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                                                   Contact:   Hunter Smith
                                                              Bunge Limited
                                                              1-914-684-3450
                                                              hsmith@bunge.com



           Bunge Limited Estimates Key Figures Impact of Joint Venture
                                  Transactions

WHITE PLAINS,  NY - January 6, 2003 - On today's  conference  call regarding its
newly  announced  global  alliance with DuPont,  Bunge Limited (NYSE:  BG) Chief
Financial Officer Bill Wells estimated that the combined financial impact of the
ingredients joint venture,  Solae LLC, and the joint venture involving  Lesieur,
announced on November 29, 2002, was expected to be accretive to Bunge's earnings
per share by $0.03 - $0.05 in the twelve  months  following  the closure of both
transactions  (expected  in the second half of 2003).  In  addition,  Mr.  Wells
estimated that the transactions would reduce net financial debt by approximately
$450 million and annual capital expenditures by approximately $40 million.


About Bunge Limited

Bunge Limited (www.bunge.com) is an integrated,  international  agribusiness and
food  company  operating  in the  farm-to-consumer  food  chain  with  worldwide
distribution capabilities and primary operations in North America, South America
and  Europe.  Headquartered  in White  Plains,  New York,  Bunge has over 24,000
employees  and  locations  in 28  countries.  Bunge is the largest  processor of
soybeans in the Americas,  the world's leading oilseed processing  company,  the
largest producer and supplier of fertilizers to farmers in South America and the
world's leading seller of bottled vegetable oils to consumers.


Cautionary Statement Concerning Forward-Looking Statements

This press release 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.  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.
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.  As such,  they 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:  our
ability to integrate Cereol's operations and recognize anticipated benefits from
the   acquisition;   our  ability  to  complete,   integrate  and  benefit  from
acquisitions,  divestitures,  joint ventures and alliances; estimated

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demand for  commodities and other products that we sell and use in our business;
industry  conditions,  including the cyclicality of the  agribusiness  industry;
economic and political  conditions in Brazil and Argentina;  and other economic,
political,   business,  competitive  and/or  regulatory  factors  affecting  our
business generally.  The forward-looking  statements included in this report are
made only as of its date, 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.




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