Global Trade Receivables Securitization DACT Treasury Fair November 11, 2011 Steven Claassens, Bunge Corporate Treasury

Introduction Bunge 2

… With a 192-Year History 2010 2009 2008 2007 2005 2002 2001 1999 1998 1997 70s & 80s 1967 1945 1938 1918 1905 1884 1859 1818 Starts business in North America Relocates to Antwerp to trade commodities J.P.G. Bunge founds Bunge & Co. in Amsterdam Establishes operations in Argentina to trade grain Makes first export of soybeans from Brazil Enters Brazilian fertilizer market with purchase of Serrana Expands into Brazil and enters the wheat milling business Diversifies along the food production chain In Brazil, purchases soy processor Ceval and begins acquisition of new fertilizer brands Builds largest U.S. soybean crushing and refining plant Moves headquarters to U.S. and creates international marketing unit Goes public on NYSE and becomes Argentina’s leading agribusiness company Purchases Cereol to become the world’s largest soy processor Opens first soybean processing plant in China Purchases Santa Juliana sugarcane mill in Brazil Builds first soy processing plant in U.S. Begins building an export terminal in the U.S. Pacific Northwest and a crushing plant in Vietnam In Brazil, sells fertilizer nutrients business and adds five new sugarcane mills with Moema purchase Purchases edible oils company Walter Rau in Germany 3

A Leading Global Agribusiness & Food Company Key Facts Long-Lived Assets ~ $ 7 bn Revenue 2010: $46 bn Market Capitalization: ~ $ 10 bn Rating: Baa2/BBB-/BBB Employees: ~32,000 Facilities: ~400 Countries of Operations: 30+ Agribusiness Sugar & Bioenergy Food & Ingredients Fertilizer Other Agribusiness Sugar & Bioenergy Food & Ingredients Fertilizer 4 4

Global Presence 5 5

Overview Global Trade Receivables Securitization 6

Objectives Alternative source of capital Funding at favorable rates Global & scalable program Enhanced operational efficiency

Alternative source of capital at favorable rates 5-year program, backed with 364-day liquidity facility Primary funding via bank-owned Commercial Paper Conduits Good momentum as conduits are eager to invest in trade receivables: Low-risk asset class Matching maturity with commercial paper (up to 60 days) Reciprocity: syndication with 4 core relationship banks All-in cost of fund 1M Libor ~ 115 bps (mainly depending CP Cost of Fund) No financial covenants, only wind down events 8

Global & scalable program Economies of scale resulting in higher funding capacity: Minimize excess country and obligor concentrations Scalability of the program: Add jurisdictions and currencies Scalability of facility amount: Absorb higher volume (organic growth, higher prices, acquisitions) In recent years, more countries have developed legal and regulatory framework to allow cross border securitization, however increasingly tax is used to narrow budget deficit gaps 9

Enhanced operational efficiency Replacement of three local securitizations and five factoring facilities in North America and Europe Centralized set-up, management and administration by Treasury Data-gathering, reporting and analysis outsourced to well-known service provider (Finacity) Cashless settlement via in-house bank One-off audit opinion for US GAAP off balance sheet treatment 10

Notable highlights Structure: US (5 originators), Canada, Spain, Portugal, Italy, Germany, Hungary Multi-currency facility: USD, CAD, EUR, HUF 26 eligible obligor jurisdictions Effective liquidity management by daily re-investment of collections Collections remain on Bunge’s bank accounts Trade receivable portfolio structured on an implied AA-rating Funding base can be affected by sales volumes, commodity prices, FX-volatility and country & obligor ratings Advance rate 85%-88% (aim was 80% or higher) 11

Structure & Implementation 12

Subordinated Loan (~ DPP + excess concentration) Structure Lead arranger: Rabobank Purchasers: Rabobank, Credit Agricole, HSBC, BNP Paribas Cash * Committed Purchaser Conduit Purchaser SPV Cash DPP 100% Sale of Receivables Servicing Fees Benefit Cash & DPP True sale of receivables Cash* Master Servicer Subordinated Lender Administrative Agent Principal + interest Subordinated Loan (~ DPP + excess concentration) Funding (if no CP issued) DPP =Deferred Purchase Price (~ first loss reserve) Originators Intermediate Purchaser * Face value -/- discount 13

Monumental Coordination 11 Bunge Originators in 7 Jurisdictions Transaction Counsel IT resources Internal Legal Counsel (US and Europe) Internal & External Legal Counsels Bunge Treasury Rabobank London/NY Syndicate Banks Numerous Collection Account Banks in all Jurisdictions Collateral Audit Firm Internal Credit/Tax/Various Internal & External Tax Rating Agencies Internal Accounting & Control Finacity Auditors Finacity 14

Key considerations In-depth analysis (receivables portfolio, contracts, A/R & credit management, IT- systems, bank accounts) Communication & commitment: Dedicated project team (very different from RCF, bi-laterals etc.) Reasonable timelines and clear requirements for operating companies Structuring & Syndication: Selection of lead arranger Deal structuring with lead arranger only (use Top Tier law firms) Custom-made (structure to specific company needs / features) Early blue-print of Day-to-Day management: outsourcing, IT-support, data gathering, reporting / analysis, settlements 15

Next Steps – new countries to be added 16 16

Questions 17