AAAC Outlook Conference

Chris Aucote

Bunge Australia

November 2013

Employees: ~35,000

Facilities: ~400

Countries of Operations: 40+

Key Facts

Agribusiness Sugar & Bioenergy Food & Ingredients

• A global leader in

oilseed processing

• A global leader in

grain and oilseed

marketing

• Leading producer of

oils, margarines &

industrial fats in the

Americas and Europe

• Growing oils position

in Asia

• Leading corn and

wheat miller in the

Americas

• 20 mmt sugarcane

milling capacity

producing sugar,

ethanol and electricity

• #2 in global trade and

distribution

Fertilizer

• Fertilizer blending/

distribution in Brazil

• Fertilizer operations

in Argentina and the

U.S.

• Joint venture with

OCP in Morocco

Long-Lived Assets

About Bunge … A Leading Global

Agribusiness & Food Company …

* Market Cap $US11.86B at 26 Nov 2013

35%

35%

17%

6% 6%

Agribusiness

Sugar & Bioenergy

Fertilizer

Food & Ingredients

Other

Bunge- a global food and agribusiness

company

Commenced business in 1818 in Amsterdam.

Significant business interests in grain and food assets worldwide.

Operating in Australia since 1923.

Flour mills/feed mills/piggeries/food business operated in

Victoria/NSW/Queensland.

In mid 1990’s business rationalised due to the heavily regulated grain

markets.

Deregulation of the grain markets in the mid to late 2000’s led to Bunge

being more actively involved in the market.

Key figures- Port Facility

$30-40M investment in rural and regional WA

50K upright storage

• 6x 8000mt

• 4x500mt

Road based intake system

Dual truck discharge pit

Automated truck sampling- 2 weighbridges

Truck staging area nearby

Fixed point shiploader loader

Loading rate 1000mt/hr

Berth to be shared with woodchip company

Bunbury construction November

WAPRES- Bunbury shiploader

Grain and oilseed markets

Wheat, barley and canola markets have been in downward trend

US corn market has been the primary bearish factor depressing

world grain markets….canola a different story….and currency.

12 month downtrend

12 month downtrend

Wheat- current situation World wheat carryout- unchanged 12/13 to 13/14>>>178mmt

Australian production ranges 24.5-25.5mmt

• Harvest progressing well

• Varied quality

• Strong export program 19-20mmt

Argentina

• 9mmt crop

• Exports to South American markets only

Canada crop at record 33.2mmt

• Large export program

• Quality good, limited downgrading, average protein

EU

• Large production 143mmt, but big export>>>small increase in c/out

Wheat continued

Black Sea

• Russian/Ukraine production lower than expected

• Exports front ended

• Values up $45 from harvest lows>>> priced at EU levels

• Flow in Asia… Bangladesh/Indonesia…now very slow

• 2014 planted area down>>>> but not a disaster

US

• The residual supplier of world wheat

• Stock reducing from 30% to 23%

• HRW( Kansas) carryout tight due to the increased Brazil flow

India

• 5-6mmt exports>>>>recent tenders prices not as cheap as thought

Wheat market drivers

Short term

• Demand-China/Brazil/Iran

• Australian crop size/quality and grower selling

• Indian tenders

• Final Argentine wheat crop

• US futures spec short

Long term

• Northern hemisphere crop development>>no issues at this point

• Major importer demand profile

• US corn stocks overhang the market… new crop plantings

• Grower selling

Canola

Market weighed down by record Canadian crop--- reports of up to

18mmt…Canadian STU ratio from 4% to 16%.

Australia 2nd biggest crop.

Demand for canola strong with China>>>global oil prices aligned

Short term

• Aussie canola now priced into Europe and China

• Strong grower selling in Australia

• Slow selling in Canada

Long term

• Tight world soybean situation

• 3 years of tightness

• Expanding oilseed production global oilseed production>>risk for

acreage.

Canola-market direction

Consolidating trend

UPSIDE??

Barley

Australia looking at largest crop in 7 years…8-9mmt

• Harvest progressing well- malt receivals are lower than expected

• Malt premiums starting to widen

• Export surplus of 4.5mmt

Argentine still a major competitor with potentially 2.8 mmt of

exports

Saudi demand well covered into 2014

China purchases are on track.

East coast feed demand

Overall depressed feed grain prices keep a lid on barley prices

Currency

THANKYOU