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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 6-K

                            REPORT OF FOREIGN ISSUER

                      PURSUANT TO RULE 13A-16 OR 15D-16 OF
                       THE SECURITIES EXCHANGE ACT OF 1934


                                November 13, 2001


                                  BUNGE LIMITED
                 (Translation of registrant's name into English)

                                 50 Main Street
                          White Plains, New York 10606
                    (Address of principal executive offices)


       (Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.)

         Form 20-F  X   Form 40-F
                  -----            -----

       (Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the information to
the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.)

         Yes         No    X
              -----      -----

<Page>

                                  BUNGE LIMITED


                                INDEX TO FORM 6-K


<Table>
<Caption>
                                                                                    Page
                                                                                    ----
<S>                                                                                 <C>
FINANCIAL STATEMENTS                                                                 2

     Consolidated Balance Sheets at December 31, 2000 and September 30, 2001         2

     Consolidated Interim Statements of Income for the Three Months Ended and
        Nine Months Ended September 30, 2000 and 2001                                3

     Consolidated Interim Statements of Cash Flows for the Nine Months Ended
        September 30, 2000 and 2001                                                  4

     Notes to Consolidated Interim Financial Statements                              5

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
    AND RESULTS OF OPERATIONS                                                       14

     Disclosure Regarding Forward-Looking Information                               14

     Results of Operations                                                          14

     Liquidity and Capital Resources                                                21

     Dividends                                                                      22

     Recent Accounting Pronouncements                                               22

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK                          23

SIGNATURES                                                                          24
</Table>


                                       1
<Page>

FINANCIAL STATEMENTS


                         BUNGE LIMITED AND SUBSIDIARIES

                           CONSOLIDATED BALANCE SHEETS

             (UNITED STATES DOLLARS IN MILLIONS, EXCEPT SHARE DATA)

<Table>
<Caption>
                                                                         DECEMBER 31,      SEPTEMBER 30,
                                                                             2000              2001
                                                                         ------------      -------------
                                                                                            (UNAUDITED)
<S>                                                                        <C>               <C>
                                        ASSETS
Current assets:
   Cash and cash equivalents                                               $   423           $   191
   Marketable securities                                                        61                59
   Trade accounts receivable (less allowance of $58 and $59)                   873               784
   Inventories (Note 3)                                                      1,311             1,564
   Recoverable taxes                                                           225               141
   Deferred income taxes                                                        21                20
   Other current assets                                                        513               535
                                                                           -------           -------
Total current assets                                                         3,427             3,294
                                                                           -------           -------
Property, plant and equipment, net                                           1,859             1,541
Goodwill and other intangible assets, net                                      200               163
Investments in affiliates                                                       54                46
Deferred income taxes                                                          169               128
Other non-current assets                                                       145               134
                                                                           -------           -------
TOTAL ASSETS                                                               $ 5,854           $ 5,306
                                                                           =======           =======

                         LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:
   Short-term debt                                                         $ 1,268           $   939
   Current portion of long-term debt                                           254               224
   Trade accounts payable                                                      839               805
   Other current liabilities                                                   385               521
                                                                           -------           -------
Total current liabilities                                                    2,746             2,489
                                                                           -------           -------
Long-term debt (Note 8)                                                      1,003               809
Deferred income taxes                                                          141               114
Other non-current liabilities                                                  282               233

Commitments and contingencies (Note 6)

Minority interest in subsidiaries                                              543               418

Shareholders' equity:
   Common stock, par value $.01; authorized - 240,000,000 shares;
     issued and outstanding: 2000 - 64,380,000 shares,
     2001 - 83,155,100 shares (Note 10)                                          1                 1
   Additional paid-in capital                                                1,428             1,706
   Receivable from former shareholder (Note 5)                                (126)             (108)
   Retained earnings                                                           309               395
   Accumulated other comprehensive loss                                       (473)             (751)
                                                                           -------           -------
Total shareholders' equity                                                   1,139             1,243
                                                                           -------           -------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY                                 $ 5,854           $ 5,306
                                                                           =======           =======
</Table>

The accompanying notes are an integral part of these consolidated
interim financial statements.


                                       2
<Page>

                         BUNGE LIMITED AND SUBSIDIARIES

                    CONSOLIDATED INTERIM STATEMENTS OF INCOME

             (UNITED STATES DOLLARS IN MILLIONS, EXCEPT SHARE DATA)

<Table>
<Caption>
                                                                           THREE MONTHS ENDED           NINE MONTHS ENDED
                                                                              SEPTEMBER 30,               SEPTEMBER 30,
                                                                          ---------------------       ---------------------
                                                                           2000          2001          2000          2001
                                                                          -------       -------       -------       -------
                                                                               (UNAUDITED)                 (UNAUDITED)
<S>                                                                       <C>           <C>           <C>           <C>
Net sales                                                                 $ 2,711       $ 3,151       $ 7,000       $ 8,312
Cost of goods sold                                                          2,459         2,818         6,492         7,613
                                                                          -------       -------       -------       -------

GROSS PROFIT                                                                  252           333           508           699
Selling, general and administrative expenses                                  119           126           307           320
                                                                          -------       -------       -------       -------

INCOME FROM OPERATIONS                                                        133           207           201           379
Non-operating income (expense) - net (Note 7)                                 (72)         (100)         (149)         (232)
                                                                          -------       -------       -------       -------

INCOME BEFORE INCOME TAX, MINORITY INTEREST, DISCONTINUED OPERATIONS
   AND CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE                     61           107            52           147
Income tax expense                                                            (12)          (24)           (9)          (28)
                                                                          -------       -------       -------       -------

INCOME BEFORE MINORITY INTEREST, DISCONTINUED OPERATIONS
   AND CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE                     49            83            43           119
Minority interest                                                             (27)          (26)          (32)          (43)
                                                                          -------       -------       -------       -------

INCOME BEFORE DISCONTINUED OPERATIONS AND CUMULATIVE EFFECT OF
  CHANGE IN ACCOUNTING PRINCIPLE                                               22            57            11            76
Discontinued operations  (Note 4)
   Loss from discontinued operations, net of tax benefit of $1                 (5)           --            (9)           --
   Gain on disposal of discontinued operations, net of tax of $0               --            --            --             3
                                                                          -------       -------       -------       -------

INCOME BEFORE CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE              17            57             2            79
Cumulative effect of change in accounting principle, net of tax
   of $4 (Note 2)                                                              --            --            --             7
                                                                          -------       -------       -------       -------

NET INCOME                                                                $    17       $    57       $     2       $    86
                                                                          =======       =======       =======       =======

EARNINGS PER COMMON SHARE - BASIC AND DILUTED (NOTE 12):
Income before discontinued operations and cumulative effect
   of change in accounting principle                                      $  0.34       $  0.76       $  0.17      $   1.12
Discontinued operations                                                     (0.08)           --         (0.14)         0.04
Cumulative effect of change in accounting principle                            --            --            --           .10
                                                                          -------       -------       -------       -------

Net income per share                                                      $  0.26       $  0.76       $  0.03       $  1.26
                                                                          =======       =======       =======       =======
</Table>

The accompanying notes are an integral part of these consolidated
interim financial statements.


                                       3
<Page>

                         BUNGE LIMITED AND SUBSIDIARIES

                  CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS

                       (UNITED STATES DOLLARS IN MILLIONS)

<Table>
<Caption>
                                                                                   NINE MONTHS ENDED
                                                                                     SEPTEMBER 30,
                                                                                -------------------------
                                                                                  2000            2001
                                                                                ---------       ---------
                                                                                      (UNAUDITED)
<S>                                                                             <C>             <C>
OPERATING ACTIVITIES
Net income                                                                      $       2       $      86
Adjustment to reconcile net income to cash (used for) provided
   by operating activities:
     Unrealized foreign exchange (gain) loss                                          (35)             49
     Unrealized gain on marketable securities                                          --             (11)
     Bad debt expense                                                                   6              18
     Depreciation, depletion and amortization                                         107             114
     Deferred income taxes                                                            (21)             (3)
     Gain on sale of property, plant and equipment and investments                     (6)             (5)
     Discontinued operations                                                            9              (3)
     Earnings in equity of affiliates                                                  (2)             (1)
     Minority interest                                                                 32              43
     Changes in operating assets and liabilities, excluding the effects of
     acquisitions:
        Marketable securities                                                         (10)             15
        Trade accounts receivable                                                    (223)            (45)
        Inventories                                                                  (366)           (516)
        Recoverable taxes                                                             (28)            102
        Trade accounts payable                                                          2             108
        Other - net                                                                   115               4
                                                                                ---------       ---------
           Cash used for operating activities                                        (418)            (45)

INVESTING ACTIVITIES
Payments made for capital expenditures                                               (124)           (151)
Proceeds from disposal of property, plant and equipment                                 5               8
Proceeds from sale of discontinued operations                                          --              59
Business acquisitions, net of cash acquired                                           (53)             (9)
Investments in affiliate                                                               --              (1)
Repayments of related party loans                                                     164              --
                                                                                ---------       ---------
           Cash used for investing activities                                          (8)            (94)

FINANCING ACTIVITIES
Net change in short-term debt                                                         428            (199)
Proceeds from long-term debt                                                          218              53
Repayment of long-term debt                                                          (270)           (196)
Proceeds from sale of common stock                                                     --             278
Dividends paid to minority interest                                                   (16)            (24)
Proceeds from shareholder loan                                                         --              18
Capital contributions from minority interest                                           10              --
                                                                                ---------       ---------
           Cash provided by (used for) financing activities                           370             (70)
Effect of exchange rate changes on cash and cash equivalents                           (6)            (23)
                                                                                ---------       ---------

Net decrease in cash and cash equivalents                                             (62)           (232)
Cash and cash equivalents, beginning of period                                        363             423
                                                                                ---------       ---------
Cash and cash equivalents, end of period                                        $     301       $     191
                                                                                =========       =========
</Table>

The accompanying notes are an integral part of these consolidated
interim financial statements.


                                       4
<Page>

                         BUNGE LIMITED AND SUBSIDIARIES

               NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS


1.     BASIS OF PRESENTATION

              The accompanying unaudited interim consolidated financial
       statements of Bunge Limited and subsidiaries (Bunge) have been prepared
       in accordance with United States of America generally accepted accounting
       principles for interim financial information and with the instructions to
       Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not
       include all of the information and footnotes required by generally
       accepted accounting principles for the complete financial statements. In
       the opinion of management, all adjustments necessary for a fair
       presentation have been included. The consolidated balance sheet at
       December 31, 2000 has been derived from Bunge's audited financial
       statements at that date. Operating results for the three and nine months
       ended September 30, 2001 are not necessarily indicative of the results to
       be expected for the year ending December 31, 2001. The financial
       statements should be read in conjunction with the consolidated financial
       statements and notes thereto for Bunge for the years ended December 31,
       2000, 1999, and 1998, included in our Registration Statement on Form F-1
       (File No. 333-65026), as amended, filed with the Securities and Exchange
       Commission.

              Certain reclassifications were made to the prior period financial
       statements to conform to the current presentation.


2.     NEW ACCOUNTING STANDARDS

              In August 2001, the Financial Accounting Standards Board (FASB)
       issued Statement of Financial Accounting Standards No. 143, ACCOUNTING
       FOR ASSET RETIREMENT OBLIGATIONS (SFAS No. 143) effective January 1, 2003
       and Statement of Financial Accounting Standards No. 144, ACCOUNTING FOR
       THE IMPAIRMENT OR DISPOSAL OF LONG-LIVED ASSETS (SFAS No. 144) effective
       January 1, 2002. SFAS No. 143 requires the recording of the fair value of
       a liability for an asset retirement obligation in the period in which it
       is incurred. SFAS No. 144 supercedes existing accounting literature
       dealing with impairment and disposal of long-lived assets, including
       discontinued operations. It addresses financial accounting and reporting
       for the impairment of long-lived assets and for long-lived assets to be
       disposed of, and expands current reporting for discontinued operations to
       include disposals of a "component" of an entity that has been disposed of
       or is classified as held for sale. Bunge is evaluating the impact SFAS
       No. 143 and SFAS No. 144 will have on its financial statements.

              In July 2001, the FASB issued Statements of Financial Accounting
       Standards No. 141, BUSINESS COMBINATIONS (SFAS No. 141), and No. 142,
       GOODWILL AND OTHER INTANGIBLE ASSETS (SFAS No. 142). SFAS No. 141
       supercedes Accounting Principle Board (APB) Opinion No. 16, BUSINESS
       COMBINATIONS and changes the accounting for business combinations by
       requiring all business combinations to be accounted for using the
       purchase method, eliminating pooling-of-interests, except for qualifying
       business combinations that were initiated prior to July 1, 2001. SFAS No.
       141 further clarifies the criteria for recognizing intangible assets
       separately from goodwill. SFAS No. 141 is effective for any business
       combination that is completed after June 30, 2001.

              SFAS No. 142 supercedes APB Opinion No. 17, INTANGIBLE ASSETS and
       changes the accounting for goodwill and other intangible assets acquired
       individually or with a group of other assets (but not those acquired in a
       business combination) by eliminating the amortization of goodwill and
       other intangible assets with indefinite lives. However, SFAS No. 142
       requires goodwill and other intangible assets to be tested at least
       annually for impairment. Separable other intangible assets that are not
       deemed to have an indefinite life will continue to be amortized over
       their useful lives. The amortization provisions of SFAS No. 142 apply
       immediately to goodwill and intangible assets acquired after June 30,
       2001. Bunge will continue to amortize goodwill and intangible assets
       acquired prior to July 1, 2001 during the transition period of July 1,
       2001 until the adoption of SFAS No. 142 on January 1, 2002. Amortization
       expense was $1 million and $2 for the three months ended September 30,
       2001 and 2000 and $5 million and $6 million for the nine months ended
       September 30, 2001 and 2000, respectively. Bunge is evaluating the impact
       SFAS No. 142 will have on its financial statements.


                                       5
<Page>

                         BUNGE LIMITED AND SUBSIDIARIES

               NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS


2.     NEW ACCOUNTING STANDARDS (CONTINUED)

              Effective January 1, 2001, Bunge adopted SFAS No. 133, ACCOUNTING
       FOR DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES. SFAS No. 133
       established accounting and reporting standards for derivative instruments
       including certain derivative instruments embedded in other contracts and
       hedging activities. As a result of this adoption, Bunge's net income in
       the first quarter of 2001 increased by $7 million, net of $4 million of
       tax expense for the fair value of previously unrecognized derivative
       instruments. Bunge also recorded a loss in other comprehensive income
       (loss) of $(3) million, net of $2 million tax benefit for derivatives
       which hedge the variable cash flows of certain forecasted transactions.
       These adjustments are reported as a cumulative change in accounting
       principle as of January 1, 2001.

              Bunge follows a policy to reduce price risk caused by market
       fluctuations by using exchange traded futures and options contracts to
       minimize its net position of merchandisable agricultural commodity
       inventories and forward cash purchase and sale contracts. Inventories of
       merchandisable agricultural commodity inventories are stated at market
       value. Exchange-traded futures and options contracts, forward purchase
       contracts and forward sale contracts are valued at the quoted market
       price as required under SFAS No. 133. Changes in the market value of
       inventories of merchandisable agricultural commodity inventories, forward
       purchase and sale contracts, and exchange-traded futures and options
       contracts, are recognized in earnings immediately as a component of cost
       of goods sold.

              In addition, Bunge occasionally will hedge portions of its oilseed
       processing business production requirements, including purchases of
       soybeans and sales of soybean meal and soybean oil. The instruments used
       are readily marketable exchange-traded futures contracts, which are
       designated as cash flow hedges. The changes in the market value of such
       futures contracts have historically been, and are expected to continue to
       be, highly effective at offsetting changes in price movements of the
       hedged item. Gains or losses arising from open and closed hedging
       transactions are deferred in other comprehensive income (loss), net of
       applicable taxes, and are recognized in cost of goods sold when the
       products associated with the hedged item are sold.

              Unrealized gains/losses on the exchange-traded futures and options
       contracts, forward purchase and sale contracts and foreign currency swaps
       and options are classified on the balance sheet in other current assets
       or other current liabilities.


3.       INVENTORIES

              Inventories consist of the following:

<Table>
<Caption>
                                                                             DECEMBER 31,      SEPTEMBER 30,
       (US$ IN MILLIONS)                                                         2000              2001
       -----------------                                                     ------------      -------------
                                                                                                (UNAUDITED)
<S>                                                                             <C>               <C>
       Agribusiness - Readily marketable inventories at market value            $  799            $  924
       Fertilizer                                                                  298               360
       Edible oils                                                                  60                51
       Wheat milling and bakery                                                     17                43
       Other                                                                       137               186
                                                                                ------            ------
       Total                                                                    $1,311            $1,564
                                                                                ======            ======
</Table>

              READILY MARKETABLE INVENTORIES AT MARKET VALUE - Readily
       marketable inventories are agricultural commodities inventories that are
       readily convertible to cash because of their commodity characteristics,
       widely available markets and international pricing mechanisms.


                                       6
<Page>

                         BUNGE LIMITED AND SUBSIDIARIES

               NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS


4.     DISCONTINUED OPERATIONS

              In March 2001, Bunge committed to a divestiture plan and sold its
       Brazilian baked goods division, Plus Vita S.A. to a third party. The
       divestiture resulted in a gain to Bunge of $3 million. The net assets of
       the division as of December 31, 2000 were $59 million and were classified
       in other current assets.

              Accordingly, the operating results for the disposed division have
       been separately classified and reported for all periods presented.

              The following table summarizes the financial information related
       to the discontinued operations of the baked goods division:

<Table>
<Caption>
                                     THREE MONTHS ENDED             NINE MONTHS ENDED
                                        SEPTEMBER 30,                  SEPTEMBER 30,
                                  -------------------------      -------------------------
      (US$ IN MILLIONS)             2000            2001           2000            2001
      -----------------           ---------       ---------      ---------       ---------
                                         (UNAUDITED)                    (UNAUDITED)
<S>                               <C>             <C>            <C>             <C>
       Net sales                  $      18       $      --      $      53       $      11

       Net loss                   $      (5)      $      --      $      (9)      $      --
</Table>

5.     RELATED PARTY TRANSACTIONS

              Shareholders' equity includes a long-term note receivable in the
       amount of $108 million and $126 million at September 30, 2001 and
       December 31, 2000, respectively, from the former sole shareholder of
       Bunge, Bunge International Limited, relating to a capital contribution.
       Bunge recorded interest income of $4 million and $9 million for the nine
       months ended September 30, 2001 and 2000, respectively, relating to
       related party loans with Bunge International Limited.

              Bunge sells soybean meal and fertilizer products to Seara
       Alimentos S.A., a subsidiary of Bunge International Limited, which is
       engaged in the business of meat and poultry production. These sales were
       $1 million and $4 million for the three months ended September 30, 2001
       and 2000, respectively, and $9 million and $10 million for the nine
       months ended September 30, 2001 and 2000, respectively.

6.     COMMITMENTS AND CONTINGENCIES

              Bunge is party to a number of claims and lawsuits, primarily tax
       and labor claims, arising out of the normal course of business. After
       taking into account liabilities recorded for all of the foregoing
       matters, management believes that the ultimate resolution of such matters
       will not have a material adverse effect on Bunge's financial condition,
       results of operations or liquidity. Included in other non-current
       liabilities as of September 30, 2001 and December 31, 2000 are the
       following accrued liabilities:


                                       7
<Page>

                         BUNGE LIMITED AND SUBSIDIARIES

               NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS


6.     COMMITMENTS AND CONTINGENCIES (CONTINUED)

<Table>
<Caption>
                                 DECEMBER 31,       SEPTEMBER 30,
       (US$ IN MILLIONS)            2000                2001
       -----------------          --------            --------
                                                     (UNAUDITED)
<S>                               <C>                 <C>
       Tax claims                 $    131            $    110
       Labor claims                     86                  57
       Civil and other                  19                  27
                                  --------            --------
       Total                      $    236            $    194
                                  ========            ========
</Table>

              TAX CLAIMS - The tax claims relate principally to claims against
       Bunge's Brazilian subsidiaries, including income tax claims, value added
       tax claims (ICMS and IPI) and sales tax claims (PIS and COFINS). The
       determination of the manner in which various Brazilian federal, state and
       municipal taxes apply to Bunge's operations is subject to varying
       interpretations arising from the complex nature of Brazilian tax law as
       well as changes in tax laws introduced by the PLANO REAL in 1994 and the
       current Brazilian constitution established in 1988.

              LABOR CLAIMS - The labor claims relate principally to labor claims
       against Bunge's Brazilian subsidiaries. Court rulings under Brazilian
       laws have historically been in favor of the employee-plaintiff. The labor
       claims primarily relate to dismissals, severance, health and safety,
       salary adjustments and supplementary retirement benefits.

              CIVIL AND OTHER - The civil and other claims relate to various
       disputes with suppliers and customers.

              Bunge has issued several direct and indirect guarantees for the
       payment of long-term loans of affiliated companies totaling approximately
       $20 million and $26 million as of September 30, 2001 and December 31,
       2000, respectively. Management believes that these guarantees will not
       adversely affect Bunge's financial condition, results of operations or
       liquidity.

7.     NON-OPERATING INCOME (EXPENSE) - NET

              Non-operating income (expense) - net consists of income and
       (expense) items as follows:

<Table>
<Caption>
                                                          THREE MONTHS ENDED              NINE MONTHS ENDED
                                                             SEPTEMBER 30,                  SEPTEMBER 30,
                                                       -------------------------       -------------------------
       (US$ IN MILLIONS)                                 2000            2001            2000            2001
       -----------------                               ---------       ---------       ---------       ---------
                                                              (UNAUDITED)                     (UNAUDITED)
<S>                                                    <C>             <C>             <C>             <C>
       Interest income                                 $      24       $      20       $      95       $      92
       Interest expense                                      (55)            (38)           (156)           (154)
       Interest expense on debt financing readily
         marketable inventories                              (14)            (10)            (38)            (31)
       Foreign exchange                                      (32)            (71)            (64)           (142)
       Other income (expense)                                  5              (1)             14               3
                                                       ---------       ---------       ---------       ---------
       Total non-operating income (expense) - net      $     (72)      $    (100)      $    (149)      $    (232)
                                                       =========       =========       =========       =========
</Table>

              INTEREST EXPENSE ON DEBT FINANCING READILY MARKETABLE INVENTORIES
       - Readily marketable inventories are agricultural commodities inventories
       that are readily convertible to cash because of their commodity


                                       8
<Page>

                         BUNGE LIMITED AND SUBSIDIARIES

               NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS


7.     NON-OPERATING INCOME (EXPENSE) - NET (CONTINUED)

       characteristics, widely available markets and international pricing
       mechanisms. Bunge attributes interest expense to these inventories based
       on the average interest rates on the debt used to finance these
       inventories.

8.     LONG-TERM DEBT

              In the third quarter of 2001, Bunge completed the defeasance of
       $60 million of outstanding long-term debt by depositing $62 million in
       U.S. treasury securities, which amount is expected to be sufficient to
       make payments of interest and principal on the scheduled payment dates,
       in trust for the benefit of the lenders. As a result of the completion of
       the defeasance, all of Bunge's rights and obligations with respect to the
       long-term debt have been released.


9.     COMPREHENSIVE INCOME (LOSS)

              The following table summarizes the components of comprehensive
       income (loss):

<Table>
<Caption>
                                                                 THREE MONTHS ENDED               NINE MONTHS ENDED
                                                                    SEPTEMBER 30,                   SEPTEMBER 30,
                                                              -------------------------       -------------------------
       (US$ IN MILLIONS)                                        2000            2001            2000            2001
       -----------------                                      ---------       ---------       ---------       ---------
                                                                     (UNAUDITED)                     (UNAUDITED)
<S>                                                           <C>             <C>             <C>             <C>
       Net income                                             $      17       $      57       $       2       $      86
       Other comprehensive income (loss):
         Foreign exchange translation adjustment                    (18)           (139)            (37)           (278)
         Cumulative effect of a change in accounting
           principle, net of tax of $2                               --              --              --              (3)
         Unrealized gain on commodity futures designated
           as cash flow hedges, net of tax of $0                     --               1              --               3
                                                              ---------       ---------       ---------       ---------
       Total comprehensive loss                               $      (1)      $     (81)      $     (35)      $    (192)
                                                              =========       =========       =========       =========
</Table>

10.    SHAREHOLDERS' EQUITY

              Between July 5, 2001 and July 12, 2001, Bunge's Board of Directors
       approved: (i) the exchange with Bunge International of 12,000 common
       shares, par value $1.00 per share, of Bunge Limited, for 1.2 million
       common shares, par value $.01 per share, of Bunge Limited, (ii) the
       declaration and payment of a 52.65-for-1 share dividend, (iii) an
       increase in Bunge's authorized share capital to 240 million common
       shares, par value $.01 per share, (iv) the authorization of 9,760,000 of
       undesignated preference shares and (v) the authorization of 240,000 of
       Series A Preference Shares. The common share data presented herein have
       been restated for all periods to reflect the effects of the share
       exchange and share dividend described above.

              On August 6, 2001, Bunge International Limited effected a series
       of transactions that resulted in the pro rata distribution of the common
       shares of Bunge to the shareholders of Bunge International Limited. Prior
       to August 6, 2001, all of the common shares of Bunge were owned by Bunge
       International Limited, a privately held company incorporated in Bermuda.


                                       9
<Page>

                         BUNGE LIMITED AND SUBSIDIARIES

               NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS


10.    SHAREHOLDERS' EQUITY (CONTINUED)

              On August 7, 2001, Bunge sold 17,600,000 of its common shares, par
       value $.01, at an offering price of $16 per share in an initial public
       offering. On September 6, 2001, Bunge sold 1,175,000 of its common
       shares, par value $.01, at an offering price of $16 per share upon the
       exercise of the underwriters' over-allotment option. Proceeds from the
       offering and the exercise of the underwriters' over-allotment option less
       underwriting discounts, commissions and expenses were $278 million. The
       net proceeds of the initial public offering and the exercise of the
       underwriters' over-allotment option were used to reduce indebtedness
       under Bunge's commercial paper program.

11.    STOCK BASED COMPENSATION

              Effective August 7, 2001 Bunge elected to convert outstanding
       grants of stock appreciation rights ("SARs") into 921,872 non-qualified
       stock options at grant prices ranging from $15.87 to $18.87. Bunge also
       converted outstanding grants of phantom units into 323,531
       performance-based restricted stock grants. These awards were made in 2000
       and 2001 under the Bunge Limited Equity Incentive Plan, registered with
       the Securities and Exchange Commission on Form S-8, File No. 333-66594
       (the "Plan"). The vesting schedule of these awards will remain as set
       forth in the award agreements prior to conversion. At September 30, 2001,
       189,687 outstanding non-qualified stock options were vested and
       exercisable with none forfeited or exercised.

              In accordance with the Plan, in August 2001, Bunge issued
       1,219,000 non-qualified stock options at an exercise price of $16.00 per
       share to its employees and directors. These non-qualified stock options
       vest on a pro-rata basis over a three-year period on the anniversary of
       the grant date.

12.    EARNINGS PER SHARE

              Basic earnings per share is computed by dividing net income by the
       weighted average number of common shares, excluding any dilutive effects
       of options and performance-based restricted stock during the reporting
       period. Diluted earnings per share are computed similar to basic earnings
       per share, except that the weighted average number of common shares
       outstanding are increased to include additional shares from the assumed
       exercise of stock options and performance-based restricted stock, if
       dilutive. The number of additional shares is calculated by assuming that
       outstanding stock options were exercised and that the proceeds from such
       exercises were used to acquire common shares at the average market price
       during the reporting period. The following table sets forth the
       computation of basic and diluted earnings per share for the three and
       nine months ended September 30, 2001 and 2000.


                                       10
<Page>

                         BUNGE LIMITED AND SUBSIDIARIES

               NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS


12.  EARNINGS PER SHARE (CONTINUED)

<Table>
<Caption>
                                                        THREE MONTHS ENDED           NINE MONTHS ENDED
       (US$ IN MILLIONS, EXCEPT FOR SHARE DATA)            SEPTEMBER 30,               SEPTEMBER 30,
       -----------------------------------------     -------------------------   -------------------------
                                                        2000          2001          2000          2001
                                                     -----------   -----------   -----------   -----------
<S>                                                  <C>           <C>           <C>           <C>
       Income before discontinued operations and
         cumulative effect of change in accounting
         principle - basic and diluted               $        22   $        57   $        11   $        76
                                                     ===========   ===========   ===========   ===========

       Weighted average number of common shares
         outstanding:
         Basic                                        64,380,000    75,221,060    64,380,000    68,033,397
         Effect of dilutive shares                            --        39,275            --        13,236
                                                     -----------   -----------   -----------   -----------
         Diluted                                      64,380,000    75,260,335    64,380,000    68,046,633
                                                     ===========   ===========   ===========   ===========

       Earnings per share from income before
         discontinued operations and cumulative
         effect of change in accounting principle:
           Basic                                     $      0.34   $      0.76   $      0.17   $      1.12
           Diluted                                          0.34          0.76          0.17          1.12
</Table>

13.    SEGMENT INFORMATION

              Bunge has five reporting segments, which are organized based upon
       similar economic characteristics and are similar in nature of products
       and services offered, the nature of production processes, the type and
       class of customer and distribution methods. The agribusiness segment is
       characterized by both inputs and outputs being agricultural commodities
       and thus high volume and low margin. The activities of the fertilizer
       segment include raw material mining, mixing fertilizer components and
       marketing products. The edible oil products segment involves the
       manufacturing and marketing of products derived from vegetable oils. The
       wheat milling and bakery products segment involves the manufacturing and
       marketing of products derived primarily from wheat. The other segment
       consists of the soy ingredients and corn products businesses.

              The "Unallocated" column in the following table contains the
       reconciliation between the totals for reportable segments and Bunge
       consolidated totals, which consists primarily of corporate items not
       allocated to the operating segments and intersegment eliminations.
       Transfers between the segments are generally valued at market. The
       revenues generated from these transfers are shown in the following table
       as "Intersegment revenues."


                                       11
<Page>

                         BUNGE LIMITED AND SUBSIDIARIES

               NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS


13.    SEGMENT INFORMATION (CONTINUED)

       OPERATING SEGMENT INFORMATION

<Table>
<Caption>
                                                                                 WHEAT
                                                                                MILLING
                                                                   EDIBLE OIL  AND BAKERY
       (US$ IN MILLIONS)                 AGRIBUSINESS   FERTILIZER  PRODUCTS    PRODUCTS     OTHER    UNALLOCATED     TOTAL
       -----------------                 ------------   ----------  ---------  ----------    -----    -----------     -----
                                                                          (UNAUDITED)
<S>                                          <C>         <C>         <C>         <C>         <C>         <C>          <C>
       THREE MONTHS ENDED
       SEPTEMBER 30, 2000
       Net sales to external customers       $1,701      $  526      $  270      $  135      $   79      $   --       $2,711
       Intersegment revenues                     77          --          --          --          --         (77)          --
       Gross profit                              94          95          40          15           8          --          252
       Income from operations                    49          68          12           3           1          --          133
       EBITDA (1)                                63          86          17           7           4          --          177
       Depreciation, depletion and
       amortization                              14          18           5           4           3          --           44

       THREE MONTHS ENDED
       SEPTEMBER 30, 2001
       Net sales to external customers        2,322         376         241         135          77          --        3,151
       Intersegment revenues                     78          --          --          --          --         (78)          --
       Gross profit                             182          90          30          16          15          --          333
       Income from operations                   130          64           7           1          12          (7)         207
       EBITDA (1)                               143          77          11           4          14          (6)         243
       Depreciation, depletion and
       amortization                              13          13           4           3           2           1           36

       NINE MONTHS ENDED
       SEPTEMBER 30, 2000
       Net sales to external customers        4,597         935         816         400         252          --        7,000
       Intersegment revenues                    169          --          --          --          --        (169)          --
       Gross profit                             176         149         113          51          19          --          508
       Income from operations                    66          92          35           9           4          (5)         201
       EBITDA (1)                               104         127          49          20          12          (4)         308
       Depreciation, depletion and
       amortization                              38          35          14          11           8           1          107

       NINE MONTHS ENDED
       SEPTEMBER 30, 2001
       Net sales to external customers        6,108         904         680         392         228          --        8,312
       Intersegment revenues                    217          --          --          --          --        (217)          --
       Gross profit                             361         175          84          44          35          --          699
       Income from operations                   228         114          18           7          22         (10)         379
       EBITDA (1)                               265         160          31          16          29          (8)         493
       Depreciation, depletion and
       amortization                              37          46          13           9           7           2          114
</Table>

----------
(1)    Earnings before interest, taxes, depreciation and amortization,
       ("EBITDA") equals income from operations plus depreciation, depletion and
       amortization.


                                       12
<Page>

                         BUNGE LIMITED AND SUBSIDIARIES

               NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS


14.    SUBSEQUENT EVENTS

              On October 8, 2001, Bunge entered into an agreement to acquire La
       Plata Cereal S.A., an Argentine agribusiness company, from Andre & Cie
       S.A., a Swiss agribusiness company, for a maximum enterprise value of $70
       million in cash and assumed debt. The final purchase price will be
       subject to adjustments. Bunge expects the transaction to close toward the
       end of the first quarter of 2002.

              On October 22, 2001, Bunge announced that its Board of Directors
       had declared a quarterly cash dividend of $0.095 per share. The dividend
       is payable on Thursday, November 29, 2001 to shareholders of record on
       Thursday, November 15, 2001.















                                       13
<Page>

                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS

       This report contains both historical and forward-looking statements. All
statements, other than statements of historical fact are, or may be deemed to
be, forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended. These forward-looking statements are not based on
historical facts, but rather reflect our current expectations and projections
about our future results, performance, prospects and opportunities. We have
tried to identify these forward-looking statements by using words including
"may," "will," "expect," "anticipate," "believe," "intend," "estimate" and
"continue" and similar expressions. These forward-looking statements involve
known and unknown risks, uncertainties and other factors that could cause our
actual results, performance, prospects or opportunities to differ materially
from those expressed in, or implied by, these forward-looking statements. The
following important factors, among others, could affect future results, causing
them to differ materially from those expressed in our forward-looking
statements: estimated demand for commodities and other products that we sell and
use in our business; industry conditions, including the cyclicality of the
agribusiness industry; economic conditions in Brazil and Argentina; and other
economic, business, competitive and/or regulatory factors affecting our business
generally. The forward-looking statements included in this report are made only
as of the date of this report, and except as otherwise required by federal
securities law, we do not have any obligation to publicly update or revise any
forward-looking statements to reflect subsequent events or circumstances.

RESULTS OF OPERATIONS

       A summary of certain items in our consolidated statements of income and
volumes by reportable segment for the periods indicated follows.

<Table>
<Caption>
                                          THREE MONTHS            NINE MONTHS
                                       ENDED SEPTEMBER 30,     ENDED SEPTEMBER 30,
                                       ------------------      ------------------
                                        2000        2001        2000        2001
                                       ------      ------      ------      ------
                                           (US$ IN MILLIONS, EXCEPT VOLUMES)
<S>                                    <C>         <C>         <C>         <C>
NET SALES:
Agribusiness                           $1,701      $2,322      $4,597      $6,108
Fertilizer                                526         376         935         904
Edible oil products                       270         241         816         680
Wheat milling and bakery products         135         135         400         392
Other                                      79          77         252         228
                                       ------      ------      ------      ------
           Total                       $2,711      $3,151      $7,000      $8,312
                                       ======      ======      ======      ======

COST OF GOODS SOLD:
Agribusiness                           $1,607      $2,140      $4,421      $5,747
Fertilizer                                431         286         786         729
Edible oil products                       230         211         703         596
Wheat milling and bakery products         120         119         349         348
Other                                      71          62         233         193
                                       ------      ------      ------      ------
           Total                       $2,459      $2,818      $6,492      $7,613
                                       ======      ======      ======      ======
</Table>


                                       14
<Page>

<Table>
<Caption>
                                             THREE MONTHS               NINE MONTHS
                                          ENDED SEPTEMBER 30,        ENDED SEPTEMBER 30,
                                         --------------------       ---------------------
                                           2000        2001          2000          2001
                                         -------      -------       -------       -------
<S>                                      <C>          <C>           <C>           <C>
GROSS PROFIT:
Agribusiness                             $    94      $   182       $   176       $   361
Fertilizer                                    95           90           149           175
Edible oil products                           40           30           113            84
Wheat milling and bakery products             15           16            51            44
Other                                          8           15            19            35
                                         -------      -------       -------       -------
           Total                         $   252      $   333       $   508       $   699
                                         =======      =======       =======       =======

SELLING, GENERAL AND ADMINISTRATIVE
EXPENSES:
Agribusiness                             $    45      $    52       $   110       $   133
Fertilizer                                    27           26            57            61
Edible oil products                           28           23            78            66
Wheat milling and bakery products             12           15            42            37
Other                                          7            3            15            13
Unallocated                                   --            7             5            10
                                         -------      -------       -------       -------
           Total                         $   119      $   126       $   307       $   320
                                         =======      =======       =======       =======
INCOME FROM OPERATIONS:
Agribusiness                             $    49      $   130       $    66       $   228
Fertilizer                                    68           64            92           114
Edible oil products                           12            7            35            18
Wheat milling and bakery products              3            1             9             7
Other                                          1           12             4            22
Unallocated other                             --           (7)           (5)          (10)
                                         -------      -------       -------       -------
           Total                         $   133      $   207       $   201       $   379
                                         =======      =======       =======       =======

NET INCOME                               $    17      $    57       $     2       $    86

VOLUMES (IN MILLIONS OF METRIC TONS):
Agribusiness                                11.6         17.1          35.6          43.0
Fertilizer                                   3.6          3.1           6.1           6.1
Edible oil products                           .4           .4           1.2           1.2
Wheat milling and bakery products             .6           .5           1.5           1.5
Other                                         .4           .6            .6           1.1
                                         -------      -------       -------       -------
           Total                            16.6         21.7          45.0          52.9
                                         =======      =======       =======       =======
</Table>

THREE MONTHS ENDED SEPTEMBER 30, 2001 COMPARED TO THREE MONTHS ENDED
SEPTEMBER 30, 2000

       NET SALES. Net sales increased by $440 million, or 16%, to $3,151 million
for the three months ended September 30, 2001 from $2,711 million for the three
months ended September 30, 2000.

       Net sales in our agribusiness segment increased by $621 million, or 37%,
to $2,322 million for the three months ended September 30, 2001 from $1,701
million for the three months ended September 30, 2000. Agribusiness segment net
sales increased primarily due to higher sales volumes for soybeans, soybean meal
and soybean oil, which we collectively refer to as soy commodity products. The
increase was largely attributable to continued growth of our international
marketing operations, which increased sales volumes by 5 million metric tons for
the three months ended September 30, 2001 compared to the same period in 2000.
In addition, grain origination volumes increased due to the large South American
soybean and wheat harvests. Average selling prices of soy commodity products
declined due to


                                       15
<Page>

market expectations for a large U.S. soybean crop. Volume increases were
attributable to the strong global demand for soy commodity products.

       Net sales in our fertilizer segment decreased by $150 million, or 29%, to
$376 million for the three months ended September 30, 2001 from $526 million for
the three months ended September 30, 2000. Fertilizer segment net sales declined
due to lower average selling prices and lower sales volumes. The decline in
average selling prices was due to lower market prices, which we believe were
caused by pressure on competitors to meet cash obligations. Sales volumes
declined 14% for the three months ended September 30, 2001 compared to the same
period in 2000 due to the unusually strong sales volumes experienced in the same
three-month period in 2000 as farmers purchased fertilizer ahead of normal
seasonal patterns. The overall decline in volumes was partially offset by higher
animal nutrient sales volumes driven by the strong export market for Brazilian
meat products.

       Net sales in our edible oil products, segment decreased by $29 million,
or 11%, to $241 million for the three months ended September 30, 2001 from $270
million for the three months ended September 30, 2000. This decrease in net
sales was primarily due to decreases in average selling prices of our edible oil
products in 2001 as a result of weakness in U.S. foodservice markets and the
adverse effects of the REAL devaluation in the third quarter of 2001.

       Net sales in our wheat milling and bakery products segment were unchanged
at $135 million for the three months ended September 30, 2001 and September 30,
2000. Increases in average selling prices were offset by decreases in sales
volumes. Average selling prices increased due to the recovery of wheat milling
product prices in Brazil, which more than offset the adverse effects of the REAL
devaluation in the third quarter of 2001. The sales volume decreases were
largely attributable to lower bakery products sales volumes as a result of
weakness in U.S. foodservice markets.

       Net sales in our other segment decreased by $2 million, or 3%, to $77
million for the three months ended September 30, 2001 from $79 million for the
three months ended September 30, 2000. Net sales in our soy ingredients business
increased, but were more than offset by a decline in net sales in our corn
products business. Net sales in our soy ingredients business increased due to
higher sales volumes, partially offset by lower average selling prices. Net
sales in our corn products business decreased primarily due to lower sales
volumes as a result of a labor strike at our Danville, Illinois facility. The
labor strike was settled in August 2001.

       COST OF GOODS SOLD. Cost of goods sold increased by $359 million, or 15%,
to $2,818 million for the three months ended September 30, 2001 from $2,459
million for the three months ended September 30, 2000. Included in cost of goods
sold were $36 million and $44 million of depreciation, depletion and
amortization expenses for the three months ended September 30, 2001 and
September 30, 2000, respectively.

       Cost of goods sold in our agribusiness segment increased by $533 million,
or 33%, to $2,140 million for the three months ended September 30, 2001 from
$1,607 million for the three months ended September 30, 2000. This increase was
primarily due to higher sales volumes.

       Cost of goods sold in our fertilizer segment decreased by $145 million,
or 34%, to $286 million for the three months ended September 30, 2001 from $431
million for the three months ended September 30, 2000. This decrease was
primarily due to lower sales volumes and a decline in the price of imported raw
materials.

       Cost of goods sold in our edible oil products segment decreased by $19
million, or 8%, to $211 million for the three months ended September 30, 2001
from $230 million for the three months ended September 30, 2000. This decline
was primarily due to the REAL devaluation and lower raw material costs.

       Cost of goods sold in our wheat milling and bakery products segment
decreased by $1 million, or 1%, to $119 million for the three months ended
September 30, 2001 from $120 million for the three months ended September 30,
2000. This decrease was primarily a result of lower sales volumes and the
effects of the REAL devaluation, partially offset by higher wheat costs.

       Cost of goods sold in our other segment decreased by $9 million, or 13%,
to $62 million for the three months ended September 30, 2001 from $71 million
for the three months ended September 30, 2000. This decline was primarily due to
lower sales volumes in our corn products business as a result of the labor
strike at our Danville facility.

       GROSS PROFIT. Gross profit increased by $81 million, or 32%, to $333
million for the three months ended September 30, 2001 from $252 million for the
three months ended September 30, 2000.

       Gross profit in our agribusiness segment increased by $88 million, or
94%, to $182 million for the three months ended September 30, 2001 compared to
$94 million for the three months ended September 30, 2000. The increase was
primarily due to improved profitability in our grain origination, oilseed
processing and international


                                       16
<Page>

marketing business lines. The improvement in gross profit in each of our
business lines was due to higher gross profit margins that resulted from strong
global demand for soy commodity products and the positive impacts of the
industry-wide rationalization of soybean processing capacity that occurred in
2000. Gross profit was positively affected by the 14% devaluation of the
Brazilian REAL compared to the U.S. dollar and $4 million of one-time benefits
in the third quarter of 2001, resulting from Argentine export incentive
programs.

       Fertilizer segment gross profit decreased by $5 million, or 5%, to $90
million for the three months ended September 30, 2001 from $95 million for the
three months ended September 30, 2000. The decrease was primarily due to lower
sales volumes. The lower sales volumes were a result of unusually strong sales
experienced in the same three-month period in 2000 as farmers purchased
fertilizer ahead of normal seasonal patterns. The decrease was partially offset
by higher animal nutrient product sales volumes.

       Gross profit in our edible oil products segment decreased by $10 million,
or 25%, to $30 million for the three months ended September 30, 2001 from $40
million for the three months ended September 30, 2000. The decrease was
primarily due to declines in average selling prices attributable to weakness in
U.S. foodservice markets.

       Gross profit in our wheat milling and bakery products segment increased
by $1 million, or 7%, to $16 million for the three months ended September 30,
2001 from $15 million for the three months ended September 30, 2000. The
increase was due to a recovery of wheat milling product prices in Brazil and the
effects of the REAL devaluation, partially offset by higher wheat costs.

       Gross profit in our other segment increased by $7 million, or 88%, to $15
million for the three months ended September 30, 2001 from $8 million for the
three months ended September 30, 2000. The increase was due to higher sales
volumes in our soy ingredients business and lower operating expenses in our corn
products business as a result of the labor strike at our Danville facility,
which was settled in August 2001.

       SELLING, GENERAL AND ADMINISTRATIVE EXPENSES. Selling, general and
administrative expenses, or SG&A, increased by $7 million, or 6%, to $126
million for the three months ended September 30, 2001 from $119 million for the
three months ended September 30, 2000. SG&A increased by $7 million in our
agribusiness segment principally due to the growth of our international
marketing operations. SG&A increased in our wheat milling and bakery products
segment primarily due to the recording of additional labor claim contingencies
in Brazil. SG&A decreased in our fertilizer, edible oil products and other
segments primarily due to the effects of the REAL devaluation and our cost
reduction programs.

       INCOME FROM OPERATIONS. Income from operations increased by $74 million,
or 56%, to $207 million for the three months ended September 30, 2001 from $133
million for the three months ended September 30, 2000. The increase was
primarily due to higher gross profit in our agribusiness and other segments.
Income from operations in our edible oil products segment declined primarily due
to weakness in U.S. foodservice markets. Income from operations in our wheat
milling and bakery products segment decreased primarily due to higher SG&A
expenses.

       NON-OPERATING ITEMS. A summary of significant non-operating items for the
periods indicated follows.

<Table>
<Caption>
                                                                                THREE MONTHS
                                                                             ENDED SEPTEMBER 30,
                                                                             -------------------
                                                                              2000         2001
                                                                             ------       ------
                                                                              (US$ IN MILLIONS)
<S>                                                                           <C>         <C>
       Interest income                                                        $  24       $  20
       Interest expense                                                         (55)        (38)
       Interest expense on debt financing readily marketable inventories        (14)        (10)
       Foreign exchange                                                         (32)        (71)
       Other income (expense)                                                     5          (1)
                                                                              -----       -----
                         Total                                                $ (72)      $(100)
                                                                              =====       =====
</Table>

       Interest income decreased by $4 million to $20 million for the three
months ended September 30, 2001 from $24 million for the three months ended
September 30, 2000, primarily due to lower levels of invested cash and lower


                                       17
<Page>

short-term investments. Interest expense decreased by $17 million to $38 million
for the three months ended September 30, 2001 from $55 million for the three
months ended September 30, 2000, primarily due to lower levels of long-term
debt. Interest expense on debt financing readily marketable inventories, which
are our agricultural commodity inventories, decreased by $4 million to $10
million for the three months ended September 30, 2001 from $14 million for the
three months ended September 30, 2000. Average interest rates on our short-term
debt for the three months ended September 30, 2001 compared to the three months
ended September 30, 2000 were lower as a result of financing initiatives
implemented in the second half of 2000 and a decrease in short-term interest
rates.

       Foreign exchange losses increased by $39 million to a loss of $71 million
for the three months ended September 30, 2001 from a loss of $32 million for the
three months ended September 30, 2000. The REAL declined in value against the
U.S. dollar by 14% for the three months ended September 30, 2001 compared to a
2% decline in value for the three months ended September 30, 2000. Our use of
permanently invested long-term intercompany loans reduced our foreign exchange
losses by $71 million in the three months ended September 30, 2001.

       Income tax expense was $24 million for the three months ended September
30, 2001 compared to an income tax expense of $12 million for the three months
ended September 30, 2000. Income tax expense increased primarily due to higher
taxable income.

       Minority interest was an expense of $26 million for the three months
ended September 30, 2001 compared to an expense of $27 million for the three
months ended September 30, 2000. Despite the increase in net income before
minority interest, discontinued operations and cumulative effect of change in
accounting principle, minority interest decreased by $1 million largely as the
increase in earnings was mostly attributable to companies in which Bunge has a
larger ownership interest.

       NET INCOME. Net income increased by $40 million, or 235% to $57 million
for the three months ended September 30, 2001 compared to a net income of $17
million for the three months ended September 30, 2000 due to the aforementioned
factors.


NINE MONTHS ENDED SEPTEMBER 30, 2001 COMPARED TO NINE MONTHS ENDED
SEPTEMBER 30, 2000

       NET SALES. Net sales increased by $1,312 million, or 19%, to $8,312
million for the nine months ended September 30, 2001 from $7,000 million for the
nine months ended September 30, 2000.

       Net sales in our agribusiness segment increased by $1,511 million, or
33%, to $6,108 million for the nine months ended September 30, 2001 from $4,597
million for the nine months ended September 30, 2000. Agribusiness segment net
sales increased due to higher sales volumes and higher average selling prices
for our soy commodity products. The increase in sales volumes was largely due to
growth in our international marketing operations, which increased sales volumes
by 8 million metric tons for the nine months ended September 30, 2001 compared
to the nine months ended September 30, 2000. Average selling prices increased
primarily due to the strong global demand for our soy commodity products.

       Net sales in our fertilizer segment decreased by $31 million, or 3%, to
$904 million for the nine months ended September 30, 2001 from $935 million for
the nine months ended September 30, 2000. Fertilizer segment net sales decreased
due to a decline in average selling prices. Sales volumes remained flat despite
including a full nine months of activity for the nine months ended September 30,
2001 from the April 2000 acquisitions of Manah and Fosfertil. The effects of
these acquisitions were partially offset by lower retail sales volumes, as the
sales in the nine months ended September 30, 2000 were unusually strong as
farmers purchased ahead of the normal seasonal patterns. The decline in volumes
was also partially offset by higher animal nutrient sales volumes driven by the
strong export market for Brazilian meat.

       Net sales in our edible oil products segment decreased by $136 million,
or 17%, to $680 million for the nine months ended September 30, 2001 from $816
million for the nine months ended September 30, 2000. This decrease in net sales
was primarily due to decreases in average selling prices of our edible oil
products in 2001 as a result of weakness in U.S. foodservice markets and the
adverse effects of the REAL devaluation.

       Net sales in our wheat milling and bakery products segment decreased by
$8 million, or 2%, to $392 million for the nine months ended September 30, 2001
from $400 million for the nine months ended September 30, 2000. This decrease
was primarily attributable to lower average selling prices for our wheat milling
and bakery products, which were attributable to the adverse effects of the REAL
devaluation, offset in part by a recovery of wheat milling product prices in
Brazil.


                                       18
<Page>

       Net sales in our other segment decreased by $24 million, or 10%, to $228
million for the nine months ended September 30, 2001 from $252 million for the
nine months ended September 30, 2000. Net sales in our soy ingredients business
increased, but were more than offset in part by a decline in net sales in our
corn products business. Net sales in our soy ingredients business increased due
to higher sales volumes, partially offset by lower average selling prices. Net
sales in our corn products business decreased primarily due to lower sales
volumes as a result of the labor strike at our Danville, Illinois facility.

       COST OF GOODS SOLD. Cost of goods sold increased by $1,121 million, or
17%, to $7,613 million for the nine months ended September 30, 2001 from $6,492
million for the nine months ended September 30, 2000. Included in cost of goods
sold were $114 million and $107 of depreciation, depletion and amortization
expenses for the nine months ended September 30, 2001 and September 30, 2000,
respectively.

       Cost of goods sold in our agribusiness segment increased by $1,326
million, or 30%, to $5,747 million for the nine months ended September 30, 2001
from $4,421 million for the nine months ended September 30, 2000. The increase
was due to higher sales volumes in our international marketing business, higher
average soy commodity product prices and higher energy costs.

       Cost of goods sold in our fertilizer segment decreased by $57 million, or
7%, to $729 million for the nine months ended September 30, 2001 from $786
million for the nine months ended September 30, 2000. This decrease was
primarily due to a change in sales product mix and a decline in the price of
imported raw materials.

       Cost of goods sold in our edible oil products segment decreased by $107
million, or 15%, to $596 million for the nine months ended September 30, 2001
from $703 million for the nine months ended September 30, 2000. This decline was
primarily due to the REAL devaluation and lower raw material costs, partially
offset by higher energy costs.

       Cost of goods sold in our wheat milling and bakery products segment
decreased by $1 million to $348 million for the nine months ended September 30,
2001 from $349 million for the nine months ended September 30, 2000. The
decrease was primarily due to the effects of the REAL devaluation, partially
offset by higher wheat costs.

       Cost of goods sold in our other segment decreased by $40 million, or 17%,
to $193 million for the nine months ended September 30, 2001 from $233 million
for the nine months ended September 30, 2000. This decline was primarily due to
lower sales volumes in our corn products business as a result of the labor
strike at our Danville facility.

       GROSS PROFIT. Gross profit increased by $191 million, or 38%, to $699
million for the nine months ended September 30, 2001 from $508 million for the
nine months ended September 30, 2000.

       Gross profit in our agribusiness segment increased by $185 million, or
105%, to $361 million for the nine months ended September 30, 2001 compared to
$176 million for the nine months ended September 30, 2000. The increase was
primarily due to improved profitability in our grain origination, oilseed
processing and international marketing business lines. The improvement in gross
profit in each of our business lines was due to higher gross profit margins that
resulted from strong global demand for soy commodity products and the positive
impacts of the industry-wide rationalization of soybean processing capacity.
Gross profit was positively affected by the 27% devaluation of the Brazilian
REAL compared to the U.S. dollar and $9 million of one-time benefits in the
nine-month period of 2001, resulting from Argentine export incentive programs.

       Gross profit in our fertilizer segment increased by $26 million, or 17%,
to $175 million for the nine months ended September 30, 2001 from $149 million
for the nine months ended September 30, 2000. This increase was primarily due to
the acquisitions of Manah and Fosfertil in April 2000.

       Gross profit in our edible oil products segment decreased by $29 million,
or 26%, to $84 million for the nine months ended September 30, 2001 from $113
million for the nine months ended September 30, 2000. This decrease was
primarily due to a decline in average selling prices attributable to weakness in
U.S. foodservice markets.

       Gross profit in our wheat milling and bakery products segment decreased
by $7 million, or 14%, to $44 million for the nine months ended September 30,
2001 from $51 million for the nine months ended September 30, 2000. The decrease
was primarily due to the effects of the REAL devaluation, partially offset by a
recovery of wheat milling product prices in Brazil.

       Gross profit in our other segment increased by $16 million, or 84%, to
$35 million for the nine months ended September 30, 2001 from $19 million for
the nine months ended September 30, 2000. The increase was primarily due to
higher sales volumes in our soy ingredients business and lower operating
expenses in our corn products business as a result of the effects of the labor
strike at our Danville facility.


                                       19
<Page>

       SELLING, GENERAL AND ADMINISTRATIVE EXPENSES. SG&A increased by $13
million, or 4%, to $320 million for the nine months ended September 30, 2001
from $307 million for the nine months ended September 30, 2000. SG&A increased
by $23 million in our agribusiness segment principally due to the growth in our
international marketing operations. In addition, SG&A decreased in our edible
oil products, wheat milling and bakery products and other segments primarily due
to the effects of the REAL devaluation and our cost reduction programs.

       INCOME FROM OPERATIONS. Income from operations increased by $178
million, or 89%, to $379 million for the nine months ended September 30, 2001
from $201 million for the nine months ended September 30, 2000. The increase
was primarily due to higher gross profit in our agribusiness, fertilizer and
other segments. Income from operations in our fertilizer segment increased
primarily due to the acquisitions of Manah and Fosfertil, while income from
operations in our edible oil products segment decreased due to weakness in
U.S. foodservice markets. Income from operations in our wheat milling and
bakery products segment decreased due to the effects of the REAL devaluation,
partially offset by a recovery in wheat milling product prices.

       NON-OPERATING ITEMS. A summary of significant non-operating items for the
periods indicated follows.

<Table>
<Caption>
                                                                                         NINE MONTHS
                                                                                     ENDED SEPTEMBER 30,
                                                                                    ---------------------
                                                                                     2000            2001
                                                                                    -----           -----
                                                                                      (US$ IN MILLIONS)
<S>                                                                                 <C>             <C>
       Interest income                                                              $  95           $  92
       Interest expense                                                              (156)           (154)
       Interest expense on debt financing readily marketable inventories              (38)            (31)
       Foreign exchange                                                               (64)           (142)
       Other income                                                                    14               3
                                                                                    -----           -----
                       Total                                                        $(149)          $(232)
                                                                                    =====           =====
</Table>

       Interest income decreased by $3 million to $92 million for the nine
months ended September 30, 2001 from $95 million for the nine months ended
September 30, 2000 primarily due to lower levels of invested cash. Interest
expense decreased by $2 million to $154 million for the nine months ended
September 30, 2001 from $156 million for the nine months ended September 30,
2000 because of lower levels of long-term debt and lower average interest rates
in the nine-month period ended September 30, 2001. Interest expense on debt
financing readily marketable inventories decreased by $7 million to $31 million
for the nine months ended September 30, 2001 from $38 million for the nine
months ended September 30, 2000. The decrease in interest expense on readily
marketable inventories was due to lower average short-term interest rates in the
first nine months of 2001 compared to the same period in 2000.

       Foreign exchange losses increased by $78 million to $142 million for the
nine months ended September 30, 2001 from $64 million for the nine months ended
September 30, 2000. This increase was primarily due to changes in exchange rates
between the REAL and the U.S. dollar, as the REAL declined in value against the
U.S. dollar by 27% for the nine months ended September 20, 2001 compared to a 3%
decline for the nine months ended September 30, 2000. Our use of permanently
invested intercompany loans diminished our foreign exchange losses by $139
million during the first nine months of 2001.

       Income tax expense was $28 million for the nine months ended September
30, 2001 compared to an income tax expense of $9 million for the nine months
ended September 30, 2000. Income tax expense for the first nine months of 2001
was higher compared to the first nine months of 2000 primarily due to higher
taxable income.

       Minority interest was an expense of $43 million for the nine months ended
September 30, 2001 compared to an expense of $32 million for the nine months
ended September 30, 2000. The increase was due to the increase in income before
minority interest, discontinued operations and cumulative effect of change in
accounting principle.

       NET INCOME. Net income was $86 million for the nine months ended
September 30, 2001 compared to $2 million for the nine months ended September
30, 2000. Net income for the nine months ended September 20, 2001 was positively
affected by a $7 million cumulative effect of a change in accounting principle
related to the adoption of SFAS No. 133. As a result of the adoption, commencing
in 2001, we have elected to begin recording unrealized gains


                                       20
<Page>

and losses on previously unrecognized forward purchase and sales contracts as a
component of cost of goods sold over the term of these contracts rather than on
the delivery date for the underlying commodity as further discussed below. In
addition, we recorded a $3 million gain on the disposal of our consumer bread
products division in Brazil for the nine months ended September 30, 2001
compared to a loss relating to the division for the nine months ended September
30, 2000. We sold this division to a third party in March 2001 for $58 million.

       Prior to January 2001, open fixed price purchase and sales contracts for
merchandisable agricultural commodities were not recognized in our financial
statements until delivery of the underlying commodities. Upon our adoption of
SFAS No. 133 ACCOUNTING FOR DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES on
January 1, 2001 these open fixed price purchase and sales contracts qualified as
derivatives under SFAS No. 133. SFAS No. 133 requires that these derivative
financial contracts be recorded on our balance sheet at their fair market value.
We have elected to record the associated unrealized gains and losses on these
open contracts as a component of cost of goods sold. The impact of this
accounting change was the acceleration of the recognition of the open fixed
purchase and sales contracts. These contracts have a maturity of less than
twelve months and we expect to take delivery of the underlying merchandisable
agricultural commodities on these contracts at maturity. Our adoption of SFAS
No. 133 resulted in our recording of the previously unrecognized unrealized
gains as of December 31, 2000 on these contracts as a cumulative effect of a
change in accounting principle as of January 1, 2001.

LIQUIDITY AND CAPITAL RESOURCES

       Capital expenditures were $151 million and $124 million for the nine
months ended September 30, 2001 and 2000. The majority of these capital
expenditures related to efficiency improvements to reduce costs and upgrade
equipment due to changes in technology. In the nine months ended September 30,
2001, we continued a number of revenue enhancing projects which we began in 2000
and are near completion, including constructing additional agricultural
commodities storage facilities in North America and Brazil and a sulfuric acid
plant in Brazil for our fertilizer segment, as well as the completion of the
upgrade of our Destrehan, Louisiana export elevator.

       Our principal sources of liquidity are cash flow from operations before
working capital changes in operating assets and liabilities, and borrowings
under various short-term and long-term bank facilities and lines of credit.
Prior to 2000, we obtained most of our financing at subsidiary levels. In 2000,
we implemented several new initiatives to coordinate our funding activities at
the parent company level and access the international capital markets, raising a
total of $1 billion. These initiatives are designed to allow us to take
advantage of lower financing costs worldwide. In December 2000, we received net
proceeds of $163 million from the issuance of $170 million of redeemable
preferred stock by a special purpose subsidiary. Cash dividends on the preferred
stock are payable quarterly based on three-month LIBOR plus a variable spread.
As of September 30, 2001, we have accrued dividends of $8 million on the
redeemable preferred stock, of which we have paid $7 million. We have a $750
million commercial paper facility, under which $296 million was outstanding as
of September 30, 2001 at a weighted average interest rate of 3.8%. Our
commercial paper program was rated investment grade by the three principal
credit rating agencies. During the third quarter of 2001, we sold approximately
23% of our common shares in an initial public offering, which resulted in $278
million after underwriting discounts, commissions and expenses. These proceeds
were used to reduce indebtedness under our commercial paper program. We also
issued $107 million of 8.51% three-year trust certificates and $18 million of
8.61% five-year trust certificates in December 2000. In addition, in 2000, Bunge
International Limited, our sole shareholder prior to our initial public
offering, contributed $126 million of capital to us in the form of a secured
note payable. During the first nine months of 2001, Bunge International Limited
repaid $18 million of the principal amount of this note to us.

       Cash and cash equivalents at September 30, 2001 and December 31, 2000
were $191 million and $423 million, respectively. Included in our inventory were
readily marketable commodity inventories of $924 million and $799 million at
September 30, 2001 and December 31, 2000, respectively. These agricultural
commodities, which are financed with debt, are readily convertible to cash
because of their commodity characteristics, widely available markets and
international pricing mechanisms. Our current ratio, defined as current assets
divided by current liabilities, was 1.32 and 1.25 at September 30, 2001 and
December 31, 2000, respectively. Due to our cash levels and the liquidity of our
agricultural commodities inventory, we believe our working capital levels
satisfy our present business needs.

       At September 30, 2001, we had $515 million outstanding and approximately
$240 million available borrowing capacity under short-term lines of credit with
a number of lending institutions. In addition, we have various long-term debt
facilities at fixed and variable interest rates denominated in both U.S. dollars
and reais, most of which mature


                                       21
<Page>

between 2001 and 2005. As of September 30, 2001, we had $1,033 million
outstanding under these long-term credit facilities. Certain land, property,
equipment and export commodity contracts, as well as shares of the capital
stock of Bunge Fertilizantes, Fosfertil S.A. and Ultrafertil S.A., having a
net carrying value of approximately $419 million have been mortgaged or
pledged against long-term debt of $295 million at September 30, 2001. Annual
maturities of long-term debt for the five years after December 31, 2000 are
$254 million, $283 million, $268 million, $101 million and $117 million.

       In the third quarter of 2001, we completed the defeasance of $60 million
of our outstanding long-term debt by depositing $62 million of U.S. treasury
securities, which are sufficient to make payments of interest and principal on
the scheduled payment dates, in trust for the benefit of the lenders. The debt
instrument defeased was an export financing contract, which required us to
export our products to certain customers. As a result of changes in our
business, principally the expansion of our international marketing operations,
this debt agreement was no longer commercially attractive to us. As a result of
the completion of the defeasance, all of Bunge's rights and obligations with
respect to the long-term debt have been released.

       Our long-term debt agreements require us to comply with specific
financial covenants related to minimum net worth and working capital and a
maximum long-term debt to net worth ratio. We do not expect any legal or
contractual restrictions on the ability of our subsidiaries to transfer funds to
us to have any impact on our ability to meet our cash obligations.

DIVIDENDS

       On October 22, 2001, Bunge announced that its Board of Directors had
declared a quarterly cash dividend of $0.095 per share. The dividend is payable
on Thursday, November 29, 2001 to shareholders of record on Thursday, November
15, 2001.

RECENT ACCOUNTING PRONOUNCEMENTS

       In August 2001, the Financial Accounting Standards Board (FASB) issued
Statement of Financial Accounting Standards No. 143, ACCOUNTING FOR ASSET
RETIREMENT OBLIGATIONS (SFAS No. 143) effective January 1, 2003 and Statement of
Financial Accounting Standards No. 144, ACCOUNTING FOR THE IMPAIRMENT OR
DISPOSAL OF LONG-LIVED ASSETS (SFAS No. 144) effective January 1, 2002. SFAS No.
143 requires the recording of the fair value of a liability for an asset
retirement obligation in the period in which it is incurred. SFAS No. 144
supercedes existing accounting literature dealing with impairment and disposal
of long-lived assets, including discontinued operations. It addresses financial
accounting and reporting for the impairment of long-lived assets and for
long-lived assets to be disposed of, and expands current reporting for
discontinued operations to include disposals of a "component" of an entity that
has been disposed of or is classified as held for sale. Bunge is evaluating the
impact SFAS No. 143 and SFAS No. 144 will have on its financial statements.

       In July 2001, FASB issued Statements of Financial Accounting Standards
No. 141, BUSINESS COMBINATIONS (SFAS No. 141), and No. 142, GOODWILL AND OTHER
INTANGIBLE ASSETS (SFAS No. 142). SFAS No. 141 supercedes Accounting Principle
Board (APB) Opinion No. 16, BUSINESS COMBINATIONS and changes the accounting for
business combinations by requiring all business combinations to be accounted for
using the purchase method eliminating pooling-of-interests except for qualifying
business combinations that were initiated prior to July 1, 2001. SFAS No. 141
also clarifies the criteria for recognizing intangible assets separately from
goodwill. SFAS No. 141 is effective for any business combination that is
completed after June 30, 2001.

       SFAS No. 142 supercedes APB Opinion No. 17, INTANGIBLE ASSETS and changes
the accounting for goodwill and other intangible assets acquired individually or
with a group of other assets, but not those acquired in a business combination,
by eliminating the amortization of goodwill and other intangible assets with
indefinite lives. However, SFAS No. 142 requires goodwill and other intangible
assets to be tested at least annually for impairment. Separable other intangible
assets that are not deemed to have an indefinite life will continue to be
amortized over their useful lives. The amortization provisions of SFAS No. 142
apply immediately to goodwill and intangible assets acquired after June 30,
2001. Bunge will continue to amortize goodwill and intangible assets acquired
prior to July 1, 2001 during


                                       22
<Page>

the transition period of July 1, 2001 until the adoption of SFAS No. 142 on
January 1, 2002. Amortization expense was $1 million and $2 for the three
months ended September 30, 2001 and 2000 and $5 million and $6 million for
the nine months ended September 30, 2001 and 2000, respectively. Bunge is
evaluating the impact SFAS No. 142 will have on its financial statements.

       Effective January 1, 2001 we adopted FASB SFAS No. 133, ACCOUNTING FOR
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES. SFAS No.133 establishes
accounting and reporting standards for derivative instruments including certain
derivative instruments embedded in other contracts and hedging activities. As a
result of this adoption on January 1, 2001, our net income increased for the
first nine months by $7 million, net of $4 million of tax expense for the fair
value of previously unrecognized derivative instruments. We also recorded a loss
in other comprehensive income (loss) of $(3) million, net of $2 million tax
benefit for derivatives which hedge the variable cash flows of certain
forecasted transactions. These adjustments are reported as a cumulative change
in accounting principle as of January 1, 2001.




                    QUANTITATIVE AND QUALITATIVE DISCLOSURES

                                ABOUT MARKET RISK

       There have been no significant changes in our commodities, currency or
interest rate market risk since December 31, 2000, except for an increase in our
permanently invested intercompany loans to $576 million as of September 30, 2001
from $290 million as of December 31, 2000, which will serve to further reduce
our exposure to foreign exchange gains and losses.






                                       23
<Page>

                                   SIGNATURES
                                   ----------

       Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.



                                         BUNGE LIMITED


Date: November 13, 2001                  By: /s/ William M. Wells
                                             -------------------------------
                                             William M. Wells
                                             Chief Financial Officer


                                             /s/ Theodore P. Fox, III
                                             -------------------------------
                                             Theodore P. Fox, III
                                             Controller and Principal
                                               Accounting Officer










                                       24

</TEXT>
</DOCUMENT>
</SUBMISSION>
