellectual return on assets. As such, we are active in derivative markets property rights that are material to carrying out our business. for agricultural commodities, energy, ocean freight, foreign currency and interest rates. We seek to leverage the market SEASONALITY insights that we gain through our global operations across our businesses by actively managing our physical and financial In our Agribusiness segment, while there is a degree of positions on a daily basis. See ‘‘Item 7A. Quantitative and seasonality in the growing season and procurement of our Qualitative Disclosures About Market Risk.’’ principal raw materials, such as oilseeds and grains, we typically do not experience material fluctuations in volume between the first and second half of the year since we are INSURANCE geographically diversified between the northern and southern In each country where we conduct business, our operations hemispheres, and we sell and distribute products throughout and assets are subject to varying degrees of risk and the year. However, the first fiscal quarter of the year has uncertainty. We insure our businesses and assets in each generally been our weakest in terms of financial results due to 2015 Bunge Annual Report 5

 the timing of the North and South American oilseed harvests such as sugarcane, corn, soybeans, palm, rapeseed or canola as the North American harvest peaks in the third and fourth and other oilseeds, into ethanol or biodiesel to extend, enhance fiscal quarters and the South American harvest peaks in the or substitute for fossil fuels. Production of biofuels has second fiscal quarter, and thus our North and South American increased significantly in recent years in response to both grain merchandising and oilseed processing activities are periods of high fossil fuel prices and government incentives for generally at lower levels during the first quarter. the production of biofuels offered in many countries, including the United States, Brazil, Argentina and many European In our Food and Ingredients segments, demand for certain of countries. Furthermore, in several countries, governmental our food items may be influenced by holidays and other annual authorities are mandating biofuels use in transport fuel at events. specified levels. As such, the markets for agricultural commodities used in the production of biofuels have become We experience seasonality in our Sugar and Bioenergy segment increasingly affected by the growth of the biofuels industry and as a result of the Brazilian sugarcane growing cycle. In the related legislation. Center-South of Brazil, the sugarcane harvesting period typically begins in late March/early April and ends in late ENVIRONMENTAL MATTERS November/early December. This creates fluctuations in our sugar and ethanol inventories, which usually peak in December We are subject to various environmental protection and to cover sales between crop harvests. These factors result in occupational health and safety laws and regulations in the earnings being weighted towards the second half of the year. countries in which we operate. Our operations may emit or This segment is also impacted by the yield development of the release certain substances, which may be regulated or limited sugarcane crops over the course of the crop year with sugar by applicable laws and regulations. In addition, we handle and content reaching its highest level in the middle of the crop. As dispose of materials and wastes classified as hazardous or a result of the above factors, there may be significant toxic by one or more regulatory agencies. Our operations are variations in our results of operations from one quarter to also subject to laws relating to environmental licensing of another. facilities, restrictions on land use in certain protected areas, forestry reserve requirements, limitations on the burning of In our Fertilizer segment, we are subject to seasonal trends sugarcane and water use. We incur costs to comply with based on the South American agricultural growing cycle as health, safety and environmental regulations applicable to our farmers typically purchase the bulk of their fertilizer needs in activities and have made and expect to make substantial the second half of the year. capital expenditures on an ongoing basis to continue to ensure our compliance with environmental laws and regulations. GOVERNMENT REGULATION However, due to our extensive operations across multiple industries and jurisdictions globally, we are exposed to the risk We are subject to a variety of laws in each of the countries in of claims and liabilities under environmental regulations. which we operate which govern various aspects of our Violation of these laws and regulations can result in substantial business, including the processing, handling, storage, transport fines, administrative sanctions, criminal penalties, revocations and sale of our products; risk management activities; land-use of operating permits and/or shutdowns of our facilities. and ownership of land, including laws regulating the acquisition or leasing of rural properties by certain entities and Additionally, our business could be affected in the future by individuals; and environmental, health and safety matters. To regulation or taxation of greenhouse gas emissions, or policies operate our facilities, we must obtain and maintain numerous related to national emission reduction plans. It is difficult to permits, licenses and approvals from governmental agencies assess the potential impact of any resulting regulation of and our facilities are subject to periodic inspection by greenhouse gas emissions. Potential consequences could governmental agencies. In addition, we are subject to other include increased energy, transportation and raw material laws and government policies affecting the food and costs, and we may be required to make additional investments agriculture industries, including food and feed safety, to modify our facilities, equipment and processes. As a result, nutritional and labeling requirements and food security policies. the effects of additional climate change regulatory initiatives From time to time, agricultural production shortfalls in certain could have adverse impacts on our business and results of regions and growing demand for agricultural commodities for operations. Compliance with environmental laws and feed, food and fuel use have caused prices for relevant regulations did not materially affect our earnings or competitive agricultural commodities to rise. High commodity prices and position in 2015. regional crop shortfalls have led, and in the future may lead, governments to impose price controls, tariffs, export restrictions EMPLOYEES and other measures designed to assure adequate domestic supplies and/or mitigate price increases in their domestic As of December 31, 2015, we had approximately 33,000 markets, as well as increase the scrutiny of competitive employees. Many of our employees are represented by labor conditions in their markets. unions, and their employment is governed by collective bargaining agreements. In general, we consider our employee Many countries globally are using and producing biofuels as relations to be good. alternatives to traditional fossil fuels. Biofuels convert crops, 6 2015 Bunge Annual Report

 AVAILABLE INFORMATION Soren Schroder, 54. Mr. Schroder has been our Chief Executive Officer since June 1, 2013. Prior to his current position, he was Our website address is www.bunge.com. Through the ‘‘Investors: SEC Filings’’ section of our website, it is possible to the Chief Executive Officer of Bunge North America since April access our periodic report filings with the Securities and 2010. Previously, he served as Vice President of Agribusiness Exchange Commission (‘‘SEC’’) pursuant to Section 13(a) or for Bunge Europe since June 2006 and in a variety of 15(d) of the Securities Exchange Act of 1934, as amended (the agribusiness leadership roles at the company in the United ‘‘Exchange Act’’), including our Annual Report on Form 10-K, States and Europe since joining Bunge in 2000. Prior to joining quarterly reports on Form 10-Q and current reports on Bunge, he worked for over 15 years at Continental Grain and Form 8-K, and any amendments to those reports. These reports Cargill. Mr. Schroder is a member of Rabobank International’s are made available free of charge. Also, filings made pursuant North American Agribusiness Advisory Board. He holds a to Section 16 of the Exchange Act with the SEC by our bachelor’s degree in Economics from Connecticut College. executive officers, directors and other reporting persons with respect to our common shares are made available, free of Todd Bastean, 49. Mr. Bastean became Chief Executive Officer, charge, through our website. Our periodic reports and Bunge North America, in June 2013. He started his career at amendments and the Section 16 filings are available through Bunge in 1994 and became Chief Financial Officer of Bunge our website as soon as reasonably practicable after such North America in 2010. Before assuming that role, he served as report, amendment or filing is electronically filed with or Vice President and General Manager of Bunge North America’s furnished to the SEC. Milling and Biofuels business units, and as Vice President and Chief Administrative Officer of its Grain and Milling business Through the ‘‘Investors: Corporate Governance’’ section of our units. He also held positions in strategic planning and auditing. website, it is possible to access copies of the charters for our Prior to joining Bunge, he worked for KPMG Peat Marwick. Audit Committee, Compensation Committee, Finance and Risk Mr. Bastean holds a B.S. in Accounting from Western Illinois Policy Committee, Corporate Governance and Nominations University. Committee and Sustainability and Corporate Responsibility Committee. Our corporate governance guidelines and our Code Deborah Borg, 39. Ms. Borg assumed the role of Chief Human of Conduct are also available in this section of our website. Resources Officer in January 2016. She joined Bunge from Each of these documents is made available, free of charge, Dow Chemical, where she served as President Dow USA, a role through our website. in which she was responsible for regional business strategy The foregoing information regarding our website and its and external relationships with customers, government content is for your convenience only. The information contained organizations and joint venture partners. She started her career in or connected to our website is not deemed to be at Dow in 2000 as Human Resources Manager for Australia / incorporated by reference in this report or filed with the SEC. New Zealand, and went on to hold regional and business HR roles in Asia, Europe and North America. She also served as In addition, you may read and copy any materials we file with Global HR Director, Marketing and Sales, and led the Human the SEC at the SEC’s Public Reference Room at 100 F Street, Capital Planning and Development function for Dow focusing N.E., Washington, D.C. 20549 and may obtain information on on talent acquisition, retention, diversity and development. the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC maintains a website that contains Previously, Ms. Borg served in HR and talent development roles reports, proxy and information statements, and other with General Motors Australia. She holds a Bachelor of information regarding issuers that file electronically. The SEC Business Management in Human Resources and a Master in website address is www.sec.gov. Training and Change Management from Victoria University, Australia. EXECUTIVE OFFICERS AND KEY EMPLOYEES OF THE COMPANY Andrew Burke, 60. Mr. Burke has been our Chief Financial Set forth below is certain information concerning the executive Officer since February 2011, having served as interim Chief officers and key employees of the company. Financial Officer since September 2010. In addition, Mr. Burke served as our Global Operational Excellence Officer, from July NAME POSITION 2010 to October 2013. Prior to July 2010, Mr. Burke served as Soren Schroder Chief Executive Officer Co-Chief Executive Officer of Bunge Global Agribusiness and Todd Bastean Chief Executive Officer, Bunge North America Bunge Product Lines since November 2006. Mr. Burke joined Deborah Borg Chief Human Resources Officer Bunge in January 2002 as Managing Director, Soy Ingredients Andrew Burke Chief Financial Officer Gordon Hardie Managing Director, Food & Ingredients and New Business Development and later served as Managing Enrique Humanes Chief Executive Officer, Bunge Southern Cone Director of New Business. Mr. Burke also previously served as Tommy Jensen Chief Executive Officer, Bunge Europe, Middle our interim Chief Financial Officer from April to July 2007. Prior East & Africa to joining Bunge, Mr. Burke served as Chief Executive Officer David Kabbes General Counsel and Managing Director, of the U.S. subsidiary of Degussa AG. He joined Degussa in Corporate Affairs 1983, where he held a variety of finance and marketing Pierre Mauger Chief Development Officer positions, including Chief Financial Officer and Executive Vice Raul Padilla Chief Executive Officer, Bunge Brazil and Managing Director, Sugar & Bioenergy President of the U.S. Chemical Group. Prior to joining Degussa, Brian Thomsen Managing Director, Bunge Global Agribusiness Mr. Burke worked for Beecham Pharmaceuticals and was an and Chief Executive Officer, Bunge Product Lines auditor with Price Waterhouse & Company. Mr. Burke is a 2015 Bunge Annual Report 7

 graduate of Villanova University and earned an M.B.A. from Middle East and Africa from 2009 to 2013, overseeing client Manhattan College. relationships with leading global companies in the commodity processing and trading, agrochemicals and fertilizer sectors, as Gordon Hardie, 52. Mr. Hardie has served as Managing well as with governments. Prior to that, he served as a partner Director, Food & Ingredients since July 2011. Prior to joining in the firm’s consumer goods practice. He joined McKinsey as Bunge, Mr. Hardie founded Morningside Partners, a corporate an associate in 2000. Mr. Mauger previously worked as an strategy and M&A advisory firm focused on the food and auditor at Nestl ´ e and KPMG. He holds a B.Sc. in Economics beverage industries in 2009. Prior to that, from 2003 to 2009, and Business Finance from Brunel University in the United he led the Fresh Baking Division of Goodman Fielder Ltd, the Kingdom and an M.B.A. from INSEAD. leading producer of bakery brands in Australia and New Zealand, and held leadership roles at companies in a variety of Raul Padilla, 60. Mr. Padilla became Chief Executive Officer of international markets, including as Group General Manager, Bunge Brazil in May 2014. He has also served as Managing Marketing at Southcorp Wines; Vice President, Asia-Pacific, Director, Sugar and Bioenergy, since September 2014. Prior to Middle East and Africa at Fosters Group International; and that, he served as Managing Director, Bunge Global Regional Director, Americas & Asia-Pacific at Pernod Ricard. Agribusiness and Chief Executive Officer, Bunge Product Lines He holds a Bachelor’s degree in European Language and since July 2010. Prior to that, he was Chief Executive Officer of Psychology from the National University of Ireland, University Bunge Argentina since 1999, having joined the company in College Cork and an M.B.A. from the University College Dublin, 1997 as Commercial Director. Mr. Padilla has over 30 years of Michael Smurfit Graduate School of Business. experience in the oilseed processing and grain handling industries in Argentina, beginning his career with La Plata Enrique Humanes, 56. Mr. Humanes has served as Chief Cereal in 1977. He has served as President of the Argentine Executive Officer of Bunge Argentina since February 2011 and National Oilseed Crushers Association, Vice President of the previously served as interim Chief Executive Officer of Bunge International Association of Seed Crushers and Director of the Argentina since July 2010. He started his career at the Buenos Aires Cereal Exchange and the Rosario Futures company in 2000 as the Operations Director of Bunge Exchange. Mr. Padilla is a graduate of the University of Buenos Argentina. Prior to joining Bunge, he served in industrial roles Aires. at Unilever and Dow Chemical. He holds an undergraduate degree in chemical engineering from the Technology University Brian Thomsen, 49. Mr. Thomsen became Managing Director, of Rosario, a postgraduate degree in Process Management Bunge Global Agribusiness and Chief Executive Officer, Bunge Administration from Rice University and an MBA from IDEA in Product Lines in May 2014. Previously, he served as Managing Argentina. Director, Global Grains and Oilseeds Product Lines. He joined the company in 2004 as Director, Grains Product Line. Prior to Tommy Jensen, 54. Mr. Jensen has served as Chief Executive Bunge, Mr. Thomsen was Managing Director, Dry Commodity Officer of Bunge Europe, Middle East and Africa (‘‘Bunge Trading at Nidera, and previously served in global trading and EMEA’’) since May 2012 and previously served as Bunge management roles at Cargill. He started his career in 1988 at EMEA’s Chief Operating Officer, Vice President, Northern and Aarhus Oil, a Danish crush and refining company, and is a Central Europe and Managing Director, Poland. Prior to joining graduate of the International Academy of Business in Aarhus, Bunge in 2003, he held leadership positions at Animex S.A. in Denmark. Poland, a subsidiary of Smithfield Foods, Continental Grain in Poland and Germany, and Jyske Bank A/S in Denmark. He has ITEM 1A. RISK FACTORS a Bachelor’s degree in Finance from Aarhus School of Business at Aarhus University, Denmark, and has completed the RISK FACTORS Advanced Management Program at Harvard Business School. Our business, financial condition or results of operations could David Kabbes, 53. Mr. Kabbes became General Counsel and be materially adversely affected by any of the risks and Managing Director, Corporate Affairs in February 2015 after uncertainties described below. Additional risks not presently serving as Senior Vice President, Corporate and Legal Affairs known to us, or that we currently deem immaterial, may also for Bunge North America since 2000, where he oversaw the impair our financial condition and business operations. See legal, government and industry affairs, communications, foreign ‘‘Cautionary Statement Regarding Forward Looking Statements.’’ trade support and environmental functions. Prior to joining Bunge in 2000, he was Executive Vice President, Secretary and RISKS RELATING TO OUR BUSINESS AND INDUSTRIES General Counsel at Purina Mills, a corporate attorney at Koch Industries, Inc., a partner at Schiff Hardin & Waite and an Adverse weather conditions, including as a result of future associate at Thompson Coburn. He received a bachelor’s climate change, may adversely affect the availability, quality degree in business from Quincy University and a law degree and price of agricultural commodities and agricultural from the University of Illinois. commodity products, as well as our operations and operating results. Pierre Mauger, 43. Mr. Mauger has served as Chief Development Officer since September 2013. Prior to joining Adverse weather conditions have historically caused volatility in Bunge, Mr. Mauger was a partner at McKinsey & Company, the agricultural commodity industry and consequently in our where he led the firm’s agriculture service line in Europe, the operating results by causing crop failures or significantly 8 2015 Bunge Annual Report

 reduced harvests, which may affect the supply and pricing of ethanol, like those of other commodities, are often volatile and the agricultural commodities that we sell and use in our sensitive to local and international changes in supply and business, reduce demand for our fertilizer products and demand caused by factors outside of our control, including negatively affect the creditworthiness of agricultural producers farmer planting and selling decisions, government agriculture who do business with us. programs and policies, global inventory levels, demand for biofuels, weather and crop conditions and demand for and Additionally, our sugar production depends on the volume and supply of, competing commodities and substitutes. These sucrose content of the sugarcane that we cultivate or that is factors may cause volatility in our operating results. supplied to us by third-party growers. Both sugarcane crop yields and sucrose content depend significantly on weather Our fertilizer business may also be adversely affected by conditions, such as rainfall and prevailing temperatures, which fluctuations in the prices of agricultural commodities and can vary substantially. Adverse weather conditions can also fertilizer raw materials that are caused by market factors impair our ability to harvest and transport sugarcane to our beyond our control. Increases in fertilizer prices due to higher mills, leading to decreased productivity and higher production raw material costs have in the past and could in the future costs. As a result, unfavorable weather conditions have had adversely affect demand for our fertilizer products. Additionally, and could in the future have a material adverse effect on our as a result of competitive conditions in our Food and sugar operations. Ingredients and Fertilizer segments, we may not be able to recoup increases in raw material costs through increases in Severe adverse weather conditions, such as hurricanes or sales prices for our products, which may adversely affect our severe storms, may also result in extensive property damage, profitability. extended business interruption, personal injuries and other loss and damage to us. Our operations also rely on dependable and Fluctuations in energy prices could adversely affect our efficient transportation services. A disruption in transportation operating results. services, as a result of weather conditions or otherwise, may also significantly adversely impact our operations. Our operating costs and selling prices of certain of our products are sensitive to changes in energy prices. Our Additionally, the potential physical impacts of climate change industrial operations utilize significant amounts of electricity, are uncertain and may vary by region. These potential effects natural gas and coal, and our transportation operations are could include changes in rainfall patterns, water shortages, dependent upon diesel fuel and other petroleum-based changing sea levels, changing storm patterns and intensities, products. Significant increases in the cost of these items could and changing temperature levels that could adversely impact adversely affect our operating costs and results. our costs and business operations, the location and costs of global agricultural commodity production and the supply and We also sell certain biofuel products, such as ethanol and demand for agricultural commodities. These effects could be biodiesel, which are closely related to, or may be substituted material to our results of operations, liquidity or capital for, petroleum products. As a result, the selling prices of resources. ethanol and biodiesel can be impacted by the selling prices of oil, gasoline and diesel fuel. In turn, the selling prices of the We face intense competition in each of our businesses. agricultural commodities and commodity products that we sell, such as corn and vegetable oils that are used as feedstocks for We face significant competition in each of our businesses and biofuels, are also sensitive to changes in the market price for we have numerous competitors, some of which are larger and biofuels, and consequently world petroleum prices as well. have greater financial resources than we have. As many of the Prices for petroleum products and biofuels are affected by products we sell are global commodities, the markets for our market factors and government fuel policies, over which we products are highly price competitive and in many cases have no control. Lower prices for oil, gasoline or diesel fuel sensitive to product substitution. In addition, to compete could result in decreased selling prices for ethanol, biodiesel effectively, we must continuously focus on improving efficiency and their raw materials, which could adversely affect our in our production and distribution operations, as well as revenues and operating results. Additionally, the prices of developing and maintaining appropriate market share and sugar and sugarcane-based ethanol are also correlated, and, customer relationships. We also compete for talent in our therefore, a decline in world sugar prices may also adversely industries, particularly commercial personnel. Competition could affect the selling price of the ethanol we produce in Brazil. cause us to lose market share and talented employees, exit certain lines of business, increase marketing or other We are subject to global and regional economic downturns expenditures or reduce pricing, each of which could have an and related risks. adverse effect on our business and profitability. The level of demand for our products is affected by global and We are subject to fluctuations in agricultural commodity and regional demographic and macroeconomic conditions, other raw material prices caused by other factors outside of including population growth rates and changes in standards of our control that could adversely affect our operating results. living. A significant downturn in global economic growth, or recessionary conditions in major geographic regions, may lead Prices for agricultural commodities and their by-products, including, among others, soybeans, corn, wheat, sugar and 2015 Bunge Annual Report 9

 to reduced demand for agricultural commodities, which could We are subject to economic, political and other risks of doing adversely affect our business and results of operations. business globally and in emerging markets. Additionally, weak global economic conditions and adverse We are a global business with a substantial majority of our conditions in global financial and capital markets, including assets and operations located outside the United States. In constraints on the availability of credit, have in the past addition, part of our strategy involves expanding our business adversely affected, and may in the future adversely affect, the in several emerging market regions, including Eastern Europe, financial condition and creditworthiness of some of our Asia-Pacific, the Middle East and Africa. Volatile international customers, suppliers and other counterparties, which in turn economic, political and market conditions may have a negative may negatively impact our financial condition and results of impact on our operating results and our ability to achieve our operations. See ‘‘Item 7A. Management’s Discussion and business strategies. Analysis of Financial Condition and Results of Operations’’ and ‘‘Item 7. Quantitative and Qualitative Disclosures About Market Due to the international nature of our business, we are Risk’’ for more information. exposed to currency exchange rate fluctuations. Changes in exchange rates between the U.S. dollar and other currencies, For example, after a period of accelerated economic expansion, particularly the Brazilian real, the Argentine peso, the euro and Brazil’s economic growth rates began to decline over the past certain Eastern European currencies affect our revenues and three years, with the country experiencing a recession in 2015 expenses that are denominated in local currencies, affect farm while facing increasing inflation. Economic expectations for economics in those regions and may also have a negative 2016 are that the Brazilian economy will contract again and impact on the value of our assets located outside of the United inflationary pressures will continue. At the same time, an States. ongoing, high profile political corruption scandal has led to criminal charges being filed against various prominent business We are also exposed to other risks of international operations, and political figures in Brazil, and impeachment proceedings including: have been instituted against Brazilian President Dilma Rousseff. • adverse trade policies or trade barriers on agricultural The weakened economic and political outlook in Brazil has commodities and commodity products; adversely affected consumer confidence levels and spending, which has led to significantly reduced demand for products in • inflation and hyperinflationary economic conditions and our Food and Ingredients businesses in the country. The timing adverse economic effects resulting from governmental of any economic improvement is uncertain, and there can be attempts to control inflation, such as imposition of wage and no assurance that these economic and political conditions will price controls and higher interest rates; not deteriorate further in the near term. Additionally, a slowdown in China’s economy over a prolonged period could • changes in laws and regulations or their interpretation or lead to reduced demand for agricultural commodities. To the enforcement in the countries where we operate, such as tax extent that such economic and political conditions negatively laws, including the risk of future adverse tax regulation in impact consumer and business confidence and consumption the United States relating to our status as a Bermuda patterns or volumes, our business and results of operations company; could be significantly and adversely affected. • difficulties in enforcing agreements or judgments and collecting receivables in foreign jurisdictions; We are vulnerable to the effects of supply and demand imbalances in our industries. • sovereign risk; Historically, the market for some of our agricultural • exchange controls or other currency restrictions and commodities and fertilizer products has been cyclical, with limitations on the movement of funds, such as on the periods of high demand and capacity utilization stimulating remittance of dividends by subsidiaries; new plant investment and the addition of incremental processing or production capacity by industry participants to • inadequate infrastructure; meet the demand. The timing and extent of this expansion may • government intervention, including through expropriation, or then produce excess supply conditions in the market, which, regulation of the economy or natural resources, including until the supply/demand balance is again restored, negatively restrictions on foreign ownership of land or other assets; impacts product prices and operating results. During times of reduced market demand, we may suspend or reduce • the requirement to comply with a wide variety of foreign and production at some of our facilities. The extent to which we United States laws and regulations that apply to international efficiently manage available capacity at our facilities will affect operations, including, without limitation, economic sanctions our profitability. regulations, labor laws, import and export regulations, anti-corruption and anti-bribery laws, as well as other laws or regulations discussed in this ‘‘Item 1A. Risk Factors’’ section; 10 2015 Bunge Annual Report

 • challenges in maintaining an effective internal control and competition laws in Europe, Brazil and other jurisdictions environment with operations in multiple international and increase the risk that these laws could be interpreted, locations, including language differences, varying levels of administered or enforced in a manner that could affect our U.S. Generally Accepted Accounting Principles (‘‘U.S. GAAP’’) operations or impose liability on us in a manner that could expertise in international locations and multiple financial have a material adverse effect on our operating results and information systems; and financial condition. • labor disruptions, civil unrest, significant political instability, We may be adversely affected by a shortage of sugarcane or wars or other armed conflict or acts of terrorism. by high sugarcane costs. These risks could adversely affect our operations, business Sugarcane is our principal raw material used in the production strategies and operating results. of ethanol and sugar. Our ability to secure an adequate supply of sugarcane depends on our ability to negotiate and maintain Government policies and regulations, particularly those satisfactory land rights and supply contracts with third parties. affecting the agricultural sector and related industries, could Currently, approximately 94% of the land we use for sugarcane adversely affect our operations and profitability. supply is not owned by us, with such land typically managed Agricultural commodity production and trade flows are through agricultural partnership agreements having an average significantly affected by government policies and regulations. remaining term of four years. We cannot guarantee that these Governmental policies affecting the agricultural industry, such agreements will be renewed after their respective terms or that as taxes, tariffs, duties, subsidies, import and export restrictions any such renewals will be on terms and conditions satisfactory on agricultural commodities and commodity products and to us. A significant shortage of sugarcane supply or increase in energy policies (including biofuels mandates), can influence the cost of available sugarcane, including as a result of the industry profitability, the planting of certain crops versus other termination of our partnership or supply contracts or the uses of agricultural resources, the location and size of crop inability to enter into alternative arrangements on economic production, whether unprocessed or processed commodity terms, would likely have an adverse effect on our business and products are traded and the volume and types of imports and financial performance, and such effect could be material. exports. In addition, international trade disputes can adversely affect agricultural commodity trade flows by limiting or We may not realize the anticipated benefits of acquisitions, disrupting trade between countries or regions. divestitures or joint ventures. Increases in prices for, among other things, food, fuel and crop We have been an active acquirer of other companies, and we inputs, such as fertilizers, have become the subject of have joint ventures with several partners. Part of our strategy significant discussion by governmental bodies and the public involves acquisitions, alliances and joint ventures designed to throughout the world in recent years. In some countries, this expand and enhance our business. Our ability to benefit from has led to the imposition of policies such as price controls, acquisitions, joint ventures and alliances depends on many tariffs and export restrictions on agricultural commodities. factors, including our ability to identify suitable prospects, Additionally, continuing efforts to change the regulation of access funding sources on acceptable terms, negotiate financial markets, including the U.S. Dodd-Frank Act and favorable transaction terms and successfully consummate and European regulations, may subject large users of derivatives, integrate any businesses we acquire. In addition, we may such as Bunge, to extensive new oversight and regulation. decide, from time to time, to divest certain of our assets or Such initiatives could impose significant additional costs on us, businesses. Our ability to successfully complete a divestiture including operating and compliance costs, and could materially will depend on, among other things, our ability to identify affect the availability, as well as the cost and terms, of certain buyers that are prepared to acquire such assets or businesses transactions. Future governmental policies, regulations or on acceptable terms and to adjust and optimize our retained actions affecting our industries may adversely affect the supply businesses following the divestiture. of, demand for and prices of our products, restrict our ability to Our acquisition or divestiture activities may involve do business and cause our financial results to suffer. unanticipated delays, costs and other problems. If we encounter unexpected problems with one of our acquisitions, Increases in commodity prices can increase the scrutiny to alliances or divestitures, our senior management may be which we are subject under antitrust laws. required to divert attention away from other aspects of our We are subject to antitrust and competition laws in various businesses to address these problems. Additionally, we may fail countries throughout the world. We cannot predict how these to consummate proposed acquisitions or divestitures, after laws or their interpretation, administration and enforcement will incurring expenses and devoting substantial resources, change over time, particularly in periods of significant price including management time, to such transactions. increases in our industries. Changes or developments in Acquisitions also pose the risk that we may be exposed to antitrust laws globally, or in their interpretation, administration successor liability relating to actions by an acquired company or enforcement, may limit our existing or future operations and and its management before the acquisition. The due diligence growth. Increases in food and fertilizer prices have in the past we conduct in connection with an acquisition, and any resulted in increased scrutiny of our industries under antitrust 2015 Bunge Annual Report 11

 contractual guarantees or indemnities that we receive from the other adulteration of products, product liability claims and sellers of acquired companies, may not be sufficient to protect recalls and government regulation regarding matters such as us from, or compensate us for, actual liabilities. A material food and feed safety, nutritional standards and genetically liability associated with an acquisition could adversely affect modified organisms. We are also subject to shifts in customer our reputation and results of operations and reduce the and consumer preferences and concerns regarding the benefits of the acquisition. Additionally, acquisitions involve outbreak of disease associated with livestock and poultry, other risks, such as differing levels of management and internal including avian or swine influenza. These risks could not only control effectiveness at the acquired entities, systems adversely affect our business and operating results but also integration risks, the risk of impairment charges relating to our corporate reputation. goodwill and intangible assets recorded in connection with acquisitions, the risk of significant accounting charges resulting As a company whose products comprise staple food and feed from the completion and integration of a sizeable acquisition, products sold globally, maintaining a good corporate reputation the need to fund increased capital expenditures and working is critical to our continued success. Reputational value is based capital requirements, our ability to retain and motivate in large part on perceptions, which can shift rapidly in employees of acquired entities and other unanticipated response to negative incidents. The failure or alleged failure to problems and liabilities. maintain high standards for quality, safety, integrity, environmental sustainability and social responsibility, including Divestitures may also expose us to potential liabilities or claims with respect to raw materials and services obtained from for indemnification, as we may be required to retain certain suppliers, even if untrue, may result in tangible effects, such as liabilities or indemnify buyers for certain matters, including reduced demand for our products, disruptions to our environmental or litigation matters, associated with the assets operations, increased costs and loss of market share to or businesses that we sell. The magnitude of any such retained competitors. Our reputation and results of operations could liability or indemnification obligation may be difficult to quantify also be adversely impacted by changing consumer preferences at the time of the transaction, and its cost to us could and perceptions relating to some of the products we sell, such ultimately exceed the proceeds we receive for the divested as with regard to the quantity and type of fats, sugars and assets or businesses. Divestitures also have other inherent grains consumed as well as concerns regarding genetically risks, including possible delays in closing transactions modified crops. Failure to anticipate, adapt or respond (including potential difficulties in obtaining regulatory effectively to these trends or issues may result in material approvals), the risk of lower-than-expected sales proceeds for adverse effects on our business, financial condition, and results the divested businesses and unexpected costs or other of operations. difficulties associated with the separation of the businesses to be sold from our information technology and other systems We are subject to environmental, health and safety regulation and management processes, including the loss of key in numerous jurisdictions. We may be subject to substantial personnel. Additionally, expected cost savings or other costs, liabilities and other adverse effects on our business anticipated efficiencies or benefits from divestitures may also relating to these matters. be difficult to achieve or maximize. Our operations are regulated by environmental, health and Additionally, we have several joint ventures and investments safety laws and regulations in the countries where we operate, where we may have limited control over governance, financial including those governing the labeling, use, storage, discharge reporting and operations. As a result, we face certain and disposal of hazardous materials. These laws and operating, financial and other risks relating to these regulations require us to implement procedures for the investments, including risks related to the financial strength of handling of hazardous materials and for operating in potentially our joint venture partners or their willingness to provide hazardous conditions and they impose liability on us for the adequate funding for the joint venture, having differing cleanup of environmental contamination. In addition to objectives from our partners, the inability to implement some liabilities arising out of our current and future operations for actions with respect to the joint venture’s activities that we may which we have ongoing processes to manage compliance with believe are favorable if the joint venture partner does not regulatory obligations, we may be subject to liabilities for past agree, compliance risks relating to actions of the joint venture operations at current facilities and in some cases to liabilities or our partners and the risk that we will be unable to resolve for past operations at facilities that we no longer own or disputes with the joint venture partner. As a result, these operate. We may also be subject to liabilities for operations of investments may contribute significantly less than anticipated acquired companies. We may incur material costs or liabilities to our earnings and cash flows. to comply with environmental, health and safety requirements. In addition, our industrial activities can result in serious We are subject to industry and other risks that could accidents that could result in personal injuries, facility adversely affect our reputation and financial results. shutdowns, reputational harm to our business and/or the expenditure of significant amounts to remediate safety issues We are subject to food and feed industry risks which include, or repair damaged facilities. but are not limited to, spoilage, contamination, tampering or 12 2015 Bunge Annual Report

We are a capital intensive business and depend on cash provided by our operations as well as access to external financing to operate and expand our business. We require significant amounts of capital to operate our business and fund capital expenditures. In addition, our working capital needs are directly affected by the prices of agricultural commodities, with increases in commodity prices generally causing increases in our borrowing levels. We are also required to make substantial capital expenditures to maintain, upgrade and expand our extensive network of storage facilities, processing plants, refineries, mills, logistics assets and other facilities to keep pace with competitive developments, technological advances and safety and environmental standards. Furthermore, the expansion of our business and pursuit of acquisitions or other business opportunities may require us to have access to significant amounts of capital. If we are unable to generate sufficient cash flows or raise sufficient external financing on attractive terms to fund these activities, including as a result of a tightening in We are exposed to credit and counterparty risk relating to the global credit markets, we may be forced to limit our our customers in the ordinary course of business. In operations and growth plans, which may adversely impact our particular, we advance capital and provide other financing competitiveness and, therefore, our results of operations. arrangements to farmers in Brazil and, as a result, our business and financial results may be adversely affected if As of December 31, 2015, we had $4,263 million unused and these farmers are unable to repay the capital advanced to available borrowing capacity under various committed them. long-term credit facilities and $4,451 million in total debt. Our debt could limit our ability to obtain additional financing, limit We have various credit terms with customers, and our our flexibility in planning for, or reacting to, changes in the customers have varying degrees of creditworthiness, which markets in which we compete, place us at a competitive exposes us to the risk of non-payment or other default under disadvantage compared to our competitors that are less our contracts and other arrangements with them. In the event leveraged than we are and require us to dedicate more cash that we experience significant defaults on their payment on a relative basis to servicing our debt and less to developing obligations to us, our financial condition, results of operations our business. This may limit our ability to run our business and or cash flows could be materially and adversely affected. use our resources in the manner in which we would like. Furthermore, difficult conditions in global credit or financial In Brazil, where there are limited third-party financing sources markets generally could adversely impact our ability to available to farmers, we provide financing to farmers from refinance maturing debt or the cost or other terms of such whom we purchase soybeans and other agricultural refinancing, as well as adversely affect the financial position of commodities through prepaid commodity purchase contracts the lenders with whom we do business, which may reduce our and advances, which are generally intended to be short-term in ability to obtain financing for our operations. See ‘‘Item 7. nature and are typically secured by the farmer’s crop and a Management’s Discussion and Analysis of Financial Condition mortgage on the farmer’s land and other assets to provide a and Results of Operations – Liquidity and Capital Resources.’’ means of repayment in the potential event of crop failure or shortfall. At December 31, 2015 and 2014, respectively, we had Our credit ratings are important to our liquidity. While our debt approximately $847 million and $806 million in outstanding agreements do not have any credit rating downgrade triggers prepaid commodity purchase contracts and advances to that would accelerate the maturity of our debt, a reduction in farmers. We are exposed to the risk that the underlying crop our credit ratings would increase our borrowing costs and, will be insufficient to satisfy a farmer’s obligation under the depending on their severity, could impede our ability to obtain financing arrangements as a result of weather and crop credit facilities or access the capital markets in the future on growing conditions, and other factors that influence the price, favorable terms. We may also be required to post collateral or supply and demand for agricultural commodities. In addition, provide third-party credit support under certain agreements as any collateral held by us as part of these financing transactions a result of such downgrades. A significant increase in our may not be sufficient to fully protect us from loss. borrowing costs could impair our ability to compete effectively in our business relative to competitors with higher credit ratings. 2015 Bunge Annual Report 13

 In addition, continued government and public emphasis in countries where we operate on environmental issues, including climate change, conservation and natural resource management, have resulted in and could result in new or more stringent forms of regulatory oversight of our industries, including increased environmental controls, land-use restrictions affecting us or our suppliers and other conditions that could have a material adverse effect on our business, financial condition and results of operations. For example, certain aspects of our business and the larger food production chain generate carbon emissions. The imposition of regulatory restrictions on greenhouse gas emissions, which may include limitations on greenhouse gas emissions, other restrictions on industrial operations, taxes or fees on greenhouse gas emissions and other measures, could affect land-use decisions, the cost of agricultural production and the cost and means of processing and transporting of our products, which could adversely affect our business, cash flows and results of operations. Our risk management strategies may not be effective. The loss of or a disruption in our manufacturing and distribution operations or other operations and systems could Our business is affected by fluctuations in agricultural adversely affect our business. commodity prices, transportation costs, energy prices, interest rates and foreign currency exchange rates. We engage in We are engaged in manufacturing and distribution activities on hedging transactions to manage these risks. However, our a global scale, and our business depends on our ability to exposures may not always be fully hedged and our hedging execute and monitor, on a daily basis, a significant number of strategies may not be successful in minimizing our exposure to transactions across numerous markets or geographies. As a these fluctuations. In addition, our risk management strategies result, we are subject to the risks inherent in such activities, may seek to position our overall portfolio relative to expected including industrial accidents, environmental events, fires, market movements. While we have implemented a broad range explosions, strikes and other labor or industrial disputes and of control procedures and policies to mitigate potential losses, disruptions in logistics or information systems, as well as they may not in all cases successfully protect us from losses natural disasters, pandemics, acts of terrorism and other that have the potential to impair our financial position. See external factors over which we have no control. While we ‘‘Item 7A. Quantitative and Qualitative Disclosures About insure ourselves against many of these types of risks in Market Risk.’’ accordance with industry standards, our level of insurance may not cover all losses. The loss of, or damage to, any of our We reported a material weakness in our internal control over facilities could have a material adverse effect on our business, financial reporting, which if not remedied, could continue to results of operations and financial condition. adversely affect our internal controls and financial reporting and could lead to materially inaccurate financial reports. Our information technology systems and processes may suffer a significant breach or disruption that may adversely In connection with our management’s assessment of the affect our ability to conduct our business. effectiveness of our internal control over financial reporting as of December 31, 2015, we identified a material weakness in Our information technology systems, some of which are our internal control over financial reporting, as described in dependent on services provided by third parties, provide critical ‘‘Item 9A. Controls and Procedures.’’ Although we believe we data and services for internal and external users, including are taking the steps necessary to remediate the material procurement and inventory management, transaction weakness, we cannot assure you that the processes, processing, financial, commercial and operational data, human procedures and controls we implement will result in full resources management, legal and tax compliance information remediation of the material weakness. Failure to remediate the and other information and processes necessary to operate and material weakness, or additional material weaknesses in our manage our business. Our information technology and internal control over financial reporting could result in material infrastructure may experience attacks by hackers, breaches or misstatements in our financial statements or cause us to fail to other failures or disruptions that could compromise our timely meet our reporting obligations. The occurrence of these systems and the information stored there. While we have events could in turn potentially negatively impact our stock implemented security measures and disaster recovery plans price. designed to protect the security and continuity of our networks and critical systems, these measures may not adequately We may not be able to achieve the efficiencies, savings and prevent adverse events such as breaches or failures from other benefits anticipated from our cost reduction, margin occurring or mitigate their severity if they do occur. If our improvement and other business optimization initiatives. information technology systems are breached, damaged or fail to function properly due to any number of causes, such as We are continually implementing programs throughout the security breaches or cyber based attacks, systems company to reduce costs, increase efficiencies and enhance implementation difficulties, catastrophic events or power our business. Initiatives currently in process or implemented in outages, and our security, contingency or disaster recovery the past several years include the outsourcing of certain plans do not effectively mitigate these occurrences on a timely administrative activities in several regions the rationalization of basis, we may experience a material disruption in our ability to manufacturing operations globally, including the closing of manage our business operations. We may also be subject to facilities, and the implementation of operational improvement legal claims or proceedings, liability under laws that protect the program in our Food and Ingredients businesses. Unexpected privacy of personal information, potential regulatory penalties delays, increased costs, adverse effects on our internal control and damage to our reputation. These impacts may adversely environment, inability to retain and motivate employees or impact our business, results of operations and financial other challenges arising from these initiatives could adversely condition, as well as our competitive position. affect our ability to realize the anticipated savings or other intended benefits of these activities. 14 2015 Bunge Annual Report

 RISKS RELATING TO OUR COMMON SHARES • our Board of Directors to determine the powers, preferences and rights of our preference shares and to issue the We are a Bermuda company, and it may be difficult for you to preference shares without shareholder approval; and enforce judgments against us and our directors and executive officers. • an affirmative vote of at least 66% of all votes attaching to all shares then in issue entitling the holder to attend and We are a Bermuda exempted company. As a result, the rights vote on the resolution for some business combination of holders of our common shares will be governed by Bermuda transactions, which have not been approved by our Board of law and our memorandum of association and bye-laws. The Directors. rights of shareholders under Bermuda law may differ from the rights of shareholders of companies or corporations These provisions, as well as any additional anti-takeover incorporated in other jurisdictions, including the United States. measures our Board of Directors could adopt in the future, Several of our directors and some of our officers are could make it more difficult for a third party to acquire us, non-residents of the United States, and a substantial portion of even if the third party’s offer may be considered beneficial by our assets and the assets of those directors and officers are many shareholders. As a result, shareholders may be limited in located outside the United States. As a result, it may be their ability to obtain a premium for their shares. difficult for you to effect service of process on those persons in the United States or to enforce in the U.S. judgments obtained ITEM 1B. UNRESOLVED STAFF COMMENTS in U.S. courts against us or those persons based on civil liability provisions of the U.S. securities laws. It is doubtful Not applicable. whether courts in Bermuda will enforce judgments obtained in other jurisdictions, including the United States, against us or ITEM 2. PROPERTIES our directors or officers under the securities laws of those jurisdictions or entertain actions in Bermuda against us or our The following tables provide information on our principal directors or officers under the securities laws of other operating facilities as of December 31, 2015. jurisdictions. FACILITIES BY BUSINESS AREA Our bye-laws restrict shareholders from bringing legal action against our officers and directors. AGGREGATE DAILY AGGREGATE Our bye-laws contain a broad waiver by our shareholders of PRODUCTION STORAGE any claim or right of action, both individually and on our behalf, (metric tons) CAPACITY CAPACITY against any of our officers or directors. The waiver applies to Business Area any action taken by an officer or director, or the failure of an officer or director to take any action, in the performance of his Agribusiness 150,499 18,669,158 or her duties, except with respect to any matter involving any Food and Ingredients 169,501 1,887,756 fraud or dishonesty on the part of the officer or director. This Sugar and Bioenergy 112,493 806,521 waiver limits the right of shareholders to assert claims against our officers and directors unless the act, or failure to act, Fertilizer 13,108 981,633 involves fraud or dishonesty. FACILITIES BY GEOGRAPHIC REGION We have anti-takeover provisions in our bye-laws that may discourage a change of control. AGGREGATE DAILY AGGREGATE PRODUCTION STORAGE Our bye-laws contain provisions that could make it more (metric tons) CAPACITY CAPACITY difficult for a third party to acquire us without the consent of our Board of Directors. These provisions provide for: Region • a classified board of directors with staggered three-year North America 177,096 6,915,648 terms; South America 191,592 11,752,937 • directors to be removed without cause at any special general Europe 45,989 2,538,168 meeting only upon the affirmative vote of at least 66% of all Asia-Pacific 30,924 1,138,315 votes attaching to all shares then in issue entitling the holder to attend and vote on the resolution; Agribusiness • restrictions on the time period in which directors may be In our Agribusiness segment, we have 185 commodity storage nominated; facilities globally that are located close to agricultural production areas or export locations. We also have 49 oilseed 2015 Bunge Annual Report 15

 processing plants globally. We have 62 merchandising and probable and reasonably estimable. These provisions are based distribution offices throughout the world. on current information and legal advice and are adjusted from time to time according to developments. We do not expect the Food and Ingredients outcome of these proceedings, net of established reserves, to have a material adverse effect on our financial condition or In our Food and Ingredients businesses, we have 102 refining, results of operations. Due to their inherent uncertainty, packaging and milling facilities throughout the world. In however, there can be no assurance as to the ultimate addition, to facilitate distribution in Brazil, we operate 21 outcome of current or future litigation, proceedings, distribution centers. investigations or claims and it is possible that a resolution of one or more such proceedings could result in fines and Sugar and Bioenergy penalties that could adversely affect our business, consolidated financial position, results of operations, or cash flows in a In our Sugar and Bioenergy segment, we have eight sugarcane particular period. mills, all of which are located in Brazil within close proximity to sugarcane production areas. We also manage land through For a discussion of certain tax matters relating to Argentina agricultural partnership agreements for the cultivation of and Brazil, see Notes 14 and 21 to our consolidated financial sugarcane as described under ‘‘Item 1. Business – Sugar and statements included as part of this Annual Report on Bioenergy.’’ Form 10-K. Additionally, we are a party to a large number of labor and civil claims relating to our Brazilian operations. We Fertilizer have reserved an aggregate of $68 million and $64 million, for labor and civil claims respectively, as of December 31, 2015. In our Fertilizer segment, we operate four fertilizer processing The labor claims primarily relate to dismissals, severance, and blending plants in Argentina and fertilizer ports in Brazil health and safety, salary adjustments and supplementary and Argentina. retirement benefits. The civil claims relate to various legal proceedings and disputes, including disputes with suppliers Other and customers and include approximately 84 million Brazilian reais (approximately $22 million as of December 31, 2015) Our corporate headquarters in White Plains, New York, related to a legacy environmental claim in Brazil. occupies approximately 66,300 square feet of space under a lease that expires in June 2025. We also own or lease other During the first quarter of 2016, we received a notice from the office space for our operations worldwide. Brazilian Administrative Council for Economic Defense initiating an administrative proceeding against our Brazilian subsidiary We believe that our facilities are adequate to address our and two of its employees, certain of its former employees, operational requirements. several other companies in the Brazilian wheat milling industry and others for alleged anticompetitive activities in the north ITEM 3. LEGAL PROCEEDINGS and northeast of Brazil. We intend to defend against this action; however, the proceedings are at an early stage and we We are subject to various legal proceedings and risks globally cannot, at this time, reasonably predict the ultimate outcome of in the course of our business, including claims, suits, and the proceedings or sanctions, if any, which may be imposed. government investigations involving competition, tax, labor and employment, commercial disputes and other matters. Although ITEM 4. MINE SAFETY DISCLOSURES we cannot accurately predict the amount of any liability that may ultimately arise with respect to any of these matters, we Not applicable. make provisions for potential liabilities when we deem them 16 2015 Bunge Annual Report

 PART II cumulative convertible perpetual preference shares are entitled to annual dividends per share in the amount of $4.875 per year ITEM 5. MARKET FOR REGISTRANT’S COMMON payable quarterly when, as and if declared by the Board of EQUITY, RELATED STOCKHOLDER MATTERS AND Directors in accordance with the terms of these shares. Any ISSUER PURCHASES OF EQUITY SECURITIES future determination to pay dividends will, subject to the provisions of Bermuda law, be at the discretion of our Board of (a) Market Information Directors and will depend upon then existing conditions, including our financial condition, results of operations, Our common shares trade on the New York Stock Exchange contractual and other relevant legal or regulatory restrictions, under the ticker symbol ‘‘BG’’. The following table sets forth, for capital requirements, business prospects and other factors our the periods indicated, the high and low closing prices of our Board of Directors deems relevant. common shares, as reported on the New York Stock Exchange. Under Bermuda law, a company’s board of directors may not (US$) HIGH LOW declare or pay dividends from time to time if there are reasonable grounds for believing that the company is, or would 2016 after the payment be, unable to pay its liabilities as they First quarter (to February 19, 2016) $66.82 $47.79 become due or that the realizable value of its assets would thereby be less than the aggregate of its liabilities and issued 2015 share capital and share premium accounts. Under our Fourth quarter $79.41 $61.81 bye-laws, each common share is entitled to dividends if, as and Third quarter 89.86 68.94 when dividends are declared by our Board of Directors, subject Second quarter 92.85 83.16 to any preferred dividend right of the holders of any preference First quarter 92.31 78.50 shares. There are no restrictions on our ability to transfer funds (other than funds denominated in Bermuda dollars) in or out of 2014 Bermuda or to pay dividends to U.S. residents who are holders of our common shares. Fourth quarter $92.91 $80.97 Third quarter 86.36 73.54 We paid quarterly dividends on our common shares of $0.34 Second quarter 81.38 74.68 per share in the first two quarters of 2015 and $0.38 per share First quarter 81.92 73.51 in the last two quarters of 2015. We paid quarterly dividends on our common shares of $0.30 per share in the first two (b) Approximate Number of Holders of Common Stock quarters of 2014 and $0.34 per share in the last two quarters of 2014. We have declared a regular quarterly cash dividend of To our knowledge, based on information provided by $0.38 per share payable on March 2, 2016 to shareholders of Computershare Investor Services LLC, our transfer agent, as of record on February 17, 2016. December 31, 2015, we had 142,483,467 common shares outstanding which were largely held by approximately 90 (d) Securities Authorized for Issuance Under Equity registered holders. Compensation Plans (c) Dividends The following table sets forth certain information, as of December 31, 2015, with respect to our equity compensation We intend to pay cash dividends to holders of our common plans. shares on a quarterly basis. In addition, holders of our 4.875% (a) (b) (c) WEIGHTED-AVERAGE NUMBER OF SECURITIES EXERCISE PRICE PER REMAINING AVAILABLE FOR NUMBER OF SECURITIES SHARE OF FUTURE ISSUANCE UNDER TO BE ISSUED UPON OUTSTANDING EQUITY COMPENSATION EXERCISE OF OPTIONS, PLANS (EXCLUDING OUTSTANDING OPTIONS, WARRANTS SECURITIES REFLECTED IN Plan category WARRANTS AND RIGHTS AND RIGHTS COLUMN (A)) Equity compensation plans approved by shareholders(1) 5,960,239(2) $75.64(3) 2,620,800(4) Equity compensation plans not approved by shareholders(5). . 12,346(6) (7) (8) Total 5,972,585 $75.64 2,620,800 (1) Includes our 2009 Equity Incentive Plan, Equity Incentive Plan, Non-Employee Directors’ Equity Incentive Plan and 2007 Non-Employee Directors’ Equity Incentive Plan. 2015 Bunge Annual Report 17

 26FEB201608070331 (2) Includes non-statutory stock options outstanding as to 4,766,171 common shares, performance-based restricted stock unit awards outstanding as to 1,142,123 common shares and 3,940 vested and deferred restricted stock units outstanding (including, for all restricted and deferred restricted stock unit awards outstanding, dividend equivalents payable in common shares) under our 2009 Equity Incentive Plan and Equity Incentive Plan. This number also includes non-statutory stock options outstanding as to 29,500 common shares under our Non-Employee Directors’ Equity Incentive Plan, 18,505 unvested restricted stock units. Dividend equivalent payments that are credited to each participant’s account are paid in our common shares at the time an award is settled. Vested deferred restricted stock units are paid at the time the applicable deferral period lapses. (3) Calculated based on non-statutory stock options outstanding under our 2009 Equity Incentive Plan, Equity Incentive Plan and our Non-Employee Directors’ Equity Incentive Plan. This number excludes outstanding time-based restricted stock unit and performance-based restricted stock unit awards under the 2009 Equity Incentive Plan and Equity Incentive Plan and restricted and deferred restricted stock unit awards under the 2007 Non-Employee Directors’ Equity Incentive Plan. (4) Includes dividend equivalents payable in common shares. Shares available under our 2009 Equity Incentive Plan may be used for any type of award authorized under the plan. Awards under the plan may be in the form of statutory or non-statutory stock options, restricted stock units (including performance-based) or other awards that are based on the value of our common shares. Our 2009 Equity Incentive Plan provides that the maximum number of common shares issuable under the plan is 10,000,000, subject to adjustment in accordance with the terms of the plan. This number also includes shares available for future issuance under our 2007 Non-Employee Directors’ Equity Incentive Plan. Our 2007 Non-Employee Directors’ Equity Incentive Plan provides that the maximum number of common shares issuable under the plan may not exceed 600,000, subject to adjustment in accordance with the terms of the plan. No additional awards may be granted under the Equity Incentive Plan and the Non-Employee Directors’ Equity Incentive Plan. (5) Includes our Non-Employee Directors’ Deferred Compensation Plan. (6) Includes rights to acquire 12,346 common shares under our Non-Employee Directors’ Deferred Compensation Plan pursuant to elections by our non-employee directors. (7) Not applicable. (8) Our Non-Employee Directors’ Deferred Compensation Plan does not have an explicit share limit. (e) Performance Graph the quarter ended December 31, 2015. The graph sets the beginning value of our common shares and the Indices at The performance graph shown below compares the quarterly $100, and assumes that all dividends are reinvested. All Index change in cumulative total shareholder return on our common values are weighted by the capitalization of the companies shares with the Standard & Poor’s (S&P) 500 Stock Index and included in the Index. the S&P Food Products Index from December 31, 2010 through Comparison of 5 Year Cumulative Total Return $- $50 $100 $150 $200 $250 Bunge, Ltd. S&P 500 Index - Total Returns S&P Food Products Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 (f) Purchases of Equity Securities by Registrant and Any repurchases may be made from time to time through a Affiliated Purchasers variety of means, including in the open market, in privately negotiated transactions or through other means as determined In May 2015, we established a new program for the repurchase by us, and in compliance with applicable legal requirements. of up to $500 million of our issued and outstanding common The timing and number of any shares repurchased will depend shares. The program has no expiration date. Bunge on a variety of factors, including share price and market repurchased 1,411,210 common shares for $100 million under conditions, and the program may be suspended or this program during the third quarter ended September 30, discontinued at any time at our discretion. 2015. We completed the previous $975 million repurchase program during the first quarter of 2015 with the repurchase of 2,460,600 common shares for $200 million. 18 2015 Bunge Annual Report

 ITEM 6. SELECTED FINANCIAL DATA Our consolidated financial statements are prepared in U.S. dollars and in accordance with U.S. GAAP. The selected The following table sets forth our selected historical historical financial information as of and for the years ended consolidated financial information for each of the five periods December 31, 2015, 2014, 2013, 2012 and 2011 are derived indicated. You should read this information together with from our audited consolidated financial statements and related ‘‘Item 7. Management’s Discussion and Analysis of Financial notes. Activities of the Fertilizer segment reported in continuing Condition and Results of Operations’’ and with the operations include our port operations in Brazil, our fertilizer consolidated financial statements and notes to the consolidated production operations in Argentina and our 50% equity interest financial statements included elsewhere in this Annual Report in the Morocco joint venture through the date of its sale. on Form 10-K. YEAR ENDED DECEMBER 31, (US$ in millions) 2015 2014 2013 2012 2011 Consolidated Statements of Income Data: Net sales $ 43,455 $ 57,161 $ 61,347 $ 60,991 $ 56,097 Cost of goods sold (40,762) (54,540) (58,587) (58,418) (53,470) Gross profit. 2,693 2,621 2,760 2,573 2,627 Selling, general and administrative expenses. (1,435) (1,691) (1,559) (1,563) (1,436) Interest income 43 87 76 53 96 Interest expense . (258) (347) (363) (294) (295) Foreign exchange gain (loss) (8) 47 53 88 (16) Other (expense) income – net. . (18) 17 44 (92) 7 Goodwill impairment. . (13) - - (514) - Gain on sale of Canadian grain assets. 47 - - - - Gain on sale of investments in affiliates. - - 3 85 37 Gain on acquisition of controlling interest . - - - 36 - Income from continuing operations before income tax. 1,051 734 1,014 372 1,020 Income tax (expense) benefit. . (296) (249) (904) 6 (55) Income from continuing operations 755 485 110 378 965 Income (loss) from discontinued operations, net of tax.. . 35 32 97 (342) (25) Net income. 790 517 207 36 940 Net loss (income) attributable to noncontrolling interests 1 (2) 99 28 2 Net income attributable to Bunge . 791 515 306 64 942 Convertible preference share dividends and other obligations . (53) (48) (76) (36) (34) Net income available to Bunge common shareholders. $ 738 $ 467 $ 230 $ 28 $ 908 YEAR ENDED DECEMBER 31, (US$, except outstanding share data) 2015 2014 2013 2012 2011 Per Share Data: Earnings per common share – basic(1) Net income (loss) from continuing operations $ 4.90 $ 2.98 $ 0.91 $ 2.53 $ 6.37 Net income (loss) from discontinued operations. 0.24 0.22 0.66 (2.34) (0.17) Net income (loss) to Bunge common shareholders. $ 5.14 $ 3.20 $ 1.57 $ 0.19 $ 6.20 Earnings per common share – diluted(2) Net income (loss) from continuing operations $ 4.84 $ 2.96 $ 0.90 $ 2.51 $ 6.23 Net income (loss) from discontinued operations. 0.23 0.21 0.65 (2.32) (0.16) Net income (loss) to Bunge common shareholders. $ 5.07 $ 3.17 $ 1.55 $ 0.19 $ 6.07 Cash dividends declared per common share $ 1.48 $ 1.32 $ 1.17 $ 1.06 $ 0.98 Weighted-average common shares outstanding – basic 143,671,546 146,209,508 147,204,082 146,000,541 146,583,128 Weighted-average common shares outstanding – diluted(2).. 152,238,967 147,230,778 148,257,309 147,135,486 155,209,045 2015 Bunge Annual Report 19

 YEAR ENDED DECEMBER 31, (US$ in millions) 2015 2014 2013 2012 2011 Consolidated Cash Flow Data: Cash provided by (used for) operating activities .$ 610 $ 1,399 $ 2,225 $ (457) $ 2,614 Cash provided by (used for) investing activities. . (802) (685) (429) (967) (1,220) Cash provided by (used for) financing activities.. 360 (1,058) (1,565) 1,206 (1,060) DECEMBER 31, (US$ in millions) 2015 2014 2013 2012 2011 Consolidated Balance Sheet Data: Cash and cash equivalents.$ 411 $ 362 $ 742 $ 569 $ 835 Inventories(3) 4,466 5,554 5,796 6,590 5,773 Working capital(4). 3,576 4,377 5,237 5,703 6,181 Total assets . 17,922 21,432 26,781 27,280 25,221 Short-term debt, including current portion of long-term debt 1,517 1,002 1,465 2,317 733 Long-term debt. 2,934 2,855 3,179 3,532 3,348 Convertible perpetual preference shares(2). . 690 690 690 690 690 Common shares and additional paid-in-capital . 5,106 5,054 4,968 4,910 4,830 Total equity . $ 6,652 $ 8,690 $10,088 $11,255 $12,075 YEAR ENDED DECEMBER 31, (in millions of metric tons) 2015 2014 2013 2012 2011 Other Data: Volumes: Agribusiness. 134.1 138.7 137.4 132.8 117.2 Edible Oil Products6.8 6.9 7.0 6.7 6.0 Milling Products. 4.2 4.5 4.0 4.3 4.6 Total Food and Ingredients 11.0 11.4 11.0 11.0 10.6 Sugar and Bioenergy.. 10.4 9.7 10.3 8.6 8.2 Fertilizer . 1.0 1.1 1.0 1.0 1.1 (1) Earnings per common share-basic is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding for the period. (2) Bunge has 6,900,000 4.875% cumulative convertible perpetual preference shares outstanding. Each cumulative convertible preference share has an initial liquidation preference of $100 per share plus accumulated and unpaid dividends up to a maximum of an additional $25 per share. As a result of adjustments made to the initial conversion price because cash dividends paid on Bunge Limited’s common shares exceeded certain specified thresholds, each cumulative convertible preference share is convertible, at the holder’s option, at any time, into approximately 1.1331 Bunge Limited common shares (7,818,390 Bunge Limited common shares), subject to certain additional anti-dilution adjustments. (3) Included in inventories were readily marketable inventories of $3,666 million, $4,409 million, $4,600 million, $5,306 million, $4,075 million at December 31, 2015, 2014, 2013, 2012 and 2011, respectively. Readily marketable inventories are agricultural commodity inventories that are readily convertible to cash because of their commodity characteristics, widely available markets and international pricing mechanisms. (4) Working capital is calculated as current assets less current liabilities. ITEM 7. MANAGEMENT’S DISCUSSION AND company operating in the farm-to-consumer food chain. The ANALYSIS OF FINANCIAL CONDITION AND commodity nature of the Company’s principal products, as well RESULTS OF OPERATIONS as regional and global supply and demand variations that occur as an inherent part of the business make volumes an The following should be read in conjunction with ‘‘Cautionary important operating measure. Accordingly, information is Statement Regarding Forward Looking Statements’’ and our included in ‘‘Segment Results’’ that summarizes certain items in combined consolidated financial statements and notes thereto our consolidated statements of income and volumes by included in Item 15 of this Annual Report on Form 10-K. reportable segment. The common unit of measure for all reported volumes is metric tons. A description of reported OPERATING RESULTS volumes for each reportable segment has also been included in the discussion of key factors affecting results of operations FACTORS AFFECTING OPERATING RESULTS in each of our business segments as discussed below. Bunge Limited, a Bermuda company, together with its subsidiaries, is a leading global agribusiness and food 20 2015 Bunge Annual Report

 Agribusiness course of a given year. For example, increased availability of commodities at harvest times often causes fluctuations in our In the Agribusiness segment, we purchase, store, transport, inventories and borrowings. Increases in agricultural commodity process and sell agricultural commodities and commodity prices will also generally cause our cash flow requirements to products. Profitability in this segment is affected by the increase as our operations require increased use of cash to availability and market prices of agricultural commodities and acquire inventories and fund daily settlement requirements on processed commodity products and the availability and costs of exchange traded futures that we use to hedge our physical energy, transportation and logistics services. Profitability in our inventories. oilseed processing operations is also impacted by volumes procured, processed and sold and by capacity utilization rates. Food and Ingredients Availability of agricultural commodities is affected by many factors, including weather, farmer planting decisions, plant In the Food and Ingredients business, which consists of our diseases, governmental policies and agricultural sector Edible Oil Products and Milling Products segments, our economic conditions. Reported volumes in this segment operating results are affected by changes in the prices of raw primarily reflect (i) grains and oilseeds originated from farmers, materials, such as crude vegetable oils and grains, the mix of cooperatives or other aggregators and from which ‘‘origination products that we sell, changes in consumer eating habits, margins’’ are earned; (ii) oilseeds processed in our oilseed changes in per capita incomes, consumer purchasing power processing facilities and from which ‘‘crushing margins’’ are levels, availability of credit to customers, governmental dietary earned – representing the margin resulting from the industrial guidelines and policies, changes in regional economic separation of the oilseed into its protein meal and vegetable oil conditions and the general competitive environment in our components, both of which components are separate markets. Raw material inputs to our production processes in commodity products themselves; and (iii) third party sales of the Edible Oil Products segment and the Milling Products grains, oilseeds and related commodity products merchandised segment are largely sourced at market prices from our through our distribution businesses and from which agribusiness segment. Reported volumes in these segments ‘‘distribution margins’’ are earned. The foregoing sub-segment reflect third-party sales of our finished products and, as such, volumes may overlap as they produce separate margin capture include the sales of products derived from raw materials opportunities. For example, oilseeds procured in our South sourced from the agribusiness segment as well as from American grain origination activities may be processed in our third-parties. The unit of measure for these volumes is metric oilseed processing facilities in Asia-Pacific and will be reflected tons as these businesses are linked to the commodity raw at both points within the segment. As such, these reported materials which are their primary inputs. volumes do not represent solely volumes of net sales to third-parties, but rather where margin is earned, appropriately Sugar and Bioenergy reflecting their contribution to our global network’s capacity utilization and profitability. Our Sugar and Bioenergy segment is an integrated business which includes the procurement and growing of sugarcane and Demand for our purchased and processed agribusiness the production of sugar, ethanol and electricity in our eight products is affected by many factors, including global and mills in Brazil, global sugar trading and merchandising regional economic conditions, changes in per capita incomes, activities and investment interests in affiliates. the financial condition of customers and customer access to credit, worldwide consumption of food products, particularly Profitability in this segment is affected by the availability and pork and poultry, population growth rates, relative prices of quality of sugarcane, which impacts our capacity utilization substitute agricultural products, outbreaks of disease rates and the amount of sugar that can be extracted from the associated with livestock and poultry, and demand for sugarcane, and by market prices of sugarcane, sugar and renewable fuels produced from agricultural commodities and ethanol. Availability and quality of sugarcane is affected by commodity products. many factors, including weather, geographical factors such as soil quality and topography, and agricultural practices. Once We expect that the factors described above will continue to planted, sugarcane may be harvested for several continuous affect global supply and demand for our agribusiness products years, but the yield decreases with each subsequent harvest. for the foreseeable future. We also expect that, from time to As a result, the current optimum economic cycle is generally time, imbalances will likely exist between oilseed processing five or six consecutive harvests, depending on location. We capacity and demand for oilseed products in certain regions, own and/or have partnership agreements to manage farmland which impacts our decisions regarding whether, when and on which we grow and harvest sugarcane. We also purchase where to purchase, store, transport, process or sell these sugarcane from third parties. Prices of sugarcane in Brazil are commodities, including whether to change the location of or established by Consecana, the S ˜ ao Paulo state sugarcane, adjust our own oilseed processing capacity. sugar and ethanol council, and are based on the sucrose content of the cane and the market prices of sugar and Additionally, price fluctuations and availability of commodities ethanol. Demand for our products is affected by such factors may cause fluctuations in our working capital, such as as changes in global or regional economic conditions, the inventories, accounts receivable and borrowings over the financial condition of customers and customer access to credit, 2015 Bunge Annual Report 21

 worldwide consumption of food products, population growth currency of the entity. These amounts are remeasured into rates, changes in per capita incomes and demand for and their respective functional currencies at exchange rates as of governmental support of renewable fuels produced from the balance sheet date, with the resulting gains or losses agricultural commodities, including sugarcane. We expect that included in the entity’s statement of income and, therefore, in these factors will continue to affect supply and demand for our our consolidated statements of income as foreign exchange sugar and bioenergy products in the foreseeable future. gains (losses). Reported volumes in this segment reflect third-party sales of sugar and ethanol. We primarily use a combination of equity and intercompany loans to finance our subsidiaries. Intercompany loans that are Fertilizer of a long-term investment nature with no intention of repayment in the foreseeable future are considered In the Fertilizer segment, demand for our products is affected permanently invested and as such are treated as analogous to by the profitability of the agricultural sectors we serve, the equity for accounting purposes. As a result, any foreign availability of credit to farmers, agricultural commodity prices, exchange translation gains or losses on such permanently the types of crops planted, the number of acres planted, the invested intercompany loans are reported in accumulated other quality of the land under cultivation and weather-related issues comprehensive income (loss) in our consolidated balance affecting the success of the harvests. Our profitability is sheets. In contrast, foreign exchange translation gains or losses impacted by international selling prices for fertilizers and on intercompany loans that are not of a permanent nature are fertilizer raw materials, such as phosphate, sulfur, ammonia and recorded in our consolidated statements of income as foreign urea, ocean freight rates and other import costs, as well as exchange gains (losses). import volumes at the port facilities we manage. As our operations are in South America, primarily Argentina, our Income Taxes results in this segment are typically seasonal, with fertilizer sales normally concentrated in the third and fourth quarters of As a Bermuda exempted company, we are not subject to the year due to the timing of the South American agricultural income taxes on income in our jurisdiction of incorporation. cycle. Reported volumes in this segment reflect third-party However, our subsidiaries, which operate in multiple tax sales of our finished products. jurisdictions, are subject to income taxes at various statutory rates ranging from 0% to 39%. The jurisdictions that In addition to these industry related factors which impact our significantly impact our effective tax rate are Brazil, the United business areas, our results of operations in all business areas States, Argentina and Bermuda. Determination of taxable and segments are affected by the following factors: income requires the interpretation of related and often complex tax laws and regulations in each jurisdiction where we operate Foreign Currency Exchange Rates and the use of estimates and assumptions regarding future events. Due to the global nature of our operations, our operating results can be materially impacted by foreign currency RESULTS OF OPERATIONS exchange rates. Both translation of our foreign subsidiaries’ financial statements and foreign currency transactions can 2015 Overview affect our results. On a monthly basis, for subsidiaries whose functional currency is their local currency, subsidiary Total segment EBIT of $1,248 million in 2015 increased from statements of income and cash flows must be translated into $956 million in 2014. EBIT for 2015 includes a $47 million gain U.S. dollars for consolidation purposes based on on the sale of certain grain assets in Canada to G3 Canada weighted-average exchange rates in each monthly period. As a Limited (formerly the Canadian Wheat Board) and a $30 million result, fluctuations of local currencies compared to the U.S. reversal of an export tax contingency in Argentina, partially dollar during each monthly period impact our consolidated offset by a $13 million goodwill impairment charge in our statements of income and cash flows for each reported period Brazilian tomato products business, impairment charges in our (quarter and year-to-date) and also affect comparisons equity method investment in a freight shipping company of between those reported periods. Subsidiary balance sheets are $14 million and $15 million as a result of the announced translated using exchange rates as of the balance sheet date closure of a packaged oil plant in the United States, as well as with the resulting translation adjustments reported in our a $9 million charge for administrative tax assessment fees consolidated balance sheets as a component of other related to export activities in our Argentine subsidiary. EBIT for comprehensive income (loss). Included in accumulated other 2014 included a charge of $149 million resulting from comprehensive income for the years ended December 31, 2015, impairment and restructuring charges, primarily in our Sugar 2014, and 2013 were foreign exchange net translation gains and Bioenergy segment and were also impacted by an expense (losses) of $(2,546) million, $(1,411) million, and $(1,221) of $112 million resulting from a judicial precedent in Brazil that million, respectively, resulting from the translation of our certain state ICMS tax credits related to staple foods, including foreign subsidiaries’ assets and liabilities. soy oil, margarine, mayonnaise and wheat flours are unconstitutional. Additionally, we record transaction gains or losses on monetary assets and liabilities that are not denominated in the functional 22 2015 Bunge Annual Report

 Agribusiness segment EBIT of $1,108 million for 2015 was United States, results in corn milling were adversely impacted $218 million higher compared to $890 million in 2014. The by soft demand in the ready-to-eat cereal and brewery primary drivers of the increase included a record year for industries; however, our performance improvement initiatives global soy crush driven by strong demand and residual supply mitigated some of the decline. In Mexico, higher volumes and tightness largely due to lack of Argentine farmer selling of cost synergies from the integration of our mills more than soybeans throughout most of the year. During the year, offset slightly lower margins. soybean processing results in Asia-Pacific improved, and we experienced record oilseed processing and grain origination Sugar and Bioenergy segment EBIT in 2015 was a loss of results in Brazil where we benefitted throughout the year from $27 million compared to a loss of $168 million in 2014. Results good farmer selling driven by the depreciating Brazilian real were impacted by $5 million of restructuring charges and relative to the U.S. dollar. 2015 saw improvements in ocean $133 million of impairment and restructuring charges in 2015 freight and in our ports and services operations. U.S. and 2014, respectively. Our sugarcane milling business operations benefitted from very strong soybean processing benefited from improved market conditions and good results, driven by good margins and volumes. However, this operational performance, as well as disciplined capital was partially offset by lower results in Canadian softseed management. SG&A costs declined driven by translation processing, which was impacted by lower margins from slow benefits from the devaluation of the Brazilian real on local farmer selling, and lower results in U.S. grain origination, which currency costs, and cost reduction and efficiency initiatives in was impacted by the stronger U.S. dollar which made U. S. our sugar milling business. Offsetting these cost improvements exports less competitive to other geographies. In Europe, our were results in our North American ethanol investment which Agribusiness operations benefitted from the favorable soybean were lower as a decrease in global oil prices resulted in lower processing environment, as discussed above; however, our ethanol margins. Results also decreased in our joint venture for softseed processing operations, particularly rapeseed, had a the production of renewable oils in Brazil and our corn challenging year. wet-milling joint venture in Argentina. In our trading and merchandising operations, volumes improved over 2014; Edible Oil Products segment EBIT was $59 million in 2015 however, results declined as margins were down as a result of compared to $58 million in 2014. EBIT for 2015 included a a challenging environment. charge of $15 million for the announced closure of a packaged oil plant in the United States and a $13 million goodwill Fertilizer segment EBIT decreased to $5 million in 2015 impairment charge in our Brazilian tomato products business. compared to $45 million in 2014. EBIT results declined primarily EBIT for 2014 included an expense of $98 million related to due to a decrease in usage of fertilizer by farmers in Argentina certain ICMS tax credits in Brazil. Excluding the effects of and lower import volumes of fertilizers in our port operations in these items, results were lower by $69 million. The Brazil, both as a result of weaker economic conditions in those strengthening of the U.S. dollar against most major currencies countries. where we operate in this segment had a negative impact on both margins and volumes in 2015. In Brazil, results in Net income attributable to Bunge for 2015 was $791 million packaged oils and margarines declined driven by a compared to $515 million for 2014. The increases in total recessionary economy which reduced demand and caused segment EBIT totaling $292 million described above combined eating habits to change. Consumers shifted away from food with reduced net interest cost of $45 million (driven by lower service and increased consumption at home, reducing waste, average borrowings during the year) was partially offset by and increased purchases of lower valued product. Our higher income tax expense ($296 million in 2015 compared performance improvement initiatives partially offset the with $249 million in 2014) as a result of higher income from negative impact of a weak economic environment in Brazil. In continuing operations, before taxes. Income tax expenses in Europe, results were also negatively impacted by increased 2015 included net tax charges of $16 million that resulted competition, primarily in Poland, Germany and weak economic primarily from the establishment of income tax valuation environments and currency translation in Ukraine and Russia. allowances in Asia-Pacific, partially offset by the release of Results in our Asia-Pacific operations declined over the prior income tax valuation allowances in North America. year primarily driven by lower margins in refined oils and bottling. Partially offsetting these decreases in results was Segment Results improved performance in North America, which benefitted from Bunge has five reportable segments – Agribusiness, Edible Oil a combination of a more competitive and higher value product Products, Milling Products, Sugar and Bioenergy and mix and increased demand from the key foodservice channel, Fertilizer – which are organized based upon similar economic as well as cost improvements. characteristics and are similar in nature of products and Milling Products segment EBIT decreased to $103 million in services offered, the nature of production processes, the type 2015 from $131 million in 2014, primarily driven by the and class of customer and distribution methods. The weakening economy in Brazil which led to softer demand as Agribusiness segment is characterized by both inputs and consumers reduced consumption and trended toward lower outputs being agricultural commodities and thus high volume priced products. The net impact of the weakening Brazilian real and low margin. The Edible Oil Products segment involves the relative to the U.S dollar also negatively impacted our results manufacturing and marketing of products derived from when translating the Brazilian real EBIT into U.S. dollars. In the vegetable oils. The Milling Products segment involves the 2015 Bunge Annual Report 23

 manufacturing and marketing of products derived primarily ethanol investments and related activities. The Fertilizer from wheat and corn. The Sugar and Bioenergy segment segment includes the activities of our port operations in Brazil involves sugarcane growing and milling in Brazil, sugar and and Argentina and blending and distribution operations in ethanol trading and merchandising in various countries, as well Argentina. as sugarcane-based ethanol production and corn-based A summary of certain items in our consolidated statements of income and volumes by reportable segment for the periods indicated is set forth below. YEAR ENDED DECEMBER 31, (US$ in millions) 2015 2014 2013 Volume (in thousands of metric tons): Agribusiness. 134,136 138,690 137,405 Edible Oil Products 6,831 6,845 6,972 Milling Products . 4,199 4,514 4,034 Sugar and Bioenergy. . 10,440 9,678 10,316 Fertilizer . 979 1,090 958 Net sales: Agribusiness. $ 31,267 $ 42,109 $ 45,507 Edible Oil Products 6,698 7,972 9,165 Milling Products . 1,609 2,064 2,012 Sugar and Bioenergy. . 3,495 4,542 4,215 Fertilizer . 386 474 448 Total . $ 43,455 $ 57,161 $ 61,347 Cost of goods sold: Agribusiness. $(29,409) $(40,367) $(43,710) Edible Oil Products (6,294) (7,424) (8,625) Milling Products . (1,372) (1,753) (1,750) Sugar and Bioenergy. . (3,331) (4,583) (4,123) Fertilizer . (356) (413) (379) Total . $(40,762) $(54,540) $(58,587) Gross profit (loss): Agribusiness. $ 1,858 $ 1,742 $ 1,797 Edible Oil Products 404 548 540 Milling Products . 237 311 262 Sugar and Bioenergy. . 164 (41) 92 Fertilizer . 30 61 69 Total . $ 2,693 $ 2,621 $ 2,760 Selling, general & administrative expenses: Agribusiness. $ (851) $ (875) $ (836) Edible Oil Products (328) (482) (384) Milling Products . (123) (168) (139) Sugar and Bioenergy. . (109) (156) (166) Fertilizer . (24) (10) (34) Total . $ (1,435) $ (1,691) $ (1,559) Foreign exchange gain (loss): Agribusiness. $ 67 $ 39 $ 41 Edible Oil Products - (4) 5 Milling Products . (8) (8) (1) Sugar and Bioenergy. . (68) 19 3 Fertilizer . 1 1 5 Total . $ (8) $ 47 $ 53 24 2015 Bunge Annual Report

 YEAR ENDED DECEMBER 31, (US$ in millions) 2015 2014 2013 Noncontrolling interests: Agribusiness. $ (9) $ (23) $ 31 Edible Oil Products (8) (9) (7) Milling Products . - - - Sugar and Bioenergy. . - (1) 9 Fertilizer . (1) (5) (5) Total . $ (18) $ (38) $ 28 Other income (expense): Agribusiness. $ (3) $ 8 $ (2) Edible Oil Products 4 5 10 Milling Products . (3) (4) 2 Sugar and Bioenergy. . (15) 10 - Fertilizer . (1) (2) 34 Total . $ (18) $ 17 $ 44 Goodwill impairment$ (13) $ - $ - Gain on sale of Canadian grain assets$ 47 $ - $ - Gain on sales of Agribusiness investments in affiliates$ - $ - $ 3 Segment earnings before interest and tax(1) Agribusiness. $ 1,108 $ 890 $ 1,032 Edible Oil Products 59 58 163 Milling Products . 103 131 125 Sugar and Bioenergy. . (27) (168) (60) Fertilizer . 5 45 69 Total . $ 1,248 $ 956 $ 1,329 Depreciation, depletion and amortization: Agribusiness. $ (234) $ (240) $ (240) Edible Oil Products (90) (96) (99) Milling Products . (46) (47) (28) Sugar and Bioenergy. . (160) (208) (184) Fertilizer . (15) (16) (17) Total . $ (545) $ (607) $ (568) Net income attributable to Bunge . $ 791 $ 515 $ 306 (1) Total segment earnings before interest and tax (‘‘EBIT’’) is an operating performance measure used by Bunge’s management to evaluate its segments’ operating activities. Total segment EBIT is a non-U.S. GAAP financial measure and is not intended to replace net income attributable to Bunge, the most directly comparable U.S. GAAP financial measure. Bunge’s management believes segment EBIT is a useful measure of its segments’ operating profitability, since the measure allows for an evaluation of the performance of its segments without regard to its financing methods or capital structure. In addition, EBIT is a financial measure that is widely used by analysts and investors in Bunge’s industries. Total segment EBIT is not a measure of consolidated operating results under U.S. GAAP and should not be considered as an alternative to net income attributable to Bunge or any other measure of consolidated operating results under U.S. GAAP. A reconciliation of total segment EBIT to net income attributable to Bunge follows: YEAR ENDED DECEMBER 31, (US$ in millions) 2015 2014 2013 Total segment earnings from continuing operations before interest and tax. $1,248 $ 956 $1,329 Interest income. 43 87 76 Interest expense. . (258) (347) (363) Income tax (expense) benefit (296) (249) (904) Income (loss) from discontinued operations35 32 97 Noncontrolling interests’ share of interest and tax. . 19 36 71 Net income attributable to Bunge.. $ 791 $ 515 $ 306 2015 Bunge Annual Report 25

 INTERNAL CONTROL OVER FINANCIAL REPORTING Gross profit increased 7% to $1,858 million in 2015 from $1,742 million in 2014, primarily driven by improved In connection with the 2015 year-end closing process, we performance in our oilseed processing business, particularly in determined that there was a classification error in the China, Argentina, the U.S., and Brazil, partially offset by condensed consolidated statement of cash flows in our declines in softeed processing in Europe and Canada. Grain previously issued interim consolidated financial statements trading and distribution also benefitted from improved ocean contained in our Quarterly Report on Form 10-Q for the quarter freight costs and port logistics operations. These increases ended September 30, 2015, which overstated operating cash more than offset weak grain origination margins in the United flows and understated investing cash flows in the same States primarily driven by lack of export demand due to the amount. This error did not affect our previously reported impacts of stronger U.S. dollar. volumes, gross profit, segment operating profit, net income or earnings per share or our balance sheets for any period. We SG&A expenses were $851 million in 2015 compared to have determined that the identified cause of this error $875 million in 2014. SG&A benefitted in 2015 from weaker represents a material weakness in our internal control over currencies as local currency costs were translated into U.S. financial reporting. We have taken, and will continue to take, dollars, partially offset by an impairment charge of $14 million actions to remediate this weakness. See ‘‘Item 9A. Controls and in our equity method investment in a freight shipping company Procedures’’ for more information. and a $9 million charge of administrative tax assessment fees related to export activities in our Argentine subsidiary for 2008 2015 Compared to 2014 through 2009. Agribusiness Segment. Agribusiness segment net sales Foreign exchange gains were $67 million in 2015 compared to decreased 26% to $31.3 billion in 2015 compared to gains of $39 million in the same period of 2014. These results $42.1 billion in 2014. The decrease was primarily driven by were primarily driven by movements in the Brazilian real and significantly lower global commodity prices in 2015 compared the Argentine peso. to 2014, especially soybean prices which were on average 24% lower. Volumes decreased 3% driven by lower grain origination Noncontrolling interests represent (income) loss attributed to and grain and oilseed trading and distribution volumes, the noncontrolling interest holders in joint venture operations partially offset by higher oilseed processing volumes. In our that are consolidated in our financial statements. The income grains business, origination volumes declined in North America of $9 million in 2015 compared to income of $23 million in due to lower farmer selling and a reduction in volumes related 2014 and was primarily driven by lower results in our U.S. to the sale of certain Canadian grain assets in the third quarter Pacific Northwest port operation and oilseed and biodiesel to G3 Canada Limited (formerly the Canadian Wheat Board). production joint ventures in Europe. Argentina grain origination was down as farmers retained their Gain on the sale of Canadian grain assets to G3 Canada crops in anticipation of a more favorable environment following Limited (formerly the Canadian Wheat Board) was $47 million. the December presidential election. The reduced grain origination volumes in North America and Argentina were Segment EBIT increased 24% to $1,108 million in 2015 from partly offset by higher volumes in Brazil during the latter part $890 million in 2014 primarily as a result of improved gross of 2015 as farmers were strong sellers in order to fix their local profit in our oilseed processing business, grain trading and Brazilian real sales at relatively high rates as the Brazilian real distribution business, a reduction in SG&A, primarily from the weakened against the U.S. dollar. In oilseed processing, higher weakening of global currencies against the U.S. dollar and a volumes in North America, Asia, Brazil and Argentina driven by $47 million gain on the sale of certain assets in Canada to G3 strong crush margins were fully offset by lower global Canada Limited. commodity prices. In our trading and distribution businesses, volumes were lower in both grains and oilseeds in most Edible Oil Products Segment. Edible Oil Products segment net regions due to a soft margin environment. sales were $6.7 billion in 2015 compared to $8.0 billion in 2014. The lower net sales in 2015 were primarily a result of lower Cost of goods sold decreased by 27% to $29.4 billion in 2015, global vegetable oil prices and the translation impact of weaker compared with $40.4 billion last year as a result of lower global global currencies relative to the U.S. dollar. Volumes in 2015 commodity prices and the translation effect of weaker global were essentially flat as higher demand in India and China were currencies compared with 2014. The average global price of offset by a decline in Brazil and Europe, resulting from weak soybeans, corn and wheat declined 24%, 9% and 14%, economic conditions, which directly impacted packaged oil and respectively in 2015 compared to 2014. The volume decline of margarine demand. 3% noted above also contributed to the decline in cost of goods sold. Improvement in ocean freight costs, particularly Cost of goods sold decreased 15% to $6.3 billion in 2015 from bunker fuel procurement, and in ports and services also $7.4 billion in 2014, due to lower raw material costs resulting contributed to the lower year-over-year cost. In addition, in the from market price declines of edible oils, lower demand in second quarter of 2015 we reversed a $30 million export tax Brazil and Europe, which lowered production volumes, and the contingency in our Argentine subsidiary. translation impact of the weaker global currencies relative to the U.S. dollar. Cost of goods sold in 2015 included an 26 2015 Bunge Annual Report

 impairment charge of $15 million related to the announced margins in Brazil related to food service and retail channels closure of one of our U.S. edible oil packaging facilities. and lower volumes in U.S. corn milling as a result of depressed demand from the ready-to-eat cereal and brewery industries in Gross profit in 2015 decreased to $404 million from the first half of 2015. Margins in Brazil were adversely $548 million in 2014. The decrease was driven by lower impacted by the effects of the currency devaluation. volumes and margins in Brazil and Europe as consumers reduced purchases and traded down to lower value products. SG&A expenses decreased by $45 million to $123 million in The impact of the weaker economic environment was partly 2015 from $168 million in 2014 mainly resulting from the offset by cost benefits from our performance improvement benefit of the weaker Brazilian real and Mexican peso on the programs. An impairment charge of $15 million in 2015 relating translation of local currency expenses. In addition, 2014 to the closure of a U.S. facility also contributed to the reduced included $14 million of expenses related to certain ICMS tax gross profit. credits in Brazil. SG&A expenses decreased to $328 million in 2015 from Segment EBIT decreased to $103 million in 2015 from $482 million in 2014, primarily as a result of the translation $131 million in 2014, as weaker demand in Brazil and the U.S. benefits of the strengthening U.S. dollar relative to other global resulted in lower volumes and margins, partially offset by lower currencies, notably the Brazilian real, Argentine peso and euro SG&A expenses. as well as our cost reduction initiatives. In addition, 2014 included $98 million of expenses related to certain ICMS tax Sugar and Bioenergy Segment. Sugar and Bioenergy segment credits in Brazil. net sales decreased to $3.5 billion in 2015 compared to $4.5 billion in 2014. The 23% decrease in sales was primarily A goodwill impairment charge of $13 million, representing all of driven by lower global average prices of sugar and the the goodwill of the Brazilian tomato products business, was significant devaluation of the Brazilian real impacting our local recorded in the fourth quarter of 2015 upon completion of our currency net sales when translated into U.S. dollars. This was annual impairment analysis. partially offset by higher average domestic ethanol prices in Brazil and an increase in volumes. On average, the futures Segment EBIT was $59 million in 2015 compared to $58 million price of raw sugar was 20% lower in 2015 compared 2014. in 2014. EBIT for 2015 included a charge of $15 million for the Average ethanol prices in Brazil were higher by 8% driven by a announced closure of a packaged oil plant in the United States large increase in the fourth quarter. Partially offsetting the and a $13 million goodwill impairment charge in our Brazilian sales decreases was an improvement in volumes of 8% tomato products business. EBIT for 2014 included an expense compared to 2014, primarily due to increased activity in our of $98 million related to certain ICMS tax credits in Brazil. global trading and merchandising operations. Excluding the effects of these items, results declined by $69 million driven by lower volumes and margins in Brazil Cost of goods sold decreased 27% to $3.3 billion in 2015, edible oils, and margarines in Europe as consumers compared to $4.6 billion in 2014, primarily driven by lower pulled-back on purchases and traded down to lower value prices of purchased sugarcane and the impact of the weaker products. This was partially offset by lower SG&A expenses as Brazilian real relative to the U.S. dollar, partially offset by higher a result of the factors noted above. volumes. Milling Products Segment. Milling Products segment sales Gross profit was $164 million in 2015. This compared to a loss decreased by 22% to $1,609 million in 2015 from $2,064 million of $41 million in 2014, which included $113 million of in 2014 in part due to approximately 9% lower average prices impairment and related charges related to one of our sugar for corn and 14% lower average prices for wheat. Volumes mills. Excluding the impairment and related charges, results declined 7% compared to the same period last year, primarily improved by $92 million primarily driven by improved results in in our wheat milling business in Brazil, which was impacted by our industrial operations resulting from increased efficiency, the weak economic environment that depressed demand, as both in volumes crushed and lower related industrial costs, as well as in our U.S. corn milling operations, driven by soft well as higher volumes and margins in cogeneration. In our demand in the ready-to-eat cereal and brewery industries. global trading and distribution operations, higher volumes were Additionally, the foreign exchange impact from the devaluation more than offset by lower margins. of the Brazilian real and Mexican peso against the U.S. dollar for our Brazilian and Mexican operations negatively impacted SG&A expenses were $109 million in 2015, 30% lower sales. compared to $156 million in 2014, driven by translation benefits of the devaluation of the Brazilian real on local currency costs, Cost of goods sold decreased 22% to $1,372 million in 2015 and cost reduction and efficiency initiatives in our sugar milling from $1,753 million in 2014 primarily due to lower volumes, business. In addition, 2015 and 2014 included $5 million and lower commodity raw material costs in corn and wheat and the $20 million, respectively, of restructuring costs, which include translation impact of the devaluation of the Brazilian real and costs of our strategic review of the sugar milling business. Mexican peso against the U.S. dollar. Foreign exchange results in 2015 were losses of $68 million, Gross profit decreased to $237 million in 2015, from compared to gains of $19 million in 2014. These results were $311 million in 2014, primarily due to lower volumes and related primarily to results on certain currency hedges. 2015 Bunge Annual Report 27

 Interest. A summary of consolidated interest income and expense for the periods indicated follows: YEAR ENDED DECEMBER 31, (US$ in millions) 2015 2014 Interest income $ 43 $ 87 Interest expense (258) (347) Interest income decreased to $44 million when compared to the same period of 2014, as a result of lower cash investments in Brazil and Argentina and $12 million of accumulated interest on a loan provided to and repaid by a related party in 2014. Interest expense decreased by 26% compared to last year, primarily due to lower average outstanding debt, mainly as a result of reduced working capital requirements due to lower global commodity prices in 2015 and interest charges of $65 million related to certain ICMS tax credits in Brazil. Income Tax Expense. In 2015, income tax expense from Fertilizer Segment. Fertilizer segment net sales decreased 19% continuing operations increased to $296 million from to $386 million in 2015 compared to $474 million in 2014, $249 million in 2014 and the effective tax rate in 2015 primarily due to lower fertilizer imports in Brazil. In Argentina, decreased to 28% compared to 34% in 2014. Income tax sales declined mainly due to lower volumes driven by reduced expenses in 2015 included net tax charges of $16 million that fertilizer usage by Argentine farmers as a result of the local resulted primarily from the establishment of income tax economic environment and lower farm margins for corn and valuation allowances in Asia-Pacific partially offset by the wheat production. In addition, in the first quarter of 2015, release of income tax valuation allowances in North America. volumes were reduced due to a strike at one of our facilities. The lower effective tax rate for 2015 resulted mainly from geographical earnings mix and valuation allowance movements. Cost of goods sold was $356 million in 2015, compared to $413 million in 2014. Lower volumes and raw material costs Discontinued Operations. Discontinued operations results in and the translation benefit of the weaker Argentine peso, were 2015 were income of $35 million, net of tax, compared to partly offset by higher cost imports of nitrogen due to the income of $32 million, net of tax, in 2014. Results in 2015, aforementioned strike. included gains in Brazilian fertilizer driven by foreign exchange gains and the recovery of previously written-off farmer Gross profit decreased to $30 million in 2015 from $61 million receivables, which were partly offset by losses in our asset in 2014. The decrease was primarily driven by lower volumes management business. Results in 2014 included benefits and not fully recovered industrial costs in our Brazilian port related to a tax amnesty program in Brazil and collections of operations. Gross profit in our Argentine operation was previously written-off farmer receivables. impacted by higher production costs, depressed volumes from lower farmer fertilizer usage and impacts of a strike at one of Net Income Attributable to Bunge. Net income attributable to our facilities. Bunge for 2015 was $791 million compared to $515 million for 2014. The increase in total segment EBIT of $292 million SG&A was $24 million in 2015 compared to $10 million in 2014. discussed above and reduced net interest cost of $45 million The lower expense in 2014 includes the reversal of certain driven by lower average borrowings during the year was value added tax, labor and bad debt provisions in Brazil. partially offset by the higher income tax expense ($296 million in 2015 compared with $249 million in 2014) on the higher Noncontrolling interests represents (income) loss attributed to income from continuing operations, before taxes. the noncontrolling interest holders in operations that are consolidated in our financial statements. The $1 million income 2014 Compared to 2013 in 2015 and $5 million income in 2014 represents the noncontrolling interests share of income at our non-wholly Agribusiness Segment. Agribusiness segment net sales owned Brazilian port operations. decreased 8% to $42.1 billion in 2014 compared to $45.5 billion in 2013. Volumes were 1% higher in the year with increased Segment EBIT decreased to $5 million in 2015, compared to volumes of grain origination in Europe resulting from good $45 million in 2014, mainly driven by lower gross profit in our crops and harvest pace in the Black Sea region being offset by Brazilian port operations, the impact of the strike and weaker lower oilseeds distribution volumes in Asia-Pacific and farmer usage of fertilizer in Argentina and the positive SG&A processing in China and Argentina. Global commodity prices impact on 2014 results were generally lower in the year; especially corn prices, which 28 2015 Bunge Annual Report

 Other income (expenses) – net was expense of $15 million in 2015 compared to income of $10 million in 2014. Results in our North American ethanol investment were lower as the decrease in global oil prices resulted in lower ethanol margins. Results also decreased in our joint venture for the production of renewable oils in Brazil and our corn wet-milling joint venture in Argentina. Segment EBIT improved by $141 million to a loss of $27 million in 2015, compared to a loss of $168 million in 2014. Results were impacted by $5 million of restructuring charges and $133 million of impairment and restructuring charges in 2015 and 2014, respectively. Excluding the impairment and restructuring charges, results improved by $13 million due to improved performance in our industrial milling operations in Brazil and lower SG&A expenses from the translation benefit of the weaker Brazilian real on local currency costs, partially offset by foreign exchange losses and lower results in certain joint ventures. declined significantly in the first nine months of the year and resulting from lower global commodity prices and sales were on average 28% lower in 2014 compared to 2013. The volumes. impact of lower commodity prices on net sales was partly offset by the higher value mix of commodities sold in 2014 Gross profit in 2014 increased to $548 million from $540 million when compared with 2013. in 2013, primarily due to higher margins in Brazil, driven by a tight supply environment and an increased focus on Cost of goods sold also decreased by 8% to $40.4 billion in operational improvements and price management strategies, 2014, compared with $43.7 billion last year as a result of lower and in Argentina, driven by higher export volumes within South average commodity prices in 2014 and lower results from America. Margins in North America were essentially flat, with trading and our risk management strategies. These reductions higher margins in U.S. packaged oils driven by operational were only partly offset by the 1% volume increase and higher improvement programs, partially offset by lower margins in value sales mix. refined oils on weaker export demand, rail logistics issues and, to a lesser extent, higher energy costs in the first quarter due Gross profit was $1,742 million in 2014, 3% lower than to severe weather conditions in Canada. $1,797 million a year ago, primarily as losses in our Asia-Pacific oilseed processing operations, mainly in China, resulting from SG&A Expenses increased to $482 million in 2014 from low structural margins in the region, and reduced trading and $384 million in 2013; SG&A for 2014 included $98 million risk management results and approximately $80 million of expenses on certain ICMS tax credits in Brazil. unrealized mark-to-market impacts related to North American processing and bunker fuel hedges at year end that are Segment EBIT decreased to $58 million in 2014 from expected to reverse in 2014. These reductions more than offset $163 million in 2013 as a result of factors noted above. good margins in North and South America, Central Europe and Segment EBIT for 2013 included a gain of $9 million from the our oilseed distribution activities to the Middle East. sale of certain legal claims in Brazil. SG&A expenses were $875 million in 2014 compared to Milling Products Segment. Milling Products segment net sales $836 million in 2013. In 2014, SG&A expenses included costs were $2,064 million in 2014, compared to $2,012 million in from our new Terfron port facility in Northern Brazil and higher 2013. Volumes increased by 12% primarily due to contributions employee related costs and, to a lesser extent, higher bad debt from a wheat milling business in Mexico, which we acquired in expenses. SG&A benefitted from weaker currencies when local December 2013. This increase was partly offset by lower currency costs were translated into U.S. dollars, partially volumes in our wheat milling business in Brazil, primarily due offsetting the expense increases. to our strategy to strengthen margins. The net increase in volumes was offset by lower average selling prices for corn Noncontrolling interests represent (income) loss attributed to and wheat products driven by lower average global commodity the noncontrolling interest holders in joint venture operations market prices relative to last year and by the impact of a that are consolidated in our financial statements. In 2014, weaker Brazilian real and Mexican peso when translated into $23 million of income compared to losses of $31 million in U.S. dollars compared to 2013. 2013. Improved performance in our joint venture activities was primarily driven by our U.S. Pacific Northwest port operation Cost of goods sold was essentially flat with $1,753 million and and oilseed and biodiesel production ventures in Europe. $1,750 million for the years 2014 and 2013, respectively. The impact of the inclusion of the acquired wheat milling business Segment EBIT decreased to $890 million in 2014 from in Mexico and higher prices for rice origination in the United $1,032 million in 2013, primarily due to lower gross profit, States resulting from drought and water shortage was offset by higher SG&A and approximately $80 million of mark-to-market lower prices for corn and wheat compared to the same period impacts incurred in the fourth quarter, which are expected to last year. reverse during 2014. EBIT for 2013 included a $16 million gain from the sale of certain legal claims in Brazil. Gross profit increased by 19% to $311 million in 2014 from $262 million in 2013, primarily as a result of inclusion of our Edible Oil Products Segment. Edible Oil Products segment net Mexican wheat milling business acquired in December 2013 sales were $8 billion in 2014 compared to $9.2 billion in 2013. and the related synergies with our existing wheat milling The lower net sales in 2014 were primarily a result of lower business in Mexico. In addition, margins were higher in Brazil average commodity prices in 2014. Volumes decreased by 2% resulting from the implementation of price management driven by rail logistics issues and soft demand from food strategies. In our U.S. milling operations, gross profit declined processors in North America, and by lower retail demand and with lower margins in corn milling only partly offset by stronger implementation of price management strategies in Brazil. margins in rice milling. Volumes were positively impacted in Argentina by export sales of bulk oil and in Asia-Pacific with strong volume growth SG&A expenses increased by $29 million to $168 million in across all our brands and our bakery fats business in India. 2014 from $139 million in 2013, primarily resulting from inclusion of our wheat milling business acquired in Mexico at Cost of goods sold decreased 14% to $7.4 billion in 2014 from the end of last year and $14 million expenses on certain ICMS $8.6 billion in 2013, primarily due to lower raw material costs tax credits in Brazil, partially offset by the benefits of cost 2015 Bunge Annual Report 29

 reduction initiatives and the impact of the weaker Brazilian real investments in the U.S. and Argentina also reported higher and Mexican peso on the translation of local currency results. These improvements were partly offset by weaker expenses to the U.S. dollar. trading and merchandising results and start-up losses in our renewable oils venture in Brazil. Segment EBIT increased by 5% to $131 million in 2014 from $125 million in the same period a year ago, driven by the Fertilizer Segment. Fertilizer segment net sales increased 6% to inclusion of our acquired wheat milling operations in Mexico $474 million in 2014 compared to $448 million in 2013, and solid performance in Brazil wheat milling and U.S. rice primarily due to a volume increase of 14% in our Argentine milling, partly offset by higher SG&A expenses, lower results in blending and distribution operations, partly offset by lower U.S. corn milling and foreign exchange losses in Mexico driven global nitrogen and phosphate prices. by a strong devaluation of the Mexican peso in the fourth quarter. Segment EBIT for 2013 included a gain of $6 million Cost of goods sold increased 9% to $413 million in 2014 from from the sale of certain legal claims in Brazil. $379 million in 2013, primarily as a result of higher volumes and higher equipment rental costs and spare parts write-offs in Sugar and Bioenergy Segment. Sugar and Bioenergy segment our Brazil port operations. These increases were partly offset net sales increased 8% to $4.5 billion in 2014 compared to by lower raw material costs and the benefit of the weaker $4.2 billion in 2013, as a result of higher sugarcane milling Argentine peso and Brazilian real on local currency costs when volumes and energy sales in Brazil. These increases were translated into U.S. dollars. partly offset by a 6% decline in volumes, primarily in our trading and merchandising business. Average ethanol and Gross profit decreased to $61 million in 2014 from $69 million energy prices in Brazil were higher compared to 2013, while in 2013. The decrease was primarily driven by higher costs in average prices of sugar were lower. In our biofuels business, our Brazilian port operations, partly offset by higher volumes lower volumes were more than offset by higher U.S. corn and margins in Argentina. ethanol prices. SG&A was $10 million in 2014 compared to $34 million in 2013. Cost of goods sold increased to $4.6 billion in 2014 from The decrease in 2014 includes the reversal of certain value $4.1 billion in 2013. Higher costs of purchased sugarcane were added tax provisions which are no longer expected to be paid partially offset by lower volumes in our trading and and lower general and administrative expenses. In addition, merchandising business and the benefit of the weaker Brazilian SG&A benefited from a weaker Brazilian real and Argentine real relative to the U.S. dollar. peso relative to the U.S. dollar. Gross profit was a loss of $41 million in 2014, driven by Segment EBIT decreased by $24 million to $45 million in 2014 $113 million of impairment and related charges related to one from $69 million in 2013, primarily due to a $32 million gain on of our mills. This compared to a profit of $92 million in 2013. the 2013 sale of certain legal claims in Brazil, partially offset by Improved overall results in our other sugarcane mills were a $5 million loss in 2013 in our Morocco phosphate joint driven by lower costs, higher margins and increased venture, which was sold in December 2013. cogeneration volumes. These improvements were more than offset by lower results in our sugar trading and distribution Interest. A summary of consolidated interest income and business. expense for the periods indicated follows: SG&A expenses declined 6% to $156 million in 2014 from YEAR ENDED DECEMBER 31, $166 million in 2013. Cost reduction initiatives in our sugar milling (US$ in millions) 2014 2013 business and translation benefits from the depreciation of the Interest income $ 87 $ 76 Brazilian real on local currency costs reduced SG&A, but were Interest expense (347) (363) partially offset by $20 million of restructuring costs, including costs of our strategic review of the business. SG&A for 2013 included Interest income in 2014 increased by $11 million compared to $11 million of write-offs and restructuring charges. 2013, primarily due to higher returns on cash investments in Brazil and Argentina in the first half of the year and the Other income (expenses) – net was income of $10 million collection of $12 million of accumulated unpaid interest on a compared to nil in 2013. Increased income from our loan provided to a related party. Interest expense decreased by non-consolidated investments in a U.S. bioenergy producer and 4% compared to last year, primarily due to lower average a corn wet milling venture in Argentina that became fully outstanding debt driven by reduced working capital operational in 2014, was partially offset by losses in our joint requirements as a result of lower average commodity prices, venture for the production of renewable oils in Brazil. partly offset by interest charges of $65 million related to certain Segment EBIT decreased by $108 million to a loss of ICMS tax credits in Brazil. Interest expenses were reduced due $168 million in 2014 compared to a loss of $60 million in 2013. to the refinancing of long-term debt at fixed rates with In 2014, segment EBIT included $133 million of impairment and short-term bank loans, which on average bear lower, floating restructuring charges in our industrial operations. Results from interest rates. Interest expense includes facility commitment our sugarcane mills improved overall and our bioenergy fees, amortization of deferred financing costs and charges on 30 2015 Bunge Annual Report

 certain lending transactions, including certain intercompany capital in order to efficiently finance our business and maintain loans and foreign currency conversions in Brazil. balance sheet strength. We generally finance our ongoing operations with cash flows generated from operations, issuance Income Tax Expense. In 2014, income tax expense from of commercial paper, borrowings under various bilateral and continuing operations decreased to $249 million from syndicated revolving credit facilities, term loans and proceeds $904 million in 2013 and the effective tax rate in 2014 from the issuance of senior notes. Acquisitions and long-lived decreased to 34% compared to 89% in 2013. Income tax assets are generally financed with a combination of equity and expense in 2014 included certain income tax benefits of long-term debt. $102 million, primarily $93 million of deferred tax assets in a subsidiary taxable in Brazil, $21 million reversal of an income Our current ratio, which is a widely used measure of liquidity and tax valuation allowance in Europe and $13 million from is defined as current assets divided by current liabilities, was 1.49 adjustment of provisions upon finalization of a tax audit in and 1.50 at December 31, 2015 and 2014, respectively. Europe. Also, included in income tax expense for 2014 is $45 million of deferred tax assets which were recognized upon Cash and Cash Equivalents. Cash and cash equivalents were the recording of expenses related to a court ruling related to $411 million at December 31, 2015 and $362 million at certain ICMS tax credits in Brazil. These items were partly December 31, 2014. Cash balances are managed in accordance offset by $15 million of income tax valuation allowances with our investment policy, the objectives of which are to resulting from management’s evaluation of the recoverability of preserve the principal value of our cash assets, maintain a high its net operating loss carryforwards in Asia-Pacific. Net tax degree of liquidity and deliver competitive returns subject to expense for 2013 included tax charges of $512 million for prevailing market conditions. Cash balances are invested in income tax valuation allowances, primarily in the Sugar and short-term deposits with highly rated financial institutions and Bioenergy segment from management’s evaluation of its net in U.S. government securities. deferred tax assets, primarily net operating loss carryforwards, $46 million as a result of new legal precedents that impacted Readily Marketable Inventories (‘‘RMI’’). RMI are agricultural our assessment of an uncertain income tax position in Brazil commodity inventories, such as soybeans, soybean meal, and provisions related to tax years 2008 through 2010. soybean oil, corn, wheat, and sugar that are readily convertible to cash because of their commodity characteristics, widely Discontinued Operations. Discontinued operations results in 2014 available markets and international pricing mechanisms. RMI in were income of $32 million, net of tax, compared to income of our Agribusiness segment are reported at fair value and were $97 million, net of tax, in 2013. Results in 2014 included benefits $3,393 million at December 31, 2015 and $4,125 million at related to a tax amnesty program in Brazil and collections of December 31, 2014. Of these amounts $2,513 million and previously written-off farmer receivables. Results in 2013 $2,937 million were attributable to merchandising activities at represented primarily the gain on the sale of the fertilizer blending December 31, 2015 and December 31, 2014, respectively. RMI and distribution business of $112 million, net of tax. at fair value in the aggregate amount of $110 million and $127 million at December 31, 2015 and December 31, 2014, Net Income Attributable to Bunge. Net income attributable to respectively, were included in our Edible Oil Products segment Bunge for 2014 was $515 million compared to $306 million for inventories. The Sugar and Bioenergy segment included sugar 2013. The decrease in total segment EBIT of $373 million RMI of $163 million and $157 million at December 31, 2015 discussed above was more than offset by the significantly and December 31, 2014, respectively which can be attributed lower income tax expense from continuing operations to our trading and merchandising business. ($249 million in 2014 compared with $904 million in 2013). Income tax expenses in 2014 included net tax benefits of Financing Arrangements and Outstanding Indebtedness. We $102 million that resulted primarily from the establishment of conduct most of our financing activities through a centralized deferred tax assets related to the implementation of certain financing structure that provides the company efficient access structural changes in our agribusiness operations. Income tax to debt and capital markets. This structure includes a master expense for 2013 included charges of $512 million for income trust, the primary assets of which consist of intercompany tax valuation allowances, primarily in our sugar milling loans made to Bunge Limited and its subsidiaries. Certain of business in Brazil. Net income for 2013 also included a Bunge Limited’s 100% owned finance subsidiaries, Bunge $112 million after-tax gain on the sale of our fertilizer Limited Finance Corp., Bunge Finance Europe B.V. and Bunge distribution business in Brazil to Yara for cash of $750 million. Asset Funding Corp., fund the master trust with short and This gain is included in discontinued operations. long-term debt obtained from third parties, including through our commercial paper program and certain credit facilities, as LIQUIDITY AND CAPITAL RESOURCES well as the issuance of senior notes. Borrowings by these finance subsidiaries carry full, unconditional guarantees by Liquidity Bunge Limited. Our main financial objectives are to prudently manage financial Revolving Credit Facilities. At December 31, 2015, we had risks, ensure consistent access to liquidity and minimize cost of $5,015 million of aggregate committed borrowing capacity under our 2015 Bunge Annual Report 31

 commercial paper program and revolving various bilateral and syndicated credit facilities, of which $4,263 million was unused and available. The following table summarizes these facilities as of the periods presented: TOTAL COMMITTED CAPACITY BORROWINGS OUTSTANDING COMMERCIAL PAPER PROGRAM DECEMBER 31, DECEMBER 31, DECEMBER 31, AND REVOLVING CREDIT FACILITIES MATURITIES 2015 2015 2014 (US$ in millions) Commercial Paper2019 $ 600 $ - $ - Revolving Credit Facilities(1) 2016 - 2019 4,415 752 538 Total $5,015 $752 $538 (1) Borrowings under the revolving credit facilities that have maturities greater than one year from the date of the consolidated balance sheets are classified as long-term debt, consistent with the long-term maturity of the underlying facilities. However, individual borrowings under the revolving credit facilities are generally short-term in nature, bear interest at variable rates and can be repaid or renewed as each such individual borrowing matures. On August 10, 2015, we entered into an amendment cost of borrowing under the Liquidity Facility would typically be agreement to our unsecured $1,750 million syndicated revolving higher than the cost of issuance under our commercial paper credit facility, dated March 17, 2014 (the ‘‘Facility’’). The program. At December 31, 2015, there were no borrowings amendment agreement extends the maturity date of the Facility outstanding under both the commercial paper program and the to August 10, 2018. We have the option to request an Liquidity Facility. The Liquidity Facility is our only revolving extension of the maturity date of the Facility for two additional credit facility that requires lenders to maintain minimum credit one-year periods. Each lender in its sole discretion may agree ratings. to any such request. The amendment agreement also lowers the range of margin applicable to our borrowings under the In addition to committed credit facilities, from time-to-time, we, Facility. Borrowings under the Facility will bear interest at through our financing subsidiaries, enter into bilateral LIBOR plus a margin, which will vary from 0.35% to 1.35% per short-term credit lines as necessary based on our financing annum, based on the credit ratings of our senior long-term requirements. At December 31, 2015 and 2014, nil and unsecured debt. We will also pay a fee that varies from 0.10% $50 million, respectively, were outstanding under these bilateral to 0.40% per annum, based on the utilization of the Facility. short-term credit lines. Amounts under the Facility that remain undrawn are subject to a commitment fee payable quarterly in arrears at a rate of 35% Short and long-term debt. Our short and long-term debt of the margin specified above, which will vary based on the increased by $594 million at December 31, 2015 from rating level at each quarterly payment date. We may, from December 31, 2014, primarily due to funding additional working time-to-time, with the consent of the facility agent, request one capital requirements at year end. For the year ended or more of the existing lenders or new lenders to increase the December 31, 2015, our average short and long-term debt total commitments under the Facility by up to $250 million outstanding was approximately $4,316 million compared to pursuant to an accordion provision. At December 31, 2015, we approximately $5,372 million for the year ended December 31, had $277 million of borrowings outstanding under the Facility. 2014, primarily due to lower average working capital financing requirements, driven by lower average global commodity prices. Our commercial paper program is supported by committed Our long-term debt outstanding balance was $3,803 million at back-up bank credit lines (the ‘‘Liquidity Facility’’) equal to the December 31, 2015 compared to $3,263 million at amount of the commercial paper program provided by lending December 31, 2014. The following table summarizes our institutions that are required to be rated at least A-1 by short-term debt activity at December 31, 2015. Standard & Poor’s and P-1 by Moody’s Investor Services. The WEIGHTED WEIGHTED AVERAGE AVERAGE OUTSTANDING INTEREST HIGHEST AVERAGE INTEREST BALANCE AT RATE AT BALANCE BALANCE RATE DECEMBER 31, DECEMBER 31, OUTSTANDING DURING DURING (US$ in millions) 2015 2015 DURING 2015 2015 2015 Bank Borrowings . $648 4.92% $1,116 $ 773 4.08% Commercial Paper . - 500 156 0.43% Total.$648 4.92% $1,616 $ 929 3.47% 32 2015 Bunge Annual Report

 On November 24, 2015, we completed the issuance of an (3) Includes consolidated investment fund debt which matures in 2016 with no recourse aggregate principal amount sale of $500 million of unsecured to us. We elected to account for $22 million and $24 million at fair value as of December 31, 2015 and December 31, 2014, respectively. senior notes bearing interest at 3.50% per annum and maturing on November 24, 2020. The senior notes were issued by our (4) Includes secured debt of $47 million and $43 million at December 31, 2015 and 100% owned finance subsidiary, Bunge Limited Finance Corp., December 31, 2014, respectively. and are fully and unconditionally guaranteed by Bunge Limited. (5) Includes consolidated investment fund debt which matures at various dates through Interest on the senior notes is payable semi-annually in arrears 2018 with no recourse to us. We elected to account for $53 million and $195 million at in May and November of each year, commencing on May 24, fair value as of December 31, 2015 and 2014, respectively. 2016. The net proceeds from this offering of approximately $496 million after deducting underwriters’ commissions and Credit Ratings. Bunge’s debt ratings and outlook by major offering expenses were used for general corporate purposes, credit rating agencies at December 31, 2015 were as follows: including, but not limited to the repayment of outstanding indebtedness, which includes indebtedness under our revolving SHORT-TERM LONG-TERM credit facilities. Debt issuance costs of approximately $4 million DEBT(1) DEBT OUTLOOK were paid in conjunction with the issuance of the senior notes Standard & Poor’s A-1 BBB Stable and will be amortized to interest expense on a straight-line Moody’s P-1 Baa2 Stable basis over the five-year term of the senior notes. Fitch Not Rated BBB Stable The following table summarizes our short and long-term debt: (1) Short-term rating applies only to Bunge Asset Funding Corp., the issuer under our commercial paper program. DECEMBER 31, (US$ in millions) 2015 2014 Our debt agreements do not have any credit rating downgrade triggers that would accelerate maturity of our debt. However, Short-term debt:(1) credit rating downgrades would increase our borrowing costs Short-term debt, including consolidated investment under our syndicated credit facilities and, depending on their fund debt(2)(3) $ 648 $ 594 severity, could impede our ability to obtain credit facilities or Current portion of long-term debt 869 408 access the capital markets in the future on competitive terms. Total short-term debt 1,517 1,002 A significant increase in our borrowing costs could impair our Long-term debt(4): ability to compete effectively in our business relative to Bilateral revolving credit facilities expiry 2016 300 200 competitors with higher credit ratings. Revolving credit facilities expiry 2018 452 338 Our credit facilities and certain senior notes require us to Term loan due 2019 – three-month Yen LIBOR plus comply with specified financial covenants, including minimum 0.75% (Tranche A) 237 - net worth, minimum current ratio, a maximum debt to Term loan due 2019 – fixed Yen interest rate of 0.96% capitalization ratio and limitations on secured indebtedness. We (Tranche B) 50 - were in compliance with these covenants as of December 31, Term loan due 2019 – three-month LIBOR plus 1.30% 2015. (Tranche C) 85 - 5.10% Senior Notes due 2015 - 382 Trade Receivable Securitization Program. We initially entered into 4.10% Senior Notes due 2016 500 500 our trade receivable securitization program (the ‘‘Program’’) in 5.90% Senior Notes due 2017 250 250 June 2011, which provides us with an additional source of 3.20% Senior Notes due 2017 600 600 liquidity. The Program provides funding of up to $700 million 8.50% Senior Notes due 2019 600 600 against receivables sold and terminates on June 1, 2016. 3.50% Senior Notes due 2020 497 - Other(5) 232 393 At December 31, 2015 and 2014, $524 million and $599 million, Subtotal 3,803 3,263 respectively, of receivables sold under the Program were derecognized from our consolidated balance sheets. Proceeds Less: Current portion of long-term debt (869) (408) received in cash related to transfers of receivables under the Total long-term debt including consolidated investment Program totaled $10,396 million and $12,030 million for the fund debt 2,934 2,855 years ended December 31, 2015 and 2014, respectively. In Total debt $4,451 $3,857 addition, cash collections from customers on receivables previously sold were $10,542 million and $12,202 million for the years ended December 31, 2015 and 2014, respectively. As this (1) Includes secured debt of $36 million and $44 million at December 31, 2015 and December 31, 2014, respectively. is a revolving facility, cash collections from customers are reinvested to fund new receivable sales. Gross receivables sold (2) Includes $130 million and $155 million of local currency borrowings in certain Central under the Program for the years ended December 31, 2015 and and Eastern European, South American and Asia-Pacific countries at a weighted average 2014 were $10,601 million and $12,179 million, respectively. interest rate of 16.06% and 11.95% as of December 31, 2015 and 2014, respectively. These sales resulted in discounts of $5 million for the year ended December 31, 2015, $7 million for the year ended December 31, 2014 and $7 million for the year ended 2015 Bunge Annual Report 33

 December 31, 2013, which were included in SG&A in the noncontrolling interests in the United States and the impact of consolidated statements of income. Servicing fees under the currency translation. Program were not significant in any period. At December 31, 2015, we had 6,900,000 4.875% cumulative Our risk of loss following the sale of the trade receivables is convertible perpetual preference shares outstanding with an limited to the deferred purchase price receivable (‘‘DPP’’), aggregate liquidation preference of $690 million. Each which at December 31, 2015 and 2014 had a fair value of convertible perpetual preference share has an initial liquidation $79 million and $78 million, respectively, and is included in preference of $100, which will be adjusted for any accumulated other current assets in our consolidated balance sheets (see and unpaid dividends. The convertible perpetual preference Note 18 to our consolidated financial statements). The DPP will shares carry an annual dividend of $4.875 per share payable be repaid in cash as receivables are collected, generally within quarterly. As a result of adjustments made to the initial 30 days. Delinquencies and credit losses on trade receivables conversion price because cash dividends paid on Bunge sold under the Program during the years ended December 31, Limited’s common shares exceeded certain specified 2015, 2014 and 2013 were insignificant. We have reflected all thresholds, each convertible perpetual preference share is cash flows under the Program as operating cash flows in the convertible, at the holder’s option, at any time into 1.1331 consolidated statements of cash flows for the years ended Bunge Limited common shares, based on the conversion price December 31, 2015 and 2014. of $88.2501 per share, subject to certain additional anti-dilution adjustments (which represents 7,818,390 Bunge Limited Interest Rate Swap Agreements. We may use interest rate swaps common shares at December 31, 2015). At any time, if the as hedging instruments and record the swaps at fair value in closing price of our common shares equals or exceeds 130% of the consolidated balance sheets with changes in fair value the conversion price for 20 trading days during any consecutive recorded contemporaneously in earnings. Additionally, the 30 trading days (including the last trading day of such period), carrying amount of the associated debt is adjusted through we may elect to cause the convertible perpetual preference earnings for changes in the fair value due to changes in shares to be automatically converted into Bunge Limited benchmark interest rates. Ineffectiveness, as defined in ASC common shares at the then-prevailing conversion price. The Topic 815 Derivatives and Hedging, is recognized to the extent convertible perpetual preference shares are not redeemable by that these two adjustments do not offset. us at any time. Equity. Total equity is set forth in the following table: Cash Flows DECEMBER 31, Our cash flow from operations varies depending on, among (US$ in millions) 2015 2014 other items, the market prices and timing of the purchase and Convertible perpetual preference shares $ 690 $ 690 sale of our inventories. Generally, during periods when Common shares 1 1 commodity prices are rising, our Agribusiness operations Additional paid-in capital 5,105 5,053 require increased use of cash to support working capital to Retained earnings 7,725 7,180 acquire inventories and fund daily settlement requirements on Accumulated other comprehensive income (6,360) (4,058) exchange traded futures that we use to minimize price risk Treasury shares, at cost (2015 – 9,586,083 and 2014 – related to our inventories. 5,714,273) (720) (420) 2015 Compared to 2014. In 2015, our cash and cash Total Bunge shareholders’ equity 6,441 8,446 equivalents increased by $49 million reflecting the net effect of Noncontrolling interests 211 244 cash flows from operating, investing and financing activities. Total equity $ 6,652 $ 8,690 For the year ended December 31, 2014, our cash and cash equivalents decreased by $380 million. Total Bunge shareholders’ equity decreased to $6,652 million at Cash provided by our operating activities was $610 million for December 31, 2015 from $8,690 million at December 31, 2014. the year ended December 31, 2015 compared to $1,399 million The change in equity was primarily due to cumulative for the year ended December 31, 2014. Net cash inflows from translation losses of $2,546 million, resulting from the operating activities for the year ended December 31, 2015 were devaluation of global currencies relative to the U.S. dollar in principally due to net income, including adjustments for 2015, declared dividends to common and preferred non-cash items, partially offset by an increase in the use of shareholders of $212 million and $34 million and treasury cash for net operating assets and liabilities. The increase in net shares acquired of $300 million, respectively, partially offset by operating assets and liabilities is primarily due to increases in net income attributable to Bunge for the year ended secured advances to farmers in South America who were December 31, 2015 of $791 million. motivated to sell their record level crops as the Brazilian real and Argentine peso depreciated relative to the U.S. dollar. The Noncontrolling interest decreased to $211 million at net cash provided by operating activities for the year ended December 31, 2015 from $244 million at December 31, 2014 December 31, 2014 were principally due to net income, primarily due to return of shareholders capital to one of our including adjustments for non-cash items. The decrease in net operating assets and liabilities in 2014 is primarily due to lower 34 2015 Bunge Annual Report

 working capital levels than at December 31, 2013, resulting from and payments for investments for both years 2015 and from, on average, lower global commodity prices, which effect 2014 included primarily sales of assets in funds in our asset was partially offset by the impact of the depreciation from management business and the purchases and sales of certain certain currencies including the Brazilian real, Argentine peso, marketable securities and other short term investments. Ukranian hryvnia and the euro relative to the U.S. dollar. Investments in affiliates in 2015 included our payment for our share of G3 Canada Limited (formerly the Canadian Wheat Certain of our non-U.S. operating subsidiaries are primarily Board) and additional investments in SB Oils, our joint venture funded with U.S. dollar-denominated debt, while currency risk with Solazyme, Inc. to produce renewable oils in Brazil. is hedged with U.S. dollar denominated assets. The functional Investments in affiliates in 2014 included primarily investments currency of our operating subsidiaries is generally the local in SB Oils. currency. Also, certain of our U.S. dollar functional operating subsidiaries outside the United States are partially funded with Cash provided by financing activities was $360 million in the local currency borrowings, while the currency risk is hedged year ended December 31, 2015, compared to cash used for with local currency denominated assets. The financial financing activities of $1,058 million for the year ended statements of our subsidiaries are calculated in the functional December 31, 2014. The increase in cash provided by financing currency, and when the local currency is the functional activities was primarily due to net borrowings of debt of currency, translated into U.S. dollar. U.S. dollar-denominated $882 million which were used to fund capital expenditures and loans are remeasured into their respective functional currencies increased activity in acquisitions of businesses and investments at exchange rates at the applicable balance sheet date. Local in affiliates. Dividends paid to our common shareholders and currency loans are remeasured into U.S. dollar at the exchange holders of our convertible preference shares were $241 million rate at the applicable balance sheet date. The resulting gain or and $221 million, for the years ended December 31, 2015 and loss is included in our consolidated statements of income as 2014, respectively. In connection with our common share foreign exchange gains or losses. For the years ended repurchase program, in 2015 we purchased 3,871,810 of our December 31, 2015 and December 31, 2014, we recorded common shares at a cost of $300 million and in 2014 we foreign exchange gains of $213 million and $215 million, purchased 3,780,987 of our common shares at a cost of respectively, which were included as adjustments to reconcile $300 million. For the year ended December 31, 2014, financing net income to cash used for operating activities in the line item activities reflected reduced financing requirements due to a ‘‘Foreign exchange loss (gain) on debt’’ in our consolidated declining global commodity price environment. statements of cash flows. This adjustment is required because the cash flow impacts of these gains or losses are non-cash 2014 Compared to 2013. In 2014, our cash and cash items and will represent financing activities when the equivalents decreased by $380 million reflecting the net effect subsidiary repays the underlying debt and therefore, have no of cash flows from operating, investing and financing activities. impact on cash flows from operations. For the year ended December 31, 2013, our cash and cash equivalents increased by $173 million. Cash used for investing activities was $802 million for the year ended December 31, 2015 compared to cash used of Cash provided by our operating activities was $1,399 million for $685 million for the year ended December 31, 2014. During the year ended December 31, 2014 compared to $2,225 million 2015, payments made for capital expenditures of $649 million for the year ended December 31, 2013. Net cash inflows from were primarily related to replanting of sugarcane and operating activities for the year ended December 31, 2014 were maintenance and improvements for our industrial sugar principally due to net income, including adjustments for business in Brazil, upgrade and expansion of an export non-cash items. The decrease in net operating assets and terminal in the United States, construction of a wheat milling liabilities is primarily due to lower working capital levels than at facility in Brazil, the expansion of a port facility in Ukraine and December 31, 2013, resulting from on average lower global construction of oilseed processing plants in Ukraine and in commodity prices, which effect was partially offset by the Asia-Pacific. We also acquired Moinho Pacifico, a Brazilian impact of the depreciation from certain currencies, including wheat mill and port terminal in Santos, Brazil, Whole Harvest the Brazilian real, Argentine peso, Ukrainian hryvnia and Foods, a U.S. refiner and packager of expeller pressed European euro relative to the U.S. dollar. The net cash provided commercial cooking oil and Heartland Harvest, Inc. (‘‘HHI’’), a by operating activities for the year ended December 31, 2013 U.S. based producer of die cut pellets for the snack food resulted from a combination of net income adjusted for industry, and the remaining interest in a Spanish biodiesel non-cash charges and lower average commodity prices during production facility. Settlement of net investment hedges totaled the year. Non-cash charges in 2013 included an income tax $203 million. Proceeds from sales of investment in affiliates valuation allowance of $464 million related to our industrial included net proceeds of $88 million for the sale of certain Sugar and Bioenergy business in Brazil. assets in our grain business in Canada to G3 Canada Limited (formerly the Canadian Wheat Board). Capital expenditures in Certain of our non-U.S. operating subsidiaries are primarily 2015 were $649 million, 23% lower compared to $839 million in funded with U.S. dollar-denominated debt, while currency risk 2014, as a result of management’s disciplined capital is hedged with U.S. dollar denominated assets. The functional management and generally lower capital expenditures in our currency of our operations is generally the local currency. Also, industrial Sugar and Bioenergy operations in Brazil. Proceeds certain of our U.S. dollar functional operating subsidiaries outside the United States are partially funded with local 2015 Bunge Annual Report 35

 currency borrowings, while the currency risk is hedged with investments in SB Oils and a corn wet milling and port facility local currency denominated assets. The financial statements of in Argentina. our subsidiaries are calculated in the functional currency, and when the local currency is the functional currency translated Cash used for financing activities was $1,058 million in the year into U.S. dollar. U.S. dollar-denominated loans are remeasured ended December 31, 2014 compared to $1,565 million for the into their respective functional currencies at exchange rates at year ended December 31, 2013. For both years, financing the applicable balance sheet date. Local currency loans are activities reflected reduced financing requirements due to a remeasured into U.S. dollar at the exchange rate at the declining global commodity price environment. In connection applicable balance sheet date. The resulting gain or loss is with our common share repurchase program, in 2014 we included in our consolidated statements of income as foreign purchased 3,780,987 of our common shares resulting in a cash exchange gains or losses. For the years ended December 31, outflow of approximately $300 million. There were no share 2014 and December 31, 2013, we recorded foreign exchange repurchases in the year ended December 31, 2013. gains of $215 million and $48 million, respectively, which were included as adjustments to reconcile net income to cash used Brazilian Farmer Credit for operating activities in the line item ‘‘Foreign exchange loss (gain) on debt’’ in our consolidated statements of cash flows. Background. We advance funds to farmers, primarily in Brazil, This adjustment is required because the cash flow impacts of through secured advances to suppliers and prepaid commodity these gains or losses are recognized as financing activities purchase contracts. These activities are generally intended to when the subsidiary repays the underlying debt and therefore, be short-term in nature. The ability of our customers and have no impact on cash flows from operations. suppliers to repay these amounts is affected by agricultural economic conditions in the relevant geography, which are, in Cash used for investing activities was $685 million for the year turn, affected by commodity prices, currency exchange rates, ended December 31, 2014 compared to cash used of crop input costs and crop quality and yields. As a result, these $429 million for the year ended December 31, 2013. During arrangements are typically secured by the farmer’s crop and, in 2014, payments were made for capital expenditures of many cases, the farmer’s land and other assets. Upon farmer $839 million, including investments in sugar cane planting and default, we generally initiate legal proceedings to recover the maintenance on mills in our sugar and bioenergy business in defaulted amounts. However, the legal recovery process Brazil, the construction of a port terminal and a wheat milling through the judicial system is a long-term process, generally facility in Brazil, construction and expansion of edible oil spanning a number of years. As a result, once accounts have refining and packaging facilities in the United States and been submitted to the judicial process for recovery, we may Mexico, one of our canola processing facilities in Canada and also seek to renegotiate certain terms with the defaulting construction of a port facility and oilseed processing plant in farmer in order to accelerate recovery of amounts owed. In Ukraine, an oilseed processing plant in Asia and a port facility addition, we have tightened our credit policies to reduce in Australia. Payments made for capital expenditures in 2014 exposure to higher risk accounts and have increased collateral were lower, compared to $1,042 million in 2013, which was requirements for certain customers. driven by management’s reallocation of capital and generally lower capital expenditures in our industrial Sugar and Because Brazilian farmer credit exposures are denominated in Bioenergy operations in Brazil, as part of the strategic review of local currency, reported values are impacted by movements in these activities. We also acquired a fertilizer plant with port the value of the Brazilian real when translated into U.S. dollars. facilities for $24 million in Argentina and the assets of a corn From December 31, 2014 to December 31, 2015, the Brazilian flour producer in the United States for $12 million, all amounts real devalued by approximately 47%, decreasing the reported net of cash acquired. For the year ended December 31, 2013, farmer credit exposure balances when translated into U.S. cash used for investing activities included cash proceeds of dollars. $750 million from the sale of our Brazilian fertilizer distribution business to Yara, the sale of our 50% ownership interest in our We periodically evaluate the collectability of our trade accounts Morocco fertilizer business for $37 million and the sale of receivable and record allowances if we determine that property from our consolidated investment funds of $48 million. collection is doubtful. We base our determination of the In addition, cash used for investing activities in 2013 included allowance on analyses of credit quality of individual accounts, cash payments for the acquisitions of a wheat milling business considering also the economic and financial condition of the in Mexico for $310 million, a wheat mill in Brazil for $35 million farming industry and other market conditions as well as the and two biodiesel facilities in Europe for $11 million, all value of any collateral related to amounts owed. We amounts net of cash acquired. Proceeds from and payments continuously review defaulted farmer receivables for for investments for both the years 2014 and 2013 included impairment on an individual account basis. We consider all primarily the sales of assets in funds in our asset management accounts in legal collections processes to be defaulted and business and the purchases and sales of certain marketable past due. For such accounts, we determine the allowance for securities and other short-term investments. Investments in uncollectible amounts based on the fair value of the associated affiliates in 2014 included primarily an additional investment in collateral, net of estimated costs to sell. For all renegotiated SB Oils, our joint venture with Solazyme, Inc. to produce accounts (current and past due), we consider changes in farm renewable oils in Brazil. Investments in 2013 included primarily economic conditions and other market conditions, our historical 36 2015 Bunge Annual Report

 experience related to renegotiated accounts and the fair value ended December 31, 2015, 2014 and 2013, respectively. We of collateral in determining the allowance for doubtful intend to make capital expenditures of approximately accounts. $850 million in 2016. Our priorities for 2016 capital expenditures are maintenance, safety and environmental Secured Advances to Suppliers and Prepaid Commodity Contracts. programs first (where we expect to use approximately 40% of We purchase soybeans through prepaid commodity purchase our funds allocated to capital expenditures), followed by contracts (advance cash payments to suppliers against projects enhancing productivity of our operations, and growth contractual obligations to deliver specified quantities of projects. We intend to fund these capital expenditures primarily soybeans in the future) and secured advances to suppliers with cash flows from operations. (advances to suppliers against commitments to deliver soybeans in the future), primarily in Brazil. These financing OFF-BALANCE SHEET ARRANGEMENTS arrangements are typically secured by the farmer’s future crop and mortgages on the farmer’s land, buildings and equipment, Guarantees and are generally settled after the farmer’s crop is harvested and sold. We have issued or were party to the following guarantees at December 31, 2015: Interest earned on secured advances to suppliers of $38 million, $37 million and $32 million for the years ended MAXIMUM POTENTIAL December 31, 2015, 2014 and 2013, respectively, is included in (US$ in millions) FUTURE PAYMENTS net sales in the consolidated statements of income. Unconsolidated affiliates financing(1). $ 75 The table below shows details of prepaid commodity contracts Residual value guarantee(2) 154 and secured advances to suppliers outstanding at our Brazilian Total$229 operations as of the dates indicated. See Notes 6 and 12 of the notes to our consolidated financial statements for more (1) We issued guarantees to certain financial institutions related to debt of certain of information. our unconsolidated joint ventures. The terms of the guarantees are equal to the terms of the related financings which have maturity dates in 2016 through 2022. There are no DECEMBER 31, recourse provisions or collateral that would enable us to recover any amounts paid under (US$ in millions) 2015 2014 these guarantees. At December 31, 2015, we had no outstanding recorded obligation related to these guarantees. Prepaid commodity contracts . $175 $130 (2) We issued guarantees to certain financial institutions which are party to certain Secured advances to suppliers (current). . 514 516 operating lease arrangements for railcars and barges. These guarantees provide for a Total (current). . 689 646 minimum residual value to be received by the lessor at the conclusion of the lease term. Commodities not yet priced(1) . (12) (3) These leases expire at various dates from 2016 through 2020. At December 31, 2015, our recorded obligation related to these guarantees was $5 million. Net 677 643 Secured advances to suppliers (non-current) . 158 160 In addition, Bunge Limited has provided full and unconditional Total (current and non-current). . 835 803 parent level guarantees of the outstanding indebtedness under certain senior credit facilities and senior notes entered into or Allowance for uncollectible amounts (current and issued by its 100% owned subsidiaries. At December 31, 2015, non-current). . $ (42) $ (61) debt with a carrying amount of $4,081 million related to these guarantees is included in our consolidated balance sheet. This (1) Commodities delivered by suppliers that are yet to be priced are reflected at prevailing market prices at December 31, 2015 and December 31, 2014, respectively. debt includes the senior notes issued by two of our 100% owned finance subsidiaries, Bunge Limited Finance Corp. and Capital Expenditures Bunge N.A. Finance L.P. There are no significant restrictions on the ability of Bunge Limited Finance Corp., Bunge N.A. Our cash payments made for capital expenditures were Finance L.P. or any other of our subsidiaries to transfer funds $649 million, $839 million and $1,042 million for the years to Bunge Limited. 2015 Bunge Annual Report 37

 CONTRACTUAL OBLIGATIONS The following table summarizes our scheduled contractual obligations and their expected maturities at December 31, 2015, and the effect such obligations are expected to have on our liquidity and cash flows in the future periods indicated. PAYMENTS DUE BY PERIOD 2021 AND (US$ in millions) Total 2016 2017-2018 2019-2020 THEREAFTER Short-term debt. $ 648 $ 648 $ - $ - $ - Long-term debt(1)3,802 869 1,398 1,511 24 Variable interest rate obligations. . 47 25 16 6 - Interest obligations on fixed rate debt 328 112 155 60 1 Non-cancelable lease obligations(2)634 133 187 119 195 Capital commitments 177 168 9 - - Freight supply agreements(3) . 722 149 174 149 250 Inventory purchase commitments. 5 5 - - - Power supply purchase commitments. 81 49 28 4 - Total contractual cash obligations(4)(5) $6,444 $2,158 $1,967 $1,849 $470 (1) Excludes unamortized net gains of $4 million related to terminated interest rate swap agreement and unamortized net losses of $3 million related to an open interest rate swap agreement recorded in long-term debt. (2) Represents future minimum payments under non-cancelable leases with initial or remaining terms of one year or more. (3) In the ordinary course of business, we enter into purchase commitments for time on ocean freight vessels and freight service on railroad lines for the purpose of transporting agricultural commodities. In addition, we sell time on these ocean freight vessels when excess freight capacity is available. Payments to be received by us under such relet agreements are anticipated to be approximately $6 million in 2016 and $3 million in 2017-2018. These agreements range from two months to approximately seven years in the case of ocean freight vessels and 5 to 17 years in the case of railroad services. Actual amounts paid under these contracts may differ due to the variable components of these agreements and the amount of income earned by us on the sale of excess capacity. The railroad freight services agreements require a minimum monthly payment regardless of the actual level of freight services used by us. The costs of our freight supply agreements are typically passed through to our customers as a component of the prices we charge for our products. However, changes in the market value of freight compared to the rates at which we have contracted for freight may affect margins on the sales of agricultural commodities. (4) Does not include estimated payments of liabilities associated with uncertain income tax positions. As of December 31, 2015, Bunge had tax liabilities of $64 million, including interest and penalties. At this time, we are unable to make a reasonably reliable estimate of the timing of payments in individual years in connection with these tax liabilities; therefore, such amounts are not included in the above contractual obligation table. See Note 14 to our consolidated financial statements. (5) Does not include obligations for pension and postretirement benefits for which we expect to make employer contributions of $21 million in 2016. We also expect to make a significant contribution to our plans in future years. In addition, we have entered into partnership agreements for Employee Benefit Plans the production of sugarcane. These agreements have an average remaining life of four years and cover approximately We expect to contribute $15 million to our defined benefit 211,000 hectares of land under cultivation. Amounts owed pension plans and $6 million to our postretirement healthcare under these agreements are dependent on several variables benefit plans in 2016. including the quantity of sugarcane produced per hectare, the total recoverable sugar (‘‘ATR’’) per ton of sugarcane produced CRITICAL ACCOUNTING POLICIES AND ESTIMATES and the price for each kilogram of ATR as determined by Consecana, the Sa˜o Paulo state sugarcane, sugar and ethanol We believe that the application of the following accounting council. During the years ended December 31, 2015, 2014 and policies, which are important to our financial position and 2013, we made payments related to these agreements of results of operations, requires significant judgments and $125 million, $162 million and $169 million, respectively. Of estimates on the part of management. For a summary of all of these amounts $75 million, $95 million and $107 million for the our significant accounting policies, see Note 1 to our years ended December 31, 2015, 2014 and 2013, respectively, consolidated financial statements included in Part IV of this were advances for future purchases and $50 million, Annual Report on Form 10-K. $67 million and $62 million were included in cost of goods sold in the consolidated statements of income for the years ended Allowances for Uncollectible Accounts December 31, 2015, 2014 and 2013, respectively. Accounts receivable and secured advances to suppliers are stated at the historical carrying amounts net of write-offs and allowances for uncollectible accounts. We establish an allowance for uncollectible trade accounts receivable and 38 2015 Bunge Annual Report

 secured advances to farmers based on historical experience, the event of non-performance by counterparties to certain of farming, economic and other market conditions as well as these contracts. The risk of non-performance is routinely specific identified customer collection issues. Uncollectible monitored and adjustments recorded, if necessary, to account accounts are written off when a settlement is reached for an for potential non-performance. Different assumptions, changes amount that is less than the outstanding historical balance or in economic circumstances or the deterioration of the financial when we have determined that collection of the balance is condition of the counterparties to these derivative instruments unlikely. could result in additional fair value adjustments and increased expense reflected in cost of goods sold, foreign exchange or We follow the accounting guidance on the disclosure of the interest expense. We did not have significant allowances credit quality of financing receivables and the allowance for relating to non-performance by counterparties at December 31, credit losses which requires information to be disclosed at 2015 or 2014. disaggregated levels, defined as portfolio segments and classes. Based upon an analysis of credit losses and risk Our RMI, forward purchase and sale contracts, and exchange factors to be considered in determining the allowance for traded futures and options are primarily valued at fair value. credit losses, we have determined that the long-term RMI are freely-traded, have quoted market prices, may be sold receivables from farmers in Brazil are a single portfolio without significant additional processing and have predictable segment. and insignificant disposal costs. We estimate fair values of commodity inventories and forward purchase and sale We evaluate this single portfolio segment by class of contracts based on exchange-quoted prices, adjusted for receivables, which is defined as a level of information (below a differences in local markets. Changes in the fair values of portfolio segment) in which the receivables have the same these inventories and contracts are recognized in our initial measurement attribute and a similar method for consolidated statements of income as a component of cost of assessing and monitoring risk. We have identified accounts in goods sold. If we used different methods or factors to estimate legal collection processes and renegotiated amounts as classes fair values, amounts reported as inventories and unrealized of long-term receivables from farmers. Valuation allowances for gains and losses on derivative contracts in the consolidated accounts in legal collection processes are determined by us on balance sheets and cost of goods sold could differ. individual accounts based on the fair value of the collateral Additionally, if market conditions change subsequent to provided as security for the secured advance or credit sale. The year-end, amounts reported in future periods as inventories, fair value is determined using a combination of internal and unrealized gains and losses on derivative contracts and cost of external resources, including published information concerning goods sold could differ. Brazilian land values by region. For determination of the valuation allowances for renegotiated amounts, we consider Recoverable Taxes historical experience with the individual farmers, current weather and crop conditions, as well as the fair value of We evaluate the collectability of our recoverable taxes and non-crop collateral. record valuation allowances if we determine that collection is doubtful. Recoverable taxes include value-added paid upon the For both classes, a long-term receivable from farmers in Brazil acquisition of raw materials and taxable services and other is considered impaired, based on current information and transactional taxes which can be recovered in cash or as events, if we determine it to be probable that all amounts due compensation against income taxes or other taxes we may under the original terms of the receivable will not be collected. owe, primarily in Brazil. Management’s assumption about the Recognition of interest income on secured advances to farmers collectability of recoverable taxes requires significant judgment is suspended once the farmer defaults on the originally because it involves an assessment of the ability and willingness scheduled delivery of agricultural commodities as the collection of the applicable federal or local government to refund the of future income is determined not to be probable. No taxes. The balance of these allowances fluctuates depending additional interest income is accrued from the point of default on the sales activity of existing inventories, purchases of new until ultimate recovery, where amounts collected are credited inventories, percentages of export sales, seasonality, changes first against the receivable and then to any unrecognized in applicable tax rates, cash payment by the applicable interest income. government agencies and compensation of outstanding balances against income or certain other taxes owed to the Inventories and Derivatives applicable governments. At December 31, 2015 and 2014, the allowance for recoverable taxes was $32 million and We use derivative instruments for the purpose of managing the $43 million, respectively. We continue to monitor the economic exposures associated with agricultural commodity prices, environment and events taking place in the applicable transportation costs, foreign currency exchange rates, interest countries and in cases where we determine that recovery is rates and energy costs and for positioning our overall portfolio doubtful, recoverable taxes are reduced by allowances for the relative to expected market movements in accordance with estimated unrecoverable amounts. established policies and procedures. We are exposed to loss in 2015 Bunge Annual Report 39

 Property, Plant and Equipment and Other Finite-Lived jurisdictions across our global operations. Future changes in Intangible Assets judgment related to the ultimate resolution of uncertain tax positions will affect the earnings in the quarter of such change. Long-lived assets include property, plant and equipment and At December 31, 2015 and 2014, we had recorded uncertain other finite-lived intangible assets. When facts and tax positions of $64 million and $83 million, respectively, in our circumstances indicate that the carrying values of property, consolidated balance sheets. For additional information on plant and equipment assets may be impaired, an evaluation of income taxes, please refer to Note 14 of the consolidated recoverability is performed by comparing the carrying value of financial statements. the assets to the projected future cash flows to be generated by such assets. If it appears that the carrying value of our NEW ACCOUNTING PRONOUNCEMENTS assets is not recoverable, we recognize an impairment loss as a charge against results of operations. Our judgments related See Note 1 – Nature of Business, Basis of Presentation, and to the expected useful lives of property, plant and equipment Significant Accounting Policies to our consolidated financial assets and our ability to realize undiscounted cash flows in statements in this Annual Report on Form 10-K. excess of the carrying amount of such assets are affected by factors such as the ongoing maintenance of the assets, ITEM 7A. QUANTITATIVE AND QUALITATIVE changes in economic conditions and changes in operating DISCLOSURES ABOUT MARKET RISK performance. As we assess the ongoing expected cash flows and carrying amounts of our property, plant and equipment RISK MANAGEMENT assets, changes in these factors could cause us to realize material impairment charges. We recorded impairment charges As a result of our global operating and financing activities, we of $17 million for the year ended December 31, 2015 primarily are exposed to changes in, among other things, agricultural related to the announced closure of a packaged oil plant in the commodity prices, transportation costs, foreign currency U.S. exchange rates, interest rates and energy costs which may affect our results of operations and financial position. We Contingencies actively monitor and manage these various market risks associated with our business activities. Our risk management We are a party to a large number of claims and lawsuits, decisions take place in various locations but exposure limits primarily tax and labor claims in Brazil and tax claims in are centrally set and monitored. We have a corporate risk Argentina, and have accrued our estimates of the probable management group which analyzes and monitors various risk costs to resolve these claims. These estimates have been exposures globally. Additionally, our Board of Directors’ Finance developed in consultation with in-house and outside counsel and Risk Policy Committee oversees our overall risk and are based on an analysis of potential results, assuming a management policies and limits. combination of litigation and settlement strategies. Future results of operations for any particular quarterly or annual We use derivative instruments for the purpose of managing the period could be materially affected by changes in our exposures associated with commodity prices, transportation assumptions or the effectiveness of our strategies relating to costs, foreign currency exchange rates, interest rates and these proceedings. For more information on tax and labor energy costs and for positioning our overall portfolio relative to claims in Brazil, see ‘‘Item 3. Legal Proceedings.’’ expected market movements in accordance with established policies and procedures. We enter into derivative instruments Income Taxes primarily with major financial institutions, commodity exchanges in the case of commodity futures and options, or approved We record valuation allowances to reduce our deferred tax exchange clearing shipping companies in the case of ocean assets to the amount that we are likely to realize. We consider freight. While these derivative instruments are subject to projections of future taxable income and prudent tax planning fluctuations in value, for hedged exposures those fluctuations strategies to assess the need for and the size of the valuation are generally offset by the changes in fair value of the allowances. If we determine that we can realize a deferred tax underlying exposures. The derivative instruments that we use asset in excess of our net recorded amount, we decrease the for hedging purposes are intended to reduce the volatility on valuation allowance, thereby decreasing income tax expense. our results of operations; however, they can occasionally result Conversely, if we determine that we are unable to realize all or in earnings volatility, which may be material. See Note 15 to part of our net deferred tax asset, we increase the valuation the consolidated financial statements in this Annual Report on allowance, thereby increasing income tax expense. Form 10-K for a more detailed discussion of our use of derivative instruments. We apply a ‘‘more likely than not’’ threshold to the recognition and de-recognition of tax benefits. Accordingly we recognize CREDIT AND COUNTERPARTY RISK the amount of tax benefit that has a greater than 50 percent likelihood of being ultimately realized upon settlement. The Through our normal business activities, we are subject to calculation of our uncertain tax positions involves uncertainties significant credit and counterparty risks that arise through in the application of complex tax regulations in a multitude of normal commercial sales and purchases, including forward 40 2015 Bunge Annual Report

 commitments to buy or sell, and through various other OTC Our daily net agricultural commodity position consists of derivative instruments that we utilize to manage risks inherent inventory, forward purchase and sale contracts, OTC and in our business activities. We define credit and counterparty exchange traded derivative instruments, including those used risk as a potential financial loss due to the failure of a to hedge portions of our production requirements. The fair counterparty to honor its obligations. The exposure is measured value of that position is a summation of the fair values based upon several factors, including unpaid accounts calculated for each agricultural commodity by valuing all of our receivable from counterparties and unrealized gains from OTC commodity positions at quoted market prices for the period derivative instruments (including forward purchase and sale where available or utilizing a close proxy. VaR is calculated on contracts). Credit and counterparty risk also includes sovereign the net position and monitored at the 95% confidence interval. credit risk. We actively monitor credit and counterparty risk In addition, scenario analysis and stress testing are performed. through credit analysis by local credit staffs and review by For example, one measure of market risk is estimated as the various local and corporate committees which monitor potential loss in fair value resulting from a hypothetical 10% counterparty performance. We record provisions for adverse change in prices. The results of this analysis, which counterparty losses from time to time as a result of our credit may differ from actual results, are as follows: and counterparty analysis. YEAR ENDED YEAR ENDED During periods of tight conditions in global credit markets, DECEMBER 31, 2015 DECEMBER 31, 2014 downturns in regional or global economic conditions, and/or significant price volatility, credit and counterparty risks are FAIR MARKET FAIR MARKET heightened. This increased risk is monitored through, among (US$ in millions) VALUE RISK VALUE RISK other things, increased communication with key counterparties, Highest daily aggregated management reviews and specific focus on counterparties or position value $ 642 $(64) $ (219) $ (22) groups of counterparties that we may determine as high risk. Lowest daily aggregated In addition, we have limited new credit extensions in certain position value (950) (95) (1,608) (161) cases and reduced our use of non-exchange cleared derivative instruments. OCEAN FREIGHT RISK COMMODITIES RISK Ocean freight represents a significant portion of our operating costs. The market price for ocean freight varies depending on We operate in many areas of the food industry, from the supply and demand for ocean vessels, global economic agricultural raw materials to the production and sale of conditions and other factors. We enter into time charter branded food products. As a result, we purchase and produce agreements for time on ocean freight vessels based on various materials, many of which are agricultural commodities, forecasted requirements for the purpose of transporting including: soybeans, soybean oil, soybean meal, softseeds agricultural commodities. Our time charter agreements (including sunflower seed, rapeseed and canola) and related generally have terms ranging from two months to oil and meal derived from them, wheat and corn. In addition, approximately seven years. We use financial derivatives, we grow and purchase sugarcane to produce sugar, ethanol generally freight forward agreements, to hedge portions of our and electricity. Agricultural commodities are subject to price ocean freight costs. The ocean freight derivatives are included fluctuations due to a number of unpredictable factors that may in other current assets and other current liabilities on the create price risk. As described above, we are also subject to consolidated balance sheets at fair value. the risk of counterparty non-performance under forward purchase or sale contracts. From time to time, we have ENERGY RISK experienced instances of counterparty non-performance, including as a result of significant declines in counterparty We purchase various energy commodities such as bunker fuel, profitability under these contracts due to significant electricity and natural gas that are used to operate our movements in commodity prices between the time the manufacturing facilities and ocean freight vessels. The energy contracts were executed and the contractual forward delivery commodities are subject to price risk. We use financial period. derivatives, including exchange traded and OTC swaps and options for various purposes, including to manage our We enter into various derivative contracts with the primary exposure to volatility in energy costs. These energy derivatives objective of managing our exposure to adverse price are included in other current assets and other current liabilities movements in the agricultural commodities used and produced on the consolidated balance sheets at fair value. in our business operations. We have established policies that limit the amount of unhedged fixed price agricultural CURRENCY RISK commodity positions permissible for our operating companies, which are generally a combination of volume and value-at-risk Our global operations require active participation in foreign (‘‘VaR’’) limits. We measure and review our net commodities exchange markets. Our primary foreign currency exposures are position on a daily basis. the Brazilian real, Canadian dollar, the euro and other European currencies, the Argentine peso and the Chinese yuan/renminbi. 2015 Bunge Annual Report 41

 To reduce the risk arising from foreign exchange rate change in interest rate ignores the potential impact of any fluctuations, we enter into derivative instruments, such as currency movements. forward contracts and swaps and foreign currency options. The changes in market value of such contracts have a high Derivative Instruments correlation to the price changes in the related currency exposures. The potential loss in fair value for such net currency Interest Rate Derivatives. Interest rate derivatives used by us as position resulting from a hypothetical 10% adverse change in hedging instruments are recorded at fair value in the foreign currency exchange rates as of December 31, 2015 was consolidated balance sheets with changes in fair value not material. recorded contemporaneously in earnings. Certain of these swap agreements may be designated as fair value hedges. The We have significant operations in Argentina. We utilize the carrying amount of the associated hedged debt is also adjusted official exchange rate published by the Argentine government through earnings for changes in the fair value arising from for our commercial transactions and re-measurement purposes changes in benchmark interest rates. Ineffectiveness is of financial statements. The Argentine peso experienced recognized to the extent that these two adjustments do not increased devaluation and volatility in 2015. Our financial offset. We may enter into interest rate swap agreements for the position and results of operations are not materially impacted; purpose of managing certain of our interest rate exposures. We however, we continue to monitor political and economic may also enter into interest rate basis swap agreements that conditions, including inflation in Argentina. do not qualify as hedges for accounting purposes. Changes in fair value of such interest rate basis swap agreements are When determining our exposure, we exclude intercompany recorded in earnings. loans that are deemed to be permanently invested. The repayments of permanently invested intercompany loans are We recognized gains of approximately $9 million, $12 million not planned or anticipated in the foreseeable future and and $20 million, respectively, as a reduction of interest expense therefore, are treated as analogous to equity for accounting in the consolidated statements of income, related to the purposes. As a result, the foreign exchange gains and losses amortization of deferred gains on termination of interest rate on these borrowings are excluded from the determination of swap agreements for the years ended December 31, 2015, net income and recorded as a component of accumulated 2014 and 2013. other comprehensive income (loss) in the consolidated balance sheets. Included in other comprehensive income (loss) are Foreign Exchange Derivatives. We use a combination of foreign foreign exchange losses of $541 million and $296 million for exchange forward swap and option contracts in certain of our the years ended December 31, 2015 and 2014, respectively, operations to mitigate the risk from exchange rate fluctuations related to permanently invested intercompany loans. in connection with certain commercial and balance sheet exposures. The foreign exchange forward swap and option INTEREST RATE RISK contracts may be designated as cash flow hedges. We may also use net investment hedges to partially offset the We have debt in fixed and floating rate instruments. We are translation adjustments arising from the remeasurement of our exposed to market risk due to changes in interest rates. We investment in certain of our foreign subsidiaries. may enter into interest rate swap agreements to manage our interest rate exposure related to our debt portfolio. We assess, both at the inception of the hedge and on an ongoing basis, whether the derivatives that are used in hedge The aggregate fair value of our short and long-term debt, transactions are highly effective in offsetting changes in the including non-recourse investment fund debt, based on market hedged items. yields at December 31, 2015, was $4,592 million with a carrying value of $4,451 million. Commodity Derivatives. We use derivative instruments to primarily manage exposure to movements associated with A hypothetical 100 basis point increase in the interest yields on agricultural commodity prices. We generally use exchange our senior note debt at December 31, 2015 would result in a traded futures and options contracts to minimize the effects of decrease of approximately $36 million in the fair value of our changes in the prices of agricultural commodities on debt. Similarly, a decrease of 100 basis points in the interest agricultural commodity inventories and forward purchase and yields on our debt at December 31, 2015 would cause an sale contracts, but may also from time to time enter into OTC increase of approximately $38 million in the fair value of our commodity transactions, including swaps, which are settled in debt. cash at maturity or termination based on exchange-quoted futures prices. Changes in fair values of exchange traded A hypothetical 1% change in LIBOR would result in a change futures contracts representing the unrealized gains and/or of approximately $28 million in our interest expense on our losses on these instruments are settled daily generally through variable rate debt at December 31, 2015. Some of our variable our 100% owned futures clearing subsidiary. Forward purchase rate debt is denominated in currencies other than in U.S. and sale contracts are primarily settled through delivery of dollars and is indexed to non-U.S. dollar-based interest rate agricultural commodities. While we consider these exchange indices, such as EURIBOR and TJLP and certain benchmark traded futures and forward purchase and sale contracts to be rates in local bank markets. As such, the hypothetical 1% effective economic hedges, we do not designate or account for 42 2015 Bunge Annual Report

 the majority of our commodity contracts as hedges. Changes in controls and procedures designed to ensure that information fair values of these contracts and related RMI are included in required to be disclosed by an issuer in the reports that it files cost of goods sold in the consolidated statements of income. or submits under the Exchange Act is accumulated and The forward contracts require performance of both us and the communicated to the issuer’s management, including the contract counterparty in future periods. Contracts to purchase principal executive and principal financial officer, or persons agricultural commodities generally relate to current or future performing similar functions, as appropriate, to allow timely crop years for delivery periods quoted by regulated commodity decisions regarding required disclosure. exchanges. Contracts for the sale of agricultural commodities generally do not extend beyond one future crop cycle. As of December 31, 2015, we carried out an evaluation, under the supervision and with the participation of our management, Ocean Freight Derivatives. We use derivative instruments including our Chief Executive Officer and Chief Financial referred to as freight forward agreements, or FFAs, and FFA Officer, of the effectiveness of the design and operation of our options to hedge portions of our current and anticipated ocean disclosure controls and procedures, as that term is defined in freight costs. A portion of the ocean freight derivatives may be Exchange Act Rules 13a-15(e) and 15d-15(e), as of the end of designated as fair value hedges of our firm commitments to the period covered by this Annual Report on Form 10-K. Based purchase time on ocean freight vessels. Changes in the fair upon that evaluation, our Chief Executive Officer and Chief value of the ocean freight derivatives that are qualified, Financial Officer have concluded that our disclosure controls designated and highly effective as a fair value hedge, along and procedures were not effective as of the end of the fiscal with the gain or loss on the hedged firm commitments to year covered by this Annual Report on Form 10-K because of purchase time on ocean freight vessels that is attributable to the material weakness in internal control over financial the hedged risk, are recorded in earnings. Changes in the fair reporting described below. values of ocean freight derivatives that are not designated as hedges are also recorded in earnings. MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING Energy Derivatives. We use derivative instruments for various purposes including to manage our exposure to volatility in Bunge Limited’s management is responsible for establishing energy costs. Our operations use substantial amounts of and maintaining adequate internal control over financial energy, including natural gas, coal and fuel oil, including reporting, as such term is defined in Exchange Act bunker fuel. Rules 13a-15(f). Bunge Limited’s internal control over financial reporting is designed to provide reasonable assurance For more information, see Note 15 to our consolidated financial regarding the reliability of financial reporting and the statements included as part of this Annual Report on preparation of financial statements for external purposes in Form 10-K. accordance with U.S. Generally Accepted Accounting Principles. ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA Under the supervision and with the participation of management, including our Chief Executive Officer and Chief Our financial statements and related schedule required by this Financial Officer, we conducted an evaluation of the item are contained on pages F-1 through F-68 and on effectiveness of our internal control over financial reporting as page E-1 of this Annual Report on Form 10-K. See Item 15(a) of the end of the fiscal year covered by this annual report for a listing of financial statements provided. based on the framework in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring ITEM 9. CHANGES IN AND DISAGREEMENTS Organizations of the Treadway Commission (COSO). WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such None. that there is a reasonable possibility that a material misstatement of a company’s annual or interim financial ITEM 9A. CONTROLS AND PROCEDURES statements will not be prevented or detected on a timely basis. DISCLOSURE CONTROLS AND PROCEDURES Based on its evaluation, management has concluded that a material weakness existed in the Company’s internal control Disclosure controls and procedures are the controls and other over financial reporting as of December 31, 2015, because the procedures that are designed to provide reasonable assurance Company did not maintain effective controls over the that information required to be disclosed by the issuer in the preparation and review of its Consolidated Statements of Cash reports that it files or submits under the Exchange Act of 1934, Flows. Specifically, controls were not designed to ensure that as amended (the ‘‘Exchange Act’’) is recorded, processed, cash received from settlement of net investment hedges was summarized and reported within the time periods specified in properly classified in the Consolidated Statements of Cash the Securities and Exchange Commission’s rules and forms. Flows, and management’s review process was not effective in Disclosure controls and procedures include, without limitation, detecting this error. 2015 Bunge Annual Report 43

 This control weakness resulted in an error in the Company’s making can be faulty and that breakdowns can occur because previously issued interim consolidated financial statements of simple error or mistake. Controls may also be circumvented contained in its Quarterly Report on Form 10-Q for the quarter by the individual acts of some persons, by collusion of two or ended September 30, 2015. The error, which overstated more people or by management override of the controls. The operating cash flows and understated investing cash flows in design of any system of controls is based in part on certain the same amount, was identified and corrected prior to the assumptions about the likelihood of future events, and there issuance of Bunge Limited’s 2015 annual consolidated financial can be no assurance that any design will succeed in achieving statements as of and for the year ended December 31, 2015. its stated goals under all potential future conditions. Projections The error was not material to any other previously reported of any evaluation of controls effectiveness to future periods are interim or annual consolidated financial statements. subject to risks. Over time, controls may become inadequate because of changes in conditions or deterioration in the Deloitte & Touche LLP, the independent registered public degree of compliance with policies or procedures. accounting firm that has audited and reported on Bunge Limited’s consolidated financial statements included in this MANAGEMENT’S REMEDIATION PLAN annual report, has issued its written attestation report on Bunge Limited’s internal control over financial reporting, which The Company has filed an amended Quarterly Report on is included in this Annual Report on Form 10-K. Form 10-Q/A for the quarter ended September 30, 2015 to correct the financial statement error by reclassifying cash CHANGES IN INTERNAL CONTROL OVER FINANCIAL received from the settlement of net investment hedges from REPORTING operating cash flows to investing cash flows in the Condensed Consolidated Statement of Cash Flows. The reclassification did Other than the material weakness described above, there has not affect the Company’s previously reported volumes, gross been no change in our internal control over financial reporting profit, segment operating profit, net income or earnings per during the fourth fiscal quarter ended December 31, 2015 that share or Bunge’s balance sheets for any period. In addition to has materially affected, or is reasonably likely to materially correcting the presentation of cash received from the affect, our internal control over financial reporting. settlement of net investment hedges in the Consolidated Statements of Cash Flows in the Form 10-Q/A, management has INHERENT LIMITATIONS ON EFFECTIVENESS OF CONTROLS been actively engaged in developing remediation plans to address the material weakness described above. The Our management, including our Chief Executive Officer and our remediation efforts expected to be implemented include Chief Financial Officer, does not expect that our disclosure reviewing current policies, processes and procedures relating controls or our internal control over financial reporting will to the preparation and review of the Consolidated Statements prevent or detect all errors and all fraud. A control system, no of Cash Flows to ensure that hedge accounting related cash matter how well designed and operated, can provide only flows are properly presented in accordance with U.S. GAAP. reasonable, not absolute, assurance that the control system’s objectives will be met. The design of a control system must Management has developed a detailed plan and timetable for reflect the fact that there are resource constraints, and the the implementation of the foregoing remediation efforts and benefits of controls must be considered relative to their costs. will monitor their implementation. Management believes the Further, because of the inherent limitations in all control foregoing efforts will effectively remediate the material systems, no evaluation of controls can provide absolute weakness. As the Company continues to evaluate and work to assurance that misstatements due to error or fraud will not improve its internal control over financial reporting, however, occur or that all control issues and instances of fraud, if any, management may determine to take additional measures to within the company have been detected. These inherent address control deficiencies or determine to modify the limitations include the realities that judgments in decision- remediation plan described above. 44 2015 Bunge Annual Report

 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Shareholders of Bunge Limited White Plains, New York We have audited the internal control over financial reporting of Bunge Limited and subsidiaries (the ‘‘Company’’) as of December 31, 2015, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. A company’s internal control over financial reporting is a process designed by, or under the supervision of, the company’s principal executive and principal financial officers, or persons performing similar functions, and effected by the company’s board of directors, management, and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of the inherent limitations of internal control over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may not be prevented or detected on a timely basis. Also, projections of any evaluation of the effectiveness of the internal control over financial reporting to future periods are subject to the risk that the controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis. The following material weakness has been identified and included in management’s assessment: • The Company did not maintain effective controls over the preparation and review of its Consolidated Statements of Cash Flows. Specifically, controls were not designed to ensure that cash received from settlement of net investment hedges was properly presented in the Consolidated Statements of Cash Flows, and management’s review process was not effective in detecting this error. This material weakness was considered in determining the nature, timing, and extent of audit tests applied in our audit of the consolidated financial statements and financial statement schedule as of and for the year ended December 31, 2015 of the Company and this report does not affect our report on such financial statements and financial statement schedule. In our opinion, because of the effect of the material weakness identified above on the achievement of the objectives of the control criteria, the Company has not maintained effective internal control over financial reporting as of December 31, 2015, based on the criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. 2015 Bunge Annual Report 45

 We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated financial statements and financial statement schedule as of and for the year ended December 31, 2015 of the Company and our report dated February 25, 2016 expressed an unqualified opinion on those consolidated financial statements and financial statement schedule. /s/ Deloitte & Touche LLP New York, New York February 25, 2016 46 2015 Bunge Annual Report

 ITEM 9B. OTHER INFORMATION ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND None. RELATED STOCKHOLDER MATTERS PART III We will provide information that is responsive to this Item 12 in our definitive proxy statement for our 2016 Annual General Information required by Items 10, 11, 12, 13 and 14 of Part III is Meeting of Shareholders under the caption ‘‘Share Ownership omitted from this Annual Report on Form 10-K and will be filed of Directors, Executive Officers and Principal Shareholders’’ and in a definitive proxy statement for our 2016 Annual General possibly elsewhere therein. That information is incorporated in Meeting of Shareholders. this Item 12 by reference. The information required by this item with respect to our equity compensation plan information is found in Part II of this Annual Report on Form 10-K under the ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, caption ‘‘Item 5. Market for Registrant’s Common Equity, AND CORPORATE GOVERNANCE Related Stockholder Matters and Issuer Purchases of Equity Securities – Securities Authorized for Issuance Under Equity We will provide information that is responsive to this Item 10 in Compensation Plans,’’ which information is incorporated herein our definitive proxy statement for our 2016 Annual General by reference. Meeting of Shareholders under the captions ‘‘Election of Directors,’’ ‘‘Section 16(a) Beneficial Ownership Reporting Compliance,’’ ‘‘Corporate Governance – Board Meetings and ITEM 13. CERTAIN RELATIONSHIPS AND Committees – Audit Committee,’’ ‘‘Corporate Governance – RELATED TRANSACTIONS, AND DIRECTOR Board Composition and Independence,’’ ‘‘Audit Committee INDEPENDENCE Report,’’ ‘‘Corporate Governance – Corporate Governance Guidelines and Code of Conduct’’ and possibly elsewhere We will provide information that is responsive to this Item 13 in therein. That information is incorporated in this Item 10 by our definitive proxy statement for our 2016 Annual General reference. The information required by this item with respect to Meeting of Shareholders under the captions ‘‘Corporate our executive officers and key employees is found in Part I of Governance – Board Composition and Independence,’’ ‘‘Certain this Annual Report on Form 10-K under the caption Relationships and Related Party Transactions’’ and possibly ‘‘Item 1. Business – Executive Officers and Key Employees of elsewhere therein. That information is incorporated in this the Company,’’ which information is incorporated herein by Item 13 by reference. reference. ITEM 14. PRINCIPAL ACCOUNTING FEES AND ITEM 11. EXECUTIVE COMPENSATION SERVICES We will provide information that is responsive to this Item 11 in We will provide information that is responsive to this Item 14 in our definitive proxy statement for our 2016 Annual General our definitive proxy statement for our 2016 Annual General Meeting of Shareholders under the captions ‘‘Executive Meeting of Shareholders under the caption ‘‘Appointment of Compensation,’’ ‘‘Director Compensation,’’ ‘‘Compensation Independent Auditor’’ and possibly elsewhere therein. That Committee Report,’’ and possibly elsewhere therein. That information is incorporated in this Item 14 by reference. information is incorporated in this Item 11 by reference. 2015 Bunge Annual Report 47

 PART IV ITEM 15. EXHIBITS, FINANCIAL STATEMENT See ‘‘Index to Exhibits’’ set forth below. SCHEDULES EXHIBIT NUMBER DESCRIPTION a. (1) (2) Financial Statements and Financial Statement 3.1 Memorandum of Association (incorporated by reference from Schedules the Registrant’s Form F-1 (No. 333-65026) filed July 13, 2001) See ‘‘Index to Consolidated Financial 3.2 Certificate of Deposit of Memorandum of Increase of Share Statements’’ on page F-1 and Financial Capital (incorporated by reference from the Registrant’s Statement Schedule II – Valuation and Form 10-Q filed August 11, 2008) Qualifying Accounts on page E-1 of this 3.3 Bye-laws, amended and restated as of May 23, 2008 Annual Report on Form 10-K. (incorporated by reference from the Registrant’s Form 10-Q filed August 11, 2008) a. (3) Exhibits 4.1 Form of Common Share Certificate (incorporated by reference The exhibits listed in the accompanying from the Registrant’s Form 10-K filed March 3, 2008) index to exhibits are filed or incorporated by 4.2 Certificate of Designation of 4.875% Cumulative Convertible reference as part of this Form 10-K. Perpetual Preference Shares (incorporated by reference from the Registrant’s Form 8-K filed November 20, 2006) Certain of the agreements filed as exhibits 4.3 Form of 4.875% Cumulative Convertible Perpetual Preference to this Form 10-K contain representations Share Certificate (incorporated by reference from the and warranties by the parties to the Registrant’s Form 8-K filed November 20, 2006) agreements that have been made solely for the benefit of the parties to the agreement, 4.4 The instruments defining the rights of holders of the long-term which may have been included in the debt securities of Bunge and its subsidiaries are omitted agreement for the purpose of allocating risk pursuant to Item 601(b)(4)(iii) of Regulation S-K. Bunge hereby between the parties rather than establishing agrees to furnish copies of these instruments to the Securities matters as facts and may have been and Exchange Commission upon request qualified by disclosures that were made to 10.1 Fifth Amended and Restated Pooling Agreement, dated as of the parties in connection with the June 28, 2004, among Bunge Funding Inc., Bunge Management negotiation of these agreements and not Services Inc., as Servicer, and The Bank of New York Mellon, as necessarily reflected in the agreements. Trustee (incorporated by reference from the Registrant’s Accordingly, the representations and Form 10-K filed February 27, 2012) warranties contained in these agreements may not describe the actual state of affairs 10.2 Fifth Amended and Restated Series 2000-1 Supplement, dated of Bunge Limited or its subsidiaries as of the as of June 28, 2004, among Bunge Funding Inc., Bunge date that these representations and Management Services, Inc., as Servicer, Coo¨peratieve Centrale warranties were made or at any other time. Raiffeisen-Boerenleenbank B.A., ‘‘Rabobank International,’’ Investors should not rely on these New York Branch, as Letter of Credit Agent, JPMorgan Chase representations and warranties as Bank, N.A., as Administrative Agent, The Bank of New York statements of fact. Additional information Mellon, as Collateral Agent and Trustee, and Bunge Asset about Bunge Limited and its subsidiaries Funding Corp., as Series 2000-1 Purchaser (incorporated by may be found elsewhere in this Annual reference from the Registrant’s Form 10-K filed February 27, Report on Form 10-K and Bunge Limited’s 2012) other public filings, which are available 10.3 Twelfth Amended and Restated Liquidity Agreement, dated as without charge through the SEC’s website at of November 20, 2014, among Bunge Asset Funding Corp., the www.sec.gov. financial institutions party thereto, Citibank, N.A., as Syndication Agent, BNP Paribas and The Bank of Tokyo Mitsubishi UFJ, Ltd., as Co-Documentation Agents, and JPMorgan Chase Bank, N.A., as Administrative Agent (incorporated by reference from the Registrant’s Form 8-K filed November 24, 2014) 10.4 Annex X, dated as of November 20, 2014 (incorporated by reference from the Registrant’s Form 8-K filed on November 24, 2014) 48 2015 Bunge Annual Report

 EXHIBIT EXHIBIT NUMBER DESCRIPTION NUMBER DESCRIPTION 10.5 Eighth Amended and Restated Guaranty, dated as of 10.10 Guaranty, dated as of November 20, 2014, by Bunge Limited, November 20, 2014, by Bunge Limited, as Guarantor, to as Guarantor, to JPMorgan Chase Bank, N.A., as administrative Co¨operatieve Centrale Raiffeisen-Boerenleenbank B.A., agent under the Revolving Credit Agreement (incorporated by ‘‘Rabobank International,’’ New York Branch, in its capacity as reference from the Registrant’s Form 8-K filed on the letter of credit agent under the Letter of Credit November 24, 2014) Reimbursement Agreement for the benefit of the Letter of 10.11 Amended and Restated Credit Agreement, dated June 17, Credit Banks, JPMorgan Chase Bank, N.A., in its capacity as the 2014, among Bunge Limited Finance Corp., as Borrower, administrative agent under the Liquidity Agreement, for the CoBank ACB, as Administrative Agent and Lead Arranger, and benefit of the Liquidity Banks and The Bank of New York Mellon certain lenders party thereto (incorporated by reference from (formerly known as The Bank of New York), in its capacity as the Registrant’s Form 10-K filed on March 2, 2015) collateral agent under the Security Agreement and as trustee under the Pooling Agreement (incorporated by reference from 10.12 Amended and Restated Guaranty, dated as of June 17, 2014, the Registrant’s Form 8-K filed on November 24, 2014) between Bunge Limited, as Guarantor, and CoBank ACB, as Administrative Agent (incorporated by reference from the 10.6 Facility Agreement, dated March 17, 2014, among Bunge Registrant’s Form 10-K filed on March 2, 2015) Finance Europe B.V., as Borrower, ABN AMRO Bank N.V., BNP Paribas, ING Bank N.V., Lloyds Bank plc, The Royal Bank of 10.13 * Seventh Amendment to and Restatement of the Receivables Scotland plc, Citigroup Global Markets Limited, Coo¨peratieve Transfer Agreement, dated May 22, 2015, among Bunge Centrale Raiffeisen-Boerenleenbank B.A. (trading as Rabobank Securitization B.V., as Seller, Bunge Finance B.V., as Master International), Cre´dit Agricole Corporate and Investment Bank, Servicer, the persons from time to time party thereto as HSBC Bank plc, Industrial and Commercial Bank of China Ltd., Conduit Purchasers, the persons from time to time party New York Branch, Mizuho Bank, Ltd., Natixis, SG Americas thereto as Committed Purchasers, the persons from time to Securities LLC, Standard Chartered Bank, The Bank of Tokyo- time party thereto as Purchaser Agents, Coo¨peratieve Centrale Mitsubishi UFJ, Ltd. and Unicredit Bank AG, New York Branch, Raiffeisen-Boerenleenbank B.A., as Administrative Agent and as Mandated Lead Arrangers, the financial institutions from Purchaser Agent, and Bunge Limited, as Performance time to time party thereto, and ABN AMRO Bank N.V., as Agent Undertaking Provider (incorporated by reference from the Registrant’s Form 8-K filed ++10.14 Servicing Agreement, dated June 1, 2011, among Bunge on March 19, 2014) Securitization B.V., as Seller, Bunge North America 10.7 Amendment Agreement, dated August 10, 2015, relating to the Capital, Inc., as U.S. Intermediate Transferor, Coo¨peratieve Facility Agreement, dated March 17, 2014, among Bunge Centrale Raiffeisen-Boerenleenbank B.A., as Italian Finance Europe B.V., as Borrower, ABN AMRO Bank N.V., BNP Intermediate Transferor, Bunge Finance B.V., as Master Paribas, ING Bank N.V., Lloyds Bank plc, The Royal Bank of Servicer, the persons named therein as Sub-Servicers, and Scotland plc, Citigroup Global Markets Limited, Coo¨peratieve Coo¨peratieve Centrale Raiffeisen-Boerenleenbank B.A., as Centrale Raiffeisen-Boerenleenbank B.A. (trading as Rabobank Administrative Agent (incorporated by reference from the International), Cre´dit Agricole Corporate and Investment Bank, Registrant’s Form 10-Q filed on August 9, 2011) HSBC Bank plc, Industrial and Commercial Bank of China Ltd., 10.15 Performance and Indemnity Agreement, dated June 1, 2011, New York Branch, Mizuho Bank, Ltd., Natixis, SG Americas between Bunge Limited, as Performance Undertaking Provider Securities LLC, Standard Chartered Bank, The Bank of Tokyo- and Co¨operatieve Centrale Raiffeisen-Boerenleenbank B.A., as Mitsubishi UFJ, Ltd. and Unicredit Bank AG, New York Branch, Administrative Agent (incorporated by reference from the as Mandated Lead Arrangers, the financial institutions from Registrant’s Form 10-Q filed on August 9, 2011) time to time party thereto, and ABN AMRO Bank N.V., as Agent 10.16 First Amendment to Performance and Indemnity Agreement, (incorporated by reference from Registrant’s Form 8-K filed on dated May 24, 2012, between Bunge Limited, as Performance August 10, 2015) Undertaking Provider and Co¨operatieve Centrale Raiffeisen- 10.8 Amended and Restated Guaranty, dated as of August 10, 2015, Boerenleenbank B.A., as Administrative Agent (incorporated by by Bunge Limited, as Guarantor, to ABN AMRO Bank N.V., as reference from the Registrant’s Form 10-Q filed on August 1, Agent (incorporated by reference from the Registrant’s 2012) Form 8-K filed on August 10, 2015) 10.17 Subordinated Loan Agreement, dated June 1, 2011, among 10.9 Revolving Credit Agreement, dated as of November 20, 2014, Bunge Finance B.V., as Subordinated Lender, Bunge among Bunge Limited Finance Corp., as Borrower, Citibank, Securitization B.V., as Seller, Bunge Finance B.V., as Master N.A., as Syndication Agent, BNP Paribas and The Bank of Tokyo Servicer, and Co¨operatieve Centrale Raiffeisen-Boerenleenbank Mitsubishi UFJ, Ltd., as Co-Documentation Agents, JPMorgan B.A., as Administrative Agent (incorporated by reference from Chase Bank, N.A., as Administrative Agent, and certain lenders the Registrant’s Form 10-Q filed on August 9, 2011) party thereto (incorporated by reference from the Registrant’s Form 8-K filed on November 24, 2014) 2015 Bunge Annual Report 49

 EXHIBIT EXHIBIT NUMBER DESCRIPTION NUMBER DESCRIPTION ++10.18 U.S. Receivables Purchase Agreement, dated June 1, 2011, 10.29 Bunge Limited 2007 Non-Employee Directors’ Equity Incentive among Bunge North America, Inc., Bunge Oils, Inc., Bunge Plan (Amended and Restated as of December 31, 2008) North America (East), LLC, Bunge Milling, Inc., Bunge North (incorporated by reference from the Registrant’s Form 10-K America (OPD West), Inc., each as a Seller, respectively, Bunge filed March 2, 2009) Finance B.V., as Seller Agent, and Bunge North America 10.30 Form of Deferred Restricted Stock Unit Award Agreement Capital, Inc., as the Buyer (incorporated by reference from the (effective as of 2007) under the Bunge Limited 2007 Registrant’s Form 10-Q filed on August 9, 2011) Non-Employee Directors’ Equity Incentive Plan (incorporated by 10.19 First Amendment to U.S. Receivables Purchase Agreement, reference from the Registrant’s Form 10-K filed March 3, 2008) dated June 15, 2012, among Bunge North America, Inc., Bunge 10.31 Form of Restricted Stock Unit Award Agreement under the Oils, Inc., Bunge North America (East), LLC, Bunge Bunge Limited 2007 Non-Employee Directors’ Equity Incentive Milling, Inc., Bunge North America (OPD West), Inc., each as a Plan (incorporated by reference from the Registrant’s Seller, respectively, Bunge Finance B.V., as Seller Agent, and Form 10-K filed March 1, 2010) Bunge North America Capital, Inc., as the Buyer (incorporated by reference from the Registrant’s Form 10-Q filed on 10.32 Form of Nonqualified Stock Option Award Agreement (effective August 1, 2012) as of 2005) under the Bunge Limited Non-Employee Directors’ Equity Incentive Plan (incorporated by reference from the ++10.20 U.S. Intermediate Transfer Agreement, dated June 1, 2011, Registrant’s Form 10-K filed March 15, 2006) among Bunge North America Capital, Inc., as the Transferor, Bunge Finance B.V., as the Transferor Agent, and Bunge 10.33 Bunge Limited Deferred Compensation Plan for Non-Employee Securitization B.V., as the Transferee (incorporated by Directors (Amended and Restated as of December 31, 2008) reference from the Registrant’s Form 10-Q filed on August 9, (incorporated by reference from the Registrant’s Form 10-K 2011) filed March 2, 2009) 10.21 First Amendment to U.S. Intermediate Transfer Agreement, 10.34 Bunge Excess Benefit Plan (Amended and Restated as of dated June 15, 2012, among Bunge North America January 1, 2009) (incorporated by reference from the Capital, Inc., as the Transferor, Bunge Finance B.V., as the Registrant’s Form 10-K filed March 2, 2009) Transferor Agent, and Bunge Securitization B.V., as the 10.35 Bunge Excess Contribution Plan (Amended and Restated as of Transferee (incorporated by reference from the Registrant’s January 1, 2009) (incorporated by reference from the Form 10-Q filed on August 1, 2012) Registrant’s Form 10-K filed March 2, 2009) 10.22 Bunge Limited Equity Incentive Plan (Amended and Restated as 10.36 Bunge U.S. SERP (Amended and Restated as of January 1, 2011) of December 31, 2008) (incorporated by reference from the (incorporated by reference from the Registrant’s Form 10-K Registrant’s Form 10-K filed March 2, 2009) filed March 1, 2011) 10.23 Form of Nonqualified Stock Option Award Agreement (effective 10.37 Bunge Limited Employee Deferred Compensation Plan as of 2005) under the Bunge Limited Equity Incentive Plan (effective January 1, 2008) (incorporated by reference from (incorporated by reference from the Registrant’s Form 10-K the Registrant’s Form 10-K filed March 2, 2009) filed March 15, 2006) 10.38 Bunge Limited Annual Incentive Plan (effective January 1, 10.24 Bunge Limited 2009 Equity Incentive Plan (incorporated by 2011) (incorporated by reference from the Registrant’s reference from the Registrant’s Definitive Proxy Statement Definitive Proxy Statement filed April 16, 2010) filed April 11, 2014) 10.39 Description of Non-Employee Directors’ Compensation 10.25 Form of Nonqualified Stock Option Award Agreement under the (effective as of January 1, 2014) 2009 Bunge Limited Equity Incentive Plan (incorporated by 10.40 Employment Agreement (Amended and Restated as of reference from the Registrant’s Form 10-K filed March 1, 2011) February 6, 2013) between Bunge Limited and Alberto Weisser 10.26 Form of Restricted Stock Unit Award Agreement under the 2009 (incorporated by reference from the Registrant’s Form 8-K filed Bunge Limited Equity Incentive Plan (incorporated by reference February 7, 2013) from the Registrant’s Form 10-K filed March 1, 2011) 10.41 Offer Letter, dated as of February 1, 2008, for Vicente Teixeira 10.27 Form of Performance Based Restricted Stock Unit-Target EPS (incorporated by reference from the Registrant’s Form 10-Q Award Agreement under the 2009 Bunge Limited Equity filed May 12, 2008) Incentive Plan (incorporated by reference from the Registrant’s 10.42 Offer Letter, amended and restated as of December 31, 2008, Form 10-K filed March 1, 2011) for Andrew J. Burke (incorporated by reference from the 10.28 Bunge Limited Non-Employee Directors’ Equity Incentive Plan Registrant’s Form 10-K filed March 2, 2009) (Amended and Restated as of February 25, 2005) (incorporated 10.43 Compensation Letter to Andrew J. Burke, dated August 3, 2011 by reference from the Registrant’s Form 10-K filed March 16, (incorporated by reference from the Registrant’s Form 10-Q 2005) filed on August 9, 2011) 50 2015 Bunge Annual Report

 EXHIBIT EXHIBIT NUMBER DESCRIPTION NUMBER DESCRIPTION 10.44 Offer Letter, amended and restated as of February 1, 2009, for 31.2* Certification of Bunge Limited’s Chief Financial Officer D. Benedict Pearcy (incorporated by reference from the pursuant to Section 302 of the Sarbanes Oxley Act Registrant’s Form 10-Q filed May 10, 2010) 32.1* Certification of Bunge Limited’s Chief Executive Officer 10.45 Offer Letter, dated as of June 14, 2011, for Gordon Hardie pursuant to Section 906 of the Sarbanes Oxley Act (incorporated by reference from the Registrant’s Form 10-Q 32.2* Certification of Bunge Limited’s Chief Financial Officer filed on August 9, 2011) pursuant to Section 906 of the Sarbanes Oxley Act 10.46 Offer Letter, dated as of September 24, 2010, for Raul Padilla 101* The following financial information from Bunge Limited’s (incorporated by reference from the Registrant’s Form 10-Q Annual Report on Form 10-K for the fiscal year ended filed on November 9, 2011) December 31, 2015 formatted in Extensible Business Reporting 10.47 Offer Letter, dated as of May 11, 2012, for Frank R. Jimenez Language (XBRL): (i) the Consolidated Statements of Income, (incorporated by reference from the Registrant’s Form 10-Q (ii) the Consolidated Balance Sheets, (iii) the Consolidated filed on May 3, 2013) Statements of Cash Flows, (iv) the Consolidated Statements of 10.48 Employment Agreement, dated as of February 6, 2013, Shareholders’ Equity, (v) the Notes to the Consolidated between Bunge Limited and Soren Schroder (incorporated by Financial Statements and (vi) Schedule II – Valuation and reference from the Registrant’s Form 8-K filed February 7, Qualifying Accounts 2013) * Filed herewith. 12.1* Computation of Ratio of Earnings to Fixed Charges ++ Portions of this exhibit have been omitted and filed separately with the Securities and Exchange Commission as part of an application for confidential treatment pursuant 21.1* Subsidiaries of the Registrant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 23.1* Consent of Deloitte & Touche LLP 31.1* Certification of Bunge Limited’s Chief Executive Officer pursuant to Section 302 of the Sarbanes Oxley Act 2015 Bunge Annual Report 51

 BUNGE LIMITED SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS (US$ IN MILLIONS) BALANCE AT CHARGED TO CHARGED TO BALANCE BEGINNING OF COSTS AND OTHER DEDUCTIONS AT END OF DESCRIPTION PERIOD EXPENSES ACCOUNTS(b) FROM RESERVES PERIOD FOR THE YEAR ENDED DECEMBER 31, 2013 Allowances for doubtful accounts(a). $ 292 73 (18) (64)(c) $ 283 Allowances for secured advances to suppliers . $ 78 34 (10) (27) $ 75 Allowances for recoverable taxes $ 105 19 (2) (52) $ 70 Income tax valuation allowances$ 455 642 (49)(d) – $1,048 FOR THE YEAR ENDED DECEMBER 31, 2014 Allowances for doubtful accounts(a). $ 283 71 (23) (84)(c) $ 247 Allowances for secured advances to suppliers . $ 75 9 (7) (16) $ 61 Allowances for recoverable taxes $ 70 7 (14) (20) $ 43 Income tax valuation allowances$1,048 76 (46)(d) – $1,078 FOR THE YEAR ENDED DECEMBER 31, 2015 Allowances for doubtful accounts(a). $ 247 64 (47) (54)(c) $ 210 Allowances for secured advances to suppliers . $ 61 11 (21) (9) $ 42 Allowances for recoverable taxes $ 43 7 (16) (2) $ 32 Income tax valuation allowances$1,078 44 (324)(d) – $ 798 (a) This includes an allowance for doubtful accounts for current and non-current trade accounts receivables. (b) This consists primarily of foreign exchange translation adjustments. (c) Such amounts include write-offs of uncollectible accounts and recoveries. (d) Includes primarily cumulative translation adjustments. 2015 Bunge Annual Report E-1

 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS PAGE Consolidated Financial Statements Report of Independent Registered Public Accounting Firm. . F-2 Consolidated Statements of Income for the Years Ended December 31, 2015, 2014 and 2013.. F-3 Consolidated Statements of Comprehensive Income (Loss) for the Years Ended December 31, 2015, 2014 and 2013 F-4 Consolidated Balance Sheets at December 31, 2015 and 2014 . F-5 Consolidated Statements of Cash Flows for the Years Ended December 31, 2015, 2014 and 2013 . F-6 Consolidated Statements of Changes in Equity and Redeemable Noncontrolling Interests for the Years Ended December 31, 2015, 2014 and 2013F-7 Notes to the Consolidated Financial Statements F-8 2015 Bunge Annual Report F-1

 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Shareholders of Bunge Limited White Plains, New York We have audited the accompanying consolidated balance sheets of Bunge Limited and subsidiaries (the ‘‘Company’’) as of December 31, 2015 and 2014, and the related consolidated statements of income, comprehensive income (loss), changes in equity and redeemable noncontrolling interests, and cash flows for each of the three years in the period ended December 31, 2015. Our audits also included the financial statement schedule listed in the Index at Item 15. These financial statements and the financial statement schedule are the responsibility of the Company’s management. Our responsibility is to express an opinion on the financial statements and the financial statement schedule based on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, such consolidated financial statements present fairly, in all material respects, the financial position of Bunge Limited and subsidiaries as of December 31, 2015 and 2014, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2015, in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, such financial statement schedule, when considered in relation to the basic consolidated financial statements taken as a whole, presents fairly, in all material respects, the information set forth therein. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the Company’s internal control over financial reporting as of December 31, 2015, based on the criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 25, 2016 expressed an adverse opinion on the Company’s internal control over financial reporting because of a material weakness. /s/ Deloitte & Touche LLP New York, New York February 25, 2016 F-2 2015 Bunge Annual Report

 PART I FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS BUNGE LIMITED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME YEAR ENDED DECEMBER 31, (U.S. dollars in millions, except per share data) 2015 2014 2013 Net sales $ 43,455 $ 57,161 $ 61,347 Cost of goods sold (40,762) (54,540) (58,587) Gross profit. . 2,693 2,621 2,760 Selling, general and administrative expenses. (1,435) (1,691) (1,559) Interest income 43 87 76 Interest expense . (258) (347) (363) Foreign exchange gains (losses)(8) 47 53 Other income (expense) – net. . (18) 17 44 Goodwill impairment. . (13) - - Gain on sales of investments in affiliates - - 3 Gain on sale of Canadian grain assets. 47 - - Income (loss) from continuing operations before income tax. 1,051 734 1,014 Income tax (expense) benefit. . (296) (249) (904) Income (loss) from continuing operations 755 485 110 Income (loss) from discontinued operations, net of tax (including a net gain on disposal of $112 million in 2013) (Note 3) 35 32 97 Net income (loss) 790 517 207 Net loss (income) attributable to noncontrolling interests 1 (2) 99 Net income (loss) attributable to Bunge 791 515 306 Convertible preference share dividends and other obligations . (53) (48) (76) Net income (loss) available to Bunge common shareholders. $ 738 $ 467 $ 230 Earnings per common share – basic (Note 23) Net income (loss) from continuing operations $ 4.90 $ 2.98 $ 0.91 Net income (loss) from discontinued operations. 0.24 0.22 0.66 Net income (loss) to Bunge common shareholders $ 5.14 $ 3.20 $ 1.57 Earnings per common share – diluted (Note 23) Net income (loss) from continuing operations $ 4.84 $ 2.96 $ 0.90 Net income (loss) from discontinued operations. 0.23 0.21 0.65 Net income (loss) to Bunge common shareholders $ 5.07 $ 3.17 $ 1.55 The accompanying notes are an integral part of these consolidated financial statements. 2015 Bunge Annual Report F-3

 BUNGE LIMITED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) YEAR ENDED DECEMBER 31, (U.S. dollars in millions) 2015 2014 2013 Net income (loss) . $ 790 $ 517 $ 207 Other comprehensive income (loss): Foreign exchange translation adjustment . (2,550) (1,419) (1,212) Unrealized gains (losses) on designated cash flow and net investment hedges, net of tax (expense) benefit of nil, nil and $11 147 21 - Unrealized gains (losses) on investments, net of tax (expense) benefit of nil, $2 and $(2). - (2) 5 Reclassification of realized net losses (gains) to net income, net of tax expense (benefit) of nil, nil and $(5) 77 (9) (38) Pension adjustment, net of tax (expense) benefit of $1, $32 and $(45). 20 (85) 88 Total other comprehensive income (loss).(2,306) (1,494) (1,157) Total comprehensive income (loss). . (1,516) (977) (950) Less: comprehensive (income) loss attributable to noncontrolling interest 5 6 94 Total comprehensive income (loss) attributable to Bunge $(1,511) $ (971) $ (856) The accompanying notes are an integral part of these consolidated financial statements. F-4 2015 Bunge Annual Report

 BUNGE LIMITED AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS DECEMBER 31, DECEMBER 31, (U.S. dollars in millions, except share data) 2015 2014 ASSETS Current assets: Cash and cash equivalents . $ 411 $ 362 Time deposits under trade structured finance program (Note 4).325 1,343 Trade accounts receivable (less allowances of $125 and $121) (Note 18). 1,607 1,840 Inventories (Note 5). . 4,466 5,554 Deferred income taxes (Note 14) 208 177 Other current assets (Note 6). 3,899 3,805 Total current assets . 10,916 13,081 Property, plant and equipment, net (Note 7) 4,736 5,626 Goodwill (Note 8). 418 349 Other intangible assets, net (Note 9) . 326 256 Investments in affiliates (Note 11) . 329 294 Deferred income taxes (Note 14) 417 565 Other non-current assets (Note 12) 780 1,261 Total assets $17,922 $21,432 LIABILITIES AND EQUITY Current liabilities: Short-term debt (Note 16) . $ 648 $ 594 Current portion of long-term debt (Note 17).. 869 408 Letter of credit obligations under trade structured finance program (Note 4) . 325 1,343 Trade accounts payable . 2,675 3,248 Deferred income taxes (Note 14) 60 42 Other current liabilities (Note 13) 2,763 3,069 Total current liabilities7,340 8,704 Long-term debt (Note 17) . 2,934 2,855 Deferred income taxes (Note 14) 209 177 Other non-current liabilities . 750 969 Commitments and contingencies (Note 21) Redeemable noncontrolling interests . 37 37 Equity (Note 22): Convertible perpetual preference shares, par value $.01; authorized, issued and outstanding: 2015 and 2014 – 6,900,000 shares (liquidation preference $100 per share). 690 690 Common shares, par value $.01; authorized – 400,000,000 shares; issued and outstanding: 2015 – 142,483,467 shares, 2014 – 145,703,198 shares. 1 1 Additional paid-in capital 5,105 5,053 Retained earnings . 7,725 7,180 Accumulated other comprehensive income (loss) (Note 22) (6,360) (4,058) Treasury shares, at cost – 2015 – 9,586,083 and 2014 – 5,714,273 shares, respectively. . (720) (420) Total Bunge shareholders’ equity 6,441 8,446 Noncontrolling interests . 211 244 Total equity. 6,652 8,690 Total liabilities and equity $17,922 $21,432 The accompanying notes are an integral part of these consolidated financial statements. 2015 Bunge Annual Report F-5

 BUNGE LIMITED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS YEAR ENDED DECEMBER 31, (U.S. dollars in millions) 2015 2014 2013 OPERATING ACTIVITIES Net income . $ 790 $ 517 $ 207 Adjustments to reconcile net income to cash provided by (used for) operating activities: Impairment and goodwill charges. 57 130 35 Foreign exchange loss (gain) on debt. (213) (215) (48) Gain on sale of Brazilian fertilizer distribution business. - - (148) Gain on sale of Canadian grain assets. . (47) - - Bad debt expense . 35 30 26 Depreciation, depletion and amortization . 545 607 568 Stock-based compensation expense . 46 49 53 Deferred income tax expense/(benefit). 16 (90) 460 Other, net (26) (76) - Changes in operating assets and liabilities, excluding the effects of acquisitions: Trade accounts receivable. (97) 108 148 Inventories314 (161) 238 Secured advances to suppliers (397) 21 (216) Trade accounts payable (88) (100) 436 Advances on sales. . 22 78 309 Net unrealized gain/loss on derivative contracts (16) 237 (71) Margin deposits. . (154) (22) 57 Recoverable and income taxes, net. . (36) (59) 128 Accrued liabilities. . (7) 367 (6) Other, net. (134) (22) 49 Cash provided by (used for) operating activities . 610 1,399 2,225 INVESTING ACTIVITIES Payments made for capital expenditures. (649) (839) (1,042) Acquisitions of businesses (net of cash acquired).. (347) (39) (355) Proceeds from the sale of Brazilian fertilizer distribution business. - - 750 Proceeds from investments 295 282 134 Payments for investments (235) (196) (68) Settlement of net investment hedges . 203 - - Proceeds from disposals of property, plant and equipment13 22 11 Change in restricted cash 1 101 137 Proceeds from sale of Canadian grain assets and investments in affiliates. 88 - 47 Payments for investments in affiliates (167) (57) (40) Other, net (4) 41 (3) Cash provided by (used for) investing activities (802) (685) (429) FINANCING ACTIVITIES Net change in short-term debt with maturities of 90 days or less.. . (176) (134) (1,153) Proceeds from short-term debt with maturities greater than 90 days 713 863 934 Repayments of short-term debt with maturities greater than 90 days . (350) (667) (737) Proceeds from long-term debt. 9,354 13,014 8,118 Repayments of long-term debt. (8,659) (13,667) (8,480) Proceeds from sale of common shares 25 74 43 Repurchases of common shares. . (300) (300) - Dividends paid to preference shareholders (34) (34) (34) Dividends paid to common shareholders. . (207) (187) (167) Dividends paid to noncontrolling interests (8) (9) (3) Capital contributions (return of capital) from noncontrolling interests, net. (13) 6 (82) Other, net 15 (17) (4) Cash provided by (used for) financing activities. . 360 (1,058) (1,565) Effect of exchange rate changes on cash and cash equivalents (119) (36) (60) Net increase (decrease) in cash and cash equivalents 49 (380) 171 Change in cash related to assets held for sale . - - 2 Cash and cash equivalents, beginning of period. 362 742 569 Cash and cash equivalents, end of period$ 411 $ 362 $ 742 The accompanying notes are an integral part of these consolidated financial statements. F-6 2015 Bunge Annual Report

 ACCUMULATED CONVERTIBLE REDEEMABLE ADDITIONAL OTHER PREFERENCE SHARES COMMON SHARES NONCONTROLLING PAID-IN RETAINED COMPREHENSIVE TREASURY NONCONTROLLING TOTAL (U.S. dollars in millions, except share data) INTERESTS SHARES AMOUNT SHARES AMOUNT CAPITAL EARNINGS INCOME (LOSS) SHARES INTERESTS EQUITY Balance, January 1, 2013$ 38 6,900,000 $ 690 146,348,499 $ 1 $ 4,909 $ 6,792 $ (1,410) $ (120) $ 393 $ 11,255 Net income (loss) (34) - - - - - 306 - - (99) 207 Accretion of noncontrolling interest 42 - - - - (42) - - - - (42) Other comprehensive income (loss) - - - - - - - (1,162) - 5 (1,157) Dividends on common shares - - - - - - (173) - - - (173) Dividends on preference shares - - - - - - (34) - - - (34) Dividends to noncontrolling interests on subsidiary common stock - - - - - - - - - (3) (3) Return of capital to noncontrolling interest. (9) - - - - (8) - - - (65) (73) Reversal of uncertain tax positions- - - - - 13 - - - - 13 Stock-based compensation expense - - - - - 53 - - - - 53 Issuance of common shares - - - 1,448,285 - 42 - - - - 42 Balance, December 31, 2013 $ 37 6,900,000 $ 690 147,796,784 $ 1 $ 4,967 $ 6,891 $ (2,572) $ (120) $ 231 $ 10,088 Net income (loss) (9) - - - - - 515 - - 2 517 Accretion of noncontrolling interest 14 - - - - (14) - - - - (14) Other comprehensive income (loss) (5) - - - - - - (1,486) - (8) (1,494) Dividends on common shares - - - - - - (192) - - - (192) Dividends on preference shares - - - - - - (34) - - - (34) Dividends to noncontrolling interests on subsidiary common stock - - - - - - - - - (10) (10) Acquisition of Noncontrolling interest . - - - - - (23) - - - 29 6 Stock-based compensation expense - - - - - 49 - - - - 49 Repurchase of common shares . - - - (3,780,987) - - - - (300) - (300) Issuance of common shares - - - 1,687,401 - 74 - - - - 74 Balance, December 31, 2014 $ 37 6,900,000 $ 690 145,703,198 $ 1 $ 5,053 $ 7,180 $ (4,058) $ (420) $ 244 $ 8,690 Net income (loss) (14) - - - - - 791 - - (1) 790 Accretion of noncontrolling interests 19 - - - - (19) - - - - (19) Other comprehensive income (loss) (5) - - - - - - (2,302) - (4) (2,306) Dividends on common shares - - - - - - (212) - - - (212) Dividends on preference shares - - - - - - (34) - - - (34) Dividends to noncontrolling interests on subsidiary common stock - - - - - - - - - (9) (9) Return of capital to noncontrolling interests- - - - - - - - - (19) (19) Stock-based compensation expense - - - - - 46 - - - - 46 Repurchase of common shares . - - - (3,871,810) - - - - (300) - (300) Issuance of common shares - - - 652,079 - 25 - - - - 25 Balance, December 31, 2015 . $ 37 6,900,000 $690 142,483,467 $ 1 $5,105 $7,725 $(6,360) $(720) $ 211 $ 6,652 The accompanying notes are an integral part of these consolidated financial statements. 2015 Bunge Annual Report F-7

 BUNGE LIMITED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS 1. NATURE OF BUSINESS, BASIS OF PRESENTATION, AND segment is also a merchandiser and distributor of sugar and SIGNIFICANT ACCOUNTING POLICIES ethanol within Brazil and a global merchandiser and distributor of sugar through its global trading offices. In addition, the Description of Business – Bunge Limited, a Bermuda holding segment includes investments in corn-based ethanol producers company, together with its consolidated subsidiaries and in the United States and Argentina. variable interest entities (‘‘VIEs’’) in which it is considered the Fertilizer – Bunge’s Fertilizer segment operates primarily as a primary beneficiary, through which its businesses are producer and blender of NPK (nitrogen, phosphate and conducted (collectively ‘‘Bunge’’), is an integrated, global potassium) fertilizer formulas, including phosphate based liquid Agribusiness and Food company. Bunge’s common shares and solid nitrogen fertilizers through its operations in Argentina trade on the New York Stock Exchange under the ticker symbol to farmers and distributors in Argentina. This segment also ‘‘BG.’’ Bunge operates in four principal business areas, which includes the operations of fertilizer ports in Brazil and include five reportable segments: Agribusiness, Edible Oil Argentina. products, Milling products, Sugar and Bioenergy and Fertilizer. Historically, Bunge was involved in every stage of the fertilizer Agribusiness – Bunge’s Agribusiness segment is an integrated business involved in the purchase, storage, transport, business in Brazil, from mining of phosphate-based raw processing and sale of agricultural commodities and materials to the sale of blended fertilizer products. In May commodity products. Bunge’s agribusiness operations and 2010, Bunge sold its fertilizer nutrients assets in Brazil, assets are located in North America, South America, Europe including its phosphate mining assets and its investment in and Asia-Pacific with merchandising and distribution offices Fosfertil S.A., a phosphate and nitrogen producer. Bunge sold throughout the world. its Brazilian fertilizer distribution business, including blending facilities, brands and warehouses to Yara International ASA Bunge’s Agribusiness segment also participates in related (‘‘Yara’’) in 2013, for $750 million in cash. As a result of the financial activities, such as offering trade structured finance, transaction, Bunge no longer has significant ongoing cash which leverages its international trade flows, providing risk flows related to the Brazilian fertilizer business or any management services to customers by assisting them with significant ongoing participation in the operations of this managing price exposure to agricultural commodities, business (see Note 3). proprietary trading of foreign exchange and other financial Basis of Presentation – The consolidated financial statements instruments and developing private investment vehicles to are prepared in conformity with accounting principles generally invest in businesses complementary to Bunge’s commodities accepted in the United States of America (‘‘U.S. GAAP’’). operations. Discontinued Operations – In determining whether a group Edible Oil products – Bunge’s Edible Oil Products segment of assets disposed (or to be disposed) of should be presented produces and sells edible oil products, such as packaged and as discontinued operations, Bunge makes a determination of bulk oils, shortenings, margarine, mayonnaise and other whether the group of assets being disposed of comprises a products derived from the vegetable oil refining process. component of the entity; or a group of components of the Bunge’s edible oil products operations are located in North entity, that represents a strategic shift that has, or will have, a America, South America, Europe and Asia-Pacific. major effect on the reporting entity’s operations and financial Milling products – Bunge’s Milling Products segment includes results be reported in the financial statements as discontinued wheat, corn and rice milling businesses, which purchase wheat, operations. If these determinations are made affirmatively, the corn and rice directly from growers and dealers and process results of operations of the group of assets being disposed of them into milled products for food processors, bakeries, (as well as any gain or loss on the disposal transaction) are brewers, snack food producers and other customers. Bunge’s aggregated for separate presentation apart from the continuing wheat milling activities are primarily in Mexico and Brazil. Corn operations of the Company for all periods presented in the and rice milling activities are in the United States and Mexico. consolidated financial statements (see Note 3). Sugar and Bioenergy – Bunge’s Sugar and Bioenergy segment Principles of Consolidation – The accompanying consolidated includes its global sugar merchandising and distribution financial statements include the accounts of Bunge, its activities, sugar and ethanol production in Brazil, and ethanol subsidiaries and VIEs in which Bunge is considered to be the production investments. This segment is an integrated business primary beneficiary, and as a result, include the assets, involved in the growing and harvesting of sugarcane from land liabilities, revenues and expenses of all entities over which owned or managed through agricultural partnership Bunge exercises control. Equity investments in which Bunge agreements and additional sourcing of sugarcane from third has the ability to exercise significant influence but does not parties to be processed at its eight mills in Brazil to produce control are accounted for by the equity method of accounting. sugar, ethanol and electricity. The Sugar and Bioenergy Investments in which Bunge does not exercise significant F-8 2015 Bunge Annual Report

 BUNGE LIMITED AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 1. NATURE OF BUSINESS, BASIS OF PRESENTATION, AND Translation of Foreign Currency Financial SIGNIFICANT ACCOUNTING POLICIES (Continued) Statements – Bunge’s reporting currency is the U.S. dollar. The functional currency of the majority of Bunge’s foreign influence are accounted for by the cost method of accounting. subsidiaries is their local currency and, as such, amounts Intercompany accounts and transactions are eliminated. Bunge included in the consolidated statements of income, consolidates VIEs in which it is considered the primary comprehensive income (loss), cash flows and changes in beneficiary and reconsiders such conclusion at each reporting equity are translated using average exchange rates during each period. An enterprise is determined to be the primary period. Assets and liabilities are translated at period-end beneficiary if it has a controlling financial interest under GAAP, exchange rates and resulting foreign exchange translation defined as (a) the power to direct the activities of a VIE that adjustments are recorded in the consolidated balance sheets most significantly impact the VIE’s business and (b) the as a component of accumulated other comprehensive income obligation to absorb losses of or the right to receive benefits (loss). from the VIE that could potentially be significant to the VIE’s operations. Performance of that analysis requires the exercise Foreign Currency Transactions – Monetary assets and of judgment. Where Bunge has an interest in an entity that has liabilities denominated in currencies other than the functional qualified for the deferral of the consolidation rules, it follows currency are remeasured into their respective functional consolidation rules prior to January 1, 2010. These rules require currencies at exchange rates in effect at the balance sheet an analysis to (a) determine whether an entity in which Bunge date. The resulting exchange gain or loss is included in has a variable interest is a VIE and (b) whether Bunge’s Bunge’s consolidated statements of income as foreign involvement, through the holding of equity interests directly or exchange gain (loss) unless the remeasurement gain or loss indirectly in the entity or contractually through other variable relates to an intercompany transaction that is of a long-term interests, would be expected to absorb a majority of the investment nature and for which settlement is not planned or variability of the entity. anticipated in the foreseeable future. Gains or losses arising from translation of such transactions are reported as a Noncontrolling interests in subsidiaries related to Bunge’s component of accumulated other comprehensive income (loss) ownership interests of less than 100% are reported as in Bunge’s consolidated balance sheets. noncontrolling interests in the consolidated balance sheets. The noncontrolling ownership interests in Bunge’s earnings, net of Cash and Cash Equivalents – Cash and cash equivalents tax, is reported as net (income) loss attributable to include time deposits and readily marketable securities with noncontrolling interests in the consolidated statements of original maturity dates of three months or less at the time of income. acquisition. Reclassifications – Certain prior year amounts have been Trade Accounts Receivable and Secured Advances to reclassified to conform to current year presentation. Suppliers – Trade accounts receivable and secured advances to suppliers are stated at their historical carrying amounts net Use of Estimates – The preparation of consolidated financial of write-offs and allowances for uncollectible accounts. Bunge statements requires the application of accounting policies that establishes an allowance for uncollectible trade accounts often involve substantial judgment or estimation in their receivable and secured advances to farmers based on historical application. These judgments and estimations may significantly experience, farming economics and other market conditions as affect reported amounts of assets and liabilities and disclosure well as specific customer collection issues. Uncollectible of contingent assets and liabilities at the date of the financial accounts are written off when a settlement is reached for an statements. They may also affect reported amounts of revenues amount below the outstanding historical balance or when and expenses. The policies Bunge considers to be most Bunge has determined that collection is unlikely. dependent on the application of estimates and assumptions include allowances for doubtful accounts, valuation allowances Secured advances to suppliers bear interest at contractual for recoverable taxes and deferred tax assets, impairment of rates which reflect current market interest rates at the time of long-lived assets and unconsolidated affiliates, restructuring the transaction. There are no deferred fees or costs associated charges, useful lives of property, plant and equipment and with these receivables. As a result, there are no imputed intangible assets, contingent liabilities, liabilities for interest amounts to be amortized under the interest method. unrecognized tax benefits and pension plan obligations. In Interest income is calculated based on the terms of the addition, significant management estimates and assumptions individual agreements and is recognized on an accrual basis. are required in allocating the purchase price paid in business Bunge follows accounting guidance on the disclosure of the acquisitions to the assets and liabilities acquired (see Note 2) credit quality of financing receivables and the allowance for and the determination of fair values of Level 3 assets and credit losses which requires information to be disclosed at liabilities (see Note 15). 2015 Bunge Annual Report F-9

 BUNGE LIMITED AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 1. NATURE OF BUSINESS, BASIS OF PRESENTATION, AND comprehensive income (loss) and are reclassified to earnings SIGNIFICANT ACCOUNTING POLICIES (Continued) when the hedged cash flows are realized or when the hedge is no longer considered to be effective. The ineffective portion of disaggregated levels, defined as portfolio segments and cash flow hedges is recorded in earnings. In addition, Bunge classes. may designate certain derivative instruments as net investment hedges to hedge the exposure associated with its equity Under this guidance, a class of receivables is considered investments in foreign operations. The effective portions of impaired, based on current information and events, if Bunge changes in the fair values of net investment hedges, which are determines it probable that all amounts due under the original evaluated based on forward rates, are recorded as a terms of the receivable will not be collected. Recognition of component of accumulated other comprehensive income (loss) interest income is suspended once the farmer defaults on the in the consolidated balance sheets and the ineffective portions originally scheduled delivery of agricultural commodities as the of such derivative instruments are recorded in foreign collection of future income is determined not to be probable. exchange gains (losses) in the consolidated statements of No additional interest income is accrued from the point of income. default until ultimate recovery, at which time amounts collected are credited first against the receivable and then to any Marketable Securities and other short-term unrecognized interest income. investments – Bunge classifies its marketable securities and short-term investments as held-to-maturity and trading. Inventories – Readily marketable inventories (‘‘RMI’’) are Held-to-maturity securities and investments represent financial agricultural commodity inventories that are readily convertible assets in which Bunge has the intent and ability to hold to to cash because of their commodity characteristics, widely maturity. Trading securities are bought and held principally for available markets and international pricing mechanisms. All of the purpose of selling them in the near term and therefore Bunge’s RMI are valued at fair value. These agricultural held for only a short period of time. Bunge values its commodity inventories have quoted market prices in active marketable securities at fair value and monitors its held-tomarkets, may be sold without significant further processing maturity investments for impairment periodically, and and have predictable and insignificant disposal costs. Changes recognizes an impairment charge when the decline in fair in the fair values of merchandisable agricultural commodities value of an investment is judged to be other than temporary. inventories are recognized in earnings as a component of cost of goods sold. Recoverable Taxes – Recoverable taxes include value-added taxes paid upon the acquisition of raw materials and taxable Inventories other than RMI are stated at the lower of cost or services and other transactional taxes which can be recovered market by inventory product class. Cost is determined using in cash or as compensation against income taxes or other primarily the weighted-average cost method. taxes owed by Bunge, primarily in Brazil. These recoverable tax payments are included in other current assets or other Derivative Instruments and Hedging Activities – Bunge non-current assets based on their expected realization. In enters into derivative instruments to manage its exposure to cases where Bunge determines that recovery is doubtful, movements associated with agricultural commodity prices, recoverable taxes are reduced by allowances for the estimated transportation costs, foreign currency exchange rates, interest unrecoverable amounts. rates and energy costs. Bunge’s use of these instruments is generally intended to mitigate the exposure to market variables Property, Plant and Equipment, Net – Property, plant and (see Note 15). equipment, net is stated at cost less accumulated depreciation and depletion. Major improvements that extend the life, Generally, derivative instruments are recorded at fair value in capacity or efficiency or improve the safety of an asset are other current assets or other current liabilities in Bunge’s capitalized, while maintenance and repairs are expensed as consolidated balance sheets. Bunge assesses, both at the incurred. Costs related to legal obligations associated with the inception of a hedge and on an ongoing basis, whether any future retirement of capitalized assets are capitalized as part of derivatives designated as hedges are highly effective in the cost of the related asset. Bunge generally capitalizes offsetting changes in the hedged items. The effective and eligible costs to acquire or develop internal-use software that ineffective portions of changes in fair values of derivative are incurred during the application development stage. Interest instruments designated as fair value hedges, along with the costs on borrowings during construction/completion periods of gains or losses on the related hedged items are recorded in major capital projects are also capitalized. earnings in the consolidated statements of income in the same caption as the hedged items. The effective portion of changes Included in property, plant and equipment are biological assets, in fair values of derivative instruments that are designated as primarily sugarcane, that are stated at cost less accumulated cash flow hedges are recorded in accumulated other depletion. Depletion is calculated using the estimated units of production based on the remaining useful life of the growing F-10 2015 Bunge Annual Report

 BUNGE LIMITED AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 1. NATURE OF BUSINESS, BASIS OF PRESENTATION, AND administrative expenses in the consolidated statements of SIGNIFICANT ACCOUNTING POLICIES (Continued) income (see Note 10). sugarcane. Depreciation is computed based on the straight line Property, plant and equipment and other finite-lived intangible method over the estimated useful lives of the assets. assets to be sold or otherwise disposed of are reported at the lower of carrying amount or fair value less cost to sell. Useful lives for property, plant and equipment are as follows: Impairment of Investments in Affiliates – Bunge reviews its investments annually or when an event or circumstances YEARS indicate that a potential decline in value may be other than Biological assets 5 – 6 temporary. Bunge considers various factors in determining Buildings 10 – 50 whether to recognize an impairment charge, including the Machinery and equipment 7 – 25 length of time that the fair value of the investment is expected Furniture, fixtures and other 3 – 20 to be below its carrying value, the financial condition, operating Computer software 3 – 10 performance and near-term prospects of the affiliate and Bunge’s intent and ability to hold the investment for a period Goodwill – Goodwill represents the cost in excess of the fair of time sufficient to allow for recovery of the fair value. value of net assets acquired in a business acquisition. Goodwill Impairment charges for investments in affiliates are included is not amortized but is tested annually for impairment or within selling, general and administrative expenses (see between annual tests if events or circumstances indicate Note 10). potential impairment. Bunge’s annual impairment testing is generally performed during the fourth quarter of its fiscal year. Stock-Based Compensation – Bunge maintains equity incentive plans for its employees and non-employee directors Goodwill is tested for impairment at the reporting unit level, (see Note 24). Bunge accounts for stock-based compensation which has been determined to be the Company’s operating using the modified prospective transition method. Under the segments or one level below the operating segments in certain modified prospective transition method, compensation cost is instances (see Note 8). recognized based on the grant date fair value. Impairment of Property, Plant and Equipment and Finite Income Taxes – Income tax expenses and benefits are Lived Intangible Assets – Finite lived intangible assets recognized based on the tax laws and regulations in the include primarily trademarks, customer lists and port facility jurisdictions in which Bunge’s subsidiaries operate. Under usage rights and are amortized on a straight-line basis over Bermuda law, Bunge is not required to pay taxes in Bermuda their contractual or legal lives (see Note 9) or their estimated on either income or capital gains. The provision for income useful lives where such lives are not determined by law or taxes includes income taxes currently payable and deferred contract. income taxes arising as a result of temporary differences between the carrying amounts of existing assets and liabilities Bunge reviews its property, plant and equipment and finite- in Bunge’s financial statements and their respective tax bases. lived intangible assets for impairment whenever events or Deferred tax assets are reduced by valuation allowances if changes in circumstances indicate that carrying amounts may current evidence does not suggest that the deferred tax asset not be recoverable. Bunge bases its evaluation of recoverability will be realized. Accrued interest and penalties related to on such indicators as the nature, future economic benefits and unrecognized tax benefits are recognized in income tax geographic locations of the assets, historical or future (expense) benefit in the consolidated statements of income profitability measures and other external market conditions. If (see Note 14). these indicators result in the expected non-recoverability of the carrying amount of an asset or asset group, Bunge evaluates The calculation of tax liabilities involves management’s potential impairment using undiscounted estimated future cash judgments concerning uncertainties in the application of flows. If such undiscounted future cash flows during the complex tax regulations in the many jurisdictions in which asset’s remaining useful life are below its carrying value, a loss Bunge operates. Investment tax credits are recorded in income is recognized for the shortfall, measured by the present value tax expense in the period in which such credits are granted. of the estimated future cash flows or by third-party appraisals. Bunge records impairments related to property, plant and Revenue Recognition – Sales of agricultural commodities, equipment and finite-lived intangible assets used in the fertilizers and other products are recognized when persuasive processing of its products in cost of goods sold in its evidence of an arrangement exists, the price is determinable, consolidated statements of income. Any impairment of the product has been delivered, title to the product and risk of marketing or brand assets is recognized in selling, general and loss transfer to the customer, which is dependent on the agreed upon sales terms with the customer and when 2015 Bunge Annual Report F-11

 BUNGE LIMITED AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 1. NATURE OF BUSINESS, BASIS OF PRESENTATION, AND In February 2015, the FASB issued ASU (‘‘Topic 810’’) SIGNIFICANT ACCOUNTING POLICIES (Continued) Consolidation-Amendments to the Consolidation Analysis. The standard makes targeted amendments to the current collection of the sale price is reasonably assured. Sales terms consolidation guidance and ends the deferral granted to provide for passage of title either at the time and point of investment companies from applying the VIE guidance. The shipment or at the time and point of delivery of the product standard is effective for interim and annual reporting periods being sold. Net sales consist of gross sales less discounts beginning after December 15, 2015, early adoption is permitted. related to promotional programs and sales taxes. Interest Bunge expects the adoption of this standard to result in the income on secured advances to suppliers is included in net deconsolidation of investment funds in its asset management sales due to its operational nature (see Note 6). Shipping and business and is evaluating the potential impact of this standard handling charges billed to customers are included in net sales on the consolidation of certain other legal entities. and related costs are included in cost of goods sold. In May 2014, the FASB amended the Accounting Standards Research and Development – Research and development Codification (‘‘ASC’’) and created ASC (‘‘Topic 606’’) Revenue costs are expensed as incurred. Research and development from Contracts with Customers. The core principle of the expenses were $16 million, $20 million and $19 million for the guidance is that an entity should recognize revenue to depict years ended December 31, 2015, 2014 and 2013, respectively. the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity New Accounting Pronouncements – In November 2015, the expects to be entitled in exchange for those goods or services. FASB issued ASU (‘‘Topic 740’’) Income Taxes – Balance Sheet The initial effective date is for interim and annual periods Classification of Deferred Taxes. The amendments in this update beginning on or after December 15, 2016, however, in August require that deferred tax liabilities and assets be classified as 2015, FASB issued an ASU effectively deferring the noncurrent in a classified balance sheet. The update is effective implementation date by one year. In addition, the ASU permits for fiscal years beginning after December 15, 2016 on a companies to early adopt the guidance as of the original prospective or retrospective basis, with earlier application effective date, but not before January 1, 2017. The new permitted. The Company is currently evaluating the impact of requirements may be implemented either retrospectively for all this guidance on its consolidated financial statements. In prior periods presented, or retrospectively with a cumulative- July 2015, the FASB issued Accounting Standards Update effect adjustment at the date of initial application. Bunge is (‘‘ASU’’) (‘‘Topic 330’’) Inventory – Simplifying the Measurement evaluating the potential impact of this standard on its of Inventory, which requires entities that measure inventory consolidated financial statements. using the first-in, first-out or average cost methods to measure inventory at the lower of cost and net realizable value. Net 2. BUSINESS ACQUISITIONS realizable value is defined as estimated selling price in the ordinary course of business less reasonably predictable costs of completion, disposal and transportation. The update is In October 2015, Bunge Alimentos S.A., an indirect wholly effective for fiscal years beginning after December 15, 2016 on owned subsidiary of Bunge, closed on the acquisition of 100% a prospective basis, with earlier application permitted. The ownership interest in Moinho Pacifico, a Brazilian wheat mill adoption of this update is not expected to have a material and port terminal in Santos, Brazil. Bunge paid approximately impact on Bunge’s results of operations, financial position or 1,087 million Brazilian reais (approximately $282 million, cash flows. including $265 million in cash, net of cash acquired and $17 million to be paid through an agreed upon purchase price In April 2015, the FASB issued ASU (‘‘Subtopic 835-30’’) adjustment). Moinho Pacifico is one of the largest wheat Interest – Imputation of Interest: Simplifying the Presentation of processors in Brazil. The preliminary purchase price allocation Debt Issuance Costs. The amendments in this update require resulted in $41 million in property, plant and equipment, debt issuance costs related to a recognized debt liability to be $10 million in inventory, $10 million in other net assets and presented in the balance sheet as a direct deduction from the liabilities and $89 million of finite-lived intangible assets. The carrying amount of the related debt liability, consistent with transaction also resulted in $132 million of goodwill allocated debt discounts, instead of being presented as an asset. The to our milling operations in Brazil. update requires retrospective application and is effective for fiscal years beginning after December 15, 2015, early adoption In October 2015, Bunge acquired Whole Harvest Foods is permitted. The adoption of this update is not expected to (‘‘WHF’’) for $27 million, including $25 million in cash and have a material impact on Bunge’s results of operations, $2 million in a working capital adjustment. The purchase price financial position or cash flows. allocation resulted in $4 million in property, plant and equipment, $2 million in inventory and $15 million of intangible assets. The transaction also resulted in $6 million of goodwill allocated to our edible oils operations in the U.S. WHF refines F-12 2015 Bunge Annual Report

 BUNGE LIMITED AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 2. BUSINESS ACQUISITIONS (Continued) In March 2015, Bunge acquired the assets of Heartland Harvest, Inc. (‘‘HHI’’) for $47 million, including $40 million in expeller pressed soybean, canola, and cottonseed oil to cash and cash settlement of an existing third-party loan to HHI produce extended life oil that is chemical solvent, trans fat and of $7 million. The purchase price allocation resulted in cholesterol free. WHF has operations in North Carolina and a $18 million in property, plant and equipment, $2 million in packaging/distribution center in Nevada within the United inventory and $18 million of finite-lived intangible assets. The States. transaction also resulted in $9 million of goodwill allocated to our milling operations in the U.S. HHI produces die cut pellets In June 2015, Bunge entered into a transaction to acquire the made of a variety of starches which are then expanded 80% majority interest in a biodiesel entity operating a plant in through popping, baking or frying in the production of certain Spain where Bunge had, prior to this transaction, a 20% lower fat snacks. HHI consists of one facility in the state of interest accounted for under the equity method in its Illinois, United States. Agribusiness segment. The purchase price of the majority interest was $7 million, net of cash acquired including existing In November 2014, Bunge and Asociaci ´ on de Cooperativas loans and other receivables totaling $3 million owed to Bunge Argentinas formed a new legal entity, Terminal de Fertilizantes by the entity were extinguished as part of the transaction. The Argentinos SA, which acquired the assets of the Mosaic preliminary purchase price of $7 million was allocated primarily Quebracho complex located in Puerto General San Martin, to property, plant and equipment and $2 million to goodwill. Argentina for $24 million in cash. Bunge has a 75% controlling interest and consolidates this investment. The purchase price In April 2015, Bunge and Saudi Agricultural and Livestock allocation resulted in $24 million of assets, primarily property, Investment Company (‘‘SALIC’’), formed a Canadian entity, G3. plant and equipment, including a single supersphosphate Bunge has a 51% ownership interest in G3. Bunge accounts for production plant and a port strategically located in the up-river G3 under the equity method of accounting as the ownership Parana region in Argentina. interest does not provide Bunge with a controlling financial interest due to certain contractual restrictions. In July 2015, G3 In February 2014, Bunge acquired the assets of Corn Flour closed on the acquisition of an approximate 61% ownership Producers, LLC (‘‘CFP’’) for $12 million in cash. The purchase interest in G3 Canada Limited, formerly the Canadian Wheat price allocation resulted in $12 million, primarily property, plant Board (‘‘CWB’’) for $368 million Canadian dollars and equipment, with the remainder in working capital. CFP (approximately $266 million, as of December 31, 2015). The produces corn flour products and is located in Indiana in the remaining interest was acquired by the CWB Farmers Equity United States. Trust. In order to fund the acquisition amount and future cash flow requirements, Bunge contributed capital to G3 of 3. DISCONTINUED OPERATIONS AND BUSINESS $130 million and SALIC contributed capital in the amount of $126 million and $115 million in the form of convertible debt. DIVESTITURES Simultaneously, the CWB acquired certain assets of Bunge’s grain business in Canada for $88 million, which includes In August 2013, Bunge sold its Brazilian fertilizer distribution Bunge’s export facility and grain elevators in Quebec for business, including blending facilities, brands and warehouses $54 million plus certain working capital of $34 million. The to Yara for $750 million in cash. As a result of the transaction, consolidated statement of income for the year ended Bunge no longer has significant ongoing cash flows related to December 31, 2015 includes a pre-tax gain of $47 million on the Brazilian fertilizer business or any significant ongoing the sale of the grain assets in Canada. In February 2016, SALIC participation in the operations of this business. Bunge received completed the conversion of debt to equity under the cash proceeds of the Brazilian real equivalent of $750 million in promissory notes granted in favor of G3, thus reducing Bunge’s cash upon closing the transaction, resulting in a gain of ownership interest from 51% to 35%. Additionally, Bunge has $148 million ($112 million net of tax). Included in the gain are exercised its right under a put option to sell an additional 10% approximately $7 million of transaction costs incurred in ownership interest in G3 to SALIC for cash, which would connection with the divestiture and $41 million release of the further reduce Bunge’s ownership interest to 25%. The put transaction is expected to be completed in the first quarter of 2016. 2015 Bunge Annual Report F-13

 BUNGE LIMITED AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 3. DISCONTINUED OPERATIONS AND BUSINESS including foreign exchange contracts (Level 2 measurements), DIVESTITURES (Continued) totaled approximately $323 million and $1,353 million, respectively. The fair values approximated the carrying amount cumulative translation adjustment associated with the disposed of the related financial instruments due to their short-term business. nature. The fair values of the foreign exchange forward contracts (Level 2 measurements) were losses of $2 million and YEAR ENDED gains of $10 million at December 31, 2015 and 2014, DECEMBER 31, respectively. Additionally, as of December 31, 2015 and 2014, (US$ in millions) 2013 time deposits, LCs and foreign exchange contracts of $3,394 million and $3,630 million, respectively, were presented Net sales $ 1,217 net on the consolidated balance sheets as the criteria of Cost of goods sold (1,138) ASC 210-20, Offsetting, had been met. Gross profit 79 Selling, general and administrative expenses (64) At December 31, 2015 and 2014, time deposits carried Interest income 14 weighted-average interest rates of 2.21% and 4.33% Interest expense (9) respectively. During the years ended December 31, 2015, 2014 Foreign exchange gain (loss) (7) and 2013, total net proceeds from issuances of LCs were Other income (expenses) – net (12) $5,563 million, $7,058 million and $11,288 million, respectively. Gain on sale of Brazilian fertilizer business 148 These cash inflows are offset by the related cash outflows resulting from placement of the time deposits and repayment Income (loss) from discontinued operations before income of the LCs. All cash flows related to the programs are included tax 149 in operating activities in the consolidated statements of cash Income tax (expense) benefit (52) flows. Income (loss) from discontinued operations, net of tax $ 97 5. INVENTORIES 4. TRADE STRUCTURED FINANCE PROGRAM Inventories by segment are presented below. RMI are agricultural commodity inventories carried at fair value, which Bunge engages in various trade structured finance activities to are non-perishable with a high shelf life and exceptionally leverage the value of its trade flows across its operating liquid due to their homogenous nature and widely available regions. These activities include programs under which Bunge markets with international pricing mechanisms. All other generally obtains U.S. dollar-denominated letters of credit inventories are carried at lower of cost or market. (‘‘LCs’’) (each based on an underlying commodity trade flow) from financial institutions and time deposits denominated in December 31, December 31, either the local currency of the financial institution (US$ in millions) 2015 2014 counterparties or in U.S. dollar, as well as foreign exchange forward contracts, all of which are subject to legally Agribusiness(1) $3,533 $4,273 enforceable set-off agreements. The LCs and foreign exchange Edible Oil Products(2) 356 411 contracts are presented within the line item letter of credit Milling Products 164 198 obligations under trade structured finance program on the Sugar and Bioenergy(3) 350 602 consolidated balance sheets as of December 31, 2015 and Fertilizer 63 70 December 31, 2014. The net return from activities under this Total $4,466 $5,554 program, including fair value changes, is included as a reduction of cost of goods sold in the accompanying (1) Includes RMI of $3,393 million and $4,125 million at December 31, 2015 and consolidated statements of income. December 31, 2014, respectively. Of these amounts $2,513 million and $2,937 million can be attributable to merchandising activities at December 31, 2015 and December 31, Included on the Consolidated Balance Sheets at December 31, 2014, respectively. 2015 and 2014, were time deposits and LCs, including foreign (2) Includes RMI of bulk soybean and canola oil in the aggregate amount of $110 million exchange contracts, which totaled $325 million and and $127 million at December 31, 2015 and December 31, 2014, respectively. $1,343 million, respectively. In addition, at December 31, 2015 and 2014, the fair values of the time deposits (Level 2 (3) Includes sugar RMI, which can be attributable to Bunge’s trading and merchandising measurements) totaled approximately $325 million and business of $163 million and $157 million at December 31, 2015 and December 31, 2014, respectively. $1,343 million, respectively, and the fair values of the LCs, F-14 2015 Bunge Annual Report

 BUNGE LIMITED AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 6. OTHER CURRENT ASSETS securities and short-term investments as of December 31, 2014 includes $120 million of assets classified as held-to-maturity Other current assets consist of the following: and $110 million as trading. Held-to-maturity securities and investments are all due in less than a 12 month period and are DECEMBER 31, therefore classified as current. Due to the short term nature of (US$ in millions) 2015 2014 these securities and investments, carrying value approximates fair value. We recognized a net gain of $6 million in 2015, Prepaid commodity purchase contracts(1) $ 287 $ 153 compared to a net gain of $3 million in 2014 for the trading Secured advances to suppliers, net(2) 521 520 securities. Unrealized gains on derivative contracts, at fair value 1,456 1,569 Recoverable taxes, net 364 349 7. PROPERTY, PLANT AND EQUIPMENT Margin deposits 467 323 Marketable securities, at fair value and other short-term investments 234 230 Property, plant and equipment consist of the following: Deferred purchase price receivable, at fair value(3) 79 78 Prepaid expenses 132 183 DECEMBER 31, Other 359 400 (US$ in millions) 2015 2014 Total $3,899 $3,805 Land $ 339 $ 374 Biological assets 454 569 (1) Prepaid commodity purchase contracts represent advance payments against fixed Buildings 1,840 2,138 price contracts for future delivery of specified quantities of agricultural commodities. Machinery and equipment 4,488 5,129 (2) Bunge provides cash advances to suppliers, primarily Brazilian farmers of soybeans Furniture, fixtures and other 437 415 and sugarcane, to finance a portion of the suppliers’ production costs. Bunge does not bear any of the costs or risks associated with the related growing crops. The advances 7,558 8,625 are largely collateralized by future crops and physical assets of the suppliers, carry a Less: accumulated depreciation and depletion (3,543) (3,758) local market interest rate and settle when the farmer’s crop is harvested and sold. The Plus: construction in progress 721 759 secured advances to farmers are reported net of allowances of $2 million and $2 million at December 31, 2015 and December 31, 2014, respectively. There were no significant Total $4,736 $ 5,626 changes in the allowance for 2015. Changes in the allowance for 2014 included primarily a reduction in the allowance resulting from recoveries of $7 million and reclassifications to long-term of $8 million. Bunge capitalized expenditures of $592 million, $846 million Interest earned on secured advances to suppliers of $38 million, $37 million and and $1,001 million during the years ended 2015, 2014 and $32 million, respectively, for the years ended December 31, 2015, 2014 and 2013, 2013, respectively. Included in these capitalized expenditures respectively, is included in net sales in the consolidated statements of income. was capitalized interest on construction in progress of (3) Deferred purchase price receivable represents additional credit support for the $7 million, $6 million and $4 million for the years ended investment conduits in Bunge’s accounts receivables sales program (see Note 18). December 31, 2015, 2014 and 2013, respectively. Depreciation Marketable Securities and Other Short-Term Investments – The and depletion expense was $518 million, $576 million and Company invests in foreign government securities, corporate $524 million for the years ended December 31, 2015, 2014 and debt securities, deposits, and other securities. The following is 2013, respectively. a summary of amounts recorded on the Consolidated Balance Sheets for marketable securities and other short-term 8. GOODWILL investments. Bunge performs its annual goodwill impairment testing in the DECEMBER 31, fourth quarter of each year. Step 1 of the goodwill impairment (US$ in millions) 2015 2014 test compares the fair value of Bunge’s reporting units to which goodwill has been allocated to the carrying values of Foreign government securities $ 61 $137 those reporting units. The fair value of certain reporting units is Corporate debt securities 92 25 determined using a combination of two methods: estimates Certificate of deposits/time deposits 55 46 based on market earnings multiples of peer companies Other 26 22 identified for the reporting unit (the market approach) and a Total marketable securities and other short-term discounted cash flow model with estimates of future cash investments $234 $230 flows based on internal forecasts of revenues and expenses (the income approach). The market multiples are generally Total marketable securities and short-term investments as of derived from public information related to comparable December 31, 2015 includes $76 million of assets classified as companies with operating and investing characteristics similar held-to-maturity and $158 million as trading. Total marketable to those reporting units and from market transactions in the 2015 Bunge Annual Report F-15

 BUNGE LIMITED AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 8. GOODWILL (Continued) throughput and production volumes, profitability, future capital expenditures and discount rates, all of which are subject to a industry. The income approach estimates fair value by high degree of judgment. For other reporting units, the discounting a reporting unit’s estimated future cash flows estimated fair value of the reporting unit is determined utilizing using a weighted-average cost of capital that reflects current a discounted cash flow analysis. market conditions and the risk profile of the respective business unit and includes, among other things, assumptions Changes in the carrying value of goodwill by segment for the about variables such as commodity prices, crop and related years ended December 31, 2015 and 2014 are as follows: EDIBLE OIL MILLING SUGAR AND (US$ in millions) AGRIBUSINESS PRODUCTS PRODUCTS BIOENERGY FERTILIZER TOTAL Goodwill $ 174 $ 99 $ 120 $ 514 $ 2 $ 909 Accumulated impairment losses. . - - (3) (514) - (517) Balance, December 31, 2013, net . 174 99 117 - 2 392 Goodwill acquired(1) - - 6 - - 6 Impairment (2) - - - - (2) Tax benefit on goodwill amortization(2) (5) - - - - (5) Foreign exchange translation (14) (13) (15) - - (42) Goodwill, gross of impairments. 155 86 111 514 2 868 Accumulated impairment losses. . (2) - (3) (514) - (519) Balance, December 31, 2014, net . 153 86 108 - 2 349 Goodwill acquired(1) 2 6 141 - - 149 Impairment(3) - (13) - - - (13) Tax benefit on goodwill amortization(2) (3) - - - - (3) Foreign exchange translation (31) (14) (18) - (1) (64) Goodwill, gross of impairments. 123 78 234 514 1 950 Accumulated impairment losses. . (2) (13) (3) (514) - (532) Balance, December 31, 2015, net . $121 $ 65 $231 $ - $ 1 $418 (1) See Note 2. (2) Bunge’s Brazilian subsidiary’s tax deductible goodwill is in excess of its book goodwill. For financial reporting purposes for goodwill acquired prior to 2009, the tax benefits attributable to the excess tax goodwill are first used to reduce associated goodwill and then other intangible assets to zero, prior to recognizing any income tax benefit in the consolidated statements of income. (3) Goodwill impairment charge of $13 million represents all of the goodwill of the Brazilian tomato products business, recorded in the fourth quarter of 2015 upon completion of our annual impairment analysis. This analysis was performed using discounted cash flow projections (the income approach) to determine the fair value of the business unit. The income approach estimates fair value by discounting the business unit’s estimated future cash flows using a discount rate that reflects current market conditions and the risk profile of the business and includes, among other things, making assumptions about variables such as our product pricing, future profitability and future capital expenditures that might be used by a market participant. All of these assumptions are subject to a high degree of judgment. Compared to 2014 there was a significant decline in the estimated fair value of the business unit primarily due to a decline in profitability. Based on a detailed review of the results of the impairment analysis, it was determined that impairment may exist and further analysis was performed to evaluate the fair value of the assets and liabilities of the business unit as of the October 1, 2015 testing date. Upon completion of the analysis, 100% of the goodwill was determined to be impaired and a related charge was recorded within the Edible Oils Segment. This non-cash charge does not have any impact on current or future cash flows or the performance of the underlying business. F-16 2015 Bunge Annual Report

 BUNGE LIMITED AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 9. OTHER INTANGIBLE ASSETS in Europe and $13 million that relates to a pre-tax goodwill impairment charge related to the tomato products business in Other intangible assets consist of the following: Brazil. The remaining impairment amounts recorded by Bunge for the year ended December 31, 2015 were individually DECEMBER 31, insignificant. The fair values of the assets were determined (US$ in millions) 2015 2014 utilizing discounted future expected cash flows, and in the case Trademarks/brands, finite-lived $ 144 $ 192 of the equity method investment, net market value based on Licenses 11 11 broker quotes of similar assets. Port rights 124 60 For the year ended December 31, 2014, Bunge recorded Other 220 189 pre-tax, non-cash impairment charges of $130 million, of which 499 452 $103 million and $18 million are included in cost of goods sold Less accumulated amortization: and selling, general and administrative expenses, respectively, Trademarks/brands(1) (53) (70) in its consolidated statement of income. These amounts are Licenses (6) (5) primarily made up of $114 million that relates to a Brazil Port rights (16) (16) sugarcane mill and a portion of the associated biological Other (98) (105) assets as well as agricultural machinery in the Sugar and (173) (196) Bioenergy segment, $5 million that relates to the impairment of an investment in a biodiesel company in Europe and $2 million Intangible assets, net of accumulated amortization $ 326 $ 256 in certain Agribusiness assets in Brazil. The remaining impairment amounts recorded by Bunge for the year ended (1) Bunge’s Brazilian subsidiary’s tax deductible goodwill in the Agribusiness segment is December 31, 2014 were individually insignificant. The fair in excess of its book goodwill. For financial reporting purposes, for other intangible values of the assets were determined utilizing discounted assets acquired prior to 2009, before recognizing any income tax benefit of tax deductible goodwill in excess of its book goodwill in the consolidated statements of future expected cash flows and, in the case of the agricultural income and after the related book goodwill has been reduced to zero, any such machinery, bids from prospective buyers. remaining tax deductible goodwill in excess of its book goodwill is used to reduce other intangible assets to zero. For the year ended December 31, 2013, Bunge recorded pre-tax, impairment charges of $35 million, of which In 2015, Bunge acquired $73 million of port rights and $21 million, $4 million, and $10 million are included in cost of $55 million other intangible assets including $36 million of goods sold, selling, general and administrative expenses and customer lists. Bunge allocated $111 million to the Milling other income (expense) – net, respectively, in its consolidated segment, $15 million to the Edible Oils segment, and $2 million statement of income. These amounts are primarily made up of to the Agribusiness segment. Finite lives of these intangibles $24 million that relates to several agricultural, industrial assets range from 10 to 27 years. In 2014, Bunge acquired $2 million and other fixed assets, primarily machinery held for sale in of patents for developed technology. The amount was allocated Brazil in the Sugar and Bioenergy segment. The remaining to the Agribusiness segment. Finite lives of these patents are impairment amounts recorded by Bunge for the year ended for 10 years. December 31, 2013 were individually insignificant. The fair values of the assets were determined utilizing future expected Aggregate amortization expense was $27 million, $32 million cash flows and bids from prospective buyers. and $44 million for the years ended December 31, 2015, 2014 and 2013, respectively. The estimated future aggregate Nonrecurring fair value measurements – The following table amortization expense is $30 million for 2016 and approximately summarizes assets measured at fair value on a nonrecurring $30 million annually for 2017 through 2020. basis subsequent to initial recognition at December 31, 2015, 2014 and 2013, respectively. For additional information on 10. IMPAIRMENTS Level 1, 2 and 3 inputs see Note 15. CARRYING VALUE FAIR VALUE IMPAIRMENT LOSSES Impairment – For the year ended December 31, 2015, Bunge YEAR ENDED MEASUREMENTS USING YEAR ENDED recorded pre-tax, impairment charges of $57 million, of which (US$ in millions) DECEMBER 31, 2015 LEVEL 1 LEVEL 2 LEVEL 3 DECEMBER 31, 2015 $15 million, $14 million and $13 million are included in cost of Property, plant goods sold, selling, general and administrative expenses and and equipment $12 $ - $ - $12 $(15) goodwill impairment, respectively, in its consolidated statement of income. These amounts are primarily made up of, $15 million Goodwill (see that relates to the announced closure of an oil packaging plant Note 8) $ - $ - $ - $ - $(13) in the United States, $14 million that relates to the impairment Investment in of an equity method investment in a freight shipping company affiliates $ 3 $ - $ - $ 3 $(14) 2015 Bunge Annual Report F-17

 BUNGE LIMITED AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 10. IMPAIRMENTS (Continued) Terminal 6 port facility. Bunge owns 40% and 50%, respectively, of these joint ventures. CARRYING VALUE FAIR VALUE IMPAIRMENT LOSSES YEAR ENDED MEASUREMENTS USING YEAR ENDED Sugar and Bioenergy (US$ in millions) DECEMBER 31, 2014 LEVEL 1 LEVEL 2 LEVEL 3 DECEMBER 31, 2014 Non-current Solazyme Bunge Produtos Renovaveis Ltda. (‘‘SB Oils’’) – In April assets held 2012, Bunge entered into a joint venture with Solazyme Inc. for for sale $ 33 $ - $ - $ 33 $ (13) the production of renewable oils in Brazil, using sugar supplied Investment in by one of Bunge’s mills. Bunge has a 49.9% interest in this affiliates $ 17 $ - $ - $ 17 $ (5) entity. Property, plant and ProMaiz – Bunge has a joint venture in Argentina with AGD for equipment $165 $ - $ - $165 $(103) the construction and operation of a corn wet milling facility. Bunge is a 50% owner in this joint venture. CARRYING VALUE FAIR VALUE IMPAIRMENT LOSSES YEAR ENDED MEASUREMENTS USING YEAR ENDED Southwest Iowa Renewable Energy, LLC (‘‘SIRE’’) – Bunge is a (US$ in millions) DECEMBER 31, 2013 LEVEL 1 LEVEL 2 LEVEL 3 DECEMBER 31, 2013 25% owner of SIRE. The other owners are primarily agricultural Non-current producers located in Southwest Iowa. SIRE operates an ethanol assets held plant near Bunge’s oilseed processing facility in Council Bluffs, for sale $ 1 $ - $ - $ 1 $ (2) Iowa. Property, plant and equipment $ 4 $ - $ - $ 4 $(22) 12. OTHER NON-CURRENT ASSETS Other non-current assets consist of the following: 11. INVESTMENTS IN AFFILIATES DECEMBER 31, Bunge participates in various unconsolidated joint ventures and (US$ in millions) 2015 2014 other investments accounted for using the equity method. Certain equity method investments at December 31, 2015 are Recoverable taxes, net(1) $133 $ 337 described below. Bunge allocates equity in earnings of Judicial deposits(1) 119 159 affiliates to its reporting segments. Other long-term receivables 23 40 Income taxes receivable(1) 195 188 Agribusiness Long-term investments 49 263 Affiliate loans receivable, net 15 18 G3 Global Grain Group Limited – Bunge has a 51% ownership Long-term receivables from farmers in Brazil, net(1) 117 102 interest in G3 Global Grain Group Limited, a joint venture with Other 129 154 Saudi Agricultural and Livestock Investment Company Total $780 $1,261 (‘‘SALIC’’) that operates grain facilities in Canada (see Note 2). (1) These non-current assets arise primarily from Bunge’s Brazilian operations and their PT Bumiraya Investindo – Bunge has a 35% ownership interest in realization could take in excess of five years. PT Bumiraya Investindo, an Indonesian palm plantation company. Recoverable taxes, net – Recoverable taxes are reported net of valuation allowances of $20 million and $31 million at Bunge-SCF Grain, LLC – Bunge has a 50% interest in December 31, 2015 and 2014, respectively. Bunge-SCF Grain, LLC, a joint venture with SCF Agri/Fuels LLC that operates grain facilities along the Mississippi River. Judicial deposits – Judicial deposits are funds that Bunge has placed on deposit with the courts in Brazil. These funds are Caiasa – Paraguay Complejo Agroindustrial Angostura S.A – Bunge held in judicial escrow relating to certain legal proceedings has a 33.33% ownership interest in an oilseed processing pending legal resolution and bear interest at the SELIC rate, facility joint venture with Louis Dreyfus Commodities and which is the benchmark rate of the Brazilian central bank. Aceitera General Deheza S.A. (‘‘AGD’’), in Paraguay. Income taxes receivable – Income taxes receivable includes Terminal 6 S.A. and Terminal 6 Industrial S.A – Bunge has a joint overpayments of current income taxes plus accrued interest. venture in Argentina with AGD for the operation of the These income tax prepayments are expected to be utilized for Terminal 6 port facility located in the Santa Fe province of settlement of future income tax obligations. Income taxes Argentina. Bunge is also a party to a second joint venture with receivable in Brazil bear interest at the SELIC rate. AGD that operates a crushing facility located adjacent to the F-18 2015 Bunge Annual Report

 BUNGE LIMITED AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 12. OTHER NON-CURRENT ASSETS (Continued) receivables from farmers in Brazil and the related allowance amounts. Long-term investments – Long-term investments represent DECEMBER 31, 2015 DECEMBER 31, 2014 primarily investments held by certain managed investment RECORDED RECORDED funds, which are included in Bunge’s consolidated financial (US$ in millions) INVESTMENT ALLOWANCE INVESTMENT ALLOWANCE statements. The consolidated funds are, for U.S. GAAP For which an allowance has purposes, investment companies and therefore are not required been provided: to consolidate their majority owned and controlled investments. Legal collection process $ 78 $ 69 $164 $103 Bunge reflects these investments at fair value. The fair value of Renegotiated amounts 37 31 65 50 these investments (a Level 3 measurement) is nil and For which no allowance has $208 million at December 31, 2015 and 2014, respectively. The been provided: Legal collection process 41 - 15 - decline of these investments is a result of the discontinuance Renegotiated amounts 21 - 11 - of Bunge’s asset management activities. At December 31, 2015 Other long-term receivables 40 - - - Bunge expects that certain of the investments in these Total $217 $100 $255 $153 investment funds will be sold in the next twelve months and as such they have been reclassified to current in the consolidated The table below summarizes the activity in the allowance for balance sheet. doubtful accounts related to long-term receivables from Affiliate loans receivable, net – Affiliate loans receivable, net is farmers in Brazil. primarily interest bearing receivables from unconsolidated DECEMBER 31, affiliates with an initial maturity of greater than one year. (US$ in millions) 2015 2014 Long-term receivables from farmers in Brazil, net – Bunge provides Beginning balance $153 $196 financing to farmers in Brazil, primarily through secured Bad debt provisions 11 11 advances against farmer commitments to deliver agricultural Recoveries (20) (23) commodities (primarily soybeans) upon harvest of the Write-offs (2) (22) then-current year’s crop and through credit sales of fertilizer to Transfers(1) 5 10 farmers. Foreign exchange translation (47) (19) The table below summarizes Bunge’s recorded investment in Ending balance $100 $153 long-term receivables from farmers in Brazil. (1) Represents reclassifications from allowance for doubtful accounts-current for secured advances to suppliers. DECEMBER 31, (US$ in millions) 2015 2014 13. OTHER CURRENT LIABILITIES Legal collection process(1) $119 $179 Renegotiated amounts(2) 58 76 Other current liabilities consist of the following: Other long-term receivables 40 - Total $217 $255 DECEMBER 31, (US$ in millions) 2015 2014 (1) All amounts in legal process are considered past due upon initiation of legal action. Accrued liabilities $ 688 $ 769 (2) All renegotiated amounts are current on repayment terms. Unrealized losses on derivative contracts at fair value 1,471 1,629 Advances on sales 371 392 The average recorded investment in long-term receivables from Other 233 279 farmers in Brazil for the years ended December 31, 2015 and Total $2,763 $3,069 2014 was $214 million and $289 million, respectively. The table below summarizes Bunge’s recorded investment in long-term 14. INCOME TAXES Bunge operates globally and is subject to the tax laws and regulations of numerous tax jurisdictions and authorities, as well as tax agreements and treaties among these jurisdictions. Bunge’s tax provision is impacted by, among other factors, changes in tax laws, regulations, agreements and treaties, currency exchange rates and Bunge’s profitability in each taxing jurisdiction. 2015 Bunge Annual Report F-19

 BUNGE LIMITED AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 14. INCOME TAXES (Continued) The primary components of the deferred tax assets and liabilities and the related valuation allowances are as follows: Bunge has elected to use the U.S. federal income tax rate to reconcile the actual provision for income taxes. DECEMBER 31, The components of income from operations before income tax (US$ in millions) 2015 2014 are as follows: Deferred income tax assets: Net operating loss carryforwards $ 923 $ 1,125 YEAR ENDED DECEMBER 31, Property, plant and equipment 181 250 (US$ in millions) 2015 2014 2013 Employee benefits 89 100 Tax credit carryforwards 8 9 United States $ 207 $315 $ 179 Inventories 23 34 Non-United States 844 419 835 Intangibles 106 153 Total $1,051 $734 $1,014 Accrued expenses and other 595 629 Total deferred income tax assets 1,925 2,300 Less valuation allowances (798) (1,078) The components of the income tax (expense) benefit are: Deferred income tax assets, net of valuation allowance 1,127 1,222 YEAR ENDED DECEMBER 31, (US$ in millions) 2015 2014 2013 Deferred income tax liabilities: Property, plant and equipment 392 409 Current:(1) Undistributed earnings of affiliates not considered United States $ (35) $ (93) $ (33) permanently reinvested 11 10 Non-United States (245) (246) (411) Intangibles 86 112 (280) (339) (444) Investments 38 40 Inventories 27 27 Deferred: Accrued expenses and other 217 101 United States (36) (20) (18) Non-United States 20 110 (442) Total deferred income tax liabilities 771 699 (16) 90 (460) Net deferred income tax assets $ 356 $ 523 Total $(296) $(249) $(904) Deferred income tax assets and liabilities are measured using (1) Included in current income tax expense are $14 million, $(6) million, and $32 million the enacted tax rates expected to apply to the years in which related to uncertain tax benefits for the years ended December 31, 2015, 2014 and 2013, those temporary differences are expected to be recovered or respectively. settled. Reconciliation of the income tax (expense) benefit if computed at the U.S. Federal income tax rate to Bunge’s reported income With respect to its unremitted earnings that are not considered tax benefit (expense) is as follows: to be indefinitely reinvested, Bunge has provided a deferred tax liability totaling $11 million and $10 million as of December 31, 2015 and 2014, respectively. As of December 31, 2015, Bunge YEAR ENDED DECEMBER 31, (US$ in millions) 2015 2014 2013 has determined it has unremitted earnings that are considered to be indefinitely reinvested of approximately $902 million and, Income from operations before income tax $1,051 $ 734 $1,014 accordingly, no provision for income taxes has been made. If Income tax rate 35% 35% 35% these earnings were distributed in the form of dividends or Income tax expense at the U.S. Federal tax rate (368) (257) (355) otherwise, Bunge would be subject to income taxes either in Adjustments to derive effective tax rate: Foreign earnings taxed at different statutory the form of withholding taxes or income taxes to the recipient; rates 16 37 30 however, it is not practicable to estimate the amount of taxes Valuation allowances (44) (112) (642) that would be payable upon remittance of these earnings. Fiscal incentives(1) 41 41 48 Foreign exchange on monetary items 5 24 (13) At December 31, 2015, Bunge’s pre-tax loss carryforwards Tax rate changes (1) (4) (5) Non-deductible expenses (16) (38) (44) totaled $3,235 million, of which $2,269 million have no Uncertain tax positions 14 (6) (32) expiration, including loss carryforwards of $1,472 million in Deferred balance adjustments 8 (25) (52) Brazil. While loss carryforwards in Brazil can be carried forward Equity distributions 64 32 60 indefinitely, annual utilization is limited to 30% of taxable Foreign income taxed in Brazil - 93 136 Other (15) (34) (35) income calculated on an entity by entity basis as Brazil tax law does not provide for a consolidated return concept. As a result, Income tax benefit (expense) $ (296) $(249) $ (904) realization of these carryforwards may take in excess of five (1) Fiscal incentives predominantly relate to investment incentives in Brazil that are years. The remaining tax loss carryforwards expire at various exempt from Brazilian income tax. periods beginning in 2015 through the year 2030. F-20 2015 Bunge Annual Report

 BUNGE LIMITED AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 14. INCOME TAXES (Continued) States jurisdictions. The table below reflects the tax years for which Bunge is subject to income tax examinations by tax Income Tax Valuation Allowances – Bunge records valuation authorities: allowances when current evidence does not suggest that some portion or all of its deferred tax assets will be realized. The OPEN TAX YEARS ultimate realization of deferred tax assets depends primarily on Bunge’s ability to generate sufficient timely future income of North America 2009 – 2015 the appropriate character in the appropriate taxing jurisdiction. South America 2009 – 2015 Europe 2006 – 2015 Asia-Pacific 2003 – 2015 As of December 31, 2015 and 2014, Bunge has recorded valuation allowances of $798 million and $1,078 million, As of December 31, 2015, Bunge’s Brazilian subsidiaries have respectively. The net decrease of $280 million results primarily received income tax assessments relating to 2008 through 2012 from cumulative translation adjustments for Brazil and other of approximately 3,494 million Brazilian reais (approximately business operations. $895 million), plus applicable interest on the outstanding amount. Bunge has recorded unrecognized tax benefits related Uncertain Tax Positions – ASC Topic 740 requires applying a to these tax assessments of 23 million Brazilian reais ‘‘more likely than not’’ threshold to the recognition and (approximately $6 million) as of December 31, 2015. de-recognition of tax benefits. Accordingly Bunge recognizes the amount of tax benefit that has a greater than 50 percent In addition, as of December 31, 2015, Bunge’s Argentine likelihood of being ultimately realized upon settlement. At subsidiary had received income tax assessments relating to December 31, 2015 and 2014, respectively, Bunge had recorded 2006 through 2009 of approximately 1,381 million Argentine uncertain tax positions of $63 million and $81 million in other pesos (approximately $105 million), plus applicable interest on non-current liabilities and $1 million and $2 million in current the outstanding amount due of approximately 3,089 million liabilities in its consolidated balance sheets. During 2015, 2014 Argentine pesos (approximately $237 million). Bunge and 2013, respectively, Bunge recognized $1 million, $16 million anticipates that the tax authorities will examine fiscal years and $10 million of interest and penalty charges in income tax 2010-2013, although no notice has been rendered to Bunge’s (expense) benefit in the consolidated statements of income. At Argentine subsidiary. December 31, 2015 and 2014, respectively, Bunge had included accrued interest and penalties of $26 million and $26 million Management, in consultation with external legal advisors, within the related tax liability line in the consolidated balance believes that it is more likely than not that Bunge will prevail sheets. A reconciliation of the beginning and ending amount of on the proposed assessments (with exception of unrecognized unrecognized tax benefits follows: tax benefit discussed above) in Brazil and Argentina and intends to vigorously defend its position against these (US$ in millions) 2015 2014 2013 assessments. Balance at January 1, $ 72 $151 $104 Additions based on tax positions related to Bunge made cash income tax payments, net of refunds the current year 6 9 5 received, of $271 million, $303 million and $156 million during Additions based on acquisitions 10 - 17 the years ended December 31, 2015, 2014 and 2013, Additions based on tax positions related to prior years 1 16 48 respectively. Reductions for tax positions of prior years (14) (12) (1) Settlement or clarification from tax 15. FINANCIAL INSTRUMENTS AND FAIR VALUE authorities (6) (79) - Expiration of statute of limitations (5) (1) (21) MEASUREMENTS Foreign currency translation (13) (12) (1) Balance at December 31, $ 51 $ 72 $151 Bunge’s various financial instruments include certain components of working capital such as cash and cash Substantially all of the unrecognized tax benefits balance, if equivalents, trade accounts receivable and trade accounts recognized, would affect Bunge’s effective income tax rate. payable. Additionally, Bunge uses short and long-term debt to Bunge believes that it is reasonably possible that approximately fund operating requirements. Cash and cash equivalents, trade $10 million of its unrecognized tax benefits may be recognized accounts receivable, trade accounts payable and short-term by the end of 2015 as a result of a lapse of the statute of debt are stated at their carrying value, which is a reasonable limitations or settlement with the tax authorities. estimate of fair value. See Note 18 for deferred purchase price receivable related to sales of trade receivables. See Note 12 for Bunge, through its subsidiaries, files income tax returns in the long-term receivables from farmers in Brazil, net and other United States (federal and various states) and non-United long-term investments, see Note 17 for long-term debt, see 2015 Bunge Annual Report F-21

 BUNGE LIMITED AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 15. FINANCIAL INSTRUMENTS AND FAIR VALUE markets that are less active than traded exchanges and other MEASUREMENTS (Continued) inputs that are observable or can be corroborated by observable market data for substantially the full term of the Note 10 for other non-recurring fair value measurements and assets or liabilities. Level 2 assets and liabilities include readily see Note 19 employee benefit plans. Bunge’s financial marketable inventories and over-the-counter (‘‘OTC’’) instruments also include derivative instruments and marketable commodity purchase and sale contracts and other OTC securities, which are stated at fair value. derivatives whose value is determined using pricing models with inputs that are generally based on exchange traded Fair value is the expected price that would be received for an prices, adjusted for location specific inputs that are primarily asset or paid to transfer a liability (an exit price) in the observable in the market or can be derived principally from or principal or most advantageous market for the asset or liability corroborated by observable market data. in an orderly transaction between market participants on the measurement date. Bunge determines the fair values of its Level 3: Unobservable inputs that are supported by little or no readily marketable inventories, derivatives, and certain other market activity and that are a significant component of the fair assets based on the fair value hierarchy, which requires an value of the assets or liabilities. In evaluating the significance entity to maximize the use of observable inputs and minimize of fair value inputs, Bunge gives consideration to items that the use of unobservable inputs when measuring fair value. individually or when aggregated with other inputs, generally Observable inputs are inputs based on market data obtained represent more than 10% of the fair value of the assets or from sources independent of Bunge that reflect the liabilities. For such identified inputs, judgments are required assumptions market participants would use in pricing the asset when evaluating both quantitative and qualitative factors in the or liability. Unobservable inputs are inputs that are developed determination of significance for purposes of fair value level based on the best information available in circumstances that classification and disclosure. Level 3 assets and liabilities reflect Bunge’s own assumptions based on market data and on include assets and liabilities whose value is determined using assumptions that market participants would use in pricing the proprietary pricing models, discounted cash flow asset or liability. The fair value standard describes three levels methodologies or similar techniques; as well as, assets and within its hierarchy that may be used to measure fair value. liabilities for which the determination of fair value requires significant management judgment or estimation. Bunge Level 1: Quoted prices (unadjusted) in active markets for believes a change in these inputs would not result in a identical assets or liabilities. Level 1 assets and liabilities significant change in the fair values. include exchange traded derivative contracts. Level 2: Observable inputs, including Level 1 prices (adjusted), quoted prices for similar assets or liabilities, quoted prices in F-22 2015 Bunge Annual Report

 BUNGE LIMITED AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 15. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued) The majority of Bunge’s exchange traded agricultural commodity futures are settled daily generally through its clearing subsidiary and, therefore, such futures are not included in the table below. Assets and liabilities are classified in their entirety based on the lowest level of input that is a significant component of the fair value measurement. The lowest level of input is considered Level 3. The following table sets forth, by level, Bunge’s assets and liabilities that were accounted for at fair value on a recurring basis. FAIR VALUE MEASUREMENTS AT REPORTING DATE DECEMBER 31, 2015 DECEMBER 31, 2014 (US$ in millions) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL LEVEL 1 LEVEL 2 LEVEL 3 TOTAL Assets: Readily marketable inventories (Note 5) . $ - $3,421 $245 $3,666 $ - $4,154 $255 $4,409 Trade accounts receivable(1) - 6 - 6 - 23 - 23 Unrealized gain on designated derivative contracts(2): Foreign exchange - 30 - 30 - 10 - 10 Unrealized gain on undesignated derivative contracts(2): Foreign exchange 9 176 - 185 5 361 - 366 Commodities 252 696 220 1,168 486 538 68 1,092 Freight. 65 - - 65 62 2 - 64 Energy. 7 - 1 8 35 - 2 37 Deferred purchase price receivable (Note 18) - 79 - 79 - 78 - 78 Other(3). 68 176 - 244 55 218 - 273 Total assets . $401 $4,584 $466 $5,451 $643 $5,384 $325 $6,352 Liabilities: Trade accounts payable(1). . $ - $ 399 $ 44 $ 443 $ - $ 359 $ 33 $ 392 Unrealized loss on designated derivative contracts(4): Interest rate . - 3 - 3 - - - - Foreign exchange - 15 - 15 - 17 - 17 Unrealized loss on undesignated derivative contracts(4): Foreign exchange 1 605 - 606 12 525 - 537 Commodities 402 304 52 758 426 432 59 917 Freight. 56 - - 56 64 - 3 67 Energy. 31 - 2 33 80 1 10 91 Total liabilities $490 $ 1,326 $ 98 $ 1,914 $ 582 $ 1,334 $ 105 $ 2,021 (1) Trade accounts receivable and payable are generally stated at historical amounts, net of write-offs and allowances. with the exception of $6 million and $443 million, at December 31, 2015 and $23 million and $392 million at December 31, 2014, respectively, related to certain delivered inventory for which the receivable and payable, respectively, fluctuate based on changes in commodity prices. These receivables and payables are hybrid financial instruments for which Bunge has elected the fair value option. (2) Unrealized gains on designated and undesignated derivative contracts are generally included in other current assets. There are no such amounts included in other non-current assets at December 31, 2015 and December 31, 2014, respectively. (3) Other includes the fair values of marketable securities and investments in other current assets and other non-current assets. (4) Unrealized losses on designated and undesignated derivative contracts are generally included in other current liabilities. There are no such amounts included in other non-current liabilities at December 31, 2015 and December 31, 2014, respectively. Derivatives – Exchange traded futures and options contracts are interest rates, and are classified within Level 2 or Level 3 as valued based on unadjusted quoted prices in active markets described below. Bunge estimates fair values based on and are classified within Level 1. Bunge’s forward commodity exchange quoted prices, adjusted as appropriate for purchase and sale contracts are classified as derivatives along differences in local markets. These differences are generally with other over the counter (‘‘OTC’’) derivative instruments valued using inputs from broker or dealer quotations, or relating primarily to freight, energy, foreign exchange and 2015 Bunge Annual Report F-23

 BUNGE LIMITED AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 15. FINANCIAL INSTRUMENTS AND FAIR VALUE the reporting date, amounts reported in future periods as MEASUREMENTS (Continued) unrealized gains and losses on derivative contracts and RMI at fair value in the consolidated balance sheets and consolidated market transactions in either the listed or OTC markets. In such statements of income could differ. cases, these derivative contracts are classified within Level 2. Level 3 Measurements – Transfers in and/or out of Level 3 OTC derivative contracts include swaps, options and structured represent existing assets or liabilities that were either transactions that are valued at fair value generally determined previously categorized as a higher level for which the inputs to using quantitative models that require the use of multiple the model became unobservable or assets and liabilities that market inputs including quoted prices for similar assets or were previously classified as Level 3 for which the lowest liabilities in active markets, quoted prices for identical or significant input became observable during the period. Bunge’s similar assets or liabilities in markets which are not highly policy regarding the timing of transfers between levels is to active, other observable inputs relevant to the asset or liability, record the transfers at the beginning of the reporting period. and market inputs corroborated by correlation or other means. Level 3 Derivatives – Level 3 derivative instruments utilize both These valuation models include inputs such as interest rates, market observable and unobservable inputs within the fair prices and indices to generate continuous yield or pricing value measurements. These inputs include commodity prices, curves and volatility factors. Where observable inputs are price volatility, interest rates, volumes and locations. In addition, available for substantially the full term of the asset or liability, with the exception of the exchange cleared instruments, Bunge the instrument is categorized in Level 2. Certain OTC is exposed to loss in the event of the non-performance by derivatives trade in less active markets with less availability of counterparties on OTC derivative instruments and forward pricing information and certain structured transactions can purchase and sale contracts. Adjustments are made to fair require internally developed model inputs that might not be values on occasions when non-performance risk is determined observable in or corroborated by the market. When to represent a significant input in Bunge’s fair value unobservable inputs have a significant impact on the determination. These adjustments are based on Bunge’s measurement of fair value, the instrument is categorized in estimate of the potential loss in the event of counterparty Level 3. non-performance. Bunge did not have significant adjustments related to non-performance by counterparties at December 31, Exchange traded or cleared derivative contracts are classified 2015 and 2014, respectively. in Level 1, thus transfers of assets and liabilities into and/or out of Level 1 occur infrequently. Transfers into Level 1 would Level 3 Readily marketable inventories and other – The significant generally only be expected to occur when an exchange cleared unobservable inputs resulting in Level 3 classification for RMI, derivative contract historically valued using a valuation model physically settled forward purchase and sale contracts, and as the result of a lack of observable inputs becomes trade accounts receivable and payable, net, relate to certain sufficiently observable, resulting in the valuation price being management estimations regarding costs of transportation and essentially the exchange traded price. There were no significant other local market or location-related adjustments, primarily transfers into or out of Level 1 during the periods presented. freight related adjustments in the interior of Brazil and the lack of market corroborated information in Canada. In both Readily marketable inventories – RMI reported at fair value are situations, Bunge uses proprietary information such as valued based on commodity futures exchange quotations, purchase and sale contracts and contracted prices for freight, broker or dealer quotations, or market transactions in either premiums and discounts to value its contracts. Movements in listed or OTC markets with appropriate adjustments for the price of these unobservable inputs alone would not have a differences in local markets where Bunge’s inventories are material effect on Bunge’s financial statements as these located. In such cases, the inventory is classified within Level 2. contracts do not typically exceed one future crop cycle. Certain inventories may utilize significant unobservable data related to local market adjustments to determine fair value. In The tables below present reconciliations for assets and such cases, the inventory is classified as Level 3. liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the years If Bunge used different methods or factors to determine fair ended December 31, 2015 and 2014. These instruments were values, amounts reported as unrealized gains and losses on valued using pricing models that management believes reflect derivative contracts and RMI at fair value in the consolidated the assumptions that would be used by a marketplace balance sheets and consolidated statements of income could participant. differ. Additionally, if market conditions change subsequent to F-24 2015 Bunge Annual Report

 BUNGE LIMITED AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 15. FINANCIAL INSTRUMENTS AND FAIR VALUE December 31, 2015 and 2014 for Level 3 assets and liabilities MEASUREMENTS (Continued) that were held at December 31, 2015 and 2014. LEVEL 3 INSTRUMENTS LEVEL 3 INSTRUMENTS FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS TRADE TRADE ACCOUNTS READILY ACCOUNTS READILY RECEIVABLE DERIVATIVES, MARKETABLE RECEIVABLE/ DERIVATIVES, MARKETABLE AND (US$ in millions) NET(1) INVENTORIES PAYABLE, NET(2) TOTAL (US$ in millions) NET(1) INVENTORIES PAYABLE, NET(2) TOTAL Balance, January 1, Changes in unrealized 2015 $ (2) $ 255 $ (33) $ 220 gains and (losses) Total gains and losses relating to assets (realized/ unrealized) included and liabilities held at in cost of goods sold 389 135 (6) 518 December 31, 2015 Purchases 1 1,329 (12) 1,318 Cost of goods sold $37 $ (13) $(2) $22 Sales - (1,982) - (1,982) Issuances (1) - (327) (328) Changes in unrealized Settlements (219) - 610 391 Transfers into Level 3 5 845 (204) 646 gains and (losses) Transfers out of relating to assets Level 3 (6) (337) (72) (415) and liabilities held at Balance, December 31, 2014 December 31, 2015 $167 $ 245 $ (44) $ 368 Cost of goods sold $25 $ (33) $ - $ (8) (1) Derivatives, net include Level 3 derivative assets and liabilities. (1) Derivatives, net include Level 3 derivative assets and liabilities. (2) Trade Accounts Receivable and Trade Accounts Payable, net, include Level 3 inventory related receivables and payables. (2) Trade Accounts Receivable and Trade Accounts Payable, net, include Level 3 inventory related receivables and payables. LEVEL 3 INSTRUMENTS FAIR VALUE MEASUREMENTS Derivative Instruments TRADE READILY ACCOUNTS Interest rate derivatives – Bunge from time-to-time uses interest DERIVATIVES, MARKETABLE RECEIVABLE/ (US$ in millions) NET(1) INVENTORIES PAYABLE, NET(2) TOTAL rate derivatives, including interest rate swaps, interest rate Balance, January 1, basis swaps, interest rate options or interest rate futures. 2014 $ 20 $ 298 $ (75) $ 243 During 2015, Bunge entered into interest rate swap agreements Total gains and losses (realized/ for the purpose of managing certain of its interest rate unrealized) included exposures. The interest rate swaps used by Bunge as hedging in cost of goods sold 92 75 (2) 165 Purchases 6 2,104 (5) 2,105 instruments have been recorded at fair value in the Sales - (2,635) 8 (2,627) consolidated balance sheets with changes in fair value Issuances 19 - (400) (381) Settlements (206) - 528 322 recorded contemporaneously in earnings. These swap Transfers into Level 3 27 687 (11) 703 Transfers out of agreements have been designated as fair value hedges. Level 3 40 (274) (76) (310) Additionally, the carrying amount of the associated hedged Balance, debt is adjusted through earnings for changes in the fair value December 31, 2014 $ (2) $ 255 $ (33) $ 220 arising from changes in benchmark interest rates. Ineffectiveness is recognized to the extent that these two (1) Derivatives, net include Level 3 derivative assets and liabilities. adjustments do not offset. (2) Trade Accounts Receivable and Trade Accounts Payable, net, include Level 3 inventory related receivables and payables. As of December 31, 2015, Bunge had fixed-to-variable interest The tables below summarize changes in unrealized gains or rate agreements having a total notional amount of $500 million (losses) recorded in earnings during the years ended that requires Bunge to pay interest at a variable rate and receive interest at 3.5%. These interest rate swap agreements are designated as fair value hedges of $500 million of its 3.5% 2020 Senior Notes (See Note 17). 2015 Bunge Annual Report F-25

 BUNGE LIMITED AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 15. FINANCIAL INSTRUMENTS AND FAIR VALUE Commodity derivatives – Bunge uses commodity derivative MEASUREMENTS (Continued) instruments to manage its exposure to movements associated with agricultural commodity prices. Bunge generally uses The table below summarizes the notional amounts of open exchange traded futures and options contracts to minimize the interest rate positions. effects of changes in the prices of agricultural commodities on its agricultural commodity inventories and forward purchase DECEMBER 31, 2015 and sale contracts, but may also from time-to-time enter into NOTIONAL AMOUNT OF NOTIONAL AMOUNT OF OTC commodity transactions, including swaps, which are (US$ in millions) HEDGED OBLIGATION DERIVATIVE(3) settled in cash at maturity or termination based on exchangequoted futures prices. Forward purchase and sale contracts are Interest rate swap primarily settled through delivery of agricultural commodities. agreements $500 $500 While Bunge considers these exchange traded futures and Weighted average rate forward purchase and sale contracts to be effective economic payable – 3 month LIBOR hedges, Bunge does not designate or account for the majority plus 1.91%(1) of its commodity contracts as hedges. The forward contracts Weighted average rate require performance of both Bunge and the contract receivable – 3.5%(2) counterparty in future periods. Contracts to purchase (1) Interest is payable in arrears semi-annually based on three-month U.S. dollar LIBOR agricultural commodities generally relate to current or future plus 1.91%. crop years for delivery periods quoted by regulated commodity exchanges. Contracts for the sale of agricultural commodities (2) Interest is receivable in arrears based on a fixed interest rate of 3.5%. generally do not extend beyond one future crop cycle. (3) The interest rate swap agreements mature in 2020. The table below summarizes the volumes of open agricultural Foreign exchange derivatives – Bunge uses a combination of commodities derivative positions. foreign exchange forward, futures, swap and option contracts in certain of its operations to mitigate the risk from exchange DECEMBER 31, 2015 rate fluctuations in connection with certain commercial and balance sheet exposures. The foreign exchange forward and EXCHANGE TRADED NON-EXCHANGE option contracts may be designated as cash flow hedges. NET (SHORT) & TRADED UNIT OF Bunge may also use net investment hedges to partially offset LONG(1) (SHORT)(2) LONG(2) MEASURE the translation adjustments arising from the remeasurement of its investment in certain of its foreign subsidiaries. Agricultural Commodities Bunge assesses, both at the inception of the hedge and on an Futures (3,022,004) - - Metric Tons ongoing basis, whether the derivatives that are used in hedge Options 485,191 (12,383) - Metric Tons transactions are highly effective in offsetting changes in the Forwards - (33,613,560) 26,745,000 Metric Tons hedged items. Swaps - (5,960,885) 892,262 Metric Tons (1) Exchange traded derivatives are presented on a net (short) and long position basis. The table below summarizes the notional amounts of open foreign exchange positions. (2) Non-exchange traded derivatives are presented on a gross (short) and long position basis. DECEMBER 31, 2015 Ocean freight derivatives – Bunge uses derivative instruments EXCHANGE TRADED NON-EXCHANGE referred to as freight forward agreements (FFAs) and FFA TRADED options to hedge portions of its current and anticipated ocean NET (SHORT) & UNIT OF freight costs. Changes in the fair values of ocean freight (US$ in millions) LONG(1) (SHORT)(2) LONG(2) MEASURE derivatives that are not designated as hedges are recorded in Foreign Exchange earnings. There were no designated hedges at December 31, Options $ - $ (123) $ 120 Delta 2015 and 2014, respectively. Forwards - (13,280) 8,381 Notional Futures 118 - - Notional Swaps - (812) 67 Notional (1) Exchange traded derivatives are presented on a net (short) and long position basis. (2) Non-exchange traded derivatives are presented on a gross (short) and long position basis. F-26 2015 Bunge Annual Report

 BUNGE LIMITED AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 15. FINANCIAL INSTRUMENTS AND FAIR VALUE The Effect of Derivative Instruments on the Consolidated MEASUREMENTS (Continued) Statements of Income The table below summarizes the open ocean freight positions. The table below summarizes the effect of derivative instruments that are designated as fair value hedges and also derivative instruments that are undesignated on the DECEMBER 31, 2015 consolidated statements of income for the years ended EXCHANGE December 31, 2015 and 2014. CLEARED NON-EXCHANGE NET (SHORT) & CLEARED UNIT OF GAIN OR (LOSS) RECOGNIZED IN LONG(1) (SHORT)(2) LONG(2) MEASURE INCOME ON DERIVATIVE Ocean Freight INSTRUMENTS FFA 2,120 - - Hire Days DECEMBER 31, FFA Options (66) - - Hire Days (US$ in millions) Location 2015 2014 (1) Exchange cleared derivatives are presented on a net (short) and long position basis. Undesignated (2) Non-exchange cleared derivatives are presented on a gross (short) and long position Derivative Contracts: basis. Interest Rate Interest income/Interest expense $ - $ (8) Interest Rate Other income (expense) – net (2) - Energy derivatives – Bunge uses energy derivative instruments Foreign Exchange Foreign exchange gains (losses) (302) (124) for various purposes including to manage its exposure to Foreign Exchange Cost of goods sold (620) 91 volatility in energy costs. Bunge’s operations use substantial Commodities Cost of goods sold 1,062 (71) Freight Cost of goods sold 6 (4) amounts of energy, including natural gas, coal, and fuel oil, Energy Cost of goods sold (25) (52) including bunker fuel. Total $ 119 $ (168) The table below summarizes the open energy positions. DECEMBER 31, 2015 EXCHANGE TRADED NON-EXCHANGE CLEARED NET (SHORT) & UNIT OF LONG(1) (SHORT)(2) LONG(2) MEASURE(3) Natural Gas(3) Futures 14,192,000 - - MMBtus Swaps - (1,640,500) 2,797,393 MMBtus Options - - - MMBtus Energy – Other Futures (29,882) - - Metric Tons Forwards - - 7,108,552 Metric Tons Swaps 224,100 - - Metric Tons Options 3,149 - - Metric Tons (1) Exchange traded and cleared derivatives are presented on a net (short) and long position basis. (2) Non-exchange cleared derivatives are presented on a gross (short) and long position basis. (3) Million British Thermal Units (MMBtus) is the standard unit of measurement used to denote an amount of natural gas. 2015 Bunge Annual Report F-27

 BUNGE LIMITED AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 15. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued) The table below summarizes the effect of derivative instruments that are designated and qualify as cash flow and net investment hedges on the consolidated statement of income. YEAR ENDED DECEMBER 31, 2015 GAIN OR (LOSS) GAIN OR (LOSS) RECLASSIFIED RECOGNIZED IN FROM ACCUMULATED OCI GAIN OR (LOSS) RECOGNIZED IN NOTIONAL ACCUMULATED INTO INCOME INCOME ON DERIVATIVES (US$ in millions) AMOUNT OCI(1) LOCATION AMOUNT LOCATION AMOUNT(2) Cash Flow Hedge: Foreign Exchange(3)$ 238 $ (76) Foreign exchange gains Foreign exchange gains (losses) $ (76) (losses) $ - Total $ 238 $ (76) $(76) $ - Net Investment Hedge: Foreign Exchange(3)$ 1,878 $ 223 Foreign exchange gains Foreign exchange gains (losses) $ - (losses) $ - Total $1,878 $ 223 $ - $ - (1) The gain (loss) recognized relates to the effective portion of the hedging relationship. At December 31, 2015, Bunge expects to reclassify into income in the next 12 months $76 million after-tax loss related to its foreign exchange cash flow and nil for net investment hedges. (2) There was no gain or loss recognized in income relating to the ineffective portion of the hedging relationships or relating to amounts excluded from the assessment of hedge effectiveness. (3) The foreign exchange contracts mature at various dates through November 2020. YEAR ENDED DECEMBER 31, 2014 GAIN OR (LOSS) GAIN OR (LOSS) RECLASSIFIED RECOGNIZED IN FROM ACCUMULATED OCI GAIN OR (LOSS) RECOGNIZED IN NOTIONAL ACCUMULATED INTO INCOME INCOME ON DERIVATIVES (US$ in millions) AMOUNT OCI(1) LOCATION AMOUNT LOCATION AMOUNT(2) Cash Flow Hedge: Foreign Exchange(3)$ 384 $ 4 Foreign exchange gains Foreign exchange gains (losses) $ 9 (losses) $ - Total $384 $ 4 $ 9 $ - Net Investment Hedge: Foreign Exchange(3)$ 579 $ 18 Foreign exchange Foreign exchange gains (losses) $ - gains (losses) $ - Total $579 $ 18 $ - $ - (1) The gain or (loss) recognized relates to the effective portion of the hedging relationship. At December 31, 2014, Bunge expected to reclassify into income in the next 12 months approximately $4 million after-tax gains (losses) related to its foreign exchange cash flow hedges and nil for net investment hedges. (2) There was no gain or loss recognized in income relating to the ineffective portion of the hedging relationships or to amounts excluded from the assessment of hedge effectiveness. (3) The foreign exchange contracts matured at various dates in 2014. F-28 2015 Bunge Annual Report

 BUNGE LIMITED AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 16. SHORT-TERM DEBT AND CREDIT FACILITIES 17. LONG-TERM DEBT AND CREDIT FACILITIES Bunge’s short-term borrowings are typically sourced from Long-term debt obligations are summarized below. various banking institutions and the U.S. commercial paper market. Bunge also borrows from time to time in local DECEMBER 31, currencies in various foreign jurisdictions. Interest expense (US$ in millions) 2015 2014 includes facility commitment fees, amortization of deferred Revolving credit facilities $ 752 $ 538 financing costs and charges on certain lending transactions, Term loan due 2019 – three-month Yen LIBOR plus including certain intercompany loans and foreign currency 0.75% (Tranche A) 237 - conversions in Brazil. The weighted-average interest rate on Term loan due 2019 – fixed Yen interest rate of 0.96% short-term borrowings at December 31, 2015 and 2014 was (Tranche B) 50 - 4.92% and 4.33%, respectively. Term loan due 2019 – three-month LIBOR plus 1.30% (Tranche C) 85 - DECEMBER 31, 5.10% Senior Notes due 2015 - 382 (US$ in millions) 2015 2014 4.10% Senior Notes due 2016 500 500 Lines of credit: 5.90% Senior Notes due 2017 250 250 Secured, interest rates from 2.33% to 9.75% $ 25 $ 25 3.20% Senior Notes due 2017 600 600 Unsecured, fixed interest rates from 13.38% to 18.50%(1) 76 90 8.50% Senior Notes due 2019 600 600 Unsecured, variable interest rates from 1.17% to 32.00%(1) 547 479 3.50% Senior Notes due 2020 497 - Consolidated investment fund debt(1) 53 195 Total short-term debt $648 $594 Other 179 198 (1) Includes $130 million and $155 million of local currency borrowings in certain Central Subtotal 3,803 3,263 and Eastern European, South American and Asia-Pacific countries at a weighted-average Less: Current portion of long-term debt (869) (408) interest rate of 16.06% and 11.95% as of December 31, 2015 and 2014, respectively. Total long-term debt $2,934 $2,855 Bunge’s commercial paper program is supported by an identical amount of committed back up bank credit lines (the (1) Consolidated investment fund debt matures at various dates through 2018 with no ‘‘Liquidity Facility’’) provided by banks that are rated at least recourse to Bunge. Bunge elected to account for $53 million and $195 million at fair value as of December 31, 2015 and 2014, respectively. A-1 by Standard & Poor’s Financial Services and P-1 by Moody’s Investors Service. On November 20, 2014, Bunge The fair values of long-term debt, including current portion, at entered into an unsecured $600 million five-year Liquidity December 31, 2015 and 2014 were $3,940 million and Facility with certain lenders party thereto. The Liquidity Facility $3,468 million, respectively, calculated based on interest rates replaced the then existing $600 million five-year liquidity facility, currently available on comparable maturities to companies with dated as of November 17, 2011. The cost of borrowing under credit standing similar to that of Bunge. The carrying amounts the Liquidity Facility would typically be higher than the cost of and fair values of long-term debt are as follows: issuing under Bunge’s commercial paper program. At December 31, 2015 and December 31, 2014, there were no DECEMBER 31, 2015 DECEMBER 31, 2014 borrowings outstanding under the commercial paper program FAIR FAIR FAIR FAIR and no borrowings under the Liquidity Facility. CARRYING VALUE VALUE CARRYING VALUE VALUE (US$ in millions) VALUE (LEVEL 2) (LEVEL 3) VALUE (LEVEL 2) (LEVEL 3) In addition to the committed facilities discussed above, from time-to-time, Bunge Limited and/or its financing subsidiaries Long-term debt, enter into uncommitted bilateral short-term credit lines as including current portion $3,803 $3,887 $53 $3,263 $3,273 $195 necessary based on its financing requirements. At December 31, 2015 and 2014, nil and $50 million were outstanding under these bilateral short-term credit lines, On November 24, 2015, Bunge completed the sale of respectively. Loans under such credit lines are non-callable by $500 million aggregate principal amount of unsecured senior the respective lenders. In addition, Bunge’s operating notes bearing interest at 3.50% per annum and maturing on companies had $626 million in short-term borrowings November 24, 2020. The senior notes were issued by Bunge’s outstanding from local bank lines of credit at December 31, 100% owned finance subsidiary, Bunge Limited Finance Corp., 2015 to support working capital requirements. and are fully and unconditionally guaranteed by Bunge Limited. The offering was made pursuant to a registration statement filed with the U.S. Securities and Exchange Commission. The net proceeds of approximately $496 million were used for general corporate purposes, including, but not limited to the 2015 Bunge Annual Report F-29

 BUNGE LIMITED AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 17. LONG-TERM DEBT AND CREDIT FACILITIES Bunge’s credit facilities and certain senior notes require it to (Continued) comply with specified financial covenants related to minimum net worth, minimum current ratio, a maximum debt to repayment of outstanding indebtedness, which includes capitalization ratio and limitations on secured indebtedness. indebtedness under revolving credit facilities. Bunge was in compliance with these covenants at December 31, 2015. On August 10, 2015, Bunge entered into an amendment agreement to its unsecured $1,750 million syndicated revolving During the years ended December 31, 2015, 2014 and 2013, credit facility, dated March 17, 2014 (the ‘‘Facility’’). The Bunge paid interest, net of interest capitalized, of $227 million, amendment agreement extends the maturity date of the Facility $223 million and $330 million, respectively. to August 10, 2018. Bunge has the option to request an extension of the maturity date of the Facility for two additional one-year periods. Each lender in its sole discretion may agree 18. TRADE RECEIVABLES SECURITIZATION PROGRAM to any such request. The amendment agreement also lowers the range of margin applicable to Bunge’s borrowings under Bunge and certain of its subsidiaries participate in a trade the Facility. Borrowings under the Facility will bear interest at receivables securitization program (‘‘Program’’) with a financial LIBOR plus a margin, which will vary from 0.35% to 1.35% per institution, as administrative agent, and certain commercial annum, based on the credit ratings of Bunge’s senior paper conduit purchasers and committed purchasers long-term unsecured debt. Bunge will also pay a fee that varies (collectively, the Purchasers) that provides for funding of up to from 0.10% to 0.40% per annum, based on the utilization of the $700 million against receivables sold into the Program. The Facility. Amounts under the Facility that remain undrawn are Program is designed to enhance Bunge’s financial flexibility by subject to a commitment fee payable quarterly in arrears at a providing an additional source of liquidity for its operations. In rate of 35% of the margin specified above, which will vary connection with the Program, certain of Bunge’s U.S. and based on the rating level at each quarterly payment date. non-U.S. subsidiaries that originate trade receivables may sell Bunge may, from time-to-time, with the consent of the facility eligible receivables in their entirety on a revolving basis to a agent, request one or more of the existing lenders or new consolidated bankruptcy remote special purpose entity, Bunge lenders to increase the total commitments under the Facility by Securitization B.V. (‘‘BSBV’’) formed under the laws of The up to $250 million pursuant to an accordion provision. At Netherlands. BSBV in turn sells such purchased trade December 31, 2015, Bunge had $277 million of borrowings receivables to the administrative agent (acting on behalf of the outstanding under the Facility. Purchasers) pursuant to a receivables transfer agreement. In connection with these sales of accounts receivable, Bunge At December 31, 2015, Bunge had $4,263 million of unused receives a portion of the proceeds up front and an additional and available borrowing capacity under its committed amount upon the collection of the underlying receivables, long-term credit facilities with a number of lending institutions. which is expected to be generally between 10% and 15% of the aggregate amount of receivables sold through the Program. Certain land, property, equipment and investments in consolidated subsidiaries having a net carrying value of approximately $130 million at December 31, 2015 have been Bunge Finance B.V., a wholly owned subsidiary of Bunge, acts mortgaged or otherwise collateralized against long-term debt of as master servicer, responsible for servicing and collecting the $58 million at December 31, 2015. accounts receivable for the Program. The Program terminates on June 1, 2016. The trade receivables sold under the Program Principal Maturities – Principal maturities of long-term debt at are subject to specified eligibility criteria, including eligible December 31, 2015 are as follows: currencies, country and obligor concentration limits. (US$ in millions) As of December 31, 2015, and 2014, $524 million and $599 million, respectively, of receivables sold under the 2016 $ 869 2017 937 Program were derecognized from Bunge’s consolidated balance 2018 461 sheets. Proceeds received in cash related to transfers of 2019 1,000 receivables under the Program totaled $10,396 million and 2020 511 $12,030 million for the years ended December 31, 2015 and Thereafter 24 2014, respectively. In addition, cash collections from customers Total(1) $3,802 on receivables previously sold were $10,542 million and $12,202 million, respectively. As this is a revolving facility, cash (1) Excludes unamortized net gains of $4 million related to terminated interest rate collections from customers are reinvested to fund new swap agreement and unamortized net losses of $3 million related to an open interest receivable sales. Gross receivables sold under the Program for rate swap agreement recorded in long-term debt. F-30 2015 Bunge Annual Report

 BUNGE LIMITED AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 18. TRADE RECEIVABLES SECURITIZATION PROGRAM pension plans covering substantially all employees of the (Continued) subsidiaries. The plans provide benefits based primarily on participants’ salary and length of service. The funding policies the years ended December 31, 2015 and 2014 were for Bunge’s defined benefit pension plans are determined in $10,601 million and $12,179 million, respectively. These sales accordance with statutory funding requirements. The most resulted in discounts of $5 million, $7 million and $7 million for significant defined benefit plan is in the United States. The U.S. the years ended December 31, 2015 and 2014 and 2013, funding policy requires at least those amounts required by the respectively, which were included in SG&A in the consolidated Pension Protection Act of 2006. Assets of the plans consist statements of income. Servicing fees under the Program were primarily of equity and fixed income investments. not significant in any period. Certain United States and Brazil based subsidiaries of Bunge Bunge’s risk of loss following the sale of the trade receivables have benefit plans to provide certain postretirement healthcare is limited to the deferred purchase price (‘‘DPP’’), which at benefits to eligible retired employees of those subsidiaries. The December 31, 2015 and 2014 had a fair value of $79 million plans require minimum retiree contributions and define the and $78 million, respectively, and is included in other current maximum amount the subsidiaries will be obligated to pay assets in the consolidated balance sheets (see Note 6). The under the plans. Bunge’s policy is to fund these costs as they DPP will be repaid in cash as receivables are collected, become payable. generally within 30 days. Delinquencies and credit losses on trade receivables sold under the Program during the years Plan Amendments and Transfers In and Out – There were no ended December 31, 2015 and 2014 were insignificant. Bunge significant amendments, settlements or transfers into or out of has reflected all cash flows under the Program as operating Bunge’s employee benefit plans during the years ended cash flows in the consolidated statements of cash flows for the December 31, 2015 or 2014. years ended December 31, 2015, 2014 and 2013. 19. EMPLOYEE BENEFIT PLANS Certain U.S., Canadian, European and Brazilian based subsidiaries of Bunge sponsor non-contributory defined benefit 2015 Bunge Annual Report F-31

 BUNGE LIMITED AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 19. EMPLOYEE BENEFIT PLANS (Continued) The following table sets forth in aggregate the changes in the defined benefit pension and postretirement benefit plans’ benefit obligations, assets and funded status at December 31, 2015 or 2014. A measurement date of December 31 was used for all plans. PENSION BENEFITS POSTRETIREMENT BENEFITS DECEMBER 31, DECEMBER 31, (US$ in millions) 2015 2014 2015 2014 Change in benefit obligations: Benefit obligation at the beginning of year $ 906 $ 755 $ 69 $ 69 Service cost. 35 30 - - Interest cost 33 36 5 6 Plan curtailments . (6) - - (3) Actuarial (gain) loss, net (54) 138 8 11 Employee contributions. 6 4 1 1 Plan settlements (6) (2) - - Benefits paid. (30) (29) (8) (8) Expenses paid. . (3) (3) - - Impact of foreign exchange rates (17) (23) (19) (7) Benefit obligation at the end of year . $ 864 $ 906 $ 56 $ 69 Change in plan assets: Fair value of plan assets at the beginning of year$ 650 $ 614 $ - $ - Actual return on plan assets (3) 64 - - Employer contributions. 90 19 7 7 Employee contributions. 6 4 1 1 Plan settlements (6) (2) - - Benefits paid. (30) (29) (8) (8) Expenses paid. . (3) (3) - - Impact of foreign exchange rates (15) (17) - - Fair value of plan assets at the end of year . $ 689 $ 650 $ - $ - Funded (unfunded) status and net amounts recognized: Plan assets (less than) in excess of benefit obligation $(175) $(256) $(56) $(69) Net (liability) asset recognized in the balance sheet . $(175) $(256) $(56) $(69) Amounts recognized in the balance sheet consist of: Non-current assets $ 12 $ 12 $ - $ - Current liabilities . (5) (5) (6) (7) Non-current liabilities. (182) (263) (50) (62) Net liability recognized. $(175) $(256) $(56) $(69) Included in accumulated other comprehensive income for Included in accumulated other comprehensive income for pension benefits at December 31, 2015 are the following postretirement healthcare benefits at December 31, 2015 are amounts that have not yet been recognized in net periodic the following amounts that have not yet been recognized in net benefit costs: unrecognized prior service credit of $5 million periodic benefit costs: unrecognized prior service credit of ($3 million, net of tax) and unrecognized actuarial loss of $1 million ($1 million, net of tax), and unrecognized actuarial $182 million ($118 million, net of tax). Expected prior service loss of $4 million ($3 million, net of tax). Bunge does not costs and unrecognized actuarial losses as a component of net expect to recognize any unrecognized prior service credits or periodic benefit costs included in accumulated other unrecognized actuarial losses as components of net periodic comprehensive income in 2016 is $10 million ($6 million, net of benefit costs for its postretirement benefit plans in 2016. tax). F-32 2015 Bunge Annual Report

 BUNGE LIMITED AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 19. EMPLOYEE BENEFIT PLANS (Continued) The components of net periodic benefit costs are as follows for defined benefit pension plans and postretirement benefit plans: Bunge has aggregated certain defined benefit pension plans with projected benefit obligations in excess of fair value of plan PENSION POSTRETIREMENT assets with pension plans that have fair value of plan assets in BENEFITS BENEFITS excess of projected benefit obligations. At December 31, 2015, DECEMBER 31, DECEMBER 31, $864 million projected benefit obligations includes plans with (US$ in millions) 2015 2014 2013 2015 2014 2013 projected benefit obligations of $758 million which were in excess of the fair value of related plan assets of $570 million. Service cost $ 35 $ 30 $ 30 $ - $ - $ - At December 31, 2014, the $906 million projected benefit Interest cost 33 36 31 5 6 7 obligations include plans with projected benefit obligations of Expected return on plan $770 million which were in excess of the fair value of related assets (42) (39) (35) - - - plan assets of $502 million. The accumulated benefit obligation Amortization of prior for the defined pension benefit plans, respectively, was service cost 1 1 1 - - - $786 million at December 31, 2015 and $814 million at Amortization of net loss 12 4 19 - (1) - December 31, 2014. Curtailment loss 1 - 1 - (2) (2) Settlement loss The following table summarizes information relating to recognized 1 - - - - - aggregated defined benefit pension plans with an accumulated Special termination benefit obligation in excess of plan assets: benefit - - 3 - - - Net periodic benefit costs $ 41 $ 32 $ 50 $ 5 $ 3 $ 5 PENSION BENEFITS DECEMBER 31, The weighted-average actuarial assumptions used in (US$ in millions) 2015 2014 determining the benefit obligation under the defined benefit Projected benefit obligation $642 $761 pension and postretirement benefit plans are as follows: Accumulated benefit obligation $588 $677 Fair value of plan assets $474 $495 PENSION POSTRETIREMENT BENEFITS BENEFITS At December 31, 2015, for measurement purposes related to DECEMBER 31, DECEMBER 31, postretirement benefit plans, an 8.1% annual rate of increase in 2015 2014 2015 2014 the per capita cost of covered healthcare benefits was assumed for 2016, decreasing to 7.4% by 2029, remaining at Discount rate 4.2% 3.8% 11.4% 9.8% that level thereafter. At December 31, 2014, for measurement Increase in future compensation purposes related to postretirement benefit plans, an 7.9% levels 3.3% 3.5% N/A N/A annual rate of increase in the per capita cost of covered The weighted-average actuarial assumptions used in healthcare benefits was assumed for 2015, decreasing to 7.0% determining the net periodic benefit cost under the defined by 2029, remaining at that level thereafter. benefit pension and postretirement benefit plans are as follows: A one-percentage point change in assumed healthcare cost PENSION POSTRETIREMENT trend rates would have the following effects: BENEFITS BENEFITS DECEMBER 31, DECEMBER 31, ONE-PERCENTAGE ONE-PERCENTAGE (US$ in millions) POINT INCREASE POINT DECREASE 2015 2014 2013 2015 2014 2013 Effect on total service and interest Discount rate 3.8% 4.9% 4.0% 9.8% 10.0% 7.9% cost $ - $ - Expected long-term rate of return Effect on postretirement benefit on assets 6.7% 6.7% 6.6% N/A N/A N/A obligation $4 $(3) Increase in future compensation levels 3.5% 3.5% 3.7% N/A N/A N/A 2015 Bunge Annual Report F-33

 BUNGE LIMITED AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 19. EMPLOYEE BENEFIT PLANS (Continued) reasonable level of risk without imprudently sacrificing returns, with a target asset allocation of approximately 40% fixed The sponsoring subsidiaries select the expected long-term rate income securities and approximately 60% equities. Bunge of return on assets in consultation with their investment implements its investment strategy through a combination of advisors and actuaries. These rates are intended to reflect the indexed mutual funds and a proprietary portfolio of fixed average rates of earnings expected on the funds invested or to income securities. Bunge’s policy is not to invest plan assets in be invested to provide required plan benefits. The plans are Bunge Limited shares. assumed to continue in effect as long as assets are expected to be invested. Plan investments are stated at fair value which is the amount that would be received to sell an asset or paid to transfer a In estimating the expected long-term rate of return on assets, liability in an orderly transaction between market participants appropriate consideration is given to historical performance for at the measurement date. The Plan classifies its investments in the major asset classes held or anticipated to be held by the Level 1, which refers to securities that are actively traded on a applicable plan trusts and to current forecasts of future rates public exchange and valued using quoted prices from active of return for those asset classes. Cash flows and expenses are markets for identical assets, Level 2, which refers to securities taken into consideration to the extent that the expected returns not traded in an active market but for which observable market would be affected by them. As assets are generally held in inputs are readily available and Level 3, which refers to other qualified trusts, anticipated returns are not reduced for taxes. assets valued based on significant unobservable inputs. Pension Benefit Plan Assets – The objectives of the plans’ trust funds are to sufficiently diversify plan assets to maintain a The fair values of Bunge’s defined benefit pension plans’ assets at the measurement date, by category, are as follows: FAIR VALUE MEASUREMENTS AT DECEMBER 31, 2015 PENSION BENEFITS QUOTED PRICES IN ACTIVE MARKETS SIGNIFICANT SIGNIFICANT (US$ IN MILLIONS) FOR IDENTICAL OBSERVABLE UNOBSERVABLE ASSET CATEGORY TOTAL ASSETS (LEVEL 1) INPUTS (LEVEL 2) INPUTS (LEVEL 3) Cash . $ 81 $ 81 $ - $ - Equities: Mutual Funds(1). 354 306 48 - Fixed income securities: Mutual Funds(2). 242 80 162 - Others(3). 12 - 12 - Total . $689 $467 $222 $ - F-34 2015 Bunge Annual Report

 BUNGE LIMITED AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 19. EMPLOYEE BENEFIT PLANS (Continued) FAIR VALUE MEASUREMENTS AT DECEMBER 31, 2014 PENSION BENEFITS QUOTED PRICES IN ACTIVE MARKETS SIGNIFICANT SIGNIFICANT (US$ IN MILLIONS) FOR IDENTICAL OBSERVABLE UNOBSERVABLE ASSET CATEGORY TOTAL ASSETS (LEVEL 1) INPUTS (LEVEL 2) INPUTS (LEVEL 3) Cash . $ 3 $ 3 $ - $ - Equities: Mutual Funds(1). 368 310 58 - Fixed income securities: Mutual Funds(2). 263 92 171 - Others(3). 16 2 14 - Total . $650 $407 $243 $ - (1) This category represents a portfolio of equity investments comprised of equity index funds that invest in U.S. equities and non-U.S. equities. The U.S. equities are comprised of investments focusing on large, mid and small cap companies and non-U.S. equities are comprised of international, emerging markets and real estate investment trusts. (2) This category represents a portfolio of fixed income investments in mutual funds comprised of investment grade U.S. government bonds and notes, foreign government bonds and corporate bonds from diverse industries. (3) This category represents a portfolio consisting of a mixture of equity, fixed income and cash. Bunge expects to contribute $15 million and $6 million, respectively, to its defined benefit pension and postretirement benefit plans in 2016. The following benefit payments, which reflect future service as interest due to certain contractual restrictions. In February appropriate, are expected to be paid related to defined benefit 2016, SALIC completed the conversion of debt to equity under pension and postretirement benefit plans: the promissory notes granted in favor of G3, thus reducing Bunge’s ownership interest from 51% to 35%. Additionally, PENSION POSTRETIREMENT Bunge has exercised its right under a put option to sell an (US$ in millions) BENEFIT PAYMENTS BENEFIT PAYMENTS additional 10% ownership interest in G3 to SALIC for cash, 2016 $ 37 $ 6 which would further reduce Bunge’s ownership interest to 25%. 2017 39 6 The put transaction is expected to be completed in the first 2018 41 6 quarter of 2016. 2019 43 6 Notes receivable – Bunge holds a note receivable from 2020 45 5 Navega¸c ˜ oes Unidas Tapaj ´ os S.A., a 50% equity method 2021 and onwards 252 23 investment in Brazil, having a carrying value of $10 million at Employee Defined Contribution Plans – Bunge also makes December 31, 2015 which matures in June 2017, with an contributions to qualified defined contribution plans for eligible interest rate of 11%. employees. Contributions to these plans amounted to Bunge holds a note receivable from Solazyme Bunge $11 million, $12 million and $12 million during the years ended Renewable Oils Coperatief U.A., a 49.9% equity method December 31, 2015, 2014 and 2013, respectively. investment in Brazil, having a carrying value of $7 million at December 31, 2015 which matures in April 2017, with an 20. RELATED PARTY TRANSACTIONS interest rate of 14%. On April 15, 2015, Bunge and Saudi Agricultural and Livestock Bunge had a note receivable from Senwes Limited, its partner Investment Company (‘‘SALIC’’), formed a Canadian entity, G3. in the Bunge Senwes joint venture in South Africa, having a Bunge has a 51% ownership interest in G3. Bunge accounts for carrying value of $9 million which matured in 2015 and is G3 under the equity method of accounting as the ownership included in other current assets in Bunge’s consolidated interest does not provide Bunge with a controlling financial balance sheet at December 31, 2014. 2015 Bunge Annual Report F-35

 BUNGE LIMITED AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 20. RELATED PARTY TRANSACTIONS (Continued) these matters are subject to inherent uncertainties and there exists the remote possibility of an adverse impact on Bunge’s In addition, Bunge held notes receivables from other related position in the period the uncertainties are resolved whereby parties totaling $6 million and $11 million at December 31, the settlement of the identified contingencies could exceed the 2015, and 2014, respectively. amount of provisions included in the consolidated balance Notes payable – Bunge holds a note payable with its joint sheets. Included in other non-current liabilities at venture Bunge SCF Grain LLC with a carrying value of December 31, 2015 and 2014 are the following amounts related $5 million at December 31, 2015. This note matures on to these matters: March 21, 2017 with an interest rate of 1 month LIBOR and is included in other long-term liabilities in Bunge’s consolidated DECEMBER 31, balance sheet. (US$ in millions) 2015 2014 Bunge holds a note payable with its joint venture ProMaiz S.A. Tax claims $163 $ 225 with a carrying value of $6 million at December 31, 2015. This Labor claims 75 86 note matured on January 20, 2016 with an interest rate of 22% Civil and other claims 78 107 and is included in other short-term liabilities in Bunge’s Total $316 $ 418 consolidated balance sheet. Tax claims (non-income tax) – These tax claims relate principally Other – Bunge purchased soybeans and other commodity to claims against Bunge’s Brazilian subsidiaries, primarily value products and received port services from certain of its added tax claims (ICMS, IPI, PIS and COFINS). The unconsolidated ventures, totaling $757 million, $746 million and determination of the manner in which various Brazilian federal, $446 million for the years ended December 31, 2015, 2014 and state and municipal taxes apply to the operations of Bunge is 2013, respectively. Bunge also sold soybeans and other subject to varying interpretations arising from the complex commodity products and provided port services to certain of its nature of Brazilian tax law. In addition to the matter discussed unconsolidated ventures, totaling $351 million, $345 million and below, Bunge monitors other potential claims in Brazil $440 million for the years ended December 31, 2015, 2014 and regarding these value-added taxes. In particular, Bunge 2013, respectively. At December 31, 2015 and 2014, Bunge had monitors the Brazilian federal and state governments’ approximately $16 million and $75 million of receivables from responses to recent Brazilian Supreme Court decisions these ventures included in trade accounts receivable in the invalidating on constitutional grounds certain ICMS incentives consolidated balance sheets as of those dates. In addition, at and benefits granted by various states. While Bunge was not a December 31, 2015 and 2014, Bunge had approximately recipient of any of the incentives and benefits that were the $25 million and $73 million of payables to these ventures subject of these Supreme Court decisions, it has received other included in trade accounts payable in the consolidated balance similar tax incentives and benefits. Bunge has not received any sheets as of those dates. tax assessment from the states that granted these incentives or In addition, Bunge provided services during the years ended benefits related to their validity and, based on the Company’s December 31, 2015, 2014 and 2013, to its unconsolidated evaluation of this matter as required by U.S. GAAP, no liability ventures totaling $106 million, $111 million and $81 million, has been recorded in the consolidated financial statements. respectively, for services including primarily tolling and On February 13, 2015, Brazil’s Supreme Federal Court ruled in a administrative support. Bunge believes all of these transaction leading case that certain state ICMS tax credits for staple values are similar to those that would be conducted with third foods (including soy oil, margarine, mayonnaise and wheat parties. flours) are unconstitutional. Bunge, like other companies in the Brazilian food industry, is involved in several administrative and 21. COMMITMENTS AND CONTINGENCIES judicial disputes with Brazilian states regarding these tax credits. While the leading case does not involve Bunge and Bunge is party to a large number of claims and lawsuits, each case is unique in facts and circumstances and applicable primarily tax and labor claims in Brazil and tax claims in state law, the ruling has general precedent authority on lower Argentina, arising in the normal course of business. The ability court cases. Based on management’s review of the ruling to predict the ultimate outcome of such matters involves (without considering the future success of any potential judgments, estimates and inherent uncertainties. Bunge clarification or modulation of the ruling) and its general records liabilities related to its general claims and lawsuits application to Bunge’s pending cases, management recorded a when the exposure item becomes probable and can be liability of 468 million Brazilian reais (approximately $120 million reasonably estimated. Bunge management does not expect and $177 million as of December 31, 2015 and 2014, these matters to have a material adverse effect on Bunge’s respectively), plus applicable interest. Management intends to financial condition, results of operations or liquidity. However, continue to vigorously defend against its pending state cases. F-36 2015 Bunge Annual Report

 BUNGE LIMITED AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 21. COMMITMENTS AND CONTINGENCIES (Continued) During the first quarter of 2016, Bunge received a notice from the Brazilian Administrative Council for Economic Defense During the year, Bunge’s Brazilian subsidiaries received in initiating an administrative proceeding against its Brazilian excess of 150 ICMS assessments which ranged from less than subsidiary and two of its employees, certain of its former 10 Brazilian reais to 70 million Brazilian reais (approximately employees, several other companies in the Brazilian wheat $18 million). In May 2014, the Brazilian tax authorities milling industry and others for alleged anticompetitive activities concluded an examination of the ICMS tax returns of one of in the north and northeast of Brazil. Bunge intends to defend Bunge’s sugar milling subsidiaries for the years 2010 through against this action; however, the proceedings are at an early 2011 and proposed adjustments totaling approximately stage and Bunge cannot, at this time, reasonably predict the 45 million Brazilian reais (approximately $12 million as of ultimate outcome of the proceedings or sanctions, if any, which December 31, 2015), plus applicable interest and penalties on may be imposed. the outstanding amount. Management, in consultation with external legal advisors, has determined that no reserves are Guarantees – Bunge has issued or was a party to the following required. guarantees at December 31, 2015: As of December 31, 2015 the Brazilian authorities have MAXIMUM concluded examinations of the PIS COFINS tax returns and POTENTIAL FUTURE issued assessments relating to years 2004 through 2010. As of (US$ in millions) PAYMENTS December 31, 2015, the cumulative claims for 2004 through Unconsolidated affiliates financing(1) $ 75 2010 were approximately 500 million Brazilian reais Residual value guarantee(2) 154 (approximately $128 million), plus applicable interest and penalties on the outstanding amount. As of December 31, Total $229 2014, the claims for 2004-2007, 2008 and 2009 were approximately 430 million Brazilian reais (approximately (1) Bunge issued guarantees to certain financial institutions related to debt of certain of $110 million as of December 31, 2015), plus applicable interest its unconsolidated joint ventures. The terms of the guarantees are equal to the terms of the related financings which have maturity dates in 2016 through 2022. There are no and penalties on the outstanding amount. Management, in recourse provisions or collateral that would enable Bunge to recover any amounts paid consultation with external legal advisors, has established under these guarantees. At December 31, 2015, Bunge had no outstanding recorded appropriate reserves for potential exposures. obligation related to these guarantees. (2) Bunge issued guarantees to certain financial institutions which are party to certain Since 2010, the Argentine tax authorities have been conducting operating lease arrangements for railcars and barges. These guarantees provide for a a review of income and other taxes paid by exporters and minimum residual value to be received by the lessor at conclusion of the lease term. processors of cereals and other agricultural commodities in the These leases expire at various dates from 2016 through 2020. At December 31, 2015, country. In that regard, the Company has been subject to a Bunge’s recorded obligation related to these guarantees was $5 million. number of assessments, proceedings and claims related to its activities. In 2011, Bunge’s subsidiary in Argentina paid In addition, Bunge Limited has provided full and unconditional $112 million of accrued export tax obligations under protest parent level guarantees of the outstanding indebtedness under and preserved its rights with respect to such payment. In 2012, certain credit facilities entered into and senior notes issued by, the Argentine tax authorities further assessed interest on these its subsidiaries. At December 31, 2015, Bunge’s consolidated payments, which as of December 31, 2015, totaled balance sheet includes debt with a carrying amount of approximately $205 million. In 2012, the Argentine government $4,081 million related to these guarantees. This debt includes suspended Bunge’s Argentine subsidiary from a registry of the senior notes issued by two of Bunge’s 100% owned finance grain traders. While the suspension has not had a material subsidiaries, Bunge Limited Finance Corp. and Bunge N.A. adverse effect on Bunge’s business in Argentina, these actions Finance L.P. There are no significant restrictions on the ability have resulted in additional administrative requirements and of Bunge Limited Finance Corp., Bunge N.A. Finance L.P. or increased logistical costs on domestic grain shipments within any other Bunge subsidiary to transfer funds to Bunge Limited. Argentina. Bunge is challenging these actions in the Argentine Freight Supply Agreements – In the ordinary course of business, courts. Bunge enters into time charter agreements for the use of Labor claims – The labor claims are principally claims against ocean freight vessels and freight service on railroad lines for Bunge’s Brazilian subsidiaries. The labor claims primarily relate the purpose of transporting agricultural commodities. In to dismissals, severance, health and safety, salary adjustments addition, Bunge sells the right to use these ocean freight and supplementary retirement benefits. vessels when excess freight capacity is available. These agreements generally range from two months to approximately Civil and other – The civil and other claims relate to various seven years, in the case of ocean freight vessels, depending on disputes with third parties, including suppliers and customers. market conditions, and 5 to 17 years in the case of railroad 2015 Bunge Annual Report F-37

 BUNGE LIMITED AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 21. COMMITMENTS AND CONTINGENCIES (Continued) shares for $100 million under this program during the third quarter ended September 30, 2015. Bunge completed the services. Future minimum payment obligations due under these previous program of $975 million during the first quarter of agreements are as follows: 2015 with the repurchase of 2,460,600 common shares for $200 million. FUTURE OCEAN FREIGHT RAILROAD MINIMUM PAYMENT Cumulative Convertible Perpetual Preference Shares – Bunge has (US$ in millions) VESSELS SERVICES OBLIGATIONS 6,900,000, 4.875% cumulative convertible perpetual preference shares (convertible preference shares), par value $0.01 2016 $ 89 $ 60 $149 outstanding at December 31, 2015. Each convertible preference 2017 and 2018 115 59 174 share has an initial liquidation preference of $100 per share 2019 and 2020 93 56 149 plus accumulated unpaid dividends up to a maximum of an 2021 and thereafter 85 165 250 additional $25 per share. As a result of adjustments made to Total $382 $340 $722 the initial conversion price because cash dividends paid on Bunge Limited’s common shares exceeded certain specified thresholds, each convertible preference share is convertible at Actual amounts paid under these contracts may differ due to any time at the holder’s option into approximately 1.1331 the variable components of these agreements and the amount common shares based on a conversion price of $88.2501 per of income earned on the sales of excess capacity. The convertible preference share, subject in each case to certain agreements for the freight service on railroad lines require a specified anti-dilution adjustments (which represents 7,818,390 minimum monthly payment regardless of the actual level of Bunge Limited common shares at December 31, 2015). freight services used by Bunge. The costs of Bunge’s freight supply agreements are typically passed through to the At any time on or after December 1, 2011, if the closing market customers as a component of the prices charged for its price of Bunge’s common shares equals or exceeds 130% of products. the conversion price of the convertible preference shares, for 20 trading days within any period of 30 consecutive trading Also in the ordinary course of business, Bunge enters into relet days (including the last trading day of such period), Bunge agreements related to ocean freight vessels. Such relet may elect to cause all outstanding convertible preference agreements are similar to sub-leases. Bunge received shares to be automatically converted into the number of approximately $39 million during the year ended December 31, common shares that are issuable at the conversion price. The 2015 and expects to receive payments of approximately convertible preference shares are not redeemable by Bunge at $6 million in 2016 and $3 million in 2017 under such relet any time. agreements. The convertible preference shares accrue dividends at an Commitments – At December 31, 2015, Bunge had annual rate of 4.875%. Dividends are cumulative from the date approximately $5 million of purchase commitments related to of issuance and are payable, quarterly in arrears, on each its inventories, $81 million of power supply contracts and March 1, June 1, September 1 and December 1, commencing $177 million of contractual commitments related to construction on March 1, 2007, when, as and if declared by Bunge’s Board in progress. of Directors. The dividends may be paid in cash, common shares or a combination thereof. Accumulated but unpaid 22. EQUITY dividends on the convertible preference shares will not bear interest. In each of the years ended December 31, 2015, 2014 Share Repurchase Program – In May 2015, Bunge established a and 2013, Bunge recorded $34 million of dividends on its new program for the repurchase of up to $500 million of convertible preference shares. Bunge’s issued and outstanding common shares. The program has no expiration date. Bunge repurchased 1,411,210 common F-38 2015 Bunge Annual Report

 BUNGE LIMITED AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 22. EQUITY (Continued) Accumulated Other Comprehensive Income (Loss) Attributable to Bunge – The following table summarizes the balances of related after-tax components of accumulated other comprehensive income (loss) attributable to Bunge: PENSION FOREIGN DEFERRED AND OTHER UNREALIZED ACCUMULATED EXCHANGE GAINS (LOSSES) POSTRETIREMENT GAINS (LOSSES) OTHER TRANSLATION ON HEDGING LIABILITY ON COMPREHENSIVE (US$ in millions) ADJUSTMENT(1) ACTIVITIES ADJUSTMENTS INVESTMENTS INCOME (LOSS) Balance January 1, 2013 $ (1,265) $ 3 $ (157) $ 9 $ (1,410) Other comprehensive income (loss) before reclassifications (1,217) - 68 5 (1,144) Amount reclassified from accumulated other comprehensive income (4) (25) 20 (9) (18) Net-current period other comprehensive income (loss) (1,221) (25) 88 (4) (1,162) Balance, December 31, 2013 (2,486) $ (22) (69) 5 (2,572) Other comprehensive income (loss) before reclassifications (1,411) 21 (90) (2) (1,482) Amount reclassified from accumulated other comprehensive income (loss) - (9) 5 - (4) Net-current period other comprehensive income (loss) (1,411) 12 (85) (2) (1,486) Balance, December 31, 2014 (3,897) $ (10) (154) 3 (4,058) Other comprehensive income (loss) before reclassifications (2,546) 147 7 - (2,392) Amount reclassified from accumulated other comprehensive income (loss) - 77 13 - 90 Net-current period other comprehensive income (loss) (2,546) 224 20 - (2,302) Balance, December 31, 2015 $(6,443) $214 $(134) $ 3 $(6,360) (1) Bunge has significant operating subsidiaries in Brazil, Argentina, North America, Europe and Asia-Pacific. The functional currency of Bunge’s subsidiaries is the local currency. The assets and liabilities of these subsidiaries are translated into U.S. dollars from local currency at month-end exchange rates, and the resulting foreign exchange translation gains (losses) are recorded in the consolidated balance sheets as a component of accumulated other comprehensive income (loss). 23. EARNINGS PER COMMON SHARE and notes, if dilutive. The number of additional shares is calculated by assuming that outstanding stock options, except Basic earnings per share is computed by dividing net income those which are not dilutive, were exercised and that the available to Bunge common shareholders by the weighted- proceeds from such exercises were used to acquire common average number of common shares outstanding, excluding any shares at the average market price during the reporting period. dilutive effects of stock options, restricted stock unit awards, In addition, Bunge accounts for the effects of convertible convertible preference shares and convertible notes during the securities and convertible notes, using the if-converted method. reporting period. Diluted earnings per share is computed Under this method, the convertible securities and convertible similar to basic earnings per share, except that the weighted- notes are assumed to be converted and the related dividend or average number of common shares outstanding is increased to interest expense, net of tax, is added back to earnings, if include additional shares from the assumed exercise of stock dilutive. options, restricted stock unit awards and convertible securities 2015 Bunge Annual Report F-39

 BUNGE LIMITED AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 23. EARNINGS PER COMMON SHARE (Continued) (2) The weighted-average common shares outstanding-diluted excludes approximately 3 million, 2 million and 3 million stock options and contingently issuable restricted stock The following table sets forth the computation of basic and units, which were not dilutive and not included in the computation of earnings per share for the years ended December 31, 2015, 2014 and 2013, respectively. diluted earnings per common share: (3) Weighted-average common share outstanding-diluted for the years ended (US$ in millions, except for YEAR ENDED DECEMBER 31, December 31, 2014 and 2013 excludes approximately 8 million weighted-average common shares that are issuable upon conversion of the convertible preference shares that were share data) 2015 2014 2013 not dilutive and not included in the weighted-average number of common shares Income from continuing outstanding. operations $ 755 $ 485 $ 110 Net (income) loss attributable 24. SHARE-BASED COMPENSATION to noncontrolling interests 1 (2) 99 Income (loss) from continuing For the years ended December 31, 2015, 2014 and 2013, Bunge operations attributable to Bunge 756 483 209 recognized approximately $46 million, $49 million and $53 million, respectively, of total compensation expense for Other redeemable obligations(1) (19) (14) (42) awards classified as equity awards related to its stock option Convertible preference share and restricted stock unit awards in additional paid-in capital. dividends (34) (34) (34) Income (loss) from Bunge grants equity awards under the 2009 Equity Incentive discontinued operations, net Plan (the ‘‘2009 EIP’’), a shareholder approved plan. Under the of tax 35 32 97 2009 EIP, the Compensation Committee of Bunge’s Board of Net income (loss) available to Directors may grant equity based awards to officers, Bunge common shareholders $ 738 $ 467 $ 230 employees, consultants and independent contractors in the Weighted-average number of form of stock options, restricted stock units (performance common shares based or time-vested) or other equity based awards. The 2009 outstanding: EIP replaced the Bunge Limited Equity Incentive Plan, under Basic 143,671,546 146,209,508 147,204,082 which no further awards may be granted. Share requirements Effect of dilutive shares: may be met from unissued, treasury and/or shares purchased — stock options and awards(2) 749,031 1,021,270 1,053,227 on the open market or through private purchase. — convertible preference shares(3) 7,818,390 - - (i) Stock Option Awards – Options to purchase Bunge Limited Diluted 152,238,967 147,230,778 148,257,309 common shares are granted with an exercise price equal to the Basic earnings per common grant date fair market value of Bunge common stock, vest over share: service periods that generally range from one to three years, Net income (loss) from and expire 10 years from the date of grant. Vesting may be continuing operations $ 4.90 $ 2.98 $ 0.91 accelerated in certain circumstances as provided in the Equity Net income (loss) from Incentive Plan and the 2009 EIP. Compensation expense is discontinued operations 0.24 0.22 0.66 recognized for option grants beginning in 2006 on a Net income (loss) to Bunge straight-line basis and for options granted prior to 2006, common shareholders - basic $ 5.14 $ 3.20 $ 1.57 compensation expense is recognized on an accelerated basis over the vesting period of each grant. Diluted earnings per common share: (ii) Restricted Stock Units – Restricted stock units (‘‘RSUs’’) give Net income (loss) from recipients the right to receive shares of Bunge common stock continuing operations $ 4.84 $ 2.96 $ 0.90 upon the lapse of related restrictions determined by the Net income (loss) from discontinued operations 0.23 0.21 0.65 Compensation Committee. Restrictions on RSUs may be based on continued service by the recipient through the designated Net income (loss) to Bunge common shareholders - term and/or based on the achievement of certain performance diluted $ 5.07 $ 3.17 $ 1.55 targets. These targets may be financial or market-based, and the number of units actually earned varies based on the level (1) Accretion of redeemable noncontrolling interest of $19 million, $14 million and of achievement of predefined goals. RSUs vest in various $42 million for the years ended December 31, 2015, 2014 and 2013, respectively, relates increments and at various dates, generally over periods ranging to a non-fair value variable put arrangement whereby the noncontrolling interest holder from one to five years. Vesting may be accelerated under may require Bunge to purchase the remaining shares of an oilseed processing operation certain circumstances as defined in the 2009 EIP or associate in Central and Eastern Europe. Accretion for the respective periods includes the effect of Award Agreements. RSUs are generally settled in shares of losses incurred by the operations for the years ended December 31, 2015, 2014 and 2013, Bunge common stock upon satisfaction of the applicable respectively. F-40 2015 Bunge Annual Report

 BUNGE LIMITED AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 24. SHARE-BASED COMPENSATION (Continued) contractual terms, vesting periods and expectations of future employee behavior. The risk-free interest rate is based on U.S. vesting terms. Where share settlement may be prohibited under Treasury zero-coupon bonds with a term equal to the expected local law, RSUs are settled in cash. At the time of settlement, a option term of the respective grants and grant dates. participant holding a vested restricted stock unit will also be entitled to receive corresponding dividend equivalent share DECEMBER 31, payments. ASSUMPTIONS: 2015 2014 2013 Bunge has also established the Bunge Limited 2007 Expected option term (in years) 5.87 6.02 6.00 Non-Employee Directors’ Equity Incentive Plan (the ‘‘2007 Expected dividend yield 1.67% 1.51% 1.45% Directors’ Plan’’), a shareholder approved plan. Under the 2007 Expected volatility 27.47% 40.91% 43.23% Directors’ Plan, the compensation committee may grant equity Risk-free interest rate 1.73% 1.84% 1.01% based awards to non-employee directors of Bunge Limited. Awards may consist of restricted stock, restricted stock units, A summary of option activity under the plans for the year deferred restricted stock units and non-statutory stock options. ended December 31, 2015 is presented below (Aggregate The 2007 Directors’ Plan replaced the Non-Employee Directors intrinsic values in U.S. dollar millions): Equity Incentive Plan, under which no further awards may be granted. WEIGHTEDWEIGHTED- AVERAGE (i) Stock Option Awards – Options to purchase Bunge Limited AVERAGE REMAINING AGGREGATE common shares are granted with an exercise price equal to the EXERCISE CONTRACTUAL INTRINSIC grant date fair market value of Bunge Limited common stock. OPTIONS SHARES PRICE TERM (YEARS) VALUE Options expire ten years after the date of grant and generally vest and are generally exercisable on the third anniversary of Outstanding at the grant date. Vesting may be accelerated in certain January 1, 2015 4,533,492 $ 73.70 circumstances as provided in the 2007 Directors’ Plan. Granted 868,825 81.61 Exercised (455,612) 64.48 (ii) Restricted Stock Units – Restricted stock units granted to Forfeited or expired (151,034) 85.37 non-employee directors generally vest on the first anniversary Outstanding at of the grant date, provided the director continues to serve on December 31, 2015 4,795,671 $75.64 6.01 $ 7 the Board until such date, and are settled in Bunge Limited common stock. RSUs granted as part of our Chairman’s Exercisable at supplemental annual retainer vest on December 31 of the year December 31, 2015 3,249,937 $73.58 4.78 $ 7 of grant. At the time of payment, a participant holding a restricted stock unit or deferred restricted stock unit is also The weighted-average grant date fair value of options granted entitled to receive corresponding dividend equivalent share during the years ended December 31, 2015, 2014 and 2013 payments. was $19.36, $28.25 and $26.95, respectively. The total intrinsic value of options exercised during the years ended The fair value of each stock option granted under any of December 31, 2015, 2014 and 2013 was approximately Bunge’s equity incentive plans is estimated on the grant date $11 million, $34 million and $29 million, respectively. The excess using the Black-Scholes-Merton option-pricing model with the tax benefit classified as a financing cash flow was not assumptions noted in the following table. The expected significant for any of the periods presented. volatility of Bunge’s common shares is based on historical volatility calculated using the daily closing price of Bunge’s At December 31, 2015, $17 million of total unrecognized shares up to the grant date. Bunge uses historical employee compensation cost related to non-vested stock options granted exercise behavior for valuation purposes. The expected option under the Equity Incentive Plan is expected to be recognized term of granted options represents the period of time that the over the next two years. granted options are expected to be outstanding based on historical experience and giving consideration for the 2015 Bunge Annual Report F-41

 BUNGE LIMITED AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 24. SHARE-BASED COMPENSATION (Continued) non-cancelable operating leases with initial or remaining terms of one year or more at December 31, 2015 are as follows: A summary of activity under Bunge’s restricted stock unit plans MINIMUM for the year ended December 31, 2015 is presented below. LEASE (US$ in millions) PAYMENTS WEIGHTED- AVERAGE 2016 $ 133 GRANT-DATE 2017 102 RESTRICTED STOCK UNITS SHARES FAIR VALUE 2018 85 2019 65 Restricted stock units at January 1, 2015(1) 1,149,538 $74.49 2020 54 Granted 499,961 81.97 Thereafter 195 Vested/issued(2) (250,656) 72.07 Total $ 634 Forfeited/cancelled(2) (238,215) 70.32 Restricted stock units at December 31, 2015(1) 1,160,628 $79.16 Net rent expense under non-cancelable operating leases is as follows: (1) Excludes accrued unvested dividends, which are payable in shares upon vesting of Bunge’s common shares. YEAR ENDED (2) During the year ended December 31, 2015, Bunge issued 499,961 common shares, net DECEMBER 31, of common shares withheld to cover taxes, including related common shares representing (US$ in millions) 2015 2014 2013 accrued dividends, with a weighted-average fair value of $81.83 per share. During the year ended December 31, 2015, Bunge canceled approximately 205,351 shares related to Rent expense $182 $259 $204 performance-based restricted stock unit awards that did not vest due to Sublease income (6) (22) (23) non-achievement of performance targets and performance-based restricted stock unit Net rent expense $176 $237 $181 awards that were withheld to cover payment of employee related taxes. The fair value of RSU and performance based awards is In addition, Bunge enters into agricultural partnership determined based on the market value of the Company’s agreements for the production of sugarcane. These agreements shares on the grant date. The weighted-average grant date fair have an average remaining life of four years and cover value of restricted stock units granted during the years ended approximately 211,000 hectares of land under cultivation. December 31, 2015, 2014 and 2013 was $81.97, $79.26 and Amounts owed under these agreements are dependent on $74.40, respectively. several variables including the quantity of sugarcane produced per hectare, the total recoverable sugar (‘‘ATR’’) per ton of At December 31, 2015, there was approximately $41 million of sugarcane produced and the price for each kilogram of ATR as total unrecognized compensation cost related to restricted determined by Consecana, the S ˜ ao Paulo state sugarcane, stock units share-based compensation arrangements under the sugar and ethanol council. During the years ended 2009 EIP, the Equity Incentive Plan and the 2007 Non-Employee December 31, 2015, 2014 and 2013, Bunge made payments Directors’ Plan, which is expected to be recognized over the related to these agreements of $125 million, $162 million and next two years. The total fair value of restricted stock units $169 million, respectively. Of these amounts $75 million, vested during the year ended December 31, 2015 was $95 million and $107 million, respectively, were payments for approximately $20 million. advances on future production and $50 million, $67 million and $62 million, respectively, were included in cost of goods sold in Common Shares Reserved for Share-Based Awards. The 2007 the consolidated statements of income for the years ended Directors’ Plan and the 2009 EIP provide that 600,000 and December 31, 2015, 2014 and 2013, respectively. 10,000,000 common shares, respectively, are to be reserved for grants of stock options, stock awards and other awards under 26. SEGMENT INFORMATION the plans. At December 31, 2015, 235,321 and 2,385,479 common shares were available for future grants under the Bunge has five reportable segments – Agribusiness, Edible Oil 2007 Directors’ Plan and the 2009 EIP, respectively. Products, Milling Products, Sugar and Bioenergy, and Fertilizer – which are organized based upon similar economic 25. LEASE COMMITMENTS characteristics and are similar in nature of products and services offered, the nature of production processes, the type Bunge routinely leases storage facilities, transportation and class of customer and distribution methods. The equipment and office facilities under operating leases. Future Agribusiness segment is characterized by both inputs and minimum lease payments by year and in the aggregate under outputs being agricultural commodities and thus high volume and low margin. The Edible Oil Products segment involves the F-42 2015 Bunge Annual Report

 BUNGE LIMITED AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 26. SEGMENT INFORMATION (Continued) the Fertilizer segment include its port operations in Brazil and Argentina and its blending and retail operations in Argentina. processing, production and marketing of products derived from vegetable oils. The Milling Products segment involves the The ‘‘Discontinued Operations & Unallocated’’ column in the processing, production and marketing of products derived following table contains the reconciliation between the totals primarily from wheat and corn. The Sugar and Bioenergy for reportable segments and Bunge consolidated totals, which segment involves sugarcane growing and milling in Brazil, consist primarily of amounts attributable to discontinued sugar merchandising in various countries, as well as operations, corporate items not allocated to the operating sugarcane-based ethanol production and corn-based ethanol segments and inter-segment eliminations. Transfers between investments and related activities. Following the classification the segments are generally valued at market. The revenues of the Brazilian fertilizer distribution and North American generated from these transfers are shown in the following fertilizer businesses as discontinued operations, the activities of table as ‘‘Inter-segment revenues’’ segments. EDIBLE DISCONTINUED OIL MILLING SUGAR AND OPERATIONS & (US$ in millions) AGRIBUSINESS PRODUCTS PRODUCTS BIOENERGY FERTILIZER UNALLOCATED TOTAL 2015 Net sales to external customers$31,267 $6,698 $1,609 $3,495 $386 $ - $43,455 Inter-segment revenues3,499 178 37 12 - (3,726) - Gross profit 1,858 404 237 164 30 - 2,693 Foreign exchange gains (losses). 67 - (8) (68) 1 - (8) Noncontrolling interests(1) . (9) (8) - - (1) 19 1 Other income (expense) - net. (3) 4 (3) (15) (1) - (18) Segment EBIT(3) 1,108 59 103 (27) 5 - 1,248 Discontinued operations(2) . - - - - - 35 35 Depreciation, depletion and amortization (234) (90) (46) (160) (15) - (545) Investments in affiliates 249 - - 80 - - 329 Total assets 11,840 1,963 1,343 2,318 299 159 17,922 Capital expenditures.. 359 63 60 125 17 25 649 2014 Net sales to external customers$ 42,109 $ 7,972 $ 2,064 $ 4,542 $ 474 $ - $ 57,161 Inter-segment revenues3,510 161 88 - - (3,759) - Gross profit 1,742 548 311 (41) 61 - 2,621 Foreign exchange gains (losses). 39 (4) (8) 19 1 - 47 Noncontrolling interests(1) . (23) (9) - (1) (5) 36 (2) Other income (expense) – net. 8 5 (4) 10 (2) - 17 Segment EBIT.. 890 58 131 (168) 45 - 956 Discontinued operations(2) . - - - - - 32 32 Depreciation, depletion and amortization (240) (96) (47) (208) (16) - (607) Investments in affiliates 178 - - 116 - - 294 Total assets 14,275 2,235 1,174 3,143 356 249 21,432 Capital expenditures.. 411 95 103 193 16 21 839 2013 Net sales to external customers$ 45,507 $ 9,165 $ 2,012 $ 4,215 $ 448 $ - $ 61,347 Inter-segment revenues4,978 138 9 61 3 (5,189) - Gross profit 1,797 540 262 92 69 - 2,760 Foreign exchange gains (losses). 41 5 (1) 3 5 - 53 Noncontrolling interests(1) . 31 (7) - 9 (5) 71 99 Other income (expense) – net. (2) 10 2 - 34 - 44 Segment EBIT.. 1,032 163 125 (60) 69 - 1,329 Discontinued operations(2) . - - - - - 97 97 Depreciation, depletion and amortization (240) (99) (28) (184) (17) - (568) Investments in affiliates 185 - - 56 - - 241 Total assets 18,898 2,420 1,242 3,512 353 356 26,781 Capital expenditures.. 395 146 56 346 23 76 1,042 (1) Includes the noncontrolling interests’ share of interest and tax to reconcile to consolidated noncontrolling interests. (2) Represents net income (loss) from discontinued operations. (3) In addition, Bunge recorded pre-tax impairment charges of $57 million, of which $15 million, $14 million and $13 million are included in cost of goods sold, selling, general and administrative expenses and goodwill impairment, respectively primarily related to the announced closure of an oil packaging plant in the United States, the impairment of an equity method investment in a freight shipping company in Europe, and a pre-tax goodwill impairment charge related to the tomato products business in Brazil. Of these pre-tax impairment charges, $14 million was allocated to the Agribusiness segment and $28 million was allocated to the Edible Oil segment. 2015 Bunge Annual Report F-43

 BUNGE LIMITED AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 26. SEGMENT INFORMATION (Continued) Geographic area information for net sales to external customers, determined based on the location of the subsidiary Total segment earnings before interest and taxes (‘‘EBIT’’) is an making the sale, and long-lived assets follows: operating performance measure used by Bunge’s management to evaluate segment operating activities. Bunge’s management YEAR ENDED DECEMBER 31, believes total segment EBIT is a useful measure of operating (US$ in millions) 2015 2014 2013 profitability, since the measure allows for an evaluation of the performance of its segments without regard to its financing Net sales to external customers: methods or capital structure. In addition, EBIT is a financial Europe $14,346 $18,234 $19,821 measure that is widely used by analysts and investors in United States 10,256 12,199 12,764 Bunge’s industries. Brazil 6,117 10,422 9,679 Asia-Pacific 8,680 10,932 12,516 A reconciliation of total segment EBIT to net income Argentina 1,490 1,857 2,609 attributable to Bunge follows: Canada 1,245 1,784 2,220 Rest of world 1,321 1,733 1,738 YEAR ENDED DECEMBER 31, Total $43,455 $57,161 $61,347 (US$ in millions) 2015 2014 2013 Total segment EBIT from continuing YEAR ENDED DECEMBER 31, operations $1,248 $ 956 $1,329 (US$ in millions) 2015 2014 2013 Interest income 43 87 76 Interest expense (258) (347) (363) Long-lived assets(1): Income tax (expense) benefit (296) (249) (904) Europe $1,074 $1,181 $1,301 Income (loss) from discontinued United States 1,130 1,022 965 operations, net of tax 35 32 97 Brazil 2,086 2,711 3,145 Noncontrolling interests’ share of interest Asia-Pacific 558 572 565 and tax 19 36 71 Argentina 204 257 248 Canada 400 347 316 Net income attributable to Bunge $ 791 $ 515 $ 306 Rest of world 377 480 540 Total $5,829 $6,570 $7,080 Net sales by product group to external customers were as follows: (1) Long-lived assets include property, plant and equipment, net, goodwill and other intangible assets, net, investments in affiliates and non-current assets held for sale. YEAR ENDED DECEMBER 31, (US$ in millions) 2015 2014 2013 Agricultural Commodity Products $31,267 $ 42,109 $ 45,507 Edible Oil Products 6,698 7,972 9,165 Wheat Milling Products 1,054 1,462 1,226 Corn Milling Products 555 602 786 Sugar and Bioenergy Products 3,495 4,542 4,215 Fertilizer Products 386 474 448 Total $43,455 $ 57,161 $ 61,347 F-44 2015 Bunge Annual Report

 BUNGE LIMITED AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 27. QUARTERLY FINANCIAL INFORMATION (UNAUDITED) QUARTER (US$ in millions, except per share data) FIRST SECOND THIRD FOURTH YEAR END 2015 Net sales . $ 10,806 $ 10,782 $ 10,762 $ 11,105 $ 43,455 Gross profit 710 535 745 703 2,693 Income (loss) from discontinued operations, net of tax 14 1 21 (1) 35 Net income (loss) . 260 93 234 203 790 Net income (loss) attributable to Bunge. 263 86 239 203 791 Earnings per common share - basic(1) Net income (loss) . $ 1.79 $ 0.65 $ 1.63 $ 1.42 $ 5.50 Net income (loss) from continuing operations . $ 1.61 $ 0.50 $ 1.45 $ 1.33 $ 4.90 Net income (loss) from discontinued operations. . 0.10 0.01 0.14 (0.01) 0.24 Net income (loss) to Bunge common shareholders$ 1.71 $ 0.51 $ 1.59 $ 1.32 $ 5.14 Earnings per common share – diluted(1) Net income (loss) . $ 1.69 $ 0.64 $ 1.54 $ 1.35 $ 5.19 Net income (loss) from continuing operations . $ 1.58 $ 0.50 $ 1.42 $ 1.31 $ 4.84 Net income (loss) from discontinued operations. . 0.09 - 0.14 (0.01) 0.23 Net income (loss) to Bunge common shareholders$ 1.67 $ 0.50 $ 1.56 $ 1.30 $ 5.07 Weighted-average number of shares: Weighted-average number of shares outstanding – basic. 145,164,587 143,726,689 143,361,057 142,466,906 143,671,546 Weighted-average number of shares outstanding – diluted153,817,713 144,626,753 151,794,399 150,744,716 152,238,967 Market price: High$ 92.31 $ 92.85 $ 89.86 $ 79.41 Low.$ 78.50 $ 83.16 $ 68.94 $ 61.81 2014 Net sales . $ 13,461 $ 16,793 $ 13,676 $ 13,231 $ 57,161 Gross profit 414 793 719 695 2,621 Income (loss) from discontinued operations, net of tax (5) 15 27 (5) 32 Net income (loss) . (19) 277 304 (45) 517 Net income (loss) attributable to Bunge. (13) 288 294 (54) 515 Earnings per common share – basic(1) Net income (loss) . $ (0.13) $ 1.89 $ 2.09 $ (0.31) $ 3.54 Net income (loss) from continuing operations . $ (0.15) $ 1.75 $ 1.77 $ (0.39) $ 2.98 Net income (loss) from discontinued operations. . (0.03) 0.10 0.19 (0.04) 0.22 Net income (loss) to Bunge common shareholders$ (0.18) $ 1.85 $ 1.96 $ (0.43) $ 3.20 Earnings per common share – diluted(1) Net income (loss) . $ (0.13) $ 1.79 $ 1.97 $ (0.31) $ 3.51 Net income (loss) from continuing operations . $ (0.15) $ 1.71 $ 1.73 $ (0.39) $ 2.96 Net income (loss) from discontinued operations. . (0.03) 0.10 0.17 (0.04) 0.21 Net income (loss) to Bunge common shareholders$ (0.18) $ 1.81 $ 1.90 $ (0.43) $ 3.17 Weighted-average number of shares: Weighted-average number of shares outstanding – basic. 147,497,638 146,477,301 145,528,313 145,365,696 146,209,508 Weighted-average number of shares outstanding – diluted147,497,638 155,039,427 154,189,825 145,365,696 147,230,778 Market price: High$ 81.92 $ 81.38 $ 86.36 $ 92.91 Low.$ 73.51 $ 74.68 $ 73.54 $ 80.97 (1) Earnings per share to Bunge common shareholders for both basic and diluted is computed independently for each period presented. As a result, the sum of the quarterly earnings per share for the years ended December 31, 2015 and 2014 does not equal the total computed for the year. 2015 Bunge Annual Report F-45

 BUNGE LIMITED AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. BUNGE LIMITED Dated: February 25, 2016 By: /s/ ANDREW J. BURKE Andrew J. Burke Chief Financial Officer Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. February 25, 2016 By: /s/ SOREN SCHRODER Soren Schroder Chief Executive Officer February 25, 2016 By: /s/ ANDREW J. BURKE Andrew J. Burke Chief Financial Officer February 25, 2016 By: /s/ J. MATT SIMMONS, JR. J. Matt Simmons, Jr. Controller and Principal Accounting Officer February 25, 2016 By: /s/ ERNEST G. BACHRACH Ernest G. Bachrach Director February 25, 2016 By: /s/ ENRIQUE H. BOILINI Enrique H. Boilini Director February 25, 2016 By: /s/ CAROL M. BROWNER Carol M. Browner Director February 25, 2016 By: /s/ PAUL CORNET DE WAYS-RUART Paul Cornet De Ways-Ruart Director February 25, 2016 By: /s/ BERNARD DE LA TOUR D’AUVERGNE LAURAGUAIS Bernard de La Tour d’Auvergne Lauraguais Director 2015 Bunge Annual Report S-1

 February 25, 2016 By: /s/ WILLIAM ENGELS William Engels Director February 25, 2016 By: /s/ ANDREW FERRIER Andrew Ferrier Director February 25, 2016 By: /s/ KATHLEEN HYLE Kathleen Hyle Director February 25, 2016 By: /s/ JOHN E. MCGLADE John E. McGlade Director February 25, 2016 By: /s/ L. PATRICK LUPO L. Patrick Lupo Director and Chairman of the Board of Directors S-2 2015 Bunge Annual Report

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 26MAR200813571231 Corporate Office Bunge Limited 50 Main Street White Plains, NY 10606 U.S.A. 914-684-2800 Contact Information Corporate and Investor Relations 914-684-3476 Board of Directors L. Patrick Lupo, Chairman Ernest G. Bachrach Enrique H. Boilini Carol M. Browner Paul Cornet de Ways-Ruart Bernard de La Tour d’Auvergne Lauraguais William Engels Andrew Ferrier Kathleen Hyle John E. McGlade Soren Schroder, CEO, Bunge Limited Shareholder Website www.computershare.com/investor Investor Information Copies of the company’s annual report, filed with the Securities and Exchange Commission (SEC) on Form 10-K, and other SEC filings can be obtained free of charge on our website at www.bunge.com or by contacting our Investor Relations department. Stock Listing New York Stock Exchange Ticker Symbol: BG Transfer Agent Computershare, Inc. 480 Washington Boulevard Jersey City, NJ 07310-1900 U.S.A. U.S. Shareholders Toll-Free 800-851-9677 Shareholders Outside the U.S. 201-680-6578 TDD for Hearing-Impaired U.S. Shareholders 800-231-5469 TDD for Hearing-Impaired Shareholders Outside the U.S. 201-680-6610 Annual Meeting The annual meeting will be held on May 25, 2016, at 10:00 a.m. at the Sofitel Hotel, 45 West 44th Street, New York, NY 10036, U.S.A. See the proxy statement for additional information. Independent Auditors Deloitte & Touche LLP www.bunge.com

 Shareholder Information Design by Addison www.addison.com 50 Main Street White Plains, New York 10606 U.S.A. www.bunge.com Bunge 2015 Annual Report