Annual General Meeting MAY25, 2017 1 2017 ANNUAL GENERAL MEETING - PowerPoint PPT Presentation

Annual General Meeting MAY25, 2017 1 2017 ANNUAL GENERAL MEETING

Forward-looking statements Today’s presentation includes forward -looking statements that reflect Bunge’s current views with respect to future events, financial performance and industry conditions. These forward-looking statements are subject to various risks and uncertainties. Bunge has provided additional information in its reports on file with the SEC concerning factors that could cause actual results to differ materially from those contained in this presentation and encourages you to review these factors. 2 2017 ANNUAL GENERAL MEETING

Agenda  Performance  Strategy  Sustainability 3 2017 ANNUAL GENERAL MEETING

Stand for Safety Right Scorecard – stronger, better company since 2014 Balance Best in Class Winning Footprint Winning Stand for Right Best in Footprint Safety Balance Class  Returns-driven capital    Significant cost savings and Complete footprint Build a zero incident allocation operating efficiencies safety culture  NOLA port upgrade  Secured BBB credit rating  $345 million of improvements  Ukraine port & crush expansion  Core value - global engagement;  ~10% avg. dividend increase  Rio de Janeiro wheat mill upgrade 2014-2017f; ~$285 million to date family involvement  Repurchased $800m of shares  China rapeseed crush capacity  Toolbox talks exceeded 3 million   Total capex tracking ~$325m under Talent management  N. Europe soy crush acquisition worker touch-points 2015-2017 target  6,000+ leaders have taken  Strong alignment with pay &  Active M&A to improve portfolio  performance learning modules  Expand through partnership Grow value-added portfolio  Building strong bench  Brazil wheat milling – Pacifico  Western Canada grain JV   N.A. corn milling – Grupo Minsa*  Northern Brazil port JV Eliminate high potential  Sustainability  Europe Oils – Walter Rau Neusser &  Vietnam soy crush JV exposures  Deforestation, water, palm  Distribution partnerships Ana Gida  34% reduction in lost-time  U.S. Oils – Whole Harvest Foods  Transparency, governance  Optimize portfolio incidents  Argentina Oils – Aceita Martinez*  Never satisfied  U.S. grain  Sugar milling  China soy crush  EBIT and free cash flow positive & poised for additional improvement  Reduce exposure *Pending closing 4 2017 ANNUAL GENERAL MEETING

Improved returns Bunge Limited trailing 4Q average ROIC  Disciplined capital Adjusted for certain gains & charges management Adjusted for certain gains & charges and excludes Sugar & Bioenergy segment  Increased focus on costs, efficiency and 10.0% WACC =7% performance 8.6% 8.4% 8.3%  Alignment of long term • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • 7.4% 7.4% compensation 6.6% 5.8% 2013 2014 2015 2016 See appendix for reconciliation of ROIC. 5 2017 ANNUAL GENERAL MEETING

Consistent cash flow Adjusted Funds From Operations (Adjusted FFO) 1,2 $ billions 1.5 1.4 1.3 1.2 1.2 2012 2013 2014 2015 2016 1.Adjusted Funds From Operations is a non US GAAP measure. Reconciliation to the most directly comparable U.S. GAAP measure is provided in the appendix. Adjusted FFO = Cash flow from operations before working capital changes and before foreign exchange loss (gain) on debt. 2.Adjusted FFO includes adjustments for certain gains & charges 6 2017 ANNUAL GENERAL MEETING

2014 Weathered the downturn 2015 2016 Adjusted earnings per share (2014-2016)* Fertilizer Companies Chemical/Seed AG Processor Peers Bunge Index Companies Index Index Source: Capital IQ consensus normalized EPS expected; Agri industry includes ADM, Wilmar, Olam, AGT, GrainCorp, the Andersons, Kernel; Fert industry includes Agrium, Mosaic, CF, Potash, SDF, Israel Chem, Yara; Chem/Seed industry includes Monsanto, DuPont, Syngenta, Bayer, Mosaic, Adama, Dow, BASF, FMCl; 2016 Bunge reflects actual 7 2017 ANNUAL GENERAL MEETING

Confident in future growth as macro factors improve Bunge’s adjusted EPS $4.83 $4.67 $4.10 2015 (1) 2016 2017f Future 2014 (1) (1) See appendix of Finance presentation for reconciliation and additional information 8 2017 ANNUAL GENERAL MEETING

2017 Outlook Challenging start, but expect strong YoY earnings growth Agribusiness Food & Ingredients Sugar & Bioenergy  Expect EBIT in range of $245-265 million*  Expect EBIT in range of $800m - $925m  Expect EBIT in range of $100-120 million  Edible Oils expected to show strong YoY  Demand remains strong improvement, driven by stronger margins  Have hedged much of our 2017 sugar and volumes  Record SA soy and corn crops with over production at higher year-over-year 70% remaining to be priced  Expect margins in Brazil Milling to prices improve in second half as local wheat  Expect soy margins to increase as supply is consumed  Our cane yields and sugar content farmer selling picks up and customers developing well  Performance improvement initiatives replenish pipelines continuing to create leaner, more  Similar to past years, results will be efficient operations  Softseed crush in slow season, but seasonally weak until the second half  Results to be second half driven and second half outlook promising driven by weighted more toward Edible Oils expected large seed production and good vegetable oil demand  Results to be second half weighted  Fertilizer EBIT of ~$25 million 9 2017 ANNUAL GENERAL MEETING

Looking beyond 2017 – key Agribusiness-Foods value drivers Incremental EBIT opportunity $US million Global soy crush - utilization and margin expansion (1) $120 $200 Edible Oils & Milling (1)  increased value added $100 $125  key customer management Performance improvement benefits (2018-2020) $240 $260 Achieve ROIC in Agri-Foods of at least 9% (WACC + 2 points) (1) includes announced pending acquisitions 10 2017 ANNUAL GENERAL MEETING

Agenda  Performance  Strategy  Sustainability 11 2017 ANNUAL GENERAL MEETING

We have the ingredients for significant growth and sustainable value creation Talented and experienced team Focused on Winning Integrated Operational Aligned what we do global value chain excellence with trends best footprint approach 12 2017 ANNUAL GENERAL MEETING

Focused on what we do best – Oilseeds & Grains Soybean  The foundation of global food supply:  Canola 90%+ of the calories in commercial livestock rations come from feed grains & oilseed meals OILSEEDS Sunflower  40%-60% of human calories come from vegetable oils and grains VALUE CHAINS  Significant long term growth opportunity:  Experience and track record of success Wheat  Managing integrated value chain from farm to Corn GRAINS customer provides competitive advantage Rice 13 2017 ANNUAL GENERAL MEETING

Long term fundamentals are positive We have leading positions in the world’s fastest growing regions Net Exports Net Destination Imports (million metric tons) (million metric tons) 300 Asia Brazil 180 US 240 120 180 Middle East Argentina & Africa Black Sea 120 60 Mexico & Latin 60 - - 05/06 10/11 15/16 20/21 25/26 05/06 10/11 15/16 20/21 25/26 Exports grow robustly across all major origins Asia, and the Middle East and Latin America rely increasingly on imports to meet growing demand *Wheat, corn and soybeans Bunge Analysis 14 2017 ANNUAL GENERAL MEETING

Global growth in trade and crush will be robust World Trade of Corn, Wheat and Soy World Soy Crush MMT MMT 360 340 320 300 280 Increase by 260 Increase by ~80mmt ~180mmt 240 220 200 180 160 Source: Bunge analysis 15 2017 ANNUAL GENERAL MEETING

Crush demand growth will create improved margin economics Major Origins US+ARG+BRZ  We expect demand growth to outpace Seasonal Crush Utilization growth in soy crush capacity - Higher utilization of existing capacity - Increased crush margins to encouraged capacity expansion - To support new investments, margins should expand $3-5/mt off our expected 2017 levels Bunge Analysis 16 2017 ANNUAL GENERAL MEETING

Global footprint of integrated Agri-Food assets reduces volatility Grain origination/infrastructure Port terminal Oilseed processing plant Edible oil facility Grain milling facility 17 2017 ANNUAL GENERAL MEETING

We have been optimizing our industry leading Oilseed footprint  Continuation of Soy Strategy We are extending a strong position in soy - In 2006/07 , closed 4 plants in Spain processing in Europe and built 2 new state of the art port based facilities in Bilbao and Cartegena - Restructuring and modernizing Porto Corsini, Italy plant  New capacity makes us #1 Soy crusher in Europe  Expands distribution in NW Europe, the 2nd largest soymeal destination market Existing Bunge globally soy crush plants  Crushes GMO and Non-GMO beans New soy crush plants  Capture full chain synergies between Crush & Origination 18 2017 ANNUAL GENERAL MEETING