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					                                                                                MORGAN            STANLEY              RESEARCH
                                                                                NORTH          AMERICA


                                                                                Morgan Stanley & Co. Incorporated   Vincent Andrews
                                                                                                                    Vincent.Andrews@morganstanley.com
                                                                                                                    +1 (1)212 761 3293

                                                                                                                    Megan Davis
                                                                                                                    Megan.Davis@morganstanley.com
                                                                                                                    +1 (1)212 761 0031


                February 4, 2010


Stock Rating    Bunge Ltd.
Equal-weight

Industry View
                Too Early to Have Conviction
Attractive
                on 2010; Equal-Weight                                           Key Ratios and Statistics
                                                                                Reuters: BG.N Bloomberg: BG US
                                                                                Agricultural Products / United States of America
                Investment conclusion: We are maintaining our                   Price target                                                          NA
                Equal-weight rating following Bunge’s 4Q09 results that         Shr price, close (Feb 4, 2010)                                     $58.55
                fell well short of our expectation and recent peer              Mkt cap, curr (mm)                                                 $8,056
                performance (ADM, MOS). While Bunge is attractively             52-Week Range                                                $72.96-41.34
                valued on an absolute basis at 11x 2010 EPS and 1.1x
                tangible book value, so are ADM and many other                  Fiscal Year ending                     12/08   12/09e     12/10e     12/11e

                agriculture names. We remain on the sidelines as we             ModelWare EPS ($)                       6.76      1.65       5.25       5.50
                expect that both Bunge’s poor 4Q09 performance and              Prior ModelWare EPS ($)                    -      2.80       5.25       5.75
                overhang related to the potential use ~$2 billion of Vale       P/E                                      7.7      38.6       11.2       10.6
                                                                                Consensus EPS ($)§                      4.98      3.18       5.66       6.07
                proceeds to continue to weigh on investor confidence in
                                                                                Div yld (%)                              1.4       1.3        1.4        1.4
                the near-term. Improved visibility into 2010’s recovery         Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare
                                                                                framework (please see explanation later in this note).
                could pull the shares out of the penalty box, but we do         § = Consensus data is provided by FactSet Estimates.
                not expect such visibility until at least 1Q10 results at the   e = Morgan Stanley Research estimates

                end of April and even then questions will remain over the
                sustainability of current crush margins.                        Quarterly ModelWare EPS
                                                                                                                      2009e     2009e     2010e      2010e
                Too early to have conviction in Bunge’s $5.75-6.25              Quarter                     2008       Prior Current        Prior Current
                guidance. Although Bunge is arguably better                     Q1                           2.10          - (1.76)a             -      0.75
                positioned on a go-forward basis as: i) The worst is            Q2                           4.73          -   2.13a             -      1.50
                hopefully behind it; ii) 2010 should have a record              Q3                           0.95          -   1.62a             -      1.53
                soybean crop in Brazil where Bunge is over-indexed              Q4                         (1.83)       0.50 (0.59)              -      1.49
                                                                                e = Morgan Stanley Research estimates, a = Actual company reported data
                from a crushing perspective and; iii) The retail fertilizer
                price/COGS/demand relationship should normalize, we
                are keeping our 2010 EPS estimate at $5.25 for now (i.e.,
                new info today was merely that 4Q was well below
                expectations). Potential also exists for 1Q10
                agribusiness to be almost as sloppy as 4Q09 as South
                American assets will likely remain somewhat
                underutilized until the harvest is in full swing (March).

                Clarity on use of proceeds from Vale deal could be
                the next catalyst. Bunge believes that its net proceeds
                will be $3.5B after taxes and fees, and plans to use the
                proceeds to pay down $1-1.5B in debt, and use the               Morgan Stanley does and seeks to do business with
                remaining $2B to fund future M&A and/or accelerate              companies covered in Morgan Stanley Research. As
                CapEx projects. Current 2010 guidance assumes that              a result, investors should be aware that the firm may
                the $2B in remaining cash sits on BG’s balance sheet            have a conflict of interest that could affect the
                                                                                objectivity of Morgan Stanley Research. Investors
                earning interest at a money market rate (~1.5%).
                                                                                should consider Morgan Stanley Research as only a
                Depending on the specific terms, it is likely that M&A (or      single factor in making their investment decision.
                even a purchase of treasury bills) from here would be
                                                                                For analyst certification and other important
                accretive to our $5.25 estimate.                                disclosures, refer to the Disclosure Section,
                                                                                located at the end of this report.
                                                                                             MORGAN              STANLEY   RESEARCH

                                                                                             February 4, 2010
                                                                                             Bunge Ltd.




Risk-Reward Snapshot: Bunge (BG, $59, Equal-weight, Price Target NA)
Risk-Reward: Use of Proceeds Likely Drives the Stock from Here                                                        Investment Thesis
    $140
                                                                                                                      • Equal-weight. While Bunge is not
                                                                                                                        unattractively valued at 11-times 2010
      120                                                                                                               EPS, we expect shareholder turnover
                                                                                                                        from phosphate investors and use of
      100                                                                                                               proceeds uncertainty to leave the
                                                                                                                        stock range-bound in the near term
       80                                                                                          $80 (+37%)         • From a longer term perspective,
                                                                          $ 58.55                                       agribusiness fundamentals remain
                                                                                                    $63 (+8%)
       60                                                                                                               attractive: an expanding middle class
                                                                                                    $50 (-15%)
                                                                                                                        in the developing world and the
       40
                                                                                                                        resulting shift in dietary preferences
                                                                                                                        toward meat coupled with mandatory
       20
                                                                                                                        US biofuels blending (corn used for
       0
                                                                                                                        ethanol +180% by 2015) should keep
       Feb-08            Aug-08        Feb-09           Aug-09            Feb-10         Aug-10             Feb-11      commodity prices elevated and
            Base Case (Feb-11)            Historical Stock Performance              Current Stock Price                 incentivize increased fertilizer use.
 Price Target NA                                                                                                      • We now believe that Bunge can earn
                                                                                                                        $5.25 in EPS during 2010 – this
 Bull              13-times        I) Bunge redeploys the cash from the fertilizer transaction into
                                                                                                                        includes ~$0.25 from sugar (Moema
 Case              2010 bull       accretive or nearly accretive M&A. II) Protein meal and vegetable
 $80               case EPS of     oil demand grows >4%; III) South American soybean production                         acquisition) and excludes ~$1.00 from
                   $6.00           increases >30%; and IV) Crush margins fall to $0.70/bu in March.                     fertilizer. We believe that the
                                                                                                                        remaining fertilizer retail assets can
 Base              12-times        I) No near-term decisions made on redeployment of cash from                          earn $50-60 million in operating profit
 Case              2010 base       fertilizer transaction. II) Protein meal and vegetable oil demand
                                                                                                                        during a normal year.
 $63               case EPS of     grows ~4%; III) South American soybean production increases
                   $5.25           30%; and IV) Crush margins fall to $0.65/bu in late March.                         Potential Catalysts
 Bear              10.5-times      I) Bunge uses the proceeds from the fertilizer transaction entirely to             • Use of proceeds from the sale of the
 Case              2010 bear       pay off debt, funding potential M&A with equity. The transaction is                  fertilizer mining assets
 $50               case EPS of     entirely dilutive in 2010. II) South American soybean production                   • Brazilian fertilizer demand
                   $4.75           increases just 15%; and III) Crush margins fall below $0.60/bu in
                                                                                                                      • Bunge benefits from a strong dollar.
                                   late March.

2010 EPS: Uncertainty Around the Use of Fertilizer Proceeds
 $7
                                                                                     $0.50
 $6                                                                      $0.25
                                       $0.25                                                          $6.00
                           $0.25
 $5                                                    $5.25

 $4         $4.75


 $3
             Bear       Dilutive M&AAgribusiness        Base        Agribusiness Accretive                Bull
             Case                                       Case                       M&A                    Case

Source: Morgan Stanley Research




                                                                                                                                                             2
                                                                     MORGAN           STANLEY            RESEARCH

                                                                     February 4, 2010
                                                                     Bunge Ltd.




Investment Case
Bunge reported fourth quarter EPS of -$0.59 relative to our          Exhibit 1

$0.50 estimate and the consensus $0.90 estimate.                     2010 EPS Unchanged at $5.25
Reported EPS of -$0.21 included a $26 million charge related                                                          New     Prior
to asset impairments in real estate and biodiesel and a $66                                                          2010e    2010e
million gain in equity earnings of affiliates on the sale of its             FINANCIALS
edible oil JV in Saipol. For more details on Bunge’s results                 EPS                                      $5.25    $5.25
relative to our expectation, please see Exhibit 1.                           SG&A                                    $1,377   $1,355
                                                                             Net Interest Exp.                         $122    $147
Management guided to 2010 EPS of $5.75-$6.25, or slightly                    Tax Rate                                   20%      24%
above our $5.25 estimate (adjusted for the lower expected tax                SEGMENT INFORMATION
rate, our $5.25 estimate was in-line with the low end of                     Volume
guidance). It is unclear where consensus stood on 2010 given                 Agribusiness        123.2                          126.1
the recent announcement to sell the fertilizer nutrients                     Fertilizer            6.2                            6.2
business and to invest in sugar.                                             Edible oil products   5.9                            5.9
                                                                             Milling products      4.5                            4.5
Agribusiness was the clear underperformer during 4Q09 as                     Sugar                 9.7                            9.7
the South American assets posted a loss related to the short
                                                                             TOTAL               149.4                            0.0
supply of soybeans (gross profit was $308 million vs. our $490               Gross Profit
million expectation). Results also fell well short of ADM’s                  Agribusiness                            $1,477   $1,442
agribusiness results during the same period, which we believe                Fertilizer                                $172    $172
                                                                             Edible oil products                       $479    $444
is likely related to the difference in geographic positioning
                                                                             Milling products                          $184    $186
(Bunge is more indexed to South America than ADM) and
                                                                             Sugar                                     $229     $295
perhaps poor risk management.                                                TOTAL                                   $2,540   $2,539
                                                                     Source: Company data, Morgan Stanley Research
Fertilizer (now divested) also posted a greater than expected
loss during the quarter with gross profit of -$172 million vs. our
-$71 million expectation, likely a result of continued high sulfur
costs. However, higher volumes in the quarter reflected a
return to a more traditional seasonal sales pattern in which
Brazilian farmers purchase more of their fertilizer needs in the
second half of the year.

Milling gross profit was $40 million versus our $43 million
expectation and $49 in 4Q08. Higher corn milling results due to
increased volumes were offset by lower wheat milling margins
due to increased local competition as a result of a large
Brazilian wheat crop.

Edible oils reported gross profit of $138 million, which is $23
million higher than our $115 estimate, and a year-over-year
increase from 4Q08's $49 million. Margins were better in all
regions due to pricing, better product mix, and lower inventory
costs after a weak comp in the prior-year period.

Cash flow: Perhaps surprisingly, Bunge had positive
operating cash flow from operations during the quarter ($179
million) despite the rise in soybean prices from Sept. 30 – Dec
31. For the full year operating cash flow was -$368 million.




                                                                                                                                        3
                                                                    MORGAN           STANLEY             RESEARCH

                                                                    February 4, 2010
                                                                    Bunge Ltd.




Valuation: Our base case for Bunge is $63 per share. We             Exhibit 2

arrive at our base case by applying a 12-times historical           BG Historical Price to Earnings Multiple
multiple on our current estimate for $5.25 in EPS. Note that
Bunge’s closest peer, ADM, is currently trading at 12-times            25
NTM EPS.
                                                                       20

Risks: Deployment of cash from fertilizer transaction (potential       15
M&A, debt pay down, etc.), Commodity prices (particularly
soybeans and sugar), Government regulation, Global supply of           10
agricultural commodities, Fertilizer prices, Brazilian fertilizer
demand.                                                                 5

                                                                        0




                                                                            Dec-02


                                                                                      Dec-03


                                                                                                Dec-04


                                                                                                          Dec-05


                                                                                                                   Dec-06


                                                                                                                            Dec-07


                                                                                                                                     Dec-08


                                                                                                                                              Dec-09
                                                                    Source: FactSet, Morgan Stanley Research




                                                                                                                                                       4
                                                                                      MORGAN                STANLEY            RESEARCH

                                                                                      February 4, 2010
                                                                                      Bunge Ltd.




Exhibit 3
Annual & Quarterly Income Statement
                                   2009            2010E      2011E      2012E      1Q09         2Q09        3Q09        4Q09        1Q10e     2Q10e      3Q10e      4Q10e
Net Sales                         $41,926          $43,477    $46,761    $49,491    $9,198      $10,994     $11,298     $10,436      $9,637    $11,805    $11,353    $10,683
COGS                              $40,722          $40,936    $44,060    $46,655    $9,063      $10,582     $10,955     $10,122      $9,180    $11,105    $10,690     $9,960
Gross Profit                       $1,204           $2,540     $2,701     $2,835      $135        $412         $343        $314        $456       $699       $662       $723
SG&A                               $1,348           $1,377     $1,477     $1,563      $294        $341         $349        $364        $272       $353       $344       $409
Operating Income                    ($144)          $1,163     $1,224     $1,272     ($159)         $71          ($6)       ($50)      $184       $347       $318       $314
Interest (expense), net              $161             $122      $104       $107         $31         $26         $59          $45        $42        $39        $21        $20
FX (loss) gain                       $469               $0         $0         $0       ($19)       $320        $169           ($1)       $0         $0         $0         $0
Other income (expense)                ($25)             $0         $0         $0         ($7)        ($1)        ($4)       ($13)        $0         $0         $0         $0
Pretax income                        $139           $1,041     $1,120     $1,165     ($216)       $364         $100       ($109)       $142       $308      $297        $293
Income tax benefit (expense)         $110            ($208)     ($246)     ($253)       $34        ($68)         $97         $47       ($30)      ($69)      ($54)      ($56)
Tax rate                             -79%              20%        22%        22%      -16%          20%        -97%        -43%         21%        22%        18%        19%
Income before minority interest      $249             $833       $874       $912     ($182)       $296         $197         ($62)      $113       $239       $244       $237
Minority interest                     ($26)             $0         $0         $0        $19           $9        ($35)       ($19)        $0         $0         $0         $0
Equity in earnings of affiliates       $14             $12        $13        $13          $6          $5          $0           $3        $3         $3         $3         $3
Income from continuing operations    $289             $845       $886       $926     ($195)       $292         $232        ($40)       $116       $242      $247        $240
Discountinued operations                $0              $0         $0         $0          $0          $0          $0           $0        $0         $0         $0         $0
Income before extras                 $289             $845       $886       $926     ($195)       $292         $232         ($40)      $116       $242       $247       $240
Extraordinary items, net of tax        $46              $0         $0         $0          $0          $0          $0           $0        $0         $0         $0         $0
Net Income                           $335             $845       $886       $926     ($195)       $292         $232         ($40)      $116       $242       $247       $240
Preference share dividends            ($78)                                           ($19)                        $0       ($39)                                         $0
Net income available to common       $211            $845       $886       $926      ($214)        $292        $232        ($79)       $116      $242       $247        $240

BASIC EPS, Continuing                     $1.69      $6.81      $7.14      $7.46    ($1.76)       $2.42       $1.84      ($0.60)      $0.83      $1.67      $1.64      $1.53
DILUTED EPS, Continuing                   $1.65      $5.25      $5.50      $5.75    ($1.76)       $2.13       $1.62      ($0.59)      $0.75      $1.50      $1.53      $1.49

Basic Shares Outstanding (WA)              125.2     124.1      124.1      124.1      121.7        120.8       126.4       132.8       138.4     144.8      150.4      156.8
Diluted Shares Outstanding (WA)            127.7     161.0      161.0      161.0      121.7        137.6       143.5       134.1       153.7     161.0      161.0      161.0
Source: Company data, Morgan Stanley Research




                                                                                                                                                                           5
                                                                                        MORGAN            STANLEY          RESEARCH

                                                                                        February 4, 2010
                                                                                        Bunge Ltd.




Exhibit 4
Annual & Quarterly Segment Data
SEGMENT ANALYSIS                          2009          2010E     2011E     2012E     1Q09     2Q09        3Q09       4Q09       1Q10e    2Q10e     3Q10e     4Q10e
VOLUME (million metric tons)
Agribusiness                                    119.6     123.2     126.9     130.7     27.6      33.6        30.5       27.9      28.2      34.9      31.4      28.7
Fertilizer                                       11.6       6.2       6.3       6.5      2.1       2.4         3.8        3.3       1.0       1.2       2.0       1.9
Edible oil products                               5.7       5.9       6.0       6.2      1.4       1.4         1.5        1.4       1.4       1.4       1.5       1.5
Milling products                                  4.3       4.5       4.6       4.7      1.2       1.1         1.1        1.0       1.2       1.1       1.1       1.0
Sugar (Moema)                                               9.7      11.7      11.7                                                 1.0       2.9       2.9       2.9
TOTAL                                           141.3     149.4     155.6     159.9     32.3      38.5        36.8       33.7      32.8      41.6      38.9      36.1
NET SALES
Agribusiness                              $30,511       $32,683   $35,322   $37,473   $6,633    $8,304      $8,133     $7,441    $7,287    $9,249    $8,377    $7,770
Fertilizer                                 $3,704        $2,037    $2,161    $2,293     $699      $841      $1,190       $974      $305      $387     $681      $664
Edible oil products                        $6,184        $6,471    $6,866    $7,284   $1,490    $1,472      $1,572     $1,650    $1,565    $1,562    $1,676    $1,669
Milling products                           $1,527        $1,675    $1,777    $1,885     $376      $377        $403       $371      $411      $412      $440      $413
Sugar (Moema)                                              $610      $636      $556                                                 $69      $195      $179     $167
TOTAL                                     $41,926       $43,477   $46,761   $49,491   $9,198   $10,994     $11,298    $10,436    $9,637   $11,805   $11,353   $10,683
GROSS PROFIT
Agribusiness                               $1,379        $1,477    $1,559    $1,654    $213       $505        $353       $308     $247      $433      $372      $426
Fertilizer                                  ($739)         $172      $182      $193   ($193)     ($212)      ($162)     ($172)     $24       $30       $56       $61
Edible oil products                          $412          $479      $508      $539     $79        $83        $112       $138     $115      $117      $121      $126
Milling products                             $152          $184      $196      $208     $36        $36         $40        $40      $45       $46       $46       $47
Sugar (Moema)                                              $229      $256     $242                                                 $26       $73       $67       $63
TOTAL                                      $1,204        $2,540    $2,701    $2,835    $135      $412        $343        $314     $456      $699      $662      $723
Gross Margin
Agribusiness                                 4.5%          4.5%      4.4%      4.4%     3.2%      6.1%        4.3%       4.1%      3.4%      4.7%      4.4%      5.5%
Fertilizer                                 -20.0%          8.4%      8.4%      8.4%   -27.6%    -25.2%      -13.6%     -17.7%      7.8%      7.8%      8.3%      9.2%
Edible oil products                          6.7%          7.4%      7.4%      7.4%     5.3%      5.6%        7.1%       8.4%      7.3%      7.5%      7.2%      7.5%
Milling products                            10.0%         11.0%     11.0%     11.0%     9.6%      9.5%        9.9%      10.8%     10.9%     11.3%     10.6%     11.4%
Sugar (Moema)                                             37.5%     40.3%     43.4%
TOTAL                                           2.9%       5.8%      5.8%      5.7%     1.5%      3.7%        3.0%       3.0%      4.7%      5.9%      5.8%      6.8%
SG&A
Agribusiness                                    $732       $769      $816      $866    $157      $197        $163       $215      $162      $207      $170      $231
Fertilizer                                      $224       $101      $107      $113     $57       $50         $76        $41       $17       $19       $33       $32
Edible oil products                             $296       $314      $333      $353     $62       $71         $78        $85       $64       $74       $81       $95
Milling products                                 $96       $102      $108      $115     $18       $23         $32        $23       $19       $24       $33       $26
Sugar (Moema)                                               $91      $113      $116                                                $10       $29       $27       $25
TOTAL                                      $1,348        $1,377    $1,477    $1,563    $294      $341        $349       $364      $272      $353      $344      $409

SG&A % of Sales
Agribusiness                                    2.4%       2.4%      2.3%      2.3%     2.4%      2.4%        2.0%       2.9%      2.2%      2.2%      2.0%      3.0%
Fertilizer                                      6.0%       4.9%      4.9%      4.9%     8.2%      5.9%        6.4%       4.2%      5.4%      4.8%      4.9%      4.9%
Edible oil products                             4.8%       4.9%      4.9%      4.9%     4.2%      4.8%        5.0%       5.2%      4.1%      4.7%      4.8%      5.7%
Milling products                                6.3%       6.1%      6.1%      6.1%     4.8%      6.1%        7.9%       6.2%      4.6%      5.8%      7.6%      6.3%
Sugar (Moema)                                             15.0%     17.8%     20.9%                                               15.0%     15.0%     15.0%     15.0%
TOTAL                                           3.2%       3.2%      3.2%      3.2%     3.2%      3.1%        3.1%       3.5%      2.8%      3.0%      3.0%      3.8%

OPERATING PROFIT
Agribusiness                                 $647          $708     $744       $789     $56       $308        $190        $93      $85      $226      $202      $195
Fertilizer                                  ($963)          $71       $75       $80   ($250)     ($262)      ($238)     ($213)      $7       $12       $23       $29
Edible oil products                          $116          $165      $175      $185     $17        $12         $34        $53      $50       $43       $40       $31
Milling products                              $56           $83       $88       $93     $18        $13          $8        $17      $26       $22       $13       $21
Sugar (Moema)                                             $137      $143      $125                                                 $16       $44       $40       $38
TOTAL                                       ($144)       $1,163    $1,224    $1,272   ($158)      $72          ($5)      ($46)    $188      $351      $322      $318

Operating Margin
Agribusiness                                 2.1%          2.2%      2.1%      2.1%     0.8%      3.7%        2.3%       1.2%      1.2%      2.4%      2.4%      2.5%
Fertilizer                                 -26.0%          3.5%      3.5%      3.5%   -35.8%    -31.2%      -20.0%     -21.9%      2.4%      3.0%      3.4%      4.3%
Edible oil products                          1.9%          2.5%      2.5%      2.5%     1.1%      0.8%        2.2%       3.2%      3.2%      2.8%      2.4%      1.9%
Milling products                             3.7%          4.9%      4.9%      4.9%     4.8%      3.4%        2.0%       4.6%      6.3%      5.4%      3.0%      5.1%
Sugar (Moema)                                             22.5%     22.5%     22.5%
TOTAL                                       -0.3%          2.7%      2.6%      2.6%    -1.7%      0.7%        0.0%      -0.4%      2.0%      3.0%      2.8%      3.0%
Source: Company data, Morgan Stanley Research




                                                                                                                                                                    6
                                                                                         MORGAN         STANLEY   RESEARCH

                                                                                         February 4, 2010
                                                                                         Bunge Ltd.




Exhibit 5
Annual Balance Sheet
Current Assets                                   2007      2008      2009E     2010E     2011E     2012E
Cash and cash equivalents                          $981    $1,004      $553     $2,582    $2,221    $2,480
Trade accounts receivable                        $2,541    $2,420     $2,363    $1,882    $2,562    $2,712
Inventories                                      $5,924    $5,653     $4,862    $4,883    $5,794    $6,135
Deferred income taxes                              $219      $268      $506      $200      $200       $200
Other current assets                             $4,853    $4,025     $3,499    $2,411    $2,411    $2,411
Total Current Assets                            $14,518   $13,370    $11,783   $11,958   $13,189   $13,938
PP&E                                             $4,216    $3,969     $5,347    $4,972    $5,272    $5,547
Goodwill                                          $354       $325      $407      $407      $407       $407
Other intangible assets, net                       $139      $107      $190       $190     $190       $190
Investments in affiliates                         $706       $761      $622      $422      $422      $422
Deferred income taxes                             $903      $864       $979      $979      $979      $979
Other non-current assets                         $1,155    $1,028     $1,958    $1,958    $1,958    $1,958
TOTAL ASSETS                                    $21,991   $20,424    $21,286   $20,886   $22,417   $23,441
Current Liabilities
Short term debt                                   $590       $473      $166      $166      $166       $166
Current portion of LTD                            $522        $78        $31       $31       $31       $31
Trade accounts payable                           $4,061    $4,230     $3,275    $2,977    $3,742    $3,962
Deferred income taxes                             $166      $104       $100      $100      $100       $100
Other current liabilities                        $3,495    $3,383     $2,635    $2,635    $2,635    $2,635
Total current liabilities                        $8,834    $8,268     $6,207    $5,909    $6,674    $6,894
Long term debt                                   $3,435    $3,032     $3,618    $2,793    $2,793    $2,793
Deferred income taxes                             $149      $132       $183      $183      $183      $183
Other non-current liabilities                      $876      $864      $913       $913     $913       $913
Minority interest in subsidiaries                  $752      $692      $871       $871      $871      $871
TOTAL LIABILITIES                               $14,046   $12,988    $11,792   $10,669   $11,434   $11,654
Shareholder's Equity
Convertible Preference Shares                    $1,553    $1,553     $1,535    $1,535    $1,535    $1,535
Common shares                                        $1        $1         $1        $1        $1        $1
Additional paid-in capital                       $2,760    $2,849     $3,800    $3,800    $3,800    $3,800
Retained earnings                                $2,962    $3,844     $3,871    $4,595    $5,360    $6,164
Accumulated OCI                                   $669      ($811)     $287      $287      $287      $287
TOTAL SHAREHOLDER'S EQUITY                       $7,945    $7,436     $9,494   $10,218   $10,983   $11,787
TOTAL L + SE                                    $21,991   $20,424    $21,286   $20,887   $22,417   $23,442
Source: Company data, Morgan Stanley Research




                                                                                                                             7
                                                                                           MORGAN             STANLEY   RESEARCH

                                                                                           February 4, 2010
                                                                                           Bunge Ltd.




Exhibit 6
Annual Statement of Cash Flows
                                                2007         2008     2009E     2010E     2011E     2012E
OPERATING ACTIVITIES
Net income before adjustments                     $778      $1,064     $335      $845      $886      $926
Discontinuesd operations                            $0          $0       $0        $0        $0        $0
Minority interest
Net income                                        $778      $1,064    $335        $845      $886      $926
Gain on sale of assets                            ($22)       ($14)    ($4)         $0        $0        $0
FX (gain) loss on debt                           ($285)       $472   ($606)         $0        $0        $0
Impairment of assets                               $70         $26     $31          $0        $0        $0
Stock based compensation expense                   $48         $66     $17          $0        $0        $0
Bed debt expense                                   $46         $69     $55          $0        $0        $0
(Decrease) increase in allowance for recovera      $81         ($9)     $0          $0        $0        $0
DD&A                                              $385        $439    $443        $475      $500      $525
Deferred income taxes                             ($62)      ($251)  ($143)      ($306)       $0        $0
Minority interest                                 $146        $262      $0          $0        $0        $0
Equity in earnings of affiliates                  ($33)       ($34)   ($80)         $0        $0        $0
Other, net                                          $0          $0      $0          $0        $0        $0
Trade accounts receivable                        ($319)      ($408)   $242        ($19)    ($680)    ($150)
Inventories                                    ($1,743)      ($905) $1,636       ($521)    ($911)    ($341)
Prepaid commodity purchase accounts              ($184)       $300     $86          $0        $0        $0
Advances to suppliers                             $207       ($143)   $221          $0        $0        $0
Trade accounts payable                          $1,231      $1,233 ($1,427)       $202      $765      $220
Arbitration settlement                              $0          $0      $0          $0        $0        $0
Advances on sales                                   $0       ($106)    ($8)         $0        $0        $0
Unrealized (gain) loss on derivative contracts   ($530)       $292   ($175)         $0        $0        $0
Margin Deposit                                   ($175)      ($102)  ($229)         $0        $0        $0
Other, net (working capital)                      ($50)       $292   ($762)      ($400)       $0        $0
CASH PROVIDED BY OPERATING ACTIVIT               ($411)     $2,543   ($368)       $275      $561    $1,180

INVESTING ACTIVITIES
Capital expenditures                                ($658)   ($896)    ($918)    ($800)    ($800)    ($800)
Business acquisitions (net of cash) and intang      ($153)   ($131)    ($136)     $675        $0        $0
Investments in affiliates                            ($39)    ($71)      ($8)       $0        $0        $0
Proceeds from disposal of long-lived assets           $55      $39        $0        $0        $0        $0
Return of capital from affiliates                      $0       $0        $0        $0        $0        $0
Related party repayments (loans)                     ($22)     $47      ($22)       $0        $0        $0
Investments in notes receivable                        $0       $0        $0        $0        $0        $0
Proceeds from sale of assets held for sale / inv      $23     ($94)     $132        $0        $0        $0
Proceeds from sale of discontinued operations          $0       $0        $0    $3,500        $0        $0
CASH (USED) PROVIDED BY INVESTING A                 ($794) ($1,106)    ($952)   $3,375     ($800)    ($800)

FINANCING ACTIVITIES
Net change in short-term debt                          $19    ($687)   ($342)      $0         $0        $0
Proceeds from short-term debt                       $1,105   $1,887   $1,140       $0         $0        $0
Repayments of short-term debt                      ($1,029) ($1,206) ($1,164)      $0         $0        $0
Net change in long-term debt                        $2,030   $1,967   $2,899       $0         $0        $0
Repayments of long-term debt                       ($1,203) ($2,819) ($2,367) ($1,500)        $0        $0
Proceeds from sale of common shares                    $32       $7     $763       $0         $0        $0
Proceeds from sale of preference shares               $845       $0       $0       $0         $0        $0
Dividends paid to common shareholders                 ($80)    ($87)   ($103)   ($104)     ($104)    ($104)
Dividends paid to preferred shareholders              ($34)    ($81)    ($78)      $0         $0        $0
Dividends paid to minority interest                   ($18)   ($154)    ($17)    ($17)      ($17)     ($17)
Redemption of redeemable preferred stock                $0       $0       $0       $0         $0        $0
Other                                                  $95      $27      $43       $0         $0        $0
Proceeds from receivable from former shareho            $0       $0       $0       $0         $0        $0
CASH PROVIDED BY (USED FOR) FINANCI                 $1,762 ($1,146)     $774 ($1,621)      ($121)    ($121)

Effect of exchange rate changes on cash and           $59    ($268)     $95         $0        $0        $0

Net (decrease) increase in cash and equivalen        $616      $23     ($451)   $2,029     ($361)     $259
Cash and equivalents, beginning of period            $365     $981    $1,004      $553    $2,582    $2,221
Cash and equivalents, end of period                  $981   $1,004      $553    $2,582    $2,221    $2,480
Source: Company data, Morgan Stanley Research




                                                                                                                                   8
                                                                                MORGAN         STANLEY         RESEARCH

                                                                                February 4, 2010
                                                                                Bunge Ltd.




                                                      Morgan Stanley ModelWare is a proprietary analytic framework that helps clients
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                                                      leases (where their use is significant), and converts inventory from LIFO costing to a FIFO
                                                      basis. ModelWare also emphasizes the separation of operating performance of a company
                                                      from its financing for a more complete view of how a company generates earnings.



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                                                                                                                                                     9
                                                                                              MORGAN            STANLEY           RESEARCH

                                                                                              February 4, 2010
                                                                                              Bunge Ltd.




                              Coverage Universe    Investment Banking Clients (IBC)
                                             % of                   % of % of Rating
Stock Rating Category            Count       Total     Count Total IBC Category
Overweight/Buy                    999           40%            296         41%           30%
Equal-weight/Hold                1088           43%            333         46%           31%
Not-Rated/Hold                     21            1%              4          1%           19%
Underweight/Sell                  396           16%             90         12%           23%
Total                           2,504                          723
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                                                                                                                                                                              10
                                                                                             MORGAN           STANLEY            RESEARCH

                                                                                             February 4, 2010
                                                                                             Bunge Ltd.




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                                                                                                                                                                            11
                                                                                       MORGAN    STANLEY            RESEARCH




The Americas                                   Europe                                    Japan                           Asia/Pacific
1585 Broadway                                  20 Bank Street, Canary Wharf              4-20-3 Ebisu, Shibuya-ku        1 Austin Road West
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Industry Coverage:Agricultural Products

Company (Ticker)                              Rating (as of) Price* (02/03/2010)


Vincent Andrews
Agrium Inc. (AGU.N)                                       ++                  $61.08
Archer Daniels Midland (ADM.N)                E (06/13/2008)                  $31.18
Bunge Ltd. (BG.N)                             E (03/19/2009)                   $60.5
CF Industries (CF.N)                                      ++                  $97.11
Corn Products International Inc.              E (01/29/2009)                  $30.84
(CPO.N)
Intrepid Potash (IPI.N)                      E (09/04/2008)                  $27.12
Monsanto Company (MON.N)                     O (05/14/2007)                  $77.54
Mosaic Company (MOS.N)                       O (09/04/2008)                  $57.64
Potash Corp of Saskatchewan Inc              O (09/04/2008)                 $107.78
(POT.N)

Stock Ratings are subject to change. Please see latest research for each company.
* Historical prices are not split adjusted.




© 2010 Morgan Stanley

				
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