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                                                                    Exhibit 11.1

As adopted on March 14, 2003

                                 CODE OF ETHICS

INTRODUCTION

Bunge Limited has adopted the following Code of Ethics for itself and its
subsidiaries and affiliates (together "Bunge") to set forth its principles of
business ethics. Bunge is a global company and must be sensitive to the cultures
and customs of the countries where it operates and respect the communities and
environment where it does business.

PURPOSE

The purpose of this Code is to establish minimum guidelines of business conduct
required of all Bunge directors, officers and employees. The Chief Executive
Officer of each Bunge company is responsible for implementing and monitoring
compliance with this Code in that Bunge company.

REQUIRED BUSINESS CONDUCT OF DIRECTORS, OFFICERS AND EMPLOYEES

1.   All Bunge directors, officers and employees must comply with the following
     principles:

     A.   CONFLICTS OF INTEREST. Directors, officers and employees cannot engage
          in any activity that might create a conflict of interest, or the
          appearance of one, between the directors, officers and employees and
          Bunge. A conflict of interest occurs when an individual's private
          interests interfere in any way, or even appear to interfere, with the
          interests of Bunge. A conflict of interest can arise when a director,
          officer or employee takes action or has an interest that may make it
          difficult to perform his or her Bunge work objectively and
          effectively. Conflicts of interest also arise when a director,
          officer, employee or family member is in a position to receive
          improper personal benefits as a result of his or her relationship with
          Bunge. Each director, officer and employee is expected to avoid any
          outside activity, financial interest or relationship that may present
          a possible conflict of interest or the appearance of a conflict. Each
          director, officer and employee is required to disclose any conflict of
          interest to such officer or employee's manager or the Legal Department
          and, in the case of a director, to the Legal Department.

          WHILE IT IS NOT FEASIBLE TO SPECIFY ALL THE ACTIVITIES THAT MAY GIVE
          RISE TO A CONFLICT OF INTEREST, OR THE APPEARANCE OF ONE, THE
          FOLLOWING ARE SOME RULES REGARDING SPECIFIC AREAS WHERE A CONFLICT
          MIGHT OCCUR. THESE RULES ARE NOT EXHAUSTIVE AND DO NOT LIMIT THE
          GENERALITY OF THE CONFLICT OF INTEREST POLICY.

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          (i)     PERSONAL INVESTMENTS. Ownership by a director, officer or
                  employee (or a member of his or her immediate family) of a
                  financial or other beneficial interest in any enterprise which
                  does business with or is a competitor of Bunge is prohibited
                  unless approved in writing by the Chief Executive Officer of
                  the appropriate Bunge company. However, ownership of less than
                  1% of the outstanding equity securities (or in excess of 1%
                  through mutual funds or similar non-discretionary, undirected
                  arrangements) of any publicly-traded company is permissible.

          (ii)    CORPORATE OPPORTUNITIES. Directors, officers and employees are
                  prohibited from (a) taking for themselves personally
                  opportunities that are properly within the scope of Bunge's
                  activities, (b) using corporate property, position or
                  confidential or proprietary corporate information for personal
                  gain, and (c) competing with Bunge. Directors, officers and
                  employees owe a duty to Bunge to advance its legitimate
                  interests to the best of their abilities.

          (iii)   BUSINESS AFFILIATIONS. Except with the prior written approval
                  of the Chief Executive Officer of the appropriate Bunge
                  company, it is prohibited for any director, officer or
                  employee to serve as a director, officer, consultant, employee
                  or in any other capacity in any enterprise which: (a) is a
                  competitor of Bunge; or (b) conducts or seeks to conduct
                  business with Bunge; or (c) directly interferes or has the
                  appearance of interfering with the performance of their duties
                  as a director, officer or employee.

          (iv)    BUSINESS GIFTS. Acceptance by a director, officer or employee
                  (or a member of his or her immediate family) of gifts of a
                  value that may appear to or tend to influence business
                  decisions or compromise independent judgement is prohibited.
                  In certain environments, the exchange of limited non-cash
                  business courtesies may be acceptable. Bunge does not seek,
                  however, to improperly influence the decisions of its business
                  constituents by offering business courtesies, just as Bunge
                  requires that the decisions of its directors, officers and
                  employees not be affected by having received a business
                  courtesy. Any business gift given by a Bunge employee must
                  have the prior approval of the employee's supervisor. Sales or
                  marketing representatives may make business gifts of their
                  regular Bunge products or promotional items per established
                  local policies for the purpose of generating business
                  goodwill. Following are some general guidelines for applying
                  this policy:

                      -    Do not accept a gift related to a Bunge business of
                           more than token value. Even if the gift is less than
                           token value, you should only accept it if it is
                           consistent with common business practice. Any offer
                           to a director, officer or employee of a gift or other
                           business courtesy that exceeds $50 in value, or that
                           seems inconsistent with common business practices,
                           should be immediately reported to the

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                           employee's or officer's supervisor and, in the case
                           of a director, the Legal Department. Directors,
                           officers and employees must also immediately report
                           any offers of cash, a fee or kickback to the Legal
                           Department.

                      -    Regarding meals and entertainment, a director,
                           officer or employee may offer or receive meals or
                           simple entertainment provided that business is
                           discussed and that the activity has a clear business
                           purpose. The guideline for the receipt of meals or
                           entertainment shall be normal industry practice in
                           your locality consistent with local legal or fiscal
                           requirements. Any activity that might be considered
                           lavish or extravagant is not permitted. While the
                           gift value limitations described above do not
                           strictly apply in the case of meals and
                           entertainment, those limitations are an indication of
                           the reasonableness of the meals or entertainment. Any
                           offer to a director, officer or employee of meals or
                           entertainment that seems inconsistent with normal
                           industry practice in your locality, inconsistent with
                           local legal or fiscal requirements or which shall
                           involve travel or overnight lodging is subject to
                           prior approval by the employee's or officer's
                           supervisor and, in the case of a director, the Legal
                           Department.

                      -    A director, officer or employee also should not
                           accept any money or cash equivalents, or allow any
                           member of their immediate family to accept anything
                           from any person with whom Bunge has a business
                           relationship.

                      -    Common sense and good judgment must be exercised when
                           accepting business-related meals or anything of token
                           value to avoid any perception of impropriety or
                           conflict of interest.

          (v)     CONFIDENTIAL INFORMATION. Except as required in the
                  performance of the regular corporate duties of a director,
                  officer or employee, disclosure or use without authorization
                  of any confidential information relating to Bunge, whether
                  proprietary or privileged, is prohibited. Confidential
                  information includes all non-public information that might be
                  of use to competitors, or harmful to Bunge or its customers,
                  if disclosed. This prohibition applies specifically (but not
                  exclusively) to inquiries made by the press, investment
                  analysts, investors or others in the financial community. This
                  prohibition also applies to information relating to third
                  parties that Bunge has obtained under an obligation of
                  confidentiality, or as a result of a commercial relationship.
                  The obligation to safeguard confidential information continues
                  after employment with Bunge ends. The obligation to maintain
                  the confidentiality of information may be subject to legal or
                  regulatory requirements to disclose that information. In such
                  cases, the Legal Department will assist in determining what
                  disclosure is required.

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          (vi)    ACQUISITIONS, LOANS AND GIFTS FROM A BUNGE COMPANY. Except
                  with the prior written approval of the Chief Executive Officer
                  of the appropriate Bunge company, a director, officer or
                  employee (or any member of his or her immediate family) may
                  not acquire Bunge property or receive gifts from Bunge. Except
                  with the prior written approval of the Chief Executive Officer
                  of the appropriate Bunge company, an employee (or any member
                  of his or her immediate family) may not receive loans from
                  Bunge. No director or executive officer may receive loans from
                  Bunge under any circumstances.

     B.   COMPLIANCE WITH LAWS. Bunge is committed to being a good corporate
          citizen of all the countries in which it conducts business. Because of
          this commitment directors, officers and employees must comply in all
          respects with all the laws, rules and regulations, including insider
          trading, in each jurisdiction in which it does business, as well as
          comply with Bunge's policies governing business activities abroad.

     C.   FAIR DEALING AND INTEGRITY. One of Bunge's most valuable assets is its
          reputation for fairness and integrity. Each employee, officer and
          director should deal fairly with Bunge's customers, suppliers,
          competitors and employees. Employees, directors and officers should
          not take unfair advantage of anyone through manipulation, concealment,
          abuse of privileged information, misrepresentation of material facts,
          or any other unfair-dealing practice. No actions shall be taken by a
          director, officer or employee which could undermine that reputation in
          dealings with its employees, customers, suppliers or governmental
          officials.

          Bunge's policy is not to hire immediate family members of a Bunge
          officer or director without required approvals by the Legal
          Department. Immediate family members cannot be employed in jobs where
          one Bunge employee has effective control over any aspect of the
          related Bunge employee's job. Related Bunge employees may not share
          responsibility for control or audit of significant Bunge assets.

     D.   PROTECTION AND PROPER USE OF BUNGE ASSETS. All employees, officers and
          directors should protect Bunge's assets and ensure their efficient
          use. Theft, carelessness and waste have a direct impact on Bunge's
          profitability. All of Bunge's assets should be used for legitimate
          business purposes.

2.   All transactions shall be properly approved and accurately reflected on
     Bunge's books and records. Falsification of transactions and Bunge records
     or off-the-record trading or cash accounts or other off-the-record business
     transactions is strictly prohibited and subject to disciplinary action or
     dismissal.

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3.   All directors, officers and employees are responsible for ensuring the
     accuracy, completeness and timeliness of Bunge's public disclosure. Any
     information which would be considered material to Bunge's securityholders,
     the SEC or the investment community must be reported to the Disclosure
     Committee. Employees who come into possession of this information must
     report it to their manager, who must report the information to the
     Disclosure Committee or a member of the Disclosure Committee. Directors and
     officers who come into possession of this information must report it
     directly to the Disclosure Committee or a member of the Disclosure
     Committee.

4.   Bunge actively promotes ethical behavior in all its business activities.
     Directors, officers and employees are encouraged to speak to their
     managers, the Legal Department or other appropriate personnel at any time
     if there is any doubt about the best course of action in a particular
     situation. Directors, officers and employees are required to report
     violations of law, rules, regulations and this Code to their managers, the
     Legal Department, senior management or the Board, as appropriate. Every
     reasonable effort will be made to ensure the confidentiality of those
     furnishing information. Bunge will not tolerate retaliation in any form
     against any person for complaints or reports made in good faith.

5.   The Chief Executive Officer of each Bunge company shall annually certify
     that he or she has implemented and monitored compliance with this Code and
     has reported each material violation thereof to the Legal Department.

6.   A waiver of this Code for executive officers or directors of Bunge will
     only be granted by the Board of Directors or a committee of the Board and
     must be promptly disclosed to shareholders.

7.   All directors, officers and employees of Bunge are required to adhere to
     this Code. Directors, officers or employees who violate this Code will be
     subject to disciplinary action and possible dismissal.

