Bunge Ltd at CLSA AsiaUSA San Francisco Forum Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Diane Geissler - CLSA - Analyst : I want to remind everybody in the room that we are webcasting the event. So if you have a question, can you wait for the microphone so that the webcast listeners can here it? I think I'll go ahead and start. Obviously let's just focus on China. I realize your Asia business is growing in a variety of regions but I think China is obviously a critical component of that growth and my firm has done a lot of work on issues in China, whether you're talking about land use rights, how do you improve yields? We had DuPont here earlier this week talking about seed technology, et cetera. In your experience -- and I appreciate this probably goes back even before you joined Bunge, you've seen a lot of changes in China. Can you talk about the government's role? Can you talk about some of these issues that have really made China a net importer across a broad swath of commodities and sort of what's your future vision on -- where is China going to be in five years or ten years in your estimation. And how does that really play out for you in terms of not only volume growth but also profit growth within the Bunge business strategy and Bunge P&L?

Question: Diane Geissler - CLSA - Analyst : We heard earlier this year -- we had an ag conference in June and we had somebody come in and talk about Brazil and that there had been some foreign investment, Chinese investment into Brazil and there were these shale companies set up, et cetera, to sort of mask it. Do you expect China to be a direct investor in growing regions so that they have that food security or is it enough that they know that they have the network and you provide -- because you don't own property in Brazil. You are the originator and marketer of materials.

Question: Diane Geissler - CLSA - Analyst : Do we have any questions in the room? More opportunity for me. I think this is the first time I've heard Bunge say that you expect India to be a net sugar importer. Maybe you've said it before over the longer-term. I guess we've seen -- you obviously tried to acquire some assets in Australia earlier this year and there was a competitive bidding situation. So, I guess with what you've said about China and India, I'm sure they will be a player. What does this do for you in terms of your M&A strategies, your strategies about where you decide to greenfield operations, whether it's like what you've done in Vietnam with the port and then you can sort of backfill behind that. Can you talk about the competitive dynamics? Everybody wants the Asian growth so --

Question: Diane Geissler - CLSA - Analyst : So, if we look at your map today, I think you said 4 % of your long-lived assets in Asia. Where do you see that in five years? To me it just seems based on recent conference calls and recent announcements, most of the capital spend has been fairly focused on emerging markets. Not just Asia. Obviously you've been doing a lot in Eastern Europe, et cetera, so how do you see that percentage where you've been ten years ago, where you are today, and where you are in say, 2021?

Question: Diane Geissler - CLSA - Analyst : I hope it will be larger.

Question: Diane Geissler - CLSA - Analyst : I think you spent -- what did you spend on Moema? About $ 1 billion?

Question: Diane Geissler - CLSA - Analyst : $ 1.5 billion. So, are we thinking -- ? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 09, 2011 / 6:30PM, BG.N - Bunge Ltd at CLSA AsiaUSA San Francisco Forum

Question: Diane Geissler - CLSA - Analyst : And then I think we had some questions in the room? Go ahead. Unidentified Audience Member As you portfolio has gotten more complex, how much has that complicated your job? Are you still able to focus as much on each piece of the business as you'd like? And maybe related, what -- you've laid out some nice growth drivers. What do you see as the risks to those that you care the most, that where you focus on the most?

Question: Diane Geissler - CLSA - Analyst : Maybe you could just talk a little bit about the operating environment in China currently. We've heard a lot this year about issues in hog raising. It may just be on the margin that they're having an issue with disease.

Question: Diane Geissler - CLSA - Analyst : Just on the current operating environment, there's been some disease issues in the hog industry. Like I said, it may just be on the margin? Obviously we all understand the long-term growth there with the increase in the economic growth and what that will mean for protein demand but can you just comment on the current operating environment? Are you seeing any pressure on the meal demand or even within the crushing, in terms of the margin?

Question: Diane Geissler - CLSA - Analyst : Okay. With that I think we have to cut it here so we can get you to your next meeting and get the next session started. I want to thank you for attending. Obviously pretty critical growth driver for Bunge over the coming years and thank you very much.