<SUBMISSION>
<ACCESSION-NUMBER>0001047469-03-016554
<TYPE>F-4
<PUBLIC-DOCUMENT-COUNT>19
<FILING-DATE>20030505
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>BUNGE LIMITED FINANCE CORP
<CIK>0001230396
<IRS-NUMBER>260021554
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>F-4
<ACT>33
<FILE-NUMBER>333-104975-01
<FILM-NUMBER>03680745
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>50 MAIN STREET
<CITY>WHITE PLAINS
<STATE>NY
<ZIP>10606
<PHONE>9146842800
</BUSINESS-ADDRESS>
</FILER>
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>BUNGE LTD
<CIK>0001144519
<ASSIGNED-SIC>2070
<IRS-NUMBER>000000000
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>F-4
<ACT>33
<FILE-NUMBER>333-104975
<FILM-NUMBER>03680744
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>50 MAIN STREET
<CITY>WHITE PLAINS
<STATE>NY
<ZIP>10606
<PHONE>9146842800
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>50 MAIN STREET
<CITY>WHITE PLAINS
<STATE>NY
<ZIP>10606
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>F-4
<SEQUENCE>1
<FILENAME>a2110122zf-4.htm
<DESCRIPTION>F-4
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#03NYC4594_1">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<P ALIGN="CENTER"><FONT SIZE=2>As filed with the Securities and Exchange Commission on May&nbsp;2, 2003 </FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=2>Registration
No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<HR NOSHADE>
<HR NOSHADE>
<P ALIGN="CENTER"><FONT SIZE=4><B>SECURITIES AND EXCHANGE COMMISSION<BR>  </B></FONT><FONT SIZE=2><B>Washington, D.C. 20549  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=3><B>FORM F-4<BR>
REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD COLSPAN=5 ALIGN="CENTER"><FONT SIZE=2><B>Bunge Limited Finance Corp.</B></FONT><FONT SIZE=2><BR>
(Exact name of Registrant as specified in its charter and<BR>
translation of Registrant's name into English)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=5 ALIGN="CENTER"><FONT SIZE=2><B>Bunge Limited</B></FONT><FONT SIZE=2><BR>
(Exact name of Registrant as specified in its charter and<BR>
translation of Registrant's name into English)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="14%" ALIGN="CENTER"><BR><FONT SIZE=2><B>Delaware</B></FONT><FONT SIZE=2><BR>
(State or other<BR>
jurisdiction of<BR>
incorporation or<BR>
organization)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="CENTER"><BR><FONT SIZE=2><B>2070</B></FONT><FONT SIZE=2><BR>
(Primary standard<BR>
Industrial Classification<BR>
Code Number)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><BR><FONT SIZE=2><B>26-002-1554</B></FONT><FONT SIZE=2><BR>
(I.R.S. Employer<BR>
Identification No.)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="CENTER"><BR><FONT SIZE=2><B>Bermuda</B></FONT><FONT SIZE=2><BR>
(State or other<BR>
jurisdiction of<BR>
incorporation or<BR>
organization)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="CENTER"><BR><FONT SIZE=2><B>2070</B></FONT><FONT SIZE=2><BR>
(Primary standard<BR>
Industrial Classification<BR>
Code Number)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="CENTER"><BR><FONT SIZE=2><B>N/A</B></FONT><FONT SIZE=2><BR>
(I.R.S. Employer<BR>
Identification No.)</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<BR>
<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=2><B>50 Main Street<BR>
White Plains, New York 10606<BR>
(914)&nbsp;684-2800</B></FONT><FONT SIZE=2><BR>
(Address and telephone number of Registrant's principal executive offices) </FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=2><B>Bunge Limited<BR>
50 Main Street<BR>
White Plains, New York 10606<BR>
Attention: Susanna K. Ter-Jung, Assistant General Counsel<BR>
(914)&nbsp;684-2800<BR>  </B></FONT><FONT SIZE=2>(Name, address and telephone number of agent for service) </FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=2><B><I>with a copy to:</I></B></FONT><FONT SIZE=2><B><BR>
Andrew B. J&aacute;nszky<BR>
Shearman&nbsp;&amp; Sterling<BR>
599 Lexington Avenue<BR>
New York, New York 10022<BR>
(212)&nbsp;848-4000  </B></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>Approximate date of commencement of proposed sale to the public:</B></FONT><FONT SIZE=2> As soon as practicable after the effective date of
this Registration Statement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
this Form is filed to register additional securities for an offering pursuant to Rule&nbsp;462(b) under the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement for the same offering.&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
this Form is a post-effective amendment filed pursuant to rule&nbsp;462(d) under the Securities Act, check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering.&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>CALCULATION OF REGISTRATION FEE  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD COLSPAN=9><HR NOSHADE></TD>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="29%" ALIGN="CENTER"><FONT SIZE=1><B>Title of Each Class of<BR>
Securities to be Registered</B></FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="16%" ALIGN="CENTER"><FONT SIZE=1><B>Amount to be Registered</B></FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1><B>Proposed Maximum Offering Price Per Unit</B></FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="16%" ALIGN="CENTER"><FONT SIZE=1><B>Proposed Maximum Aggregate Offering Price(1)</B></FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1><B>Amount of Registration Fee(2)</B></FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=9><HR NOSHADE></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="29%"><FONT SIZE=2>7.80% Senior Notes due 2012 of Bunge Limited Finance Corp.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER"><FONT SIZE=2>$200,000,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=2>100%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER"><FONT SIZE=2>$200,000,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=2>$16,180</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=9><HR NOSHADE></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="29%"><FONT SIZE=2>Guarantee of Bunge Limited</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=2>&#151;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=9><HR NOSHADE></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>Estimated
solely for the purposes of calculating the registration fee in accordance with Rule&nbsp;457(f) under the Securities Act of 1933, as amended. </FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>Calculated
based upon the market value of the securities to be received by the registrants in the exchange in accordance with Rule&nbsp;457(f). Pursuant to Rule&nbsp;457(n), no
registration fee will be paid in connection with the guarantees. </FONT></DD></DL>
<HR NOSHADE ALIGN="CENTER" WIDTH="120">

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective
date until the registrant shall file&nbsp;a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section&nbsp;8(a) of
the Securities Act of 1933 or until this Registration Statement shall become effective on such date as the Commission, acting pursuant to Section&nbsp;8(a), may determine.</B></FONT></P>

<HR NOSHADE>
<HR NOSHADE>
<HR NOSHADE>
<!-- ZEQ.=1,SEQ=1,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=1008191,FOLIO='blank',FILE='DISK019:[03NYC4.03NYC4594]BA4594A.;20',USER='WWASSER',CD=';2-MAY-2003;14:51' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P><FONT COLOR="#FF4040" SIZE=2><B>The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and
Exchange Commission is effective. This prospectus is not an offer to sell these securities nor a solicitation of an offer to buy these securities in any state where the offer or sale is not
permitted.</B></FONT></P>

<P><FONT SIZE=2><B>PROSPECTUS  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT COLOR="#FF4040" SIZE=2><B>Subject to Completion dated May&nbsp;2, 2003</B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B> $200,000,000  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B> [logo]  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=3><B>BUNGE LIMITED FINANCE CORP.  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>OFFER TO EXCHANGE  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B> 7.80% Senior Notes due 2012<BR>
that have been registered under the Securities Act of 1933  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B> for any and all  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B> Unregistered 7.80% Senior Notes due 2012  </B></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=2><B>Fully and Unconditionally Guaranteed as to payment of principal and interest by  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=3><B>BUNGE LIMITED  </B></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=2><B>TERMS OF EXCHANGE OFFER  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus and accompanying letter of transmittal relate to the proposed offer by Bunge Limited Finance Corp. to exchange up to $200,000,000 aggregate
principal amount of new 7.80% senior notes due 2012, which are registered under the Securities Act of 1933, as amended, for any and all of its 7.80% senior notes due 2012 that were issued on
October&nbsp;15, 2002. The exchange senior notes are unconditionally guaranteed as to payment of principal and interest by Bunge Limited. Bunge Limited Finance Corp. is a wholly owned subsidiary of
Bunge Limited. The unregistered senior notes have certain transfer restrictions. The exchange senior notes will be freely transferable. </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2><B>THE EXCHANGE OFFER WILL EXPIRE AT 5:00&nbsp;P.M., NEW YORK CITY TIME, ON , 2003, UNLESS WE EXTEND THE
OFFER.</B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Tenders
of outstanding unregistered senior notes may be withdrawn at any time before 5:00&nbsp;p.m. on the date the exchange offer expires.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>All
outstanding unregistered senior notes that are validly tendered and not validly withdrawn will be exchanged.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>The
terms of the exchange senior notes to be issued are substantially similar to the unregistered senior notes, except they are registered under the
Securities Act of 1933, do not have any transfer restrictions and do not have registration rights or rights to additional interest.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>The
exchange of senior notes will not be a taxable exchange for U.S. federal income tax purposes.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Neither
Bunge Limited Finance Corp. nor Bunge Limited will receive any proceeds from the exchange offer.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>The
exchange senior notes will not be listed on any exchange. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the securities to be distributed in the exchange
offer, nor have any of these organizations determined that this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>The date of this prospectus is&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2003 </FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=2,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=379619,FOLIO='blank',FILE='DISK019:[03NYC4.03NYC4594]BE4594A.;5',USER='WWASSER',CD=';2-MAY-2003;14:51' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P><FONT SIZE=2><A
NAME="page_bg4594_1_1"> </A> </FONT></P>

<!-- TOC_END -->

<P><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each holder of an unregistered senior note wishing to accept the exchange offer must deliver the unregistered senior notes to be exchanged, together with the letter of transmittal that
accompanies this prospectus and any other required documentation, to the exchange agent identified in this prospectus. Alternatively, you may effect a tender of unregistered senior notes by
book-entry transfer into the exchange agent's account at The Depository Trust Company ("DTC"), Clearstream Banking, societe anonyme, Luxembourg ("Clearstream Luxembourg") or Euroclear Bank
S.A./N.A., as operator of the Euroclear System ("Euroclear"). All deliveries are at the risk of the holder. You can find detailed instructions concerning delivery in the section called "The Exchange
Offer" in this prospectus and in the accompanying letter of transmittal. </FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
you are a broker-dealer that receives exchange senior notes for your own account you must acknowledge that you will deliver a prospectus in connection with any resale of the exchange
senior notes. The letter of transmittal accompanying this prospectus states that by so acknowledging and by delivering a prospectus, you will not be deemed to admit that you are an "underwriter"
within the meaning of the Securities Act of 1933. You may use this prospectus, as we may amend or supplement it in the future, for your resales of exchange senior notes. We will make this prospectus
available to any broker-dealer for use in connection with any such resale for a period of 90&nbsp;days after the date of consummation of this exchange offer. </FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="bg4594_table_of_contents"> </A>
<A NAME="toc_bg4594_1"> </A>
<BR></FONT><FONT SIZE=2><B>TABLE OF CONTENTS    <BR>  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="93%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER"><FONT SIZE=1><B>Page</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="93%"><FONT SIZE=2>CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>ii</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="93%"><FONT SIZE=2>WHERE YOU CAN FIND MORE INFORMATION</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>ii</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="93%"><FONT SIZE=2>INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>iii</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="93%"><FONT SIZE=2>SUMMARY</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>1</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="93%"><FONT SIZE=2>SUMMARY OF THE EXCHANGE OFFER</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>6</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="93%"><FONT SIZE=2>SUMMARY DESCRIPTION OF THE EXCHANGE SENIOR NOTES</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>10</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="93%"><FONT SIZE=2>RATIO OF EARNINGS TO FIXED CHARGES</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>12</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="93%"><FONT SIZE=2>RISK FACTORS</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>13</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="93%"><FONT SIZE=2>CAPITALIZATION AND INDEBTEDNESS</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>14</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="93%"><FONT SIZE=2>USE OF PROCEEDS</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>15</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="93%"><FONT SIZE=2>THE EXCHANGE OFFER</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>16</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="93%"><FONT SIZE=2>DESCRIPTION OF THE SENIOR NOTES</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>27</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="93%"><FONT SIZE=2>DESCRIPTION OF MASTER TRUST STRUCTURE</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>48</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="93%"><FONT SIZE=2>TAXATION</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>50</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="93%"><FONT SIZE=2>PLAN OF DISTRIBUTION</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>55</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="93%"><FONT SIZE=2>ENFORCEMENT OF CIVIL LIABILITIES</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>56</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="93%"><FONT SIZE=2>LEGAL MATTERS</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>56</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="93%"><FONT SIZE=2>EXPERTS</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>56</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="CENTER" WIDTH="120">

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
should rely only on the information contained in or incorporated by reference in this prospectus. We have not authorized anyone to provide you with different or additional
information. If anyone provides you with different or additional information, you should not rely on it. You should assume that the information contained or incorporated by reference in this
prospectus is accurate only as of the date of this prospectus or the date of the document incorporated by reference. Our business, financial condition, results of operations and prospects may have
changed since then. Neither Bunge Limited Finance Corp. nor Bunge Limited is making an offer of the senior notes in any jurisdiction where the offer is not permitted. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;References
to "Bunge Limited Finance" mean Bunge Limited Finance Corp. and references to "Bunge," "we", "us" and "our" in this prospectus mean, unless otherwise indicated, Bunge Limited
and its consolidated subsidiaries, including Bunge Limited Finance Corp. Whenever we refer in this prospectus to the 7.80% senior notes due 2012 issued on October&nbsp;15, 2002, we will refer to
them as the "unregistered senior notes." Whenever we refer in this prospectus to the registered 7.80% senior notes due 2012, we will refer to them as the "exchange senior notes." The unregistered
senior notes and the exchange senior notes are collectively referred to as the "senior notes." References to "$" and "dollars" are to United States dollars. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>i</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=3,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=361446,FOLIO='i',FILE='DISK019:[03NYC4.03NYC4594]BG4594A.;8',USER='WWASSER',CD=';2-MAY-2003;14:52' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_bi4594_1_2"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="bi4594_cautionary_statement_co__bi402450"> </A>
<A NAME="toc_bi4594_1"> </A>
<BR></FONT><FONT SIZE=2><B>CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus and the documents incorporated by reference into this prospectus include forward-looking statements that 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," "continue" and similar expressions. These forward-looking statements are subject to a number of risks, uncertainties and other factors that could cause
our actual results, performance, prospects or opportunities, as well as those of the markets we serve or intend to serve, to differ materially from those expressed in, or implied by, the
forward-looking statements. These factors include the risks, uncertainties and other factors discussed under the heading "Risk Factors" in this prospectus and in our Annual Report on
Form&nbsp;20-F for the fiscal year ended December&nbsp;31, 2002, which is incorporated herein by reference, under the headings "Item 3.D. Risk Factors," "Item 4. Information on the
Company&#151;Business Overview," "Item 5. Operating and Financial Review and Prospects" and elsewhere. Examples of forward-looking statements include all statements that are not historical in
nature, including statements regarding: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>our
operations, competitive position, strategy and prospects;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>industry
conditions, including the cyclicality of the agribusiness industry and unpredictability of the weather;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>estimated
demand for the commodities and other products that we sell and use in our business;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
effects of adverse economic, political or social conditions and changes in foreign exchange policy or rates;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>our
ability to benefit from acquisitions, joint ventures and strategic alliances;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>governmental
policies affecting our business, including agricultural and trade policies and laws governing environmental liabilities;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>our
funding needs and financing sources; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
outcome of pending regulatory and legal proceedings. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
light of these risks, uncertainties and assumptions, you should not place undue reliance on any forward-looking statements. Additional risks that we may currently deem immaterial or
that are not presently known to us could also cause the forward-looking events discussed in this prospectus and the documents incorporated by reference into this prospectus not to occur. Except as
otherwise required by applicable securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed
circumstances or any other reason after the date of this prospectus. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="bi4594_where_you_can_find_more_information"> </A>
<A NAME="toc_bi4594_2"> </A>
<BR></FONT><FONT SIZE=2><B>WHERE YOU CAN FIND MORE INFORMATION    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are subject to the information and reporting requirements of the Securities Exchange Act of 1934, as amended, under which we file reports, including annual
reports on Form&nbsp;20-F, reports on Form&nbsp;6-K and other information with the Securities and Exchange Commission, or SEC. You may read and copy any materials that we
file with or submit to the SEC at the following locations of the SEC: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="32%" ALIGN="CENTER"><FONT SIZE=2>Public Reference Room<BR>
450 Fifth Street, N.W.<BR>
Room 1024<BR>
Washington, D.C. 20549</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="32%" ALIGN="CENTER"><FONT SIZE=2>North East Regional Office<BR>
233 Broadway<BR>
New York, New York 10279</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="32%" ALIGN="CENTER"><FONT SIZE=2>Midwest Regional Office<BR>
500 West Madison Street<BR>
Suite 1400<BR>
Chicago, Illinois 60661</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>ii</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=4,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=921263,FOLIO='ii',FILE='DISK019:[03NYC4.03NYC4594]BI4594A.;3',USER='WWASSER',CD=';2-MAY-2003;14:52' -->
<A NAME="page_bi4594_1_3"> </A>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
call the SEC at (800)&nbsp;SEC-0330 for further information about the public reference rooms and their copy charges, as well as the charges for mailing copies of the
documents we have filed. You may also inspect and copy this material at the offices of the New York Stock Exchange,&nbsp;Inc., 20 Broad Street, New York, NY 10005. The SEC also maintains an internet
website that contains reports, proxy statements and other information companies file with the SEC. The address of that site is </FONT><FONT SIZE=2><I>www.sec.gov</I></FONT><FONT SIZE=2>. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="bi4594_incorporation_of_certain_documents_by_reference"> </A>
<A NAME="toc_bi4594_3"> </A>
<BR></FONT><FONT SIZE=2><B>INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are incorporating by reference into this prospectus certain information that we file with the SEC, which means that we are disclosing to you important
information not contained in this prospectus by referring you to those documents that are considered part of this prospectus. This prospectus incorporates by reference the documents set forth below
that we have previously filed with the SEC. These documents contain important information about us and our finances. </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>our
Annual Report on Form&nbsp;20-F for the fiscal year ended December&nbsp;31, 2002, which we refer to as the 2002 Annual Report, that we
filed with the SEC on March&nbsp;31, 2003; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>our
report filed on Form&nbsp;6-K submitted on May&nbsp;2, 2003. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
documents that we will file with or submit to the SEC under the Exchange Act on Form&nbsp;20-F, and on Form&nbsp;6-K which specifically state that they
are intended to be incorporated by reference, after the date of this prospectus and prior to the completion of the exchange offer, shall be deemed to be incorporated by reference in, and to be a part
of, this prospectus from the date such documents are filed. Bunge Limited's file number for documents filed under the Exchange Act is 001-16625. We will provide, without charge, to any
person who receives a copy of this prospectus, upon such recipient's written or oral request, a copy of any document this prospectus incorporates by reference, other than exhibits to such incorporated
documents, unless such exhibits are specifically incorporated by reference in such incorporated document, until the exchange offer is complete. Requests should be directed to: </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>Bunge
Limited<BR>
50 Main Street<BR>
White Plains, New York 10606<BR>
Attention: Investor Relations<BR>
(914)&nbsp;684-2800 </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
statement contained in this prospectus or in a document incorporated by reference into this prospectus shall be deemed to be modified or superseded to the extent that such statement
is made in
any subsequently filed document. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this prospectus. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>iii</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=2,SEQ=5,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=54669,FOLIO='iii',FILE='DISK019:[03NYC4.03NYC4594]BI4594A.;3',USER='WWASSER',CD=';2-MAY-2003;14:52' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_ca4594_1_1"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ca4594_summary"> </A>
<A NAME="toc_ca4594_1"> </A>
<BR></FONT><FONT SIZE=2><B>SUMMARY    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>The following summary highlights selected information from this prospectus and does not contain all of the information that you should
consider before participating in this exchange offer. You should read carefully the entire prospectus, accompanying letter of transmittal and documents incorporated by
reference.</I></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>Bunge Limited Finance Corp.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge Limited Finance Corp. is an indirect, wholly owned subsidiary of Bunge Limited and was formed for the sole purpose of issuing the debt of Bunge, other than
commercial paper, and investing the proceeds of the issuances in a master trust facility that Bunge created to centralize its financing operations. The master trust acquires loans made to Bunge
Limited and its subsidiaries with the proceeds from debt incurred by Bunge through Bunge Limited Finance and other finance subsidiaries. Bunge Limited Finance's sole asset is a trust certificate
entitling it to a fractional undivided interest in the pool of intercompany loans held by the Bunge master trust facility. Among other things, the master trust facility is intended to allow creditors
of Bunge Limited Finance, including holders of the senior notes, to have the benefit of claims in respect of Bunge's subsidiaries which are equal in right of payment to indebtedness owed or payable to
other creditors of these subsidiaries. See "Description of Master Trust Structure" for a discussion of the Bunge master trust facility and the assets it holds. Bunge Limited Finance is incorporated
under the laws of the State of Delaware. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>Bunge Limited  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge Limited has fully and unconditionally guaranteed the payment of the principal of, premium, if any, and interest on the exchange senior notes offered hereby
when due and payable. Bunge Limited is a limited liability company formed under the laws of Bermuda. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are an integrated, global agribusiness and food company operating in the farm-to-consumer food chain which ranges from raw materials such as grains and
fertilizers to retail food products such as flour and margarine. We have primary operations in North America, Brazil, Argentina and Europe and worldwide distribution capabilities. We conduct our
operations in three divisions: agribusiness, fertilizer
and food products. In 2002, we had total net sales of $14,074&nbsp;million and income from operations of $739&nbsp;million. We believe we are: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
world's largest oilseed processing company, based on processing capacity; </FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
largest processor of soybeans in the Americas and one of the world's leading exporters of soybean products, based on volumes; </FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
largest producer and supplier of fertilizers to farmers in South America, based on volumes; </FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
leading seller of bottled vegetable oils worldwide, based on sales; and </FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>one
of the world's largest corn dry millers and the largest wheat miller in South America, based on volumes. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
agribusiness division consists of three business lines: grain origination, oilseed processing and international marketing. Our primary grain origination and oilseed processing assets
are located in the United States, Brazil, Argentina and Europe. We have international marketing offices in 18 countries. Net sales in our agribusiness division were $10,291&nbsp;million in 2002, or
73% of our total net sales. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
fertilizer division is involved in every stage of the fertilizer business, from mining of raw materials to sales of mixed fertilizer formulas. Our fertilizer activities are primarily
located in Brazil. Net sales in our fertilizer division were $1,384&nbsp;million in 2002, or 10% of our total net sales. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
food products division consists of four business lines: edible oil products, wheat milling and bakery products, corn products and soy ingredients. These businesses produce and sell
food products such as edible oils, shortenings, margarine, mayonnaise, milled products, bakery mixes and baked goods </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>1</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=6,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=644601,FOLIO='1',FILE='DISK019:[03NYC4.03NYC4594]CA4594A.;11',USER='JGUERRE',CD=';2-MAY-2003;20:32' -->
<A NAME="page_ca4594_1_2"> </A>

<P><FONT SIZE=2>
and food ingredients to food processors, foodservice companies and retail outlets. Our food products division, primarily located in the United States, Europe and Brazil, benefits from a stable source
of soybeans, crude oils and meals, wheat and corn provided by our agribusiness operations. Net sales in our food products division were $2,399&nbsp;million in 2002, or 17% of our total net sales. </FONT></P>


<P><FONT SIZE=2><B>Recent Developments  </B></FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial results for 2003 first quarter.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Although complete financial statements for the first quarter of 2003 are not yet
available, on April&nbsp;29, 2003 we announced certain operating results for the quarterly period ended March&nbsp;31, 2003. The following summarizes select items in our unaudited consolidated
financial results for the three months ended March&nbsp;31, 2003 and 2002. This summary should be read in conjunction with "Item 5. Operating and Financial Review and Prospects&#151;Operating
Results" and our consolidated financial statements and notes to the consolidated financial statements included in our Annual Report on Form&nbsp;20-F for the fiscal year ended
December&nbsp;31, 2002, incorporated herein by reference. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER"><FONT SIZE=1><B>Three Months Ended March 31,</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2003</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2002</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER"><FONT SIZE=1><B>(US$ in millions, except volumes and share data)<BR> </B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Volumes (in thousands of metric tons)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>22,811</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>14,575</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2><B>Consolidated Statement of Income Data:</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Net sales</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>4,884</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>2,684</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Gross profit</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>268</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>184</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Income from operations</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>118</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>68</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Non-operating income (expense) &#151; net</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>(21</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>(9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Income tax expense</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>(37</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>(3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Income from continuing operations before minority interest</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>60</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>56</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Minority interest</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>(20</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>(20</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Income from continuing operations</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>40</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>36</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Cumulative effect of change in accounting principles, net of tax of $6 (2002) (1)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>(23</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Net income</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>40</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>13</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Earnings per common share&#151;basic:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="63%"><FONT SIZE=2>Income from continuing operations</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>.40</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>.42</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="63%"><FONT SIZE=2>Cumulative effect of change in accounting principles</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>(.27</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="63%"><FONT SIZE=2>Net income per share</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>.40</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>.15</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Weighted average number of common shares outstanding&#151;basic</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>99,585,970</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>85,580,221</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>Effective
January&nbsp;1, 2002, we adopted Statement of Financial Accounting Standards (SFAS) No.&nbsp;142, </FONT><FONT SIZE=2><I>Goodwill and Other
Intangibles</I></FONT><FONT SIZE=2>. As a result of the adoption of SFAS No.&nbsp;142, we recorded a charge of $14&nbsp;million, net of tax, representing a write-off of goodwill in the
milling and baking products segment in the first quarter of 2002. Effective January&nbsp;1, 2002, we adopted SFAS No.&nbsp;143, </FONT><FONT SIZE=2><I>Accounting for Asset Retirement
Obligations</I></FONT><FONT SIZE=2>. As a result of the early adoption of SFAS No.&nbsp;143, we recorded a cumulative effect of a change in accounting principle charge of $9&nbsp;million, net of
tax, in the first quarter of 2002. </FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective
October&nbsp;2002, Cereol became a consolidated subsidiary of Bunge, and its results of operations are included in Bunge's consolidated results of operations for the quarter
ended March&nbsp;31, 2003. Net sales increased 82% to $4,884&nbsp;million in the first quarter of 2003 from $2,684&nbsp;million in the </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=2,SEQ=7,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=253418,FOLIO='2',FILE='DISK019:[03NYC4.03NYC4594]CA4594A.;11',USER='JGUERRE',CD=';2-MAY-2003;20:32' -->
<A NAME="page_ca4594_1_3"> </A>

<P><FONT SIZE=2>
first quarter of 2002 due to increases in sales volumes in all business divisions, with agribusiness volumes increasing 65%, fertilizer volumes increasing 3% and food products volumes increasing 51%.
Sales volumes increased significantly due to internal growth in our business and the October&nbsp;2002 acquisition of Cereol. Our gross profit increased 46% in the first quarter of 2003 from the
first quarter of 2002 due to increases in gross profit in all of our business divisions. Our income from operations increased 74% in the first quarter of 2003 from the first quarter of 2002 due to
internal growth in our business and the acquisition of Cereol. </FONT></P>

<UL>

<P><FONT SIZE=2><B> Agribusiness  </B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales volumes increased 65%, and gross profit increased 42% or $32&nbsp;million, over the same period in 2002 in our agribusiness division. Income from
operations increased 45%, or $14&nbsp;million, to $45&nbsp;million. Sales volumes increased in all three business lines within our agribusiness division. Agribusiness results were particularly
strong in South America, primarily due to a large harvest that produced strong volumes and margins, and offset a decline in results for North America. The improved results also reflected the continued
growth of our international marketing operations. </FONT></P>

<UL>

<P><FONT SIZE=2><B> Fertilizers  </B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales volumes increased 3%, and gross profit increased 11% or $6&nbsp;million, over the same period in 2002 in our fertilizer division. Income from operations
increased 45%, or $13&nbsp;million, to $42&nbsp;million. The first quarter of 2002 included an extra month of results from Fosfertil, which had been reporting its results one month in arrears. The
increase in results was primarily due to aggressive farmer planting for a large second crop and higher fertilizer sales prices. Increased international prices for imported fertilizers and raw
materials also contributed to an increase in local margins, as products are priced to import parity. In addition, increased urea prices due to the rising international price of natural gas contributed
to the results. </FONT></P>

<UL>

<P><FONT SIZE=2><B> Food Products  </B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales volumes increased 51%, and gross profit increased 87% or $46&nbsp;million, over the same period in 2002 in our food products division. Income from
operations increased 167%, or $25&nbsp;million, to $40&nbsp;million. Edible oil products and soy ingredients results were significantly higher due to the inclusion of Cereol's operations. These
results offset a decline in gross profit and income from operations in our milling and baking products business. </FONT></P>

<UL>

<P><FONT SIZE=2><B> Non-operating income (expense)&#151;net  </B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-operating income (expense)&#151;net increased $12&nbsp;million to an expense of $21&nbsp;million, primarily due to higher interest
expense caused by higher levels of debt incurred to acquire Cereol and debt assumed in the acquisition. Also, in the latter half of 2002, we issued long-term debt at relatively higher
interest rates to reduce our reliance on short-term debt. This increase in interest expense was partially offset by foreign exchange gains of $7&nbsp;million resulting from the 5%
appreciation in the value of the Brazilian </FONT><FONT SIZE=2><I>real</I></FONT><FONT SIZE=2> against the U.S. dollar in the first quarter of 2003. These gains were offset by
marked-to-market
losses on U.S. dollar denominated inventory reflected in cost of goods sold. During the first quarter of 2003, the value of the Argentine peso appreciated 13% against the U.S. dollar, resulting in
exchange losses, compared to exchange gains recognized in the same period in 2002 when the peso devalued by 45% relative to the U.S. dollar. </FONT></P>

<UL>

<P><FONT SIZE=2><B> Net Income  </B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our net income in the first quarter of 2003 was $40&nbsp;million, or $0.40 per share. In the first quarter of 2002 our net income was $13&nbsp;million, or
$0.15 per share, which results were affected by $18&nbsp;million </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=3,SEQ=8,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=329952,FOLIO='3',FILE='DISK019:[03NYC4.03NYC4594]CA4594A.;11',USER='JGUERRE',CD=';2-MAY-2003;20:32' -->
<A NAME="page_ca4594_1_4"> </A>

<P><FONT SIZE=2>
in tax credits relating to refunds of prior year's taxes and reversals of deferred tax asset valuation and a cumulative effect of change in accounting principles charge of $23&nbsp;million, or
$0.27 per share. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Segment Reclassification.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In the first quarter of 2003, we changed the name of our "wheat milling and bakery products"
segment to "milling and baking products" in connection with the reclassification of our corn milling products business line from the "other" segment to the "milling and baking products" segment.
Accordingly, amounts for the three months ended March&nbsp;31, 2002 have been reclassified to reflect this change. As a result of this change, the "other" segment will consist solely of our soy
ingredients business until these assets are contributed to the joint venture we have entered into with E.I. duPont Nemours and Company. See "&#151;Alliance with DuPont" for more information
regarding this joint venture. Upon completion of the contribution of assets to Solae, we will have four reporting segments&#151;agribusiness, fertilizer, edible oil products and milling and
baking products. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliance with DuPont.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In January&nbsp;2003, we announced our agreement to form an alliance with E.I. DuPont de Nemours and
Company to expand our agribusiness and soy ingredients businesses. The alliance will initially consist of three components: a joint venture, called Solae L.L.C., for the production and distribution of
specialty food ingredients, such as soy protein products and lecithins; a biotechnology agreement to jointly develop and commercialize soybeans with improved quality traits; and an alliance to develop
a broader offering of services and products to farmers. Pursuant to the alliance, we agreed to contribute our soy ingredients business to Solae in exchange for a 28% interest in Solae plus an
estimated $256&nbsp;million in cash to be paid by Solae, which will fund the payment with joint venture debt. DuPont agreed to contribute its Protein Technologies food
ingredient</FONT><FONT SIZE=2><I>s</I></FONT><FONT SIZE=2> business for a 72% interest in Solae. We have the right to increase our interest in Solae to 40% according to an agreed upon formula. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April&nbsp;1, 2003, we and DuPont formed Solae, with DuPont contributing its Protein Technologies business and our contribution of our North American and European ingredients
operations. In May&nbsp;2003, we will contribute our majority interest in our Brazilian ingredients operations to Solae, which will then extend an offer to acquire the interests of minority
shareholders. Solae is based in St. Louis, Missouri. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of Lesieur.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In November&nbsp;2002, we announced our agreement to sell Lesieur, a French maker of branded bottled
vegetable oils, to Saipol, an oilseed processing joint venture between Cereol S.A., a wholly owned subsidiary of Bunge Limited, and Sofiproteol, the financial institution for oilseed cooperatives. As
a result of this transaction, Cereol will retain its 33.34% interest in Saipol and Sofiproteol will control the remaining 66.66%. We anticipate that the transaction will close in the third quarter of
2003. We expect to receive net proceeds of &euro;181&nbsp;million from the sale at closing. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of Cereol's Minority Interest.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;9, 2003, we completed our squeeze-out of the Cereol
shares that remained publicly traded on the Euronext market, and now own 100% of Cereol's capital and voting rights. The squeeze-out followed a minority buy-out offer at a
purchase price equal to &euro;32 per share. Upon completion of the squeeze out, Cereol's shares were delisted from the Euronext market. </FONT></P>


<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlement of Ducros Arbitration.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;29, 2003, Cereol and Cereol Holding France entered into a settlement
agreement with McCormick&nbsp;&amp; Company, Incorporated, McCormick France SAS and Ducros S.A. relating to a claim for (&euro;155&nbsp;million brought by McCormick over the purchase price
of Ducros&nbsp;S.A., which was sold to McCormick in August 2000. Under the settlement agreement, Cereol has paid McCormick) &euro;49.6 million. This payment does not reflect any potential
tax benefits to be realized by us. In connection with the settlement, we will also pay an additional purchase price to Edison and Cereol's former public shareholders of approximately
&euro;33.5&nbsp;million in the aggregate. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=4,SEQ=9,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=789832,FOLIO='4',FILE='DISK019:[03NYC4.03NYC4594]CA4594A.;11',USER='JGUERRE',CD=';2-MAY-2003;20:32' -->
<A NAME="page_ca4594_1_5"> </A>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentina.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;From January&nbsp;1, 2003 to April&nbsp;29, 2003, the </FONT><FONT SIZE=2><I>peso</I></FONT><FONT SIZE=2> has
appreciated 18% against the U.S. dollar. </FONT></P>


<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;From January&nbsp;1, 2003 to April&nbsp;29, 2003, the </FONT><FONT SIZE=2><I>real</I></FONT><FONT SIZE=2> has
appreciated 21% against the U.S. dollar. </FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge
Limited Finance and Bunge Limited have their principal executive offices and corporate headquarters at 50 Main Street, White Plains, New York 10606, and their telephone number is
(914)&nbsp;684-2800. Bunge Limited's registered office is located at 2 Church Street, Hamilton, HM 11, Bermuda. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge's
website address is www.bunge.com. Information contained in or connected to Bunge's website is not a part of this prospectus. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=5,SEQ=10,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=187884,FOLIO='5',FILE='DISK019:[03NYC4.03NYC4594]CA4594A.;11',USER='JGUERRE',CD=';2-MAY-2003;20:32' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_cc4594_1_6"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="cc4594_summary_of_the_exchange_offer"> </A>
<A NAME="toc_cc4594_1"> </A>
<BR></FONT><FONT SIZE=2><B>SUMMARY OF THE EXCHANGE OFFER    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;15, 2002, Bunge Limited Finance issued $200&nbsp;million aggregate principal amount of unregistered 7.80% senior notes due 2012. The
unregistered senior notes are fully and unconditionally guaranteed as to payment of principal and interest by Bunge Limited. On the same day, we and the initial purchasers of the unregistered senior
notes entered into an exchange and registration rights agreement in which we agreed that you, as a holder of unregistered senior notes, would be entitled to exchange your unregistered senior notes for
exchange senior notes registered under the Securities Act but otherwise having substantially identical terms to the unregistered senior notes. This exchange offer is intended to satisfy these rights.
After the exchange offer is completed, you will no longer be entitled to any registration rights with respect to your senior notes. The exchange senior notes will be our obligations and will be
entitled to the benefits of the indenture relating to the unregistered senior notes. The exchange senior notes will also be fully and unconditionally guaranteed as to payment of principal and interest
by Bunge Limited. The form and terms of the exchange senior notes are identical in all material respects to the form and terms of unregistered senior notes, except that the exchange senior notes have
been registered under the Securities Act, and therefore will contain no restrictive legends; the exchange senior notes will not have registration rights; and the exchange senior notes will not have
rights to additional interest. For additional information on the terms of the exchange offer, see "The Exchange Offer." </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><I>The Exchange Offer</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Bunge Limited Finance is offering to exchange $1,000 principal amount of 7.80% senior notes due 2012, which have been registered under the Securities Act, for each $1,000 principal amount of our outstanding unregistered
senior notes due 2012 that were issued on October 15, 2002. As of the date of this prospectus, $200 million in aggregate principal amount of our unregistered senior notes are outstanding.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="31%"><BR><FONT SIZE=2><I>Expiration of the Exchange Offer</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
The exchange offer will expire at 5:00 p.m., New York City time, on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2003, unless we decide to extend the expiration date.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="31%"><BR><FONT SIZE=2><I>Conditions of the Exchange Offer</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
Bunge Limited Finance will not be required to accept for exchange any unregistered senior notes, and Bunge Limited Finance may amend or terminate the exchange offer if any of the following conditions or events occurs:</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&#149;</FONT></TD>
<TD WIDTH="62%"><FONT SIZE=2><BR>
the exchange offer, or the making of any exchange by a holder of unregistered senior notes, violates applicable law or any applicable interpretation of the staff of the SEC;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&#149;</FONT></TD>
<TD WIDTH="62%"><FONT SIZE=2><BR>
any action or proceeding shall have been instituted or threatened with respect to the exchange offer which, in Bunge Limited Finance's reasonable judgment, would impair its ability to proceed with the exchange offer; and</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&#149;</FONT></TD>
<TD WIDTH="62%"><FONT SIZE=2><BR>
any law, rule or regulation or applicable interpretations of the staff of the SEC have been issued or promulgated which, in Bunge Limited Finance's good faith determination, does not permit it to effect the exchange offer.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="31%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="62%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- insert table folio -->
<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=11,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=791214,FOLIO='6',FILE='DISK019:[03NYC4.03NYC4594]CC4594A.;7',USER='WWASSER',CD=';2-MAY-2003;14:52' -->
<A NAME="page_cc4594_1_7"> </A>
<!-- end of table folio -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
Bunge Limited Finance will give oral or written notice of any non-acceptance, amendment or termination to the registered holders of the unregistered senior notes as promptly as practicable. Bunge Limited Finance reserves the right to waive any
conditions of the exchange offer.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="31%"><BR><FONT SIZE=2><I>Resale of Exchange Senior Notes</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
Based on interpretative letters of the SEC staff to third parties unrelated to us, Bunge Limited Finance believes that you can resell and transfer the exchange senior notes you receive pursuant to this exchange offer without compliance with the
registration and prospectus delivery provisions of the Securities Act, provided that:</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&#149;</FONT></TD>
<TD WIDTH="62%"><FONT SIZE=2><BR>
any exchange senior notes to be received by you will be acquired in the ordinary course of your business;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&#149;</FONT></TD>
<TD WIDTH="62%"><FONT SIZE=2><BR>
you are not engaged in, do not intend to engage in and have no arrangement or understanding with any person to participate in the distribution of the unregistered senior notes or exchange senior notes;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&#149;</FONT></TD>
<TD WIDTH="62%"><FONT SIZE=2><BR>
you are not an "affiliate" (as defined in Rule 405 under the Securities Act) of Bunge Limited Finance or Bunge Limited or, if you are such an affiliate, you will comply with the registration and prospectus delivery requirements of the Securities Act
to the extent applicable;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&#149;</FONT></TD>
<TD WIDTH="62%"><FONT SIZE=2><BR>
if you are a broker-dealer, you have not entered into any arrangement or understanding with Bunge Limited Finance or Bunge Limited or any "affiliate" of Bunge Limited Finance or Bunge Limited (within the meaning of Rule 405 under the Securities Act)
to distribute the exchange senior notes;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&#149;</FONT></TD>
<TD WIDTH="62%"><FONT SIZE=2><BR>
if you are a broker-dealer and you will receive exchange senior notes for your own account in exchange for unregistered senior notes that were acquired as a result of market-making activities or other trading activities, you will deliver a prospectus
in connection with any resale of such exchange senior notes; and</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&#149;</FONT></TD>
<TD WIDTH="62%"><FONT SIZE=2><BR>
you are not acting on behalf of any person or entity that could not truthfully make these representations.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
If you wish to accept the exchange offer, you must represent to Bunge Limited Finance that these conditions have been met.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
If Bunge Limited Finance's belief is inaccurate and you transfer any exchange senior note without delivering a prospectus meeting the requirements of the Securities Act or without an exemption from registration under the Securities Act, you may incur
liability under the Securities Act. Bunge Limited Finance does not assume or indemnify you against such liability, but it does not believe that any such liability should exist.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="31%"><BR><FONT SIZE=2><I>Accrued Interest on the Exchange Senior Notes and Unregistered Senior Notes</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
The exchange senior notes will accrue interest from and including April 15, 2003. Bunge Limited Finance will pay interest on the exchange senior notes semi-annually on April 15 and October 15 of each year, commencing October 15, 2003.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="31%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="62%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- insert table folio -->
<P ALIGN="CENTER"><FONT SIZE=2>7</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=2,SEQ=12,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=781071,FOLIO='7',FILE='DISK019:[03NYC4.03NYC4594]CC4594A.;7',USER='WWASSER',CD=';2-MAY-2003;14:52' -->
<A NAME="page_cc4594_1_8"> </A>
<!-- end of table folio -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
Holders of unregistered senior notes that are accepted for exchange will be deemed to have waived the right to receive any payment in respect of interest accrued from the date of the last interest payment date that was made in respect of the
unregistered senior notes until the date of the issuance of the exchange senior notes. Consequently, holders of exchange senior notes will receive the same interest payments that they would have received had they not accepted the exchange
offer.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="31%"><BR><FONT SIZE=2><I>Procedures for Tendering Unregistered Senior Notes</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
If you wish to participate in the exchange offer, you must transmit a properly completed and signed letter of transmittal, and all other documents required by the letter of transmittal, to the exchange agent at the address set forth in the letter of
transmittal. These materials must be received by the exchange agent before 5:00 p.m., New York City time, on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2003, the expiration date of the exchange offer. You must also
provide:</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&#149;</FONT></TD>
<TD WIDTH="62%"><FONT SIZE=2><BR>
a confirmation of any book-entry transfer of unregistered senior notes tendered electronically into the exchange agent's account with DTC, Euroclear or Clearstream Luxembourg. You must comply with DTC's, Euroclear's or Clearstream Luxembourg's
respective standard operating procedures for electronic tenders, by which you will agree to be bound in the letter of transmittal; or</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&#149;</FONT></TD>
<TD WIDTH="62%"><FONT SIZE=2><BR>
physical delivery of your unregistered senior notes to the exchange agent's address as set forth in the letter of transmittal.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
The letter of transmittal must also contain the representations you must make to us as described under "The Exchange Offer&#151;Procedures for Tendering."</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="31%"><BR><FONT SIZE=2><I>Special Procedures for Beneficial Owners</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
If you are a beneficial owner of unregistered senior notes that are held through a broker, dealer, commercial bank, trust company or other nominee and you wish to tender such unregistered senior notes, you should contact the registered holder
promptly and instruct them to tender your unregistered senior notes on your behalf.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="31%"><BR><FONT SIZE=2><I>Guaranteed Delivery Procedures for Unregistered Senior Notes</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
If you cannot meet the expiration deadline, or you cannot deliver your unregistered senior notes, the letter of transmittal or any other required documentation, or comply with DTC's, Euroclear's or Clearstream Luxembourg's respective standard
operating procedures for electronic tenders on time, you may tender your unregistered senior notes according to the guaranteed delivery procedures set forth under "The Exchange Offer&#151;Guaranteed Delivery Procedures."</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="31%"><BR><FONT SIZE=2><I>Withdrawal Rights</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
You may withdraw the tender of your unregistered senior notes at any time prior to 5:00 p.m., New York City time, on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2003, the expiration date.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="31%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="62%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- insert table folio -->
<P ALIGN="CENTER"><FONT SIZE=2>8</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=3,SEQ=13,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=903596,FOLIO='8',FILE='DISK019:[03NYC4.03NYC4594]CC4594A.;7',USER='WWASSER',CD=';2-MAY-2003;14:52' -->
<A NAME="page_cc4594_1_9"> </A>
<!-- end of table folio -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="31%"><BR><FONT SIZE=2><I>Consequences of Failure to Exchange</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
If you are eligible to participate in this exchange offer and you do not tender your unregistered senior notes as described in this prospectus, your unregistered senior notes will continue to be subject to restrictions on transfer. As a result of the
restrictions on transfer and the availability of exchange senior notes, the unregistered senior notes are likely to be much less liquid than before the exchange offer. The unregistered senior notes will, after the exchange offer, bear interest at the
same rate as the exchange senior notes.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="31%"><BR><FONT SIZE=2><I>Certain U.S. Federal Income Tax Consequences</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
The exchange of the unregistered senior notes for exchange senior notes pursuant to the exchange offer will not be a taxable exchange for U.S. federal income tax purposes.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="31%"><BR><FONT SIZE=2><I>Use of Proceeds</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
Neither Bunge Limited Finance nor Bunge Limited will receive any proceeds from the issuance of exchange senior notes pursuant to the exchange offer.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="31%"><BR><FONT SIZE=2><I>Exchange Agent for Unregistered Senior Notes</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
The Bank of New York, the trustee under the indenture for the unregistered senior notes, is serving as the exchange agent in connection with the exchange offer. The Bank of New York can be reached at Reorganization Unit, 101&nbsp;Barclay Street,
Floor 7E, New York, New York 10286, Attention: Diane Amoroso; its telephone number is (212)&nbsp;815-3738 and its facsimile number is (212)&nbsp;298-1915.</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>9</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=4,SEQ=14,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=312994,FOLIO='9',FILE='DISK019:[03NYC4.03NYC4594]CC4594A.;7',USER='WWASSER',CD=';2-MAY-2003;14:52' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_ce4594_1_10"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ce4594_summary_description_of_the_exchange_senior_notes"> </A>
<A NAME="toc_ce4594_1"> </A>
<BR></FONT><FONT SIZE=2><B>SUMMARY DESCRIPTION OF THE EXCHANGE SENIOR NOTES    <BR>  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>The following summarized description of the exchange senior notes is subject to a number of important exceptions and qualifications. For
additional information on the terms of the exchange senior notes, see "Description of Senior Notes."</I></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><I>Issuer</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Bunge Limited Finance Corp.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="31%"><BR><FONT SIZE=2><I>Guarantor</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
Bunge Limited.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="31%"><BR><FONT SIZE=2><I>Exchange Senior Notes</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
$200,000,000 aggregate principal amount of registered 7.80% senior notes due 2012.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="31%"><BR><FONT SIZE=2><I>Maturity Date</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
October 15, 2012.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="31%"><BR><FONT SIZE=2><I>Interest Payment Dates</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
April&nbsp;15 and October&nbsp;15 of each year, beginning on October&nbsp;15, 2003, which is the interest payment date immediately following the last interest payment date for which interest was paid on unregistered senior notes exchanged pursuant to
the exchange offer.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="31%"><BR><FONT SIZE=2><I>Ranking</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
The exchange senior notes will be unsecured obligations of Bunge Limited Finance and will rank equally in right of payment with Bunge Limited Finance's other unsecured and unsubordinated indebtedness.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="31%"><BR><FONT SIZE=2><I>Further Issuances</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
Bunge Limited Finance may, without the consent of the holders of the exchange senior notes, from time to time issue other senior notes, including senior notes of the same series that have the same ranking as the exchange senior notes,</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="31%"><BR><FONT SIZE=2><I>Guarantee</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
All payments on the exchange senior notes, including principal and interest, will be fully and unconditionally and irrevocably guaranteed by Bunge Limited. Bunge Limited's guarantee will rank equally in right of payment with its other unsecured and
unsubordinated indebtedness and guarantees.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="31%"><BR><FONT SIZE=2><I>Optional Redemption</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
The exchange senior notes are redeemable at Bunge Limited Finance's option, in whole or in part, at the redemption prices described in this prospectus, plus accrued and unpaid interest to the date of redemption.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="31%"><BR><FONT SIZE=2><I>Prepayment at Option of Holders Upon Change of Control</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
Upon a change of control (as defined in the indenture) holders of the exchange senior notes will have the right to require Bunge Limited Finance to repurchase all or part of their exchange senior notes at the price described in this prospectus, plus
accrued and unpaid interest to the date of purchase.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="31%"><BR><FONT SIZE=2><I>Certain Covenants</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
The indenture governing the exchange senior notes contains covenants that limit Bunge Limited Finance's ability to engage in any transactions other than those allowed under the master trust facility as described in "Description of Master Trust
Structure". The indenture also contains covenants that, among other things, limit Bunge Limited's ability, and the ability of its subsidiaries, to:</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&#149;</FONT></TD>
<TD WIDTH="62%"><FONT SIZE=2><BR>
incur certain liens;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&#149;</FONT></TD>
<TD WIDTH="62%"><FONT SIZE=2><BR>
engage in sale-leaseback transactions;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="31%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="62%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- insert table folio -->
<P ALIGN="CENTER"><FONT SIZE=2>10</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=15,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=610663,FOLIO='10',FILE='DISK019:[03NYC4.03NYC4594]CE4594A.;7',USER='WWASSER',CD=';2-MAY-2003;14:52' -->
<A NAME="page_ce4594_1_11"> </A>
<!-- end of table folio -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&#149;</FONT></TD>
<TD WIDTH="62%"><FONT SIZE=2><BR>
engage in transactions with affiliates;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&#149;</FONT></TD>
<TD WIDTH="62%"><FONT SIZE=2><BR>
sell, transfer, lease or otherwise dispose of properties or assets;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&#149;</FONT></TD>
<TD WIDTH="62%"><FONT SIZE=2><BR>
incur indebtedness at the subsidiary level;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&#149;</FONT></TD>
<TD WIDTH="62%"><FONT SIZE=2><BR>
agree to restrictions on dividends or loans by subsidiaries; or</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&#149;</FONT></TD>
<TD WIDTH="62%"><FONT SIZE=2><BR>
amalgamate, merge or consolidate or sell all or substantially all of its assets.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
These limitations are subject to a number of important qualifications and exceptions. The indenture also contains financial covenants with which Bunge Limited must comply. See "Description of Senior Notes&#151;Covenants."</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="31%"><BR><FONT SIZE=2><I>Events of Default</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
The indenture provides for events of default, subject to applicable cure periods, including:</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&#149;</FONT></TD>
<TD WIDTH="62%"><FONT SIZE=2><BR>
the default in any payment of interest on an exchange senior note when due, continues for 30 days;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&#149;</FONT></TD>
<TD WIDTH="62%"><FONT SIZE=2><BR>
the default in any payment of principal of, or premium, if any, on an exchange senior note when due;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&#149;</FONT></TD>
<TD WIDTH="62%"><FONT SIZE=2><BR>
if Bunge Limited Finance or Bunge Limited fails to comply for 60 days after it receives a written notice of default with its other agreements under the indenture;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&#149;</FONT></TD>
<TD WIDTH="62%"><FONT SIZE=2><BR>
if one or more money judgments or decrees have been entered against Bunge Limited Finance or Bunge Limited involving a liability in excess of $50,000, in the case of Bunge Limited Finance, or $50 million, in the case of Bunge Limited and all such
judgments or decrees are not vacated, discharged or stayed pending appeal within 30 days; or</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&#149;</FONT></TD>
<TD WIDTH="62%"><FONT SIZE=2><BR>
if Bunge Limited Finance or Bunge Limited fails to pay the principal of any indebtedness when it becomes due, whether at or before maturity, in an amount exceeding $50 million; and</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&#149;</FONT></TD>
<TD WIDTH="62%"><FONT SIZE=2><BR>
certain events of bankruptcy, insolvency or reorganization occur.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="31%"><BR><FONT SIZE=2><I>Trustee</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
The Bank of New York.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="31%"><BR><FONT SIZE=2><I>Listing</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
The exchange senior notes will not be listed on an exchange.</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>11</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=2,SEQ=16,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=484479,FOLIO='11',FILE='DISK019:[03NYC4.03NYC4594]CE4594A.;7',USER='WWASSER',CD=';2-MAY-2003;14:52' -->
<A NAME="page_ce4594_1_12"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ce4594_ratio_of_earnings_to_fixed_charges_(unaudited)"> </A>
<A NAME="toc_ce4594_2"> </A>
<BR></FONT><FONT SIZE=2><B>RATIO OF EARNINGS TO FIXED CHARGES    <BR>    <BR>    (Unaudited)    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The ratio of earnings to fixed charges for Bunge are set forth below for each year in the five-year period ended December&nbsp;31, 2002. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of computing the following ratios, earnings represents income from continuing operations before fixed charges and taxes. Fixed charges represent interest expense,
amortization of capitalized interest and such portion of rental expense that represents an appropriate interest factor. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="72%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="61%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=9 ALIGN="CENTER"><FONT SIZE=1><B>Year Ended December 31,</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="61%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="6%" ALIGN="CENTER"><FONT SIZE=1><B>2002</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="6%" ALIGN="CENTER"><FONT SIZE=1><B>2001</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="6%" ALIGN="CENTER"><FONT SIZE=1><B>2000</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="6%" ALIGN="CENTER"><FONT SIZE=1><B>1999</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="6%" ALIGN="CENTER"><FONT SIZE=1><B>1998</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="61%"><FONT SIZE=2>Ratio of Earnings to Fixed Charges</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>3.3x</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>1.9x</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>1.3x</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>0.9x</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>1.8x</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>12</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=3,SEQ=17,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=948409,FOLIO='12',FILE='DISK019:[03NYC4.03NYC4594]CE4594A.;7',USER='WWASSER',CD=';2-MAY-2003;14:52' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_de4594_1_13"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="de4594_risk_factors"> </A>
<A NAME="toc_de4594_1"> </A>
<BR></FONT><FONT SIZE=2><B>RISK FACTORS    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>You should consider carefully the risks and uncertainties described below in addition to all the other information included or incorporated by reference into this
prospectus, including under the heading "Item 3. Risk Factors" in our 2002 Annual Report, before deciding to invest in the senior notes. Our business, financial condition or results of operations
could be materially adversely affected by any of the risks and uncertainties described therein. Additional risks not presently known to us or that we currently deem immaterial may also impair our
financial condition and business operations.</I></FONT></P>

<P><FONT SIZE=2><B>Risks Relating to the Senior Notes  </B></FONT></P>

<P><FONT SIZE=2><B><I>Servicing our debt obligations requires a significant amount of cash, and our ability to generate cash depends on many factors beyond our control.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our ability to pay the principal of and interest on the senior notes, our credit facilities and other debt securities depends, among other things, upon our future
financial performance and our ability to refinance indebtedness, if necessary. Our business may not generate sufficient cash flow to satisfy our debt service obligations, and we may not be able to
obtain funding sufficient to do so. If this occurs, we may need to reduce or delay capital expenditures or other business opportunities. In addition, we may need to refinance our debt, obtain
additional financing or sell assets to raise cash, which we may not be able to do on commercially reasonable terms, if at all. </FONT></P>

<P><FONT SIZE=2><B><I>The senior notes are effectively subordinated to our secured debt.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The senior notes are not secured by any of our assets. Therefore, in the event of our bankruptcy, liquidation or reorganization, holders of our secured debt will
have claims with respect to the assets securing their debt that have priority over your claims as noteholders. As of December&nbsp;31, 2002, we had $310&nbsp;million of debt that is secured by
certain land, property, equipment and export commodity contracts, as well as shares of the capital stock of Bunge Fertilizantes, Fosfertil and Ultrafertil, certain of our Brazilian subsidiaries. To
the extent that the value of the secured assets is insufficient to repay our secured debt, holders of secured debt would be entitled to share in any of our remaining assets equally with you and any
other unsecured lenders. </FONT></P>

<P><FONT SIZE=2><B><I>We are a holding company and depend upon funds from our subsidiaries to meet our obligations under the guarantee of the senior notes.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are a holding company and our only significant assets are our investments in our subsidiaries. As a holding company, we are dependent upon dividends, loans or
advances, or other intercompany transfers of funds from our subsidiaries to meet our obligations, including our obligations under the guarantee. The ability of our subsidiaries to pay dividends and
make other payments to us may be restricted by, among other things, applicable laws as well as agreements to which those subsidiaries may be party. Therefore, our ability to make payments with respect
to the guarantee may be limited. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
master trust facility is intended, among other things, to allow creditors of Bunge Limited Finance, including holders of the senior notes, to have the benefit of claims on our
subsidiaries that are obligated under the intercompany loans which are equal in right of payment to indebtedness owed or payable to third party creditors of these subsidiaries. To the extent that
other creditors or third parties have superior rights of payment with respect to the claims against a particular subsidiary under the laws of its jurisdiction or for any other reason, then the claims
of the master trust for the benefit of the holders of the senior notes may be subject to the rights of such other creditors or third parties against the assets and earnings of that subsidiary. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>13</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=18,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=602101,FOLIO='13',FILE='DISK019:[03NYC4.03NYC4594]DE4594A.;6',USER='WWASSER',CD=';2-MAY-2003;14:52' -->
<A NAME="page_de4594_1_14"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="de4594_capitalization_and_indebtedness"> </A>
<A NAME="toc_de4594_2"> </A>
<BR></FONT><FONT SIZE=2><B>CAPITALIZATION AND INDEBTEDNESS    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth our cash and capitalization as of December&nbsp;31, 2002. This table should be read in conjunction with "Item 5. Operating and
Financial Review and Prospects" and our consolidated financial statements and the notes to those consolidated financial statements included in our 2002 Annual Report, which is incorporated herein by
reference. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=3 ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>As of December&nbsp;31, 2002</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH COLSPAN=3 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>(US$ in millions,<BR>
except share data)<BR> </B></FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Cash and cash equivalents</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>470</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2><BR>
Debt:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="19%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Short-term debt, including current portion of long-term debt(1)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>1,499</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Long-term debt:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Secured</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>310</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Unsecured(2)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>1,144</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>7.80% Senior Notes Due 2012(3)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>200</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>3<SUP>3</SUP>/<SMALL>4</SMALL>% Convertible Notes Due 2022(3)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>250</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="70%"><FONT SIZE=2>Total long-term debt</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>1,904</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2><BR>
Redeemable preferred stock</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2><BR>
171</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Minority interest</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>324</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2><BR>
Shareholders' equity:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="19%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Preference shares, par value $.01; 10,000,000 shares authorized; no shares issued and outstanding, actual and as adjusted</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Common shares, par value $.01; 240,000,000 shares authorized; 99,332,233 shares issued and outstanding, actual and as adjusted(4)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Additional paid in capital</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>1,999</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Receivable from former sole shareholder</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>(55</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Retained earnings</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>653</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Accumulated other comprehensive loss</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>(1,126</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="70%"><FONT SIZE=2>Total shareholders' equity</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>1,472</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="70%"><FONT SIZE=2>Total capitalization</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>5,370</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>Of
this amount, $412&nbsp;million is guaranteed by Bunge and one of its subsidiaries.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>Debt
issued by our wholly-owned subsidiaries. Of this amount, $805&nbsp;million is guaranteed by Bunge.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>Debt
issued by Bunge Limited Finance and guaranteed by Bunge.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD><FONT SIZE=2>The
number of shares outstanding as of December&nbsp;31, 2002 excludes 3,180,759 shares issuable upon the exercise of stock options and 534,224 restricted stock awards. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>14</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=2,SEQ=19,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=753684,FOLIO='14',FILE='DISK019:[03NYC4.03NYC4594]DE4594A.;6',USER='WWASSER',CD=';2-MAY-2003;14:52' -->
<A NAME="page_de4594_1_15"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="de4594_use_of_proceeds"> </A>
<A NAME="toc_de4594_3"> </A>
<BR></FONT><FONT SIZE=2><B>USE OF PROCEEDS    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither Bunge Limited Finance nor Bunge Limited will receive any proceeds from the exchange offer. In consideration for issuing exchange senior notes contemplated
by this prospectus, Bunge Limited Finance will receive unregistered senior notes from you in like principal amount. The unregistered senior notes surrendered in exchange for exchange senior notes will
be retired and canceled and cannot be reissued. Accordingly, issuance of the exchange senior notes will not result in any change in our indebtedness. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>15</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=3,SEQ=20,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=98068,FOLIO='15',FILE='DISK019:[03NYC4.03NYC4594]DE4594A.;6',USER='WWASSER',CD=';2-MAY-2003;14:52' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_dg4594_1_16"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg4594_the_exchange_offer"> </A>
<A NAME="toc_dg4594_1"> </A>
<BR></FONT><FONT SIZE=2><B>THE EXCHANGE OFFER    <BR>  </B></FONT></P>


<P><FONT SIZE=2><B>Purpose and Effect of Exchange Offer; Registration Rights  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge Limited Finance sold the unregistered senior notes to Credit Suisse First Boston Corporation, J.P. Morgan Securities&nbsp;Inc. and Salomon Smith
Barney&nbsp;Inc., as the initial purchasers, on October&nbsp;15, 2002. The initial purchasers resold the unregistered senior notes under an offering memorandum dated October&nbsp;9, 2002 in
reliance on Rule&nbsp;144A and Regulation&nbsp;S under the Securities Act. On October&nbsp;15, 2002, we entered into an exchange and registration rights agreement with the initial purchasers.
Under the exchange and registration rights agreement, we agreed: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>to
file with the SEC a registration statement relating to the exchange offer under the Securities Act no later than June&nbsp;12, 2003;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>to
use our reasonable best efforts to cause the exchange offer registration statement to be declared effective under the Securities Act on or before
June&nbsp;22, 2003; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>to
use our reasonable best efforts to cause the exchange offer to be consummated not later than 45&nbsp;days following the date of effectiveness of the
exchange offer registration statement, but not before July&nbsp;12, 2003. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
you participate in the exchange offer, you will, with limited exceptions, receive exchange senior notes that are freely tradable and not subject to restrictions on transfer. You
should read the information in this prospectus under the heading "&#151;Resale of Exchange Senior Notes" for more information relating to your ability to transfer exchange senior notes. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
exchange offer is not being made to, nor will Bunge Limited Finance accept tenders for exchange from, holders of unregistered senior notes in any jurisdiction in which the exchange
offer or the acceptance of the exchange offer would not be in compliance with the securities laws or blue sky laws of such jurisdiction. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
you are eligible to participate in this exchange offer and you do not tender your unregistered senior notes as described in this prospectus, you will not have any further registration
rights. In that case, your unregistered senior notes will continue to be subject to restrictions on transfer under the Securities Act. </FONT></P>

<P><FONT SIZE=2><B><I>Shelf Registration  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the exchange and registration rights agreement, we agreed to file&nbsp;a shelf registration statement only if: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>there
is a change in law or applicable interpretations of the law by the staff of the SEC, and as a result we are not permitted to effect the exchange offer
as contemplated by the exchange and registration rights agreement;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>for
any other reason the exchange offer is not consummated by July&nbsp;12, 2003;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
holder of unregistered senior notes so requests within 180&nbsp;days after the consummation of the exchange offer with respect to unregistered senior
notes not eligible to be exchanged for exchange senior notes in the exchange offer and held by it following the consummation of the exchange offer;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
applicable law or interpretations do not permit any holder to participate in the exchange offer; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
holder of unregistered senior notes that participates in the exchange offer does not receive fully transferable exchange senior notes in exchange for
unregistered senior notes; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>16</FONT></P>

<HR NOSHADE>

<!-- ZEQ.=1,SEQ=21,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=221841,FOLIO='16',FILE='DISK019:[03NYC4.03NYC4594]DG4594A.;5',USER='WWASSER',CD=';2-MAY-2003;14:52' -->
<A NAME="page_dg4594_1_17"> </A>
<UL>
<UL>
</UL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a shelf registration statement is required, we will use our reasonable best efforts to: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>file
the shelf registration statement with the SEC as promptly as practicable (but in no event more than 60&nbsp;days after such filing obligation arises);
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>use
our reasonable efforts to cause the shelf registration statement to be declared effective; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>use
our reasonable efforts to keep the shelf registration statement effective until the earliest of (1)&nbsp;October&nbsp;15, 2004, (2)&nbsp;the date
on which all of the unregistered senior notes covered by the shelf registration statement are sold thereunder, or (3)&nbsp;the date on which all of the unregistered senior notes covered by the
registration statement are already freely tradable. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
any 365-day period, we will have the ability to suspend the availability of the shelf registration statement for up to 4 periods of up to 30 consecutive days, but no
more than an aggregate of 90&nbsp;days during any 365-day period, if any event occurs or is pending as a result of which it is necessary, in the reasonable judgment of our board of
directors, to suspend the use of the shelf registration statement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
shelf registration statement will permit only certain holders to resell their unregistered senior notes from time to time. In particular, Bunge Limited Finance may require that each
holder furnish to us such information concerning the holder and the distribution of their unregistered senior notes, and Bunge Limited Finance may exclude from registration the unregistered senior
notes of any holder that fails to furnish such information within a reasonable time after receiving the request. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
we are required to file&nbsp;a shelf registration statement, Bunge Limited Finance will provide to each holder of unregistered senior notes that are covered by the shelf
registration statement copies of the prospectus that is a part of the shelf registration statement and notify each such holder when the shelf registration statement becomes effective. A holder who
sells unregistered senior notes pursuant to the shelf registration statement will be required to be named as a selling securityholder in the prospectus and to deliver a copy of the prospectus to
purchasers. Such holder will be subject to certain of the civil liability provisions under the Securities Act in connection with such sales, and will be bound by the provisions of the exchange and
registration rights agreement which are applicable to such a holder (including the applicable indemnification obligations). </FONT></P>


<P><FONT SIZE=2><B><I>Additional Interest  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a registration default (as defined below) occurs, we will be required to pay additional interest to each holder of unregistered senior notes. During the first
90-day period that a registration default occurs, we will pay additional interest equal to 0.25% per annum. At the beginning of the second and any subsequent 90-day period that
a registration default is continuing, the amount of additional interest will increase by an additional 0.25% per annum until all registration defaults have been cured. However, in no event will the
rate of additional interest exceed 0.50% per annum for each of the unregistered
senior notes. Such additional interest will accrue only for those days that a registration default occurs and is continuing. Following the cure of all registration defaults, no more additional
interest will accrue. You will not be entitled to receive any additional interest if you were, at any time while the exchange offer was pending, eligible to exchange, and did not validly tender your
unregistered senior notes for exchange senior notes in the exchange offer. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
"registration default" includes any of the following: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>we
fail to file any of the registration statements required by the exchange and registration rights agreement on or before the date specified for such
filing;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
of such registration statements is not declared effective by the SEC on or prior to the date specified for such effectiveness;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>we
fail to complete the exchange offer on or prior to the date specified for such completion; or </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>17</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=2,SEQ=22,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=35126,FOLIO='17',FILE='DISK019:[03NYC4.03NYC4594]DG4594A.;5',USER='WWASSER',CD=';2-MAY-2003;14:52' -->
<A NAME="page_dg4594_1_18"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
shelf registration statement or the exchange offer registration statement is declared effective but thereafter ceases to be effective in connection with
resales of the senior notes during the period specified in the exchange and registration rights agreement or use of the shelf registration statement is suspended for one or more periods longer than
permitted under the exchange and registration rights agreement. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
exchange offer is intended to satisfy our exchange offer obligations under the exchange and registration rights agreement. The above summary of the exchange and registration rights
agreement is not complete and is subject to, and qualified by reference to, all the provisions of the exchange and registration rights agreement. A copy of the exchange and registration rights
agreement is filed as an exhibit to the registration statement that includes this prospectus. </FONT></P>


<P><FONT SIZE=2><B>Terms of the Exchange Offer  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the terms and subject to the conditions set forth in this prospectus and in the accompanying letter of transmittal, Bunge Limited Finance is offering to
exchange $1,000 principal amount of exchange senior notes for each $1,000 principal amount of unregistered senior notes. You may tender
some or all of your unregistered senior notes only in integral multiples of $1,000. As of the date of this prospectus, $200,000,000 aggregate principal amount of the unregistered senior notes are
outstanding. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
terms of the exchange senior notes to be issued are substantially similar to the unregistered senior notes, except that the exchange senior notes have been registered under the
Securities Act and, therefore, the certificates for the exchange senior notes will not bear legends restricting their transfer. The exchange senior notes will be issued under and be entitled to the
benefits of the Indenture, dated as of October&nbsp;15, 2002, among Bunge Limited Finance, as issuer and Bunge Limited, as guarantor, and The Bank of New York, as trustee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with the issuance of the unregistered senior notes, Bunge Limited Finance arranged for the unregistered senior notes to be issued and transferable in book-entry
form through the facilities of Euroclear, Clearstream Luxembourg and DTC, acting as a depositary. The exchange senior notes will also be issuable and transferable in book-entry form
through Euroclear, Clearstream Luxembourg and DTC. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
will be no fixed record date for determining the eligible holders of the unregistered senior notes that are entitled to participate in the exchange offer. Bunge Limited Finance
will be deemed to have accepted for exchange validly tendered unregistered senior notes when and if it has given oral (promptly confirmed in writing) or written notice of acceptance to the exchange
agent. The exchange agent will act as agent for the tendering holders of unregistered senior notes for the purpose of receiving exchange senior notes from us and delivering them to such holders. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any tendered unregistered senior notes are not accepted for exchange because of an invalid tender or the occurrence of certain other events described herein, certificates for any such
unaccepted unregistered senior notes will be returned, without expenses, to the tendering holder thereof as promptly as practicable after the expiration of the exchange offer. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders
of unregistered senior notes who tender in the exchange offer will not be required to pay brokerage commissions or fees or, subject to the instructions in the letter of
transmittal, transfer taxes with respect to the exchange of unregistered senior notes for exchange senior notes pursuant to the exchange offer. We will pay all charges and expenses, other than certain
applicable taxes, in connection with the exchange offer. It is important that you read the section "&#151;Fees and Expenses" below for more details regarding fees and expenses incurred in the
exchange offer. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
unregistered senior notes which holders do not tender or which Bunge Limited Finance does not accept in the exchange offer will remain outstanding and continue to accrue interest and
will be subject to restrictions on transfer. Bunge Limited Finance does not have any obligation to register such </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>18</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=3,SEQ=23,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=638057,FOLIO='18',FILE='DISK019:[03NYC4.03NYC4594]DG4594A.;5',USER='WWASSER',CD=';2-MAY-2003;14:52' -->
<A NAME="page_dg4594_1_19"> </A>
<BR>

<P><FONT SIZE=2>
unregistered senior notes under the Securities Act. Holders wishing to transfer unregistered senior notes would have to rely on exemptions from the registration requirements of the Securities Act. </FONT></P>

<P><FONT SIZE=2><B>Conditions of the Exchange Offer  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You must tender your unregistered senior notes in accordance with the requirements of this prospectus and the letter of transmittal in order to participate in the
exchange offer. Notwithstanding any other provision of the exchange offer, or any extension of the exchange offer, Bunge Limited Finance will not be required to accept for exchange any unregistered
senior notes, and may amend or terminate the exchange offer if: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
exchange offer, or the making of any exchange by a senior note holder, violates applicable law or any applicable interpretation of the staff of the SEC;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
action or proceeding shall have been instituted or threatened with respect to the exchange offer which, in Bunge Limited Finance's reasonable judgment,
would impair its ability to proceed with the exchange offer; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
law, rule or regulation or applicable interpretations of the staff of the SEC have been issued or promulgated which, in Bunge Limited Finance's good
faith determination, does not permit it to effect the exchange offer. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B>Expiration Date; Extensions; Amendment; Termination  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exchange offer will expire 5:00&nbsp;p.m., New York City time, on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2003, unless, in Bunge Limited Finance's
sole discretion, Bunge Limited
Finance extends it. In the case of any extension, Bunge Limited Finance will notify the exchange agent orally (promptly confirmed in writing) or in writing of any extension. Bunge Limited Finance will
also notify the registered holders of unregistered senior notes of the extension no later than 9:00&nbsp;a.m., New York City time, on the business day after the previously scheduled expiration of
the exchange offer. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent Bunge Limited Finance is legally permitted to do so, it expressly reserves the right, in its sole discretion, to: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>delay
accepting any unregistered senior note;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>waive
any condition of the exchange offer; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>amend
the terms of the exchange offer in any manner. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge
Limited Finance will give oral or written notice of any non-acceptance or amendment to the registered holders of the unregistered senior notes as promptly as
practicable. If Bunge Limited Finance considers an amendment to the exchange offer to be material, it will promptly inform the registered holders of unregistered senior notes of such amendment in a
reasonable manner. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
Bunge Limited Finance determines in its sole discretion that any of the events or conditions described in "&#151;Conditions of the Exchange Offer" has occurred, Bunge Limited
Finance may terminate the exchange offer. Bunge Limited Finance may: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>refuse
to accept any unregistered senior notes and return any unregistered senior notes that have been tendered to the holders;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>extend
the exchange offer and retain all unregistered senior notes tendered prior to the expiration of the exchange offer, subject to the rights of the
holders of tendered unregistered senior notes to withdraw their tendered unregistered senior notes; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>waive
the termination event with respect to the exchange offer and accept all properly tendered unregistered senior notes that have not been withdrawn. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>19</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=4,SEQ=24,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=904789,FOLIO='19',FILE='DISK019:[03NYC4.03NYC4594]DG4594A.;5',USER='WWASSER',CD=';2-MAY-2003;14:52' -->
<A NAME="page_dg4594_1_20"> </A>
<UL>
<UL>
</UL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any such waiver constitutes a material change in the exchange offer, Bunge Limited Finance will disclose the change by means of a supplement to this prospectus that will be
distributed to each registered holder of unregistered senior notes, and Bunge Limited Finance will extend the exchange offer for a period of five to ten business days, depending upon the significance
of the waiver and the manner of disclosure to the registered holders of the unregistered senior notes, if the exchange offer would otherwise expire during that period. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
determination by Bunge Limited Finance concerning the events described above will be final and binding upon the parties. Without limiting the manner by which Bunge Limited Finance
may choose to
make public announcements of any extension, delay in acceptance, amendment or termination of the exchange offer, Bunge Limited Finance will have no obligation to publish, advertise, or otherwise
communicate any public announcement, other than by making a timely release to a financial news service. </FONT></P>

<P><FONT SIZE=2><B>Interest on the Exchange Senior Notes  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exchange senior notes will accrue interest from and including April&nbsp;15, 2003, the date interest was last paid on the unregistered senior notes.
Interest will be paid on the exchange senior notes semi-annually on April&nbsp;15 and October&nbsp;15 of each year, commencing on October&nbsp;15, 2003, which is the interest payment
date immediately following the last interest payment date for which interest was paid on unregistered senior notes exchanged pursuant to the exchange offer. Holders of unregistered senior notes that
are accepted for exchange will be deemed to have waived the right to receive any payment in respect of interest accrued from the date of the last interest payment date that was made in respect of the
unregistered senior notes until the date of the issuance of the exchange senior notes. Consequently, holders of exchange senior notes will receive the same interest payments that they would have
received had they not accepted the exchange offer. </FONT></P>


<P><FONT SIZE=2><B>Resale of Exchange Senior Notes  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon existing interpretations of the staff of the SEC set forth in several no-action letters issued to third parties unrelated to it, Bunge
Limited Finance believes that the exchange senior notes issued pursuant to the exchange offer in exchange for the unregistered senior notes may be offered for resale, resold and otherwise transferred
by their holders, without complying with the registration and prospectus delivery provisions of the Securities Act, provided that: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
exchange senior notes to be received by you will be acquired in the ordinary course of your business;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>you
are not engaged in, do not intend to engage in or have any arrangement or understanding with any person to participate in the distribution of the
unregistered senior notes or exchange senior notes;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>you
are not an "affiliate" (as defined in Rule&nbsp;405 under the Securities Act) of Bunge Limited Finance or Bunge Limited or, if you are such an
affiliate, you will comply with the registration and prospectus delivery requirements of the Securities Act to the extent applicable;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>if
you are a broker-dealer, you have not entered into any arrangement or understanding with Bunge or any "affiliate" of Bunge Limited Finance or Bunge
Limited (within the meaning of Rule&nbsp;405 under the Securities Act) to distribute the exchange senior notes;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>if
you are a broker-dealer and you will receive exchange senior notes for your own account in exchange for unregistered senior notes that were acquired as a
result of market-making activities or other trading activities, you will deliver a prospectus in connection with any resale of such exchange senior notes; and </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>20</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=5,SEQ=25,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=1003428,FOLIO='20',FILE='DISK019:[03NYC4.03NYC4594]DG4594A.;5',USER='WWASSER',CD=';2-MAY-2003;14:52' -->
<A NAME="page_dg4594_1_21"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>you
are not acting on behalf of any person or entity that could not truthfully make these representations. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
you wish to participate in the exchange offer, you will be required to make these representations to us in the letter of transmittal. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
you are a broker-dealer that receives exchange senior notes in exchange for unregistered senior notes held for your own account, as a result of market-making or other trading
activities, you must acknowledge that you will deliver a prospectus in connection with any resale of the exchange senior notes. The letter of transmittal states that by so acknowledging and by
delivering a prospectus, you will not be deemed to admit that you are an "underwriter" within the meaning of the Securities Act. The prospectus, as it may be amended or supplemented from time to time,
may be used by any broker-dealers in connection with resales of exchange senior notes received in exchange for unregistered senior notes. We have agreed that, for a period of 90&nbsp;days after the
consummation of the exchange offer, we will make this prospectus and any amendment or supplement to this prospectus available to any such broker-dealer for use in connection with any resale. </FONT></P>


<P><FONT SIZE=2><B>Clearing of the Exchange Senior Notes  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon consummation of the exchange offer, the exchange senior notes will have different CUSIP, Common Code and ISIN numbers from the unregistered senior notes. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unregistered
senior notes that were issued under Regulation&nbsp;S that are not tendered for exchange will continue to clear through Euroclear and Clearstream Luxembourg under their
original Common Codes and their ISIN numbers will remain the same. Regulation&nbsp;S unregistered senior notes (unless acquired by a manager as part of their original distribution) may now be sold
in the United States or to U.S. persons and, upon any such transfer, a beneficial interest in the Regulation&nbsp;S unregistered global senior
notes may be exchanged for an interest in the exchange global senior note in accordance with procedures established by Euroclear or Clearstream Luxembourg and DTC. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beneficial
interests in the restricted Regulation&nbsp;S global senior notes may be transferred to a person who takes delivery in the form of an interest in the Regulation&nbsp;S
global senior notes upon receipt by the trustee of a written certification from the transferor, in the form provided in the indenture, to the effect that the transfer is being made in accordance with
Rule&nbsp;903 or 904 of Regulation&nbsp;S. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
cannot predict the extent to which beneficial owners of an interest in the Regulation&nbsp;S unregistered global senior notes will participate in the exchange offer. Beneficial
owners should consult their own financial advisors as to the benefits to be obtained from exchange. </FONT></P>

<P><FONT SIZE=2><B>Procedures for Tendering  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The term "holder" with respect to the exchange offer means any person in whose name unregistered senior notes are registered on Bunge Limited Finance's agent's
books or any other person who has obtained a properly completed bond power from the registered holder, or any person whose unregistered senior notes are held of record by DTC, Euroclear or Clearstream
Luxembourg who desires to deliver such unregistered senior notes by book-entry transfer at DTC, Euroclear or Clearstream Luxembourg, as the case may be. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
in limited circumstances, only a Euroclear participant, Clearstream Luxembourg participant or a DTC participant listed on a DTC notes position listing with respect to the
unregistered senior </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>21</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=6,SEQ=26,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=244196,FOLIO='21',FILE='DISK019:[03NYC4.03NYC4594]DG4594A.;5',USER='WWASSER',CD=';2-MAY-2003;14:52' -->
<A NAME="page_dg4594_1_22"> </A>
<BR>

<P><FONT SIZE=2>
notes may tender its unregistered senior notes in the exchange offer. To tender unregistered senior notes in the exchange offer: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>holders
of unregistered senior notes that are DTC participants may follow the procedures for book-entry transfer as provided for below under
"&#151;Book-Entry Transfer" and in the letter of transmittal.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Euroclear
participants and Clearstream Luxembourg participants on behalf of the beneficial owners of unregistered senior notes are required to use
book-entry transfer pursuant to the standard operating procedures of Euroclear or Clearstream Luxembourg, as the case may be, which include transmission of a computer-generated message to
Euroclear or Clearstream Luxembourg, as the case may be, in lieu of a letter of transmittal. See the term "agent's message" under "&#151;Book-Entry Transfer." </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, either: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
exchange agent must receive any corresponding certificate or certificates representing unregistered senior notes along with the letter of transmittal;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
exchange agent must receive, before expiration of the exchange offer, a timely confirmation of book-entry transfer of unregistered senior
notes into the exchange agent's account at DTC, Euroclear or Clearstream Luxembourg according to their respective standard operating procedures for electronic tenders described below and a properly
transmitted agent's message described below; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
holder must comply with the guaranteed delivery procedures described below. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
tender by a holder of unregistered senior notes will constitute an agreement between such holder and Bunge Limited Finance in accordance with the terms and subject to the conditions
set forth in this prospectus and in the letter of transmittal. If less than all the unregistered senior notes held by a holder of unregistered senior notes are tendered, a tendering holder should fill
in the amount of unregistered senior notes being tendered in the specified box on the letter of transmittal. The entire amount of unregistered senior notes delivered to the exchange agent will be
deemed to have been tendered unless otherwise indicated. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
method of delivery of unregistered senior notes, the letter of transmittal and all other required documents or transmission of an agent's message, as described under
"&#151;Book Entry Transfer," to the exchange agent is at the election and risk of the holder. Instead of delivery by mail, we recommend that holders use an overnight or hand delivery service.
In all cases, sufficient time should be allowed to assure timely delivery prior to the expiration of the exchange offer. No letter of transmittal or unregistered senior notes should be sent to us but
must instead be delivered to the exchange agent. Delivery of documents to DTC, Euroclear or Clearstream Luxembourg in accordance with their respective procedures will not constitute delivery to the
exchange agent. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
you are a beneficial owner of unregistered senior notes that are registered in the name of a broker, dealer, commercial bank, trust company or other nominee and you wish to tender
your unregistered senior notes, you should contact the registered holder promptly and instruct the registered holder to tender on your behalf. If you wish to tender on your own behalf, you must, prior
to completing and executing the letter of transmittal and delivering your unregistered senior notes, either: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>make
appropriate arrangements to register ownership of the unregistered senior notes in your name; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>obtain
a properly completed bond power from the registered holder. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
transfer of record ownership may take considerable time and might not be completed prior to the expiration date. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>22</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=7,SEQ=27,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=358701,FOLIO='22',FILE='DISK019:[03NYC4.03NYC4594]DG4594A.;5',USER='WWASSER',CD=';2-MAY-2003;14:52' -->
<A NAME="page_dg4594_1_23"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signatures
on a letter of transmittal or a notice of withdrawal as described in "&#151;Withdrawal of Tenders" below, as the case may be, must be guaranteed by a member firm of a
registered national securities exchange or of the National Association of Securities Dealers,&nbsp;Inc., a commercial bank or trust company having an office or correspondent in the United States or
an "eligible guarantor institution" within the meaning of Rule&nbsp;17Ad-15 under the Exchange Act, unless the unregistered senior notes tendered pursuant thereto are tendered: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>by
a registered holder who has not completed the box entitled "Special Registration Instructions" or "Special Delivery Instructions" in the letter of
transmittal; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>for
the account of an eligible institution. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the letter of transmittal is signed by a person other than the registered holder of any unregistered senior notes listed therein, the unregistered senior notes must be endorsed or
accompanied by appropriate bond powers which authorize the person to tender the unregistered senior notes on behalf of the registered holder, in either case signed as the name of the registered holder
or holders appears on the unregistered senior notes. If the letter of transmittal or any unregistered senior notes or bond powers are signed by trustees, executors, administrators, guardians,
attorneys-in-fact, officers of corporations or others acting in a fiduciary or representative capacity, such persons should so indicate when signing and, unless waived by Bunge
Limited Finance, evidence satisfactory to Bunge Limited Finance of their authority to so act must be submitted with the letter of transmittal. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge
Limited Finance will determine in its sole discretion all the questions as to the validity, form, eligibility (including time of receipt), acceptance and withdrawal of the tendered
unregistered senior notes. Bunge Limited Finance's determinations will be final and binding. Bunge Limited Finance reserves the absolute right to reject any and all unregistered senior notes not
validly tendered or any unregistered senior notes the acceptance of which would, in the opinion of its counsel, be unlawful. Bunge Limited Finance also reserves the absolute right to waive any
irregularities or conditions of tender as to particular unregistered senior notes. Bunge Limited Finance's interpretation of the terms and conditions of the exchange offer (including the instructions
in the letter of transmittal) will be final and binding on all parties. Unless waived, any defects or irregularities in connection with tenders of unregistered senior notes must be cured within such
time as Bunge Limited Finance will determine. Neither Bunge Limited Finance, Bunge Limited, the exchange agent nor any other person shall be under any duty to give notification of defects or
irregularities with respect to tenders of unregistered senior notes nor shall any of them incur any liability for failure to give such notification. Tenders of
unregistered senior notes will not be deemed to have been made until such irregularities have been cured or waived. Any unregistered senior notes received by the exchange agent that are not properly
tendered and as to which the defects or irregularities have not been cured or waived will be returned without cost by the exchange agent to the tendering holder of such unregistered senior notes
unless otherwise provided in the letter of transmittal, as soon as practicable following the expiration date of the exchange offer. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, Bunge Limited Finance reserves the right in its sole discretion to (a)&nbsp;purchase or make offers for any unregistered senior notes that remain outstanding subsequent to
the expiration date, and (b)&nbsp;to the extent permitted by applicable law, purchase unregistered senior notes in the open market, in privately negotiated transactions or otherwise. The terms of
any such purchases or offers may differ from the terms of the exchange offer. </FONT></P>


<P><FONT SIZE=2><B>Book-Entry Transfer  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge Limited Finance understands that the exchange agent will make a request promptly after the date of this document to establish accounts with respect to the
unregistered senior notes at DTC, Euroclear or Clearstream Luxembourg for the purpose of facilitating the exchange offer. Any financial institution that is a participant in DTC's system may make
book-entry delivery of unregistered senior notes by causing DTC to transfer such unregistered senior notes into the exchange agent's DTC </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>23</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=8,SEQ=28,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=869972,FOLIO='23',FILE='DISK019:[03NYC4.03NYC4594]DG4594A.;5',USER='WWASSER',CD=';2-MAY-2003;14:52' -->
<A NAME="page_dg4594_1_24"> </A>
<BR>

<P><FONT SIZE=2>
account in accordance with DTC's Automated Tender Offer Program procedures for such transfer. Any participant in Euroclear or Clearstream Luxembourg may make book-entry delivery of
Regulation&nbsp;S unregistered senior notes by causing Euroclear or Clearstream Luxembourg to transfer such senior notes into the exchange agent's account in accordance with established Euroclear or
Clearstream Luxembourg procedures for transfer. The exchange for tendered unregistered senior notes will only be made after a timely confirmation of a book-entry transfer of the
unregistered senior notes into the exchange agent's account, and timely receipt by the exchange agent of an agent's message. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
term "agent's message" means a message, transmitted by DTC, Euroclear or Clearstream Luxembourg, as the case may be, and received by the exchange agent and forming part of the
confirmation of a book-entry transfer, which states that DTC, Euroclear or Clearstream Luxembourg, as the case may be, has received an express acknowledgment from a participant tendering
unregistered senior notes and that such participant has received an appropriate letter of transmittal and agrees to be bound by the terms of the letter of transmittal, and Bunge Limited Finance may
enforce such agreement against the participant. Delivery of an agent's message will also constitute an acknowledgment from the tendering DTC, Euroclear or Clearstream Luxembourg participant, as the
case may be, that the representations contained in the appropriate letter of transmittal and described above are true and correct. </FONT></P>


<P><FONT SIZE=2><B>Guaranteed Delivery Procedures  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders who wish to tender their unregistered senior notes and (i)&nbsp;whose unregistered senior notes are not immediately available, or (ii)&nbsp;who cannot
deliver their unregistered senior notes, the letter of transmittal, or any other required documents to the exchange agent prior to the expiration date, or if such holder cannot complete DTC's,
Euroclear's or Clearstream Luxembourg's respective standard operating procedures for electronic tenders before expiration of the exchange offer, may tender their unregistered senior notes if: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
tender is made through an eligible institution;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>before
expiration of the exchange offer, the exchange agent receives from the eligible institution either a properly completed and duly executed notice of
guaranteed delivery in the form accompanying this prospectus, by facsimile transmission, mail or hand delivery, or a properly transmitted agent's message in lieu of notice of guaranteed delivery:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>setting
forth the name and address of the holder and the registered number(s), the certificate number or numbers of the unregistered senior notes tendered
and the principal amount of unregistered senior notes tendered;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>stating
that the tender offer is being made by guaranteed delivery; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>guaranteeing
that, within three (3)&nbsp;business days after expiration of the exchange offer, the letter of transmittal, or facsimile of the letter of
transmittal, together with the unregistered senior notes tendered or a book-entry confirmation, and any other documents required by the letter of transmittal will be deposited by the
eligible institution with the exchange agent; and </FONT></DD></DL>
</DD></DL>
<UL>
<BR>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
exchange agent receives the properly completed and executed letter of transmittal, or facsimile of the letter of transmittal, as well as all tendered
unregistered senior notes in proper form for transfer or a book-entry confirmation, and all other documents required by the letter of transmittal, within three (3)&nbsp;business days
after expiration of the exchange offer. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
request to the exchange agent, a notice of guaranteed delivery will be sent to holders who wish to tender their unregistered senior notes according to the guaranteed delivery
procedures set forth above. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>24</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=9,SEQ=29,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=52509,FOLIO='24',FILE='DISK019:[03NYC4.03NYC4594]DG4594A.;5',USER='WWASSER',CD=';2-MAY-2003;14:52' -->
<A NAME="page_dg4594_1_25"> </A>
<BR>

<P><FONT SIZE=2><B>Withdrawal of Tenders  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided herein, tenders of unregistered senior notes may be withdrawn at any time prior to 5:00&nbsp;p.m., New York City time, on
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2003, the expiration date of the exchange offer. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
a withdrawal to be effective: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
exchange agent must receive a written notice, which may be by telegram, telex, facsimile transmission or letter, of withdrawal at the address set forth
below under "Exchange Agent"; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>for
DTC, Euroclear or Clearstream Luxembourg participants, holders must comply with their respective standard operating procedures for electronic tenders and
the exchange agent must receive an electronic notice of withdrawal from DTC, Euroclear or Clearstream Luxembourg. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
notice of withdrawal must: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>specify
the name of the person who tendered the unregistered senior notes to be withdrawn;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>identify
the unregistered senior notes to be withdrawn, including the certificate number or numbers and principal amount of the unregistered senior notes to
be withdrawn;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>be
signed by the person who tendered the unregistered senior notes in the same manner as the original signature on the letter of transmittal, including any
required signature guarantees; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>specify
the name in which the unregistered senior notes are to be re-registered, if different from that of the withdrawing holder. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
unregistered senior notes have been tendered pursuant to the procedure for book-entry transfer described above, any notice of withdrawal must specify the name and number
of the account at DTC, Euroclear or Clearstream Luxembourg to be credited with the withdrawn unregistered senior notes and
otherwise comply with the procedures of the facility. Bunge Limited Finance will determine all questions as to the validity, form and eligibility (including time of receipt) for such withdrawal
notices, and its determination shall be final and binding on all parties. Any unregistered senior notes so withdrawn will be deemed not to have been validly tendered for purposes of the exchange
offer, and no exchange senior notes will be issued with respect thereto unless the unregistered senior notes so withdrawn are validly re-tendered. Any unregistered senior notes which have
been tendered but which are not accepted for exchange will be returned to the holder without cost to such holder as soon as practicable after withdrawal. Properly withdrawn unregistered senior notes
may be re-tendered by following the procedures described above under "&#151;Procedures for Tendering" at any time prior to the expiration date. </FONT></P>

<P><FONT SIZE=2><B>Consequences of Failure to Exchange  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you do not tender your unregistered senior notes to be exchanged in this exchange offer, they will remain "restricted securities" within the meaning of
Rule&nbsp;144(a)(3) of the Securities Act. Accordingly, they: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>may
be resold only if (i)&nbsp;registered pursuant to the Securities Act, (ii)&nbsp;an exemption from registration is available or (iii)&nbsp;neither
registration nor an exemption is required by law; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>shall
continue to bear a legend restricting transfer in the absence of registration or an exemption therefrom. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a result of the restrictions on transfer and the availability of the exchange senior notes, the unregistered senior notes are likely to be much less liquid than before the exchange
offer. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>25</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=10,SEQ=30,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=482206,FOLIO='25',FILE='DISK019:[03NYC4.03NYC4594]DG4594A.;5',USER='WWASSER',CD=';2-MAY-2003;14:52' -->
<A NAME="page_dg4594_1_26"> </A>
<BR>

<P><FONT SIZE=2><B>Exchange Agent  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bank of New York has been appointed as the exchange agent for the exchange of the unregistered senior notes. Questions and requests for assistance relating to
the exchange of the unregistered senior notes should be directed to the exchange agent addressed as follows: </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>The
Bank of New York<BR>
Reorganization Unit<BR>
101 Barclay Street, Floor 7E<BR>
New York, New York 10286<BR>
Attention: Diane Amoroso<BR>
Telephone number: (212)&nbsp;815-3738<BR>
Facsimile number: (212)&nbsp;298-1915 </FONT></P>

<P><FONT SIZE=2><B>Fees and Expenses  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will bear the expenses of soliciting tenders pursuant to the exchange offer. The principal solicitation for tenders pursuant to the exchange offer is being
made by mail. Additional solicitations may be made by our officers and regular employees and our affiliates in person, by telegraph or telephone. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will not make any payments to brokers, dealers or other persons soliciting acceptances of the exchange offer. We, however, will pay the exchange agent reasonable and customary fees
for its services and will reimburse the exchange agent for its related reasonable out-of-pocket expenses and accounting and legal fees. We may also pay brokerage houses and
other custodians, nominees and fiduciaries the reasonable out-of-pocket expenses incurred by them in forwarding copies of this prospectus, letters of transmittal and related
documents to the beneficial owners of the unregistered senior notes and in handling or forwarding tenders for exchange. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will pay all transfer taxes, if any, applicable to the exchange of unregistered senior notes pursuant to the exchange offer. The tendering holder, however, will be required to pay any
transfer taxes, whether imposed on the registered holder or any other person, if: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>certificates
representing exchange senior notes or unregistered senior notes for principal amounts not tendered or accepted for exchange are to be delivered
to, or are to be registered or issued in the name of, any person other than the registered holder of unregistered senior notes tendered;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>tendered
unregistered senior notes are registered in the name of any person other than the person signing the letter of transmittal; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>a
transfer tax is imposed for any reason other than the exchange of unregistered senior notes under the exchange offer. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
satisfactory evidence of payment of such taxes or exemption therefrom is not submitted with the letter of transmittal, the amount of such transfer taxes will be billed directly to
such tendering holder. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>26</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=11,SEQ=31,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=529677,FOLIO='26',FILE='DISK019:[03NYC4.03NYC4594]DG4594A.;5',USER='WWASSER',CD=';2-MAY-2003;14:52' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_di4594_1_27"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="di4594_description_of_the_senior_notes"> </A>
<A NAME="toc_di4594_1"> </A>
<BR></FONT><FONT SIZE=2><B>DESCRIPTION OF THE SENIOR NOTES    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exchange senior notes will be issued pursuant to the indenture dated as of October&nbsp;15, 2002, among Bunge Limited Finance, as issuer, Bunge Limited, as
guarantor, and The Bank of New York, as trustee. The terms of the exchange senior notes include those expressly set forth in the indenture and those made part of the indenture by reference to the U.S.
Trust Indenture Act of 1939, as amended. The unregistered senior notes and the exchange senior notes are collectively referred to as the "senior notes." </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
description of the senior notes is intended to be a useful overview of the material provisions of the senior notes, the guarantee and the indenture. Because this description is only
a summary, you should refer to the indenture for a complete description of our obligations and your rights. A copy of the indenture has been filed with the SEC as an exhibit to the registration
statement of which this prospectus forms a part. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
terms used in this description of the notes are set forth under "&#151;Defined Terms." </FONT></P>

<P><FONT SIZE=2><B>General  </B></FONT></P>

<UL>

<P><FONT SIZE=2><B><I> The Exchange Senior Notes  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exchange senior notes: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>will
constitute a series of debt securities issued under the indenture and will be initially limited to an aggregate principal amount of $200,000,000
(subject to the rights of Bunge Limited Finance to create and issue additional notes as described under "&#151;Further Issuances");
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>will
mature on October&nbsp;15, 2012;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>will
not be convertible into any other security or have the benefit of any sinking fund;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>will
rank equally in right of payment with all other existing and future unsecured and unsubordinated indebtedness of Bunge Limited Finance;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>will
be fully, unconditionally and irrevocably guaranteed by Bunge Limited, which guarantee will rank equally in right of payment with all other existing and
future unsecured and unsubordinated indebtedness and obligations of Bunge Limited;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>will
be issued in denominations of $1,000 and integral multiples of $1,000; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>will
be represented by one or more registered notes in global form, but in certain limited circumstances may be represented by notes in definitive form. See
"Book-Entry; Delivery and Form." </FONT></DD></DL>


<P><FONT SIZE=2><B><I> Interest  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest on the exchange senior notes will: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>accrue
at a rate of 7.80% per annum;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>accrue
from April&nbsp;15, 2003, the most recent interest payment date;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>be
payable in cash semi-annually in arrears on April&nbsp;15 and October&nbsp;15 of each year, commencing on October&nbsp;15, 2003, which
is the interest payment date immediately following the last interest payment date for which interest was paid on unregistered senior notes exchanged pursuant to the exchange offer;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>be
payable to the holders of record on the April&nbsp;1 and October&nbsp;1 immediately preceding the relevant interest payment date; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>be
computed on the basis of a 360-day year comprised of twelve 30-day months. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>27</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=32,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=708537,FOLIO='27',FILE='DISK019:[03NYC4.03NYC4594]DI4594A.;7',USER='JGUERRE',CD=';2-MAY-2003;20:17' -->
<A NAME="page_di4594_1_28"> </A>
<UL>
<UL>
</UL>
</UL>

<P><FONT SIZE=2><B>Payment and Transfer  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal of and premium, if any, and interest on the senior notes will be payable, and the senior notes may be exchanged or transferred, at the office or agency
maintained by Bunge Limited Finance for such purpose (which initially will be the corporate trust office of the trustee located at 101 Barclay Street, 21<SUP>st</SUP> Floor West, New York, New
York). Payment of principal of and premium, if any, and interest on senior notes in global form registered in the name of or held by the depositary or its nominee will be made in immediately available
funds to the depositary or its nominee, as the case may be, as the registered holder of such global senior note. If any of the senior notes are no longer represented by global senior notes, payment of
interest on the senior notes in definitive form may, at our option, be made by check mailed directly to holders at their registered addresses. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
holder may transfer or exchange senior notes in definitive form at the same location given in the preceding paragraph. No service charge will be made for any registration of transfer
or exchange of senior notes, but Bunge Limited Finance may require payment of a sum sufficient to cover any transfer tax or other similar governmental charge payable in connection therewith. Bunge
Limited Finance is not required to transfer or exchange any senior note selected for redemption for a period of 15&nbsp;days before a selection of senior notes to be redeemed. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
registered holder of a senior note will be treated as the owner of it for all purposes. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
amounts of principal of and premium, if any, or interest on the senior notes paid by Bunge Limited Finance that remain unclaimed two years after such payment was due and payable will
be repaid to Bunge Limited Finance and the holders of such senior notes will thereafter look solely to Bunge Limited Finance for payment. </FONT></P>

<P><FONT SIZE=2><B>Optional Redemption by Bunge Limited Finance  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The senior notes will be redeemable at the option of Bunge Limited Finance, at any time in whole or from time to time in part, upon not less than 30 and not more
than 60&nbsp;days' notice mailed to each holder of senior notes to be redeemed at the holder's address appearing in the note register, at a price equal to the greater of: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>100%
of the principal amount of the senior notes to be redeemed; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
sum of the present values of the remaining scheduled payments of principal and interest (at the rate in effect on the date of calculation of the
redemption price) on the senior notes to be redeemed (exclusive of interest accrued to the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a
360-day year consisting of twelve 30-day months) at the applicable Treasury Yield plus 50 basis points; </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>in
each case, plus accrued and unpaid interest to the date of redemption. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior
notes called for redemption will become due on the date fixed for redemption. Notices of redemption will be mailed by first-class mail at least 30 but not more than 60&nbsp;days
before the date fixed for redemption to each noteholder to be redeemed at its registered address. The notice will state the amount to be redeemed. On and after the date fixed for redemption, interest
will cease to accrue on any redeemed senior notes. If less than all the senior notes are redeemed at any time, the trustee will select senior notes on a pro rata basis or by any other method the
trustee deems fair and appropriate. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>28</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=2,SEQ=33,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=289556,FOLIO='28',FILE='DISK019:[03NYC4.03NYC4594]DI4594A.;7',USER='JGUERRE',CD=';2-MAY-2003;20:17' -->
<A NAME="page_di4594_1_29"> </A>
<BR>

<P><FONT SIZE=2><B>Prepayment at Option of Holders Upon Change of Control  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the occurrence of a Change of Control, each holder of senior notes will have the right to require Bunge Limited Finance to repurchase all or any part of such
holder's senior notes pursuant to a Change of Control offer at a purchase price equal to the greater of: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>100%
of the principal amount of the senior notes to be purchased; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
sum of the present values of the remaining scheduled payments of principal and interest (at the rate in effect on the date of calculation of the purchase
price) on the senior notes to be purchased (exclusive of interest accrued to the date of purchase) discounted to the date of purchase on a semi-annual basis (assuming a 360-day
year consisting of twelve 30-day months) at the applicable Treasury Yield plus 50 basis points; </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>in
each case, plus accrued and unpaid interest to the date of purchase. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within
30&nbsp;days following any Change of Control, Bunge Limited Finance will direct the trustee to mail a notice to each holder to, among other things, the following effect: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>stating
that a Change of Control has occurred and a Change of Control offer is being made;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>describing
the transaction or transactions constituting the Change of Control; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>setting
forth the terms and conditions of the Change of Control offer, including the purchase price, the date of purchase and the tender procedures. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders
electing to have senior notes purchased will be required to surrender their notes, with an appropriate form duly completed, to the trustee at the address specified in the notice
at least three business days prior to the date of purchase. Each holder will be entitled to withdraw its election if the trustee receives, not later than one business day prior to the date of
purchase, a notice to the effect that such holder is withdrawing its election to have its senior notes purchased. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to or on the date of purchase, Bunge Limited Finance will irrevocably deposit with the trustee in cash an amount equal to the purchase price payable to the holders entitled
thereto. The trustee will, on or promptly after the date of purchase, make payment to each tendering holder of the purchase price. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge
Limited Finance will not be required to make a Change of Control offer upon a Change of Control if a third party makes the Change of Control offer in the manner, at the times and
otherwise in compliance with the provisions of the indenture applicable to a Change of Control offer made by Bunge Limited Finance and purchases all senior notes validly tendered and not withdrawn
under such Change of Control offer. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge
Limited and Bunge Limited Finance will comply, to the extent applicable, with the requirements of Rule&nbsp;14e-1 under the Exchange Act and any other securities laws
and regulations thereunder to the
extent such laws and regulations are applicable in connection with the purchase of senior notes in connection with a Change of Control. To the extent that the provisions of any securities laws or
regulations conflict with the provisions relating to the Change of Control offer, Bunge Limited and Bunge Limited Finance will comply with the applicable securities laws and regulations and will not
be deemed to have breached their obligations described above by virtue thereof. </FONT></P>

<P><FONT SIZE=2><B>Further Issuances  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge Limited Finance may from time to time, without the consent of existing noteholders, create and issue further notes having the same terms and conditions as
the senior notes in all respects, except for issue date, issue price and first payment of interest thereon. Additional senior notes issued in this manner will be consolidated with and will
form&nbsp;a single series with the previously outstanding senior notes. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>29</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=3,SEQ=34,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=308463,FOLIO='29',FILE='DISK019:[03NYC4.03NYC4594]DI4594A.;7',USER='JGUERRE',CD=';2-MAY-2003;20:17' -->
<A NAME="page_di4594_1_30"> </A>
<BR>

<P><FONT SIZE=2><B>Guarantee  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge Limited will fully, unconditionally and irrevocably guarantee to each holder and the trustee the full and prompt payment of principal of and premium, if
any, and interest on the senior notes, when and as the same become due and payable, whether at maturity, upon redemption or repurchase, by declaration of acceleration or otherwise, including any
additional amounts required to be paid in connection with certain taxes. </FONT></P>

<P><FONT SIZE=2><B>Ranking  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The senior notes will be unsecured and unsubordinated senior indebtedness of Bunge Limited Finance and will rank equally in right of payment with all other
existing and future unsecured and unsubordinated senior indebtedness of Bunge Limited Finance. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
guarantee will be an unsecured and unsubordinated obligation of Bunge Limited and will rank equally in right of payment with all other existing and future unsecured and
unsubordinated indebtedness and obligations of Bunge Limited. The guarantee will effectively rank junior in right of payment to any secured indebtedness of Bunge Limited to the extent of the assets
securing such indebtedness and to all indebtedness and other liabilities of its subsidiaries. </FONT></P>

<P><FONT SIZE=2><B>Additional Amounts  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that payments are made by Bunge Limited pursuant to its obligations under the guarantee, Bunge Limited will pay to the holder of any senior note
additional amounts as may be necessary so that every net payment made by Bunge Limited of the principal of and premium, if any, and interest on such senior note, after deducting or withholding for or
on account of any present or future tax, duty, fee, assessment or other governmental charge duly imposed by, and payable by that holder to, Bermuda, will not be less than the amount provided in that
senior note to be then due and payable. Bunge Limited will not be required, however, to make any payment of additional amounts for or on account of any such tax imposed by reason of the noteholder
having some connection with any such jurisdiction other than its participation as noteholder under the indenture. </FONT></P>

<P><FONT SIZE=2><B>Covenants  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indenture sets forth covenants that impose limitations and restrictions on Bunge Limited Finance, including those described below. The indenture also sets
forth covenants, including those described below, which are applicable to Bunge Limited and its subsidiaries. However, neither Bunge Limited nor its subsidiaries other than Bunge Limited Finance are
restricted by the indenture from paying dividends or making distributions on its capital stock, or purchasing or redeeming its capital stock. </FONT></P>

<P><FONT SIZE=2><B>Limitations and Restrictions on Bunge Limited Finance  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indenture limits and restricts Bunge Limited Finance from taking the following actions or engaging in the following activities or transactions: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>engaging
in any business or entering into, or being a party to, any transaction or agreement except for: the issuance and sale of the senior notes; the
incurrence of other indebtedness ranking not greater than equal in right of payment with the senior notes; the entering into of Hedge Agreements relating to the senior notes or such other indebtedness
and having a notional amount not exceeding the aggregate principal amount of the senior notes and such other indebtedness outstanding; and the use of the net proceeds from the issuance of such other
indebtedness to make intercompany loans to the Bunge master trust as described under "Description of Master Trust Structure"; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>30</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=4,SEQ=35,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=817325,FOLIO='30',FILE='DISK019:[03NYC4.03NYC4594]DI4594A.;7',USER='JGUERRE',CD=';2-MAY-2003;20:17' -->
<A NAME="page_di4594_1_31"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>acquiring
or owning any subsidiaries or other assets or properties, except for instruments evidencing an interest in intercompany loans, as described under
"Description of Master Trust Structure" and Hedge Agreements relating to its Indebtedness;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>incurring
any Indebtedness which ranks senior in right of payment to the senior notes;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>creating,
assuming, incurring or suffering to exist any Lien upon any Property whatsoever (it being understood, for the avoidance of doubt, that Bunge
Limited Finance may not create, assume, incur or suffer to exist any Liens which would otherwise constitute Permitted Liens in the case of Bunge Limited or any of its other Subsidiaries);
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>entering
into any consolidation, merger, amalgamation, joint venture, syndicate or other form of combination with any person, or selling, leasing, conveying
or otherwise disposing of any of its assets or receivables; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>amending,
supplementing or otherwise modifying certain specified provisions of the documents relating to Bunge Limited Finance's rights or benefits under the
master trust without the consent of the holders of a majority in principal amount of the senior notes. Modifications requiring consent include those that would subordinate the rights of the
series&nbsp;2002-1 variable funding certificate (in which Bunge Limited Finance invested the proceeds of the unregistered senior notes) relative to any other series, reduce or delay
distributions to be made by the master trust, or change how Bunge Limited Finance's interest in the master trust is calculated. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B>Limitation on Liens  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indenture provides that Bunge Limited will not, and will not permit any Subsidiary to, create, assume, incur or suffer to exist any Lien, other than Permitted
Liens, upon any Property, to secure any Indebtedness incurred or guaranteed by Bunge Limited or any Subsidiary (other than the senior notes), unless all of the outstanding senior notes and the
guarantee are secured equally and ratably with, or prior to, such Indebtedness so long as such Indebtedness shall be so secured. </FONT></P>

<P><FONT SIZE=2><B>Restriction on Sale-Leasebacks  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indenture provides that Bunge Limited will not, and will not permit any Subsidiary to, engage in the sale or transfer by it of any Property to a person (other
than Bunge Limited or a Subsidiary) and the taking back by Bunge Limited or any Subsidiary, as the case may be, of a lease of such Property (a "sale-leaseback transaction"), unless: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;the
sale-leaseback transaction occurs within six months from the date of the acquisition of the subject Property or the date of the completion of
construction or commencement of full operations of such Property, whichever is later; or </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;the
sale-leaseback transaction is between Bunge Limited and a Subsidiary of Bunge Limited, or between Subsidiaries of Bunge Limited; or </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;the
sale-leaseback transaction involves a lease for a period, including renewals, of not more than three years; or </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;the
sale-leaseback transaction constitutes a Permitted Lien for the purposes of "&#151;Limitation on Liens"; or </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;Bunge
Limited or such Subsidiary, within a one-year period after such sale-leaseback transaction, applies or causes to be applied an amount not
less than the Attributable Indebtedness from such sale-leaseback transaction to (a)&nbsp;the prepayment, repayment redemption, reduction or retirement of any debt of Bunge Limited or any
Subsidiary having a maturity of more than one year that is not subordinated to the senior notes, or (b)&nbsp;the acquisition, construction or development of other similar Property. </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>31</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=5,SEQ=36,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=47650,FOLIO='31',FILE='DISK019:[03NYC4.03NYC4594]DI4594A.;7',USER='JGUERRE',CD=';2-MAY-2003;20:17' -->
<A NAME="page_di4594_1_32"> </A>
<UL>
<BR>
</UL>

<P><FONT SIZE=2><B>Exception to Limitation on Liens and Restriction on Sale-Leasebacks  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing restrictions on Liens and sale-leaseback transactions, the indenture provides that Bunge Limited may, and may permit any
Subsidiary to, create, assume, incur, or suffer to exist any Lien (other than a Permitted Lien) upon any Property to secure debt incurred or guaranteed by Bunge Limited or any Subsidiary (other than
the senior notes) or effect any sale-leaseback transaction of a Property that is not excepted by clauses (1)&nbsp;through (5), inclusive, of the first paragraph under
"&#151;Restriction On Sale-Leasebacks," without equally and ratably securing the senior notes or the guarantee, provided that, after giving effect thereto, the aggregate principal
amount of outstanding debt (other than the senior notes) secured by Liens (other than Permitted Liens) upon Property plus the Attributable Indebtedness from sale-leaseback transactions of
Property not so excepted, do not exceed 15% of its Consolidated Net Tangible Assets. </FONT></P>

<P><FONT SIZE=2><B>Limitation on Transactions with Affiliates  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indenture provides that Bunge Limited shall not, and shall not permit any Subsidiary to, enter into directly or indirectly any material transaction or
material group of related transactions (including without limitation the purchase, lease, sale or exchange of properties of any kind or the rendering of any service) with any affiliate (other than
Bunge Limited or another Subsidiary), except in the ordinary course and pursuant to the reasonable requirements of Bunge Limited's or such Subsidiary's business and upon fair and reasonable terms no
less favorable to Bunge Limited or such Subsidiary than would be obtainable in a comparable arm's-length transaction with a person not an affiliate. </FONT></P>

<P><FONT SIZE=2><B>Consolidation, Merger, Amalgamation and Sale of Assets  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indenture provides that Bunge Limited may consolidate with or merge or amalgamate with or into, or sell, lease, convey all or substantially all of its assets
to, another person only if: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;the
successor is either Bunge Limited or is a person organized under the laws of Bermuda, the United States, any state, the District of Columbia or any full member state
of the European Union as of September&nbsp;25, 2002 (other than Greece), Canada, Australia or Switzerland and assumes by supplemental indenture all of Bunge Limited's obligations under the indenture
and the guarantees; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;immediately
after giving effect to the transaction no event of default under the indenture, or event which with notice or lapse of time would be an event of default
under the indenture, has occurred and is continuing. </FONT></P>

</UL>

<P><FONT SIZE=2>The
successor will be substituted for Bunge Limited for the purposes of the indenture with the same effect as if it had been an original party to the indenture. Thereafter, the successor may exercise
the rights and powers of Bunge Limited under the indenture. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that Bunge Limited consolidates with or merges or amalgamates with or into, or sells, leases or conveys all or substantially all of its assets to, another person and the
successor is a person organized under the laws of a full member state of the European Union as of September&nbsp;25, 2002 (other than Greece), Canada, Australia or Switzerland, Bunge Limited and the
successor will, as a condition to such consolidation, merger, amalgamation or sale of assets, comply with the following additional requirements: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>enter
into a supplemental indenture with the trustee providing for full, unconditional and irrevocable indemnification of the holders of the senior notes and
the trustee against any tax or duty of whatever nature which is incurred or otherwise suffered by the trustee or such holders with respect to the senior
notes and which would not have been incurred or otherwise suffered in the absence of such consolidation, merger or sale of assets; and </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>32</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=6,SEQ=37,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=964519,FOLIO='32',FILE='DISK019:[03NYC4.03NYC4594]DI4594A.;7',USER='JGUERRE',CD=';2-MAY-2003;20:17' -->
<A NAME="page_di4594_1_33"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>deliver
to the trustee legal opinions of independent legal counsel of recognized standing in New York and the applicable member state of the European Union,
Canada, Australia or Switzerland under whose laws the successor is organized, to the effect that the obligations of the successor with respect to the guarantee are legal, valid, binding and
enforceable in accordance with their terms. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the indenture provides that Bunge Limited may not permit any Subsidiary to consolidate with or merge or amalgamate with or into, or sell, lease or convey all or
substantially all of its assets to, any person unless: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>such
transaction is a merger or amalgamation of a Subsidiary into, or a consolidation of a Subsidiary with, Bunge Limited (so long as Bunge Limited is the
surviving entity) or another Subsidiary or the sale or other disposition by a Subsidiary of all or substantially all of its property to Bunge Limited or another Subsidiary; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>such
transaction is the merger or amalgamation of a Subsidiary into, the consolidation of a Subsidiary with, or the sale or other disposition by a Subsidiary
of all or substantially all of its property to, another person (provided that such person is not an affiliate), so long as (1)&nbsp;such transaction complies with the provisions under
"&#151;Limitation on Sale of Assets" and (2)&nbsp;immediately prior to, and after giving effect to, the transaction, no default or event of default exists or would exist. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing sentence, Bunge Limited Finance may not be party to, or the subject of, any consolidation, merger, amalgamation or sale of assets. </FONT></P>


<P><FONT SIZE=2><B>Limitation on Sale of Assets  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indenture provides that Bunge Limited will not, and will not permit any Subsidiary to, sell, transfer, lease or otherwise dispose of (including, without
limitation, with respect to any Subsidiary, by way of merger or consolidation of such Subsidiary (each, a "disposition")) any of its properties or assets, except: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;dispositions
in the ordinary course of business; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;dispositions
by (a)&nbsp;any Subsidiary to Bunge Limited, (b)&nbsp;Bunge Limited to any Subsidiary, or (c)&nbsp;any Subsidiary to any other Subsidiary; </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;any
disposition by Bunge Limited pursuant to a contractual commitment existing immediately prior to the execution and delivery of the indenture (and listed on a schedule
to the indenture); </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;dispositions
permitted under "&#151;Consolidation, Merger, Amalgamation and Sale of Assets"; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;dispositions
of intercompany loans pursuant to, and as permitted under, the master trust, as described under "Description of Master Trust Structure"; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;dispositions
of property acquired in connection with an acquisition of a subsidiary within three years of the date of such acquisition; </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2> that each of the following conditions is satisfied in respect of each
such disposition: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;in
the good faith opinion of an officer of Bunge Limited, such disposition is in exchange for consideration having a fair market value at least equal to that of the
property exchanged and is in the best interest of Bunge Limited or the Subsidiary making such disposition; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;immediately
after giving effect to such disposition, no default or event of default would exist; and </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>33</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=7,SEQ=38,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=389183,FOLIO='33',FILE='DISK019:[03NYC4.03NYC4594]DI4594A.;7',USER='JGUERRE',CD=';2-MAY-2003;20:17' -->
<A NAME="page_di4594_1_34"> </A>
<UL>
<UL>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;immediately
after giving effect to such disposition, the sum of the Disposition Values in respect of all property that was the subject of any disposition permitted by
clause&nbsp;(6) or (8)&nbsp;hereof and occurring in the then current fiscal year of Bunge Limited would not exceed 25% of its Consolidated Total Assets, determined as of the end of the most recent
fiscal year of Bunge Limited, as adjusted on a </FONT><FONT SIZE=2><I>pro forma</I></FONT><FONT SIZE=2> basis to include the total assets of all such acquired Subsidiaries; </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;any
disposition by Bunge Limited or any Subsidiary constituting an Asset Securitization Transaction, provided that after consummation of any such Asset Securitization
Transaction and after giving effect thereto and to the application of the proceeds thereof, the aggregate fair market value of all property and assets subject thereto, together with the aggregate fair
market value of all other property and assets of Bunge Limited or any of its Subsidiaries subject to one or more then outstanding Asset
Securitization Transactions, will not exceed 15% of its Consolidated Current Assets, determined as of the end of the most recent fiscal quarter of Bunge Limited, with any such determination of its
Consolidated Current Assets being adjusted on a pro forma basis to include the aggregate fair market value of the property and assets disposed of in connection with any then outstanding Asset
Securitization Transactions; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;&nbsp;other
dispositions by Bunge Limited and the subsidiaries not described in clauses (1)&nbsp;through (7)&nbsp;hereof ("excluded dispositions"), provided that each of
the following is true in respect of each such other disposition not constituting an excluded disposition: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;in
the good faith opinion of an officer of Bunge Limited, such disposition is in exchange for consideration having a fair market value at least equal to that of the
property exchanged and is in the best interest of Bunge Limited or Subsidiary making such disposition; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;immediately
after giving effect to such disposition, no default or event of default would exist; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;immediately
after giving effect to such disposition, the sum of the Disposition Values in respect of all property that was the subject of any disposition occurring in
the then current fiscal year of Bunge Limited would not exceed 10% of its Consolidated Total Assets, determined as of the end of the most recent fiscal year of Bunge Limited. </FONT></P>

</UL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
Bunge Limited gives written notice to the trustee prior to consummation of any disposition that it intends to apply the Net Proceeds Amount arising therefrom to a Debt Prepayment
Application and/or to a Property Reinvestment Application within one year after such disposition, then such disposition, only for the purpose of determining compliance with clause&nbsp;(8)(c) above,
will be deemed not to be a disposition. If Bunge Limited fails to apply such Net Proceeds Amount as stated in such notice within such period, then that failure will constitute an event of default. </FONT></P>

<P><FONT SIZE=2><B>Financial Covenants  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indenture provides that Bunge Limited will not permit: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;its
Consolidated Net Worth to be less than $1,350&nbsp;million as of the end of each fiscal quarter; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;its
ratio of Consolidated Adjusted Net Debt to Consolidated Adjusted Capitalization to be greater than 0.635 to 1.0 as of the end of each fiscal quarter; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;its
ratio of Consolidated Current Assets to Consolidated Current Liabilities to be less than 1.1 to 1.0 as of the end of each fiscal quarter; </FONT></P>

</UL>

<P><FONT SIZE=2>in
each case, determined in accordance with the indenture. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>34</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=8,SEQ=39,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=688553,FOLIO='34',FILE='DISK019:[03NYC4.03NYC4594]DI4594A.;7',USER='JGUERRE',CD=';2-MAY-2003;20:17' -->
<A NAME="page_di4594_1_35"> </A>

<P><FONT SIZE=2><B>Limitation on Indebtedness of Subsidiaries  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indenture provides that Bunge Limited will not permit any Subsidiary to, directly or indirectly, create, incur, assume, guarantee, or otherwise become or
remain, directly or indirectly, liable with respect to any Indebtedness, except for the following: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;other
than Indebtedness described in clauses (5)&nbsp;and (6)&nbsp;below, (a)&nbsp;any Long-Term Indebtedness of any Designated Obligor which is
outstanding as of June&nbsp;30, 2002 (and listed on a schedule to the indenture), and any extensions, renewals or refinancings thereof, in whole or in part, so long as the aggregate principal amount
of such Long-Term Indebtedness will not exceed the amount thereof outstanding at the time of such extension, renewal or refinancing, </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2> that immediately after the consummation of any such
extension, renewal or refinancing, no default or event of default would exist, and
(b)&nbsp;any Indebtedness of any Non-Designated Obligor which is outstanding as of June&nbsp;30, 2002 (and listed on such schedule), but not any extension, renewal or refinancing
thereof; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;any
Indebtedness incurred by any Subsidiary owing to Bunge Limited or another Subsidiary; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;any
Short-Term Indebtedness incurred by any Designated Obligor; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;other
than Indebtedness described in clauses (5)&nbsp;and (6)&nbsp;below, any Long-Term Indebtedness of a person outstanding at the time such person
becomes a Subsidiary (whether it is a Designated Obligor or a Non-Designated Obligor) or is consolidated or merged with or into a Subsidiary or sells, leases or otherwise disposes of all
of its property to a Subsidiary, </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2> that (a)&nbsp;such Long-Term Indebtedness has not been incurred in contemplation of such person
becoming a Subsidiary or consolidating or merging with or into a Subsidiary or selling, leasing or otherwise disposing all of its property to a Subsidiary, (b)&nbsp;immediately after such person
becomes a Subsidiary or is consolidated or merged with or into a Subsidiary or sells, leases or otherwise disposes of all of its property to a Subsidiary, no default or event of default would exist,
and (c)&nbsp;the renewal, extension or refinancing of any such Long-Term
Indebtedness will constitute the issuance of additional Long-Term Indebtedness, which is, in turn, subject to the applicable limitations of the indenture; </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;(a)
any Long-Term Indebtedness of a Designated Obligor constituting Long-Term Indebtedness of, or assumed from, Cereol S.A. or any of its direct
or indirect subsidiaries (and listed on a schedule to the indenture), </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2> that all such Long-Term Indebtedness is, prior to or on
April&nbsp;15, 2004, either (i)&nbsp;paid in full, (ii)&nbsp;refinanced by an intercompany loan or loans made pursuant to, and as permitted under, the master trust, as described under
"Description of Master Trust Structure" or (iii)&nbsp;refinanced or remains outstanding within the applicable limitations of the indenture; </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;any
Long-Term Indebtedness of a Designated Obligor constituting Long-Term Indebtedness of, or assumed from, Cereol or any of its direct or
indirect subsidiaries (and listed on a schedule to the indenture), </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2> that none of such Long-Term Indebtedness is renewed, extended,
refinanced or refunded beyond the maturity date of such Long-Term Indebtedness as of June&nbsp;30, 2002, unless and to the extent any such Long-Term Indebtedness is prior to
or on the maturity date thereof, either (i)&nbsp;paid in full, (ii)&nbsp;refinanced by an intercompany loan or loans made pursuant to, and as permitted under, the master trust, as described under
"Description of Master Trust Structure" or (iii)&nbsp;renewed, extended, refinanced or refunded within the applicable limitations of the indenture; </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;any
Indebtedness of a Non-Designated Obligor constituting Indebtedness of, or assumed from, Cereol or any of its direct or indirect subsidiaries (and listed
on a schedule to the indenture), </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2> that all such Indebtedness is, prior to or on April&nbsp;15, 2004, either (i)&nbsp;paid in full,
(ii)&nbsp;refinanced by an intercompany loan or loans made pursuant to, and as permitted under, </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>35</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=9,SEQ=40,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=1005778,FOLIO='35',FILE='DISK019:[03NYC4.03NYC4594]DI4594A.;7',USER='JGUERRE',CD=';2-MAY-2003;20:17' -->
<A NAME="page_di4594_1_36"> </A>
<UL>

<P><FONT SIZE=2>
the master trust, as described under "Description of Master Trust Structure" or (iii)&nbsp;refinanced or remains outstanding within the applicable limitations of the indenture; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;any
Indebtedness incurred by any Subsidiary not otherwise permitted by clauses (1)&nbsp;through (6), </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2> that
immediately after giving effect to the incurrence of such Indebtedness, (a)&nbsp;no default or event of default would exist and (b)&nbsp;(i) (A)&nbsp;if the Indebtedness then to be incurred is
Short-Term Indebtedness or Long-Term Indebtedness of a Non-Designated Obligor, then the aggregate amount of outstanding Total Non-Designated Obligor
Indebtedness does not exceed 15% of Consolidated Net Worth and (B)&nbsp;if the Indebtedness then to be incurred is Long-Term Indebtedness of a Non-Designated Obligor, then
the aggregate amount of outstanding Long-Term Indebtedness of all Subsidiaries does not exceed 20% of Consolidated Net Worth, or (ii)&nbsp;if the Indebtedness then to be incurred is
Long-Term Indebtedness of a Designated Obligor, then the aggregate amount of outstanding Long-Term Indebtedness of all Subsidiaries does not exceed 20% of Consolidated Net
Worth, in each case determined as of the end of the most recently ended fiscal quarter of Bunge Limited. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
provision contained in the indenture to the contrary notwithstanding, Bunge Limited will, with respect to all Indebtedness of Cereol S.A. and its direct or indirect subsidiaries set
forth on the
schedule to the indenture referred to in clause&nbsp;(5) above, comply with the applicable requirements of clause&nbsp;(5) or (6)&nbsp;above, as the case may be. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this covenant, Fosfertil S.A. is not and will not be deemed a Subsidiary of Bunge Limited, unless and until Fosfertil S.A. satisfies the definition of a "Subsidiary"
insofar as Bunge Limited is concerned; however, prior thereto, any Indebtedness of Fosfertil S.A. is not deemed to constitute Indebtedness of a Subsidiary for purposes of this covenant but is deemed
to constitute Indebtedness of a Subsidiary of Bunge Limited solely for purposes of any determination required under clause&nbsp;(2) of "&#151;Financial Covenants", </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2> that if and when Fosfertil
S.A. becomes a "Subsidiary" of Bunge Limited, then and thereafter Fosfertil S.A. will be deemed to be a "Subsidiary"
for all purposes of the indenture. </FONT></P>

<P><FONT SIZE=2><B>Limitation on Restrictions on Dividends or Loans by Certain Subsidiaries  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indenture provides that Bunge Limited will not permit any Designated Obligor or a Subsidiary which is material to Bunge Limited to enter into any agreement
after the execution and delivery of the indenture restricting the payment of dividends, the making of loans by it to Bunge Limited or to any other Designated Obligor or a Subsidiary which is material
to Bunge Limited, or the incurrence of Indebtedness owing to other Designated Obligors or Subsidiaries which are material to Bunge Limited, except that Bunge Limited may permit a Designated Obligor or
a Subsidiary which is material to Bunge Limited to be party to agreements: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>limiting
the payment of dividends (other than distributions of capital) by such Designated Obligor or Subsidiary following a default or an event of default
under such agreement;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>requiring
the compliance by such Designated Obligor or Subsidiary with specified net worth, working capital or other similar financial tests;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>restricting
loans to be made by such Designated Obligor or Subsidiary to any other Subsidiary or Bunge Limited to such loans which accrue interest at a rate
greater than or equal to such lending Designated Obligor's or Subsidiary's average cost of funds as determined in good faith by the board of directors of such lending Designated Obligor or a
Subsidiary; or </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>any
combination of the foregoing. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>36</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=10,SEQ=41,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=600195,FOLIO='36',FILE='DISK019:[03NYC4.03NYC4594]DI4594A.;7',USER='JGUERRE',CD=';2-MAY-2003;20:17' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P><FONT SIZE=2><A
NAME="page_dk4594_1_37"> </A> </FONT> <FONT SIZE=2><B>Events of Default  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the following is an event of default under the indenture: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;the
default in any payment of interest or additional interest (as required by the exchange and registration rights agreement) on any senior note when due, continued for
30&nbsp;days; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;the
default in the payment of principal of, or premium, if any, on, any senior note when due at its stated maturity, upon optional redemption, upon declaration of
acceleration or otherwise; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;the
failure by Bunge Limited Finance or Bunge Limited to comply for 60&nbsp;days after written notice with its other agreements contained in the indenture; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;the
failure of Bunge Limited Finance, Bunge Limited or any Subsidiary (a)&nbsp;to pay the principal of any Indebtedness or of any other material amounts under any
other agreement on the scheduled or original date due, (b)&nbsp;to pay interest on any Indebtedness beyond any provided grace period or (c)&nbsp;to observe or perform any agreement or condition
relating to such Indebtedness, that has caused such Indebtedness to become due prior to its stated maturity; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that an event described in
sub-clause&nbsp;(a), (b)&nbsp;or (c)&nbsp;above shall not constitute an event of default unless,
at such time, one or more events of the type described in clauses (a), (b)&nbsp;or (c)&nbsp;shall have occurred or be continuing with respect to Indebtedness in an amount exceeding $50,000,000; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;certain
events of bankruptcy, insolvency or reorganization of (a)&nbsp;Bunge Limited Finance, (b)&nbsp;Bunge Limited, (c)&nbsp;any Subsidiary that has been
designated by Bunge Limited as eligible for intercompany loans to be made by the master trust as described under "Description of Master Trust Structure," or (d)&nbsp;any other Subsidiary which is
material to Bunge Limited; or </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;one
or more judgments or decrees shall have been entered against Bunge Limited Finance or Bunge Limited involving in the aggregate a liability (not paid or fully covered
by insurance as to which the relevant insurance company has acknowledged coverage) of (a)&nbsp;in the case of Bunge Limited Finance,
$50,000 or more, and (b)&nbsp;in the case of Bunge Limited, $50,000,000 or more, and all such judgments or decrees shall not have been vacated, discharged, stayed or bonded pending appeal within
30&nbsp;days from the entry thereof. </FONT></P>

</UL>

<P><FONT SIZE=2>A
default under clause&nbsp;(3) above that has occurred and is continuing will not constitute an event of default under the indenture until the trustee or the holders of not less than 25% in
principal amount of the outstanding senior notes notify Bunge Limited Finance or Bunge Limited, as the case may be, of the default and such default is not cured within the time specified in such
clause&nbsp;(3) after receipt of such notice. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
an event of default (other than an event of default described in clause&nbsp;(5) above) occurs and is continuing, the trustee by written notice to Bunge Limited Finance, or the
holders of at least 25% in principal amount of the outstanding senior notes by written notice to Bunge Limited Finance and the trustee, may, and the trustee at the request of such holders shall,
declare the principal of and premium, if any, and accrued and unpaid interest, if any, on all the senior notes to be due and payable. Upon such a declaration, such principal, premium and accrued and
unpaid interest will be due and payable immediately. If an event of default described in clause&nbsp;(5) above occurs and is continuing, the principal of and premium, if any, and accrued and unpaid
interest on all the senior notes will become and be immediately due and payable without any declaration or other act on the part of the trustee or any holders. The holders of a majority in aggregate
principal amount of the outstanding senior notes may waive all past defaults (except with respect to nonpayment of principal, premium or interest) and rescind any such acceleration with respect to the
senior notes and its consequences if rescission would not conflict with any judgment or decree of a court of competent jurisdiction and all existing events of default, other than the nonpayment of the
principal of and premium, if any, and interest on the senior </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>37</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=42,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=58930,FOLIO='37',FILE='DISK019:[03NYC4.03NYC4594]DK4594A.;5',USER='WWASSER',CD=';2-MAY-2003;14:52' -->
<A NAME="page_dk4594_1_38"> </A>
<BR>

<P><FONT SIZE=2>
notes that have become due solely by such declaration of acceleration, have been cured or waived. If an event of default has occurred and not been cured or waived, and the principal of and premium,
if any, and accrued and unpaid interest on the senior notes has become due and payable, by declaration, automatic acceleration or otherwise, then the trustee shall give notice to The Bank of New York,
as trustee under the master trust as described under "Description of Master Trust Structure," to declare due and payable the intercompany loans that had been made using the net proceeds from the sale
of the senior notes. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the provisions of the indenture relating to the duties of the trustee, if an event of default occurs and is continuing, the trustee will be under no obligation to exercise any
of the rights or powers under the indenture at the request or direction of any of the holders unless such holders have offered to the trustee reasonable indemnity or security against any loss,
liability or expense. Except to enforce the right to receive payment of principal, premium, if any, or interest when due, no holder may pursue any remedy with respect to the indenture or the senior
notes unless: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>such
holder has previously given the trustee written notice that an event of default under the indenture is continuing;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>holders
of at least 25% in principal amount of the outstanding senior notes have requested in writing that the trustee pursue the remedy;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>such
holders have offered the trustee reasonable security or indemnity against any loss, liability or expense;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
trustee has not complied with such request within 60&nbsp;days after the receipt of the request and the offer of security or indemnity; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
holders of a majority in principal amount of the outstanding senior notes have not given the trustee a direction that, in the opinion of the trustee, is
inconsistent with such request within such 60-day period. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to certain restrictions, the holders of a majority in principal amount of the outstanding senior notes are given the right to direct the time, method and place of conducting any
proceeding for any remedy available to the trustee or of exercising any trust or power conferred on the trustee. The trustee, however, may refuse to follow any direction that conflicts with law or the
indenture or that the trustee determines is unduly prejudicial to the interest of any other holder or that would involve the trustee in personal liability. Prior to taking any action under the
indenture, the trustee will be entitled to indemnification satisfactory to it in its sole discretion against all losses and expenses caused by taking or not taking such action. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
indenture provides that if a default occurs and is continuing and is known to the trustee, the trustee must mail to each holder notice of the default within 90&nbsp;days after it
occurs. Except in the case of a default in the payment of principal of and premium, if any, or interest on any senior note, the trustee may withhold notice if the trustee determines that withholding
notice is in the interests of the holders. In addition, Bunge Limited Finance is required to deliver to the trustee, within 10&nbsp;days after becoming aware of the occurrence of any default, notice
of such default, and in any event within 120&nbsp;days after the end of each fiscal year, a certificate indicating whether the signers thereof know of any default that occurred during the previous
year. </FONT></P>

<P><FONT SIZE=2><B>Amendments and Waivers  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Modifications and amendments of the indenture may be made by Bunge Limited Finance, Bunge Limited and the trustee with the consent of the holders of a majority in
principal amount of the senior notes then outstanding under the indenture (including consents obtained in connection with a tender </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>38</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=2,SEQ=43,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=147834,FOLIO='38',FILE='DISK019:[03NYC4.03NYC4594]DK4594A.;5',USER='WWASSER',CD=';2-MAY-2003;14:52' -->
<A NAME="page_dk4594_1_39"> </A>
<BR>

<P><FONT SIZE=2>
offer or exchange offer for the senior notes). However, without the consent of each holder of an outstanding senior note affected, no amendment may, among other things: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>reduce
the amount of senior notes whose holders must consent to an amendment of the indenture or the senior notes, or certain specified provisions of the
documents relating to Bunge Limited Finance's rights or benefits under the master trust;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>reduce
the stated rate of or extend the stated time for payment of interest on any senior note;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>reduce
the principal of or change the stated maturity of any senior note;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>reduce
the amount payable upon the redemption or repurchase of any senior note;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>following
a Change of Control, make any change in the time in which a Change of Control offer must be made or the time in which a Change of Control payment
must be made;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>make
any senior note payable in money other than that stated in the senior note;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>impair
the right of any holder to receive payment of principal of and premium, if any, and interest on such holder's senior notes on or after the due dates
therefor or to institute suit for the enforcement of any payment on or with respect to such holder's senior notes;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>make
any change in the amendment provisions which require each holder's consent or in the waiver provisions; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>release
Bunge Limited or modify the guarantee other than in accordance with the indenture. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
holders of a majority in aggregate principal amount of the outstanding senior notes, on behalf of all holders of senior notes, may waive compliance by Bunge Limited Finance with
certain restrictive provisions of the indenture. Subject to certain rights of the trustee as provided in the indenture, the holders of a majority in aggregate principal amount of the senior notes, on
behalf of all holders, may waive any past default under the indenture (including any such waiver obtained in connection with a tender offer or exchange offer for the senior notes), except a default in
the payment of principal,
premium or interest or a default in respect of a provision that under the indenture cannot be modified or amended without the consent of the holder of each senior note that is affected. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
the consent of any holder, Bunge Limited Finance, Bunge Limited and the trustee may modify or amend the indenture to: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>cure
any ambiguity, omission, defect or inconsistency;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>provide
for the assumption by a successor of the obligations of Bunge Limited Finance under the indenture;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>provide
for uncertificated senior notes in addition to or in place of certificated senior notes; </FONT><FONT SIZE=2><I>provided,
however</I></FONT><FONT SIZE=2>, that the uncertificated senior notes are issued in registered form for purposes of Section&nbsp;163(f) of the U.S. Internal Revenue Code of 1986, as amended (the
"Code"), or in a manner such that the uncertificated senior notes are described in Section&nbsp;163(f)(2)(B) of the Code;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>add
additional guarantees with respect to the senior notes;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>secure
the senior notes;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>add
to the covenants of Bunge Limited Finance or Bunge Limited for the benefit of the holders or surrender any right or power conferred upon Bunge Limited
Finance or Bunge Limited;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>make
any change that does not adversely affect the interests of any holder; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>39</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=3,SEQ=44,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=845260,FOLIO='39',FILE='DISK019:[03NYC4.03NYC4594]DK4594A.;5',USER='WWASSER',CD=';2-MAY-2003;14:52' -->
<A NAME="page_dk4594_1_40"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>provide
for the issuance of the exchange senior notes, which will have terms substantially identical in all material respects to the unregistered senior
notes (except that the transfer restrictions contained in the exchange senior notes will be modified or eliminated, as appropriate), and which will be treated, together with any outstanding
unregistered senior notes, as a single issue of securities;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>provide
for the issuance of additional senior notes; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>comply
with any requirement of the U.S. Securities and Exchange Commission in connection with the qualification of the indenture under the U.S. Trust
Indenture Act of 1939. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
consent of the holders is not necessary under the indenture to approve the particular form of any proposed amendment. It is sufficient if such consent approves the substance of the
proposed amendment. After an amendment under the indenture becomes effective, Bunge Limited Finance is required to mail to the holders a notice briefly describing such amendment. However, the failure
to give such notice to all the holders, or any defect therein, will not impair or affect the validity of the amendment. </FONT></P>

<P><FONT SIZE=2><B>Defeasance  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge Limited Finance at any time may terminate all its obligations under the senior notes and the indenture ("legal defeasance"), except for certain obligations,
including obligations relating to the defeasance trust, registering the transfer or exchange of the senior notes, replacing mutilated, destroyed, lost or stolen senior notes and maintaining a
registrar and paying agent in respect of the senior notes. If Bunge Limited Finance exercises its legal defeasance option, the guarantee will terminate with respect to that series. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge
Limited Finance at any time may terminate its obligations under covenants described under "&#151;Covenants" (other than "&#151;Consolidation, Merger, Amalgamation and
Sale of Assets") above, and the events of default described in clauses (3)&nbsp;(to the extent that the covenants referred to therein have been terminated as a result of the defeasance), (4),
(5)&nbsp;and (6)&nbsp;under "&#151;Events of Default" above ("covenant defeasance"). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge
Limited Finance may exercise its legal defeasance option notwithstanding a prior exercise of its covenant defeasance option. If Bunge Limited Finance exercises its legal defeasance
option, payment of the senior notes may not be accelerated because of an event of default with respect thereto. If Bunge Limited Finance exercises its covenant defeasance option, payment of the senior
notes may not be accelerated because of an event of default specified in clause&nbsp;(3) (to the extent that the covenants referred to therein have been terminated as a result of the defeasance),
(4), (5)&nbsp;or (6)&nbsp;under "&#151;Events of Default" above. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
order to exercise either defeasance option, Bunge Limited Finance must irrevocably deposit in trust with the trustee money or U.S. government obligations for the payment of principal
of and premium, if any, and interest on the senior notes to redemption or maturity, as the case may be, and must comply with certain other conditions, including delivery to the trustee of an opinion
of counsel (subject to customary exceptions and exclusions) to the effect that holders of the senior notes will not recognize
income, gain or loss for federal income tax purposes as a result of such deposit and defeasance and will be subject to federal income tax on the same amount and in the same manner and at the same
times as would have been the case if such deposit and defeasance had not occurred. In the case of legal defeasance only, such opinion of counsel must be based on a ruling of the Internal Revenue
Service or other change in applicable federal income tax law. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>40</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=4,SEQ=45,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=80762,FOLIO='40',FILE='DISK019:[03NYC4.03NYC4594]DK4594A.;5',USER='WWASSER',CD=';2-MAY-2003;14:52' -->
<A NAME="page_dk4594_1_41"> </A>
<BR>

<P><FONT SIZE=2><B>Concerning the Trustee  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bank of New York is the trustee under the indenture and has been appointed by Bunge Limited Finance as Registrar and Paying Agent with regard to the senior
notes. </FONT></P>

<P><FONT SIZE=2><B>No Petition  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By its acquisition of a senior note, each noteholder agrees that neither it nor the trustee on its behalf may commence, or join with any other person in the
commencement of, a bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding with respect to Bunge Limited Finance under any applicable insolvency laws until one year and one day
after all of the senior notes and all other Indebtedness of Bunge Limited Finance ranking equal with or junior to the senior notes in right of payment are paid in full, including all interest and
premium thereon. </FONT></P>

<P><FONT SIZE=2><B>Governing Law  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The senior notes, the guarantee and the indenture are governed by, and construed in accordance with, the laws of the State of New York. </FONT></P>

<P><FONT SIZE=2><B>Consent to Jurisdiction  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge Limited has irrevocably submitted to the jurisdiction of any New York state court or any U.S. federal court sitting in the Borough of Manhattan, The City of
New York, in respect of any legal action or proceeding arising out of or in relation to the indenture, the senior notes or the guarantee, and has agreed that all claims in respect of such legal action
or proceeding may be heard and determined in such New York state or U.S. federal court and has waived, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance
of any such action or proceeding in any such court. </FONT></P>

<P><FONT SIZE=2><B>Currency Indemnity  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The obligation of Bunge Limited to make any payments under the indenture, the senior notes or the guarantee is in U.S. dollars. Any amount received or recovered
in a currency other than U.S. dollars as a result of any judgment or order given or made in a currency other than U.S. dollars in respect of an amount due under the indenture, the senior notes or the
guarantee will constitute a discharge of Bunge Limited's obligation only to the extent of the amount in U.S. dollars that the senior noteholder is able to purchase with the amount such senior
noteholder receives or recovers. If the amount of U.S. dollars purchased by such senior noteholder is less than the amount expressed to be due to such senior noteholder, Bunge Limited will indemnify
the senior noteholder against any loss sustained as a result. In any event, Bunge Limited will indemnify the noteholder against the cost of any such purchase. </FONT></P>

<P><FONT SIZE=2><B>Defined Terms  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Asset Securitization Transaction" means any transfer of accounts receivable and other related assets to the extent that such transfer is treated as a sale of
financial assets under FASB Statement No.&nbsp;140, as in effect from time to time. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Attributable
Indebtedness" means, when used with respect to any sale-leaseback transaction, as at the time of determination, the present value (discounted at the rate of
interest set forth in or implicit in the terms of the lease) of the total obligations of the lessee for rental payments (other than amounts required to be paid on account of property taxes,
maintenance, repairs, insurance, assessments, utilities, operating and labor costs and other items that do not constitute payments for property rights) during the remaining term of the lease included
in such sale-leaseback transaction (including any period for </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>41</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=5,SEQ=46,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=167960,FOLIO='41',FILE='DISK019:[03NYC4.03NYC4594]DK4594A.;5',USER='WWASSER',CD=';2-MAY-2003;14:52' -->
<A NAME="page_dk4594_1_42"> </A>
<BR>

<P><FONT SIZE=2>
which such lease has been extended). In the case of any lease that is terminable by the lessee upon the payment of a penalty or other termination payment, such amount shall be the amount determined
assuming termination upon the first date such lease may be terminated (in which case the amount shall also include the amount of the penalty or termination payment, but no rent shall be considered as
required to be paid under such lease subsequent to the first date upon which it may be so terminated). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Change
of Control" means: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;with
respect to Bunge Limited, the occurrence of either of the following events: (i)&nbsp;at any time during any twelve consecutive calendar months, more than 50% of
the members of the board of directors of Bunge Limited who were members on the first day of such period will have resigned or will have been removed or replaced, other than as a result of death,
disability or change in personal circumstances, or (ii)&nbsp;any person or "group" (as defined in section&nbsp;13(d)(3) of the Exchange Act, but
excluding (a)&nbsp;any employee benefit or stock ownership plans of Bunge Limited, (b)&nbsp;members of the board of directors and executive officers of Bunge Limited as of the date immediately
prior to the execution and delivery of the indenture, (c)&nbsp;the families of such members and executive officers, and (d)&nbsp;family trusts established by or for the benefit of any of the
foregoing individuals) will have acquired more than 50% of the combined voting power of all classes of common shares of Bunge Limited, </FONT></P>

<P><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2> that a Change of Control will not be deemed to have occurred in the event that the purchase by Bunge Limited of common shares issued and
outstanding on the date immediately prior to the execution and delivery of the indenture results in one or more of Bunge Limited's shareholders of record as of such date controlling more than 50% of
the combined voting power of all classes of common shares of Bunge Limited; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;with
respect to Bunge Limited Finance, if at any time Bunge Limited fails to own, directly or indirectly, 100% of the capital stock of Bunge Limited Finance. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Comparable
Treasury Issue" means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the notes that
would be utilized, at the time of selection and in accordance with customary financial practice in pricing new issues of corporate debt securities of comparable maturity to the remaining terms of the
senior notes. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Comparable
Treasury Price" means, with respect to any date fixed for the redemption of senior notes, (a)&nbsp;the bid price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) at 4:00&nbsp;P.M. on the third business day preceding such date, as set forth on "Telerate Page 500" (or such other page as may replace Telerate Page 500), or
(b)&nbsp;if such page (or any successor page) is not displayed or does not contain such bid prices at such time (i)&nbsp;the average of the Reference Treasury Dealer Quotations obtained by the
trustee for such date, after excluding the highest and lowest of four such Reference Treasury Dealer Quotations, or (ii)&nbsp;if the trustee is unable to obtain at least four such Reference Treasury
Dealer Quotations, the average of all Reference Treasury Dealer Quotations obtained by the trustee. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Consolidated
Adjusted Capitalization" means, at any date of determination, the sum of (1)&nbsp;Consolidated Net Worth </FONT><FONT SIZE=2><I>plus</I></FONT><FONT SIZE=2>
(2)&nbsp;Consolidated Adjusted Net Debt, in each case determined at such date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Consolidated
Adjusted Net Debt" means, with respect to Bunge Limited and its Subsidiaries, at any date of determination, (1)&nbsp;the aggregate principal amount of the Indebtedness of
Bunge Limited and its Subsidiaries determined on a consolidated basis at such time </FONT><FONT SIZE=2><I>minus</I></FONT><FONT SIZE=2> (2)&nbsp;the sum of all cash, cash equivalents under U.S.
GAAP, and Liquid Inventory of Bunge Limited and its Subsidiaries at such date. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>42</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=6,SEQ=47,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=167164,FOLIO='42',FILE='DISK019:[03NYC4.03NYC4594]DK4594A.;5',USER='WWASSER',CD=';2-MAY-2003;14:52' -->
<A NAME="page_dk4594_1_43"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Consolidated
Current Assets" means, at any date of determination, all assets of Bunge Limited and the Subsidiaries that would be reflected as current assets on a consolidated balance
sheet of such persons prepared in accordance with U.S. GAAP at such date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Consolidated
Current Liabilities" means, at any date of determination, all liabilities of Bunge Limited and the subsidiaries that would be reflected as current liabilities on a
consolidated balance sheet of such persons prepared in accordance with U.S. GAAP at such date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Consolidated
Net Tangible Assets" means, at any date of determination, the total amount of assets of Bunge Limited and its consolidated subsidiaries after deducting therefrom: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;all
current liabilities (excluding any current liabilities that by their terms are extendable or renewable at the option of the obligor thereon to a time more than
12&nbsp;months after the time as of which the amount thereof is being computed); </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;total
prepaid expenses and deferred charges; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;all
goodwill, trade names, trademarks, patents, licenses, copyrights and other intangible assets, all as set forth, or on a pro forma basis would be set forth, on the
consolidated balance sheet of Bunge Limited and its consolidated subsidiaries for its most recently completed fiscal quarter, prepared in accordance with generally accepted accounting principles. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Consolidated
Net Worth" means the Net Worth of Bunge Limited and its Subsidiaries determined on a consolidated basis in accordance with U.S. GAAP, </FONT> <FONT SIZE=2><I>plus</I></FONT><FONT SIZE=2> minority interests in Subsidiaries. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Consolidated
Total Assets" means, at any date of determination, the amount at which the total assets of Bunge Limited and the Subsidiaries appear on the then most recent annual
consolidated balance sheet of such persons prepared in accordance with U.S. GAAP, after deduction of depreciation, amortization and all other properly-deductible valuation reserves. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Debt
Prepayment Application" means, with respect to any disposition of property, the application by Bunge Limited or its Subsidiaries of cash in an amount equal to the Net Proceeds
Amount with respect to such disposition to pay Senior Indebtedness of Bunge Limited. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Designated
Obligor" means the following: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Bunge
Limited;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Bunge
Global Markets&nbsp;Inc., Bunge N.A. Holdings,&nbsp;Inc., Bunge North America,&nbsp;Inc., Koninklijke Bunge B.V., Bunge Alimentos S.A., Bunge
Argentina S.A., Bunge Fertilizantes International Limited, Bunge Fertilizantes S.A. (Brazil), Ceval International Limited, Bunge Brasil S.A., Bunge S.A and Central Soya Company,&nbsp;Inc.; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
other Subsidiary designated by Bunge Limited as a Designated Obligor. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Disposition
Value" means, at any date of determination, with respect to any property (1)&nbsp;in the case of property that does not constitute Subsidiary Stock, the book value
thereof, valued at the time of such disposition in good faith by Bunge Limited, and (2)&nbsp;in the case of property that constitutes Subsidiary Stock, an amount equal to that percentage of the book
value of the assets of the Subsidiary that issued such stock as is equal to the percentage that the book value of such Subsidiary Stock represents of the book value of all of the outstanding capital
stock of such Subsidiary (assuming, in making such calculations, that all securities convertible into such capital stock are so converted and giving full effect to all transactions that would occur or
be required in connection with such conversion) determined at the time of the disposition thereof, in good faith by Bunge Limited. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Hedge
Agreements" means all interest rate swaps, caps or collar agreements or similar arrangements dealing with interest rates or currency exchange rates or the exchange of nominal
interest obligations, either generally or under specific contingencies. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>43</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=7,SEQ=48,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=226020,FOLIO='43',FILE='DISK019:[03NYC4.03NYC4594]DK4594A.;5',USER='WWASSER',CD=';2-MAY-2003;14:52' -->
<A NAME="page_dk4594_1_44"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Indebtedness"
means, as to any person, without duplication: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;all
obligations of such person for borrowed money; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;all
obligations of such person evidenced by bonds, debentures, notes or other similar instruments; </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;all
obligations of such person to pay the deferred purchase price of property, except trade accounts payable arising in the ordinary course of business; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;all
obligations of such person as lessee which are capitalized in accordance with U.S. GAAP; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;all
obligations of such person created or arising under any conditional sales or other title retention agreement with respect to any property acquired by such person
(including without limitation, obligations under any such agreement which provides that the rights and remedies of the seller or lender thereunder in the event of default are limited to repossession
or sale of such property); </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;all
obligations of such person with respect to letters of credit and similar instruments, including without limitation obligations under reimbursement agreements; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;all
Indebtedness of others secured by (or for which the holder of such Indebtedness has existing right, contingent or otherwise, to be secured by) a Lien on any asset of
such person, whether or not such Indebtedness is assumed by such person; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;&nbsp;all
net obligations of such person in respect of equity derivatives and Hedge Agreements; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)&nbsp;&nbsp;all
guarantees of such person (other than guarantees of obligations of direct or indirect Subsidiaries of such person). </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Independent
Investment Banker" means any of Credit Suisse First Boston Corporation, J.P. Morgan Securities&nbsp;Inc. or Salomon Smith Barney&nbsp;Inc., or, if all such firms are
unwilling or unable to select the applicable Comparable Treasury Issue, a leading independent investment banking institution appointed by the trustee and reasonably acceptable to Bunge Limited
Finance. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Lien"
means any mortgage, lien, security interest, pledge, charge or other encumbrance. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Liquid
Inventory" means, as to Bunge Limited and its Subsidiaries at any date of determination, its inventory at such time of commodities which are traded on any recognized commodities
exchange, valued in accordance with prevailing market practices applicable to the type of such commodity at either (1)&nbsp;the lower of cost and the market value at such date of determination or
(2)&nbsp;the market value at such date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Long-Term
Indebtedness" means, with respect to any person, without duplication, Indebtedness having a final maturity of more than one year from the date of origin thereof
(or which is renewable or extendible at the option of the obligor for a period or periods of more than one year from such date of origin) or outstanding under revolving credit agreements or other
similar agreements providing for borrowings for over one year from the date of origin thereof or Indebtedness that is extendible or renewable at the option of such person to a time more than one year
after such date of origin (but excluding therefrom all payments in respect of such Indebtedness that are due and payable within one year of such time). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Net
Proceeds Amount" means, with respect to any disposition of any property by any person, an amount equal to the difference of (1)&nbsp;the aggregate amount of the consideration
(valued at no less than the fair market value of such consideration at the time of the consummation of such disposition) </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>44</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=8,SEQ=49,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=519497,FOLIO='44',FILE='DISK019:[03NYC4.03NYC4594]DK4594A.;5',USER='WWASSER',CD=';2-MAY-2003;14:52' -->
<A NAME="page_dk4594_1_45"> </A>
<BR>

<P><FONT SIZE=2>
received by such person in respect of such disposition, </FONT><FONT SIZE=2><I>minus</I></FONT><FONT SIZE=2> (2)&nbsp;all ordinary and reasonable out-of-pocket costs and
expenses actually incurred by such person in connection with such disposition. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Net
Worth" means, with respect to any person, the sum of such person's capital stock, capital in excess of par or stated value of shares of its capital stock, retained earnings and any
other account which, in accordance with U.S. GAAP, constitutes stockholders' equity, excluding any treasury stock. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Non-Designated
Obligor" means any Subsidiary that is not a Designated Obligor. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Permitted
Liens" means: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;Liens
for current taxes, assessments or other governmental charges which are not delinquent or remain payable without any penalty, or the validity of which is contested
in good faith by appropriate proceedings upon stay of execution of the enforcement thereof or upon posting a bond in connection therewith; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;any
Lien pursuant to any order or attachment or similar legal process arising in connection with court proceedings; </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2> that the execution or other enforcement thereof is effectively stayed or a
sufficient bond had been posted and the claims secured thereby are
being contested at the time in good faith by appropriate proceedings; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;any
Liens securing bonds posted with respect to and in compliance with clauses (1)&nbsp;and (2)&nbsp;above; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;any
Liens securing the claims of mechanics, laborers, workmen, repairmen, materialmen, suppliers, carriers, warehousemen, landlords, or vendors or other claims provided
for by mandatory provisions of law which are not yet due and delinquent, or are being contested in good faith by appropriate proceedings; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;any
Lien on any Property securing Indebtedness incurred or assumed solely for the purpose of financing all or any part of the cost of constructing or acquiring such
Property, which Lien attaches to such Property concurrently with or within 90&nbsp;days after the construction, acquisition or completion of a series of related acquisitions thereof; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;Liens
existing immediately prior to the execution and delivery of the indenture (and listed on a schedule to the indenture); </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;Liens
to secure bonds posted in order to obtain stays of judgments, attachments or orders, the existence of which bonds would not otherwise constitute an event of
default under the indenture; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;&nbsp;Liens
on Property existing prior to the acquisition of such Property or the acquisition of any Subsidiary that is the owner of such Property; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)&nbsp;&nbsp;Liens
created by a Subsidiary in favor of Bunge Limited, Bunge Limited Finance or a Subsidiary; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)&nbsp;Liens
on any accounts receivable from or invoices to export customers (including, without limitation, Subsidiaries) and the proceeds thereof; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11)&nbsp;Liens
on rights under contracts to sell, purchase or receive commodities to or from export customers (including, without limitation, Subsidiaries) and the proceeds
thereof; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12)&nbsp;Liens
on cash deposited as collateral in connection with financings where Liens are permitted under clause&nbsp;(10) and (11)&nbsp;of this definition; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13)&nbsp;Liens
extending, renewing or replacing, in whole or in part Liens permitted pursuant to clauses (1)&nbsp;through (8), so long as the principal amount of the
Indebtedness secured by such Lien does (i)&nbsp;in the case of clauses (1)&nbsp;to (5), inclusive, (7)&nbsp;and (8), exceed its original principal amount </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>45</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=9,SEQ=50,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=703321,FOLIO='45',FILE='DISK019:[03NYC4.03NYC4594]DK4594A.;5',USER='WWASSER',CD=';2-MAY-2003;14:52' -->
<A NAME="page_dk4594_1_46"> </A>
<UL>
<BR>

<P><FONT SIZE=2>
and (ii)&nbsp;in the case of clause&nbsp;(6), exceed the principal amount thereof outstanding immediately prior to the execution and delivery of the indenture; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14)&nbsp;minor
survey exceptions or minor encumbrances, easements or reservations, or rights of others for rights-of-way, utilities and other similar
purposes, or zoning or other restrictions as to the use of real properties, which are necessary for the conduct of the activities of Bunge Limited or the Subsidiaries or which customarily exist on
properties of corporations engaged in similar activities and similarly situated and which do not in any event materially impair their use in the operation of the business of Bunge Limited or the
Subsidiaries; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15)&nbsp;Liens
on accounts receivable and other related assets arising in connection with transfers thereof to the extent that such transfers are treated as sales of financial
assets under FASB Statement No.&nbsp;140, as in effect from time to time; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16)&nbsp;Liens
on intercompany loans (or interests therein) made to Bunge Limited or certain of its Subsidiaries and held by the trustee under the master trust, as described
under "Description of Master Trust Structure". </FONT></P>

</UL>

<P><FONT SIZE=2>For
purposes of this definition, (A)&nbsp;the phrases "accounts receivable from or invoices to export customers" and "contracts to sell, purchase or receive commodities to (from) export customers"
refer to invoices or accounts receivable derived from the sale of, or contracts to sell, purchase or receive wheat, soybeans or other commodities or products derived from the processing of wheat,
soybeans or other commodities, by or to Bunge Limited or a Subsidiary that have been or are to be exported from the country of origin whether or not such sale is made by a Subsidiary or to any of its
Subsidiaries; and (B)&nbsp;property of a party to a corporate reorganization which is not Bunge Limited or a Subsidiary will be deemed to be or have been "acquired" by Bunge Limited or such
Subsidiary as part of such corporate reorganization even if Bunge Limited or Subsidiary, as the case may be, is not the surviving entity. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Property"
means any property, whether presently owned or hereafter acquired, including any asset, revenue, or right to receive income or any other property, whether tangible or
intangible, real or personal. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Property
Reinvestment Application" means, with respect to any disposition of property, the satisfaction of each of the following conditions: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;Bunge
Limited or any of its Subsidiaries making such disposition will have either (a)&nbsp;entered into one or more agreements to apply an amount equal to the Net
Proceeds Amount with respect to such
disposition to the acquisition by Bunge Limited or such Subsidiary of property or (b)&nbsp;received property as consideration in an amount equal to the Net Proceeds Amount, in each case that upon
such acquisition or receipt as consideration is unencumbered by any Lien (other than Permitted Liens or Liens permitted as described under "&#151;Exception to Limitation on Liens and
Restriction on Sale Leasebacks") and that </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;constitutes
property that is property classifiable under U.S. GAAP as non-current to the extent that such proceeds are derived from the disposition of
property that was properly classifiable as non-current, and otherwise properly classifiable as either current or non-current, and to be used in the ordinary course of business
of Bunge Limited and the Subsidiaries; or </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;constitutes
equity interests of a person that will own, or invest the proceeds received from Bunge Limited or its Subsidiaries in, property of the nature described in
the immediately preceding clause&nbsp;(i); </FONT></P>

</UL>

<P><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2> that the transactions contemplated by such agreement or agreements are consummated within one year following the consummation of such
disposition; and </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>46</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=10,SEQ=51,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=677217,FOLIO='46',FILE='DISK019:[03NYC4.03NYC4594]DK4594A.;5',USER='WWASSER',CD=';2-MAY-2003;14:52' -->
<A NAME="page_dk4594_1_47"> </A>
<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;Bunge
Limited delivers a certificate of an officer of Bunge Limited to the trustee referring to the provisions under "&#151;Limitation on Sales of Assets" and
identifying the property that was the subject of such disposition, the Disposition Value of such property, and the nature, terms, amount and application of the proceeds from such disposition. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Reference
Treasury Dealer" means Credit Suisse First Boston Corporation, J.P. Morgan Securities&nbsp;Inc., Salomon Smith Barney&nbsp;Inc. and one other primary U.S. government
securities dealer in New York City selected by the Independent Investment Banker (each, a "Primary Treasury Dealer"); </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that if any of the
foregoing shall cease to be a Primary Treasury Dealer, Bunge Limited Finance will substitute another Primary Treasury
Dealer. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Reference
Treasury Dealer Quotations" means, with respect to each Reference Treasury Dealer and any date fixed for the redemption of notes, an average, as determined by the trustee, of
the bid and asked prices for the Comparable Treasury Issue for the notes (expressed in each case as a percentage of its principal amount) quoted in writing to the trustee by such Reference Treasury
Dealer at 5:00&nbsp;p.m., New York City time, on the third business day preceding such date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Senior
Indebtedness" means all Indebtedness of Bunge Limited and its Subsidiaries that is not subordinated in right of payment or security to Indebtedness evidenced by the senior notes. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Short-Term
Indebtedness" means any Indebtedness not constituting Long-Term Indebtedness. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Subsidiary"
means any corporation, limited liability company or other business entity of which the requisite number of shares of stock or other equity ownership interests having
ordinary voting power (without regard to the occurrence of any contingency) to elect a majority of the directors, managers or trustees thereof, or any partnership of which more than 50% of the
partners' equity interests (considering all partners' equity interests as a single class) is, in each case, at the time owned or controlled, directly or indirectly, by Bunge Limited, one or more of
the Subsidiaries, or a combination thereof. Notwithstanding the foregoing, Fosfertil S.A. shall not be deemed a Subsidiary of Bunge Limited for the purpose of the covenants described under
"&#151;Limitations on Liens," "&#151;Restrictions on Sale Leasebacks," "Exception to Limitation on Liens and Restriction on Sale-Leasebacks," "Limitation on Sale of Assets,"
Clauses (1)&nbsp;and (3)&nbsp;of "Financial Covenants" and "Limitation on Indebtedness of Subsidiaries" above. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Subsidiary
Stock" means, with respect to any person, the shares or stock (or any options or warrants to purchase shares or stock or other securities (as such term is defined in
Section&nbsp;2(1) of the Securities Act) exchangeable for or convertible into shares or stock) of any subsidiary of such person. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Total
Non-Designated Obligor Indebtedness" means all Short-Term Indebtedness and Long-Term Indebtedness of Non-Designated Obligors
incurred and/or outstanding within the limitations described under "&#151;Limitation on Indebtedness of Subsidiaries". </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Treasury
Yield" means, with respect to any date fixed for the redemption of notes, the rate per annum equal to the semi-annual equivalent yield to maturity (computed as of
the third business day immediately preceding such date) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal
to the applicable Comparable Treasury Price for such date. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>47</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=11,SEQ=52,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=704490,FOLIO='47',FILE='DISK019:[03NYC4.03NYC4594]DK4594A.;5',USER='WWASSER',CD=';2-MAY-2003;14:52' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_dm4594_1_48"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dm4594_description_of_master_trust_structure"> </A>
<A NAME="toc_dm4594_1"> </A>
<BR></FONT><FONT SIZE=2><B>DESCRIPTION OF MASTER TRUST STRUCTURE    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge Limited formed a master trust in order to permit it and its subsidiaries to borrow funds on both a short-term and long-term basis on
a more efficient basis. The master trust was created under New York law pursuant to a pooling agreement among Bunge Funding,&nbsp;Inc., Bunge Management Services,&nbsp;Inc., as servicer, and The
Bank of New York, as trustee. The primary assets of the master trust consist of intercompany loans made to Bunge Limited and its subsidiaries with the proceeds of funds raised by the master trust
through the issuance of variable funding certificates. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
intercompany loans held by the master trust are made by two of Bunge Limited's subsidiaries. Bunge Finance Limited, Bunge Limited's wholly owned subsidiary organized under the laws
of Bermuda, makes loans to Bunge Limited and its non-U.S. subsidiaries. Bunge Finance North America,&nbsp;Inc., a Delaware corporation and a wholly owned subsidiary of Bunge N.A.
Holdings,&nbsp;Inc. (which is, in turn, wholly owned by us), makes loans to Bunge Limited's U.S. subsidiaries. Each intercompany loan bears interest at a floating rate specified from time to time by
the Bunge subsidiary making the loan at the estimated blended cost of funds of the master trust (plus a small profit margin). Bunge Finance Limited and Bunge Finance North America,&nbsp;Inc. are
parties to a sale agreement with Bunge Funding,&nbsp;Inc. under which each intercompany loan, together with all property and proceeds related thereto, is sold to Bunge Funding,&nbsp;Inc. Bunge
Funding,&nbsp;Inc., in turn, immediately sells the intercompany loans to the master trust pursuant to a pooling agreement. Bunge Management Services,&nbsp;Inc. services the intercompany loans held
by the master trust in accordance with the terms of a servicing agreement among Bunge Management Services,&nbsp;Inc., Bunge Funding,&nbsp;Inc. and The Bank of New York, as trustee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
raise the funds to fund the intercompany loans by having the master trust issue trust certificates either to a special purpose subsidiary that is incurring indebtedness or directly to
third party investors. As of the date of this prospectus, the master trust has issued five series of trust certificates under series supplements to the pooling agreement, including a
series&nbsp;2002-1 variable funding certificate held by Bunge Limited Finance. The trustee under the master trust is required to allocate collections on the intercompany loans to the
trust certificates, including the series&nbsp;2002-1 variable funding certificate, on an equal basis based upon the principal and accrued interest outstanding with respect to all trust
certificates. The master trust may from time to time issue additional series of trust certificates which rank equal in right of payment with the outstanding trust certificates. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
maximum face amount of the series&nbsp;2002-1 variable funding certificate held by Bunge Limited Finance is $2,500,000,000. The outstanding amount of the
series&nbsp;2002-1 variable funding certificate varies
based on the outstanding amount of indebtedness of Bunge Limited Finance. Under the master trust facility documentation, all of the proceeds borrowed under Bunge Limited Finance's current facilities
were used to fund intercompany loans which are acquired by the master trust. In the case of the senior notes, Bunge Limited Finance was required to use all of the net proceeds from the sale of the
senior notes to increase its investment in the series&nbsp;2002-1 variable funding certificate, and the master trust used such proceeds to acquire intercompany loans. The principal and
interest outstanding on the series&nbsp;2002-1 variable funding certificate must at all times exceed the aggregate principal and interest outstanding on all of Bunge Limited Finance's
debt, including, without limitation, the senior notes. Accordingly, the holders of the senior notes will benefit to the extent that payments of principal and interest are made by the borrowers on the
intercompany loans held by the master trust. The master trust is intended to allow creditors of Bunge Limited Finance and other holders of master trust certificates to have the benefit of claims on
Bunge Limited's subsidiaries obligated under intercompany loans. However, intercompany loans made under the master trust facility directly to Bunge Limited do not create any claims against its
subsidiaries for the benefit of the holders of the senior notes. Although the series&nbsp;2002-1 variable funding certificate is not pledged to the holders of the senior notes, the
series&nbsp;2002-1 variable funding certificate and related hedging agreements are the only assets held by Bunge Limited Finance and may not be pledged by Bunge Limited Finance to any of
its creditors or </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>48</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=53,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=622996,FOLIO='48',FILE='DISK019:[03NYC4.03NYC4594]DM4594A.;4',USER='WWASSER',CD=';2-MAY-2003;14:52' -->
<A NAME="page_dm4594_1_49"> </A>
<BR>

<P><FONT SIZE=2>
any other person. Under the design of the master trust facility structure, the senior notes have the benefit of the series&nbsp;2002-1 variable funding certificate and the holders of
the senior notes thus have the benefit of access on an equal basis with other creditors holding indebtedness owed or payable by Bunge Limited Finance to the payments made on the
series&nbsp;2002-1 variable funding certificate. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge
Limited Finance has been organized and structured to be a bankruptcy-remote entity. As part of the bankruptcy-remote structure of Bunge Limited Finance, the certificate of
incorporation of Bunge Limited Finance requires the vote of at least two directors who are individuals that are "independent" (within the meaning of the certificate of incorporation of Bunge Limited
Finance) of Bunge Limited and its affiliates (except that such independent directors of Bunge Limited Finance may also be the independent directors of Bunge Asset Funding Corp., Bunge
Funding,&nbsp;Inc., Bunge Funding Europe B.V. and any other financing subsidiary established to advance funds to the master trust) in order to, among other things, (1)&nbsp;file&nbsp;a voluntary
petition for bankruptcy under the U.S. bankruptcy code or (2)&nbsp;change the voting requirement with respect to the filing of such a voluntary petition for bankruptcy. Each of Bunge Limited
Finance's creditors has made "non-petition" agreements agreeing not to institute, or join any other person in instituting, against Bunge Limited Finance, any bankruptcy or similar
insolvency proceeding under the laws of any jurisdiction for a period of one year and one day after all outstanding debt of Bunge Limited Finance has been paid in full. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
Bunge Limited Finance were to become subject, for any reason, to any voluntary or involuntary bankruptcy proceeding, the proceeds of payments to the master trust on the intercompany
loans would be subject to such bankruptcy proceedings. In such event, the holders of the senior notes would experience delays in recovering principal and interest on their senior notes from the
proceeds of such intercompany loans. The holders of the senior notes would, however, be able to make a claim on Bunge Limited's guarantee in such circumstances unless the guarantee is unavailable for
any reason (whether due to our bankruptcy or otherwise). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit
facilities and debt issuances that use the master trust structure include the following: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>$560&nbsp;million
commercial paper facility, backed by a revolving credit facility consisting of a $336&nbsp;million 364-day tranche and a
$224&nbsp;million three-year tranche;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>$107&nbsp;million
three-year Trust Certificate due 2003;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>$18&nbsp;million
five-year Trust Certificate due 2005;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>$460&nbsp;million
three-year revolving credit facility;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>$50&nbsp;million
three-year senior credit facility;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>$82&nbsp;million
6.31% Senior Guaranteed Notes, Series&nbsp;A, Due September&nbsp;30, 2007;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>$53&nbsp;million
6.78% Senior Guaranteed Notes, Series&nbsp;B, Due September&nbsp;30, 2009;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>$351&nbsp;million
7.44% Senior Guaranteed Notes, Series&nbsp;C, Due September&nbsp;30, 2012;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>$200&nbsp;million
7.80% Senior Notes Due 2012; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>$250&nbsp;million
3.75% Convertible Notes Due 2022. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
financings under the master trust structure contain various restrictive covenants that in some cases include limitations on, among other things, our ability to (1)&nbsp;merge,
amalgamate or sell all or substantially all of our assets, (2)&nbsp;incur certain liens, (3)&nbsp;enter into certain sale-leaseback transactions and (4)&nbsp;incur certain
indebtedness by subsidiaries. In addition, Bunge Limited must comply with certain financial covenants as of the end of each fiscal quarter. All of the restrictive covenants in the master trust
financings are subject to significant qualifications and exceptions. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>49</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=2,SEQ=54,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=1003083,FOLIO='49',FILE='DISK019:[03NYC4.03NYC4594]DM4594A.;4',USER='WWASSER',CD=';2-MAY-2003;14:52' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_do4594_1_50"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="do4594_taxation"> </A>
<A NAME="toc_do4594_1"> </A>
<BR></FONT><FONT SIZE=2><B>TAXATION    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="do4594_bermuda_tax_considerations"> </A>
<A NAME="toc_do4594_2"> </A></FONT> <FONT SIZE=2><B>BERMUDA TAX CONSIDERATIONS    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following discussion is the opinion of Conyers Dill&nbsp;&amp; Pearman, our special Bermuda tax counsel. At the present time there is no income or other tax of
Bermuda imposed by withholding or otherwise on any payment to be made by Bunge Limited pursuant to the guarantee included in the indenture governing the senior notes and there is no Bermuda income or
profits tax, withholding tax, capital gains tax, capital transfer tax, estate duty or inheritance tax payable by Bunge Limited in connection with the issuance of the exchange senior notes by Bunge
Limited Finance. Bunge Limited has obtained an assurance from the Minister of Finance of Bermuda under the Exempted Undertakings Tax Protection Act 1966 that, in the event that any legislation is
enacted in Bermuda imposing any tax computed on profits or income, or computed on any capital asset, gain or appreciation or any tax in the nature of estate duty or inheritance tax, such tax shall
not, until March&nbsp;28, 2016, be applicable to Bunge Limited or to any of Bunge Limited's operations or other obligations except insofar as such tax applies to persons ordinarily resident in
Bermuda or to any taxes payable by Bunge Limited in respect of real property or leasehold interests in Bermuda held by Bunge Limited. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="do4594_certain_u.s._federal_income_tax_considerations"> </A>
<A NAME="toc_do4594_3"> </A>
<BR></FONT><FONT SIZE=2><B>CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following discussion is a summary of certain U.S. federal income tax considerations relevant to the exchange of unregistered senior notes for exchange senior
notes, and of the ownership and disposition of the exchange senior notes, by beneficial owners ("Holders") that have held the unregistered senior notes, and that will hold the exchange senior notes,
as capital assets. This summary is based on the provisions of the U.S. Internal Revenue Code of 1986, as amended ("Code"), the Treasury regulations promulgated thereunder, and administrative and
judicial interpretations thereof, all as in effect as of the date hereof and all of which are subject to change (possibly on a retroactive basis). This summary is intended for general information
only, and does not purport to be a complete analysis of all of the potential U.S. federal income tax considerations that may be relevant to the particular circumstances of Holders, or to Holders that
may be subject to special U.S. federal income tax rules (such as dealers in securities or foreign currencies, insurance companies, real estate investment trusts, regulated investment companies,
financial institutions, partnerships and other pass-through entities, U.S. expatriates, tax-exempt organizations, United States Holders (as defined below) whose functional
currency is not the
U.S. dollar, and persons who hold unregistered senior notes or the exchange senior notes as part of a hedge, straddle, conversion or constructive sale transaction or other risk reduction transaction).
Furthermore, this summary does not address any state, local or foreign tax implications, or any aspect of U.S. federal tax law other than income taxation. </FONT></P>

<P><FONT SIZE=2><B>PROSPECTIVE HOLDERS ARE URGED TO CONSULT THEIR OWN TAX ADVISORS CONCERNING THE U.S. FEDERAL INCOME TAX CONSEQUENCES OF THE EXCHANGE OF UNREGISTERED SENIOR NOTES FOR EXCHANGE
SENIOR NOTES, AND OF THE OWNERSHIP AND DISPOSITION OF EXCHANGE SENIOR NOTES, BASED UPON THEIR PARTICULAR SITUATIONS INCLUDING ANY CONSEQUENCES ARISING UNDER THE LAWS OF APPLICABLE STATE, LOCAL AND
FOREIGN TAX LAWS.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this discussion, a "United States Holder" means a Holder of an unregistered senior note or exchange senior note that, for U.S. federal income tax purposes, is
(i)&nbsp;an individual who is a citizen or resident of the United States, (ii)&nbsp;a corporation or other entity taxable as a corporation for U.S. federal income tax purposes created or organized
in or under the laws of the United States or any political subdivision thereof, (iii)&nbsp;an estate the income of which is subject to U.S. federal income taxation regardless of its source, or
(iv)&nbsp;a trust if the administration of the trust is subject to the primary supervision of a court within the United States and one or more United States persons have the authority to control all
substantial decisions of the trust, or if the trust was in existence on </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>50</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=55,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=562114,FOLIO='50',FILE='DISK019:[03NYC4.03NYC4594]DO4594A.;9',USER='JGUERRE',CD=';2-MAY-2003;20:17' -->
<A NAME="page_do4594_1_51"> </A>
<BR>

<P><FONT SIZE=2>
August&nbsp;20, 1996 and has elected to continue to be treated as a United States person under the Code. Correspondingly, a "Foreign Holder" is a Holder of an unregistered senior note or exchange
senior note that is not a United States Holder. The U.S. federal income tax consequences of a partner in a partnership holding unregistered senior notes or exchange senior notes generally will depend
on the status of the partner and the activities of the partnership. Partners in a partnership holding unregistered senior notes or exchange senior notes should consult their own tax advisors. </FONT></P>

<P><FONT SIZE=2><B><I>Exchange Offer  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exchange of an unregistered senior note for an exchange senior note pursuant to the exchange offer will not be taxable to the exchanging Holder for U.S.
federal income tax purposes. As a result, an exchanging Holder: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>would
not recognize any gain or loss on the exchange;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>would
have a holding period for the exchange senior note that includes the holding period for the unregistered senior note exchanged therefor; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>would
have an adjusted tax basis in the exchange senior note immediately after the exchange equal to its adjusted tax basis in the unregistered senior note
exchanged therefor immediately prior to the exchange. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
exchange offer is not expected to result in any U.S. federal income tax consequences to a non-exchanging Holder. </FONT></P>

<P><FONT SIZE=2><B><I>Ownership and Disposition of Exchange Senior Notes  </I></B></FONT></P>

<P><FONT SIZE=2><B>United States Holders  </B></FONT></P>

<P><FONT SIZE=2><I>Payments of Stated Interest  </I></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stated interest payable on an exchange senior note generally will be taxable to a United States Holder as ordinary interest income at the time the interest is
accrued or received in accordance with the United States Holder's regular method of tax accounting </FONT></P>

<P><FONT SIZE=2><I>Market Discount and Premium  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A United States Holder that purchased an unregistered senior note at a price less than its principal amount, would be treated for U.S. federal income tax purposes
as having purchased the unregistered senior note (and as having acquired the exchange senior note) with market discount, subject to a de minimis exception. In the case of an unregistered senior note
and exchange senior note having market discount, a United States Holder will be required to treat any partial principal payment received on, and any gain recognized upon the sale or other disposition
of, the exchange senior note as ordinary income to the extent of the market discount that accrued during such United States Holder's holding period for the unregistered senior note and exchange senior
note, unless such United States Holder elects to annually include market discount in gross income over time as the market discount accrues (on a ratable basis or, at the election of the United States
Holder, constant yield basis). Such election, once made, is irrevocable. In addition, a United States Holder that holds an exchange senior note with market discount, and that does not elect to accrue
market discount into gross income over time, may be required to defer the deduction of interest expense incurred or continued to purchase or carry the exchange senior note. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Furthermore,
if a senior note is purchased by a United States Holder with a more than de minimis market discount and is subsequently disposed in a transaction that is nontaxable in whole
or in part (other than certain transactions described in section&nbsp;1276(d) of the Code), accrued market discount will </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>51</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=2,SEQ=56,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=717317,FOLIO='51',FILE='DISK019:[03NYC4.03NYC4594]DO4594A.;9',USER='JGUERRE',CD=';2-MAY-2003;20:17' -->
<A NAME="page_do4594_1_52"> </A>
<BR>

<P><FONT SIZE=2>
be includible in gross income as ordinary income as if such United States Holder had sold the senior note at its then fair market value. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
United States Holder that purchased an unregistered senior note (and, therefore, acquired the exchange senior note) for an amount in excess of its principal amount may elect to treat
the excess as "amortizable bond premium," in which case, the amount required to be included in the United States Holder's income each year with respect to interest on the exchange senior note will be
reduced by the amount of amortizable bond premium allocable (based on the note's yield to maturity) to that year. Any election to amortize bond premium will apply to all exchange senior notes held by
the United States Holder at the beginning of the first taxable year to which the election applies or thereafter acquired by the United States Holder and is irrevocable without the consent of the IRS. </FONT></P>


<P><FONT SIZE=2><I>Sales and Other Taxable Dispositions  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In general, upon the sale or other taxable disposition of an exchange senior note, a United States Holder will recognize gain or loss equal to the difference
between the amount realized on such sale or other taxable disposition (not including any amount attributable to accrued but unpaid interest, which will be treated as a payment of interest for U.S.
federal income tax purposes and therefore will be taxable as ordinary income) and such Holder's adjusted tax basis in the exchange senior note. Such gain or loss generally will be capital gain or loss
(except that any gain will be treated as ordinary income to the extent of any market discount that has accrued on the exchange senior note but not previously included in the gross income of the United
States Holder), and such capital gain or loss will constitute long term capital gain or loss if the exchange senior note was held by such United States Holder for more than one year and otherwise will
be short term capital gain or loss. A United States Holder's adjusted tax basis in an exchange senior note generally will equal the cost of the exchange senior note to such Holder, increased by any
market discount previously included into gross income and reduced by any principal payments received by such Holder. Under current U.S. federal income tax law, net long-term capital gains
of non-corporate Holders (including individuals) are eligible for taxation at lower rates than items of ordinary income. The deductibility of capital losses is subject to limitations under
the Code. </FONT></P>

<P><FONT SIZE=2><B>Foreign Holders  </B></FONT></P>

<P><FONT SIZE=2><I>Payments of Stated Interest  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments of stated interest on an exchange senior note by Bunge Limited Finance or any paying agent to a Foreign Holder will not be subject to U.S. federal income
tax or withholding tax, provided that: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
interest income in respect of an exchange senior note is not effectively connected with the conduct by the Foreign Holder of a trade or business within
the United States;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
Foreign Holder does not own, actually or constructively, 10% or more of the total combined voting power of all classes of our shares entitled to vote;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
Foreign Holder is not, for U.S. federal income tax purposes, a controlled foreign corporation (as defined in the Code) related, directly or indirectly,
to us through stock ownership;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
Foreign Holder is not a bank whose receipt of interest on an exchange senior note is described in Code Section&nbsp;881(c)(3)(A); and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
certification requirements under Code Section&nbsp;871(h) or 881(c) and Treasury regulations thereunder and described generally below are met. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of Code Sections 871(h) and 881(c) and the underlying Treasury regulations, in order to obtain the exemption from U.S. federal income and withholding tax described above,
either (1)&nbsp;the </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>52</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=3,SEQ=57,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=837487,FOLIO='52',FILE='DISK019:[03NYC4.03NYC4594]DO4594A.;9',USER='JGUERRE',CD=';2-MAY-2003;20:17' -->
<A NAME="page_do4594_1_53"> </A>
<BR>

<P><FONT SIZE=2>
Foreign Holder must provide its name and address, and certify, under penalties of perjury, to us or our paying agent, as the case may be, that such Holder is not a United States person or
(2)&nbsp;the Foreign Holder must hold its exchange senior notes through certain intermediaries and both the Foreign Holder and the relevant intermediary must satisfy the certification requirements
of applicable Treasury regulations. A certificate described in this paragraph is generally effective only with respect to payments of interest made to the certifying Foreign Holder after issuance of
the certificate in the calendar year of its issuance and the two immediately succeeding calendar years. Under Treasury regulations, the foregoing certification generally may be provided by a Foreign
Holder on IRS Form&nbsp;W-8BEN (or other applicable W-8 form). Special certification and other rules apply to Foreign Holders that are pass-through entities. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments
of interest on an exchange senior note that do not satisfy all of the foregoing requirements generally will be subject to 30% U.S. federal withholding tax unless the Foreign
Holder provides us or
our paying agent with a properly executed IRS Form&nbsp;W-8BEN claiming an exemption from or reduction in withholding under the benefit of an applicable income tax treaty. However, if
the interest income in respect of an exchange senior note is effectively connected with the conduct by the Foreign Holder of a U.S. trade or business (and, if a tax treaty applies, is attributable to
a U.S. permanent establishment maintained by the Foreign Holder), then such interest income generally will be exempt from the withholding tax described above, and instead will be subject to U.S.
federal income tax on a net income basis at the regular graduated tax rates applicable to United States Holders. A Foreign Holder must provide a duly executed IRS Form&nbsp;W-8ECI to us
or our paying agent in order to avoid U.S. federal withholding tax in respect of effectively connected interest income. In certain circumstances, a Foreign Holder that is a corporation also may be
subject to an additional "branch profits tax" in respect of effectively connected interest income (currently a 30% rate or, if applicable, a lower tax treaty rate). </FONT></P>

<P><FONT SIZE=2><I>Sales and Other Taxable Dispositions  </I></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In general, a Foreign Holder of an exchange senior note will not be subject to U.S. federal income tax on any gain recognized on the sale or other taxable
disposition of an exchange senior note, unless: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>such
Foreign Holder is a nonresident alien individual who is present in the United States for 183 or more days in the taxable year of disposition and certain
other conditions are met; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
gain is effectively connected with the conduct of a U.S. trade or business of the Foreign Holder (and, if a tax treaty applies, is attributable to a
United States permanent establishment maintained by the Foreign Holder). </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B>Backup Withholding and Information Reporting  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under current U.S. federal income tax law, a backup withholding tax at specified rates (currently 30%) and information reporting requirements apply to certain
payments of principal and interest made to, and to the proceeds of sale before maturity by, certain Holders of exchange senior notes. In the case of a noncorporate United States Holder, information
reporting requirements will apply to payments of principal or interest made by us or any paying agent thereof on an exchange senior note. Backup withholding tax will apply to a United States Holder
if: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
United States Holder fails to furnish its Taxpayer Identification Number ("TIN") (which, for an individual, is his or her Social Security Number) to the
payor in the manner required;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
United States Holder furnishes an incorrect TIN and the payor is so notified by the IRS;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
payor is notified by the IRS that the United States Holder has failed to properly report payments of interest or dividends; or </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>53</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=4,SEQ=58,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=362522,FOLIO='53',FILE='DISK019:[03NYC4.03NYC4594]DO4594A.;9',USER='JGUERRE',CD=';2-MAY-2003;20:17' -->
<A NAME="page_do4594_1_54"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>under
certain circumstances, the United States Holder fails to certify, under penalties of perjury, that it has furnished a correct TIN and has not been
notified by the IRS that it is subject to backup withholding for failure to report interest or dividend payments. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Backup
withholding and information reporting does not apply with respect to payments made to certain exempt recipients, including corporations (within the meaning of Code
Section&nbsp;7701(a)), tax-exempt organizations or qualified pension and profit-sharing trusts. United States Holders should consult their tax advisors regarding their qualification for
exemption from backup withholding and information reporting, and the procedure for obtaining such an exemption if applicable. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
must report annually to the IRS, and to each Foreign Holder, the amount of interest paid to you on an exchange senior note and the amount of tax withheld with respect to those
payments. Copies of the information returns reporting those interest payments and withholding may also be made available to the tax authorities in the country in which you reside under the provisions
of an applicable income tax treaty. Backup withholding will not apply to payments of principal or interest made by us or any paying agent thereof on an exchange senior note (absent actual knowledge or
reason to know that the Holder is actually a United States Holder) if such Holder has provided the required certification under penalties of perjury that it is not a United States person or has
otherwise established an exemption. Backup withholding and information reporting may apply to the proceeds of the sale of an exchange senior note within the United States or conducted through certain
U.S. related financial intermediaries unless the certification requirements described under "&#151;Foreign Holders&#151;Payments of Interest" above are satisfied and the payor does not
have actual knowledge or reason to know that the Holder is actually a United States Holder or the Holder has otherwise established an exemption. Foreign Holders of exchange senior notes should consult
their tax advisors regarding the application of information reporting and backup withholding in their particular situations, the availability of an exemption therefrom, and the procedure for obtaining
such an exemption, if available. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Backup
withholding is not an additional tax. Any amounts withheld from a payment under the backup withholding rules will be allowed as a credit against a Holder's U.S. federal income tax
liability and may entitle such Holder to a refund, provided that certain required information is furnished to the IRS. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>54</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=5,SEQ=59,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=745908,FOLIO='54',FILE='DISK019:[03NYC4.03NYC4594]DO4594A.;9',USER='JGUERRE',CD=';2-MAY-2003;20:17' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_dq4594_1_55"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dq4594_plan_of_distribution"> </A>
<A NAME="toc_dq4594_1"> </A>
<BR></FONT><FONT SIZE=2><B>PLAN OF DISTRIBUTION    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each broker-dealer that receives exchange senior notes for its own account pursuant to the exchange offer must acknowledge that it will deliver a prospectus in
connection with any resale of such exchange senior notes. This prospectus, as it may be amended or supplemented from time to time, may be used by a broker-dealer in connection with resales of exchange
senior notes received in exchange for unregistered senior notes where such unregistered senior notes were acquired as a result of market-making activities or other trading activities. We have agreed
that, for a period of 90&nbsp;days after the consummation of the exchange offer, we will make this prospectus, as amended or supplemented, available to any broker-dealer for use in connection with
any such resale. In addition, until 90&nbsp;days after the date of this prospectus, all dealers effecting transactions in the exchange senior notes may be required to deliver a prospectus. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will not receive any proceeds from any sale of exchange senior notes by broker-dealers. Exchange senior notes received by broker-dealers for their own account pursuant to the exchange
offer may be sold from time to time in one or more transactions in the over-the-counter market, in negotiated transactions, through the writing of options on the exchange
senior notes or a combination of such methods of resale, at market prices prevailing at the time of resale, at prices related to such prevailing market prices or at negotiated prices. Any such resale
may be made directly to purchasers or to or through brokers or dealers who may receive compensation in the form of commissions or concessions from any such broker-dealer or the purchasers of any such
exchange senior notes. Any broker-dealer that resells exchange senior notes that were received by it for its own account pursuant to the exchange offer and any broker or dealer that participates in a
distribution of such exchange senior notes may be deemed to be an "underwriter" within the meaning of the Securities Act and any profit on any such resale of exchange senior notes and any commission
or concessions received by any such persons may be deemed to be underwriting compensation under the Securities Act. The letter of transmittal states that, by acknowledging that it will deliver and by
delivering a prospectus, a broker-dealer will not be deemed to admit that it is an "underwriter" within the meaning of the Securities Act. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>55</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=60,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=717676,FOLIO='55',FILE='DISK019:[03NYC4.03NYC4594]DQ4594A.;4',USER='WWASSER',CD=';2-MAY-2003;14:52' -->
<A NAME="page_dq4594_1_56"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dq4594_enforcement_of_civil_liabilities"> </A>
<A NAME="toc_dq4594_2"> </A>
<BR></FONT><FONT SIZE=2><B>ENFORCEMENT OF CIVIL LIABILITIES    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge Limited is a Bermuda exempted company. Most of Bunge Limited's directors and officers and some of the named experts referred to in this prospectus are not
residents of the United States, and a substantial portion of Bunge Limited's assets are located outside the United States. As a result, it may be difficult for investors to effect service of process
on those persons in the United States and to enforce in the United States judgments obtained in U.S. courts against Bunge Limited or those persons based on the civil liability provisions of the U.S.
securities laws. Bunge Limited has been advised by its Bermuda counsel, Conyers Dill&nbsp;&amp; Pearman, that uncertainty exists as to whether courts in Bermuda will enforce judgments obtained in other
jurisdictions (including the United States) against it or its directors or officers under the securities laws of those jurisdictions or entertain actions in Bermuda against Bunge Limited or its
directors or officers under the securities laws of other jurisdictions. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge
Limited has submitted to the jurisdiction of the U.S. federal and New York state courts sitting in the City of New York for the purpose of any suit, action or proceeding arising
out of this offering, and Bunge Limited has agreed to accept service of process in any such action at its principal executive offices in White Plains, New York. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dq4594_legal_matters"> </A>
<A NAME="toc_dq4594_3"> </A>
<BR></FONT><FONT SIZE=2><B>LEGAL MATTERS    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The validity of the exchange senior notes and the guarantee will be passed upon by Winston&nbsp;&amp; Strawn, Chicago, Illinois. In addition, certain U.S. federal
income tax consequences of these securities will be passed upon by Shearman&nbsp;&amp; Sterling, New York. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dq4594_experts"> </A>
<A NAME="toc_dq4594_4"> </A>
<BR></FONT><FONT SIZE=2><B>EXPERTS    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The consolidated financial statements and the related financial statement schedule incorporated by reference in this prospectus by reference from Bunge Limited's
Annual Report on Form&nbsp;20-F for the year ended December&nbsp;31, 2002 have been audited by Deloitte&nbsp;&amp; Touche LLP, independent auditors, as stated in their reports, which are
incorporated herein by reference (which reports express an unqualified opinion and include an explanatory paragraph relating to changes in methods of accounting for goodwill and asset retirement
obligations in 2002), and have been so incorporated in reliance upon the reports of such firm given upon their authority as experts in accounting and auditing. The address of Deloitte&nbsp;&amp; Touche
LLP is Two World Financial Center, New York, NY 10281. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
consolidated financial statements of Cereol S.A. at September&nbsp;30, 2002 and at December&nbsp;31, 2001 and for the nine month period ended September&nbsp;30, 2002 and the
year ended December&nbsp;31, 2001 are incorporated in this prospectus by reference from Bunge Limited's Annual Report on Form&nbsp;20-F for the year ended December&nbsp;31, 2002 and
have been audited by Deloitte Touche Tohmatsu (France), independent auditors, as stated in their report, which is incorporated herein by reference (which report expresses an unqualified opinion and
includes explanatory paragraphs referring to the basis of presentation of the 2001 consolidated financial statements of Cereol S.A. described in Note&nbsp;1 to the consolidated financial statements
and to claims and litigation in progress described in Note&nbsp;15.c to the
consolidated financial statements), and have been so incorporated in reliance upon the report of such firm given upon their authority as experts in accounting and auditing. The address of Deloitte
Touche Tohmatsu (France) is 185, Av. Charles de Gaulle, 92524 Neuilly sur Seine, France. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>56</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=2,SEQ=61,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=301198,FOLIO='56',FILE='DISK019:[03NYC4.03NYC4594]DQ4594A.;4',USER='WWASSER',CD=';2-MAY-2003;14:52' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_ja4594_1_1"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ja4594_part_ii_information_not_required_in_prospectus"> </A>
<A NAME="toc_ja4594_1"> </A>
<BR></FONT><FONT SIZE=2><B>PART II    <BR>    <BR>    INFORMATION NOT REQUIRED IN PROSPECTUS    <BR>  </B></FONT></P>

<P><FONT SIZE=2><A
NAME="ja4594_item_20._indemnification_of_directors_and_officers"> </A>
<A NAME="toc_ja4594_2"> </A></FONT> <FONT SIZE=2><B>Item 20. Indemnification of Directors and Officers    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge Limited Finance Corp. is incorporated under the laws of the State of Delaware. Section&nbsp;145 ("Section&nbsp;145") of the General Corporation Law of
the State of Delaware, as the same exists or may hereafter be amended (the "General Corporation Law"), inter alia, provides that a Delaware corporation may indemnify any persons who were, are or are
threatened to be made, parties to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of
such corporation), by reason of the fact that such person is or was a director, officer, employee or agent of such corporation, or is or was serving at the request of such corporation as a director,
officer, employee or agent of another corporation or enterprise. The indemnity may include expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably
incurred by such person in connection with such action, suit or proceeding, provided such person acted in good faith and in a manner he reasonably believed to be in or not opposed to the corporation's
best interests and, with respect to any criminal action or proceeding, had no reasonable cause to believe that his conduct was unlawful. A Delaware corporation may indemnify any persons who are, were
or threatened to be made, a party to any threatened, pending or completed action or suit by or in the right of the corporation by reason of the fact that such person is or was a director, officer,
employee or agent of such corporation, or is or was serving at the request of such corporation as a director, officer, employee or agent of another corporation or enterprise. The indemnity may include
expenses (including attorneys' fees) actually and reasonably incurred by such person in connection with the defense or settlement of such action or suit, provided such person acted in good faith and
in a manner he reasonably believed to be in or not opposed to the corporation's best interests, provided that no indemnification is permitted without judicial approval if the director, officer, is
adjudged to be liable to the corporation. Where an officer or director is successful on the merits or otherwise in the defense of any action, suit or proceeding referred to above, the corporation must
indemnify such person against the expenses (including attorneys' fees) which such officer or director has actually and reasonably incurred by such person in connection therewith. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;145
further authorizes a corporation to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the corporation, or
is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation or enterprise, against any liability asserted against him and incurred by him in
any such capacity, arising out of his status as such, whether or not the corporation would otherwise have the power to indemnify him under Section&nbsp;145. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge
Limited Finance Corp.'s Certificate of Incorporation and Bylaws provide for the indemnification of officers and directors to the fullest extent permitted by the General Corporation
Law. All of Bunge Limited Finance Corp.'s directors and officers are insured against certain liabilities for actions taken in their capacities as such, including liabilities under the Securities Act
of 1933, as amended. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge
Limited's bye-laws contain a broad waiver by Bunge Limited's shareholders of any claim or right of action, both individually and on Bunge Limited's behalf, against any
of Bunge Limited's officers or directors. The waiver applies to any action taken by an officer or director, or the failure of an officer or director to take any action, in the performance of his or
her duties, except with respect to any matter involving any fraud or dishonesty on the part of the officer or director. This waiver limits the right of shareholders to assert claims against Bunge
Limited's officers and directors unless the act or failure to act involves fraud or dishonesty. Bunge Limited's bye-laws also indemnify Bunge Limited's directors and officers in respect of
their actions and omissions, except in respect of their fraud or </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>II-1</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=62,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=578929,FOLIO='II-1',FILE='DISK019:[03NYC4.03NYC4594]JA4594A.;3',USER='WWASSER',CD=';2-MAY-2003;14:52' -->
<A NAME="page_ja4594_1_2"> </A>
<BR>

<P><FONT SIZE=2>
dishonesty. The indemnification provided in the bye-laws is not exclusive of other indemnification rights to which a director or officer may be entitled, provided these rights do not
extend to his or her fraud or dishonesty. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;98
of the Companies Act 1981 (the "Companies Act"), provides generally that a Bermuda company may indemnify its directors, officers and auditors against any liability
which by virtue of any rule of law otherwise would be imposed on them in respect to any negligence, default, breach of duty or breach of trust, except in cases where such liability arises from fraud
or dishonesty of which such director, officer or auditor may be guilty in relation to the company. Section&nbsp;98 further provides that a Bermuda company may indemnify its directors, officers and
auditors against any liability incurred by them in defending any proceedings, whether civil or criminal, in which judgment is awarded in their favor or in which they are acquitted or granted relief by
the Supreme Court of Bermuda pursuant to Section&nbsp;281 of the Companies Act. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge
Limited maintains standard policies of insurance under which coverage is provided (a)&nbsp;to its directors, secretaries and officers against loss arising from claims made by
reason of breach of duty or other wrongful act, and (b)&nbsp;to Bunge Limited with respect to payments which may be made by Bunge Limited to such directors and officers pursuant to the above
indemnification provision or otherwise as a matter of law. </FONT></P>

<P><FONT SIZE=2><A
NAME="ja4594_item_21._exhibits"> </A>
<A NAME="toc_ja4594_3"> </A>
<BR></FONT><FONT SIZE=2><B>Item 21. Exhibits    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See the index to exhibits that appears immediately following the signature pages to this registration statement. </FONT></P>

<P><FONT SIZE=2><A
NAME="ja4594_item_22._undertakings"> </A>
<A NAME="toc_ja4594_4"> </A>
<BR></FONT><FONT SIZE=2><B>Item 22. Undertakings    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;The
undersigned registrants hereby undertake: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;To
file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;to
include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act of 1933; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;to
reflect in the prospectus any facts or events arising after the effective date of this registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement; provided, however, that notwithstanding the
foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high
end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission pursuant to Rule&nbsp;424(b) if, in the aggregate, the
changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration
statement; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;to
include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such
information in the registration statement; </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provided,
however, that the undertakings set forth in clauses (1)(i)&nbsp;and (ii)&nbsp;above do not apply if the information required to be included in a post-effective
amendment by those clauses is contained in periodic reports filed by the registrants pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in
this registration statement; </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>II-2</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=2,SEQ=63,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=319737,FOLIO='II-2',FILE='DISK019:[03NYC4.03NYC4594]JA4594A.;3',USER='WWASSER',CD=';2-MAY-2003;14:52' -->
<A NAME="page_ja4594_1_3"> </A>
<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;That,
for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the
offering. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;To
file&nbsp;a post-effective amendment to the registration statement to include any financial statements required by Item 8.A. of
Form&nbsp;20-F at the start of any delayed offering or throughout a continuous offering. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;The
registrants hereby undertake that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrants' annual reports
pursuant to Section&nbsp;13(a) or 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to section&nbsp;15(d) of the
Securities Exchange Act of 1934) that is incorporated by reference in this registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant
pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as
expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses
incurred or paid by a director, officer, or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such
issue. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;The
undersigned registrant hereby undertakes: (i)&nbsp;to respond to requests for information that is incorporated by reference into the prospectus pursuant to Items
4, 10(b), 11, or 13 of this Form, within one business day of receipt of such request, and to send the incorporated documents by first class mail or other equally prompt means; and (ii)&nbsp;to
arrange or provide for a facility in the U.S. for the purpose
of responding to such requests. The undertaking in subparagraph (i)&nbsp;above includes information contained in documents filed subsequent to the effective date of the registration statement
through the date of responding to the request. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;The
undersigned registrant hereby undertakes to supply by means of a post-effective amendment all information concerning a transaction, and the company being
acquired involved therein, that was not the subject of and included in the registration statement when it became effective. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>II-3</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=3,SEQ=64,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=761684,FOLIO='II-3',FILE='DISK019:[03NYC4.03NYC4594]JA4594A.;3',USER='WWASSER',CD=';2-MAY-2003;14:52' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_jc4594_1_4"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="jc4594_signatures"> </A>
<A NAME="toc_jc4594_1"> </A>
<BR></FONT><FONT SIZE=2><B>SIGNATURES    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has duly caused this registration statement to be signed on its
behalf by the undersigned, thereunto duly authorized, in the City of White Plains, State of New York, on the 2<SUP>nd</SUP> day of May, 2003. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="37%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=4><FONT SIZE=2>BUNGE LIMITED FINANCE CORP.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>MORRIS KALEF</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>Name:</FONT></TD>
<TD WIDTH="46%"><FONT SIZE=2>Morris Kalef</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>Title:</FONT></TD>
<TD WIDTH="46%"><FONT SIZE=2>President</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="jc4594_power_of_attorney"> </A>
<A NAME="toc_jc4594_2"> </A>
<BR></FONT><FONT SIZE=2><B>POWER OF ATTORNEY    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each person whose signature appears below hereby constitutes and appoints Morris Kalef and William M. Wells, jointly and severally, his or her true and lawful
attorneys-in-fact, each with full power of substitution, for him or her in any and all capacities, to sign any and all amendments (including post-effective
amendments) to this registration statement, and to file the same, with all exhibits thereto and all documents in connection therewith, with the Securities and Exchange Commission, granting unto said
attorneys-in-fact full power and authority to do and perform each and every act and thing requisite and necessary to be done and hereby ratifying and confirming all that each
of said attorneys-in-fact or any of them, or his or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="36%" ALIGN="CENTER"><FONT SIZE=1><B>Signature</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="44%" ALIGN="CENTER"><FONT SIZE=1><B>Title</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="16%" ALIGN="CENTER"><FONT SIZE=1><B>Date</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="36%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>MORRIS KALEF</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Morris Kalef</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="44%" VALIGN="CENTER"><FONT SIZE=2><BR>
President and Director</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
May 2, 2003</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="36%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>FRANK MARCHIONY</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Frank Marchiony</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="44%" VALIGN="CENTER"><FONT SIZE=2><BR>
Treasurer</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
May 2, 2003</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="36%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>T.K. CHOPRA</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> T.K. Chopra</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="44%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
May 2, 2003</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="36%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>STUART D. HONSE</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Stuart D. Honse</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="44%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
May 2, 2003</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="36%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>CARLETON D. PEARL</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Carleton D. Pearl</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="44%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
May 2, 2003</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="36%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>WILLIAM M. WELLS</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> William M. Wells</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="44%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
May 2, 2003</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>II-4</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=65,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=313781,FOLIO='II-4',FILE='DISK019:[03NYC4.03NYC4594]JC4594A.;8',USER='WWASSER',CD=';2-MAY-2003;14:52' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_je4594_1_5"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="je4594_signatures"> </A>
<A NAME="toc_je4594_1"> </A>
<BR></FONT><FONT SIZE=2><B>SIGNATURES    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has caused this registration statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of White Plains, State of New York, on the 2<SUP>nd</SUP> day of May, 2003. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="37%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=4><FONT SIZE=2>BUNGE LIMITED<BR></FONT>
</TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ALBERTO WEISSER</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>Name:</FONT></TD>
<TD WIDTH="46%"><FONT SIZE=2>Alberto Weisser</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>Title:</FONT></TD>
<TD WIDTH="46%"><FONT SIZE=2>Chief Executive Officer and<BR>
Chairman of the Board of Directors</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="je4594_power_of_attorney"> </A>
<A NAME="toc_je4594_2"> </A>
<BR></FONT><FONT SIZE=2><B>POWER OF ATTORNEY    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each person whose signature appears below hereby constitutes and appoints Alberto Weisser and William M. Wells, jointly and severally, his or her true and lawful
attorneys-in-fact, each with full power of substitution, for him or her in any and all capacities, to sign any and all amendments (including post-effective
amendments) to this registration statement, and to file the same, with all exhibits thereto and all documents in connection therewith, with the Securities and Exchange Commission, granting unto said
attorneys-in-fact full power and authority to do and perform each and every act and thing requisite and necessary to be done and hereby ratifying and confirming all that each
of said attorneys-in-fact or any of them, or his or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="57%" ALIGN="CENTER"><FONT SIZE=1><B>Signature</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="23%" ALIGN="CENTER"><FONT SIZE=1><B>Title</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="16%" ALIGN="CENTER"><FONT SIZE=1><B>Date</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="57%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ALBERTO WEISSER</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Alberto Weisser</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="23%" VALIGN="CENTER"><FONT SIZE=2><BR>
Chief Executive Officer and Chairman of the Board of Directors</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
May 2, 2003</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="57%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>WILLIAM M. WELLS</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> William M. Wells</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="23%" VALIGN="CENTER"><FONT SIZE=2><BR>
Chief Financial Officer</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
May 2, 2003</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="57%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>T.K. CHOPRA</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> T.K. Chopra</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="23%" VALIGN="CENTER"><FONT SIZE=2><BR>
Controller and Principal Accounting Officer</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
May 2, 2003</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="57%" ALIGN="CENTER" VALIGN="CENTER"><BR><HR NOSHADE><FONT SIZE=2> Jorge Born, Jr.</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="23%" VALIGN="CENTER"><FONT SIZE=2><BR>
Deputy Chairman and Director</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
May&nbsp;&nbsp;, 2003</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="57%" ALIGN="CENTER" VALIGN="CENTER"><BR><HR NOSHADE><FONT SIZE=2> Ernest G. Bachrach</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="23%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
May&nbsp;&nbsp;, 2003</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="57%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ENRIQUE H. BOILINI</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Enrique H. Boilini</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="23%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
May 2, 2003</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="57%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>MICHAEL H. BULKIN</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Michael H. Bulkin</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="23%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
May 2, 2003</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="57%" ALIGN="CENTER" VALIGN="CENTER"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="23%" VALIGN="CENTER"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%" VALIGN="CENTER"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>

<!-- insert table folio -->
<P ALIGN="CENTER"><FONT SIZE=2>II-5</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=66,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=288079,FOLIO='II-5',FILE='DISK019:[03NYC4.03NYC4594]JE4594A.;11',USER='JGUERRE',CD=';2-MAY-2003;20:17' -->
<A NAME="page_je4594_1_6"> </A>
<!-- end of table folio -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="57%" ALIGN="CENTER" VALIGN="CENTER"><BR><HR NOSHADE><FONT SIZE=2> Octavio Caraballo</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="23%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
May&nbsp;&nbsp;, 2003</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="57%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>FRANCIS COPPINGER</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Francis Coppinger</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="23%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
May 2, 2003</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="57%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>BERNARD DE LA TOUR D'AUVERGNE LAURAGUAIS</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Bernard de La Tour d'Auvergne Lauraguais</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="23%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
May 2, 2003</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="57%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>WILLIAM ENGELS</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> William Engels</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="23%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
May 2, 2003</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="57%" ALIGN="CENTER" VALIGN="CENTER"><BR><HR NOSHADE><FONT SIZE=2> Paul H. Hatfield</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="23%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
May&nbsp;&nbsp;, 2003</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="57%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>CARLOS BRAUN SAINT</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Carlos Braun Saint</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="23%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
May 2, 2003</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="57%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>WILLIAM M. WELLS</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Bunge Limited, U.S. Office<BR>
By: William M. Wells,<BR>
Chief Financial Officer</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="23%" VALIGN="CENTER"><FONT SIZE=2><BR>
Authorized Representative in the United States</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
May 2, 2003</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>II-6</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=2,SEQ=67,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=314424,FOLIO='II-6',FILE='DISK019:[03NYC4.03NYC4594]JE4594A.;11',USER='JGUERRE',CD=';2-MAY-2003;20:17' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_ka4594_1_7"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ka4594_exhibit_index"> </A>
<A NAME="toc_ka4594_1"> </A>
<BR></FONT><FONT SIZE=2><B>EXHIBIT INDEX    <BR>  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="12%" ALIGN="LEFT"><FONT SIZE=1><B>Exhibit Number<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="85%" ALIGN="CENTER"><FONT SIZE=1><B>Description of Exhibits</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="CENTER"><FONT SIZE=2>3.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Memorandum of Association (incorporated by reference from Bunge Limited's Form&nbsp;F-1 (No.&nbsp;333-65026) filed July&nbsp;31, 2001)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="CENTER"><FONT SIZE=2><BR>
3.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
Bye-laws, as amended and restated, (incorporated by reference from Bunge Limited's Form&nbsp;20-F filed March&nbsp;31, 2003)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="CENTER"><FONT SIZE=2><BR>
3.3*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
Certificate of Incorporation of Bunge Limited Finance Corp.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="CENTER"><FONT SIZE=2><BR>
3.4*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
By-laws of Bunge Limited Finance Corp.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="CENTER"><FONT SIZE=2><BR>
4.1*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
Indenture, dated as of October&nbsp;15, 2002 among Bunge Limited Finance Corp., Bunge Limited and The Bank of New York</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="CENTER"><FONT SIZE=2><BR>
4.2*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
Form of Exchange Senior Note</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="CENTER"><FONT SIZE=2><BR>
4.3*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
Exchange and Registration Rights Agreement dated October&nbsp;15, 2002 among Bunge Limited Finance Corp., Bunge Limited, J.P. Morgan Securities Inc., Salomon Smith Barney Inc. and Credit Suisse First Boston Corporation</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="CENTER"><FONT SIZE=2><BR>
5.1*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
Opinion of Winston &amp; Strawn</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="CENTER"><FONT SIZE=2><BR>
5.2*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
Opinion of Conyers Dill &amp; Pearman</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="CENTER"><FONT SIZE=2><BR>
8.1*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
Tax Opinion of Conyers Dill &amp; Pearman</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="CENTER"><FONT SIZE=2><BR>
8.2*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
Tax Opinion of Shearman &amp; Sterling</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="CENTER"><FONT SIZE=2><BR>
10.1*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
Share Purchase Agreement between Bunge Limited and Solae Holdings LLC</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="CENTER"><FONT SIZE=2><BR>
10.2*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
Contribution Agreement dated as of April&nbsp;1, 2003 between Central Soya Company, Inc. and Solae Holdings LLC</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="CENTER"><FONT SIZE=2><BR>
10.3*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
Amended and Restated Limited Liability Company Agreement of Solae Holdings LLC dated as of April&nbsp;1, 2003</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="CENTER"><FONT SIZE=2><BR>
12.1*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
Statement regarding Computation of Ratios of Earnings to Fixed Charges</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="CENTER"><FONT SIZE=2><BR>
21.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
Subsidiaries of Bunge Limited (incorporated by reference from Bunge Limited's Form&nbsp;20-F filed March&nbsp;31, 2003)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="CENTER"><FONT SIZE=2><BR>
23.1*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
Consent of Deloitte &amp; Touche LLP</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="CENTER"><FONT SIZE=2><BR>
23.2*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
Consent of Deloitte Touche Tohmatsu</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="CENTER"><FONT SIZE=2><BR>
23.3*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
Consent of Winston &amp; Strawn (included in Exhibit&nbsp;5.1)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="CENTER"><FONT SIZE=2><BR>
23.4*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
Consent of Conyers Dill &amp; Pearman (included in Exhibits&nbsp;5.2 and 8.1)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="CENTER"><FONT SIZE=2><BR>
23.5*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
Consent of Shearman &amp; Sterling (included in Exhibit&nbsp;8.2)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="CENTER"><FONT SIZE=2><BR>
24.1*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
Power of Attorney of Bunge Limited Finance Corp. (included in signature page)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="CENTER"><FONT SIZE=2><BR>
24.2*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
Power of Attorney of Bunge Limited (included in signature page)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="CENTER"><FONT SIZE=2><BR>
25*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
Statement of Eligibility of Trustee on Form&nbsp;T-1</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="CENTER"><FONT SIZE=2><BR>
99.1*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
Form of Letter of Transmittal</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="CENTER"><FONT SIZE=2><BR>
99.2*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
Form of Notice of Guaranteed Delivery</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD><FONT SIZE=2>Filed
herewith </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>II-7</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=68,EFW="2110122",CP="BUNGE LIMITED",DN="1",CHK=831733,FOLIO='II-7',FILE='DISK019:[03NYC4.03NYC4594]KA4594A.;8',USER='WWASSER',CD=';2-MAY-2003;14:52' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="03NYC4594_1">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_bg4594_1">TABLE OF CONTENTS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_bi4594_1">CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_bi4594_2">WHERE YOU CAN FIND MORE INFORMATION</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_bi4594_3">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</A></FONT><BR>

<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ca4594_1">SUMMARY</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_cc4594_1">SUMMARY OF THE EXCHANGE OFFER</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ce4594_1">SUMMARY DESCRIPTION OF THE EXCHANGE SENIOR NOTES</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ce4594_2">RATIO OF EARNINGS TO FIXED CHARGES (Unaudited)</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_de4594_1">RISK FACTORS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_de4594_2">CAPITALIZATION AND INDEBTEDNESS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_de4594_3">USE OF PROCEEDS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dg4594_1">THE EXCHANGE OFFER</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_di4594_1">DESCRIPTION OF THE SENIOR NOTES</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dm4594_1">DESCRIPTION OF MASTER TRUST STRUCTURE</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_do4594_1">TAXATION</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_do4594_2">BERMUDA TAX CONSIDERATIONS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_do4594_3">CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dq4594_1">PLAN OF DISTRIBUTION</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dq4594_2">ENFORCEMENT OF CIVIL LIABILITIES</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dq4594_3">LEGAL MATTERS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dq4594_4">EXPERTS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ja4594_1">PART II INFORMATION NOT REQUIRED IN PROSPECTUS</A></FONT><BR>
<UL>
<FONT SIZE=2><A HREF="#toc_ja4594_2">Item 20. Indemnification of Directors and Officers</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ja4594_3">Item 21. Exhibits</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ja4594_4">Item 22. Undertakings</A></FONT><BR>
</UL>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_jc4594_1">SIGNATURES</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_jc4594_2">POWER OF ATTORNEY</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_je4594_1">SIGNATURES</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_je4594_2">POWER OF ATTORNEY</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ka4594_1">EXHIBIT INDEX</A></FONT><BR>
<!-- SEQ=,FILE='QUICKLINK',USER=JGUERRE,SEQ=,EFW="2110122",CP="BUNGE LIMITED",DN="1" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.3
<SEQUENCE>3
<FILENAME>a2110122zex-3_3.htm
<DESCRIPTION>EXHIBIT 3.3
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>

<div style="font-family:'Times New Roman';">

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit
3.3</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certificate of Incorporation of Bunge Limited Finance Corp.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CERTIFICATE OF INCORPORATION<br>
OF BUNGE LIMITED FINANCE CORP.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE ONE</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The name of the
corporation (hereinafter called the <i><font style="font-style:italic;">&#147;Corporation&#148;</font></i>) shall be Bunge Limited
Finance Corp.&#160; Capitalized terms used in
this Certificate of Incorporation shall have the respective meanings assigned
to such terms in Annex X to the Pooling Agreement (the &#147;<i><font style="font-style:italic;">Pooling Agreement</font></i>&#148;) by and
among Bunge Funding, Inc., a Delaware corporation, Bunge Management Services,
Inc., a Delaware corporation and The Bank of New York, as trustee, unless
otherwise defined herein.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE TWO</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The registered office of
the Corporation is to be located at Corporation Trust Center, 1209 Orange
Street, Wilmington, Delaware 19801.&#160; The
name of its registered agent at that address is The Corporation Trust Company
(New Castle County).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE THREE</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The purpose for which the
Corporation is formed is to engage in the following activities:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>to authorize, issue,
sell and deliver debt obligations, the issuance and sale of which may or may
not be exempt from the registration requirements of the Securities Act of 1933,
as amended (the &#147;<i><font style="font-style:italic;">Securities</font></i>&#148;);</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>to use the proceeds of
the Securities to advance funds to the Bunge Master Trust pursuant to and in
accordance with the terms of the Series 2002-1 VFC Certificate issued pursuant
to the Series 2002-1 Supplement to the Pooling Agreement;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">to perform its obligations in connection
with any agreement to obtain and secure letters of credit or other liquidity
support in order to further the purposes of section (a) above; and</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>to
engage in any lawful act or activity and to exercise any powers permitted to
corporations organized under the General Corporation Law of Delaware (as the
same exists now or may hereafter be amended, the <i><font style="font-style:italic;">&#147;GCL&#148;</font></i>) that are incidental
to and necessary or convenient for the accomplishment of the above mentioned
purposes.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=1,EFW="2110122",CP="BUNGE LIMITED",DN="2",CHK=334547,FOLIO='',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX3-3_4596.CHC",USER="JGUERRE",CD='May  2 21:15 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt 4.5pt;text-align:center;text-indent:-4.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE FOUR</font></p>

<p align="center" style="margin:0in 0in .0001pt 4.5pt;text-align:center;text-indent:-4.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Corporation shall be governed by a
board of directors (the &#147;<i><font style="font-style:italic;">Board of Directors</font></i>&#148;).&#160; The number of directors of the Corporation
shall be fixed pursuant to the by-laws (the &#147;<i><font style="font-style:italic;">By-Laws</font></i>&#148;).&#160; The initial Board of Directors shall consist
of five directors and shall be elected by the sole incorporator.&#160; Thereafter, each successive Board of
Directors shall be elected as provided in the By-Laws.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board of Directors
shall include at least two individuals who are Independent Directors.&#160; As used herein, an<i><font style="font-style:italic;"> &#147;Independent Director&#148;</font></i>
shall be an individual who:&#160; (i) is not
and has not been employed by Bunge Limited, a corporation organized under the
laws of Bermuda (<i><font style="font-style:italic;">&#147;Bunge&#148;</font></i>) or any of its subsidiaries or affiliates
(collectively, the &#147;<i><font style="font-style:italic;">Bunge Entities</font></i>&#148;) as a director, officer or
employee (except with respect to Bunge Funding Inc. and Bunge Asset Funding
Corp.) within the five years immediately prior to such individual&#146;s appointment
as an Independent Director; (ii) is not (and is not affiliated with a company
or a firm that is) an advisor or consultant to the Bunge Entities; (iii) is not
affiliated with a customer or a supplier of the Bunge Entities; <i><font style="font-style:italic;">provided</font></i>
that for so long as the Corporation shall have more than one Independent
Director (each an <i><font style="font-style:italic;">&#147;Additional Independent Director&#148;</font></i>), such Additional
Independent Directors may be affiliated with a significant customer of the
Bunge Entities; (iv) is not affiliated with a company of which the Bunge
Entities is a customer or a supplier; <i><font style="font-style:italic;">provided</font></i>, that for so long as the
Corporation shall have more than one Independent Director, such Additional
Independent Directors may be affiliated with a company of which the Bunge
Entities is a significant supplier; (v) does not have any personal services
contracts with the Bunge Entities (other than those relating to his or her
service as an Independent Director, if any); (vi) is not affiliated with a
tax-exempt entity that receives contributions from the Bunge Entities; (vii) is
not the beneficial owner at the time of such individual&#146;s appointment as an
Independent Director, or at any time thereafter while serving as an Independent
Director, of any shares of any classes of common stock of the Bunge Entities; <i><font style="font-style:italic;">provided</font></i>,
that for so long as the Corporation shall have more than one Independent
Director, such Additional Independent Directors may each beneficially own such
number of shares of any classes of common stock of the Bunge Entities
(excluding the Corporation) the value of which constitutes up to 3% of the
outstanding common stock of the Bunge Entities; (viii) does not at any time
hold any beneficial or economic interest in the Corporation; and (ix) is not a
spouse, parent, sibling or child of any person described in (i) through (viii).</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">As used in paragraph (a) of ARTICLE FOUR,
the following terms shall have the meanings set forth in this section:</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>an
<i><font style="font-style:italic;">&#147;affiliate&#148;</font></i>
of a person, or a person <i><font style="font-style:italic;">&#147;affiliated with,&#148;</font></i> a specified person,
shall mean a person that directly, or indirectly through one or more
intermediaries, controls, or is controlled by, or is under common control with,
the specified person.</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
term <i><font style="font-style:italic;">&#147;control&#148;</font></i>
(including the terms <i><font style="font-style:italic;">&#147;controlling,&#148;</font></i>  <i><font style="font-style:italic;">&#147;controlled by&#148;</font></i> and <i><font style="font-style:italic;">&#147;under
common control with&#148;</font></i>) shall mean the possession, direct or indirect,
of the power to direct or cause the direction of the management and policies of
a person, whether through the ownership of voting securities, by contract, or
otherwise.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=2,EFW="2110122",CP="BUNGE LIMITED",DN="2",CHK=860713,FOLIO='2',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX3-3_4596.CHC",USER="JGUERRE",CD='May  2 21:15 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The term <i><font style="font-style:italic;">&#147;person&#148;</font></i>
shall mean any individual, partnership, firm, corporation, association, trust,
unincorporated organization or other entity, as well as any syndicate or group
deemed to be a person pursuant to Section&nbsp;13(d)(3) of the Securities
Exchange Act of 1934, as amended.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>A
<i><font style="font-style:italic;">&#147;subsidiary&#148;</font></i>
of a Person shall mean any corporation a majority of the voting stock of which
is owned, directly or indirectly through one or more other subsidiaries by such
Person.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>A
<i><font style="font-style:italic;">&#147;significant
customer of the Bunge Entities&#148;</font></i> shall mean a customer from which the
Bunge Entities collectively in the last fiscal year of Bunge received payments
in consideration for the products and services of the Bunge Entities which are
in excess of 3% of the consolidated gross revenues of the Bunge Entities during
such fiscal year.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
Bunge Entities shall be deemed a <i><font style="font-style:italic;">&#147;significant supplier&#148;</font></i> of a company if the
Bunge Entities collectively received in such company&#146;s last fiscal year
payments from such company in excess of 3% of the gross revenues which such
company received during such fiscal year for the sale of its products and
services.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE FIVE</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding any other
provision of the Certificate of Incorporation, By-Laws, the GCL or any other
provision of law that otherwise so empowers the Corporation, the Corporation
shall not, without (i) the affirmative vote of 100% of the members of the Board
of Directors of the Corporation, including the affirmative vote of at least two
(2) Independent Directors, (ii) the affirmative vote of stockholders holding at
least two-thirds (2/3) of the total number of outstanding shares of common
stock of the Corporation and (iii) written confirmation from each applicable
rating agency that the then-current ratings on any of the Securities (if rated)
will not be reduced or withdrawn as a result thereof:</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">engage in any business or activity other
than those set forth in ARTICLE THREE;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">incur any indebtedness for borrowed
money, or assume or guaranty any indebtedness of any other entity, except (i)
indebtedness contemplated in ARTICLE THREE hereof,&#160; and (ii) indebtedness not exceeding $100,000 at any time
outstanding on account of incidentals or services supplied or furnished to the
Corporation;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">dissolve or liquidate, in whole or in
part, consolidate or merge with or into any other entity or convey, transfer or
lease its properties and assets substantially as an entirety to any entity, or
permit any entity to merge into it or convey, transfer or lease its properties
and assets substantially as an entirety to it unless;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:13.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
entity (if other than the Corporation) formed or surviving the consolidation or
merger or which acquires the properties and assets of the Corporation (A) is
organized and existing under the laws of the United States of America, any
state thereof or the District of Columbia, (B) expressly assumes the due and
punctual payment of all indebtedness, liabilities and obligations of the
Corporation, and (C) has a certificate of</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=3,EFW="2110122",CP="BUNGE LIMITED",DN="2",CHK=330549,FOLIO='3',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX3-3_4596.CHC",USER="JGUERRE",CD='May  2 21:15 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-1.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">incorporation containing provisions identical to the
provisions of ARTICLE THREE, ARTICLE FOUR, this ARTICLE&nbsp;FIVE, ARTICLE SIX,
ARTICLE ELEVEN, ARTICLE SIXTEEN and ARTICLE SEVENTEEN; and</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:13.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:6.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>immediately
after giving effect to the transaction, no default or event of default has
occurred and is continuing under any indebtedness of the Corporation or any
agreement relating to such indebtedness;</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:6.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">provided</font></i>, that
with respect to clauses (i) and (ii) above, the Corporation shall have also
received written confirmation from each applicable rating agency that the
then-current ratings of the Securities (if rated) would not be reduced or
withdrawn.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE SIX</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding any other
provision of this Certificate of Incorporation and any provision of law which
so empowers the Corporation, the Corporation shall not, without the affirmative
vote of 100% of the members of the Board of Directors of the Corporation
(including at least two (2) Independent Directors), institute proceedings to be
adjudicated bankrupt or insolvent, or consent to the institution of bankruptcy
or insolvency proceedings against it, or file a petition seeking or consenting
to reorganization or relief under any applicable federal or state law relating
to bankruptcy, or consent to the appointment of a receiver, liquidator,
assignee, trustee, sequestrator (or other similar official) of the Corporation
or a substantial part of its property, or make any assignment for the benefit
of creditors, or admit its inability to pay its debts generally as they become
due, or authorize or take corporate action in furtherance of any such
action.&#160; If there shall not be at least
two (2) Independent Directors then in office and acting as required by ARTICLE
FOUR of this Certificate of Incorporation, a vote on any matter set forth in
this ARTICLE SIX shall not be taken unless and until at least two (2)
Independent Directors meeting the requirements of ARTICLE FOUR shall have been
appointed and qualified and shall have accepted their appointment.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE SEVEN</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">To the extent permitted under the GCL, no
director of the Corporation shall be liable to the Corporation or its
stockholders for monetary damages for breach of fiduciary duty of a director, <i><font style="font-style:italic;">provided,
however</font></i>, that the foregoing shall not eliminate or limit liability
of a director (i) for any breach of such director&#146;s duty of loyalty to the
Corporation or its stockholders, (ii) for acts or omissions not in good faith
or which involve intentional misconduct or a knowing violation of law, (iii)
under Section 174 of the GCL or (iv) for any transaction from which the
director derived an improper personal benefit.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Corporation shall indemnify and
advance expenses to its directors, employees and agents and any person who is
or was serving at the request of the Corporation as a director, officer,
employee or agent of another corporation, partnership, joint venture, trust or
other enterprise and their respective heirs, executors, administrators,
successors and assigns to the fullest extent permitted by the GCL.&#160; Neither the amendment nor repeal of this
ARTICLE SEVEN, nor the adoption of any provision of this Certificate of
Incorporation inconsistent with this ARTICLE SEVEN shall eliminate or reduce
the effect of this ARTICLE SEVEN in respect</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>


<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" face="Times New Roman" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=4,EFW="2110122",CP="BUNGE LIMITED",DN="2",CHK=326746,FOLIO='4',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX3-3_4596.CHC",USER="JGUERRE",CD='May  2 21:15 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">of any matter occurring,
or any cause of action, suit or claim that, but for this ARTICLE SEVEN, would
accrue or arise prior to such amendment, repeal or adoption of an inconsistent
provision.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE EIGHT</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The aggregate number of
shares which the Corporation shall have the authority to issue is one thousand
(1,000) shares, all of which are to be Common Stock of the par value of one
United States dollar ($1.00) each.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE NINE</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
name and the mailing address of the incorporator are as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="50%" style="border-collapse:collapse;width:50.0%;">
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NAME</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MAILING ADDRESS</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.28%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.02%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">J. Michael Brown</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Winston &amp;
  Strawn</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.28%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35 W. Wacker
  Drive</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.28%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chicago,
  Illinois 60601</font></p>
  </td>
 </tr>
</table>

</div>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE TEN</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Corporation shall not
dissolve at any time at which any Securities issued and sold by the Corporation
are outstanding.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE ELEVEN</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In furtherance and not in
limitation of the powers conferred by statutes, the Board of Directors of the
Corporation, with the consent of at least two (2) Independent Directors, is
expressly authorized to make, alter or repeal the By-Laws of the Corporation,
except any particular By-Law which is specified as not subject to alteration or
repeal by the Board of Directors; <i><font style="font-style:italic;">provided, however</font></i>, that any such
alteration or amendment, repeal or adaption that affects in any way the
criteria for, qualifications of, or requirements that, the Corporation maintain
at least two &#147;Independent Directors&#148; (as such term is defined in ARTICLE FOUR)
must receive the prior affirmative vote or written consent of at least two (2)
Independent Directors and must be consistent with a corresponding and properly
adopted alteration, amendment, repeal or adaption of the Certificate of Incorporation
of the Corporation.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE TWELVE</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the By-Laws so
provide, the stockholders and the directors may hold their meetings, and the
Corporation may have one or more offices outside the State of Delaware.&#160; The books of the Corporation (subject to the
provisions of the laws of the State of Delaware) may be kept outside of the
State of Delaware at such places as from time to time may be designated by the
Board of Directors.&#160; Election of
directors need not be by written ballot unless the By-Laws of the Corporation
so provide.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>


<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=5,EFW="2110122",CP="BUNGE LIMITED",DN="2",CHK=869327,FOLIO='5',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX3-3_4596.CHC",USER="JGUERRE",CD='May  2 21:15 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE THIRTEEN</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No contract, transaction
or act of the Corporation shall be affected or invalidated by the fact that any
of the directors of the Corporation are in any way interested in or connected
with any other party to such contract, transaction or act or are themselves
parties to such contract, transaction or act, provided that such interest shall
be fully disclosed or otherwise known to the Board of Directors, or a majority
thereof, at a meeting of the Board of Directors at which such contract,
transaction or act is authorized, ratified or confirmed; and any such director
may be counted in determining the existence of a quorum at any such meeting and
may vote in connection with such authorization, ratification or confirmation
with like force and effect as if he were not so interested or connected or was
not a party to such contract, transaction or act.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE FOURTEEN</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board of Directors in
its discretion may submit for approval, ratification or confirmation by the
stockholders at any meeting thereof any contract, transaction or act of the
Board of&#160; Directors or of any officer,
agent or employee of the Corporation, and any such contract, transaction or act
which shall have been so approved, ratified or confirmed by the holders of
common stock shall be as valid and binding upon the Corporation and upon the
stockholders thereof as though it had been approved and ratified by each and
every stockholder of the Corporation.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE FIFTEEN</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Every asserted right of
action by or on behalf of the Corporation or by or on behalf of any stockholder
against any past, present or future member of the Board of Directors, or any
committee thereof, or any officer or employee of the Corporation or any
subsidiary thereof, arising out of or in connection with any bonus,
supplemental compensation, stock investment, stock option or other plan or
plans for the benefit of any employee, irrespective of the place where such
right of action may arise or be asserted and irrespective of the place of
residence of any such director, member, officer or employee, shall cease and be
barred upon the expiration of three years from the later of the following
dates:&#160; (a) the date of any alleged act
or omission in respect of which such right of action may be asserted to have
arisen, or (b) the date upon which the Corporation shall have made generally
available to its stockholders information with respect to, as the case may be,
the aggregate amount credited for a fiscal year to a bonus or supplemental
compensation reserve, or the aggregate amount of awards in a fiscal year of
bonuses or supplemental compensation, or the aggregate amount of stock optioned
or made available for purchase during a fiscal year, or the aggregate amount
expended by the Corporation during a fiscal year in connection with any other
plan for the benefit of such employees, past, present or future, or on behalf
of any spouse, child or legal representative thereof, against this Corporation or
any subsidiary thereof arising out of or in connection with any such plan,
irrespective of the place where such asserted right of action may arise or be
asserted, shall cease and be barred by the expiration of three years from the
date of the alleged act or omission in respect of which such right of action
shall be asserted to have arisen.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>


<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" face="Times New Roman" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=6,EFW="2110122",CP="BUNGE LIMITED",DN="2",CHK=59218,FOLIO='6',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX3-3_4596.CHC",USER="JGUERRE",CD='May  2 21:15 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE SIXTEEN</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Corporation shall not
amend, alter, change or repeal ARTICLE THREE, ARTICLE FOUR, ARTICLE FIVE,
ARTICLE SIX, ARTICLE ELEVEN, this ARTICLE SIXTEEN or ARTICLE SEVENTEEN unless
it has received (i) prior written confirmation from each applicable rating
agency that the current ratings on the Securities (if rated) will not be
reduced or withdrawn as a result of such amendment, alteration, change or
repeal, (ii) the affirmative vote of 100% of the members of the Board of
Directors of the Corporation, including at least two (2) Independent Directors
and (iii) the affirmative vote of stockholders holding at least two-thirds
(2/3) of the total number of outstanding shares of common stock of the
Corporation; <i><font style="font-style:italic;">provided</font></i> that no such amendment, alteration, change or
repeal shall reduce below one (1) either (a) the number of Independent
Directors or (b) the number of affirmative votes or consents of the Independent
Directors required to approve an amendment, alteration, change or repeal of
ARTICLE THREE, ARTICLE FOUR, ARTICLE FIVE, ARTICLE SIX, ARTICLE ELEVEN, this
ARTICLE SIXTEEN, or ARTICLE SEVENTEEN.&#160;
Subject to the foregoing limitation, the Corporation reserves the right
to amend, alter, change or repeal any provision contained in this Certificate
of Incorporation, in the manner now or hereafter prescribed by the law of the
State of Delaware, and all rights of the stockholders herein are granted
subject to this reservation.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE SEVENTEEN</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Corporation shall not
commingle its assets with those of any other entity or person and its funds and
other assets shall be separately identified and segregated.&#160; The Corporation shall maintain its own
separate bank accounts, and shall maintain its corporate, financial and
accounting books and records separate from those of any other entity or
person.&#160; The Corporation shall indicate in
such statements and records the separateness of the Corporation&#146;s assets and
liabilities from those of any other entity or person.&#160; The Corporation shall pay from its assets all liabilities,
obligations and indebtedness of any kind incurred by the Corporation and shall
not pay from its assets any liabilities, obligations or indebtedness of any
other entity or person.&#160; The Corporation
shall, at all times, hold itself out to the public (including, without
limitation, any creditors of any of its affiliates) under the Corporation&#146;s own
name and as a separate and distinct corporate entity.&#160; The Corporation shall conduct its business from an office that is
separate and distinct from the Bunge Entities, even if such office space is
subleased from the Bunge Entities; <i><font style="font-style:italic;">provided</font></i> that such sublease is on arm&#146;s
length commercial terms.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>


<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" face="Times New Roman" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=7,EFW="2110122",CP="BUNGE LIMITED",DN="2",CHK=695386,FOLIO='7',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX3-3_4596.CHC",USER="JGUERRE",CD='May  2 21:15 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS WHEREOF, I
have signed my name to this Certificate of Incorporation this 16th day of
January, 2002.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.4%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">J. Michael Brown, Sole Incorporator</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.4%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.6%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.4%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ J. MICHAEL BROWN</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.4%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:42.6%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=8,EFW="2110122",CP="BUNGE LIMITED",DN="2",CHK=126784,FOLIO='8',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX3-3_4596.CHC",USER="JGUERRE",CD='May  2 21:15 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

</div>

<BR>
<!-- SEQ=,FILE='QUICKLINK',USER=JGUERRE,SEQ=,EFW="2110122",CP="BUNGE LIMITED",DN="2" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.4
<SEQUENCE>4
<FILENAME>a2110122zex-3_4.htm
<DESCRIPTION>EXHIBIT 3.4
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>

<div style="font-family:'Times New Roman';">

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit
3.4</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By-laws of Bunge Limited
Finance Corp.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BUNGE LIMITED FINANCE CORP.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">BY-LAWS</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=1,EFW="2110122",CP="BUNGE LIMITED",DN="3",CHK=286136,FOLIO='',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX3-4_4596.CHC",USER="JGUERRE",CD='May  2 07:59 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">TABLE
OF CONTENTS</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleI" title="Click to goto ARTICLE I">ARTICLE I</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
  <td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.3%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#Offices" title="Click to goto OFFICES">OFFICES</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
  <td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.3%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleIi" title="Click to goto ARTICLE II">ARTICLE II</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
  <td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.3%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#Stockholders" title="Click to goto STOCKHOLDERS">STOCKHOLDERS</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
  <td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.3%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleIii" title="Click to goto ARTICLE III">ARTICLE III</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
  <td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.3%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#BoardOfDirectors" title="Click to goto BOARD OF DIRECTORS">BOARD OF DIRECTORS</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
  <td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.3%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleIv" title="Click to goto ARTICLE IV">ARTICLE IV</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
  <td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.3%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#Committees" title="Click to goto COMMITTEES">COMMITTEES</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
  <td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.3%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleV" title="Click to goto ARTICLE V">ARTICLE V</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
  <td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.3%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#GeneralCounsel" title="Click to goto GENERAL COUNSEL">GENERAL COUNSEL</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
  <td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.3%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleVi" title="Click to goto ARTICLE VI">ARTICLE VI</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
  <td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.3%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#Officers" title="Click to goto OFFICERS">OFFICERS</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
  <td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.3%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleVii" title="Click to goto ARTICLE VII">ARTICLE VII</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
  <td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.3%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ResignationsRemovalsandvacancies" title="Click to goto RESIGNATIONS, REMOVALS AND VACANCIES">RESIGNATIONS,
  REMOVALS AND VACANCIES</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
  <td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.3%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleViii" title="Click to goto ARTICLE VIII">ARTICLE VIII</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
  <td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.3%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#CapitalStock" title="Click to goto CAPITAL STOCK">CAPITAL STOCK</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
  <td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.3%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleIx" title="Click to goto ARTICLE IX">ARTICLE IX</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
  <td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.3%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ContractsChecksDraftsBankaccounts" title="Click to goto CONTRACTS, CHECKS, DRAFTS, BANK ACCOUNTS, ETC.">CONTRACTS,
  CHECKS, DRAFTS, BANK ACCOUNTS, ETC.</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
  <td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.3%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleX" title="Click to goto ARTICLE X">ARTICLE X</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
  <td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.3%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#FiscalYear" title="Click to goto FISCAL YEAR">FISCAL YEAR</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
  <td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.3%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleXi" title="Click to goto ARTICLE XI">ARTICLE XI</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
  <td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.3%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#Miscellaneous" title="Click to goto MISCELLANEOUS">MISCELLANEOUS</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
  <td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.3%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleXii" title="Click to goto ARTICLE XII">ARTICLE XII</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
  <td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.3%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#Amendments" title="Click to goto AMENDMENTS">AMENDMENTS</a></font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=2,EFW="2110122",CP="BUNGE LIMITED",DN="3",CHK=580658,FOLIO='2',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX3-4_4596.CHC",USER="JGUERRE",CD='May  2 07:59 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><a name="ArticleI"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE
I</font></a></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><a name="Offices"><font size="2" face="Times New Roman" style="font-size:10.0pt;">OFFICES</font></a></h1>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 1.01.&nbsp;&nbsp;<u>Registered Office</u>.&#160; The registered office of Bunge Limited
Finance Corp. (the <i><font style="font-style:italic;">&#147;Company&#148;</font></i>) shall be set forth in the
Certificate of Incorporation, as they may be amended from time to time.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 1.02.&nbsp;&nbsp;<u>Other Offices</u>.&#160; The Company may also have an office at such
other places as the Board of Directors may from time to time determine or as
the business of the Company may require.&#160;
The books and records of the Company may be kept (except as otherwise
provided by law) at the office of the Company in the City of White Plains,
State of New York, or at such other places as from time to time may be
determined by the Board of Directors.</font></h2>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><a name="ArticleIi"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE
II</font></a></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><a name="Stockholders"><font size="2" face="Times New Roman" style="font-size:10.0pt;">STOCKHOLDERS</font></a></h1>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 2.01.&nbsp;&nbsp;<u>Place of Meetings</u>. All
meetings of the stockholders for the election of directors or for any other
purpose shall be held at such time and place, within or outside the State of
Delaware as shall be designated by the Board of Directors.&#160; In the absence of any such designation by
the Board of Directors, each such meeting shall be held at the principal office
of the Company.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 2.02.&nbsp;&nbsp;<u>Annual Meeting</u>. An
annual meeting of stockholders shall be held for the purpose of electing
Directors and transacting such other business as may properly be brought before
the meeting.&#160; The date of the annual
meeting shall be determined by the Board of Directors.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 2.03.&nbsp;&nbsp;<u>Special Meetings</u>.
Special meetings of the stockholders, for any purpose or purposes, unless
otherwise prescribed by law, may be called by the President and shall be called
by the Secretary at the direction of a majority of the Board of Directors, or
at the request in writing of stockholders owning a majority in amount of the
entire capital stock of the corporation issued and outstanding and entitled to
vote.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 2.04.&nbsp;&nbsp;<u>Notice of Meetings</u>.
Written notice of each meeting of the stockholders stating the place, date and
time of the meeting shall be given not less than ten (10) nor more than sixty
(60) days before the date of the meeting, to each stockholder entitled to vote
at such meeting.&#160; The notice of any
special meeting of stockholders shall state the purpose for which the meeting
is called.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 2.05.&nbsp;&nbsp;<u>Quorum</u>.&#160; At any meeting of the stockholders, the
holders of a majority of the common stock issued and outstanding, present in
person or represented by proxy, shall constitute a quorum for the transaction
of business except as otherwise provided by statute</font></h2>

<h2 align="center" style="font-weight:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=3,EFW="2110122",CP="BUNGE LIMITED",DN="3",CHK=665771,FOLIO='3',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX3-4_4596.CHC",USER="JGUERRE",CD='May  2 07:59 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">or by the Certificate of Incorporation.&#160; If, however, such quorum shall not be present or represented at
any meeting of the stockholders, the holders of the common stock present in
person or represented by proxy, shall have power to adjourn the meeting from
time to time, without notice other than announcement at the meeting, until a
quorum shall be present or represented.&#160;
At such adjourned meeting at which a quorum shall be present or
represented, any business may be transacted which might have been transacted at
the meeting as originally notified.&#160; If
the adjournment is for more than thirty (30) days, or if after the adjournment
a new record date is fixed for the adjourned meeting, a notice of the adjourned
meeting shall be given to each stockholder of record entitled to vote at the
meeting.</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 2.06.&nbsp;&nbsp;<u>Organization</u>.&#160; The Chairman of the Board of Directors, if
elected, or, if not elected or not present, the President, shall call to order
meetings of the stockholders and shall act as chairman of such meetings.&#160; The Board of Directors or the stockholders
may appoint any stockholder or any director or officer of the Company to act as
chairman of any meeting in the absence of the Chairman of the Board and the
President.</font></h2>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Secretary of the
Company shall act as secretary of all meetings of the stockholders, but in the
absence of the Secretary the presiding officer may appoint any other person to
act as secretary of any meeting.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 2.07.&nbsp;&nbsp;<u>Proxies and Voting</u>. At
all meetings of the stockholders, each stockholder shall be entitled to vote,
in person or by proxy, the shares of voting stock owned by such stockholder of
record on the record date for the meeting.&#160;
When a quorum is present or represented at any meeting, the vote of the
holders of a majority of the stock having voting power present in person or
represented by proxy shall decide any question brought before such meeting,
unless the question is one upon which, by express provision of law or of the
Certificate of Incorporation, a different vote is required, in which case such
express provision shall govern and control the decision of such question.</font></h2>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 2.08.&nbsp;&nbsp;<u>Ratification</u>.&#160; Any transaction questioned in any
stockholders&#146; derivative suit, or any other suit to enforce alleged rights of
the Company or any of its stockholders, on the ground of lack of authority,
defective or irregular execution, adverse interest of any director, officer or
stockholder, non-disclosure, miscomputation or the application of improper
principles or practices of accounting may be approved, ratified and confirmed
before or after judgment by the Board of Directors or by the holders of common
stock, and, if so approved, ratified or confirmed, shall have the same force
and effect as if the questioned transaction had been originally duly authorized
and said approval, ratification or confirmation shall be binding upon the
Company and all of its stockholders and shall constitute a bar to any claim or
execution of any judgment in respect of such questioned transaction.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 2.09.&nbsp;&nbsp;<u>Consent in Lieu of Meeting</u>.&#160; Whenever the vote of stockholders at a
meeting thereof is required or permitted to be taken in connection with any corporate
action by any provision of the statutes or of the Certificate of Incorporation,
the meeting and vote of stockholders may be dispensed with if all the
stockholders who would have</font></h2>

<h2 align="center" style="font-weight:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=4,EFW="2110122",CP="BUNGE LIMITED",DN="3",CHK=666158,FOLIO='4',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX3-4_4596.CHC",USER="JGUERRE",CD='May  2 07:59 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">been entitled to vote upon the action if such meeting
were held, shall consent in writing to such corporate action being taken.</font></h2>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><a name="ArticleIii"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE III</font></a></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><a name="BoardOfDirectors"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BOARD OF DIRECTORS</font></a></h1>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 3.01.&nbsp;&nbsp;<u>Number, Term of Office,
and Eligibility</u>.&#160; Except as provided
by the laws of the State of Delaware or by the Certificate of Incorporation,
the business and the property of the Company shall be managed and controlled by
a Board of not less than five nor more than seven directors, the exact number
to be fixed from time to time by resolution of the Board of Directors or of the
stockholders, each director to be elected annually by ballot by the holders of
common stock at the annual meeting of the stockholders, to serve until his
successor shall have been elected and shall have qualified, except as provided
in this Section.&#160; Two directors shall at
all times be an &#147;independent director&#148; pursuant to ARTICLE FOUR of the
Certificate of Incorporation.&#160; Directors
need not be stockholders of the Company.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 3.02.&nbsp;&nbsp;<u>Meetings</u>.&#160; The directors may hold their meetings, both
regular and special, outside of the State of Delaware at such place as from
time to time they may determine.</font></h2>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The annual meeting of the
Board of Directors, for the election of executive officers and the transaction
of such other business as may come before the meeting, shall be held at the
same place as, and immediately following, the annual meeting of the
stockholders, and no notice thereof shall be required to be given to the
directors.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other regular meetings of
the Board of Directors may be held at such time and place as shall from time to
time be determined by the Board.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Special meetings of the
Board of Directors may be called by the President.&#160; Special meetings shall be called by the Secretary on the written
request of any Director.</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 3.03.&nbsp;&nbsp;<u>Notice of Meetings</u>.
Written or verbal notice to each Director of each special meeting stating the
place, date, time and purposes of such meeting shall be given not less than two
(2) hours nor more then ten (10) days before the time of the meeting.&#160; No notice of regular meetings need be given.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 3.04.&nbsp;&nbsp;<u>Quorum and Organization of
Meetings</u>.&#160; At all meetings of the
Board of Directors a majority of the total number of Directors shall constitute
a quorum for the transaction of business and the act of a majority of the
Directors present at any meeting at which there is a quorum shall be the act of
the Board of Directors, except as may be otherwise specifically provided by
law, the Certificate of Incorporation or these By-Laws.&#160; If a quorum shall not be present at any
meeting of the Board of Directors, the Directors present thereat may adjourn
the meeting from time to time, without notice other than announcement at the
meeting, until a quorum shall be present.&#160;
The Chairman of the Board, if elected, shall act as chairman at</font></h2>

<h2 align="center" style="font-weight:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=5,EFW="2110122",CP="BUNGE LIMITED",DN="3",CHK=601805,FOLIO='5',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX3-4_4596.CHC",USER="JGUERRE",CD='May  2 07:59 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">all meetings of the Board of Directors.&#160; If a Chairman of the Board is not elected
or, if elected, is not present, the President or, in the absence of the
President, a Vice Chairman (who is also a member of the Board of Directors and,
if more than one (1), in the order designated by the Board of Directors or, in
the absence of such designation, in the order of their election), if any, or if
no such Vice Chairman is present, a Director chosen by a majority of the
Directors present, shall act as chairman at meetings of the Board of Directors.</font></h2>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 3.05.&nbsp;&nbsp;<u>Powers</u>.&#160; In addition to the powers and authorities by
these By-Laws expressly conferred upon them, the Board of Directors shall have
and may exercise all such powers of the Company and do all such lawful acts and
things that are not by statute or by the Certificate of Incorporation or by
these By-Laws directed or required to be exercised or done by the stockholders,
subject however, to any limitations on the business or purposes of the Company
set forth in the Certificate of Incorporation.</font></h2>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 3.06.&nbsp;&nbsp;<u>Reliance Upon Books,
Reports and Records</u>.&#160; Each director,
each member of any committee designated by the Board of Directors and each
officer, in the performance of his duties, shall be fully protected in relying
in good faith upon the books of account or reports made to the Company by any
of its officials, or by an independent certified public accountant, or by an
appraiser selected with reasonable care by the Board of Directors or by any
such committee, or in relying in good faith upon other records of the Company.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 3.07.&nbsp;&nbsp;<u>Compensation of Directors</u>.&#160; Directors, as such, may receive, pursuant to
resolution of the Board of Directors, fixed fees and other compensation for
their services as directors, including, without limitation, services as members
of committees of the directors; <i><font style="font-style:italic;">provided</font></i>, <i><font style="font-style:italic;">however</font></i>,&#160; that nothing herein contained shall be
construed to preclude any director from serving the Company in any other
capacity and receiving compensation therefor.</font></h2>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><a name="ArticleIv"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE
IV</font></a></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><a name="Committees"><font size="2" face="Times New Roman" style="font-size:10.0pt;">COMMITTEES</font></a></h1>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 4.01.&nbsp;&nbsp;<u>Committees of the Board of
Directors</u>.&#160; The Board of Directors
may from time to time establish standing committees or special committees of
the Board of Directors, each of which shall have such powers and functions as
may be delegated to it by the Board of Directors; <i><font style="font-style:italic;">provided, however,</font></i> that the
committee may not take any action requiring the consent of the Independent
Directors (as set forth in the Certificate of Incorporation) without the
consent of such Independent Directors.&#160;
The Board of Directors may abolish any committee established by or
pursuant to this Section 4.01 as it may deem advisable.&#160; Each such committee shall consist of two or
more directors, the exact number being determined from time to time by the
Board of Directors.&#160; Designations of the
chairman and members of each such committee and, if desired, alternates for
members, shall be made by the Board of Directors.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 4.02.&nbsp;&nbsp;<u>Rules and Procedures</u>.&#160; Each committee may fix its own rules and
procedures and shall meet at such times and places as may be provided by such
rules, by</font></h2>

<h2 align="center" style="font-weight:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>


<div align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="center">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=6,EFW="2110122",CP="BUNGE LIMITED",DN="3",CHK=110892,FOLIO='6',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX3-4_4596.CHC",USER="JGUERRE",CD='May  2 07:59 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">resolution of the committee, or by call of the
chairman.&#160; Notice of meeting of each
committee, other than of regular meetings provided for by its rules or
resolutions, shall be given to committee members.&#160; The presence of a majority of the members of the Executive
Committee&#160; shall constitute a quorum of
any committee, and all questions shall be decided by a majority vote of the
members present at the meeting.&#160; All
action taken at each committee meeting shall be recorded in minutes of the
meeting.</font></h2>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><a name="ArticleV"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE
V</font></a></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><a name="GeneralCounsel"><font size="2" face="Times New Roman" style="font-size:10.0pt;">GENERAL COUNSEL</font></a></h1>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company may have a
General Counsel who shall be appointed by the Board of Directors and who shall
have general supervision of all matters of a legal nature concerning the
Company.</font></p>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><a name="ArticleVi"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE
VI</font></a></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><a name="Officers"><font size="2" face="Times New Roman" style="font-size:10.0pt;">OFFICERS</font></a></h1>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 6.01.&nbsp;&nbsp;<u>Officers</u>. The officers
of the Company shall be chosen by the Board of Directors and shall be a
President, a Secretary and a Treasurer.&#160;
The Board of Directors may also elect a Chairman of the Board, one (1)
or more Vice Chairmen, one (1) or more Vice Presidents, one (1) or more
Assistant Secretaries and Assistant Treasurers and such other officers and
agents as it shall deem appropriate.&#160;
Any number of offices may be held by the same person.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 6.02.&nbsp;&nbsp;<u>Term of Office</u>.&#160; The officers of the Company shall be elected
at the annual meeting of the Board of Directors and shall hold office until
their successors are elected and qualified.&#160;
Any officer elected or appointed by the Board of Directors may be
removed at any time by the Board of Directors.&#160;
Any vacancy occurring in any office of the Company required by this Article
shall be filled by the Board of Directors, and any vacancy in any other office
may be filled by the Board of Directors.&#160;
Each such successor shall hold office for the unexpired term, until his
successor is elected and qualified or until he sooner dies, resigns, is removed
or becomes disqualified.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 6.03.&nbsp;&nbsp;<u>The Chairman of the Board
of Directors</u>. The Chairman of the Board, when elected, shall be the Chief
Executive Officer of the Company and, as such, shall have general supervision,
direction and control of the business and affairs of the Company, subject to
the control of the Board of Directors, shall preside at meetings of
stockholders and shall have such other functions, authority and duties as
customarily appertain to the office of the chief executive of a business
corporation or as may be prescribed by the Board of Directors.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 6.04.&nbsp;&nbsp;<u>The President</u>.&#160; During any period when there shall be an
office of Chairman of the Board, the President shall be the Chief Operating
Officer of the Company and shall have such functions, authority and duties as
may be prescribed by the Board of</font></h2>

<h2 align="center" style="font-weight:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>


<div align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="center">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=7,EFW="2110122",CP="BUNGE LIMITED",DN="3",CHK=435539,FOLIO='7',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX3-4_4596.CHC",USER="JGUERRE",CD='May  2 07:59 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Directors or the Chairman of the Board.&#160; During any period when there shall not be an
office of Chairman of the Board, the President shall be the Chief Executive
Officer of the Company and, as such, shall have the functions, authority and
duties provided for the Chairman of the Board when there is an office of
Chairman of the Board.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 6.05.&nbsp;&nbsp;<u>The Vice Presidents</u>.&#160; The Vice President shall perform such duties
and have such other powers as may from time to time be prescribed by the Board
of Directors, the Chairman of the Board or the President.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 6.06.&nbsp;&nbsp;<u>Treasurer and Assistant
Treasurer</u>.&#160; The Treasurer shall have
the custody of the corporate funds and securities and shall keep full and
accurate accounts of receipts and disbursements in books belonging to the
Company and shall deposit all moneys and other valuable effects in the name and
to the credit of the Company in such depositories as may be designated by the
Board of Directors.&#160; The Treasurer shall
disburse the funds of the Company as may be ordered by the Board of Directors,
taking proper vouchers for such disbursements, and shall render to the Chairman
of the Board, the President and the Board of Directors, at its regular meetings
or when the Board of Directors so requires, an account of all transactions as
Treasurer and of the financial condition of the Company.&#160; The Treasurer shall perform such other
duties as may from time to time be prescribed by the Board of Directors, the
Chairman of the Board or the President.</font></h2>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Assistant Treasurer,
or if there shall be more than one (1), the Assistant Treasurers in the order
determined by the Board of Directors (or if there be no such determination,
then in the order of their election), shall, in the absence of the Treasurer or
in the event of the Treasurer&#146;s inability or refusal to act, perform the duties
and exercise the powers of the Treasurer and shall perform such other duties
and have such other powers as may from time to time be prescribed by the Board
of Directors, the Chairman of the Board, the President or the Treasurer.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 6.07.&nbsp;&nbsp;<u>Secretary and Assistant
Secretary</u>.&#160; The Secretary shall keep
a record of all proceedings of the stockholders of the Company and of the Board
of Directors, and shall perform like duties for the standing committees when
required.&#160; The Secretary shall give, or
cause to be given, notice, if any, of all meetings of the stockholders and
shall perform such other duties as may be prescribed by the Board of Directors,
the Chairman of the Board or the President.&#160;
The Secretary shall have custody of the corporate seal of the Company
and the Secretary, or in the absence of the Secretary any Assistant Secretary,
shall have authority to affix the same to any instrument requiring it, and when
so affixed it may be attested by the signature of the Secretary or an Assistant
Secretary.&#160; The Board of Directors may
give general authority to any other officer to affix the seal of the Company
and to attest such affixing of the seal.</font></h2>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Assistant Secretary,
or if there be more than one (1), the Assistant Secretaries in the order
determined by the Board of Directors (or if there be no such determination,
then in the order of their election), shall, in the absence of the Secretary or
in the event of the Secretary&#146;s inability or refusal to act, perform the duties
and exercise the powers of the Secretary and shall</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=8,EFW="2110122",CP="BUNGE LIMITED",DN="3",CHK=716524,FOLIO='8',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX3-4_4596.CHC",USER="JGUERRE",CD='May  2 07:59 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">perform such other duties
as may from time to time be prescribed by the Board of Directors, the Chairman
of the Board, the President or the Secretary.</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 6.08.&nbsp;&nbsp;<u>Salaries</u>.&#160; Salaries of officers, agents or employees
shall be fixed from time to time by the Board of Directors or by such committee
or committees, or person or persons, if any, to whom such power shall have been
delegated by the Board of Directors.&#160;
Any employment contract, whether with an officer, agent or employee if
expressly approved or specifically authorized by the Board of Directors, may
fix a term of employment thereunder, and such contract, if so approved or
authorized, shall be valid and binding upon the Company in accordance with the
terms thereof, <i><font style="font-style:italic;">provided</font></i> that this provision shall not limit or restrict in
any way the right of the Company at any time to remove from office, discharge
or terminate the employment of any such officer, agent or employee prior to the
expiration of the term of employment under any such contract, except that the
Company shall not thereby be relieved of any continuing liability for salary or
other compensation provided for in such contract.</font></h2>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><a name="ArticleVii"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE VII</font></a></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><a name="ResignationsRemovalsandvacancies"><font size="2" face="Times New Roman" style="font-size:10.0pt;">RESIGNATIONS, REMOVALS AND VACANCIES</font></a></h1>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 7.01.&nbsp;&nbsp;<u>Resignations</u>.&#160; Any director, officer or agent of the
Company, or any member of any committee may resign at any time by giving
written notice to the Board of Directors, to the Chairman of the Board of
Directors or to the Secretary of the Company.&#160;
Any such resignation shall take effect at the time specified therein, or
if the time be not specified therein, then upon receipt thereof.&#160; The acceptance of such resignation shall not
be necessary to make it effective.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 7.02.&nbsp;&nbsp;<u>Removals</u>.&#160; At any meeting thereof called for the
purpose, the holders of two-thirds of the common stock may remove from office
or terminate the employment of any director, officer or agent with or without
cause; and the Board of Directors, by vote of not less than a majority of the
entire Board of Directors at any meeting thereof called for the purpose, may,
at any time, remove from office or terminate the employment of any officer,
agent or member of any committee.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 7.03.&nbsp;&nbsp;<u>Vacancies</u>.&#160; Subject to <u>Section 3.01</u>, any vacancy
in the office of any director, officer or agent through death, resignation,
removal, disqualification, increase in the number of directors or other cause
may be filled by the Board of Directors (in the case of vacancies in the Board,
by the affirmative vote of a majority of the directors then in office, even
though less than a quorum remains) or by the stockholders, and the person so
elected shall hold office until his successor shall have been elected and shall
have qualified.</font></h2>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=9,EFW="2110122",CP="BUNGE LIMITED",DN="3",CHK=904378,FOLIO='9',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX3-4_4596.CHC",USER="JGUERRE",CD='May  2 07:59 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><a name="ArticleViii"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE VIII</font></a></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><a name="CapitalStock"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CAPITAL STOCK</font></a></h1>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 8.01.&nbsp;&nbsp;<u>Certificates for Shares</u>.&#160; The shares of the Company shall be
represented by certificates; <i><font style="font-style:italic;">provided, however</font></i>, that the Board of
Directors may provide by resolution or resolutions that some or all of any or
all classes or series of the Company&#146;s stock shall be uncertificated shares.
Certificates of stock in the Company, if any, shall be signed by or in the name
of the Company by the Chairman of the Board or the President or a Vice
President and by the Treasurer or an Assistant Treasurer or the Secretary or an
Assistant Secretary of the Company.&#160;
Where a certificate is countersigned by a transfer agent, other than the
Company or an employee of the Company, or by a registrar, the signatures of the
Chairman of the Board, the President or a Vice President and the Treasurer or
an Assistant Treasurer or the Secretary or an Assistant Secretary may be
facsimiles.&#160; In case any officer,
transfer agent or registrar who has signed or whose facsimile signature has
been placed upon a certificate shall have ceased to be such officer, transfer
agent or registrar before such certificate is issued, the certificate may be
issued by the Company with the same effect as if such officer, transfer agent
or registrar were such officer, transfer agent or registrar at the date of its
issue.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 8.02.&nbsp;&nbsp;<u>Transfer</u>.&#160; Upon surrender to the Company or the
transfer agent of the Company of a certificate for shares duly endorsed or
accompanied by proper evidence of succession, assignment or authority to
transfer, it shall be the duty of the Company to issue a new certificate of
stock or uncertificated shares in place of any certificate therefor issued by
the Company to the person entitled thereto, cancel the old certificate and
record the transaction on its books.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 8.03.&nbsp;&nbsp;<u>Replacement</u>.&#160; In case of the loss, destruction or theft of
a certificate for any stock of the Company, a new certificate of stock or
uncertificated shares in place of any certificate therefor issued by the
Company may be issued upon satisfactory proof of such loss, destruction or
theft and upon such terms as the Board of Directors may prescribe.&#160; The Board of Directors may in its discretion
require the owner of the lost, destroyed or stolen certificate, or his legal
representative, to give the Company a bond, in such sum and in such form and
with such surety of sureties as it may direct, to indemnify the Company against
any claim that may be made against it with respect to a certificate alleged to
have been lost, destroyed or stolen.</font></h2>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><a name="ArticleIx"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE
IX</font></a></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><a name="ContractsChecksDraftsBankaccounts"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CONTRACTS, CHECKS, DRAFTS, BANK ACCOUNTS, ETC.</font></a></h1>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 9.01.&nbsp;&nbsp;<u>Execution of Contracts</u>.&#160; Except as otherwise provided by law or in
the By-Laws, all contracts or other instruments, authorized by the Board of
Directors either generally or particularly, may be executed and delivered in
the name of and on behalf of the Company by the Chairman of the Board of
Directors, the President or any Vice President.&#160; The</font></h2>

<h2 align="center" style="font-weight:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=10,EFW="2110122",CP="BUNGE LIMITED",DN="3",CHK=300542,FOLIO='10',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX3-4_4596.CHC",USER="JGUERRE",CD='May  2 07:59 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Board of Directors, however, may authorize any other
officer or officers, agent or agents, in the name of and on behalf of the
Company, to enter into any contract or to execute and deliver any instrument,
and such authority may be general or confined to particular instances unless
authorized by the Board of Directors or expressly authorized by the By-Laws, no
officer, employee or agent shall have any power or authority to bind the
Company by any contract or engagement or to pledge its credit or to render it
pecuniarily liable for any purpose or to any amount.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 9.02.&nbsp;&nbsp;<u>Indebtedness</u>.&#160; No borrowings shall be contracted on behalf
of the Company and no negotiable paper in evidence thereof shall be issued in
its name unless authorized by resolution of the Board of Directors.&#160; When authorized by the Board of Directors so
to do, any officer or agent of the Company thereunto authorized may effect
loans and advances at any time for the Company from any bank, trust company or
other institution, or from any firm, corporation or individual, and for such
loans and advances may make, execute and deliver promissory notes, bonds, or
other certificates or evidences of indebtedness of the Company and, when
authorized so to do, may pledge, hypothecate or transfer any securities or
other property of the Company as security for any such loans or advances.&#160; Such authority may be general or confined to
particular instances.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 9.03.&nbsp;&nbsp;<u>Checks, Drafts, Etc.</u>&#160; All checks, drafts, and other orders for the
payment of moneys out of the funds of the Company shall be signed on behalf of
the Company in such manner as shall from time to time be determined by
resolution of the Board of Directors.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 9.04.&nbsp;&nbsp;<u>Deposits</u>.&#160; All funds of the Company not otherwise
employed shall be deposited from time to time to the credit of the Company in
such banks, trust companies or other depositories as the Board of Directors may
select or as may be selected by any officer or officers, agent or agents of the
Company to whom such power from time to time may be delegated by the Board;
and, for the purpose of such deposit, the Chairman of the Board of Directors,
the President, any Vice President, the Treasurer, the Secretary or any other
officer or agent or employee of the Company to whom such power may be delegated
by the Board or by any person designated by the Board to delegate such
authority may endorse, assign and deliver checks, drafts and other orders for
the payment of moneys which are payable to the order of the Company.</font></h2>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><a name="ArticleX"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE
X</font></a></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><a name="FiscalYear"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FISCAL YEAR</font></a></h1>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The fiscal year of the
Company shall be fixed by resolution of the Board of Directors.</font></p>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=11,EFW="2110122",CP="BUNGE LIMITED",DN="3",CHK=144630,FOLIO='11',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX3-4_4596.CHC",USER="JGUERRE",CD='May  2 07:59 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><a name="ArticleXi"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE
XI</font></a></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><a name="Miscellaneous"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MISCELLANEOUS</font></a></h1>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 11.01.&nbsp;&nbsp;<u>Waiver of Notice</u>.&#160; Whenever any notice is required to be given
under law or the provisions of the Certificate of Incorporation or these
By-Laws, a waiver thereof in writing, signed by the person or persons entitled
to said notice, whether before or after the time stated therein, shall be
deemed equivalent to notice.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 11.02.&nbsp;&nbsp;<u>Voting Upon Stocks</u>.&#160; The Board of Directors (whose authorization
in this connection shall be necessary in all cases) may from time to time
appoint an attorney or attorneys or agent or agents of the Company, or may at
any time or from time to time authorize the Chairman of the Board of Directors,
the President, any Vice President, the Treasurer or the Secretary to appoint an
attorney or attorneys or agent or agents of the Company, in the name and on
behalf of the Company, to cast the votes which the Company may be entitled to
cast as a stockholder or otherwise in any other corporation or association, any
of the stock or securities of which may be held by the Company, at meetings of
the holders of the stock or other securities of such other corporation or
association, or to consent in writing to any action by any such other
corporation or association, and the Board of Directors or any aforesaid officer
so authorized may instruct the person or persons so appointed as to the manner
of counting such votes or giving such consent, and the Board of Directors or
any aforesaid officer so authorized may from time to time authorize the
execution and delivery, on behalf of the Company and under its corporate seal
or otherwise, of such written proxies, consents, waivers or other instruments
as may be deemed necessary or proper in the premises.</font></h2>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><a name="ArticleXii"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE XII</font></a></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><a name="Amendments"><font size="2" face="Times New Roman" style="font-size:10.0pt;">AMENDMENTS</font></a></h1>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board of Directors
shall have power to make, alter, amend or repeal the By-Laws of the Company by
vote of not less than a majority of the entire Board at any meeting of the
Board and the holders of common stock shall have power to make, alter, amend or
repeal the By-Laws at any regular or special meeting, if the substance of such
amendment be contained in the notice of such meeting of the Board, or of such
meeting of stockholders, as the case may be.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>

<BR>
<!-- SEQ=,FILE='QUICKLINK',USER=JGUERRE,SEQ=,EFW="2110122",CP="BUNGE LIMITED",DN="3" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>5
<FILENAME>a2110122zex-4_1.htm
<DESCRIPTION>EXHIBIT 4.1
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>

<div style="font-family:'Times New Roman';">

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit
4.1</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indenture</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BUNGE LIMITED
FINANCE CORP.,</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">as Issuer</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BUNGE LIMITED,</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">as Guarantor</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">AND</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THE BANK OF
NEW YORK, </font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">as Trustee</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.80% Senior
Notes Due 2012</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">INDENTURE</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated as of
October 15, 2002</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;text-transform:none;">&nbsp;</font></b></p>


<div align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;text-transform:none;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=1,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=140507,FOLIO='',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;">&nbsp;</p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">TABLE OF CONTENTS</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:uppercase;"><a href="#ArticleI" title="Click to goto ARTICLE I">ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section1_1_definitions" title="Click to goto SECTION 1.1.&#160;&#160;Definitions">SECTION 1.1 .&nbsp;&nbsp;Definitions</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section1_2_incorporationByReference" title="Click to goto SECTION 1.2.&#160;&#160;Incorporation by Reference of Trust Indenture Act. ">SECTION 1.2 .&nbsp;&nbsp;Incorporation by
  Reference of Trust Indenture Act</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section1_3_rulesOfConstruction_" title="Click to goto SECTION 1.3.&#160;&#160;Rules of Construction.">SECTION 1.3 .&nbsp;&nbsp;Rules of
  Construction</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;page-break-after:auto;text-align:center;text-indent:-10.0pt;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleIi" title="Click to goto ARTICLE II">ARTICLE
  II THE NOTES</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section2_1_" title="Click to goto SECTION 2.1.">SECTION
  2.1 .&nbsp;&nbsp;Form, Dating and Terms</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section2_2_" title="Click to goto SECTION 2.2.">SECTION
  2.2 .&nbsp;&nbsp;Execution and Authentication</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section2_3_" title="Click to goto SECTION 2.3.">SECTION
  2.3 .&nbsp;&nbsp;Registrar and Paying Agent</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section2_4_" title="Click to goto SECTION 2.4.">SECTION
  2.4 .&nbsp;&nbsp;Paying Agent To Hold Money in Trust</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section2_5_" title="Click to goto SECTION 2.5.">SECTION
  2.5 .&nbsp;&nbsp;Noteholder Lists</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section2_6_" title="Click to goto SECTION 2.6.">SECTION
  2.6 .&nbsp;&nbsp;Transfer and Exchange</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 102.25pt;text-indent:-1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section2_7_" title="Click to goto SECTION 2.7.">SECTION
  2.7 .&nbsp;&nbsp;Form of Certificate to be Delivered in Connection with
  Transfers to Institutional Accredited Investors</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section2_8_" title="Click to goto SECTION 2.8.">SECTION
  2.8 .&nbsp;&nbsp;Form of Certificate to be Delivered in Connection with
  Transfers Pursuant to Regulation S</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section2_9_" title="Click to goto SECTION 2.9.">SECTION
  2.9 .&nbsp;&nbsp;Mutilated, Destroyed, Lost or Stolen Notes</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section2_10_" title="Click to goto SECTION 2.10.">SECTION
  2.10 .&nbsp;&nbsp;Outstanding Notes</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section2_11_" title="Click to goto SECTION 2.11.">SECTION
  2.11 .&nbsp;&nbsp;Temporary Notes</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section2_12_" title="Click to goto SECTION 2.12.">SECTION
  2.12 .&nbsp;&nbsp;Cancellation</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section2_13_" title="Click to goto SECTION 2.13.">SECTION
  2.13 .&nbsp;&nbsp;Payment of Interest; Defaulted Interest</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section2_14_" title="Click to goto SECTION 2.14.">SECTION
  2.14 .&nbsp;&nbsp;Computation of Interest</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section2_15_" title="Click to goto SECTION 2.15.">SECTION
  2.15 .&nbsp;&nbsp;CUSIP and ISIN Numbers</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;page-break-after:auto;text-align:center;text-indent:-10.0pt;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleIii" title="Click to goto ARTICLE III">ARTICLE
  III COVENANTS</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section3_1_" title="Click to goto SECTION 3.1.">SECTION
  3.1 .&nbsp;&nbsp;Payment of Notes</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section3_2_" title="Click to goto SECTION 3.2.">SECTION
  3.2 .&#160; Limitation and Restrictions on
  Activities of the Company..</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section3_3_" title="Click to goto SECTION 3.3.">SECTION
  3.3 .&nbsp;&nbsp;Financial Covenants</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section3_4_" title="Click to goto SECTION 3.4.">SECTION
  3.4 .&nbsp;&nbsp;Limitation on Liens</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section3_5_" title="Click to goto SECTION 3.5.">SECTION
  3.5 .&nbsp;&nbsp;Limitation on Sale-Leaseback Transactions</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section3_6_" title="Click to goto SECTION 3.6.">SECTION
  3.6 .&nbsp;&nbsp;Exclusion From Limitations</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section3_7" title="Click to goto SECTION 3.7">SECTION
  3.7 .&nbsp;&nbsp;Limitation on Sale of Assets</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section3_8_" title="Click to goto SECTION 3.8.">SECTION
  3.8 .&nbsp;&nbsp;Limitation on Transactions with Affiliates</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section3_9_" title="Click to goto SECTION 3.9.">SECTION
  3.9 .&nbsp;&nbsp;Limitation on Indebtedness of Subsidiaries</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section3_10_" title="Click to goto SECTION 3.10.">SECTION
  3.10 .&nbsp;&nbsp;Restrictions on Dividends or Loans by Designated Obligors
  or Material Subsidiaries</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section3_11_" title="Click to goto SECTION 3.11.">SECTION
  3.11 .&nbsp;&nbsp;Maintenance of Office or Agency</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section3_12_" title="Click to goto SECTION 3.12.">SECTION
  3.12 .&nbsp;&nbsp;Corporate Existence</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section3_13_" title="Click to goto SECTION 3.13.">SECTION
  3.13 .&nbsp;&nbsp;Maintenance of Properties; Insurance</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section3_14_" title="Click to goto SECTION 3.14.">SECTION
  3.14 .&nbsp;&nbsp;Payment of Taxes and Other Claims</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section3_15_" title="Click to goto SECTION 3.15.">SECTION
  3.15 .&nbsp;&nbsp;Payments for Consent</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section3_16_" title="Click to goto SECTION 3.16.">SECTION
  3.16 .&nbsp;&nbsp;Compliance Certificate</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section3_17_" title="Click to goto SECTION 3.17.">SECTION
  3.17 .&nbsp;&nbsp;Further Instruments and Acts</a></font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">i</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=2,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=335011,FOLIO='i',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section3_18_" title="Click to goto SECTION 3.18.">SECTION
  3.18 .&nbsp;&nbsp;Statement by Officers as to Default</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section3_19_" title="Click to goto SECTION 3.19.">SECTION
  3.19 .&#160; Notice of Change in Bermuda
  Law, Debt Ratings</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;page-break-after:auto;text-align:center;text-indent:-10.0pt;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleIv" title="Click to goto ARTICLE IV">ARTICLE
  IV SUCCESSOR GUARANTOR</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section4_1_" title="Click to goto SECTION 4.1.&#160;">SECTION 4.1 .&nbsp;&nbsp;Consolidation, Merger, Amalgamation and Sale
  of Assets by the Guarantor</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;page-break-after:auto;text-align:center;text-indent:-10.0pt;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleV" title="Click to goto ARTICLE V">ARTICLE
  V OPTIONAL REDEMPTION OF NOTES</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_1_" title="Click to goto SECTION 5.1.">SECTION
  5.1 .&nbsp;&nbsp;Optional Redemption by the Company</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_2_" title="Click to goto SECTION 5.2.">SECTION
  5.2 .&nbsp;&nbsp;Applicability of Article</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_3_" title="Click to goto SECTION 5.3.">SECTION
  5.3 .&nbsp;&nbsp;Election to Redeem; Notice to Trustee</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_4" title="Click to goto SECTION 5.4">SECTION
  5.4 .&nbsp;&nbsp;Selection by Trustee of Notes to Be Redeemed</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_5_" title="Click to goto SECTION 5.5.">SECTION
  5.5 .&nbsp;&nbsp;Notice of Redemption</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_6_" title="Click to goto SECTION 5.6.&#160;">SECTION 5.6 .&nbsp;&nbsp;Deposit of Redemption Price</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_7_" title="Click to goto SECTION 5.7.">SECTION
  5.7 .&nbsp;&nbsp;Notes Payable on Redemption Date</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_8" title="Click to goto SECTION 5.8">SECTION
  5.8 .&nbsp;&nbsp;Notes Redeemed in Part</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;page-break-after:auto;text-align:center;text-indent:-10.0pt;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleVi" title="Click to goto ARTICLE VI">ARTICLE
  VI PREPAYMENT AT THE OPTION OF HOLDERS UPON CHANGE OF CONTROL</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section6_1_" title="Click to goto SECTION 6.1.&#160;">SECTION 6.1 .&nbsp;&nbsp;Prepayment at the Option of Holders Upon a
  Change of Control</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;page-break-after:auto;text-align:center;text-indent:-10.0pt;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleVii" title="Click to goto ARTICLE VII">ARTICLE
  VII DEFAULTS AND REMEDIES</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section7_1_" title="Click to goto SECTION 7.1.">SECTION
  7.1 .&nbsp;&nbsp;Events of Default</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section7_2_" title="Click to goto SECTION 7.2.">SECTION
  7.2 .&nbsp;&nbsp;Acceleration</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section7_3_" title="Click to goto SECTION 7.3.&#160;">SECTION 7.3 .&nbsp;&nbsp;Other Remedies</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section7_4_" title="Click to goto SECTION 7.4.">SECTION
  7.4 .&nbsp;&nbsp;Waiver of Past Defaults</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section7_5_" title="Click to goto SECTION 7.5.&#160;">SECTION 7.5 .&nbsp;&nbsp;Control by Majority</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section7_6_" title="Click to goto SECTION 7.6.">SECTION
  7.6 .&nbsp;&nbsp;Limitation on Suits</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section7_7_" title="Click to goto SECTION 7.7.">SECTION
  7.7 .&nbsp;&nbsp;Rights of Holders to Receive Payment</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section7_8" title="Click to goto SECTION 7.8">SECTION
  7.8 .&nbsp;&nbsp;Collection Suit by Trustee</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section7_9_" title="Click to goto SECTION 7.9.">SECTION
  7.9 .&nbsp;&nbsp;Trustee May File Proofs of Claim</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section7_10_" title="Click to goto SECTION 7.10.">SECTION
  7.10 .&nbsp;&nbsp;Priorities</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section7_11_" title="Click to goto SECTION 7.11.">SECTION
  7.11 .&nbsp;&nbsp;Undertaking for Costs</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;page-break-after:auto;text-align:center;text-indent:-10.0pt;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleViii" title="Click to goto ARTICLE VIII ">ARTICLE
  VIII TRUSTEE</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_1_" title="Click to goto SECTION 8.1.&#160;">SECTION 8.1 .&nbsp;&nbsp;Duties of Trustee</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_2" title="Click to goto SECTION 8.2">SECTION
  8.2 .&nbsp;&nbsp;Rights of Trustee</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_3_" title="Click to goto SECTION 8.3.">SECTION
  8.3 .&nbsp;&nbsp;Individual Rights of Trustee</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_4_" title="Click to goto SECTION 8.4.">SECTION
  8.4 .&nbsp;&nbsp;Trustee&#146;s Disclaimer</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_5_" title="Click to goto SECTION 8.5.&#160;">SECTION 8.5 .&nbsp;&nbsp;Notice of Defaults</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_6" title="Click to goto SECTION 8.6">SECTION
  8.6 .&nbsp;&nbsp;Reports by Trustee to Holders</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_7_" title="Click to goto SECTION 8.7.">SECTION
  8.7 .&nbsp;&nbsp;Compensation and Indemnity</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_8_" title="Click to goto SECTION 8.8.&#160;">SECTION 8.8 .&nbsp;&nbsp;Replacement of Trustee</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_9_" title="Click to goto SECTION 8.9.&#160;">SECTION 8.9 .&nbsp;&nbsp;Successor Trustee by Merger</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_10_" title="Click to goto SECTION 8.10.">SECTION
  8.10 .&nbsp;&nbsp;Eligibility; Disqualification</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_11_" title="Click to goto SECTION 8.11.">SECTION
  8.11 .&nbsp;&nbsp;Preferential Collection of Claims Against Company</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_12" title="Click to goto SECTION 8.12">SECTION
  8.12 .&nbsp;&nbsp;Trustee&#146;s Application for Instruction from the Company</a></font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ii</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=3,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=778707,FOLIO='ii',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;page-break-after:auto;text-align:center;text-indent:-10.0pt;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleIx" title="Click to goto ARTICLE IX">ARTICLE
  IX DISCHARGE OF INDENTURE; DEFEASANCE</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section9_1_" title="Click to goto SECTION 9.1.">SECTION
  9.1 .&nbsp;&nbsp;Discharge of Liability on Notes; Defeasance</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section9_2_conditionsToDefeasance_" title="Click to goto SECTION 9.2.&#160;&#160;Conditions to Defeasance.">SECTION 9.2 .&nbsp;&nbsp;Conditions to
  Defeasance</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section9_3_applicationOfTrustMoney" title="Click to goto SECTION 9.3.&#160;&#160;Application of Trust Money">SECTION 9.3 .&nbsp;&nbsp;Application of
  Trust Money</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section9_4_repaymentToCompany_" title="Click to goto SECTION 9.4.&#160;&#160;Repayment to Company.">SECTION 9.4 .&nbsp;&nbsp;Repayment to
  Company</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section9_5_indemnityForU_s_Governm" title="Click to goto SECTION 9.5.&#160;&#160;Indemnity for U.S. Government Securities">SECTION 9.5 .&nbsp;&nbsp;Indemnity for U.S.
  Government Securities</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section9_6_reinstatement" title="Click to goto SECTION 9.6.&#160;&#160;Reinstatement">SECTION 9.6 .&nbsp;&nbsp;Reinstatement</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;page-break-after:auto;text-align:center;text-indent:-10.0pt;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleX" title="Click to goto ARTICLE X">ARTICLE
  X AMENDMENTS</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section10_1_withoutConsentOfHolder" title="Click to goto SECTION 10.1.&#160;&#160;Without Consent of Holders">SECTION 10.1 .&nbsp;&nbsp;Without Consent
  of Holders</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section10_2_withConsentOfHolders_" title="Click to goto SECTION 10.2.&#160;&#160;With Consent of Holders.">SECTION 10.2 .&nbsp;&nbsp;With Consent of
  Holders</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section10_3_ComplianceWithTrustInd" title="Click to goto SECTION 10.3. Compliance with Trust Indenture Act">SECTION 10.3 .&nbsp;&nbsp;Compliance with
  Trust Indenture Act</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section10_4_RevocationAndEffectOf" title="Click to goto SECTION 10.4.  Revocation and Effect of Consents and Waivers">SECTION 10.4 .&nbsp;&nbsp;Revocation and
  Effect of Consents and Waivers</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section10_5_NotationOnOrExchangeO" title="Click to goto SECTION 10.5.  Notation on or Exchange of Notes">SECTION 10.5 .&nbsp;&nbsp;Notation on or
  Exchange of Notes</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section10_6_TrusteeToSignAmendment" title="Click to goto SECTION 10.6.  Trustee To Sign Amendments">SECTION 10.6 .&nbsp;&nbsp;Trustee To Sign
  Amendments</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;page-break-after:auto;text-align:center;text-indent:-10.0pt;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleXi" title="Click to goto ARTICLE XI">ARTICLE
  XI GUARANTEE</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section11_1_guarantee" title="Click to goto SECTION 11.1.&#160;&#160;Guarantee">SECTION 11.1 .&nbsp;&nbsp;Guarantee</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section11_2_noSubrogation" title="Click to goto SECTION 11.2.&#160;&#160;No Subrogation">SECTION 11.2 .&nbsp;&nbsp;No Subrogation</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section11_3_consideration" title="Click to goto SECTION 11.3.&#160;&#160;Consideration">SECTION 11.3 .&nbsp;&nbsp;Consideration</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;page-break-after:auto;text-align:center;text-indent:-10.0pt;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleXii" title="Click to goto ARTICLE XII">ARTICLE
  XII MISCELLANEOUS</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_1_trustIndentureActContr" title="Click to goto SECTION 12.1.&#160;&#160;Trust Indenture Act Controls.">SECTION 12.1 .&nbsp;&nbsp;Trust Indenture
  Act Controls</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_2_notices_" title="Click to goto SECTION 12.2.&#160;&#160;Notices.">SECTION 12.2 .&nbsp;&nbsp;Notices</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_3_communicationByHolders" title="Click to goto SECTION 12.3.&#160;&#160;Communication by Holders with other Holders">SECTION 12.3 .&nbsp;&nbsp;Communication by
  Holders with other Holders</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_4_certificateAndOpinionA" title="Click to goto SECTION 12.4.&#160;&#160;Certificate and Opinion as to Conditions Precedent. ">SECTION 12.4 .&nbsp;&nbsp;Certificate and
  Opinion as to Conditions Precedent</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_5_statementsRequiredInC" title="Click to goto SECTION 12.5.&#160;&#160;Statements Required in Certificate or Opinion.">SECTION 12.5 .&nbsp;&nbsp;Statements
  Required in Certificate or Opinion</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_6_whenNotesDisregarded" title="Click to goto SECTION 12.6.&#160;&#160;When Notes Disregarded">SECTION 12.6 .&nbsp;&nbsp;When Notes
  Disregarded</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_7" title="Click to goto SECTION 12.7">SECTION
  12.7 .&nbsp;&nbsp;Rules by Trustee, Paying Agent and Registrar</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_8" title="Click to goto SECTION 12.8">SECTION
  12.8 .&nbsp;&nbsp;Legal Holidays</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#Section12_9" title="Click to goto SECTION 12.9">SECTION 12.9.&#160; GOVERNING LAW</a></font></b></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_10" title="Click to goto SECTION 12.10">SECTION
  12.10 .&nbsp;&nbsp;No Recourse Against Others</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_11_" title="Click to goto SECTION 12.11.">SECTION
  12.11 .&nbsp;&nbsp;Successors</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_12" title="Click to goto SECTION 12.12">SECTION
  12.12 .&#160; Consent to Jurisdiction</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_13_" title="Click to goto SECTION 12.13.">SECTION
  12.13 .&#160; Appointment for Agent for
  Service of Process</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_14_" title="Click to goto SECTION 12.14.">SECTION
  12.14 .&#160; Waiver of Immunities</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_15" title="Click to goto SECTION 12.15">SECTION
  12.15 .&#160; Foreign Taxes</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_16" title="Click to goto SECTION 12.16">SECTION
  12.16 .&#160; Judgment Currency</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_17" title="Click to goto SECTION 12.17">SECTION
  12.17 .&#160; No Bankruptcy Petition
  Against the Borrower; Liability of the Borrower</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_18" title="Click to goto SECTION 12.18">SECTION
  12.18 .&nbsp;&nbsp;Multiple Originals</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_19" title="Click to goto SECTION 12.19">SECTION
  12.19 .&nbsp;&nbsp;Qualification of Indenture</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_20" title="Click to goto SECTION 12.20">SECTION
  12.20 .&nbsp;&nbsp;Table of Contents; Headings</a></font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ExhibitA" title="Click to goto EXHIBIT A ">EXHIBIT A</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.8%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ExhibitA" title="Click to goto EXHIBIT A ">Form of the Initial Note and Subsequent
  Note</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ExhibitB" title="Click to goto Exhibit B">EXHIBIT B</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.8%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ExhibitB" title="Click to goto Exhibit B">Form of the Exchange Note</a></font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">iii</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=4,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=422921,FOLIO='iii',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ExhibitC" title="Click to goto EXHIBIT C">EXHIBIT C</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.34%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="81%" valign="top" style="padding:0in 0in 0in 0in;width:81.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ExhibitC" title="Click to goto EXHIBIT C">Form of Certificate to be Delivered in
  Connection with Transfers to Institutional Accredited Investors</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ExhibitD" title="Click to goto EXHIBIT D">EXHIBIT D</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.34%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="81%" valign="top" style="padding:0in 0in 0in 0in;width:81.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ExhibitD" title="Click to goto EXHIBIT D">Form of Certificate to be Delivered in
  Connection with Transfers Pursuant to Regulation S</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.14%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.34%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="81%" valign="top" style="padding:0in 0in 0in 0in;width:81.52%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Schedule1_1" title="Click to goto SCHEDULE 1.1">SCHEDULE
  1.1</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.34%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="81%" valign="top" style="padding:0in 0in 0in 0in;width:81.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#DesignatedObligorsAndMaterialSubsidi" title="Click to goto Designated Obligors and Material Subsidiaries">Designated Obligors and Material
  Subsidiaries</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Schedule3_4" title="Click to goto SCHEDULE 3.4">SCHEDULE
  3.4</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.34%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="81%" valign="top" style="padding:0in 0in 0in 0in;width:81.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ExistingLiens" title="Click to goto Existing Liens">Existing
  Liens</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Schedule3_7" title="Click to goto SCHEDULE 3.7">SCHEDULE
  3.7</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.34%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="81%" valign="top" style="padding:0in 0in 0in 0in;width:81.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ExistingFutureDispositionsPursuantTo" title="Click to goto Existing Future Dispositions Pursuant to Contract">Existing Commitments Regarding Future
  Dispositions</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Schedule3_9a" title="Click to goto SCHEDULE 3.9(a)">SCHEDULE
  3.9(a)</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.34%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="81%" valign="top" style="padding:0in 0in 0in 0in;width:81.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#LontermIndebtednessOfSubsidiariesAs" title="Click to goto Lon-Term Indebtedness of Subsidiaries as of June 30, 2002">Long-Term Indebtedness of Subsidiaries as
  of June 30, 2002</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Schedule3_9e" title="Click to goto SCHEDULE 3.9(e)">SCHEDULE
  3.9(e)</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.34%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="81%" valign="top" style="padding:0in 0in 0in 0in;width:81.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#AssumedCereolIndebtedness" title="Click to goto Assumed Cereol Indebtedness">Assumed Cereol Indebtedness</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Schedule4_1" title="Click to goto SCHEDULE 4.1">SCHEDULE
  4.1</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.34%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="81%" valign="top" style="padding:0in 0in 0in 0in;width:81.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#FullMemberStatesOfTheEuropeanUnion" title="Click to goto Full Member States of the European Union as of September 25, 2002">Full Member States of the European Union as
  of September 25, 2002</a></font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">iv</font></p>


<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=5,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=782330,FOLIO='iv',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CROSS-REFERENCE
TABLE</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="55%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:55.08%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Trust Indenture<br>
  Act Section</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="42%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:42.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Indenture<br>
  Section</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="17%" colspan="2" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:17.76%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:2.9%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="34%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:34.42%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:21.14%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="border:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:10.58%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="border:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:10.56%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="17%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:17.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">310(a)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font></p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="top" style="padding:0in .7pt 0in .7pt;width:21.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.10</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.56%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="17%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:17.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="top" style="padding:0in .7pt 0in .7pt;width:21.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.10</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.56%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="17%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:17.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font></p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="top" style="padding:0in .7pt 0in .7pt;width:21.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N.A.</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.56%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="17%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:17.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font></p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="top" style="padding:0in .7pt 0in .7pt;width:21.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N.A.</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.56%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="17%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:17.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.9%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="top" style="padding:0in .7pt 0in .7pt;width:21.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.8 </font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">;8.10</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.56%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="17%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:17.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.9%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="top" style="padding:0in .7pt 0in .7pt;width:21.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N.A.</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.56%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="17%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:17.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">311(a)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.9%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="top" style="padding:0in .7pt 0in .7pt;width:21.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.11</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.56%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="17%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:17.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.9%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="top" style="padding:0in .7pt 0in .7pt;width:21.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.11</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.56%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="17%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:17.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.9%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="top" style="padding:0in .7pt 0in .7pt;width:21.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N.A.</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.56%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="17%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:17.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">312(a)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.9%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="top" style="padding:0in .7pt 0in .7pt;width:21.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.5</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.56%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="17%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:17.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.9%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="top" style="padding:0in .7pt 0in .7pt;width:21.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.3</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.56%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="17%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:17.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.9%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="top" style="padding:0in .7pt 0in .7pt;width:21.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.3</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.56%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="17%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:17.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">313(a)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.9%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="top" style="padding:0in .7pt 0in .7pt;width:21.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.6</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.56%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="17%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:17.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font></p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="top" style="padding:0in .7pt 0in .7pt;width:21.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N.A.</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.56%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="17%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:17.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="top" style="padding:0in .7pt 0in .7pt;width:21.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.6</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.56%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="17%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:17.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.9%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="top" style="padding:0in .7pt 0in .7pt;width:21.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.6</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.56%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="17%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:17.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.9%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="top" style="padding:0in .7pt 0in .7pt;width:21.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.6</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.56%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="17%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:17.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">314(a)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.9%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="top" style="padding:0in .7pt 0in .7pt;width:21.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.16 </font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">;12.2; 12.5</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.56%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="17%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:17.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.9%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="top" style="padding:0in .7pt 0in .7pt;width:21.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N.A</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">.</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.56%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="17%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:17.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font></p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="top" style="padding:0in .7pt 0in .7pt;width:21.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.4</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.56%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="17%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:17.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="top" style="padding:0in .7pt 0in .7pt;width:21.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.4</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.56%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="17%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:17.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font></p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="top" style="padding:0in .7pt 0in .7pt;width:21.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N.A</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">.</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.56%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="17%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:17.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.9%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="top" style="padding:0in .7pt 0in .7pt;width:21.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N.A</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">.</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.56%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="17%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:17.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.9%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="top" style="padding:0in .7pt 0in .7pt;width:21.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.5</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.56%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="17%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:17.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">315(a)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.9%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="top" style="padding:0in .7pt 0in .7pt;width:21.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.1</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.56%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="17%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:17.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.9%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="top" style="padding:0in .7pt 0in .7pt;width:21.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.5</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">; 12.2</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.56%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="17%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:17.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.9%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="top" style="padding:0in .7pt 0in .7pt;width:21.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.1</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.56%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="17%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:17.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.9%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="top" style="padding:0in .7pt 0in .7pt;width:21.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.1</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.56%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="17%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:17.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.9%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="top" style="padding:0in .7pt 0in .7pt;width:21.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.11</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.56%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="17%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:17.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">316(a)(last
  sentence)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.9%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="top" style="padding:0in .7pt 0in .7pt;width:21.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.6</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.56%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="17%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:17.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)(A)</font></p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="top" style="padding:0in .7pt 0in .7pt;width:21.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.5</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.56%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="17%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:17.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)(B)</font></p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="top" style="padding:0in .7pt 0in .7pt;width:21.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.4</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.56%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="17%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:17.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="top" style="padding:0in .7pt 0in .7pt;width:21.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N.A</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">.</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.56%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="17%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:17.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.9%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="top" style="padding:0in .7pt 0in .7pt;width:21.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.8</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.56%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="17%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:17.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">317(a)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font></p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="top" style="padding:0in .7pt 0in .7pt;width:21.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.8</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.56%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="17%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:17.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="top" style="padding:0in .7pt 0in .7pt;width:21.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.9</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.56%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="17%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:17.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.9%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="top" style="padding:0in .7pt 0in .7pt;width:21.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.4</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.56%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="17%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:17.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">318(a)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.9%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="top" style="padding:0in .7pt 0in .7pt;width:21.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.1</font></p>
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.56%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in .7pt 0in .7pt;width:15.1%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt 60.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="39%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:39.98%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N.A. means
  Not Applicable.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="top" style="padding:0in .7pt 0in .7pt;width:21.14%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.56%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr height="0">
  <td width="107" style="border:none;"></td>
  <td width="17" style="border:none;"></td>
  <td width="36" style="border:none;"></td>
  <td width="246" style="border:none;"></td>
  <td width="17" style="border:none;"></td>
  <td width="150" style="border:none;"></td>
  <td width="74" style="border:none;"></td>
  <td width="74" style="border:none;"></td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Note: This Cross-Reference Table shall not,
for any purpose, be deemed to be part of this Indenture.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">v</font></p>


<div align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="center">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=6,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=200757,FOLIO='v',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">INDENTURE dated as of October 15, 2002, among
BUNGE LIMITED FINANCE CORP., a Delaware corporation (the &#147;<u>Company</u>&#148;), as
issuer, BUNGE LIMITED, a company incorporated under the laws of Bermuda with
limited liability (the &#147;<u>Guarantor</u>&#148;), as guarantor, and THE BANK OF NEW
YORK, a New York banking corporation (the &#147;<u>Trustee</u>&#148;), as trustee.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each party agrees as follows for the benefit
of the other parties and for the equal and ratable benefit of the Holders of
(i) the Company&#146;s 7.80% Senior Notes Due 2012 issued on the date hereof and the
guarantees thereof by the Guarantor (the &#147;<u>Initial Notes</u>&#148;), (ii) if and
when issued, additional 7.80% Senior Notes Due 2012 which may be offered
subsequent to the Issue Date and the guarantees thereof by the Guarantor (the &#147;<u>Subsequent
Notes</u>&#148;) and (iii) if and when issued in exchange for the Initial Notes as
provided in the Exchange and Registration Rights Agreement or a similar
agreement relating to the Initial Notes, the Company&#146;s 7.80% Senior Notes Due
2012 and the guarantees thereof by the Guarantor (the &#147;<u>Exchange Notes</u>&#148;
and together with the Initial Notes and any Subsequent Notes, the &#147;<u>Notes</u>&#148;).</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="ArticleI"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE I</font></a></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Definitions and Incorporation by Reference</font></u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section1_1_definitions"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION
1.1.&nbsp;&nbsp;<u>Definitions</u></font></a></p>

<p style="margin:0in 0in .0001pt;text-indent:.6in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Affiliate&#148; means, with respect to any specified
Person, any other Person, directly or indirectly, controlling or controlled by
or under direct or indirect common control with such specified Person. For the
purposes of this definition, &#147;control&#148; when used with respect to any Person
means the power to direct the management and policies of such Person, directly
or indirectly, whether through the ownership of voting securities, by contract
or otherwise; and the terms &#147;controlling&#148; and &#147;controlled&#148; have meanings
correlative to the foregoing; <i><font style="font-style:italic;">provided,
however</font></i>, that the existence of a management contract by the Company
or an Affiliate of the Company to manage another entity shall not be deemed to
be control.&#160; Solely for purposes of
Section&nbsp;3.8 hereof, &#147;Affiliate&#148; also means any Person beneficially owning
or holding, directly or indirectly, 10% or more of any class of the Voting
Stock of the Guarantor or any Subsidiary or any Person of which one or more of
the Guarantor and its Subsidiaries beneficially own or hold, in the aggregate,
directly or indirectly, 10% or more of the Voting Stock of such Person.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.6in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Agent Member&#148; has the meaning ascribed to it in
Section 2.1(d) hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.6in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Asset Securitization Transaction&#148; means any transfer
of accounts receivable and other related assets to the extent that such
transfer is treated as a sale of financial assets under FASB Statement No. 140,
as in effect from time to time.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Attributable Indebtedness&#148; means, when used
with respect to any Sale-Leaseback Transaction, as at the time of
determination, the present value (discounted at the rate of interest set forth
in or implicit in the terms of the lease) of the total obligations of the
lessee for rental payments (other than amounts required to be paid on account
of property taxes, maintenance, repairs, insurance, assessments, utilities,
operating and labor costs and other items that do not constitute payments for
property rights) during the remaining term of the lease</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=7,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=76763,FOLIO='',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">included in such Sale-Leaseback
Transaction (including any period for which such lease has been extended). In
the case of any lease that is terminable by the lessee upon the payment of a
penalty or other termination payment, such amount shall be the amount determined
assuming termination upon the first date such lease may be terminated (in which
case the amount shall also include the amount of the penalty or termination
payment, but no rent shall be considered as required to be paid under such
lease subsequent to the first date upon which it may be so terminated).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Authenticating Agent&#148; has the meaning
ascribed to it in Section 2.2 hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Board of Directors&#148; means, with respect to
any Person, the board of directors of such Person or any duly authorized
committee thereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Bunge Master Trust&#148; means the trust created
pursuant to the Pooling Agreement, a beneficial interest in the assets of which
will be acquired by the Company through the Series 2002-1 VFC.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Business Day&#148; means a day other than a
Saturday, Sunday or other day on which commercial banking institutions are
authorized or required by law to close in New York, New York.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Capital Stock&#148; means, with respect to any
Person, any and all shares, interests, rights to purchase, warrants, options
(whether or not currently exercisable), participations or other equivalents of
or interests in (however designated) the equity (which includes, but is not
limited to, common stock, preferred stock and partnership and joint venture
interests) of such Person (excluding any debt securities convertible into, or
exchangeable for, such equity).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#147;Cereol&#148;</font>
means Cereol S.A., a company organized under the laws of France.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#147;Change of Control&#148;</font>
means (a) with respect to the Guarantor, the occurrence of either of the
following events:</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>at
any time during any twelve (12) consecutive calendar months, more than 50% of
the members of the Board of Directors of the Guarantor who were members on the
first day of such period shall have resigned or shall have been removed or
replaced, other than as a result of death, disability or change in personal
circumstances; or</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any
person or &#147;group&#148; (as defined in section&nbsp;13(d)(3) of the Exchange Act, but
excluding (A) any employee benefit or stock ownership plans of the Guarantor,
(B) members of the Board of Directors and executive officers of the Guarantor
as of the Issue Date, (C) the families of such members and executive officers,
and (D) family trusts established by or for the benefit of any of the foregoing
individuals) shall have acquired more than 50% of the combined voting power of
all classes of common shares of the Guarantor,</p>

<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">provided</font></i>
that a Change of Control shall not be deemed to have occurred under this clause (a) in the event that the
purchase by the Guarantor of common shares issued and outstanding on the</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=8,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=996820,FOLIO='2',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Issue Date results in one or more of the Guarantor&#146;s shareholders of
record as of the Issue Date controlling more than 50% of the combined voting
power of all classes of common shares of the Guarantor; and</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>with
respect to the Company, if at any time the Guarantor shall fail to own,
directly or indirectly, 100% of the Capital Stock of the Company.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Change of Control Offer&#148; has the meaning ascribed to
it in Section 6.1(a) hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Change of Control Payment&#148; has the meaning ascribed
to it in Section 6.1(a) hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Change of Control Payment Date&#148; has the
meaning ascribed to it in Section 6.1(b) hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Code&#148; means the U.S. Internal Revenue Code
of 1986, as amended.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Company&#148; means Bunge Limited Finance Corp.
or its successor.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Company Order&#148; has the meaning ascribed to
it in Section 2.2 hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#147;Consolidated Adjusted
Capitalization&#148; </font>means, at any date of determination, the sum of
(a)&nbsp;Consolidated Net Worth <i><font style="font-style:italic;">plus</font></i> (b)&nbsp;Consolidated Adjusted Net
Debt, in each case determined at such date.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#147;Consolidated Adjusted Net
Debt&#148; </font>means, with respect to the Guarantor and its Subsidiaries, at any
date of determination, (a)&nbsp;the aggregate principal amount of the
Indebtedness of the Guarantor and its Subsidiaries determined on a consolidated
basis at such date <i><font style="font-style:italic;">minus</font></i> (b)&nbsp;the sum of all cash, cash
equivalents under U.S. GAAP, and Liquid Inventory of the Guarantor and its
Subsidiaries at such date.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#147;Consolidated Current
Assets&#148; </font>means, at any date of determination, all assets of the Guarantor
and its Subsidiaries that would be reflected as current assets on a
consolidated balance sheet of such Persons prepared in accordance with U.S.
GAAP at such date.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#147;Consolidated
Current Liabilities&#148;</font><i><font style="font-style:italic;">  </font></i>means, at any date of determination, all
liabilities of the Guarantor and its Subsidiaries that would be reflected as
current liabilities on a consolidated balance sheet of such Persons prepared in
accordance with U.S. GAAP at such date.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#147;Consolidated
Net Income&#148;</font> means, with respect to any period, the consolidated
net income (or loss) of the Guarantor and its Subsidiaries for such period
(taken as a cumulative whole) as determined in accordance with GAAP, after
eliminating all offsetting debits and credits between the Guarantor and its
Subsidiaries and all other items required to be eliminated in the course of the
preparation of consolidated financial statements of the Guarantor and its
Subsidiaries in accordance with GAAP.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=9,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=419676,FOLIO='3',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Consolidated Net Tangible Assets&#148; means, at
any date of determination, the total amount of assets of the Guarantor and its
consolidated subsidiaries after deducting therefrom:</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>all
current liabilities (excluding any current liabilities that by their terms are
extendable or renewable at the option of the obligor thereon to a time more
than 12 months after the time as of which the amount thereof is being
computed);</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>total
prepaid expenses and deferred charges; and</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>all
goodwill, trade names, trademarks, patents, licenses, copyrights and other
intangible assets, all as set forth, or on a pro forma basis would be set
forth, on the consolidated balance sheet of the Guarantor and its consolidated
subsidiaries for its most recently completed fiscal quarter, prepared in&#160; accordance with generally accepted
accounting principles.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#147;Consolidated Net Worth&#148; means the Net Worth of
the Guarantor and its Subsidiaries determined on</font> a consolidated basis in
accordance with U.S. GAAP, plus minority interests in Subsidiaries.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Consolidated Total Assets&#148; means, at any date of
determination, the amount at which the total assets of the Guarantor and the
Subsidiaries appear on the then most recent annual consolidated balance sheet
of such Persons prepared in accordance with U.S. GAAP, after deduction of
depreciation, amortization and all other properly deductible valuation
reserves.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Corporate Trust Office&#148; has the meaning
ascribed to it in Section 3.11 hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;covenant defeasance option&#148; has the meaning
ascribed to it in Section 9.1(b) hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#147;Debt
Prepayment Application&#148; </font>means, with respect to any Disposition of
property, the application by the Guarantor or its Subsidiaries of cash in an
amount equal to the Net Proceeds Amount with respect to such Disposition to pay
Senior Indebtedness of the Guarantor.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Default&#148; means any event which is, or after
notice or passage of time or both would be, an Event of Default.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Defaulted Interest&#148; has the meaning ascribed
to it in Section 2.13 hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Definitive Notes&#148; means certificated Notes.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Designated Obligor&#148; means the Guarantor and
the Subsidiaries of the Guarantor set forth on Schedule 1.1 hereto and any
other Subsidiary designated by the Guarantor from time to time, and each of
their successors.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Disposition&#148; has the meaning ascribed to it in
Section 3.7 hereof.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=10,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=516382,FOLIO='4',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#147;Disposition
Value&#148; </font>means, at any date of determination, with respect to any
property (a) in the case of property that does not constitute Subsidiary Stock,
the book value thereof, valued at the time of such disposition in good faith by
the Guarantor, and (b) in the case of property that constitutes Subsidiary
Stock, an amount equal to that percentage of the book value of the assets of
the Subsidiary that issued such stock as is equal to the percentage that the
book value of such Subsidiary Stock represents of the book value of all of the
outstanding Capital Stock of such Subsidiary (assuming, in making such
calculations, that all securities (as such term is defined in Section 2(1) of
the Securities Act) convertible into such Capital Stock are so converted and
giving full effect to all transactions that would occur or be required in
connection with such conversion) determined at the time of the disposition
thereof, in good faith by the Guarantor.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;DTC&#148; means The Depository Trust Company, its
nominees and their respective successors and assigns, or such other depository
institution hereinafter appointed by the Company.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Event of Default&#148; has the meaning ascribed
to it in Section 7.1 hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Exchange Act&#148; means the U.S. Securities
Exchange Act of 1934, as amended.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Exchange and Registration Rights Agreement&#148;
means the Exchange and Registration Rights Agreement dated the Issue Date among
the Company, the Guarantor and the Initial Purchasers.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Exchange Global Note&#148; has the meaning
ascribed to it in Section 2.1(a) hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Exchange Notes&#148; has the meaning ascribed to
it in the second introductory paragraph of this Indenture.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Excluded Dispositions&#148; has the meaning ascribed to it
in Section 3.7(h) hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#147;Fair
Market Value&#148; </font>means, with respect to any property, the sale value
of such property that would be realized in an arm&#146;s-length sale at such time
between an informed and willing buyer, and an informed and willing seller,
under no compulsion to buy or sell, respectively.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Fiscal Year&#148; means the fiscal year of the
Company ending on December 31 of each year.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Global Notes&#148; has the meaning ascribed to it
in Section 2.1(a) hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#147;guarantee&#148; means any obligation, contingent or otherwise, of any
Person directly or indirectly guaranteeing any Indebtedness of any other Person
and any obligation, direct or indirect, contingent or otherwise, of such
Person:</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>to purchase or pay
(or advance or supply funds for the purchase or payment of) such Indebtedness
of such other Person (whether arising by virtue of partnership arrangements, or
by agreement to keep-well, to </p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=11,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=525818,FOLIO='5',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">purchase assets, goods, securities or services, to take-or-pay, or to
maintain financial statement conditions or otherwise); or</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>entered into for
purposes of assuring in any other manner the obligee of such Indebtedness of
the payment thereof or to protect such obligee against loss in respect thereof
(in whole or in part);</p>

<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">provided, however, </font></i>that the term &#147;guarantee&#148;
will not include endorsements for collection or deposit in the ordinary course
of business. The term &#147;guarantee,&#148; when used as a verb, has a corresponding
meaning.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Guarantee&#148; means any guarantee of payment of
the Notes and any other obligations of the Company by the Guarantor pursuant to
the terms of this Indenture.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Guarantor&#148; means Bunge Limited.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Guaranty&#148; means the Third Amended and
Restated Guaranty, dated as of September 6, 2002, by the Guarantor to
Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., JPMorgan Chase Bank and
the Master Trust Trustee, as the same may be amended, supplemented or otherwise
modified from time to time in accordance with its terms, subject to Section
3.2(f) hereof</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Hedge Agreements&#148; means all interest rate
swaps, caps or collar agreements or similar arrangements dealing with interest
rates or currency exchange rates or the exchange of nominal interest
obligations, either generally or under specific contingencies.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Holder&#148; or &#147;Noteholder&#148; means the Person in
whose name a Note is registered in the Note Register.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;IAI&#148; has the meaning ascribed to it in
Section 2.1(a) hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Indebtedness&#148; means, as to any Person,
without duplication, (a) all obligations of such Person for borrowed money, (b)
all obligations of such Person evidenced by bonds, debentures, notes or other
similar instruments, (c) all obligations of such Person to pay the deferred
purchase price of property, except trade accounts payable arising in the
ordinary course of business, (d) all obligations of such Person as lessee which
are capitalized in accordance with U.S. GAAP, (e) all obligations of such
Person created or arising under any conditional sales or other title retention
agreement with respect to any property acquired by such Person (including
without limitation, obligations under any such agreement which provides that
the rights and remedies of the seller or lender thereunder in the event of
default are limited to repossession or sale of such property), (f) all
obligations of such Person with respect to letters of credit and similar
instruments, including without limitation obligations under reimbursement
agreements, (g) all Indebtedness of others secured by (or for which the holder
of such Indebtedness has existing right, contingent or otherwise, to be secured
by) a Lien on any asset of such Person, whether or not such Indebtedness is
assumed by such Person, (h) all net obligations of such Person in respect of equity
derivatives and Hedge Agreements and (i) all guarantees of such Person (other
than guarantees of obligations of direct or indirect Subsidiaries of such
Person).</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=12,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=775918,FOLIO='6',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Indenture&#148; means this Indenture, as amended
or supplemented from time to time in accordance with its terms.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Initial Purchasers&#148; means, collectively,
Credit Suisse First Boston Corporation, J.P. Morgan Securities Inc. and Salomon
Smith Barney Inc.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Initial Notes&#148; has the meaning ascribed to it
in the second introductory paragraph of this Indenture.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Institutional Accredited Investor Global
Note&#148; has the meaning ascribed to it in Section 2.1(a) hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Issue Date&#148; means the date on which the
Initial Notes are originally issued.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;legal defeasance option&#148; has the meaning
ascribed to it in Section 9.1(b) hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Legal Holiday&#148; has the meaning ascribed to
it in Section 12.8 hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Lien&#148; means any mortgage, lien, security
interest, pledge, charge or other encumbrance.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#147;Liquid
Inventory&#148; </font>means, as to the Guarantor and its Subsidiaries at any
date of determination, its inventory at such date of determination of
commodities which are traded on any recognized commodities exchange, valued in
accordance with prevailing market practices applicable to the type of such
commodity at either (a)&nbsp;the lower of cost and the market value at such
date of determination or (b)&nbsp;the market value at such date.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#147;Long-Term
Indebtedness&#148; </font>means, with respect to any Person, without
duplication, Indebtedness having a final maturity of more than one year from
the date of origin thereof (or which is renewable or extendible at the option
of the obligor for a period or periods of more than one year from such date of
origin) or outstanding under revolving credit agreements or other similar
agreements providing for borrowings for over one year from the date of origin
thereof or Indebtedness that is extendible or renewable at the option of such
Person to a time more than one year after such date of origin (but excluding
therefrom all payments in respect of such Indebtedness that are due and payable
within one year of such time).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Master Trust Transaction Documents&#148; means
the collective reference to the Pooling Agreement, the Series 2002-1
Supplement, the Series 2002-1 VFC, the Sale Agreement, the Servicing Agreement
and the Guaranty.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Master Trust Trustee&#148; means The Bank of New
York, as trustee under, and for the purposes of, the Master Trust Transaction
Documents, and any successor thereto.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#147;Material&#148;</font>
means material in relation to the business, operations, affairs, financial
condition, assets or properties of the Guarantor and its consolidated
Subsidiaries taken as a whole.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=13,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=422982,FOLIO='7',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Material Adverse Effect&#148; means a material
adverse effect, or any development involving a prospective material adverse
effect, in the condition, financial or otherwise, or in the earnings, business
or operations of the Guarantor and its Subsidiaries taken as a whole.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#147;Material
Subsidiary&#148;</font> means, at any time, any Subsidiary of the Guarantor
which at such time (a)&nbsp;has total assets aggregating in excess of 5% of
Consolidated Total Assets or (b)&nbsp;the portion of Consolidated Net Income
which was contributed by such Subsidiary during the four fiscal quarters then
most recently ended exceeds 5% of Consolidated Net Income.&#160; The Material Subsidiaries as of the date
hereof are set forth on Schedule 1.1 hereto.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#147;Net
Proceeds Amount&#148;</font><i><font style="font-style:italic;">  </font></i>means, with respect to any Disposition of
any property by any Person, an amount equal to the difference of (a) the
aggregate amount of the consideration (valued at no less than the Fair Market
Value of such consideration at the time of the consummation of such
Disposition) received by such Person in respect of such Disposition, <i><font style="font-style:italic;">minus</font></i> (b) all ordinary and reasonable
out-of-pocket costs and expenses actually incurred by such Person in connection
with such Disposition.<br><br></font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#147;Net Worth&#148;</font><i><font style="font-style:italic;">  </font></i>means,
with respect to any Person, the sum of such Person&#146;s capital stock, capital in
excess of par or stated value of shares of its capital stock, retained earnings
and any other account which, in accordance with U.S. GAAP, constitutes
stockholders&#146; equity, excluding any treasury stock.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#147;Non-Designated
Obligor&#148; </font>means any Subsidiary that is not a Designated Obligor.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Non-U.S. Person&#148; means a person who is not a
U.S. person, as defined in Regulation S.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Note Register&#148; means the register of Notes,
maintained by the<b><font style="font-weight:bold;">  </font></b>Registrar,
pursuant to Section 2.3 hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Notes&#148; means the collective reference to the
Initial Notes, the Subsequent Notes and the Exchange Notes.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Obligations&#148; has the meaning ascribed to it
in Section 11.1 hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Officer&#148; means the Chairman of the Board of
Directors, the Chief Executive Officer, the President, the Chief Financial
Officer, any Vice President, the Treasurer or the Secretary of the Company or
the Guarantor, as applicable.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Officers&#146; Certificate&#148; means a certificate
signed by two Officers or attorneys-in-fact or by an Officer and either an
Assistant Treasurer or an Assistant Secretary of the Company or the Guarantor,
as applicable.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Opinion of Counsel&#148; means a written opinion
from legal counsel, which counsel may be an employee of or counsel to the
Company.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=14,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=884545,FOLIO='8',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#147;Pari Passu
Indebtedness&#148;</font> means Indebtedness for borrowed money, the proceeds
of which are used to purchase interests in the Series&nbsp;2002-1 VFC and/or to
refinance Indebtedness originally used for such purpose, and Indebtedness
incurred in connection with Hedge Agreements, in each case which ranks not
greater than <i><font style="font-style:italic;">pari passu </font></i>(in priority of payment) with the Notes.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Paying Agent&#148; has the meaning ascribed to it
in Section 2.3 hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Permitted Indebtedness&#148; means (a)
Indebtedness of the Company under the Notes and (b) Pari Passu Indebtedness.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Permitted Liens&#148; means:</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Liens
for current taxes, assessments or other governmental charges which are not
delinquent or remain payable without any penalty, or the validity of which is
contested in good faith by appropriate proceedings upon stay of execution of
the enforcement thereof or upon posting a bond in connection therewith;</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any
Lien pursuant to any order or attachment or similar legal process arising in
connection with court proceedings; <i><font style="font-style:italic;">provided</font></i>
that the execution or other enforcement thereof is effectively stayed or a
sufficient bond had been posted and the claims secured thereby are being
contested at the time in good faith by appropriate proceedings;</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any
Liens securing bonds posted with respect to and in compliance with clauses (1)
and (2) above;</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any
Liens securing the claims of mechanics, laborers, workmen, repairmen,
materialmen, suppliers, carriers, warehousemen, landlords, or vendors or other
claims provided for by mandatory provisions of law which are not yet due and
delinquent, or are being contested in good faith by appropriate proceedings;</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any
Lien on any Property securing Indebtedness incurred or assumed solely for the
purpose of financing all or any part of the cost of constructing or acquiring
such Property, which Lien attaches to such Property concurrently with or within
90 days after construction, the acquisition or completion of a series of
related acquisitions thereof;</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Liens
existing immediately prior to the execution of this Indenture (and listed on
Schedule 3.4 hereto);</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Liens
to secure bonds posted in order to obtain stays of judgments, attachments or
orders, the existence of which bonds would not otherwise constitute an Event of
Default;</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Liens
on Property existing prior to the acquisition of such Property or the
acquisition of any Subsidiary that is the owner of such Property;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=15,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=512853,FOLIO='9',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(9)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Liens
created by a Subsidiary in favor of the Company, the Guarantor or a Subsidiary;</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(10)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Liens
on any accounts receivable from or invoices to export customers (including, but
not limited to, Subsidiaries) and the proceeds thereof;</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(11)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Liens
on rights under contracts to sell, purchase or receive commodities to or from
export customers (including, but not limited to, Subsidiaries) and the proceeds
thereof;</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(12)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Liens
on cash deposited as collateral in connection with financings where Liens are
permitted under clause (10) and (11) of this definition;</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(13)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Liens
extending, renewing or replacing, in whole or in part Liens permitted pursuant
to clauses (1) through (8), so long as the principal amount of the Indebtedness
secured by such Lien does not (i) in the case of clauses (1) through (5),
inclusive, (7) and (8), exceed its original principal amount and (ii) in the
case of clause (6), exceed the principal amount thereof outstanding immediately
prior to the execution and delivery of the Indenture;</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(14)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>minor
survey exceptions or minor encumbrances, easements or reservations, or rights
of others for rights-of-way, utilities and other similar purposes, or zoning or
other restrictions as to the use of real properties, which are necessary for
the conduct of the activities of the Company, the Guarantor or the Subsidiaries
or which customarily exist on properties of corporations engaged in similar
activities and similarly situated and which do not in any event materially
impair their use in the operation of the business of the Company, the Guarantor
or the Subsidiaries;</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(15)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Liens
on accounts receivable and other related assets arising in connection with
transfers thereof to the extent that such transfers are treated as sales of
financial assets under FASB Statement No. 140, as in effect from time to time;
and</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(16)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Liens
on intercompany loans (or interest therein) made to the Guarantor or any
Designated Obligor and held by the Master Trust Trustee, which loans are
subject to the Pooling Agreement.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For purposes
of interpreting (A) clauses (10) and (11) above, the phrases &#147;accounts
receivable from or invoices to export customers&#148; and &#147;contracts to sell,
purchase or receive commodities to (from) export customers&#148; shall refer to
invoices or accounts receivable derived from the sale of, or contracts to sell,
purchase or receive wheat, soybeans or other commodities or products derived
from the processing of wheat, soybeans or other commodities, by or to the
Guarantor or a Subsidiary that have been or are to be exported from the country
of origin whether or not such sale is made by a Subsidiary or to any of its
Subsidiaries; and (B) clause (8) above, &nbsp;property of a party to a
corporate reorganization which is not the Guarantor or a Subsidiary shall be
deemed &#147;acquired&#148; by the Guarantor or such Subsidiary as part of such corporate
reorganization even if the Guarantor or Subsidiary, as the case may be, is not
the surviving entity.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=16,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=761398,FOLIO='10',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Person&#148; means any individual, corporation,
partnership, joint venture, association, joint-stock company, trust,
unincorporated organization, limited liability company, government or any
agency or political subdivision hereof or any other entity.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Pooling Agreement&#148; means the Third Amended
and Restated Pooling Agreement, dated as of September 6, 2002, among Bunge
Funding, Inc., Bunge Management Services, Inc., as servicer, and The Bank of
New York, in its capacity as Master Trust Trustee, as amended, modified or
supplemented from time to time in accordance with its terms, subject to Section
3.2(f) hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Property&#148; has the meaning ascribed to it in
Section 3.2(d) hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#147;Property
Reinvestment Application&#148;</font><i><font style="font-style:italic;">  </font></i>means, with respect to any Disposition of
property, the satisfaction of each of the following conditions:</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Guarantor or any
of its Subsidiaries making such Disposition shall have either (i)&nbsp;entered
into one or more agreements to apply an amount equal to the Net Proceeds Amount
with respect to such Disposition to the acquisition by the Guarantor or such
Subsidiary of property or (ii)&nbsp;received property as consideration in an
amount equal to the Net Proceeds Amount, in each case that upon such
acquisition or receipt as consideration is unencumbered by any Lien (other than
Permitted Liens or Liens otherwise permitted by Section 3.6 hereof) and that</p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>constitutes property
that is (x)&nbsp;property classifiable under U.S. GAAP as non-current to the
extent that such proceeds are derived from the Disposition of property that was
properly classifiable as non-current, and otherwise properly classifiable as
either current or non-current, and (y)&nbsp;to be used in the ordinary course
of business of the Guarantor and the Subsidiaries, or</p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>constitutes equity
interests of a Person that shall own, or invest the proceeds received from the
Guarantor or its Subsidiaries in, property of the nature described in the
immediately preceding clause&nbsp;(1);</p>

<p style="margin:0in 0in .0001pt .5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">provided</font></i>, that the transactions contemplated
by such agreement or agreements are consummated within one year following the
consummation of such Disposition; and</p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Guarantor shall
have delivered a certificate of an Officer of the Guarantor to the Trustee
referring to Section&nbsp;3.7 hereof,
and identifying the property that was the subject of such Disposition, the
Disposition Value of such property, and the nature, terms, amount and
application of the proceeds from such Disposition.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Private Placement Legend&#148; has the meaning
ascribed to it in Section 2.1(c) hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;QIB&#148; means any &#147;qualified institutional
buyer&#148; (as defined in Rule 144A under the Securities Act).</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=17,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=491597,FOLIO='11',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Redemption Date&#148; means, with respect to any
redemption of Notes, the date of redemption with respect thereto.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Redemption Price&#148; has the meaning ascribed
to it in paragraph 5 of the Notes, the form of which is attached as Exhibits A
and B hereto.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Registered Exchange Offer&#148; has the meaning
ascribed to it the Exchange and Registration Rights Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Registrar&#148; has the meaning ascribed to it in
Section 2.3 hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Regulation S&#148; has the meaning ascribed to it
in Section 2.1(a) hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Regulation S Global Note&#148; has the meaning
ascribed to it in Section 2.1(a) hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Regulation S Legend&#148; has the meaning
ascribed to it in Section 2.1(c) hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Regulation S Note&#148; has the meaning ascribed
to it in Section 2.1(a) hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Resale Restriction Termination Date&#148; has the
meaning ascribed to it in Section 2.6 hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Restricted Period&#148; means the 40 consecutive
days beginning on and including the later of (A) the day on which the Initial
Notes are offered to persons other than distributors (as defined in Regulation
S under the Securities Act) and (B) the Issue Date.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Restricted Notes Legend&#148; means the Private
Placement Legend set forth in clause (1) of Section 2.1(c) hereof or the
Regulation S Legend set forth in clause (2) of Section 2.1(c) hereof, as
applicable.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Rule 144A&#148; has the meaning ascribed to it in
Section 2.1(a) hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Rule 144A Global Note&#148; has the meaning
ascribed to it in Section 2.1(a) hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Rule 144A Note&#148; has the meaning ascribed to
it in Section 2.1(a) hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Sale Agreement&#148; means the Second Amended and
Restated Sale Agreement, dated as of September 6, 2002, among Bunge Funding,
Inc., as buyer, and Bunge Finance Limited and Bunge Finance North America,
Inc., each as a seller, as the same may be amended, supplemented or otherwise
modified from time to time in accordance with its terms, subject to Section
3.2(f) hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Sale-Leaseback Transaction&#148; means the sale
or transfer by the Guarantor or any Subsidiary of any Property to a Person
(other than the Guarantor or a Subsidiary) and the taking back by the Guarantor
or any Subsidiary, as the case may be, of a lease of such Property.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;SEC&#148; means the U.S. Securities and Exchange
Commission.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=18,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=968874,FOLIO='12',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Securities Act&#148; means the U.S. Securities
Act of 1933, as amended.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Securities Custodian&#148; means the custodian
with respect to the Global Note (as appointed by DTC), or any successor Person
thereto and shall initially be the Trustee.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#147;Senior
Indebtedness&#148;</font><i><font style="font-style:italic;">  </font></i>means all Indebtedness of the Guarantor
and its Subsidiaries that is not subordinated in right of payment or security
to Indebtedness evidenced by the Notes.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Series&#148; means an interest in the Bunge
Master Trust created and authorized pursuant to a supplement to the Pooling
Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Series 2002-1 Supplement&#148; means the First
Amended and Restated Series 2002-1 Supplement to the Pooling Agreement, dated
as of September 6, 2002, among the Company, Bunge Funding, Inc., Bunge
Management Services, Inc. and the Master Trust Trustee, as the same may be
amended, supplemented or otherwise modified from time to time in accordance
with its terms, subject to Section 3.2(f) hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Series 2002-1 VFC&#148; means the interest in the
Bunge Master Trust created and
authorized pursuant to a supplement to the Pooling Agreement that is designated
as the &#147;Series 2002-1 VFC Certificate&#148; in which the Company will acquire a
beneficial interest with the net proceeds of the Notes and other Permitted
Indebtedness.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Servicing Agreement&#148; means the Second
Amended and Restated Servicing Agreement, dated as of February 26, 2002 among
Bunge Funding, Inc., Bunge Management Services, Inc., as the servicer, and The
Bank of New York, in its capacity as the Master Trust Trustee, as the same may
be amended, supplemented or otherwise modified from time to time in accordance
with its terms, subject to Section 3.2(f) hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#147;Short-Term
Indebtedness&#148;</font> means any Indebtedness not constituting Long-Term
Indebtedness.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Special Interest Payment Date&#148; has the
meaning ascribed to it in Section 2.13 hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Special Record Date&#148; has the meaning
ascribed to it in Section 2.13 hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Stated Maturity&#148; means, with respect to any
security, the date specified in such security as the fixed date on which the
payment of principal of such security is due and payable, including pursuant to
any mandatory redemption provision, but shall not include any contingent
obligations to repay, redeem or repurchase any such principal prior to the date
originally scheduled for the payment thereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Subsequent Notes&#148; has the meaning ascribed
to it in the second introductory paragraph of this Indenture.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Subsidiary&#148; means any corporation, limited
liability company or other business entity of which the requisite number of
shares of stock or other equity ownership interests having</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=19,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=631006,FOLIO='13',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ordinary voting power (without
regard to the occurrence of any contingency) to elect a majority of the
directors, managers or trustees thereof, or any partnership of which more than
50% of the partners&#146; equity interests (considering all partners&#146; equity
interests as a single class) is, in each case, at the time owned or controlled,
directly or indirectly, by the Guarantor, one or more of the Subsidiaries, or
combination thereof.<b><font style="font-weight:bold;">&#160; </font></b>Notwithstanding the foregoing,
except as otherwise set forth in Section 3.9 hereof, Fosfertil S.A. shall not
be deemed a Subsidiary of the Guarantor for the purposes of Sections 3.3(a),
3.3(c), 3.4, 3.5, 3.6, 3.7, 3.8 and 3.9 hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#147;Subsidiary
Stock&#148; </font>means, with respect to any Person, the shares or stock (or
any options or warrants to purchase shares or stock or other securities (as
such term is defined in Section 2(1) of the Securities Act) exchangeable for or
convertible into shares or stock) of any subsidiary of such Person.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Successor Guarantor&#148; has the meaning
ascribed to it in Section 4.1 hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#147;Total
Non-Designated Obligor Indebtedness&#148;</font> means all Short-Term
Indebtedness and Long-Term Indebtedness of Non-Designated Obligors incurred
and/or outstanding within the limitations of Section&nbsp;3.9(g)(i) and Section 3.9(g)(ii)(y)(A) hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Trust Indenture Act&#148; means the U.S. Trust
Indenture Act of 1939, as in effect on the date of this Indenture.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Trust Officer&#148; means, with respect to the
Trustee, any officer within the corporate trust department of the Trustee,
including any vice president, assistant vice president, assistant treasurer,
trust officer or any other officer of the Trustee who customarily performs
functions similar to those performed by the Persons who at the time shall be
such officers, respectively, or to whom any corporate trust matter is referred
because of such person&#146;s knowledge of and familiarity with the particular
subject and who shall have direct responsibility for the administration of this
Indenture.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Trustee&#148; means the party named as such in
this Indenture until a successor replaces it and, thereafter, such successor.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#147;U.S.
GAAP&#148; means generally accepted accounting principles in the United States, as
in effect from time to time.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;U.S. Government Securities&#148; means securities
that are (a)&nbsp;direct obligations of the United States of America for the
timely payment of which its full faith and credit is pledged or
(b)&nbsp;obligations of a Person controlled or supervised by and acting as an
agency or instrumentality of the United States of America the timely payment of
which is unconditionally guaranteed as a full faith and credit obligation by
the United States of America, which, in either case, are not callable or
redeemable at the option of the issuer thereof, and shall also include a
depository receipt issued by a bank (as defined in Section 3(a)(2) of the
Securities Act), as custodian with respect to any such U.S. Government
Securities or a specific payment of principal of or interest on any such U.S.
Government Securities held by such custodian for the account of the holder of
such depository receipt; <i><font style="font-style:italic;">provided</font></i>
that (except as required by law) such custodian is not authorized to make any
deduction from the amount payable to the holder of such depository receipt from
any amount received by the custodian in respect of the U.S. Government
Securities</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=20,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=435342,FOLIO='14',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">or the specific payment of
principal of or interest on the U.S. Government Securities evidenced by such
depository receipt.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#147;Voting
Stock&#148;</font> means Capital Stock of any class or classes of a Person,
the holders of which are ordinarily, in the absence of contingencies, entitled
to elect corporate directors (or Persons performing similar functions).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section1_2_incorporationByReference"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION
1.2.&nbsp;&nbsp;<u>Incorporation by Reference of Trust Indenture Act.</u> </font></a>&#160;This Indenture is subject to the mandatory
provisions of the Trust Indenture Act which are incorporated by reference in
and made a part of this Indenture.&#160; The
following Trust Indenture Act terms have the following meanings:</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Commission&#148; means the SEC.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;indenture securities&#148; means the Notes.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;indenture security holder&#148; means a
Noteholder.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;indenture to be qualified&#148; means this
Indenture.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;indenture trustee&#148; or &#147;institutional
trustee&#148; means the Trustee.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;obligor&#148; on the indenture securities means
the Company and any other obligor on the indenture securities.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All other Trust Indenture Act terms used in
this Indenture that are defined by the Trust Indenture Act, defined in the
Trust Indenture Act by reference to another statute or defined by SEC rule have
the meanings assigned to them by such definitions.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section1_3_rulesOfConstruction_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION
1.3.&nbsp;&nbsp;<u>Rules of Construction.</u></font></a>&#160; Unless the context otherwise requires:</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>a
term has the meaning assigned to it;</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>an
accounting term not otherwise defined has the meaning assigned to it in
accordance with U.S. GAAP;</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>&#147;or&#148;
is not exclusive;</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>&#147;including&#148;
means including without limitation;</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>words
in the singular include the plural and words in the plural include the singular;
and</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
principal amount of any noninterest bearing or other discount security at any
date shall be the principal amount thereof that would be shown on a balance
sheet of the issuer dated such date prepared in accordance with U.S. GAAP.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=21,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=378039,FOLIO='15',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="ArticleIi"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE II</font></a></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Notes</font></u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section2_1_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 2.1.</font></a>&nbsp;&nbsp;<u>Form,
Dating and Terms</u>.&#160;
(a)&nbsp;&nbsp;The Initial Notes are being offered and sold by the
Company pursuant to a Purchase Agreement, dated October 9, 2002, among the
Company, the Guarantor and the Initial Purchasers.&#160; The Initial Notes will be resold initially only to (A) qualified
institutional buyers (as defined in Rule 144A under the Securities Act (&#147;<u>Rule
144A</u>&#148;)) in reliance on Rule 144A (&#147;<u>QIBs</u>&#148;) and (B) Persons other than
U.S. Persons (as defined in Regulation S under the Securities Act (&#147;<u>Regulation
S</u>&#148;)) in reliance on Regulation S.&#160;
Such Initial Notes may thereafter be transferred to among others, QIBs,
purchasers in reliance on Regulation S and IAIs in accordance with Rule 501 of
the Securities Act in reliance on the procedure described herein.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Initial Notes offered and sold to the Initial
Purchasers, and subsequently resold to QIBs in the United States of America in
reliance on Rule 144A (the &#147;<u>Rule 144A Note</u>&#148;) will be issued on the Issue
Date in the form of a permanent global Note, without interest coupons,
substantially in the form of Exhibit A hereto, which is hereby incorporated by
reference and made a part of this Indenture, including appropriate legends as
set forth in Section 2.1(c) hereof (the &#147;<u>Rule 144A Global Note</u>&#148;),
deposited with the Trustee, as custodian for DTC, duly executed by the Company
and authenticated by the Trustee as hereinafter provided.&#160; The Rule 144A Global Note may be represented
by more than one certificate, if so required by DTC&#146;s rules regarding the
maximum principal amount to be represented by a single certificate.&#160; The aggregate principal amount of the Rule
144A Global Note may from time to time be increased or decreased by adjustments
made on the records of the Trustee, as custodian for DTC or its nominee, as
hereinafter provided.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Initial Notes offered, sold and resold
outside the United States of America (the &#147;<u>Regulation S Note</u>&#148;) in
reliance on Regulation&nbsp;S shall be issued in the form of a permanent global
Note substantially in the form of Exhibit A hereto, including appropriate
legends as set forth in Section 2.1(c) hereof (the &#147;<u>Regulation S Global Note</u>&#148;),
deposited with the Trustee, as custodian for DTC, duly executed by the Company
and authenticated by the Trustee as hereinafter provided.&#160; The Regulation S Global Note may be
represented by more than one certificate, if so required by DTC&#146;s rules
regarding the maximum principal amount to be represented by a single
certificate.&#160; The aggregate principal
amount of the Regulation S Global Note may from time to time be increased or
decreased by adjustments made on the records of the Trustee, as custodian for
DTC or its nominee, as hereinafter provided.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Initial Notes resold after an initial resale
to QIBs in reliance on Rule 144A or an initial resale in reliance on Regulation
S to institutional &#147;accredited investors&#148; (as defined in Rules 501(a)(1), (2),
(3) and (7) under the Securities Act) who are not QIBs (&#147;<u>IAIs</u>&#148;) in the
United States of America will be issued in the form of a permanent global Note
substantially in the form of Exhibit A hereto (the &#147;<u>Institutional Accredited
Investor Global Note</u>&#148;) deposited with the Trustee, as custodian for DTC,
duly executed by the Company and authenticated by the Trustee as hereinafter
provided.&#160; The Institutional Accredited
Investor Global Note may be represented by more that one certificate, if so
required by DTC&#146;s rules regarding the maximum principal amount to be
represented by a single certificate.&#160;
The aggregate principal amount of the</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=22,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=588009,FOLIO='16',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Institutional Accredited
Investor Global Note may from time to time be increased or decreased by
adjustments made on the records of the Trustee, as custodian for DTC or its
nominee, as hereinafter provided.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exchange Notes exchanged for interests in the
Rule 144A Note, the Regulation S Note and the Institutional Accredited Investor
Global Note will be issued in the form of a permanent global Note substantially
in the form of Exhibit B hereto, which is hereby incorporated by reference and
made a part of this Indenture, deposited with the Trustee as hereinafter
provided, including the appropriate legend set forth in Section 2.1(c) hereof
(the &#147;<u>Exchange Global Note</u>&#148;).&#160;
The Exchange Global Note may be represented by more than one
certificate, if so required by DTC&#146;s rules regarding the maximum principal
amount to be represented by a single certificate.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Rule 144A Global Note, the Regulation S
Global Note, the Institutional Investor Global Note and the Exchange Global
Note are sometimes collectively herein referred to as the &#147;<u>Global Notes</u>.&#148;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as described in the succeeding two
sentences, the principal of and premium, if any, and interest on the Notes
shall be payable at the office or agency of the Company maintained for such
purpose in The City of New York, or at such other office or agency of the
Company as may be maintained for such purpose pursuant to Section 2.3 hereof; <i><font style="font-style:italic;">provided, however,</font></i> that, at the option of
the Company, each installment of interest may be paid by check mailed to
addresses of the Persons entitled thereto as such addresses shall appear on the
Note Register.&#160; Payments in respect of
Notes represented by a Global Note (including principal, premium and interest)
will be made by wire transfer of immediately available funds to the accounts
specified by DTC.&#160; Payments in respect
of Notes represented by Definitive Notes (including principal, premium, if any,
and interest) held by a Holder of at least U.S.$1,000,000 aggregate principal
amount of Notes represented by Definitive Notes will be made by wire transfer
to a U.S. dollar account maintained by the payee with a bank in the United
States if such Holder elects payment by wire transfer by giving written notice
to the Trustee or the Paying Agent to such effect designating such account no
later than 15 days immediately preceding the relevant due date for payment (or
such other date as the Trustee may accept in its discretion).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any Subsequent Notes shall be in the form of
Exhibit A hereto.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Notes may have notations, legends or
endorsements required by law, stock exchange rule or usage, in addition to
those set forth on Exhibit A hereto and Exhibit B hereto and in Section 2.1(c)
hereof.&#160; The Company and the Trustee shall
approve the forms of the Notes and any notation, endorsement or legend on
them.&#160; Each Note shall be dated the date
of its authentication.&#160; The terms of the
Notes set forth in Exhibit A hereto and Exhibit B hereto are part of the terms
of this Indenture and, to the extent applicable, the Company and the Trustee,
by their execution and delivery of this Indenture, expressly agree to be bound
by such terms.</font></p>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Denominations</u>.&#160; The Notes shall be issuable only in fully
registered form, without coupons, and only in denominations of U.S.$1,000 and
any integral multiple thereof.</h3>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=23,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=341827,FOLIO='17',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Restrictive
Legends</u>.&#160; Unless and until
(i)&nbsp;an Initial Note is sold under an effective registration statement or
(ii)&nbsp;an Initial Note is exchanged for an Exchange Note in connection with
an effective registration statement, in each case pursuant to the Exchange and
Registration Rights Agreement or a similar agreement,</h3>

<h6 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h6>

<h6 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>
The Rule 144A Global Note and the Institutional Accredited Investor Global Note
shall bear the following legend (the &#147;<u>Private Placement Legend</u>&#148;) on the
face thereof:</h6>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE &#147;SECURITIES ACT&#148;), OR THE SECURITIES LAWS OF ANY STATE OR OTHER
JURISDICTION.&#160; NEITHER THIS NOTE NOR ANY
INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED,
PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH
REGISTRATION UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH
REGISTRATION.</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THE HOLDER OF
THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES, ON ITS OWN BEHALF AND ON BEHALF OF
ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED NOTES, TO OFFER, SELL OR
OTHERWISE TRANSFER SUCH NOTE, PRIOR TO THE DATE (THE &#147;RESALE RESTRICTION
TERMINATION DATE&#148;) THAT IS TWO YEARS AFTER THE LATER OF THE ORIGINAL ISSUE DATE
HEREOF AND THE LAST DATE ON WHICH BUNGE LIMITED FINANCE CORP. (&#147;THE COMPANY&#148;)
OR ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS NOTE (OR ANY PREDECESSOR
OF SUCH NOTE), ONLY (A) TO THE COMPANY OR BUNGE LIMITED, AS GUARANTOR, (B)
PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE
SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT
TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A
&#147;QUALIFIED INSTITUTIONAL BUYER&#148; AS DEFINED IN RULE 144A UNDER THE SECURITIES
ACT THAT PURCHASES NOTES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN
RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE
UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E)
TO AN INSTITUTIONAL ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a)(1),
(2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS ACQUIRING THE NOTE FOR ITS OWN
ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, IN
EACH CASE IN A TRANSACTION INVOLVING A MINIMUM PRINCIPAL AMOUNT OF THE NOTES OF
U.S.$250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR
SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, OR
(F) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=24,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=595734,FOLIO='18',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">COMPANY&#146;S AND
THE TRUSTEE&#146;S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO
CLAUSES (D), (E) AND (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL,
CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS
LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE
RESTRICTION TERMINATION DATE.&#148;</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h6>

<h6 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
Regulation S Global Note shall bear the following legend (the &#147;<u>Regulation S
Legend</u>&#148;) on the face thereof:</h6>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;THIS NOTE HAS
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
&#147;SECURITIES ACT&#148;), OR THE SECURITIES LAWS OF ANY STATE OR OTHER
JURISDICTION.&#160; NEITHER THIS NOTE NOR ANY
INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED,
PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH
REGISTRATION UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH
REGISTRATION.</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THIS LEGEND
WILL BE REMOVED AFTER 40 CONSECUTIVE DAYS BEGINNING ON AND INCLUDING THE LATER
OF (A) THE DAY ON WHICH THE NOTES ARE OFFERED TO PERSONS OTHER THAN
DISTRIBUTORS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) AND (B) THE
DATE OF THE CLOSING OF THE ORIGINAL OFFERING.&#148;</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h6>

<h6 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Each
of the Global Notes, whether or not an Initial Note, shall bear the following
legend on the face thereof:</h6>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (&#147;DTC&#148;), NEW YORK, NEW YORK, TO THE
COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &amp; CO. OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE &amp; CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE &amp; CO., HAS AN INTEREST HEREIN.</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TRANSFERS OF
THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO
NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR&#146;S NOMINEE AND
TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN
ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE
REVERSE HEREOF.&#148;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=25,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=193958,FOLIO='19',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h5 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Book-Entry
Provisions</u>.&#160; (i)&#160; This Section 2.1(d) shall apply only to
Global Notes deposited with the Trustee, as custodian for DTC.</h5>

<h5 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h5>

<h5 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Each
Global Note initially shall (A) be registered in the name of DTC or the nominee
of DTC, (B) be delivered to the Trustee as custodian for DTC and (C) bear
legends as set forth in Section 2.1(c) hereof.</h5>

<h5 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h5>

<h5 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Members
of, or participants in, DTC (&#147;<u>Agent Members</u>&#148;) shall have no rights under
this Indenture with respect to any Global Note held on their behalf by DTC or
by the Trustee as the custodian of DTC or under such Global Note, and DTC may
be treated by the Company, the Trustee and any agent of the Company or the
Trustee as the absolute owner of such Global Note for all purposes
whatsoever.&#160; Notwithstanding the
foregoing, nothing herein shall prevent the Company, the Trustee or any agent
of the Company or the Trustee from giving effect to any written certification,
proxy or other authorization furnished by DTC or impair, as between DTC and its
Agent Members, the operation of customary practices of DTC governing the
exercise of the rights of a Holder of a beneficial interest in any Global Note.</h5>

<h5 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h5>

<h5 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In
connection with any transfer of a portion of the beneficial interest in a
Global Note pursuant to Section 2.1(e) hereof to beneficial owners who are
required to hold Definitive Notes, the Securities Custodian shall reflect on
its books and records the date and a decrease in the principal amount of such
Global Note in an amount equal to the principal amount of the beneficial
interest in the Global Note to be transferred, and the Company shall execute,
and the Trustee shall authenticate and deliver, one or more Definitive Notes of
like tenor and amount.</h5>

<h5 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h5>

<h5 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In
connection with the transfer of an entire Global Note to beneficial owners
pursuant to Section 2.1(e) hereof, such Global Note shall be deemed to be
surrendered to the Trustee for cancellation, and the Company shall execute, and
the Trustee shall authenticate and deliver, to each beneficial owner identified
by DTC in exchange for its beneficial interest in such Global Note, an equal
aggregate principal amount of Definitive Notes of authorized denominations.</h5>

<h5 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h5>

<h5 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
registered Holder of a Global Note may grant proxies and otherwise authorize
any person, including Agent Members and persons that may hold interests through
Agent Members, to take any action which a Holder is entitled to take under this
Indenture or the Notes.</h5>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Definitive
Notes</u>.&#160; (i)&#160; Except as provided below, owners of
beneficial interests in Global Notes will not be entitled to receive Definitive
Notes.&#160; If required to do so pursuant to
any applicable law or regulation, beneficial owners may obtain Definitive Notes
in exchange for their beneficial interests in a Global Note upon written
request in accordance with DTC&#146;s and the Registrar&#146;s procedures.&#160; In addition, Definitive Notes shall be
transferred to all beneficial owners in exchange for their beneficial interests
in a Global Note if (a)&nbsp;DTC notifies the Company that it is unwilling or
unable to continue as depositary for such Global Note or DTC ceases to be a
clearing agency registered under the Exchange Act, at a time when DTC is required
to be so registered in order to act as depositary, and in each case a successor
depositary is not appointed by the Company within 90&nbsp;days of such notice
or, (b)&nbsp;the Company executes and</h3>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=26,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=180849,FOLIO='20',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">delivers to the Trustee and
Registrar an Officers&#146; Certificate stating that such Global Note shall be so
exchangeable or (c)&nbsp;an Event of Default has occurred and is continuing and
the Registrar has received a request from DTC.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h5 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any
Definitive Note delivered in exchange for an interest in a Global Note pursuant
to Section 2.1(d)(iv) or (v) hereof shall, except as otherwise provided by
Section 2.6(c) hereof bear the applicable legend regarding transfer
restrictions applicable to the Definitive Note set forth in Section 2.1(c)
hereof.</h5>

<h5 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h5>

<h5 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In
connection with the exchange of a portion of a Definitive Note for a beneficial
interest in a Global Note, the Trustee shall cancel such Definitive Note, and
the Company shall execute, and the Trustee shall authenticate and deliver, to
the transferring Holder a new Definitive Note representing the principal amount
not so transferred.</h5>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section2_2_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 2.2.</font></a>&nbsp;&nbsp;<u>Execution
and Authentication.</u>&#160; One Officer
shall execute the Notes, on behalf of the Company, by manual or facsimile
signature.&#160; If an Officer whose
signature is on a Note no longer holds that office at the time the Trustee
authenticates the Note, the Note shall be valid nevertheless, after giving
effect to any exchange of Initial Notes for Exchange Notes.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A Note shall not be valid until an authorized
signatory of the Trustee manually authenticates the Note.&#160; The signature of the Trustee on a Note shall
be conclusive evidence that such Note has been duly and validly authenticated
and issued under this Indenture.&#160; A Note
shall be dated the date of its authentication.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At any time and from time to time after the
execution and delivery of this Indenture, the Trustee shall authenticate and
make available for delivery: (1) Initial Notes for original issue on the Issue
Date initially in an aggregate principal amount of U.S.$200,000,000; (2) if and
when issued, the Subsequent Notes; and (3)&nbsp;Exchange Notes for issue only
in a Registered Exchange Offer pursuant to the Exchange and Registration Rights
Agreement, and only in exchange for Initial Notes of an equal principal amount,
in each case upon a written order of the Company signed by two Officers or by
an Officer and an Assistant Treasurer or an Assistant Secretary of the Company
(the &#147;<u>Company Order</u>&#148;).&#160; Such
Company Order shall specify the amount of the Notes to be authenticated and the
date on which the original issue of Notes is to be authenticated and whether
the Notes are to be Initial Notes, Exchange Notes or Subsequent Notes.&#160; The aggregate principal amount of Notes
which may be authenticated and delivered under this Indenture is initially
limited to U.S.$200,000,000 outstanding (plus any Subsequent Notes), except for
Notes authenticated and delivered upon registration or transfer of, or in
exchange for, or in lieu of, other Notes of the same class pursuant to Section
2.6, Section 2.9, Section 2.11, Section 5.8, or Section 10.5 hereof and except
for transactions similar to the Registered Exchange Offer.&#160; All Notes issued on the Issue Date and all
Subsequent Notes shall be identical in all respects other than issue dates, the
date from which interest accrues and any changes relating thereto.&#160; Notwithstanding anything to the contrary
contained in this Indenture, the Initial Notes, any Subsequent Notes and the
Exchange Notes will be treated as a single class of securities under this
Indenture.&#160; Without limiting the
generality of the foregoing sentence, all Notes issued under this Indenture
shall vote and consent together on all matters as one class and no Notes will
have the right to vote or consent as a separate class on any matter.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=27,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=963991,FOLIO='21',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trustee may appoint an agent (the &#147;<u>Authenticating
Agent</u>&#148;) reasonably acceptable to the Company to authenticate the
Notes.&#160; Unless limited by the terms of
such appointment, any such Authenticating Agent may authenticate Notes whenever
the Trustee may do so.&#160; Each reference
in this Indenture to authentication by the Trustee includes authentication by
the Authenticating Agent.&#160; An
Authenticating Agent has the same rights as a Paying Agent to deal with Holders
or an Affiliate of the Company.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section2_3_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 2.3.</font></a>&nbsp;&nbsp;<u>Registrar
and Paying Agent.</u>&#160; The Company shall
maintain an office or agency where Notes may be presented for registration of
transfer or for exchange (the &#147;<u>Registrar</u>&#148;) and an office or agency where
Notes may be presented for payment (the &#147;<u>Paying Agent</u>&#148;).&#160; The Company shall cause each of the
Registrar and the Paying Agent to maintain an office or agency in the Borough
of Manhattan, The City of New&nbsp;York.&#160;
The Registrar shall keep a register of the Notes and of their transfer
and exchange (the &#147;<u>Note Register</u>&#148;).&#160;
The Company may have one or more co-registrars and one or more
additional paying agents.&#160; The term
&#147;Paying Agent&#148; includes any additional paying agent.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company shall enter into an appropriate
agency agreement with any Registrar, Paying Agent or co-registrar not a party
to this Indenture, which shall incorporate the terms of the Trust Indenture
Act.&#160; The agreement shall implement the
provisions of this Indenture that relate to such agent.&#160; The Company shall notify the Trustee of the
name and address of each such agent.&#160; If
the Company fails to maintain a Registrar or Paying Agent, the Trustee shall
act as such and shall be entitled to appropriate compensation therefor pursuant
to Section 8.7 hereof.&#160; The Company, the
Guarantor or any Subsidiary may act as Paying Agent, Registrar, co-registrar or
transfer agent.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company initially appoints DTC to act as
depository with respect to the Global Notes.&#160;
The Trustee is authorized to enter into a letter of representations with
DTC in the form provided to the Trustee by the Company and to act in accordance
with such letter.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company initially appoints the Trustee as
Registrar and Paying Agent for the Notes.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section2_4_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 2.4.</font></a>&nbsp;&nbsp;<u>Paying
Agent To Hold Money in Trust.</u>&#160; By at
least 10:00 a.m. (New York City time) on the date on which any principal of and
premium, if any, or interest on any Note is due and payable, the Company shall
deposit with the Paying Agent a sum sufficient to pay such principal, premium,
if any, or interest when due.&#160; The
Company shall require each Paying Agent (other than the Trustee) to agree in
writing that such Paying Agent shall hold in trust for the benefit of Noteholders
or the Trustee all money held by such Paying Agent for the payment of principal
of and premium, if any, or interest on the Notes and shall notify the Trustee
in writing of any default by the Company or the Guarantor in making any such
payment.&#160; If the Company, the Guarantor
or a Subsidiary acts as Paying Agent, it shall segregate the money held by it
as Paying Agent and hold it as a separate trust fund.&#160; The Company at any time may require a Paying Agent (other than
the Trustee) to pay all money held by it to the Trustee and to account for any
funds disbursed by such Paying Agent.&#160;
Upon complying with this Section 2.4, the Paying Agent (if other than
the Company or a Subsidiary) shall have no further liability for the money
delivered to the Trustee.&#160; Upon any
bankruptcy, reorganization or similar proceeding with respect to the Company,
the Trustee shall serve as Paying Agent for the Notes.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=28,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=147666,FOLIO='22',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section2_5_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 2.5.</font></a>&nbsp;&nbsp;<u>Noteholder
Lists.</u>&#160; The Trustee shall preserve
in as current a form as is reasonably practicable the most recent list
available to it of the names and addresses of Noteholders and shall otherwise
comply with Trust Indenture Act, Section 312(a).&#160; If the Trustee is not the Registrar, or to the extent otherwise
required under the Trust Indenture Act, the Company, on its own behalf and on
behalf of the Guarantor, shall furnish to the Trustee, in writing at least
seven Business Days before each interest payment date and at such other times
as the Trustee may request in writing, a list in such form and as of such date
as the Trustee may reasonably require of the names and addresses of Noteholders
and the Company shall otherwise comply with Trust Indenture Act, Section
312(a).</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section2_6_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 2.6.</font></a>&nbsp;&nbsp;<u>Transfer
and Exchange.</u>&#160; (a)&#160; The following provisions shall apply with
respect to any proposed transfer of a Rule 144A Note or an Institutional
Accredited Investor Global Note prior to the date which is two years after the
later of the date of its original issue and the last date on which the Company
or any affiliate of the Company was the owner of such Notes (or any predecessor
thereto) (the &#147;<u>Resale Restriction Termination Date</u>&#148;):</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>a transfer of a
Rule 144A Note or an Institutional Accredited Investor Global Note or a
beneficial interest therein to a QIB shall be made upon the representation of
the transferee in the form as set forth on the reverse of the Note that it is
purchasing the Note for its own account or an account with respect to which it
exercises sole investment discretion and that it and any such account is a
&#147;qualified institutional buyer&#148; within the meaning of Rule&nbsp;144A, and is
aware that the sale to it is being made in reliance on Rule&nbsp;144A and
acknowledges that it has received such information regarding the Company as the
proposed transferee has requested pursuant to Rule&nbsp;144A or has determined
not to request such information and that it is aware that the transferor is
relying upon its foregoing representations in order to claim the exemption from
registration provided by Rule&nbsp;144A;</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>a transfer of a Rule
144A Note or an Institutional Accredited Investor Global Note or a beneficial
interest therein to an IAI shall be made upon receipt by the Trustee or its
agent of a certificate substantially in the form set forth in Section 2.7
hereof from the proposed transferee and, if requested by the Company or the
Trustee, the delivery of an opinion of counsel, certification and/or other
information satisfactory to each of them; and</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>a transfer of a Rule
144A Note or an Institutional Accredited Investor Global Note or a beneficial
interest therein to a Non-U.S. Person shall be made upon receipt by the Trustee
or its agent of a certificate substantially in the form set forth in Section
2.8 hereof from the proposed transferee and, if requested by the Company or the
Trustee, the delivery of an opinion of counsel, certification and/or other
information satisfactory to each of them.</p>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
following provisions shall apply with respect to any proposed transfer of a
Regulation S Note prior to the expiration of the Restricted Period:</h3>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>a transfer of a
Regulation S Note or a beneficial interest therein to a QIB shall be made upon
the representation of the transferee, in the form of assignment on the</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=29,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=709157,FOLIO='23',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">reverse of the Note, that it is purchasing the Note for its own account
or an account with respect to which it exercises sole investment discretion and
that it and any such account is a &#147;qualified institutional buyer&#148; within the
meaning of Rule&nbsp;144A, and is aware that the sale to it is being made in
reliance on Rule&nbsp;144A and acknowledges that it has received such
information regarding the Company as the proposed transferee has requested
pursuant to Rule&nbsp;144A or has determined not to request such information and
that it is aware that the transferor is relying upon its foregoing
representations in order to claim the exemption from registration provided by
Rule&nbsp;144A;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>a transfer of a
Regulation S Note or a beneficial interest therein to an IAI shall be made upon
receipt by the Trustee or its agent of a certificate substantially in the form
set forth in Section 2.7 hereof from the proposed transferee and, if requested
by the Company or the Trustee, the delivery of an opinion of counsel,
certification and/or other information satisfactory to each of them; and</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>a transfer of a
Regulation S Note or a beneficial interest therein to a Non-U.S. Person shall
be made upon receipt by the Trustee or its agent of a certificate substantially
in the form set forth in Section 2.8 hereof from the proposed transferee and,
if requested by the Company or the Trustee, receipt by the Trustee or its agent
of an opinion of counsel, certification and/or other information satisfactory
to each of them.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">After the expiration of the Restricted
Period, interests in the Regulation S Note may be transferred without requiring
certification provided for in Section 2.7 or Section 2.8 hereof, or any
additional certification.</font></p>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Restricted
Notes Legend</u>.&#160; Upon the transfer,
exchange or replacement of Notes not bearing a Restricted Notes Legend, the
Registrar shall deliver Notes that do not bear a Restricted Notes Legend.&#160; Upon the transfer, exchange or replacement
of Notes bearing a Restricted Notes Legend, the Registrar shall deliver only Notes
that bear a Restricted Notes Legend unless there is delivered to the Registrar
an Opinion of Counsel to the effect that neither such legend nor the related
restrictions on transfer are required in order to maintain compliance with the
provisions of the Securities Act.</h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
Registrar shall retain copies of all letters, notices and other written
communications received pursuant to Section 2.1 hereof or this Section
2.6.&#160; The Company shall have the right
to inspect and make copies of all such letters, notices or other written
communications at any reasonable time upon the giving of reasonable prior
written notice to the Registrar.</h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Obligations
with Respect to Transfers and Exchanges of Notes</u>.</h3>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To permit
registrations of transfers and exchanges, the Company shall, subject to the
other terms and conditions of this Article II, execute and the Trustee shall
authenticate Definitive Notes and Global Notes at the Registrar&#146;s or
co-registrar&#146;s request.</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>No service charge
shall be made to a Holder for any registration of transfer or exchange, but the
Company may require from a Holder payment of a sum</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=30,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=882495,FOLIO='24',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">sufficient to cover any transfer tax, assessments, or similar
governmental charge payable in connection therewith (other than any such
transfer taxes, assessments or similar governmental charges payable upon
exchange or transfer pursuant to Section 10.5 hereof).</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Registrar or
co-registrar shall not be required to register the transfer of, or exchange of,
any Note for a period beginning (1) 15 days before the mailing of a notice of
an offer to repurchase or redeem Notes and ending at the close of business on
the day of such mailing or (2) 15 days before an interest payment date and
ending on such interest payment date.</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Prior to the due
presentation for registration of transfer of any Note, the Company, the
Trustee, the Paying Agent, the Registrar or any co-registrar may deem and treat
the person in whose name a Note is registered as the absolute owner of such
Note for the purpose of receiving payment of principal of and premium, if any,
and interest on such Note and for all other purposes whatsoever, whether or not
such Note is overdue, and none of the Company, the Trustee, the Paying Agent,
the Registrar or any co-registrar shall be affected by notice to the contrary.</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any Definitive Note
delivered in exchange for an interest in a Global Note pursuant to Section
2.1(d) hereof shall, except as otherwise provided by Section&nbsp;2.6(c) hereof,
bear the applicable legend regarding transfer restrictions applicable to the
Definitive Note set forth in Section 2.1(c) hereof.</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>All Notes issued upon any
transfer or exchange pursuant to the terms of this Indenture shall evidence the
same debt and shall be entitled to the same benefits under this Indenture as
the Notes surrendered upon such transfer or exchange.</p>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>No
Obligation of the Trustee</u>. (i)&#160; The
Trustee shall have no responsibility or obligation to any beneficial owner of a
Global Note, a member of, or a participant in, DTC or other Person with respect
to the accuracy of the records of DTC or its nominee or of any participant or
member thereof, with respect to any ownership interest in the Notes or with
respect to the delivery to any participant, member, beneficial owner or other
Person (other than DTC) of any notice (including any notice of redemption) or
the payment of any amount or delivery of any Notes (or other security or
property) under or with respect to such Notes.&#160;
All notices and communications to be given to the Holders and all
payments to be made to Holders in respect of the Notes shall be given or made
only to or upon the order of the registered Holders (which shall be DTC or its
nominee in the case of a Global Note).&#160;
The rights of beneficial owners in any Global Note shall be exercised
only through DTC subject to the applicable rules and procedures of DTC.&#160; The Trustee may rely and shall be fully
protected in relying upon information furnished by DTC with respect to its
members, participants and any beneficial owners.</h3>

<h5 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h5>

<h5 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
Trustee shall have no obligation or duty to monitor, determine or inquire as to
compliance with any restrictions on transfer imposed under this Indenture or
under applicable law with respect to any transfer of any interest in any Note
(including any transfers between or among DTC participants, members or
beneficial owners in any Global Note) other than to require delivery of such
certificates and other documentation or evidence as are expressly</h5>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=31,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=393011,FOLIO='25',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">required by, and to do so if
and when expressly required by, the terms of this Indenture, and to examine the
same to determine substantial compliance as to form with the express
requirements hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section2_7_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 2.7.</font></a>&nbsp;&nbsp;<u>Form
of Certificate to be Delivered in Connection with Transfers to Institutional
Accredited Investors.</u>&#160; The form of
certificate to be delivered in connection with transfers of Notes to IAIs is
set forth as Exhibit C hereto.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section2_8_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 2.8.</font></a>&nbsp;&nbsp;<u>Form
of Certificate to be Delivered in Connection with Transfers Pursuant to
Regulation S.</u>&#160; The form of
certificate to be delivered in connection with transfers of Notes pursuant to
Regulation S is set forth as Exhibit D hereto.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section2_9_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 2.9.</font></a>&nbsp;&nbsp;<u>Mutilated,
Destroyed, Lost or Stolen Notes.</u>&#160; If
a mutilated Note is surrendered to the Registrar or if the Holder of a Note
claims that the Note has been lost, destroyed or wrongfully taken, the Company
shall issue and the Trustee shall authenticate a replacement Note if the requirements
of Section 8-405 of the New York Uniform Commercial Code are met and the Holder
satisfies any other reasonable requirements of the Trustee.&#160; If required by the Trustee or the Company,
such Holder shall furnish an indemnity bond sufficient in the judgment of the
Company and the Trustee to protect the Company, the Trustee, the Paying Agent,
the Registrar and any co-registrar from any loss which any of them may suffer
if a Note is replaced, and, in the absence of notice to the Company, the
Guarantor or the Trustee that such Note has been acquired by a bona fide
purchaser, the Company shall execute and upon Company Order the Trustee shall
authenticate and make available for delivery, in exchange for any such
mutilated Note or in lieu of any such destroyed, lost or stolen Note, a new
Note of like tenor and principal amount, bearing a number not contemporaneously
outstanding.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In case any such mutilated, destroyed, lost
or stolen Note has become or is about to become due and payable, the Company in
its discretion may, instead of issuing a new Note, pay such Note.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon the issuance of any new Note under this
Section 2.9, the Company may require the payment of a sum sufficient to cover
any tax or other governmental charge that may be imposed in relation thereto
and any other expenses (including the fees and expenses of the Trustee) in
connection therewith.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Every new Note issued pursuant to this
Section 2.9 in lieu of any mutilated, destroyed, lost or stolen Note shall
constitute an original additional contractual obligation of the Company, the
Guarantor (if applicable) and any other obligor upon the Notes, whether or not
the mutilated, destroyed, lost or stolen Note shall be at any time enforceable
by anyone, and shall be entitled to all benefits of this Indenture equally and
proportionately with any and all other Notes duly issued hereunder.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The provisions of this Section 2.9 are
exclusive and shall preclude (to the extent lawful) all other rights and
remedies with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Notes.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section2_10_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 2.10.</font></a>&nbsp;&nbsp;<u>Outstanding
Notes.</u>&#160; Notes outstanding at any
time are all Notes authenticated by the Trustee except for those canceled by
it, those delivered to it for cancellation</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=32,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=737147,FOLIO='26',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and those described in this
Section 2.10 as not outstanding.&#160; A Note
ceases to be outstanding in the event the Company holds the Note, <i><font style="font-style:italic;">provided,
however,</font></i> that (i) for purposes of determining which are outstanding
for consent or voting purposes hereunder, Notes shall cease to be outstanding
in the event the Company or an Affiliate of the Company holds the Note and (ii)
in determining whether the Trustee shall be protected in making a determination
whether the Holders of the requisite principal amount of outstanding Notes are
present at a meeting of Holders of Notes for quorum purposes or have consented
to or voted in favor of any request, demand, authorization, direction, notice,
consent, waiver, amendment or modification hereunder, or relying upon any such
quorum, consent or vote, only Notes which a Trust Officer of the Trustee
actually knows to be held by the Company or an Affiliate of the Company shall
not be considered outstanding.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If a Note is replaced pursuant to Section 2.9
hereof, it ceases to be outstanding unless the Trustee and the Company receive
proof satisfactory to them that the replaced Note is held by a bona fide
purchaser.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Paying Agent segregates and holds in
trust, in accordance with this Indenture, on a redemption date or maturity date
money sufficient to pay all principal, premium, if any, and interest payable on
that date with respect to the Notes (or portions thereof) to be redeemed or
maturing, as the case may be, and the Paying Agent is not prohibited from paying
such money to the Noteholders on that date pursuant to the terms of this
Indenture, then on and after that date such Notes (or portions thereof) cease
to be outstanding and interest on them ceases to accrue.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section2_11_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 2.11.</font></a>&nbsp;&nbsp;<u>Temporary
Notes.</u>&#160; Until Definitive Notes are
ready for delivery, the Company may prepare and the Trustee shall authenticate
temporary Notes.&#160; Temporary Notes shall
be substantially in the form of Definitive Notes but may have variations that the
Company considers appropriate for temporary Notes.&#160; Without unreasonable delay, the Company shall prepare and the
Trustee shall authenticate Definitive Notes.&#160;
After the preparation of Definitive Notes, the temporary Notes shall be
exchangeable for Definitive Notes upon surrender of the temporary Notes at any
office or agency maintained by the Company for that purpose and such exchange
shall be without charge to the Holder.&#160;
Upon surrender for cancellation of any one or more temporary Notes, the
Company shall execute, and the Trustee shall authenticate and make available
for delivery in exchange therefor, one or more Definitive Notes representing an
equal principal amount of Notes.&#160; Until
so exchanged, the Holder of temporary Notes shall in all respects be entitled
to the same benefits under this Indenture as a holder of Definitive Notes.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section2_12_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 2.12.</font></a>&nbsp;&nbsp;<u>Cancellation.</u>&#160; The Company at any time may deliver Notes to
the Trustee for cancellation.&#160; The
Registrar and the Paying Agent shall forward to the Trustee any Notes
surrendered to them for registration of transfer, exchange or payment.&#160; The Trustee, and no one else, shall cancel
and return to the Company all Notes surrendered for registration of transfer,
exchange, payment or cancellation, in its customary manner.&#160; The Company may not issue new Notes to
replace Notes it has paid or delivered to the Trustee for cancellation for any
reason other than in connection with a transfer or exchange.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section2_13_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 2.13.</font></a>&nbsp;&nbsp;<u>Payment
of Interest; Defaulted Interest.</u>&#160;
Interest on any Note which is payable, and is punctually paid or duly
provided for, on any interest payment date shall</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=33,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=19725,FOLIO='27',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">be paid to the Person in whose
name such Note (or one or more predecessor Notes) is registered at the close of
business on the regular record date for such interest at the office or agency
of the Company maintained for such purpose pursuant to Section 2.3 hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any interest on any Note which is payable,
but is not paid when the same becomes due and payable and such nonpayment
continues for a period of 30 days shall forthwith cease to be payable to the
Holder on the regular record date by virtue of having been such Holder, and
such defaulted interest and (to the extent lawful) interest on such defaulted
interest at the rate borne by the Notes (such defaulted interest and interest
thereon herein collectively called &#147;<u>Defaulted Interest</u>&#148;) shall be paid
by the Company, at its election in each case, as provided in clause&nbsp;(a) or
(b) below:</font></p>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
Company may elect to make payment of any Defaulted Interest to the Persons in
whose names the Notes (or their respective predecessor Notes) are registered at
the close of business on a Special Record Date (as defined below) for the
payment of such Defaulted Interest, which shall be fixed in the following
manner.&#160; The Company shall notify the
Trustee in writing of the amount of Defaulted Interest proposed to be paid on
each Note and the date (not less than 30 days after such notice) of the
proposed payment (the &#147;<u>Special Interest Payment Date</u>&#148;), and at the same
time the Company shall deposit with the Trustee an amount of money equal to the
aggregate amount proposed to be paid in respect of such Defaulted Interest or
shall make arrangements satisfactory to the Trustee for such deposit prior to
the date of the proposed payment, such money when deposited to be held in trust
for the benefit of the Persons entitled to such Defaulted Interest as in this
clause provided.&#160; Thereupon the Trustee
shall fix a record date (the &#147;<u>Special Record Date</u>&#148;) for the payment of
such Defaulted Interest which shall be not more than 15 days and not less than
10 days prior to the Special Interest Payment Date and not less than 10 days
after the receipt by the Trustee of the notice of the proposed payment.&#160; The Trustee shall promptly notify the
Company of such Special Record Date, and in the name and at the expense of the
Company, shall cause notice of the proposed payment of such Defaulted Interest
and the Special Record Date and Special Interest Payment Date therefor to be
given in the manner provided for in Section 12.2 hereof, not less than 10 days
prior to such Special Record Date.&#160;
Notice of the proposed payment of such Defaulted Interest and the
Special Record Date and Special Interest Payment Date therefor having been so
given, such Defaulted Interest shall be paid on the Special Interest Payment
Date to the Persons in whose names the Notes (or their respective predecessor
Notes) are registered at the close of business on such Special Record Date and
shall no longer be payable pursuant to the following clause&nbsp;(b).</h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
Company may make payment of any Defaulted Interest in any other lawful manner
not inconsistent with the requirements of any securities exchange on which the
Notes may be listed, and upon such notice as may be required by such exchange,
if, after notice given by the Company to the Trustee of the proposed payment
pursuant to this clause, such manner of payment shall be deemed practicable by
the Trustee.</h3>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to the foregoing provisions of this
Section 2.13, each Note delivered under this Indenture upon registration of,
transfer of or in exchange for or in lieu of any other</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=34,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=10981,FOLIO='28',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Note shall carry the rights to
interest accrued and unpaid, and to accrue, which were carried by such other
Note.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section2_14_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 2.14.</font></a>&nbsp;&nbsp;<u>Computation
of Interest.</u>&#160; Interest on the Notes
shall be computed on the basis of a 360-day year of twelve 30-day months.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section2_15_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 2.15.</font></a>&nbsp;&nbsp;<u>CUSIP
and ISIN Numbers.</u>&#160; The Company in
issuing the Notes may use &#147;CUSIP&#148; and &#147;ISIN&#148; numbers (if then generally in use)
and, if so, the Trustee shall use &#147;CUSIP&#148; and &#147;ISIN&#148; numbers in notices of
redemption as a convenience to Holders; <i><font style="font-style:italic;">provided,
however</font></i>, that any such notice may state that no representation is
made as to the correctness of such numbers either as printed on the Notes or as
contained in any notice of a redemption and that reliance may be placed only on
the other identification numbers printed on the Notes, and any such redemption
shall not be affected by any defect in or omission of such CUSIP or ISIN
numbers.&#160; The Company shall promptly
notify the Trustee of any change in the CUSIP and ISIN numbers.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="ArticleIii"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE III</font></a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Covenants</font></u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section3_1_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 3.1.</font></a>&nbsp;&nbsp;<u>Payment
of Notes</u>.&#160; The Company shall
promptly pay the principal of and premium, if any, and interest on the Notes on
the dates and in the manner provided in the Notes and in this Indenture.&#160; Principal and interest shall be considered
paid on the date due if on such date the Trustee or the Paying Agent holds in
accordance with this Indenture money sufficient to pay all principal and
interest then due and the Trustee or the Paying Agent, as the case may be, is
not prohibited from paying such money to the Noteholders on that date.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company shall pay interest on overdue
principal and premium, if any, at the rate specified therefor in the Notes, and
it shall pay interest on overdue installments of interest at the same rate to
the extent lawful.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding anything to the contrary
contained in this Indenture, the Company may, to the extent it is required to
do so by law, deduct or withhold income or other similar taxes imposed by the
United States of America from principal or interest payments hereunder.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section3_2_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 3.2.</font></a>&#160; <u>Limitation and Restrictions on Activities
of the Company</u>.&#160; (a) The Company
shall not engage in any business or enterprise or enter into any transaction or
agreement other than in connection with (i) the issuance and sale of the Notes,
(ii) the incurrence of other Permitted Indebtedness (iii) the entering into of
Hedge Agreements relating to the Notes or the other Permitted Indebtedness and
having a notional amount not exceeding the aggregate principal amount of the
Notes and such other Permitted Indebtedness then outstanding and (iv) the use
of the net proceeds from the issuance of the Notes or the other Permitted
Indebtedness to increase its investment in the Series 2002-1 VFC.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=35,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=857768,FOLIO='29',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
Company shall not acquire or own any subsidiary or other assets or property
(either real or personal), except for (i) the Series 2002-1 VFC, (ii) Hedge
Agreements, and (iii) instruments evidencing the interests in the foregoing.</p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
Company shall not create, incur, assume or suffer to exist any Indebtedness
other than Permitted Indebtedness.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
Company shall not create, assume, incur or suffer to exist any Lien upon or
with respect to any of its property, either presently owned or hereafter
acquired, including any asset, revenue, or right to receive income or any other
property, whether tangible or intangible, real or personal (all of the
foregoing hereinafter called &#147;<u>Property</u>&#148;); <i><font style="font-style:italic;">provided</font></i>, <i><font style="font-style:italic;">however</font></i>,
it being understood, for the avoidance of doubt, that the Company shall not
create, incur, assume or suffer to exist any Lien which would otherwise
constitute a Permitted Lien in the case of the Guarantor or the other
Subsidiaries.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
Company shall not enter into any consolidation, merger, amalgamation, joint
venture, syndicate or other form of combination with any Person, and shall not
sell, lease, convey or otherwise dispose of any of its assets or receivables,
including, without limitation, the Series 2002-1 VFC or any interest in the
Series 2002-1 VFC.</p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
Company shall not amend, supplement, waive or modify, or consent to any
amendment, supplement, waiver or modification of, any Master Trust Transaction
Document except in accordance with the provisions of this Section 3.2(f).&#160; Any provision of any Master Trust
Transaction Document may be amended, waived, supplemented, restated, discharged
or terminated without the consent of the Holders; <i><font style="font-style:italic;">provided</font></i> that such amendment, waiver, supplement or
restatement does not (i) render the Series 2002-1 VFC subordinate in payment to
any other Series under the Bunge Master Trust or otherwise adversely
discriminate against the Series 2002-1 VFC relative to any other Series under
the Bunge Master Trust, (ii) reduce in any manner the amount of, or delay the
timing of, distributions which are required to be made on or in respect of the
Series 2002-1 VFC, (iii) change the definition of, the manner of calculating,
or in any way the amount of, the interest of the Company in the assets of the
Bunge Master Trust, (iv) change the definition of &#147;Eligible Loans&#148; or, to the
extent used in such definition, other defined terms used in such definition, or
(v) result in a Default or Event of Default; and <i><font style="font-style:italic;">provided</font></i>, <i><font style="font-style:italic;">further</font></i>,
that, in each case, the Trustee shall have received prior notice thereof
together with copies of any documentation related thereto.&#160; Any amendment, waiver, supplement or
restatement of a Master Trust Transaction Document (including any exhibit
thereto) of the type described in clauses (i), (ii), (iii), (iv), or (v) of
this Section 3.2(f) shall require the written consent of at least a majority in
principal amount of the Notes then outstanding (including, without limitation,
consents obtained in connection with a purchase of, or tender offer or exchange
offer for, Notes).</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section3_3_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 3.3.</font></a>&nbsp;&nbsp;<u>Financial
Covenants</u>.&#160; The Guarantor shall not
permit:</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>its Consolidated Net
Worth to be less than U.S.&nbsp;$1,350,000,000 as of the end of each fiscal
quarter of the Guarantor;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=36,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=970789,FOLIO='30',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>its ratio of
Consolidated Adjusted Net Debt to Consolidated Adjusted Capitalization to be
greater than 0.635 to 1.0 as of the end of each fiscal quarter of the
Guarantor; and</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>its
ratio of Consolidated Current Assets to Consolidated Current Liabilities to be
less than 1.1 to 1.0 as of the end of each fiscal quarter of the Guarantor.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section3_4_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 3.4.</font></a>&nbsp;&nbsp;<u>Limitation
on Liens.</u>&#160; The Guarantor shall not,
and shall not permit any Subsidiary to, create, assume, incur or suffer to
exist any Lien, other than a Permitted Lien, upon or with respect to any of its
Property to secure any Indebtedness incurred or guaranteed by the Guarantor or
any Subsidiary (other than the Notes), unless all of the outstanding Notes and
the Guarantee are secured equally and ratably with, or prior to, such
Indebtedness for so long as such Indebtedness shall be so secured.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section3_5_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 3.5.</font></a>&nbsp;&nbsp;<u>Limitation
on Sale-Leaseback Transactions.</u>&#160; The
Guarantor shall not, and shall not permit any Subsidiary to, enter into any
Sale-Leaseback Transaction unless:</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Sale-Leaseback
Transaction occurs within six months from the date of the acquisition of the
Property subject&#160; thereto or the date of
the completion of construction or commencement of full operations of such
Property, whichever is later; or</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Sale-Leaseback
Transaction is between the Guarantor and a Subsidiary of the Guarantor, or
between Subsidiaries of the Guarantor; or</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Sale-Leaseback
Transaction involves a lease for a period, including renewals, of not more than
three years; or</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Sale-Leaseback
Transaction constitutes a Permitted Lien for the purposes of Section 3.4
hereof; or</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Guarantor or such
Subsidiary, within a one-year period after such Sale-Leaseback Transaction,
applies or causes to be applied an amount not less than the Attributable
Indebtedness from such Sale-Leaseback Transaction to (i)&nbsp;the prepayment,
repayment, redemption, reduction or&#160;
retirement of any Indebtedness of the Guarantor or any Subsidiary having
a maturity of more than one year that is not&#160;
subordinated to the Notes or the Guarantee or (ii)&nbsp;the acquisition,
construction or development of other similar Property.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section3_6_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 3.6.</font></a>&nbsp;&nbsp;<u>Exclusion
From Limitations.</u>&#160; Notwithstanding
Sections 3.4 and 3.5 hereof, the Guarantor may, and may permit any Subsidiary
to, create, assume, incur or suffer to exist any Lien (other than a Permitted
Lien) upon any Property to secure Indebtedness incurred or guaranteed by the
Guarantor or any Subsidiary (other than the Notes) or effect any Sale-Leaseback
Transaction of a Property that is not excepted by Sections 3.5(a), (b), (c),<b><font style="font-weight:bold;">  </font></b>(d) and (e) hereof, without equally and
ratably securing the Notes or the Guarantee provided that, after giving effect
thereto, the aggregate principal amount of outstanding Indebtedness (other than
the Notes) secured by Liens (other than Permitted Liens) upon Property plus the
Attributable Indebtedness from Sale-Leaseback Transactions of Property not so
excepted, do not exceed 15% of the Consolidated Net Tangible Assets.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=37,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=749603,FOLIO='31',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section3_7"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 3.7</font></a>.&nbsp;&nbsp;<u>Limitation
on Sale of Assets</u>.&#160; The Guarantor
will not, and will not permit any Subsidiary to, sell, transfer, lease or
otherwise dispose of, including, without limitation, with respect to any
Subsidiary, by way of merger or consolidation of such Subsidiary (collectively,
a &#147;<u>Disposition</u>&#148;), any of
its properties or assets, except:</p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Dispositions
in the ordinary course of business;</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Dispositions
by (i)&nbsp;any Subsidiary to the Guarantor, (ii)&nbsp;the Guarantor to any
Subsidiary, or (iii)&nbsp;any Subsidiary to any other Subsidiary;</p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any
Disposition by the Guarantor pursuant to a contractual commitment existing on
the Issue Date (and listed on Schedule
3.7 hereto);</p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Dispositions
permitted under Article IV hereof;</p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Dispositions
of intercompany loans pursuant to, and as permitted under, the Sale Agreement
or the Pooling Agreement;</p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Dispositions
of property acquired in connection with an acquisition of a Subsidiary within
three years of the date of such acquisition;<i><font style="font-style:italic;"> provided</font></i> that each of the following
conditions is satisfied in respect of each such Disposition:</p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>in the good faith
opinion of an Officer of the Guarantor, such Disposition is in exchange for
consideration having a Fair Market Value at least equal to that of the property
exchanged and is in the best interest of the Guarantor or Subsidiary making
such Disposition;</p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>immediately after
giving effect to such Disposition, no Default or Event of Default would exist;
and</p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>immediately after giving
effect to such Disposition, the sum of the Disposition Values in respect of all
property that was the subject of any Disposition permitted by this Section 3.7(f) or by Section 3.7(h) hereof and occurring in
the then current fiscal year of the Guarantor would not exceed 25% of
Consolidated Total Assets, determined as of the end of the then most recently
ended fiscal year of the Guarantor, as adjusted on a <i><font style="font-style:italic;">pro forma</font></i> basis to include
the total assets of all such acquired Subsidiaries;</p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any
Disposition by the Guarantor or any Subsidiary constituting an Asset
Securitization Transaction, <i><font style="font-style:italic;">provided</font></i> that after consummation of any
such Asset Securitization Transaction and after giving effect thereto and to
the application of the proceeds thereof, the aggregate Fair Market Value
(determined by an Officer of the Guarantor) of all property and assets subject
thereto, together with the aggregate Fair Market Value (determined by an
Officer of the Guarantor) of all other property and assets of the Guarantor or
any of its Subsidiaries subject to one or more then outstanding Asset</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=38,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=1047578,FOLIO='32',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Securitization
Transactions shall not exceed 15% of Consolidated Current Assets, determined as
of the end of the then most recently ended fiscal quarter of the Guarantor,
with any determination of Consolidated Current Assets pursuant hereto being
adjusted on a <i><font style="font-style:italic;">pro&nbsp;forma</font></i> basis to include the aggregate Fair Market
Value (determined by an Officer of the Guarantor) of the property and assets
disposed of in connection with any then outstanding Asset Securitization
Transactions; and</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>other
Dispositions by the Guarantor and the Subsidiaries not described in clauses&nbsp;(a) through (g) hereof
(the Dispositions being described in the said foregoing clauses (a) through (g) being herein referred to collectively as &#147;<u>Excluded Dispositions</u>&#148;), <i><font style="font-style:italic;">provided</font></i>
that each of the following conditions is satisfied in respect of each such
other Disposition not constituting an Excluded Disposition:</p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>in the good faith
opinion of an Officer of the Guarantor, such Disposition is in exchange for consideration
having a Fair Market Value at least equal to that of the property exchanged and
is in the best interest of the Guarantor or Subsidiary making such Disposition;</p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>immediately after
giving effect to such Disposition, no Default or Event of Default would exist;
and</p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>immediately after giving
effect to such Disposition, the sum of the Disposition Values in respect of all
property that was the subject of any Disposition occurring in the then current
fiscal year of the Guarantor would not exceed 10% of Consolidated Total Assets,
determined as of the end of the then most recently ended fiscal year of the
Guarantor.</p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Guarantor shall give written notice to
the Trustee prior to consummation of any Disposition that it intends to apply
the Net Proceeds Amount arising therefrom to a Debt Prepayment Application
and/or to a Property Reinvestment Application within one year after such
Disposition, then such Disposition, only for the purpose of determining
compliance with subsection&nbsp;(iii)
of Section&nbsp;3.7(h), shall be
deemed not to be a Disposition.&#160; If the
Guarantor shall, for any reason, fail to apply such Net Proceeds Amount as
stated in such notice within such period, such failure shall constitute an
Event of Default.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section3_8_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 3.8.</font></a>&nbsp;&nbsp;<u>Limitation
on Transactions with Affiliates</u>.&#160;
The Guarantor will not, and will not permit any Subsidiary to, enter
into directly or indirectly any Material transaction or Material group of
related transactions (including without limitation the purchase, lease, sale or
exchange of properties of any kind or the rendering of any service) with any
Affiliate (other than the Guarantor or another Subsidiary), except in the
ordinary course and pursuant to the reasonable requirements of the business of
the Guarantor or such Subsidiary and upon fair and reasonable terms no less
favorable to the Guarantor or such Subsidiary than would be obtainable in a
comparable arm&#146;s-length transaction with a Person not an Affiliate.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section3_9_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 3.9.</font></a>&nbsp;&nbsp;<u>Limitation
on Indebtedness of Subsidiaries</u>.&#160;
The Guarantor will not permit any Subsidiary to, directly or indirectly,
create, incur, assume, guarantee, or otherwise</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=39,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=572958,FOLIO='33',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">become or remain directly or
indirectly liable with respect to any Indebtedness, except for the following:</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">other than
Indebtedness described in clauses&nbsp;(e)
and (f) below,
(i)&nbsp;any Long-Term Indebtedness of any Designated Obligor which is
outstanding as of June&nbsp;30, 2002 (and listed on Schedule 3.9(a) hereto),
and any extensions, renewals or refinancings thereof (and successive
extensions, renewals or refinancings thereof), in whole or in part, so long as
the aggregate principal amount of such Long-Term Indebtedness shall not exceed
the amount thereof outstanding at the time of such extension, renewal or
refinancing, <i><font style="font-style:italic;">provided</font></i> that immediately after the consummation of any such
extension, renewal or refinancing, no Default or Event of Default shall have
occurred and be continuing, and (ii)&nbsp;any Indebtedness of any
Non-Designated Obligor which is outstanding as of June&nbsp;30, 2002 (and
listed on Schedule 3.9(a) hereto), but not any extension, renewal or
refinancing thereof;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">any
Indebtedness incurred by any Subsidiary owing to the Guarantor or another
Subsidiary;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">any
Short-Term Indebtedness&#160; incurred by any
Designated Obligor;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">other than
Indebtedness described in clauses&nbsp;(e)
and (f) below, any
Long-Term Indebtedness of a Person outstanding at the time such Person becomes
a Subsidiary (whether it is a Designated Obligor or a Non-Designated Obligor)
or is consolidated or merged with or into a Subsidiary or sells, leases or
otherwise disposes of all of its property to a Subsidiary, <i><font style="font-style:italic;">provided</font></i> that (i)&nbsp;such
Long-Term Indebtedness shall not have been incurred in contemplation of such
Person becoming a Subsidiary or consolidating or merging with or into a
Subsidiary or selling, leasing or otherwise disposing all of its property to a
Subsidiary, (ii)&nbsp;immediately after such Person becomes a Subsidiary or is
consolidated or merged with or into a Subsidiary or sells, leases or otherwise
disposes of all of its property to a Subsidiary, no Default or Event of Default
shall have occurred and be continuing, and (iii)&nbsp;the renewal, extension or
refinancing of any such Long-Term Indebtedness shall constitute the issuance of
additional Long-Term Indebtedness which is, in turn, subject to the applicable
limitations of this Indenture, including, without limitation, the provisions of Article III hereof;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">(i)&nbsp;any
Long-Term Indebtedness of a Designated Obligor constituting Long-Term
Indebtedness of, or assumed from, Cereol or any of its direct or indirect
subsidiaries (and listed on Schedule 3.9(e)(i) hereto), <i><font style="font-style:italic;">provided</font></i> that all such
Long-Term Indebtedness is, prior to or on the date that is 18 months from the date
of the Guarantor&#146;s public announcement of the completion of its acquisition of
Cereol<b><font style="font-weight:bold;">,</font></b> either (A)&nbsp;paid in
full, (B)&nbsp;refinanced by an intercompany loan or loans made pursuant to,
and as permitted under, the Master Trust Transaction Documents, or (C)&nbsp;refinanced
or remains outstanding within the applicable limitations of this Indenture,
including, without limitation, Section&nbsp;3.9(g)
hereof;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=40,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=477892,FOLIO='34',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt .5in;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)
any Long-Term Indebtedness of a Designated Obligor constituting Long-Term
Indebtedness of, or assumed from, Cereol or any of its direct or indirect
subsidiaries (and listed on Schedule 3.9(e)(ii) hereto), <i><font style="font-style:italic;">provided</font></i> that none of such
Long-Term Indebtedness is renewed, extended, refinanced or refunded beyond the
maturity date of such Long-Term Indebtedness as of June&nbsp;30, 2002; unless
and to the extent any such Long-Term Indebtedness is on or prior to the
maturity date thereof, either (A)&nbsp;paid in full, (B)&nbsp;refinanced by an
intercompany loan or loans by made pursuant to, and as permitted under, the
Master Trust Transaction Documents, or (C)&nbsp;renewed, extended, refinanced
or refunded within the applicable limitations of this Indenture, including,
without limitation, Section&nbsp;3.9(g);</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">any
Indebtedness of a Non-Designated Obligor constituting Indebtedness of, or
assumed from, Cereol or any of its direct or indirect subsidiaries and set
forth on Schedule 3.9(e)(i) or (ii) hereto, <i><font style="font-style:italic;">provided</font></i> that all such Indebtedness is,
prior to or on the date that is 18 months from the date of the Guarantor&#146;s
public announcement of the completion of its acquisition of Cereol, either
(A)&nbsp;paid in full, (B)&nbsp;refinanced by an intercompany loan or loans
made pursuant to, and as permitted under, or (C)&nbsp;refinanced or remains
outstanding within the applicable limitations of this Indenture, including,
without limitation, Section&nbsp;3.9(g);</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">any
Indebtedness incurred by any Subsidiary not otherwise permitted by the
foregoing clauses&nbsp;(a) through
(f), <i><font style="font-style:italic;">provided</font></i> that immediately
after giving effect to the incurrence of such Indebtedness, (i)&nbsp;no Default
or Event of Default shall have occurred and be continuing and (ii)&nbsp;(y)
(A)&nbsp;if the Indebtedness then to be incurred is Short-Term Indebtedness or
Long-Term Indebtedness of a Non-Designated Obligor, then the aggregate amount
of outstanding Total Non-Designated Obligor Indebtedness may not exceed 15% of
Consolidated Net Worth and (B)&nbsp;if the Indebtedness then to be incurred is
Long-Term Indebtedness of a Non-Designated Obligor, then the aggregate amount
of outstanding Long-Term Indebtedness of all Subsidiaries may not exceed 20% of
Consolidated Net Worth, determined in each case as of the end of the then most
recently ended fiscal quarter of the Guarantor or (z)&nbsp;if the Indebtedness
then to be incurred is Long-Term Indebtedness of a Designated Obligor, then the
aggregate amount of outstanding Long-Term Indebtedness of all Subsidiaries may
not exceed 20% of Consolidated Net Worth, determined as of the end of the most
recently ended fiscal quarter of the Guarantor.</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any
provision contained in this Indenture to the contrary notwithstanding, the
Guarantor shall with respect to all Indebtedness of Cereol and its direct or
indirect subsidiaries set forth on Schedule 3.9(e)(i) and Schedule 3.9(e)(ii)
hereto comply with the requirement of Section&nbsp;3.9(e)(i),
3.9(e)(ii) or 3.9(f), as the case may be.</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">For clarification, for purposes of
determining compliance with this Section&nbsp;3.9,
Fosfertil S.A. shall not be deemed a Subsidiary of the Guarantor, unless and
until Fosfertil S.A. fits within the definition of a &#147;Subsidiary&#148; insofar as
the Guarantor is concerned, but notwithstanding the foregoing, prior thereto,
any Indebtedness of Fosfertil S.A. shall not be deemed to constitute
Indebtedness of a Subsidiary for purposes of computations performed</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=41,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=328213,FOLIO='35',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">pursuant to this Section 3.9 but shall be deemed to
constitute Indebtedness of a Subsidiary of the Guarantor solely for purposes of
any computation performed pursuant to Section&nbsp;3.3(b),
but only Section 3.3(b), <i><font style="font-style:italic;">provided</font></i>
that if and when Fosfertil S.A. becomes a &#147;Subsidiary&#148; of the Guarantor (as
defined in this Indenture), then and thereafter Fosfertil S.A. shall be deemed
to be a &#147;Subsidiary&#148; for all purposes of this Indenture.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section3_10_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 3.10.</font></a>&nbsp;&nbsp;<u>Restrictions on Dividends or Loans by
Designated Obligors or Material Subsidiaries</u>.&#160; The Guarantor shall not permit any
Designated Obligor or Material Subsidiary to enter into any agreement after the
Issue Date restricting the payment of dividends, the making of loans by it to
the Guarantor or to any other Designated Obligor or Material Subsidiary, or the
incurrence of Indebtedness owing to other Designated Obligors or Material
Subsidiaries, except that the Guarantor may permit a Designated Obligor or Material
Subsidiary to be party to agreements (a)&nbsp;limiting the payment of dividends
(other than distributions of capital) by such Designated Obligor or Material
Subsidiary following a default or an event of default under such agreement,
(b)&nbsp;requiring the compliance by such Designated Obligor or Material
Subsidiary with specified net worth, working capital or other similar financial
tests or (c)&nbsp;restricting loans to be made by such Designated Obligor or
Material Subsidiary to any other Subsidiary or the Guarantor to such loans
which accrue interest at a rate greater than or equal to such lending
Designated Obligor&#146;s or Material Subsidiary&#146;s average cost of funds as
determined in good faith by the Board of Directors of such Designated Obligor
or Material Subsidiary.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section3_11_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 3.11.</font></a>&nbsp;&nbsp;<u>Maintenance
of Office or Agency</u>.&#160; The Company
will maintain in The City of New&nbsp;York, an office or agency where the Notes
may be presented or surrendered for payment, where, if applicable, the Notes
may be surrendered for registration of transfer or exchange and where notices
and demands to or upon the Company in respect of the Notes and this Indenture
may be served.&#160; The principal corporate
trust office (the &#147;Corporate Trust Office&#148;) of the Trustee located in The City
of New York shall be such office or agency of the Company, unless the Company
shall designate and maintain some other office or agency for one or more of
such purposes.&#160; The Company will give
prompt written notice to the Trustee of any change in the location of any such
office or agency.&#160; If at any time the
Company shall fail to maintain any such required office or agency or shall fail
to furnish the Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust
Office of the Trustee, and the Company hereby appoints the Trustee as its agent
to receive all such presentations, surrenders, notices and demands.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company may also from time to time
designate one or more other offices or agencies (in or outside of The City of
New York) where the Notes may be presented or surrendered for any or all such
purposes and may from time to time rescind any such designation; <i><font style="font-style:italic;">provided, however,</font></i> that no such
designation or rescission shall in any manner relieve the Company of its
obligation to maintain an office or agency in The City of New&nbsp;York for
such purposes.&#160; The Company will give
prompt written notice to the Trustee of any such designation or rescission and
any change in the location of any such other office or agency.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section3_12_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 3.12.</font></a>&nbsp;&nbsp;<u>Corporate
Existence</u>.&#160; Subject to Article IV
hereof, each of the Company and the Guarantor will do or cause to be done all
things necessary to preserve, renew and keep in full force and effect its
corporate existence and take all reasonable action to maintain its corporate
rights (charter and statutory), licenses, privileges and franchises; <i><font style="font-style:italic;">provided, however,</font></i></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=42,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=910571,FOLIO='36',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">that the Company shall not be
required to preserve any such right, license, privilege or franchise if the
Board of Directors of the Company or the Guarantor, as applicable, shall
determine that the preservation thereof is no longer desirable in the conduct
of its business and that the loss thereof is not, and will not be, disadvantageous
in any material respect to the Holders; and <i><font style="font-style:italic;">provided</font></i>
<i><font style="font-style:italic;">further</font></i>, the Guarantor may merge
in accordance with Section 4.1 hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section3_13_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 3.13.</font></a>&nbsp;&nbsp;<u>Maintenance
of Properties; Insurance</u>.&#160; The
Guarantor shall, and shall cause each of its Subsidiaries to, keep all property
useful and necessary in its business in good working order and condition,
except where failure to do so would not have a Material Adverse Effect; and the
Guarantor shall maintain with financially sound and reputable insurance
companies insurance on all its property in at least such amounts and against at
least such risks as are customary for the Guarantor&#146;s type of business.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section3_14_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 3.14.</font></a>&nbsp;&nbsp;<u>Payment
of Taxes and Other Claims</u>.&#160; Each of
the Company and the Guarantor shall pay, discharge or otherwise satisfy at or
before maturity or before they become delinquent, as the case may be, all
taxes, assessments and similar governmental charges imposed on it, its incomes,
profits or properties, except where (i) the amount or validity thereof is
currently being contested in good faith by appropriate proceedings and reserves
to the extent required by U.S. GAAP with respect thereto have been provided on
the books of the Company or the Guarantor or (ii) the nonpayment of such taxes,
assessments and claims in the aggregate could not reasonably be expected to
have a Material Adverse Effect.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section3_15_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 3.15.</font></a>&nbsp;&nbsp;<u>Payments
for Consent</u>.&#160; Neither the Company,
the Guarantor nor any Subsidiaries will, directly or indirectly, pay or cause
to be paid any consideration, whether by way of interest, fees or otherwise, to
any Holder of any Notes for or as an inducement to any consent, waiver or
amendment of any of the terms or provisions of this Indenture or the Notes
unless such consideration is offered to be paid or is paid to all Holders of
the Notes that consent, waive or agree to amend in the time frame set forth in
the solicitation documents relating to such consent, waiver or agreement.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section3_16_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 3.16.</font></a>&nbsp;&nbsp;<u>Compliance
Certificate</u>.&#160; The Company shall
deliver to the Trustee within 120 days after the end of each Fiscal Year of the
Company an Officers&#146; Certificate stating that in the course of the performance
by the signers of their duties as Officers of the Company they would normally
have knowledge of any Default or Event of Default and whether or not the
signers know of any Default or Event of Default that occurred during such
period.&#160; If they do, the certificate
shall describe the Default or Event of Default, its status and what action the
Company is taking or proposes to take with respect thereto.&#160; The Company also shall comply with Trust
Indenture Act, Section&nbsp;314(a)(4).</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section3_17_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 3.17.</font></a>&nbsp;&nbsp;<u>Further
Instruments and Acts</u>.&#160; Upon request
of the Trustee, the Company will execute and deliver such further instruments
and do such further acts as may be reasonably necessary or proper to carry out
more effectively the purpose of this Indenture.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section3_18_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 3.18.</font></a>&nbsp;&nbsp;<u>Statement
by Officers as to Default</u>.&#160; The
Company shall deliver to the Trustee, as soon as possible and in any event
within 10 days after the Company becomes aware of the occurrence of any Event
of Default or an event which, with notice or the lapse of time or both, would
constitute an Event of Default, an Officers&#146; Certificate setting forth the</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=43,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=805320,FOLIO='37',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">details of such Event of
Default or default and the action which the Company proposes to take with
respect thereto.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section3_19_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 3.19.</font></a>&#160; <u>Notice of Change in Bermuda Law, Debt
Ratings</u>.&#160; The Guarantor shall give
notice to the Trustee promptly after becoming aware of (i) any changes in
taxes, duties or other fees of Bermuda or any political subdivision or taxing
authority thereof or any change in any laws of Bermuda, in each case, that may
affect any payment due under this Indenture, (ii) any change in such Guarantor&#146;s
public or private debt ratings by a &#147;nationally recognized statistical rating
organization,&#148; as such term is defined by the SEC for purposes of Rule
436(g)(2) under the Securities Act; and (iii) any development or event which
has had, or which the Guarantor in its good faith judgment believes will have,
a Material Adverse Effect; <i><font style="font-style:italic;">provided</font></i>
that the Trustee shall have no responsibilities or duties with respect to any
such notice.&#160; Delivery of any such
notice to the Trustee is for informational purposes only and the Trustee&#146;s
receipt of such notice shall not constitute constructive notice of any
information contained therein or determinable from information contained
therein, including the Company&#146;s compliance with any of its covenants hereunder
(as to which the Trustee is entitled to rely exclusively on Officers&#146;
Certificates).</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="ArticleIv"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE IV</font></a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Successor Guarantor</font></u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section4_1_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 4.1.&nbsp;</font></a>&nbsp;<u>Consolidation,
Merger, Amalgamation and Sale of Assets by the Guarantor</u>.&#160; The Guarantor shall not, and shall not cause
or permit any Subsidiary to, consolidate with or merge or amalgamate with or
into, or sell, lease, or convey all or substantially all its assets to, any
Person, unless:</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a) </font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>in the case of the
Guarantor:</p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the resulting,
surviving or transferee Person (the &#147;<u>Successor Guarantor</u>&#148;) shall be
either the Guarantor or a Person organized under the laws of Bermuda, the
United States of America, any State thereof or the District of Columbia, any
full member state of the European Union as of September 25, 2002 (other than
Greece) set forth on Schedule 4.1 hereto, Canada, Australia or Switzerland, and
the Successor Guarantor (if not the Guarantor) shall expressly assume, by
supplemental indenture, executed and delivered to the Trustee, all the
obligations of the Guarantor under the Guarantee and this Indenture; and</p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>immediately after
giving effect to such transaction, no Event of Default or event which with
notice or lapse of time would be an Event of Default has occurred and is
continuing; or</p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .4in;text-indent:.6in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>in
the case of any Subsidiary (other than the Company):</p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>such transaction
is a merger or amalgamation of a Subsidiary into, or a consolidation of a
Subsidiary with, the Guarantor (so long as the Guarantor is the surviving
entity) or another Subsidiary or the sale or other disposition by a</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=44,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=432760,FOLIO='38',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subsidiary of all or substantially all of its
property to the Guarantor or another Subsidiary;&#160; or</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>such transaction is
the merger or amalgamation of a Subsidiary into, the consolidation of a
Subsidiary with, or the sale or other disposition by a Subsidiary of all or
substantially all of its property to, another Person (provided that such Person
is not an Affiliate), so long as (x) such transaction complies, in all
respects, with the provisions of Section&nbsp;3.7
hereof, and (y) immediately prior to, and after giving effect to such
transaction, no Default or Event of Default exists or would exist.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For purposes of this Section 4.1, the sale,
lease, conveyance, assignment, transfer, or other disposition of all or
substantially all of the properties and assets of one or more Subsidiaries of
the Guarantor, which properties and assets, if held by the Guarantor instead of
such Subsidiaries, would constitute all or substantially all of the properties
and assets of the Guarantor on a consolidated basis, shall be deemed to be the
transfer of all or substantially all of the properties and assets of the
Guarantor.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Successor Guarantor will succeed to, and
be substituted for, and may exercise every right and power of, the Guarantor
under this Indenture, but, in the case of a lease of all or substantially all
its assets, the Guarantor will not be released from the obligation to pay the
principal of and premium, if any, and interest on the Notes.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the event that the Guarantor consolidates
with or merges or amalgamates with or into, or sells, leases or conveys all or
substantially all of its assets to, another Person subject to the terms of this
Section 4.1 (a &#147;<u>Transfer</u>&#148;) and the Successor Guarantor is a Person
organized under the laws of a member state of the European Union, Canada,
Australia or Switzerland, the Guarantor and the Successor Guarantor shall, as a
condition to such Transfer, (A) enter into a supplemental indenture with the
Trustee providing for full, unconditional and irrevocable indemnification of
the Holders of the Notes and the Trustee against any tax or duty of whatever
nature which is incurred or otherwise suffered by such Holders and the Trustee
with respect to the Notes and which would not have been incurred or otherwise
suffered in the absence of such Transfer; and (B) deliver to the Trustee, for
the benefit of the Holders of the Notes, unqualified legal opinions of
independent legal counsel in New York and the member state of the European
Union the laws of which the successor is organized under, Canada, Australia or
Switzerland, as applicable, to the effect that the Obligations of the Successor
Guarantor with respect to the Guarantee are legal, valid, binding and
enforceable in accordance with their terms.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="ArticleV"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE V</font></a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Optional Redemption of Notes</font></u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section5_1_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 5.1.</font></a>&nbsp;&nbsp;<u>Optional
Redemption by the Company</u>.&#160; The
Notes may be redeemed at any time as a whole or from time to time in part,
subject to the conditions and at the Redemption Prices specified in the form of
Notes set forth in Exhibit A and Exhibit B hereto, which are hereby
incorporated by reference and made a part of this Indenture, together with
accrued and unpaid interest to the Redemption Date.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=45,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=932050,FOLIO='39',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section5_2_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 5.2.</font></a>&nbsp;&nbsp;<u>Applicability
of Article</u>.&#160; Redemption of Notes at
the election of the Company or otherwise, as permitted or required by any
provision of this Indenture, shall be made in accordance with such provision
and this Article V.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section5_3_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 5.3.</font></a>&nbsp;&nbsp;<u>Election
to Redeem; Notice to Trustee</u>.&#160; The
election of the Company to redeem any Notes pursuant to Section 5.1 hereof
shall be evidenced by a Board Resolution.&#160;
In case of any redemption at the election of the Company, the Company
shall, upon not later than the earlier of the date that is 30 days prior to the
Redemption Date fixed by the Company or the date on which notice is given to
the Holders (except as provided in Section 5.5 hereof or unless a shorter
notice shall be satisfactory to the Trustee), notify the Trustee of such
Redemption Date and of the principal amount of Notes to be redeemed and shall
deliver to the Trustee such documentation and records as shall enable the
Trustee to select the Notes to be redeemed pursuant to Section 5.4 hereof.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section5_4"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 5.4</font></a>.&nbsp;&nbsp;<u>Selection
by Trustee of Notes to Be Redeemed</u>.&#160;
If less than all the Notes are to be redeemed at any time pursuant to an
optional redemption, the particular Notes to be redeemed shall be selected not
more than 60 days prior to the Redemption Date by the Trustee, from the
outstanding Notes not previously called for redemption, in compliance with the
requirements of the principal securities exchange, if any, on which such Notes
are listed, or, if such Notes are not so listed, on a <i><font style="font-style:italic;">pro</font></i>  <i><font style="font-style:italic;">rata</font></i>
basis, by lot or by such other method as the Trustee shall deem fair and
appropriate and which may provide for the selection for redemption of portions
of the principal of the Notes; <i><font style="font-style:italic;">provided,
however,</font></i> that no such partial redemption shall reduce the portion of
the principal amount of a Note not redeemed to less than U.S.$1,000.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trustee shall promptly notify the Company
in writing of the Notes selected for redemption and, in the case of any Notes
selected for partial redemption, the principal amount thereof to be redeemed.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For all purposes of this Indenture, unless
the context otherwise requires, all provisions relating to redemption of Notes
shall relate, in the case of any Note redeemed or to be redeemed only in part,
to the portion of the principal amount of such Note which has been or is to be
redeemed.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section5_5_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 5.5.</font></a>&nbsp;&nbsp;<u>Notice
of Redemption</u>.&#160; Notice of redemption
shall be given in the manner provided for in Section 12.2 hereof not less than
30 nor more than 60 days prior to the Redemption Date, to each Holder of Notes
to be redeemed.&#160; The Trustee shall give
notice of redemption in the Company&#146;s name and at the Company&#146;s expense; <i><font style="font-style:italic;">provided, however,</font></i> that the Company shall
deliver to the Trustee, at least 15 days prior to the date the notice of
redemption is to be given (unless a shorter period shall be acceptable to the
Trustee), an Officers&#146; Certificate requesting that the Trustee give such notice
and setting forth the information to be stated in such notice as provided in
the following items.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All notices of redemption shall state:</font></p>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Redemption Date,</h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Redemption Price
and the amount of accrued interest to the Redemption Date payable as provided
in Section 5.7 hereof, if any,</h4>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=46,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=95135,FOLIO='40',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>if less than all
outstanding Notes are to be redeemed, the identification of the particular
Notes (or portion thereof) to be redeemed, as well as the aggregate principal
amount of Notes to be redeemed and the aggregate principal amount of Notes to
be outstanding after such partial redemption,</h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>in case any Note is
to be redeemed in part only, the notice which relates to such Note shall state
that on and after the Redemption Date, upon surrender of such Note, the Holder
will receive, without charge, a new Note or Notes of authorized denominations
for the principal amount thereof remaining unredeemed,</h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>that on the
Redemption Date the Redemption Price (and accrued interest, if any, to the
Redemption Date payable as provided in Section 5.7 hereof) will become due and
payable upon each such Note, or the portion thereof, to be redeemed, and,
unless the Company defaults in making the redemption payment, that interest on
Notes called for redemption (or the portion thereof) will cease to accrue on
and after said date,</h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the place or places
where such Notes are to be surrendered for payment of the Redemption Price and
accrued interest, if any,</h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the name and address
of the Paying Agent,</h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>that Notes called for
redemption must be surrendered to the Paying Agent to collect the Redemption
Price, and</h4>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(9)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the CUSIP number, and
that no representation is made as to the accuracy or correctness of the CUSIP
number, if any, listed in such notice or printed on the Notes.</h4>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section5_6_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 5.6.&nbsp;</font></a>&nbsp;<u>Deposit
of Redemption Price</u>.&#160; Prior to any
Redemption Date, the Company shall deposit with the Trustee or with a Paying
Agent (or, if the Company is acting as its own Paying Agent, segregate and hold
in trust as provided in Section 2.4 hereof) an amount of money sufficient to
pay the Redemption Price of, and accrued interest on, all the Notes which are
to be redeemed on that date.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section5_7_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 5.7.</font></a>&nbsp;&nbsp;<u>Notes
Payable on Redemption Date</u>.&#160; Notice
of redemption having been given as aforesaid, the Notes to be redeemed shall,
on the Redemption Date, become due and payable at the Redemption Price therein
specified (together with accrued interest, if any, to the Redemption Date), and
from and after such date (unless the Company shall default in the payment of
the Redemption Price and accrued interest) such Notes shall cease to bear
interest.&#160; Upon surrender of any such
Note for redemption in accordance with said notice, such Note shall be paid by
the Company at the Redemption Price, together with accrued interest, if any, to
the Redemption Date (subject to the rights of Holders of record on the relevant
record date to receive interest due on the relevant interest payment date).</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If any Note called for redemption shall not
be so paid upon surrender thereof for redemption, the principal and premium, if
any, shall, until paid, bear interest from the Redemption Date at the rate
borne by the Notes.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">41</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=47,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=263948,FOLIO='41',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section5_8"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 5.8</font></a>.&nbsp;&nbsp;<u>Notes
Redeemed in Part</u>.&#160; Any Note which is
to be redeemed only in part (pursuant to the provisions of this Article V)
shall be surrendered at the office or agency of the Company maintained for such
purpose pursuant to Section 3.11 hereof (with, if the Company or the Trustee so
requires, due endorsement by, or a written instrument of transfer in form satisfactory
to the Company and the Trustee duly executed by, the Holder thereof or such
Holder&#146;s attorney duly authorized in writing), and the Company shall execute,
and the Trustee shall authenticate and make available for delivery to the
Holder of such Note at the expense of the Company, a new Note or Notes, of any
authorized denomination as requested by such Holder, in an aggregate principal
amount equal to and in exchange for the unredeemed portion of the principal of
the Note so surrendered, <i><font style="font-style:italic;">provided</font></i>
that each such new Note will be in a principal amount of U.S.$1,000 or integral
multiple thereof.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="ArticleVi"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE VI</font></a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Prepayment at the Option of Holders Upon Change of Control</font></u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section6_1_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 6.1.&nbsp;</font></a>&nbsp;<u>Prepayment
at the Option of Holders Upon a Change of Control</u>.&#160; (a)&#160;
Upon the occurrence of a Change of Control, each Holder of Notes shall
have the right to require the Company to
repurchase all or any part (equal to $1,000 in principal amount or an integral
multiple thereof) of such Holder&#146;s Notes pursuant to the offer described below (the &#147;<u>Change Of Control Offer</u>&#148;)
at a purchase price in cash equal to the Redemption Price, plus accrued and
unpaid interest, if any, to the date of purchase, subject to the right of
Holders of record on the relevant record date to receive interest due on the
relevant interest payment date (the &#147;<u>Change Of Control Payment</u>&#148;).</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Notice
of a Change of Control shall be given in the manner provided for in Section
12.2 hereof within 30 days following any Change of Control, to each Holder of
Notes.&#160; The Trustee shall give notice of
the Change of Control Offer in the Company&#146;s name and at the Company&#146;s expense;
<i><font style="font-style:italic;">provided, however,</font></i> that the
Company shall deliver to the Trustee, no more than 15 days following the Change
of Control, an Officers&#146; Certificate requesting that the Trustee give such
notice and setting forth the information to be stated in such notice,
including, among other things:</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1) that a Change of Control has occurred and
a Change of Control Offer is being made pursuant to this Indenture and that all
Notes (or portions thereof) properly tendered will be accepted for payment;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2) the Redemption Price and the purchase
date, which shall be, subject to any contrary requirements of applicable law,
no fewer than 30 days nor more than 60 days from the date the Trustee gives
such notice (the &#147;<u>Change Of Control Payment Date</u>&#148;);</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3) that any Note (or portion thereof)
accepted for payment (and duly paid on the Change of Control Payment Date)
pursuant to the Change of Control Offer shall cease to accrue interest on the
Change of Control Payment Date;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4) that any Notes (or portions thereof) not
properly tendered will continue to accrue interest;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">42</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=48,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=148358,FOLIO='42',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5) a description of the transaction or
transactions constituting the Change of Control;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6) the procedures that Holders of Notes must
follow in order to tender their Notes (or portions thereof) for payment and the
procedures that Holders of Notes must follow in order to withdraw an election
to tender Notes (or portions thereof) for payment; and</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7) all other instructions and materials
necessary to enable Holders to tender Notes pursuant to the Change of Control
Offer.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Holders
electing to have a Note purchased shall be required to surrender the Note, with
an appropriate form duly completed, to the Trustee at the address specified in
the notice at least three Business Days prior to the Change of Control Payment
Date.&#160; Holders shall be entitled to
withdraw their election if the Trustee receives not later than one Business Day
prior to the Change of Control Payment Date, a telegram, telex, facsimile
transmission or letter setting forth the name of the Holder, the principal
amount of the Note which was delivered for purchase by the Holder and a
statement that such Holder is withdrawing his election to have such Note
purchased.&#160; The Trustee shall promptly
notify the Company in writing of the principal amount of Notes delivered for
purchase by the Holders.</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>On
or prior to the Change of Control Payment Date, the Company shall irrevocably
deposit with the Trustee or with the Paying Agent (or, if the Company is acting
as its own Paying Agent, segregate and hold in trust as provided in Section 2.4
hereof) an amount of money sufficient to pay the Change of Control Payment
payable to the Holders entitled thereto, to be held for payment in accordance
with this Section 6.1.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
Trustee or Paying Agent, as applicable, shall, on or promptly after the Change
of Control Payment Date, mail or deliver payment to each tendering Holder of
the Change of Control Payment.&#160; In the
event that the aggregate Change of Control Payment delivered by the Company to
the Trustee is less than the amount deposited with the Trustee, the Trustee
shall deliver the excess to the Company immediately after the Change of Control
Payment Date.</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any
Note which is tendered only in part (pursuant to the provisions of this Article
VI) shall be surrendered at the office or agency of the Company maintained for
such purpose pursuant to Section 3.11 hereof (with, if the Company or the
Trustee so requires, due endorsement by, or a written instrument of transfer in
form satisfactory to the Company and the Trustee duly executed by, the Holder
thereof or such Holder&#146;s attorney duly authorized in writing), and the Company
shall execute, and the Trustee shall authenticate and make available for
delivery to the Holder of such Note at the expense of the Company, a new Note
or Notes, of any authorized denomination as requested by such Holder, in an
aggregate principal amount equal to and in exchange for the unpurchased portion
of the principal of the Note so surrendered, <i><font style="font-style:italic;">provided</font></i>
that each such new Note will be in a principal amount of U.S.$1,000 or integral
multiple thereof.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">43</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=49,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=169740,FOLIO='43',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
Company shall not be required to make a Change of Control Offer upon a Change
of Control if a third party makes the Change of Control Offer in the manner, at
the times and otherwise in compliance with the requirements set forth in this
Indenture applicable to a Change of Control Offer made by the Company and
purchases all Notes validly tendered and not withdrawn under such Change of
Control Offer.</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
Guarantor and the Company will comply, to the extent applicable, with the
requirements of Rule 14e-1 under the Exchange Act and any other securities laws
and regulations thereunder to the extent such laws and regulations are
applicable in connection with the purchase of Notes in connection with a Change
of Control.&#160; To the extent that the
provisions of any securities laws or regulations conflict with the provisions
relating to the Change of Control Offer, the Guarantor and the Company will
comply with the applicable securities laws and regulations and will not be
deemed to have breached its obligations described above by virtue thereof.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="ArticleVii"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE VII</font></a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Defaults and Remedies</font></u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section7_1_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 7.1.</font></a>&nbsp;&nbsp;<u>Events
of Default</u>.&#160; An &#147;Event of Default&#148;
occurs if:</p>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Company defaults
in any payment of interest or additional interest (as required by the Exchange
and Registration Rights Agreement) on any Note when the same becomes due and
payable, and such default continues for a period of 30 days;</h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Company defaults
in the payment of the principal or premium, if any, on any Note when the same
becomes due and payable at its Stated Maturity, upon optional redemption, upon
required repurchase, upon declaration of acceleration or otherwise;</h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Company or the
Guarantor defaults in the performance of or a breach by the Company or the
Guarantor of any other covenant or agreement in this Indenture or under the
Notes (other than those referred to in (1) or (2) above) and such default
continues for 60 days after written notice from the Trustee or the Holders of
at least 25% in principal amount of the outstanding Notes;</h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Company, the
Guarantor or any Subsidiary shall (i) default in making any payment of any
principal of any Indebtedness or of any material amounts under any other
agreement to which it is a party on the scheduled or original due date with
respect thereto; or (ii) default in making any payment of any interest on any
such Indebtedness beyond the period of grace, if any, provided in the
instrument or agreement under which such Indebtedness was created; or (iii)
default in the observance or performance of any other agreement or condition
relating to any such Indebtedness or contained in any instrument or agreement
evidencing, securing or relating thereto, or any other event shall occur or
condition exist, the effect of which default or other event or condition is to
cause, or to permit the holder or beneficiary of such Indebtedness (or a
trustee or agent on behalf of such holder or beneficiary) to cause, with the
giving of notice if required, such Indebtedness to become due prior to its stated
maturity or (in the case of any such</h4>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">44</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=50,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=626706,FOLIO='44',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indebtedness constituting a guarantee) to become payable; <i><font style="font-style:italic;">provided</font></i>, that a default, event or
condition described in clause (i), (ii) or (iii) of this paragraph (4) shall
not at any time constitute an Event of Default unless, at such time, one or
more defaults, events or conditions of the type described in clauses (i), (ii)
and (iii) of this paragraph (e) shall have occurred and be continuing with
respect to Indebtedness or other amounts the outstanding principal amount of
which exceeds in the aggregate U.S.$50,000,000;</font></h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>(i) the Company, the
Guarantor, a Designated Obligor or any Material Subsidiary shall commence any
case, proceeding or other action (A) under any existing or future law of any
jurisdiction, domestic or foreign, relating to bankruptcy, insolvency,
reorganization or relief of debtors, seeking to have an order for relief
entered with respect to it, or seeking to adjudicate it bankrupt or insolvent,
or seeking reorganization, arrangement, adjustment, winding-up, liquidation,
dissolution, composition or other relief with respect to it or its debts, or
(B) seeking appointment of a receiver, trustee, custodian, conservator or other
similar official for it or for all or any substantial part of its assets, or
the Company, the Guarantor, a Designated Obligor or any Material Subsidiary
shall make a general assignment for the benefit of its creditors; or (ii) there
shall be commenced against the Company, the Guarantor, a Designated Obligor or
any Material Subsidiary any case, proceeding or other action of a nature
referred to in clause (i) above that (A) results in the entry of an order for
relief or any such adjudication or appointment or (B) remains undismissed,
undischarged or unbonded for a period of 60 days; or (iii) there shall be
commenced against the Company, the Guarantor, a Designated Obligor or any
Material Subsidiary any case, proceeding or other action seeking issuance of a
warrant of attachment, execution, distraint or similar process against all or
any substantial part of its assets that results in the entry of an order for
any such relief that shall not have been vacated, discharged, or stayed or
bonded pending appeal within 60 days from the entry thereof; or (iv) the
Company, the Guarantor, a Designated Obligor or any Material Subsidiary shall
take any action in furtherance of, or indicating its consent to, approval of,
or acquiescence in, any of the acts set forth in clause (i), (ii), or (iii) above;
or (v) the Company, the Guarantor, a Designated Obligor or any Material
Subsidiary shall generally not, or shall be unable to, or shall admit in
writing its inability to, pay its debts as they become due;</h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>one or more judgments
or decrees shall be entered against the Guarantor or any of its Subsidiaries
involving in the aggregate a liability (not paid or fully covered by insurance
as to which the relevant insurance company has acknowledged coverage) of
U.S.$50,000,000 or more, and all such judgments or decrees shall not have been
vacated, discharged, stayed or bonded pending appeal within 30 days from the
entry thereof; or</h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>one or more judgments
or decrees shall be entered against the Company involving in the aggregate a
liability (not paid or fully covered by insurance as to which the relevant
insurance company has acknowledged coverage) of U.S.$50,000 or more, and all
such judgments or decrees shall not have been vacated, discharged, stayed or
bonded pending appeal within 30 days from the entry thereof.</h4>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The foregoing will constitute Events of
Default whatever the reason for any such Event of Default and whether it is
voluntary or involuntary or is effected by operation of law or</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">45</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=51,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=14052,FOLIO='45',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any
administrative or governmental body.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company shall deliver to the Trustee,
within 10 days after the occurrence thereof, written notice in the form of an
Officers&#146; Certificate of any Default or Event of Default under clauses (3),
(4), (5), (6) or (7) of this Section 7.1, which such notice shall contain the
status thereof and a description of the action being taken or proposed to be
taken by the Company in respect thereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section7_2_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 7.2.</font></a>&nbsp;&nbsp;<u>Acceleration</u>.&#160; (a)&#160;
If an Event of Default occurs and is continuing, the Trustee by written
notice to the Company, or the Holders of at least 25% in outstanding principal
amount of the Notes by written notice to the Company and the Trustee, may, and
the Trustee at the request of such Holders shall, declare the principal of and
premium, if any, and accrued and unpaid interest on all the Notes to be due and
payable.&#160; Upon such a declaration, such
principal, premium, if any, and accrued and unpaid interest shall be
immediately due and payable.&#160; If an
Event of Default described in paragraph (5) of Section 7.1 hereof occurs and is
continuing, then in each and every such case, the principal amount of the
Notes, the premium, if any, and all accrued and unpaid interest shall be
immediately due and payable without any action or other act on the part of the
Trustee or the Holders.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In the event the
principal of and premium, if any, and accrued and unpaid interest on the Notes
becomes due and payable pursuant to Section 7.2(a) hereof, the Trustee shall
instruct the Company, and the Company shall instruct the Master Trust Trustee,
to declare due and payable the principal and accrued interest in respect of the
intercompany loans that had been made using the net proceeds from the sale of
the Notes invested in the Series 2002-1 VFC.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section7_3_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 7.3.&nbsp;</font></a>&nbsp;<u>Other
Remedies</u>.&#160; If an Event of Default
occurs and is continuing, the Trustee may pursue any available remedy to
collect the payment of principal of and premium, if any, or interest on the
Notes or to enforce the performance of any provision of the Notes or this
Indenture.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trustee may maintain a proceeding even if
it does not possess any of the Notes or does not produce any of them in the
proceeding.&#160; A delay or omission by the
Trustee or any Noteholder in exercising any right or remedy accruing upon an
Event of Default shall not impair the right or remedy or constitute a waiver of
or acquiescence in the Event of Default.&#160;
No remedy is exclusive of any other remedy.&#160; All available remedies are cumulative.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section7_4_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 7.4.</font></a>&nbsp;&nbsp;<u>Waiver
of Past Defaults</u>.&#160; The Holders of a
majority in principal amount of the outstanding Notes by notice to the Trustee
may (a) waive, by their consent (including, without limitation consents obtained
in connection with a purchase of, or tender offer or exchange offer for,
Notes), an existing Default or Event of Default and its consequences except (i)
a Default or Event of Default in the payment of the principal of and premium,
if any, or interest on a Note or (ii) a Default or Event of Default in respect
of a provision that under Section 10.2 hereof cannot be amended without the
consent of each Noteholder affected and (b) rescind any such acceleration with
respect to the Notes and its consequences if (1) rescission would not conflict
with any judgment or decree of a court of competent jurisdiction and (2) all
existing Events of Default, other than the nonpayment of the principal of and
premium, if any, </p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">46</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=52,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=779868,FOLIO='46',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and interest on the Notes that
have become due solely by such declaration of acceleration, have been cured or
waived.&#160; When a Default or Event of
Default is waived, it is deemed cured, but no such waiver shall extend to any
subsequent or other Default or Event of Default or impair any consequent right.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section7_5_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 7.5.&nbsp;</font></a>&nbsp;<u>Control
by Majority</u>.&#160; The Holders of a
majority in principal amount of the outstanding Notes may direct the time,
method and place of conducting any proceeding for any remedy available to the
Trustee or of exercising any trust or power conferred on the Trustee.&#160; However, the Trustee may refuse to follow
any direction that conflicts with law or this Indenture or, subject to Section
8.1 and Section 8.2 hereof, that the Trustee determines is prejudicial to the
rights of other Noteholders or would involve the Trustee in personal liability;
<i><font style="font-style:italic;">provided, however</font></i>, that the
Trustee may take any other action deemed proper by the Trustee that is not
inconsistent with such direction.&#160; Prior
to taking any action hereunder, the Trustee shall be entitled to
indemnification satisfactory to it in its sole discretion against all losses
and expenses caused by taking or not taking such action.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section7_6_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 7.6.</font></a>&nbsp;&nbsp;<u>Limitation
on Suits</u>.&#160; Subject to Section 7.7
hereof, a Noteholder may not pursue any remedy with respect to this Indenture
or the Notes unless:</p>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Holder gives to
the Trustee written notice stating that an Event of Default is continuing;</h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Holders of at
least 25% in outstanding principal amount of the Notes make a request to the
Trustee to pursue the remedy;</h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>such Holder or
Holders offer to the Trustee reasonable security or indemnity satisfactory to
the Trustee against any loss, liability or expense;</h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Trustee does not
comply with the request within 60 days after receipt of the request and the
offer of security or indemnity; and</h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Holders of a
majority in principal amount of the Notes do not give the Trustee a direction
that, in the opinion of the Trustee, is inconsistent with such request during
such 60-day period.</h4>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A Noteholder may not use this Indenture to
prejudice the rights of another Noteholder or to obtain a preference or
priority over another Noteholder.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section7_7_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 7.7.</font></a>&nbsp;&nbsp;<u>Rights
of Holders to Receive Payment</u>.&#160;
Notwithstanding any other provision of this Indenture (including,
without limitation, Section 7.6 hereof), the right of any Holder to receive
payment of principal of and&#160; premium, if
any, or interest on the Notes held by such Holder, on or after the respective
due dates expressed in the Notes, or to bring suit for the enforcement of any
such payment on or after such respective dates, shall not be impaired or
affected without the consent of such Holder.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section7_8"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 7.8</font></a>.&nbsp;&nbsp;<u>Collection
Suit by Trustee</u>.&#160; If an Event of
Default specified in Section 7.1(1) or (2) hereof occurs and is continuing, the
Trustee may recover judgment in its own name and as trustee of an express trust
against the Company for the whole amount then due</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">47</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=53,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=19958,FOLIO='47',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and owing (together with
interest on any unpaid interest to the extent lawful) and the amounts provided
for in Section 8.7 hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section7_9_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 7.9.</font></a>&nbsp;&nbsp;<u>Trustee
May File Proofs of Claim</u>.&#160; The
Trustee may file such proofs of claim and other papers or documents as may be
necessary or advisable in order to have the claims of the Trustee (including
any claim for the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel) and the Noteholders allowed in any
judicial proceedings relative to the Company, the Guarantor, any of the
Subsidiaries or their respective creditors or properties and, unless prohibited
by law or applicable regulations, may be entitled and empowered to participate
as a member of any official committee of creditors appointed in such matter
and, may vote on behalf of the Holders in any election of a trustee in
bankruptcy or other Person performing similar functions, and any custodian in
any such judicial proceeding is hereby authorized by each Holder to make payments
to the Trustee and, in the event that the Trustee shall consent to the making
of such payments directly to the Holders, to pay to the Trustee any amount due
it for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and its counsel, and any other amounts due the Trustee
under Section 8.7 hereof.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section7_10_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 7.10.</font></a>&nbsp;&nbsp;<u>Priorities</u>.&#160; If the Trustee collects any money or
property pursuant to this Article VII, it shall pay out the money or property
in the following order:</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FIRST:&#160;
to the Trustee for amounts due under Section 8.7 hereof;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECOND:&#160;
to Noteholders for amounts due and unpaid on the Notes for
principal&#160; and premium, if any, and
interest, ratably, without preference or priority of any kind, according to the
amounts due and payable on the Notes for principal and interest, respectively;
and</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THIRD:&#160;
to the Company.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trustee may fix a record date and payment
date for any payment to Noteholders pursuant to this Section 7.10.&#160; At least 15 days before such record date,
the Company shall mail to each Noteholder and the Trustee a notice that states
the record date, the payment date and amount to be paid.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section7_11_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 7.11.</font></a>&nbsp;&nbsp;<u>Undertaking
for Costs</u>.&#160; In any suit for the
enforcement of any right or remedy under this Indenture or in any suit against
the Trustee for any action taken or omitted by it as Trustee, a court in its
discretion may require the filing by any party litigant in the suit of an
undertaking to pay the costs of the suit, and the court in its discretion may assess
reasonable costs, including reasonable attorneys&#146; fees and expenses, against
any party litigant in the suit, having due regard to the merits and good faith
of the claims or defenses made by the party litigant.&#160; This Section 7.11 does not apply to a suit by the Trustee, a suit
by the Company, a suit by a Holder pursuant to Section 7.7 hereof or a suit by
Holders of more than 10% in outstanding principal amount of the Notes.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">48</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=54,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=660967,FOLIO='48',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="ArticleViii"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE VIII</font></a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee</font></u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section8_1_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 8.1.&nbsp;</font></a>&nbsp;<u>Duties
of Trustee</u>.<u>  </u>&#160;(a)&#160; If an Event of Default has occurred and is
continuing, the Trustee shall exercise the rights and powers vested in it by
this Indenture and use the same degree of care and skill in their exercise as a
prudent Person would exercise or use under the circumstances in the conduct of
such Person&#146;s own affairs; <i><font style="font-style:italic;">provided</font></i>
that if an Event of Default occurs and is continuing, the Trustee will be under
no obligation to exercise any of the rights or powers under this Indenture at
the request or direction of any of the Holders unless such Holders have offered
to the Trustee indemnity or security reasonably satisfactory to it against
loss, liability or expense.</p>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Except
during the continuance of an Event of Default:</h3>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp;&nbsp;the Trustee undertakes to
perform such duties and only such duties as are specifically set forth in this
Indenture and no implied covenants or obligations shall be read into this
Indenture against the Trustee; and</font></h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&nbsp;&nbsp;in the absence of bad faith on
its part, the Trustee may conclusively rely, as to the truth of the statements
and the correctness of the opinions expressed therein, upon certificates or
opinions furnished to the Trustee and conforming to the requirements of this
Indenture.&#160; However, in the case of any
such certificates or opinions which by any provisions hereof are specifically
required to be furnished to the Trustee, the Trustee shall examine such
certificates and opinions to determine whether or not they conform to the
requirements of this Indenture (but need not confirm or investigate the
accuracy of mathematical calculations or other facts stated therein).</font></h4>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
Trustee may not be relieved from liability for its own negligent action, its
own negligent failure to act or its own willful misconduct, except that:</h3>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp;&nbsp;this paragraph does not limit
the effect of Section 8.1(b) hereof;</font></h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&nbsp;&nbsp;the Trustee shall not be
liable for any error of judgment made in good faith by a Trust Officer unless
it is proved that the Trustee was negligent in ascertaining the pertinent
facts; and</font></h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&nbsp;&nbsp;the Trustee shall not be
liable with respect to any action it takes or omits to take in good faith in
accordance with a direction received by it pursuant to Section 7.5 hereof.</font></h4>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>&nbsp;&nbsp;Every
provision of this Indenture that in any way relates to the Trustee is subject
to paragraphs Sections&nbsp;8.1(a), (b) or (c) hereof.</h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>&nbsp;&nbsp;The
Trustee shall not be liable for interest on any money received by it except as
the Trustee may agree in writing with the Company.</h3>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">49</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=55,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=457080,FOLIO='49',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>&nbsp;&nbsp;Money
held in trust by the Trustee need not be segregated from other funds except to
the extent required by law.</h3>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>&nbsp;&nbsp;No
provision of this Indenture shall require the Trustee to expend or risk its own
funds or otherwise incur financial liability in the performance of any of its
duties hereunder or in the exercise of any of its rights or powers, if it shall
have reasonable grounds to believe that repayment of such funds or adequate
indemnity against such risk or liability is not reasonably assured to it.</h3>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>&nbsp;&nbsp;Every
provision of this Indenture relating to the conduct or affecting the liability
of or affording protection to the Trustee shall be subject to the provisions of
this Section 8.1 and to the provisions of the Trust Indenture Act.</h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Unless
otherwise specifically provided in this Indenture, any demand, request,
direction or notice from the Company shall be sufficient if signed by an
Officer of the Company.</h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Indenture at the request or direction of any of the
Holders unless such Holders shall have offered to the Trustee security or
indemnity reasonably satisfactory to it against the costs, expenses (including
reasonable attorneys&#146; fees and expenses) and liabilities that might be incurred
by it in compliance with such request or direction.</h3>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section8_2"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 8.2</font></a>.&nbsp;&nbsp;<u>Rights
of Trustee</u>.&#160; Subject to Section 8.1
hereof:</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
Trustee may conclusively rely on any document (whether in its original or
facsimile form) reasonably believed by it to be genuine and to have been signed
or presented by the proper person.&#160; The
Trustee need not investigate any fact or matter stated in the document.&#160; The Trustee shall receive and retain financial
reports and statements of the Company as provided herein, but shall have no
duty to review or analyze such reports or statements to determine compliance
under covenants or other obligations of the Company;</h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Before
the Trustee acts or refrains from acting, it may require an Officers&#146;
Certificate and/or an Opinion of Counsel.&#160;
The Trustee shall not be liable for any action it takes or omits to take
in good faith in reliance on an Officers&#146; Certificate or Opinion of Counsel;</h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
Trustee may act through its attorneys and agents and shall not be responsible
for the misconduct or negligence of any agent appointed with due care;</h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
Trustee shall not be liable for any action it takes or omits to take in good
faith which it believes to be authorized or within its rights or powers, <i><font style="font-style:italic;">provided however, </font></i>that the Trustee&#146;s
conduct does not constitute willful misconduct or negligence;</h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
Trustee may consult with counsel of its selection, and the advice or opinion of
counsel with respect to legal matters relating to this Indenture and the Notes
shall be full and complete authorization and protection from liability in
respect to any action taken, omitted or suffered by it hereunder in good faith
and in accordance with the advice or opinion of such counsel;</h3>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=56,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=178735,FOLIO='50',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
Trustee shall not be deemed to have notice of any Default or Event of Default
unless a Trust Officer of the Trustee has actual knowledge thereof or unless
written notice of any event which is in fact such a default is received by the
Trustee at the Corporate Trust Office of the Trustee, and such notice
references the Notes and this Indenture;</h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
rights, privileges, protections, immunities and benefits given to the Trustee,
including, without limitation, its right to be indemnified, are extended to,
and shall be enforceable by, the Trustee in each of its capacities hereunder,
and each agent, custodian and other Person employed to act hereunder; and</h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
Trustee may request that the Company deliver an Officers&#146; Certificate setting
forth the names of individuals and/or titles of officers authorized at such
time to take specified actions pursuant to this Indenture, which Officers&#146;
Certificate may be signed by any person authorized to sign an Officers&#146;
Certificate, including any person specified as so authorized in any such
certificate previously delivered and not superseded.</h3>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section8_3_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 8.3.</font></a>&nbsp;&nbsp;<u>Individual
Rights of Trustee</u>.&#160; The Trustee in
its individual or any other capacity may become the owner or pledgee of Notes
and may otherwise deal with the Company or its Affiliates with the same rights
it would have if it were not Trustee.&#160;
Any Paying Agent, Registrar, co-registrar or co-paying agent may do the
same with like rights.&#160; However, the Trustee
must comply with Section 8.10 and Section 8.11 hereof.&#160; In addition, the Trustee shall be permitted
to engage in transactions with the Company; <i><font style="font-style:italic;">provided,
however,</font></i> that if the Trustee acquires any conflicting interest the
Trustee must (i) eliminate such conflict within 90 days of acquiring such
conflicting interest, (ii) apply to the Commission for permission to continue
acting as Trustee or (iii) resign.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section8_4_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 8.4.</font></a>&nbsp;&nbsp;<u>Trustee&#146;s
Disclaimer</u>.&#160; The Trustee shall not
be responsible for and makes no representation as to the validity or adequacy
of this Indenture or the Notes, shall not be accountable for the Company&#146;s use
of the proceeds from the Notes, shall not be responsible for the use or
application of any money received by any Paying Agent other than the Trustee
and shall not be responsible for any statement of the Company in this Indenture
or in any document issued in connection with the sale of the Notes or in the
Notes other than the Trustee&#146;s certificate of authentication.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section8_5_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 8.5.&nbsp;</font></a>&nbsp;<u>Notice
of Defaults</u>.&#160; If a Default or Event
of Default occurs and is continuing and if a Trust Officer has actual knowledge
thereof, the Trustee shall mail to each Noteholder at the address set forth in
the Note Register notice of the Default or Event of Default within 90 days
after it occurs.&#160; Except in the case of
a Default or Event of Default in payment of principal of and premium, if any,
or interest on any Note (including payments pursuant to the optional redemption
or required repurchase provisions of such Note, if any), the Trustee may
withhold the notice if and so long as a committee of its Trust Officers in good
faith determines that withholding the notice is in the interests of
Noteholders.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section8_6"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 8.6</font></a>.&nbsp;&nbsp;<u>Reports
by Trustee to Holders</u>.&#160; Within 60
days after each May 15 beginning with the May 15 following the date of this
Indenture, and in any event prior to August 15 in each year, the Trustee shall
mail to each Noteholder a brief report dated as of such May 15&#160; that complies with Trust Indenture Act,
Section&nbsp;313(a).&#160; The Trustee also
shall comply with </p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">51</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=57,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=110301,FOLIO='51',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trust Indenture Act,
Section&nbsp;313(b).&#160; The Trustee shall
also transmit by mail all reports required by Trust Indenture Act,
Section&nbsp;313(c).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Following the issuance of any Exchange Notes,
a copy of each report at the time of its mailing to Noteholders shall be filed
with the SEC and each stock exchange (if any) on which the Notes are
listed.&#160; The Company agrees to notify
promptly the Trustee whenever the Notes become listed on any stock exchange and
of any delisting thereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section8_7_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 8.7.</font></a>&nbsp;&nbsp;<u>Compensation
and Indemnity</u>.&#160; The Company shall
pay to the Trustee from time to time such compensation for its acceptance of
this Indenture and services hereunder as the Company and the Trustee shall from
time to time agree in writing.&#160; The
Trustee&#146;s compensation shall not be limited by any law on compensation of a
trustee of an express trust.&#160; The Company
shall reimburse the Trustee upon request for all reasonable out-of-pocket
expenses incurred or made by it, including costs of collection, costs of
preparing and reviewing reports, certificates and other documents, costs of
preparation and mailing of notices to Noteholders and reasonable costs of
counsel retained by the Trustee, in addition to the compensation for its
services.&#160; Such expenses shall include
the reasonable compensation and expenses, disbursements and advances of the
Trustee&#146;s agents, counsel, accountants and experts.&#160; The Company shall indemnify the Trustee, and any predecessor
Trustee and their agents, against any and all loss, liability, damages, claims
or expense (including reasonable attorneys&#146; fees and expenses) incurred by it
without negligence or willful misconduct on its part in connection with the
administration of this trust and the performance of its duties hereunder,
including the costs and expenses of enforcing this Indenture (including this
Section 8.7) and of defending itself against any claims (whether asserted by
any Noteholder, the Company or otherwise).&#160;
The Trustee shall notify the Company promptly of any claim for which it
may seek indemnity.&#160; Failure by the
Trustee to so notify the Company shall not relieve the Company of its
obligations hereunder.&#160; The Company
shall defend the claim and the Trustee may have separate counsel and the
Company shall pay the fees and expenses of such counsel, <i><font style="font-style:italic;">provided</font></i> that the Company shall not be
required to pay such fees and expenses if it assumes the Trustee&#146;s defense,
and, in the reasonable judgment of the Trustee, there is no conflict of
interest between the Company and the Trustee in connection with such
defense.&#160; The Company need not reimburse
any expense or indemnify against any loss, liability or expense incurred by the
Trustee through the Trustee&#146;s own willful misconduct, negligence or bad faith.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To secure the Company&#146;s payment obligations
in this Section 8.7, the Trustee shall have a lien prior to the Notes on all
money or property held or collected by the Trustee other than money or property
held in trust to pay principal of and premium, if any, and interest on
particular Notes.&#160; Such lien shall
survive the satisfaction and discharge of this Indenture.&#160; The Trustee&#146;s right to receive payment of
any amounts due under this Section 8.7 shall not be subordinate to any other
liability or Indebtedness of the Company.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company&#146;s payment obligations pursuant to
this Section 8.7 shall survive the discharge of this Indenture.&#160; When the Trustee incurs expenses after the
occurrence of a Default specified in Section 7.1(5) hereof with respect to the
Company, the expenses are intended to constitute expenses of administration
under any bankruptcy law.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">52</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=58,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=967360,FOLIO='52',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section8_8_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 8.8.&nbsp;</font></a>&nbsp;<u>Replacement
of Trustee</u>.&#160; The Trustee may resign
at any time by so notifying the Company.&#160;
The Holders of a majority in principal amount of the Notes may remove
the Trustee by so notifying the Trustee and may appoint a successor Trustee.&#160; The Company shall remove the Trustee if:</p>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Trustee fails to
comply with Section 8.10 hereof;</h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Trustee is
adjudged bankrupt or insolvent;</h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>a receiver or other
public officer takes charge of the Trustee or its property; or</h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Trustee otherwise
becomes incapable of acting.</h4>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Trustee resigns or is removed by the
Company or by the Holders of a majority in principal amount of the Notes and
such Holders do not reasonably promptly appoint a successor Trustee, or if a
vacancy exists in the office of the Trustee for any reason (the Trustee in such
event being referred to herein as the retiring Trustee), the Company shall
promptly appoint a successor Trustee.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A successor Trustee shall deliver a written
acceptance of its appointment to the retiring Trustee and to the Company.&#160; Thereupon the resignation or removal of the
retiring Trustee shall become effective, and the successor Trustee shall have
all the rights, powers and duties of the Trustee under this Indenture.&#160; The successor Trustee shall mail a notice of
its succession to Noteholders.&#160; The
retiring Trustee shall promptly transfer all property held by it as Trustee to
the successor Trustee, subject to the lien provided for in Section 8.7 hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If a successor Trustee does not take office
within 60 days after the retiring Trustee resigns or is removed, the retiring
Trustee or the Holders of 10% in principal amount of the Notes may petition, at
the Company&#146;s expense, any court of competent jurisdiction for the appointment
of a successor Trustee.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Trustee fails to comply with Section
8.10 hereof, any Noteholder may petition any court of competent jurisdiction
for the removal of the Trustee and the appointment of a successor Trustee.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding the replacement of the
Trustee pursuant to this Section 8.8, the Company&#146;s obligations under Section 8.7
hereof shall continue for the benefit of the retiring Trustee.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section8_9_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 8.9.&nbsp;</font></a>&nbsp;<u>Successor
Trustee by Merger</u>.&#160; If the Trustee
consolidates with, merges or converts into, or transfers all or substantially
all its corporate trust business or assets to, another corporation or banking
association, the resulting, surviving or transferee corporation without any
further act shall be the successor Trustee.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In case at the time such successor or
successors by merger, conversion or consolidation to the Trustee shall succeed
to the trusts created by this Indenture, any of the Notes shall have been
authenticated but not delivered, any such successor to the Trustee may adopt
the certificate of authentication of any predecessor trustee, and deliver such
Notes so authenticated;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">53</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=59,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=965620,FOLIO='53',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and in case at that time any of
the Notes shall not have been authenticated, any successor to the Trustee may
authenticate such Notes either in the name of any predecessor hereunder or in
the name of the successor to the Trustee; <i><font style="font-style:italic;">provided</font></i>
that the right to adopt the certificate authentication of any predecessor
Trustee or authenticate Notes in the name of any predecessor Trustee shall only
apply to its successor or successors by merger, consolidation or conversion.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section8_10_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 8.10.</font></a>&nbsp;&nbsp;<u>Eligibility;
Disqualification</u>.&#160; The Trustee shall
at all times satisfy the requirements of Trust Indenture Act,
Section&nbsp;310(a).&#160; The Trustee shall
have a combined capital and surplus of at least U.S.$50,000,000 as set forth in
its most recent published annual report of condition.&#160; The Trustee shall comply with Trust Indenture Act,
Section&nbsp;310(b); <i><font style="font-style:italic;">provided, however</font></i>,
that there shall be excluded from the operation of Trust Indenture Act,
Section&nbsp;310(b)(1) any indenture or indentures under which other securities
or certificates of interest or participation in other securities of the Company
are outstanding if the requirements for such exclusion set forth in Trust
Indenture Act, Section&nbsp;310(b)(1) are met.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section8_11_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 8.11.</font></a>&nbsp;&nbsp;<u>Preferential
Collection of Claims Against Company</u>.&#160;
The Trustee shall comply with Trust Indenture Act, Section&nbsp;311(a),
excluding any creditor relationship listed in Trust Indenture Act,
Section&nbsp;311(b).&#160; A Trustee who has
resigned or been removed shall be subject to Trust Indenture Act,
Section&nbsp;311(a) to the extent indicated.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section8_12"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 8.12</font></a>.&nbsp;&nbsp;<u>Trustee&#146;s
Application for Instruction from the Company</u>.&#160; Any application by the Trustee for written instructions from the
Company may, at the option of the Trustee, set forth in writing any action
proposed to be taken or omitted by the Trustee under this Indenture and the
date on and/or after which such action shall be taken or such omission shall be
effective.&#160; The Trustee shall not be liable
for any action taken by, or omission of, the Trustee in accordance with a
proposal included in such application on or after the date specified in such
application (which date shall not be less than three Business Days after the
date any officer of the Company actually receives such application, unless any
such officer shall have consented in writing to any earlier date) unless prior
to taking any such action (or the effective date in the case of an omission),
the Trustee shall have received written instructions in response to such
application specifying the action to be taken or omitted.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="ArticleIx"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE IX</font></a></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Discharge of Indenture; Defeasance</font></u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section9_1_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 9.1.</font></a>&nbsp;&nbsp;<u>Discharge
of Liability on Notes; Defeasance</u>.&#160;
(a)&#160; Subject to Section 9.1(c)
hereof, when (i)(x) the Company delivers to the Trustee all outstanding Notes
(other than Notes replaced pursuant to Section 2.9 hereof) for cancellation or
(y) all outstanding Notes not theretofore delivered for cancellation have
become due and payable, whether at maturity or upon redemption or will become
due and payable within one year or are to be called for redemption within one
year under arrangements satisfactory to the Trustee for the giving of notice of
redemption by the Trustee in the name and at the expense of the Company and the
Company or the Guarantor irrevocably deposits or causes to be deposited with
the Trustee as trust funds in trust solely for the benefit of the Holders money
in U.S. dollars, non-callable U.S. Government Securities, or a combination
thereof, in such amounts as will be sufficient without consideration of any
reinvestment of interest to pay and discharge the entire indebtedness on </p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">54</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=60,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=853231,FOLIO='54',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">such Notes not
theretofore delivered to the Trustee for cancellation for principal and
premium, if any, and accrued interest to the date of maturity or redemption,
(ii) no Default or Event of Default shall have occurred and be continuing on
the date of such deposit or shall occur as a result of such deposit and such
deposit will not result in a breach or violation of, or constitute a default
under, any other instrument to which the Company or the Guarantor is a party or
by which the Company or the Guarantor is bound; (iii) the Company or the
Guarantor has paid or caused to be paid all sums payable by it under this
Indenture and the Notes; and (iv) the Company has delivered irrevocable
instructions to the Trustee under this Indenture to apply the deposited money
toward the payment of such Notes at maturity or the Redemption Date, as the
case may be, then the Trustee shall acknowledge satisfaction and discharge of
this Indenture on demand of the Company (accompanied by an Officers&#146;
Certificate and an Opinion of Counsel stating that all conditions precedent
specified herein relating to the satisfaction and discharge of this Indenture
have been complied with) and at the cost and expense of the Company.</font></p>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Subject
to Section 9.1(c) and Section 9.2 hereof, the Company at any time may terminate
(i) all its obligations under the Notes and this Indenture (&#147;<u>legal
defeasance option</u>&#148;), and after giving effect to such legal defeasance, any
omission to comply with such obligations shall no longer constitute a Default
or Event of Default or (ii) its obligations under, Section 3.2, Section 3.3,
Section 3.4, Section 3.5, Section 3.6, Section 3.7, Section 3.8, Section 3.9,
Section 3.10, Section 3.13 and Section 3.14 hereof, and the Company may omit to
comply with and shall have no liability in respect of any term, condition or
limitation set forth in any such covenant, whether directly or indirectly, by
reason of any reference elsewhere herein to any such covenant or by reason of
any reference in any such covenant to any other provision herein or in any
other document, and the operation of Sections 7.1(3) (only with respect to the
covenants terminated pursuant to this Section 9.1(b)(ii)), 7.1(4), 7.1(5),
7.1(6) and 7.1(7) hereof, and the events specified in such Sections shall no
longer constitute an Event of Default (clause (ii) being referred to as the &#147;<u>covenant
defeasance option</u>&#148;), but except as specified above, the remainder of this
Indenture and the Notes shall be unaffected thereby.&#160; The Company may exercise its legal defeasance option
notwithstanding its prior exercise of its covenant defeasance option. If the
Company exercises its covenant defeasance option, the Company may elect to have
the Guarantee terminate.</h3>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Company
exercises its legal defeasance option, payment of the Notes may not be
accelerated because of an Event of Default, and the Guarantee shall
terminate.&#160; If the Company exercises its
covenant defeasance option, payment of the Notes may not be accelerated because
of an Event of Default specified in Section 7.1(3) (only with respect to the
covenants terminated pursuant to Section 9.1(b)(ii) above), 7.1(4), 7.1(5),
7.1(6) or 7.1(7)hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon
satisfaction of the conditions set forth herein and upon request of the
Company, the Trustee shall acknowledge in writing the discharge of those
obligations that the Company terminates.</font></p>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><a name="_Ref506225737">Notwithstanding the provisions of Section 9.1(a) and (b)
hereof, the Company&#146;s obligations in Section 2.2, Section 2.3, Section 2.4,
Section 2.5, Section 2.6, Section 2.9, Section 2.10, Section 2.11, Section
2.12, Section 3.1, Section 3.11, Section 3.12, Section 3.15, Section 3.16,
Section 3.17, Section 3.18, Section 3.19, Section 7.7, Section 8.7, Section 8.8
</a></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">55</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=61,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=224670,FOLIO='55',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">hereof and in this Article IX shall survive
until the Notes have been paid in full.&#160;
Thereafter, the Company&#146;s obligations in Section 8.7, Section 9.4 and
Section 9.5 hereof shall survive.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section9_2_conditionsToDefeasance_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION
9.2.&nbsp;&nbsp;<u>Conditions to Defeasance</u>.</font></a>&#160; The Company may exercise its legal
defeasance option or its covenant defeasance option only if:</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Company
irrevocably deposits in trust with the Trustee for the benefit of the Holders
money in U.S. dollars or U.S. Government Securities or a combination thereof
for the payment of principal of and premium, if any, and interest on the Notes
to maturity or redemption, as the case may be;</h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Company delivers
to the Trustee a certificate from a firm of independent accountants expressing
their opinion that the payments of principal and interest when due and without
reinvestment on the deposited U.S. Government Securities plus any deposited
money without investment will provide cash at such times and in such amounts as
will be sufficient to pay principal and interest when due on all the Notes to
maturity;</h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>no Default or Event
of Default shall have occurred and be continuing on the date of such deposit
or, with respect to certain bankruptcy or insolvency Events of Default, on the
91st day after such date of deposit;</h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>such legal defeasance
or covenant defeasance shall not result in a breach or violation of, or
constitute a Default under, this Indenture or any other material agreement or
instrument to which the Company, the Guarantor or any of the Subsidiaries is a
party or by which the Company, the Guarantor or any of the Subsidiaries is
bound;</h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Company shall
have delivered to the Trustee an Opinion of Counsel (subject to customary
assumptions and exclusions) to the effect that (A)&nbsp;the Notes and
(B)&nbsp;assuming no intervening bankruptcy of the Company between the date of
deposit and the 91st day following the deposit and that no Holder of the Notes
is an insider of the Company, after the 91st day following the deposit, the
trust funds will not be subject to the effect of any applicable bankruptcy,
insolvency, reorganization or similar laws affecting creditors&#146; right
generally;</h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the deposit does not
constitute a default under any other agreement binding on the Company;</h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Company delivers
to the Trustee an Opinion of Counsel (subject to customary assumptions and
exclusions) to the effect that the trust resulting from the deposit does not
constitute, or is qualified as, a regulated investment company under the U.S.
Investment Company Act of 1940, as amended;</h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>in the case of the
legal defeasance option, the Company shall have delivered to the Trustee an
Opinion of Counsel (subject to customary assumptions and exclusions) in the
United States stating that (i) the Company has received from, or there has been
published by, the U.S. Internal Revenue Service a ruling, or (ii) since the
date of this Indenture there has been a change in the applicable federal income
tax law, in either </h4>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">56</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=62,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=481848,FOLIO='56',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">case to the effect that, and based thereon such Opinion of Counsel
shall confirm that, the Noteholders will not recognize income, gain or loss for
federal income tax purposes as a result of such defeasance and will be subject
to federal income tax on the same amounts, in the same manner and at the same
times as would have been the case if such legal defeasance had not occurred;</font></h4>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(9)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>in the case of the
covenant defeasance option, the Company shall have delivered to the Trustee an
Opinion of Counsel (subject to customary assumptions and exclusions) in the
United States to the effect that the Noteholders will not recognize income,
gain or loss for federal income tax purposes as a result of such deposit and
covenant defeasance and will be subject to federal income tax on the same
amount, in the same manner and at the same times as would have been the case if
such deposit and covenant defeasance had not occurred; and</h4>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(10)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Company delivers to the
Trustee an Officers&#146; Certificate and an Opinion of Counsel, each stating that
all conditions precedent to the defeasance and discharge of the Notes and this
Indenture as contemplated by this Article IX have been complied with.</h4>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section9_3_applicationOfTrustMoney"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION
9.3.&nbsp;&nbsp;<u>Application of Trust Money</u></font></a>.&#160; The Trustee shall hold in trust money or
U.S. Government Securities deposited with it pursuant to this Article IX.&#160; It shall apply the deposited money and the
money from U.S. Government Securities through the Paying Agent and in
accordance with this Indenture to the payment of principal of and premium, if
any, and interest on the Notes.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section9_4_repaymentToCompany_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION
9.4.&nbsp;&nbsp;<u>Repayment to Company</u>.</font></a>&#160; The Trustee and the Paying Agent shall
promptly turn over to the Company upon request any excess money or securities
held by them upon payment of all the obligations under this Indenture.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to any applicable abandoned property
law, the Trustee and the Paying Agent shall pay to the Company upon request any
money held by them for the payment of principal of and premium, if any, or
interest on the Notes that remains unclaimed for two years, and, thereafter,
Noteholders entitled to the money must look to the Company for payment as
general creditors.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section9_5_indemnityForU_s_Governm"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION
9.5.&nbsp;&nbsp;<u>Indemnity for U.S. Government Securities</u></font></a>.&#160; The Company shall pay and shall indemnify
the Trustee against any tax, fee or other charge imposed on or assessed against
deposited U.S. Government Securities or the principal and interest received on
such U.S. Government Securities.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section9_6_reinstatement"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 9.6.&nbsp;&nbsp;<u>Reinstatement</u></font></a>.&#160; If the Trustee or Paying Agent is unable to
apply any money or U.S. Government Securities in accordance with this Article
IX by reason of any legal proceeding or by reason of any order or judgment of
any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, the obligations of the Company under this
Indenture and the Notes shall be revived and reinstated as though no deposit
had occurred pursuant to this Article IX until such time as the Trustee or
Paying Agent is permitted to apply all such money or U.S. Government Securities
in accordance with this Article IX; </p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">57</font></p>


<div align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="center">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=63,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=788685,FOLIO='57',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">provided, however</font></i>, that, if the Company has
made any payment of interest on or principal of any Notes because of the
reinstatement of its obligations, the Company shall be subrogated to the rights
of the Holders of such Notes to receive such payment from the money or U.S.
Government Securities held by the Trustee or Paying Agent.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trustee&#146;s rights under this Article IX
shall survive termination of this Indenture and the resignation or removal of
the Trustee.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="ArticleX"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE X</font></a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amendments</font></u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section10_1_withoutConsentOfHolder"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION
10.1.&nbsp;&nbsp;<u>Without Consent of Holders</u></font></a>.&#160; The Company, the Guarantor and the Trustee
may amend this Indenture or the Notes without notice to or consent of any
Noteholder:</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>to cure any
ambiguity, omission, defect or inconsistency;</h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>to comply with
Article IV in respect of the assumption by a Successor Guarantor of an
obligation of the Guarantor under this Indenture;</h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>to provide for
uncertificated Notes in addition to or in place of certificated Notes; <i><font style="font-style:italic;">provided, however,</font></i> that the uncertificated
Notes are issued in registered form for purposes of Section 163(f) of the Code
or in a manner such that the uncertificated Notes are described in Section
163(f)(2)(B) of the Code;</h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>to add guarantees
with respect to the Notes;</h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>to secure the Notes;</h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>to add to the
covenants of the Company or the Guarantor for the benefit of the Holders or to
surrender any right or power herein conferred upon the Company or the
Guarantor;</h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>to make any change
that does not materially adversely affect the interests of any Noteholder;</h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>to provide for the
issuance of the Exchange Notes, which will have terms substantially identical
in all material respects to the Initial Notes (except that the transfer
restrictions contained in the Initial Notes will be modified or eliminated, as
appropriate), and which will be treated, together with any outstanding Initial
Notes, as a single issue of securities;</h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(9)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>to provide for the
issuance of any Subsequent Notes; or</h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(10)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>to comply with any
requirement of the SEC in connection with the qualification of this Indenture
under the Trust Indenture Act.</h4>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">58</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=64,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=230352,FOLIO='58',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">After an amendment under this Section 10.1
becomes effective, the Company shall mail to Noteholders a notice briefly
describing such amendment.&#160; The failure
to give such notice to all Noteholders at the address set forth in the Note
Register, or any defect therein, shall not impair or affect the validity of an
amendment under this Section 10.1.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section10_2_withConsentOfHolders_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION
10.2.&nbsp;&nbsp;<u>With Consent of Holders</u>.</font></a>&#160; The Company, the Guarantor and the Trustee
may amend this Indenture or the Notes without notice to any Noteholder but with
the written consent of the Holders of at least a majority in principal amount
of the Notes then outstanding (including, without limitation, consents obtained
in connection with a purchase of, or tender offer or exchange offer for,
Notes).&#160; However, without the consent of
each Noteholder affected, an amendment may not:</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>reduce the amount of Notes whose Holders must
consent to an amendment of this Indenture or the Notes;</h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>reduce the amount of Notes whose Holders must
consent to an amendment of provisions of the Master Trust Transaction Documents
pursuant to Section 3.2(f) hereof;</h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>reduce the stated rate of or extend the
stated time for payment of interest on any Note;</h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>reduce the principal of, or extend the Stated
Maturity of, any Note;</h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>reduce the premium payable upon the
redemption or purchase of any Note as described above under Article V or
Article VI hereof or any similar provision, whether through an amendment to or
waiver of Article V or Article VI hereof, a definition or otherwise;</h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>at any time after a Change of Control has
occurred, change the time at which the Change of Control Offer relating thereto
must be made or at which the Change of Control Payment must be made;</h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>make any Note payable in money other than
that stated in the Note;</h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>impair the right of any Holder to receive
payment of principal of and premium, if any, and interest on such Holder&#146;s
Notes on or after the due dates therefor or to institute suit for the
enforcement of any payment on or with respect to such Holder&#146;s Notes;</h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(9)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>make any change to the amendment provisions
which require each Holder&#146;s consent or to the waiver provisions; or</h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(10)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160; </font>release the Guarantor or modify the Guarantee other
than in accordance with the provisions of this Indenture.</h4>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">It shall not be necessary for the consent of
the Holders under this Section 10.2 to approve the particular form of any
proposed amendment, but it shall be sufficient if such consent approves the
substance thereof.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">59</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=65,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=49578,FOLIO='59',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">After an amendment under this Section 10.2
becomes effective, the Company shall mail to Noteholders a notice briefly
describing such amendment.&#160; The failure
to give such notice to all Noteholders, or any defect therein, shall not impair
or affect the validity of an amendment under this Section 10.2.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section10_3_ComplianceWithTrustInd"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 10.3. <u>Compliance
with Trust Indenture Act</u></font></a>.&#160; Every amendment to this Indenture or the
Notes shall comply with the Trust Indenture Act as then in effect.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section10_4_RevocationAndEffectOf"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION
10.4.&#160; <u>Revocation and Effect of
Consents and Waivers</u></font></a>.&#160; A consent to an amendment or a waiver by a Holder of a Note shall
bind the Holder and every subsequent Holder of that Note or portion of the Note
that evidences the same debt as the consenting Holder&#146;s Note, even if notation
of the consent or waiver is not made on the Note.&#160; However, any such Holder or subsequent Holder may revoke the
consent or waiver as to such Holder&#146;s Note or portion of the Note if the Trustee
receives the notice of revocation before the date the amendment or waiver
becomes effective or otherwise in accordance with any related solicitation
documents.&#160; After an amendment or waiver
becomes effective, it shall bind every Noteholder.&#160; An amendment or waiver shall become effective upon receipt by the
Trustee of the requisite number of written consents under Section 10.1 or 10.2
hereof, as applicable.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company
may, but shall not be obligated to, fix a record date for the purpose of
determining the Noteholders entitled to give their consent or take any other
action described above or required or permitted to be taken pursuant to this
Indenture.&#160; If a record date is fixed,
then notwithstanding the immediately preceding paragraph, those Persons who
were Noteholders at such record date (or their duly designated proxies), and
only those Persons, shall be entitled to give such consent or to revoke any
consent previously given or to take any such action, whether or not such
Persons continue to be Holders after such record date.&#160; No such consent shall become valid or
effective more than 120 days after such record date.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section10_5_NotationOnOrExchangeO"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION
10.5.&#160; <u>Notation on or Exchange of
Notes</u></font></a>.&#160; If
an amendment changes the terms of a Note, the Trustee may require the Holder of
the Note to deliver it to the Trustee.&#160;
The Trustee may place an appropriate notation on the Note regarding the
changed terms and return it to the Holder.&#160;
Alternatively, if the Company or the Trustee so determines, the Company
in exchange for the Note shall issue and the Trustee shall authenticate a new
Note that reflects the changed terms.&#160;
Failure to make the appropriate notation or to issue a new Note shall
not affect the validity of such amendment.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section10_6_TrusteeToSignAmendment"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION
10.6.&#160; <u>Trustee To Sign Amendments</u></font></a>.&#160; The Trustee shall sign any amendment
authorized pursuant to this Article X if the amendment does not affect the
rights, duties, liabilities or immunities of the Trustee.&#160; If it does, the Trustee may but need not
sign it.&#160; In signing such amendment the
Trustee shall be entitled to receive indemnity reasonably satisfactory to it
and shall be provided with, and (subject to Sections 8.1 and 8.2 hereof), shall
be fully protected in relying upon an Officers&#146; Certificate and an Opinion of
Counsel stating that such amendment is authorized or permitted by this Indenture
and that such amendment is the legal, valid and binding obligation of the
Company and any Guarantors, enforceable against them in accordance with its
terms, subject to customary exceptions and complies with the provisions hereof
(including Section 10.3 hereof).</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">60</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=66,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=996760,FOLIO='60',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="ArticleXi"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE XI</font></a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Guarantee</font></u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section11_1_guarantee"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION
11.1.&nbsp;&nbsp;<u>Guarantee</u></font></a>.&#160; The Guarantor hereby fully, unconditionally
and irrevocably guarantees, as primary obligor and not merely as surety, to
each Holder of the Notes and the Trustee the full and punctual payment when
due, whether at maturity, by acceleration, by redemption or otherwise, of the
principal of and premium, if any, and interest on the Notes and all other
obligations of the Company under this Indenture (all the foregoing being
hereinafter collectively called the &#147;Obligations&#148;).&#160; The Guarantor further agrees (to the extent permitted by law)
that the Obligations may be extended or renewed, in whole or in part, without
notice or further assent from it, and that it will remain bound under this
Article XI notwithstanding any extension or renewal of any Obligation.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Guarantor waives presentation to, demand
of payment from and protest to the Company of any of the Obligations and also
waives notice of protest for nonpayment.&#160;
The Guarantor waives notice of any default under the Notes or the
Obligations.&#160; The obligations of the
Guarantor hereunder shall not be affected by (a) the failure of any Holder to
assert any claim or demand or to enforce any right or remedy against the
Company or any other person under this Indenture, the Notes or any other
agreement or otherwise; (b) any extension or renewal of any thereof; (c) any
rescission, waiver, amendment or modification of any of the terms or provisions
of this Indenture, the Notes or any other agreement; (d) the release of any
security held by any Holder or the Trustee for the Obligations or any of them;
or (e) any change in the ownership of the Company.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Guarantor further agrees that the
Guarantee herein constitutes a guarantee of payment when due (and not a
guarantee of collection) and waives any right to require that any resort be had
by any Holder to any security held for payment of the Obligations.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The obligations of the Guarantor hereunder
shall not be subject to any reduction, limitation, impairment or termination
for any reason (other than payment of the Obligations in full), including any
claim of waiver, release, surrender, alteration or compromise, and shall not be
subject to any defense of setoff, counterclaim, recoupment or termination
whatsoever or by reason of the invalidity, illegality or unenforceability of
the Obligations or otherwise.&#160; Without
limiting the generality of the foregoing, the obligations of the Guarantor
herein shall not be discharged or impaired or otherwise affected by the failure
of any Holder to assert any claim or demand or to enforce any remedy under this
Indenture, the Notes or any other agreement, by any waiver or modification of
any thereof, by any default, failure or delay, willful or otherwise, in the
performance of the Obligations, or by any other act or thing or omission or
delay to do any other act or thing which may or might in any manner or to any
extent vary the risk of the Guarantor or would otherwise operate as a discharge
of the Guarantor as a matter of law or equity.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Guarantor further agrees that the
Guarantee herein shall continue to be effective or be reinstated, as the case
may be, if at any time payment, or any part thereof, of principal of and
premium, if any, or interest on any of the Obligations is rescinded or must</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">61</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=67,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=868997,FOLIO='61',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">otherwise be
restored by any Holder upon the bankruptcy or reorganization of the Company or
otherwise.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In furtherance of the foregoing and not in
limitation of any other right which any Holder has at law or in equity against
the Guarantor by virtue hereof, upon the failure of the Company to pay any of
the Obligations when and as the same shall become due, whether at maturity, by
acceleration, by redemption or otherwise, the Guarantor hereby promises to and
will, upon receipt of written demand by the Trustee, forthwith pay, or cause to
be paid, in cash, to the Holders an amount equal to the sum of (i) the unpaid
amount of such Obligations then due and owing and (ii) accrued and unpaid
interest on such Obligations then due and owing (but only to the extent not
prohibited by law).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Guarantor further agrees that, as between
the Guarantor, on the one hand, and the Holders, on the other hand, (x) the
maturity of the Obligations guaranteed hereby may be accelerated as provided in
this Indenture for the purposes of the Guarantee herein, notwithstanding any
stay, injunction or other prohibition preventing such acceleration in respect
of the Obligations guaranteed hereby and (y) in the event of any such
declaration of acceleration of such Obligations, such Obligations (whether or
not due and payable) shall forthwith become due and payable by the Guarantor
for the purposes of this Guarantee.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.6in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Guarantor also agrees to pay any and all
reasonable costs and expenses (including reasonable attorneys&#146; fees) incurred
by the Trustee or the Holders in enforcing any rights under this Section.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section11_2_noSubrogation"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION
11.2.&nbsp;&nbsp;<u>No Subrogation</u></font></a>.&#160; Notwithstanding any payment or payments made
by the Guarantor hereunder, the Guarantor shall not be entitled to be
subrogated to any of the rights of the Trustee or any Holder against the
Company or any collateral security or guarantee or right of offset held by the
Trustee or any Holder for the payment of the Obligations, nor shall the
Guarantor seek or be entitled to seek any contribution or reimbursement from
the Company in respect of payments made by the Guarantor hereunder, until all
amounts owing to the Trustee and the Holders, as well as the holders of any
other Permitted Indebtedness, by the Company on account of the Obligations are
paid in full.&#160; If any amount shall be
paid to the Guarantor on account of such subrogation rights at any time when
all of the Obligations shall not have been paid in full, such amount shall be
held by the Guarantor in trust for the Trustee and the Holders, segregated from
other funds of the Guarantor, and shall, forthwith upon receipt by the
Guarantor, be turned over to the Trustee in the exact form received by the
Guarantor (duly indorsed by the Guarantor to the Trustee, if required), to be
applied against the Obligations.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section11_3_consideration"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION
11.3.&nbsp;&nbsp;<u>Consideration</u></font></a>.&#160; The Guarantor has received, or will receive,
direct or indirect benefits from the making of the Guarantee.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">62</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=68,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=85364,FOLIO='62',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="ArticleXii"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE XII</font></a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Miscellaneous</font></u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section12_1_trustIndentureActContr"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION
12.1.&nbsp;&nbsp;<u>Trust Indenture Act Controls</u>.</font></a>&#160; If any provision of this Indenture limits,
qualifies or conflicts with another provision which is required to be included
in this Indenture by the Trust Indenture Act, the provision required by the
Trust Indenture Act shall control.&#160; The
Guarantor in addition to performing its obligations under the Guarantee shall
perform such other obligations as may be imposed upon it with respect to this
Indenture under the Trust Indenture Act.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section12_2_notices_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION
12.2.&nbsp;&nbsp;<u>Notices</u>.</font></a>&#160; Any notice or communication shall be in
writing and (a) delivered in person, (b) sent by a recognized overnight
delivery service (with charges prepaid), or (c) sent by telecopy if the sender
on the same day sends a confirming copy of such notice by a recognized
overnight delivery service (charges prepaid), addressed as follows:</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If to the Company:</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bunge Limited Finance Corp.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11720 Borman Drive</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">St. Louis, Missouri 63146</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:&#160;
Francis X. Marchiony</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone:&#160;
(314) 292-6538</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecopy:&#160;
(314) 292-6530</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If to the Guarantor:</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bunge Limited</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50 Main Street</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">White Plains, New York&#160; 10606</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:&#160; Morris M. Kalef /
Carey Dubois</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone:&#160;
(914) 684-3440/(914) 684-3365</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecopy:&#160;
(914) 684-3443</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">if to the Trustee:</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Bank of New York</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Corporate Trust Administration</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">101 Barclay Street, 21st Floor West</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York, New York 10286</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:&#160;
Thomas E. Tabor</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone:&#160;
(212) 815-5381</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecopy:&#160;
(212) 815-5802/5803</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company or the Trustee by notice to the
other may designate additional or different addresses for subsequent notices or
communications.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">63</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=69,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=790420,FOLIO='63',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any notice or communication mailed to a
registered Noteholder shall be mailed to the Noteholder at the Noteholder&#146;s
address as it appears on the registration books of the Registrar and shall be
sufficiently given if so mailed within the time prescribed.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Failure to mail a notice or communication to
a Noteholder or any defect in it shall not affect its sufficiency with respect
to other Noteholders.&#160; If a notice or
communication is sent in the manner provided above, it is duly given, whether
or not the addressee receives it, except that notices to the Trustee shall be
effective only upon receipt.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section12_3_communicationByHolders"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION
12.3.&nbsp;&nbsp;<u>Communication by Holders with other Holders</u></font></a>.&#160; Noteholders may communicate pursuant to
Trust Indenture Act, Section&nbsp;312(b) with other Noteholders with respect to
their rights under this Indenture or the Notes.&#160; The Company, the Trustee, the Registrar and anyone else shall
have the protection of Trust Indenture Act, Section 312(c).</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section12_4_certificateAndOpinionA"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION
12.4.&nbsp;&nbsp;<u>Certificate and Opinion as to Conditions Precedent</u>. </font></a>&#160;Upon any request or application by the
Company to the Trustee to take or refrain from taking any action under this
Indenture, the Company shall furnish to the Trustee:</p>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>an Officers&#146; Certificate in form and
substance reasonably satisfactory to the Trustee stating that, in the opinion
of the signers, all conditions precedent, if any, provided for in this
Indenture relating to the proposed action have been complied with; and</h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>an Opinion of Counsel in form and substance
reasonably satisfactory to the Trustee stating that, in the opinion of such
counsel, all such conditions precedent have been complied with.</h4>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section12_5_statementsRequiredInC"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION
12.5.&nbsp;&nbsp;<u>Statements Required in Certificate or Opinion</u>.</font></a>&#160; Each certificate or opinion with respect to
compliance with a covenant or condition provided for in this Indenture shall
include:</p>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>a statement that the individual making such
certificate or opinion has read such covenant or condition;</h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>a brief statement as to the nature and scope
of the examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based;</h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>a statement that, in the opinion of such
individual, he has made such examination or investigation as is necessary to
enable him to express an informed opinion as to whether or not such covenant or
condition has been complied with; and</h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>a statement as to whether or not, in the
opinion of such individual, such covenant or condition has been complied with.</h4>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In giving such Opinion of Counsel, counsel
may rely as to factual matters on an Officers&#146; Certificate or on certificates
of public officials.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">64</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=70,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=698381,FOLIO='64',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section12_6_whenNotesDisregarded"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION
12.6.&nbsp;&nbsp;<u>When Notes Disregarded</u></font></a>.&#160; In determining whether the Holders of the
required principal amount of Notes have concurred in any direction, waiver or
consent, Notes owned by the Company or by any Person directly or indirectly
controlling or controlled by or under direct or indirect common control with
the Company shall be disregarded and deemed not to be outstanding, except that,
for the purpose of determining whether the Trustee shall be protected in relying
on any such direction, waiver or consent, only Notes which a Trust Officer of
the Trustee actually knows are so owned shall be so disregarded.&#160; Also, subject to the foregoing, only Notes
outstanding at the time shall be considered in any such determination.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section12_7"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 12.7</font></a>.&nbsp;&nbsp;<u>Rules
by Trustee, Paying Agent and Registrar</u>.&#160;
The Trustee may make reasonable rules for action by, or a meeting of,
Noteholders.&#160; The Registrar and the
Paying Agent may make reasonable rules for their functions.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section12_8"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 12.8</font></a>.&nbsp;&nbsp;<u>Legal
Holidays</u>.&#160; A &#147;Legal Holiday&#148; is a
Saturday, a Sunday or other day on which commercial banking institutions are
authorized or required to be closed in New York, New York or Hamilton,
Bermuda.&#160; If a payment date is a Legal
Holiday, payment shall be made on the next succeeding day that is not a Legal
Holiday, and no interest shall accrue for the intervening period.&#160; If a regular record date is a Legal Holiday,
the record date shall not be affected.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section12_9"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION
12.9</font></b></a><b><font style="font-weight:bold;">.&nbsp;&nbsp;<u>GOVERNING
LAW</u>.&#160; THIS INDENTURE AND THE NOTES
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF NEW&nbsp;YORK.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section12_10"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 12.10</font></a>.&nbsp;&nbsp;<u>No
Recourse Against Others</u>.&#160; An
incorporator, director, officer, employee, affiliate or stockholder of the
Company or the Guarantor, solely by reason of this status, shall not have any
liability for any obligations of the Company under the Notes, this Indenture or
the Guarantee or for any claim based on, in respect of or by reason of such
obligations or their creation.&#160; By
accepting a Note, each Noteholder shall waive and release all such
liability.&#160; The waiver and release shall
be part of the consideration for the issue of the Notes.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section12_11_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 12.11.</font></a>&nbsp;&nbsp;<u>Successors</u>.&#160; All agreements of the Company in this
Indenture and the Notes shall bind their respective successors.&#160; All agreements of the Trustee in this
Indenture shall bind its successors.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section12_12"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 12.12</font></a>.&#160; <u>Consent to Jurisdiction</u>.&#160; The Guarantor irrevocably submits to the
jurisdiction of any New York state or U.S. federal court sitting in the Borough
of Manhattan, The City of New York, in any action or proceeding relating to its
obligations, liabilities or any other matter arising out of or in connection
with this Indenture or the Notes.&#160; The
Guarantor hereby irrevocably agrees that all claims in respect of any such
action or proceeding may be heard and determined in such New York state or U.S.
federal court.&#160; The Guarantor also
hereby irrevocably waives, to the fullest extent permitted by law, any
objection to venue or the defense of an inconvenient forum to the maintenance
of any such action or proceeding in any such court.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section12_13_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 12.13.</font></a>&#160; <u>Appointment for Agent for Service of
Process</u>.&#160; The Guarantor hereby (i)
irrevocably designates and appoints its principal executive offices at 50 Main
Street,</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">65</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=71,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=584538,FOLIO='65',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">White Plains, New York 10606
(together with any successor, the &#147;Authorized Agent&#148;), as its agent upon which
process may be served in any suit, action or proceeding described in the first
sentence of Section 12.12 hereof and represents and warrants that the
Authorized Agent has accepted such designation and (ii) agrees that service of
process upon the Authorized Agent and written notice of said service to the
Guarantor mailed or delivered to its Secretary at its registered office at 2
Church Street, Hamilton, Bermuda, shall be deemed in every respect effective
service of process upon the Guarantor in any such suit or proceeding.&#160; The Guarantor further agrees to take any and
all action, including the execution and filing of any and all such documents
and instruments, as may be necessary to continue such designation and
appointment of the Authorized Agent in full force and effect so long as any of
the Notes shall be outstanding.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section12_14_"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 12.14.</font></a>&#160; <u>Waiver of Immunities</u>.&#160; To the extent that the Guarantor or any of
its properties, assets or revenues may have or may hereafter become entitled
to, or have attributed to them, any right of immunity, on the grounds of
sovereignty, from any legal action, suit or proceeding, from set-off or
counterclaim, from the jurisdiction of any court, from service of process, from
attachment upon or prior to judgment, or from attachment in aid of execution of
judgment, or from execution of judgment, or other legal process or proceeding
for the giving of any relief or for the enforcement of any judgment, in any
jurisdiction in which proceedings may at any time be commenced, with respect to
its obligations, liabilities or any other matter under or arising out of or in
connection with this Indenture or the Notes, the Guarantor hereby irrevocably
and unconditionally, to the extent permitted by applicable law, waives and
agrees not to plead or claim any such immunity and consents to such relief and
enforcement.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section12_15"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 12.15</font></a>.&#160; <u>Foreign Taxes</u>. Any payments by the
Guarantor to the Trustee or the Noteholders hereunder shall be made free and
clear of, and without deduction or withholding for or on account of, any and
all present and future income, stamp or other taxes, levies, imposts, duties,
charges, fees, deductions or withholdings, now or hereinafter imposed, levied,
collected, withheld or assessed by Bermuda or any other foreign jurisdiction in
which the Guarantor or any Subsidiary has an office from which payment is made
or deemed to be made, excluding any such tax imposed by reason of the Trustee
or any Noteholder having some connection with any such jurisdiction other than
its participation as the Trustee or Noteholder under the Indenture (all such
taxes, &#147;Foreign Taxes&#148;).&#160; If the
Guarantor is prevented by operation of law or otherwise from paying, causing to
be paid or remitting that portion of amounts payable hereunder represented by
Foreign Taxes withheld or deducted, then amounts payable under this Indenture
shall, to the extent permitted by law, be increased to such amount as is
necessary to yield and remit to the Trustee and the Noteholders an amount
which, after deduction of all Foreign Taxes (including all Foreign Taxes
payable on such increased payments) equals the amount that would have been payable
if no Foreign Taxes applied.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section12_16"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 12.16</font></a>.&#160; <u>Judgment Currency</u>.&#160; If for the purposes of obtaining judgment in
any court it is necessary to convert a sum due hereunder into any currency
other than U.S. dollars, the parties hereto agree, to the fullest extent
permitted by law, that the rate of exchange used shall be the rate at which in
accordance with normal banking procedures the Trustee or any Holder, as the
case may be, could purchase U.S. dollars with such other currency in
New&nbsp;York City on the Business Day preceding that on which final judgment
is given.&#160; The obligation of the
Guarantor with respect to any sum due from it to the Trustee or any Holder
shall, notwithstanding any judgment in a currency other than U.S. dollars, be
discharged only if and to </p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">66</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=72,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=704082,FOLIO='66',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the extent that on the first
Business Day following receipt by the Trustee or such Holder, as the case may
be, of any sum adjudged to be so due in such other currency, the Trustee or
such Holder may in accordance with normal banking procedures purchase U.S.
dollars with such other currency.&#160; If
the U.S. dollars so purchased are less than the sum originally due to the
Trustee or such Holder hereunder, the Guarantor agrees, as a separate
obligation and notwithstanding any such judgment, to indemnify the Trustee or
such Holder against such loss.&#160; If the
U.S. dollars so purchased are greater than the sum originally due to the
Trustee or such Holder hereunder, the Trustee or such Holder, as the case may
be, agrees to pay to the Guarantor an amount equal to the excess of the U.S.
dollars so purchased over the sum originally due to the Trustee or such Holder
hereunder.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section12_17"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 12.17</font></a>.&#160; <u>No Bankruptcy Petition</u>  <u>Against the
Borrower; Liability of the Borrower</u>.&#160;
Each of the Noteholders and the Trustee hereby covenants and agrees
that, prior to the date which is one year and one day after the payment in full
of the last maturing Note and all other Indebtedness of the Company ranking
equal with or junior to the Notes in right of payment, it will not institute
against, or join with or assist any other Person in instituting against, the
Company, any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings, or other proceedings under any applicable insolvency laws.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding any other provision hereof,
the sole remedy of any Noteholder, the Trustee or any other Person against the
Company in respect of any obligation, covenant, representation, warranty or
agreement of the Company under or related to this Indenture or the Notes shall
be against the assets of the Company.&#160;
Neither the Trustee, nor any Noteholder nor any other Person shall have
any claim against the Company to the extent that such assets are insufficient
to meet such obligations, covenant, representation, warranty or agreement (the
difference being referred to herein as a &#147;<u>shortfall</u>&#148;) and all claims in
respect of the shortfall shall be extinguished; provided, however, that the
provisions of this Section 12.17 apply solely to the obligations of the Company
and shall not extinguish such shortfall or otherwise restrict such Person&#146;s
rights or remedies against the Guarantor for purposes of the obligations of the
Guarantor to any Person under the Guarantee.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The provisions of this Section 12.17 shall
survive the termination of this Indenture and the resignation or removal of the
Trustee .</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section12_18"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 12.18</font></a>.&nbsp;&nbsp;<u>Multiple
Originals</u>.&#160; The parties may sign any
number of copies of this Indenture.&#160;
Each signed copy shall be an original, but all of them together
represent the same agreement.&#160; One
signed copy is enough to prove this Indenture.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section12_19"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 12.19</font></a>.&nbsp;&nbsp;<u>Qualification
of Indenture</u>.&#160; The Company shall
qualify this Indenture under the Trust Indenture Act in accordance with the
terms and conditions of the Exchange and Registration Rights Agreement and
shall pay all reasonable costs and expenses (including attorneys&#146; fees and
expenses for the Company, the Trustee and the Holders) incurred in connection
therewith, including, but not limited to, costs and expenses of qualification
of this Indenture and the Notes and printing this Indenture and the Notes.&#160; The Trustee shall be entitled to receive
from the Company any such Officers&#146; Certificates, Opinions of Counsel or other
documentation as it may reasonably request in connection with any such
qualification of this Indenture under the Trust Indenture Act.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">67</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=73,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=4663,FOLIO='67',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section12_20"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 12.20</font></a>.&nbsp;&nbsp;<u>Table
of Contents; Headings</u>.&#160; The table of
contents, cross-reference sheet and headings of the Articles and Sections of
this Indenture have been inserted for convenience of reference only, are not
intended to be considered a part hereof and shall not modify or restrict any of
the terms or provisions hereof.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">68</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=74,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=85727,FOLIO='68',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS
WHEREOF, the parties have caused this Indenture to be duly executed as of the
date first written above.</font></p>

<p style="margin:0in 0in .0001pt 3.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="54%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:54.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BUNGE LIMITED FINANCE CORP., as Issuer</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.02%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="54%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:54.98%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.02%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="54%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:54.98%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="51%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:51.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ MORRIS KALEF</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Morris Kalef</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: President</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.02%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="54%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:54.98%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="54%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:54.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BUNGE LIMITED, as Guarantor</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.02%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="54%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:54.98%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.02%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="54%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:54.98%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="51%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:51.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ WILLIAM M. WELLS</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: William M. Wells</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: Chief Financial Officer</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.02%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="54%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:54.98%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="54%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:54.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THE BANK OF NEW YORK, as Trustee</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.02%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="54%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:54.98%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.02%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="54%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:54.98%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="51%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:51.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ THOMAS E. TABOR</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Thomas E. Tabor</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: Vice President</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.02%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="54%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:54.98%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">69</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=75,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=33270,FOLIO='69',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><a name="ExhibitA"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT A</font></b></a></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[FORM OF FACE
OF INITIAL NOTE AND SUBSEQUENT NOTE]</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Depository
Legend, if applicable]</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Applicable
Restricted Notes Legend]</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No.
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal
Amount U.S.$[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
as revised by the Schedule of Increases and Decreases in Global Note attached
hereto</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:2.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CUSIP
NO.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:2.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ISIN:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.80% Senior
Notes Due 2012</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bunge Limited Finance Corp., a Delaware
corporation, promises to pay to
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
or registered assigns, the principal sum of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
U.S. Dollars, as revised by the Schedule of Increases and Decreases in Global Note
attached hereto, on October 15, 2012.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interest Payment Dates: April 15 and October
15</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Record Dates: April 1 and October 1</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additional provisions of this Note are set
forth on the reverse side hereof.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-1</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=76,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=656330,FOLIO='A-1',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:63.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS WHEREOF, the Company has caused
this instrument to be duly executed under its corporate seal.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.76%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="52%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:52.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BUNGE LIMITED FINANCE CORP.</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.76%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="52%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:52.24%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.76%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="52%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:52.24%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.76%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="48%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:48.84%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.76%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.4%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.76%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.4%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.76%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="52%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:52.24%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt 3.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TRUSTEE&#146;S
CERTIFICATE OF</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160; AUTHENTICATION</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THE BANK OF
NEW YORK,<br>
as Trustee, certifies that this is one of<br>
the Notes referred to in the Indenture.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="29%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:29.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.52%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.62%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="58%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:58.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Authorized Signatory</font></p>
  </td>
  <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.52%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="62%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:62.48%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.52%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="62%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:62.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  , 2002</font></p>
  </td>
  <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.52%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-2</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=77,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=537610,FOLIO='A-2',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[FORM OF
REVERSE SIDE OF <br>
INITIAL NOTE AND SUBSEQUENT NOTE]</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.80% Senior
Note Due 2012</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160; <u>General</u></font></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bunge Limited Finance Corp., a Delaware
corporation (such corporation, and its successors and assigns under the
Indenture hereinafter referred to, being herein called the &#147;Company&#148;), issued
the Notes under an Indenture, dated as of October 15, 2002, among the Company,
the Guarantor and the Trustee (as such Indenture may be amended or supplemented
from time to time in accordance with the terms thereof, the &#147;Indenture&#148;).&#160; The terms of the Notes include those stated
in the Indenture and those made part of the Indenture by reference to the U.S.
Trust Indenture Act of 1939 as in effect on the date of the Indenture (the
&#147;Trust Indenture Act&#148;).&#160; Capitalized
terms used herein and not defined herein have the meanings ascribed thereto in
the Indenture.&#160; The Notes are subject to
all such terms, and Noteholders are referred to the Indenture and the Trust
Indenture Act for a statement of those terms.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Notes are general unsecured senior
obligations of the Company, including (a) U.S.$200,000,000 in aggregate
principal amount of Notes being offered on the Issue Date (subject to Section
2.9 of the Indenture) and (b) any Subsequent Notes.&#160; The Notes rank equally with all other unsecured and
unsubordinated indebtedness of the Company.&#160;
This Note is one of the [Initial] [Subsequent] Notes referred to in the
Indenture.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company may from time to time, without
the consent of existing Holders, create and issue Subsequent Notes having the
same terms and conditions as the Initial Notes in all respects, except for the
Issue Date, issue price and first payment of interest thereon.&#160; Subsequent Notes issued in this manner will
be consolidated with and will form a single class with the previously outstanding
Notes.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Initial Notes, any Subsequent Notes and
the Exchange Notes will be treated as a single class of securities under the
Indenture.&#160; The Indenture includes
various covenants that limit the ability of the Company, among other things, to
engage in any business or transaction, acquire assets or subsidiaries, incur
Indebtedness or Liens or enter into any consolidations, mergers, amalgamations
or sales of assets.&#160; In addition, the
Indenture imposes (a) certain financial covenants on the Guarantor and (b)
certain limitations on, among other things, (i) the incurrence of Liens by the
Guarantor or any Subsidiary, (ii) Sale-Leaseback Transactions by the Guarantor
or any Subsidiary (iii) sales of assets by the Guarantor or any Subsidiary,
(iv) transactions the Guarantor or any Subsidiary may enter into with any
Affiliate, (v) incurrence of indebtedness by any Subsidiary, (vi) agreements to
restrict dividends or loans by any Subsidiary, and (vii) consolidations,
mergers, amalgamations and sales of assets of the Guarantor or any Subsidiary.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To guarantee the due and punctual payment of
the principal of and premium, if any, and interest on the Notes and all other
amounts payable by the Company under the Indenture and the Notes when and as
the same shall be due and payable, whether at maturity, by acceleration or
otherwise, according to the terms of the Notes and the Indenture, the Guarantor</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-3</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=78,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=246202,FOLIO='A-3',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">has unconditionally guaranteed
such obligations pursuant to the terms of the Indenture.&#160; The Guarantee is an unsecured and
unsubordinated obligation of the Guarantor and ranks equally with all other
unsecured and unsubordinated indebtedness and obligations of the Guarantor.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&#160; <u>Interest</u></font></h6>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company promises to pay interest on the
principal amount of this Note at the rate per annum shown above.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company will pay interest semi-annually
on April 15 and October 15 of each year commencing April 15, 2003.&#160; Interest on the Notes will accrue from the
most recent date to which interest has been paid on the Notes or, if no
interest has been paid, from October 15, 2002.&#160;
The Company shall pay interest on overdue principal or premium, if any,
plus interest on such interest to the extent lawful, at the rate borne by the
Notes to the extent lawful.&#160; Interest
will be computed on the basis of a 360-day year of twelve 30-day months.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.&#160; <u>Method
of Payment</u></font></h6>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By at least 10:00 a.m. (New York City time)
on the date on which any principal of and premium, if any, or interest on any
Note is due and payable, the Company shall irrevocably deposit with the Trustee
or the Paying Agent money sufficient to pay such principal, premium, if any,
and/or interest.&#160; The Company will pay
interest (except Defaulted Interest) to the Persons who are registered Holders
of Notes at the close of business on the April 1 or October&nbsp;1 next
preceding the interest payment date even if Notes are cancelled, repurchased or
redeemed after the record date and on or before the interest payment date.&#160; Holders must surrender Notes to a Paying
Agent to collect principal payments.&#160;
The Company will pay principal and interest in money of the United
States that at the time of payment is legal tender for payment of public and
private debts.&#160; Except as described in
the succeeding two sentences, the principal of and premium, if any, and
interest on the Notes shall be payable at the office or agency of the Company
maintained for such purpose in The City of New York, or at such other office or
agency of the Company as may be maintained for such purpose pursuant to Section
2.3 of the Indenture; <i><font style="font-style:italic;">provided, however,</font></i>
that, at the option of the Company, each installment of interest may be paid by
check mailed to addresses of the Persons entitled thereto as such addresses
shall appear on the Note Register.&#160;
Payments in respect of Notes represented by a Global Note (including
principal, premium and interest) will be made by wire transfer of immediately
available funds to the accounts specified by The Depository Trust Company.&#160; Payments in respect of Notes represented by
Definitive Notes (including principal, premium, if any, and interest) held by a
Holder of at least U.S.$1,000,000 aggregate principal amount of Notes
represented by Definitive Notes will be made by wire transfer to a U.S. dollar
account maintained by the payee with a bank in the United States if such Holder
elects payment by wire transfer by giving written notice to the Trustee or the
Paying Agent to such effect designating such account no later than 15 days
immediately preceding the relevant due date for payment (or such other date as
the Trustee may accept in its discretion).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.&#160; <u>Paying
Agent and Registrar</u></font></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Initially, The Bank of New York (the
&#147;Trustee&#148;), will act as Trustee, Paying </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-4</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=79,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=635616,FOLIO='A-4',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Agent and
Registrar.&#160; The Company may appoint and
change any Paying Agent, Registrar or co-registrar without notice to any
Noteholder.&#160; The Company, the Guarantor
or any Subsidiary may act as Paying Agent, Registrar or co-registrar.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.&#160; <u>Optional
Redemption by the Company</u></font></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Notes will be redeemable at the option of
the Company, in whole at any time or in part from time to time, on at least 30
days but not more than 60 days&#146; prior notice mailed to the registered address
of each Holder of Notes to be so redeemed, at a redemption price equal to (a)
the greater of (i) 100% of their principal amount to be redeemed or (ii) the
sum of the present values of the remaining scheduled payments of principal and
interest thereon from the date of redemption to the date of maturity (except
for currently accrued but unpaid interest) discounted to the date of
redemption, on a semi-annual basis (assuming a 360-day year consisting of
twelve 30-day months), at the applicable Treasury Yield (as defined below),
plus 50 basis points (such greater amount, the &#147;Redemption Price&#148;), plus (b)
accrued and unpaid interest, if any, to the date of redemption.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For purposes of determining the Redemption
Price, the following definitions are applicable:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Comparable Treasury Issue&#148; means the United
States Treasury security selected by an Independent Investment Banker as having
a maturity comparable to the remaining term of the Notes that would be
utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable
maturity to the remaining term of such Notes.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Comparable Treasury Price&#148; means, with
respect to any redemption date, (a) the bid price for the Comparable Treasury
Issue (expressed as a percentage of its principal amount) at 4:00 P.M. on the
third business day preceding such redemption date, as set forth on &#147;Telerate
Page 500&#148; (or such other page as may replace Telerate Page 500), or (b) if such
page (or any successor page) is not displayed or does not contain such bid
prices at such time (i) the average of the Reference Treasury Dealer Quotations
or (ii) if the Trustee is unable to obtain at least four such Reference
Treasury Dealers Quotations, the average of all Reference Treasury Dealer
Quotations obtained by the Trustee.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Independent Investment Banker&#148; means any of
Credit Suisse First Boston Corporation, J.P. Morgan Securities Inc. or Salomon
Smith Barney Inc., or, if all such firms are unwilling or unable to select the
applicable Comparable Treasury Issue, an independent investment banking
institution of national standing appointed by the Trustee and reasonably
acceptable to the Company.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Reference Treasury Dealer&#148; means Credit
Suisse First Boston Corporation, J.P. Morgan Securities Inc., Salomon Smith
Barney Inc. and one other primary U.S. Government securities dealer in New York
City selected by the Independent Investment Banker (each, a &#147;Primary Treasury
Dealer&#148;); provided however, that if any of the foregoing shall cease to be a
Primary Treasury Dealer, the Company shall substitute therefor another Primary
Treasury Dealer.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-5</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=80,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=187442,FOLIO='A-5',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Reference Treasury Dealer Quotations&#148; means,
with respect to each Reference Treasury Dealer and any redemption date for the
Notes, an average, as determined by the Trustee, of the bid and asked prices
for the Comparable Treasury Issue for the Notes (expressed in each case as a
percentage of its principal amount) quoted in writing to the Trustee by such
Reference Treasury Dealer at 5:00 p.m. on the third business day preceding such
redemption date.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Treasury Yield&#148; means, with respect to any
redemption date applicable to the Notes, the rate per annum equal to the
semi-annual equivalent yield to maturity (computed as of the third business day
immediately preceding such redemption date) of the Comparable Treasury Issue,
assuming a price for the Comparable Treasury Issue (expressed as a percentage
of its principal amount) equal to the applicable Comparable Treasury Price for
such redemption date.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the case of any partial redemption,
selection of the Notes for redemption will be made by the Trustee in compliance
with the requirements of the principal national securities exchange, if any, on
which the Notes are listed or, if the Notes are not listed, then on a pro rata
basis, by lot or by such other method as the Trustee in its sole discretion
shall deem to be fair and appropriate, although no Notes of U.S.$1,000 in
original principal amount or less will be redeemed in part.&#160; If any Note is to be redeemed in part only,
the notice of redemption relating to such Note shall state the portion of the
principal amount thereof to be redeemed.&#160;
A new Note in principal amount equal to the unredeemed portion thereof
will be issued in the name of the Holder thereof upon cancellation of the
original Note.&#160; On and after the
redemption date, interest will cease to accrue on Notes or portions thereof
called for redemption as long as the Company has deposited with the Paying
Agent funds in satisfaction of the applicable Redemption Price pursuant to the
Indenture.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.&#160; <u>Prepayment
at Option of Holders Upon Change of Control</u></font></h6>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon a Change of Control, any Holder of Notes will
have the right to cause the Company to repurchase all or any part of the Notes
of such Holder by making the Change of Control Payment.&#160; The Change of Control Payment is equal to
the Redemption Price of the Notes, plus accrued and unpaid interest, if any, to
the date of purchase (subject to the right of holders of record on the relevant
record date to receive interest due on the related interest payment date) as
provided in, and subject to the terms of, the Indenture.&#160; For purposes of this paragraph 6, references
to &#147;redemption&#148; or similar terms in the definition of Redemption Price shall be
deemed to mean &#147;repurchase,&#148; &#147;purchase&#148; or similar terms, as the case may be.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.&#160; <u>Additional
Amounts</u></font></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Guarantor will, subject to certain
limitations set forth in the Indenture, pay to the Holder of any Note
additional amounts as necessary so that every net payment made by the Guarantor
of principal of and premium, if any, and interest on such Note, after deducting
or withholding for or on account of any present or future tax, duty, fee,
assessment or other governmental charge imposed on that holder by Bermuda or any
other foreign jurisdiction, will not be less than the amount provided in the
Note to be then due and payable.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.&#160; <u>Denominations;
Transfer; Exchange</u></font></h6>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-6</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=81,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=873522,FOLIO='A-6',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Notes are in registered form without
coupons in denominations of principal amount of U.S.$1,000 and whole multiples
of U.S.$1,000.&#160; A Holder may transfer or
exchange Notes in accordance with the Indenture.&#160; The Registrar may require a Holder, among other things, to
furnish appropriate endorsements or transfer documents and to pay any taxes and
fees required by law or permitted by the Indenture.&#160; The Registrar need not register the transfer of or exchange (i)
any Notes selected for redemption (except, in the case of a Note to be redeemed
in part, the portion of the Note not to be redeemed) for a period beginning 15
days before the mailing of a notice of Notes to be redeemed and ending on the
date of such mailing or (ii) any Notes for a period beginning 15 days before an
interest payment date and ending on such interest payment date.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.&#160; <u>Persons
Deemed Owners</u></font></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The registered Holder of this Note may be
treated as the owner of it for all purposes.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.&#160; <u>Unclaimed
Money</u></font></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If money for the payment of principal or
interest remains unclaimed for two years, the Trustee or Paying Agent shall pay
the money back to the Company at its request unless an abandoned property law
designates another Person.&#160; After any
such payment, Holders entitled to the money must look only to the Company and
not to the Trustee for payment.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.&#160; <u>Defeasance</u></font></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to certain conditions set forth in
the Indenture, the Company at any time may terminate some or all of its
obligations under the Notes and the Indenture if the Company deposits with the
Trustee money or U.S. Government Securities for the payment of principal and
interest on the Notes to redemption or maturity, as the case may be.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.&#160; <u>Amendment,
Waiver</u></font></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Indenture or the Notes may be amended
with the written consent of the Holders of at least a majority in principal
amount of the then outstanding Notes; <i><font style="font-style:italic;">provided</font></i>,
<i><font style="font-style:italic;">however</font></i>, that the consent of each
Noteholder affected is required to (i) reduce the amount of Notes whose Holders
must consent to an amendment of the Indenture, the Notes or specified
provisions of the Master Trust Transaction Documents, (ii) reduce the stated
rate or extend the stated time for payment of interest on a Note, (iii) reduce
the principal of or extend the Stated Maturity of a Note, (iv) reduce the
premium payable upon redemption or repurchase of a Note, (v) following a Change
of Control, make any change in the time during which a Change of Control Offer
must be made or the time at which the Change of Control Payment must be made,
(vi) make any Note payable in money other than that stated herein, (vii) impair
the right of a Holder to receive payment under the Note or institute suit for
the enforcement of such payment, (viii) make any change to the amendment
provisions which require each Holder&#146;s consent or the waiver provisions, or
(ix) release the Guarantor or modify the Guarantee.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to certain exceptions set forth in
the Indenture, without the consent of any Noteholder, the Company and the
Trustee may amend the Indenture or the Notes to cure any</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-7</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=82,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=114978,FOLIO='A-7',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ambiguity,
omission, defect or inconsistency, or to comply with Article IV of the
Indenture, or to provide for uncertificated Notes in addition to or in place of
certificated Notes, or to add guarantees with respect to the Notes, or to
secure the Notes, or to add additional covenants of the Company, the Guarantor
or any Subsidiary, or surrender rights and powers conferred on the Company, the
Guarantor or any Subsidiary, issue Subsequent Notes, or to comply with any
request of the SEC in connection with qualifying the Indenture under the Act,
or to make any change that does not adversely affect the rights of any
Noteholder, or to provide for the issuance of Exchange Notes.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to certain exceptions set forth in
the Indenture, any default (other than with respect to nonpayment or in respect
of a provision that cannot be amended without the written consent of each
Noteholder affected) or noncompliance with any provision may be waived with the
written consent of the Holders of a majority in principal amount of the then
outstanding Notes.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.&#160; <u>Defaults
and Remedies</u></font></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under the Indenture, Events of Default
include (1)&nbsp;default for 30 days in payment of interest or additional
interest when due on the Notes; (2)&nbsp;default in payment of principal of or
premium, if any, on the Notes at Stated Maturity, upon required repurchase or
upon optional redemption, upon declaration or otherwise; (3)&nbsp; the failure
by the Company or the Guarantor to comply for 60&nbsp;days after written notice
with its other agreements contained in the Indenture or under the Notes (other
than those referred to in (1) or (2) above); (4)&nbsp;the failure of the
Company, the Guarantor or any Subsidiary (a) to pay the principal of any
Indebtedness or of any other material amounts under any other agreement on the
scheduled or original date due, (b) to pay interest on any Indebtedness beyond
any provided grace period or (c) to observe or perform any agreement or
condition relating to such Indebtedness, the effect of which is to cause such
Indebtedness to become due prior to its stated maturity, <i><font style="font-style:italic;">provided</font></i> that an event described in clause
(a), (b) or (c) above shall not constitute an Event of Default unless, at such
time, one or more events of the type described in clauses (a), (b) or (c) shall
have occurred or be continuing with respect to Indebtedness in an amount
exceeding U.S.$50,000,000; (5)&nbsp;certain events of bankruptcy, insolvency or
reorganization of the Company, the Guarantor, a Designated Obligor or any
Material Subsidiary (the &#147;bankruptcy events&#148;); or (6) one or more judgments or
decrees shall have been entered against the Company or the Guarantor involving
in the aggregate a liability (not paid or fully covered by insurance as to
which the relevant insurance company has acknowledged coverage) of (x) in the
case of the Company, U.S.$50,000 or more, and (y) in the case of the Guarantor,
U.S.$50,000,000 or more, and all such judgments or decrees shall not have been
vacated, discharged, stayed or bonded pending appeal within 30 days from the
entry thereof.&#160; However, a default under
clause (3) will not constitute an Event of Default until the Trustee or the
Holders of at least 25% in principal amount of the outstanding Notes notify the
Company or the Guarantor, as the case may be, of the default and the Company or
the Guarantor, as the case may be, does not cure such default within the time
specified in clause (3) hereof after receipt of such notice.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If an Event of Default other than a
bankruptcy event occurs and is continuing, the Trustee or the Holders of at
least 25% in principal amount of the Notes may declare all the Notes by written
notice to the Company to be due and payable immediately.&#160; If an Event of Default in</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-8</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=83,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=910693,FOLIO='A-8',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">connection
with a bankruptcy event occurs and is continuing, the principal amount of the
Notes, the premium, if any, and all accrued and unpaid interest shall be
immediately due and payable without any action or other act on the part of the
Trustee or the Holders.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Noteholders may not enforce the Indenture or
the Notes except as provided in the Indenture.&#160;
The Trustee may refuse to enforce the Indenture or the Notes unless it
receives reasonable indemnity or security.&#160;
Subject to certain limitations, Holders of a majority in principal
amount of the Notes may direct the Trustee in its exercise of any trust or
power.&#160; The Trustee may withhold from
Noteholders notice of any continuing Default or Event of Default (except a
Default or Event of Default in payment of principal or interest) if it
determines that withholding notice is in their interest.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.&#160; <u>Trustee
Dealings with the Company</u></font></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to certain limitations set forth in
the Indenture, the Trustee under the Indenture, in its individual or any other
capacity, may become the owner or pledgee of Notes and may otherwise deal with
and collect obligations owed to it by the Company or its Affiliates and may
otherwise deal with the Company or its Affiliates with the same rights it would
have if it were not Trustee.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.&#160; <u>No
Recourse Against Others</u></font></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An incorporator, director, officer, employee,
affiliate or stockholder, of each of the Company, or the Guarantor, solely by
reason of this status, shall not have any liability for any obligations of the
Company under the Notes, the Indenture or the Guarantee or for any claim based
on, in respect of or by reason of such obligations or their creation.&#160; By accepting a Note, each Noteholder waives
and releases all such liability.&#160; The
waiver and release are part of the consideration for the issue of the Notes.</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h6>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.&#160; <u>No
Petition</u></font></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By its acquisition of this Note, each Holder
hereof agrees that neither it nor the Trustee on its behalf may commence, or
join with any other person in the commencement of, a bankruptcy,
reorganization, arrangement, insolvency or liquidation proceeding with respect
to the Company under any applicable insolvency laws until one year and one date
after the Notes and all other Indebtedness of the Company ranking equal with or
junior to the Notes in right of payment, including all interest and premium
thereon, if any, are paid in full.</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h6>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17.&#160; <u>Authentication</u></font></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Note shall not be valid until an
authorized signatory of the Trustee (or an authenticating agent acting on its
behalf) manually signs the certificate of authentication on the other side of
this Note.</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h6>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18.&#160; <u>Abbreviations</u></font></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Customary abbreviations may be used in the
name of a Noteholder or an assignee, such as TEN COM (=tenants in common), TEN
ENT (=tenants by the entirety), JT TEN (=joint </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-9</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=84,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=457222,FOLIO='A-9',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">tenants with
rights of survivorship and not as tenants in common), CUST (=custodian) and
U/G/M/A (=Uniform Gift to Minors Act).</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h6>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19.&#160; <u>CUSIP
Numbers</u></font></h6>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to a recommendation promulgated by
the Committee on Uniform Security Identification Procedures the Company has
caused CUSIP numbers to be printed on the Notes and has directed the Trustee to
use CUSIP numbers in notices of redemption as a convenience to
Noteholders.&#160; No representation is made
as to the accuracy of such numbers either as printed on the Notes or as
contained in any notice of redemption and reliance may be placed only on the
other identification numbers placed thereon.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20.&#160; <u>Governing
Law</u></font></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Note shall be governed by, and construed
in accordance with, the laws of the State of New York.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company will furnish to any Noteholder
upon written request and without charge to the Noteholder a copy of the
Indenture.&#160; Requests may be made to:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bunge Limited Finance Corp.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11720 Borman Drive</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">St. Louis, Missouri 63146</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:&#160;
Francis X. Marchiony, Treasurer</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-10</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=85,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=760777,FOLIO='A-10',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ASSIGNMENT FORM</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To assign this Note, fill in the form below:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I or we assign and transfer this Note to</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Print or type
assignee&#146;s name, address and zip code)</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Insert
assignee&#146;s soc. sec. or tax I.D. No.)</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and irrevocably
appoint
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;agent
to transfer this Note on the books of the Company.&#160; The agent may substitute another to act for him.</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="59%" colspan="2" valign="top" style="padding:0in .7pt .7pt .7pt;width:59.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt .7pt .7pt;width:14.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Your
  Signature:</font></p>
  </td>
  <td width="26%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:26.06%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in .7pt .7pt .7pt;width:20.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Signature
  Guarantee:</font></p>
  </td>
  <td width="79%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:79.92%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in .7pt .7pt .7pt;width:20.08%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="79%" colspan="3" valign="top" style="padding:0in .7pt .7pt .7pt;width:79.92%;">
  <p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Signature
  must be guaranteed)</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in .7pt .7pt .7pt;width:20.08%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="79%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:79.92%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt .7pt .7pt;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sign exactly
  as your name appears on the other side of this Note.</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="145" style="border:none;"></td>
  <td width="285" style="border:none;"></td>
  <td width="104" style="border:none;"></td>
  <td width="188" style="border:none;"></td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
signature(s) should be guaranteed by an eligible guarantor institution (banks,
stockbrokers, savings and loan associations and credit unions with membership
in an approved signature guarantee medallion program), pursuant to S.E.C. Rule
17Ad-15.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection
with any transfer or exchange of any of the Notes evidenced by this certificate
occurring prior to the date that is two years after the later of the date of
original issuance of such Notes and the last date, if any, on which such Notes
were owned by the Company or any Affiliate of the Company, the undersigned
confirms that such Notes are being:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CHECK ONE BOX
BELOW:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-family:Wingdings;font-size:10.0pt;">o</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">acquired for the undersigned&#146;s own account, without transfer; or</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.68%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.76%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.72%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-family:Wingdings;font-size:10.0pt;">o</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">transferred to the Company; or</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.68%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.76%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.72%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-family:Wingdings;font-size:10.0pt;">o</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">transferred pursuant to and in compliance with Rule 144A under the
  Securities Act of 1933, as amended (the &#147;Securities Act&#148;); or</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.68%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.76%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.72%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-family:Wingdings;font-size:10.0pt;">o</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">transferred pursuant to an effective registration statement under the
  Securities Act; or</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.68%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.76%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.72%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-family:Wingdings;font-size:10.0pt;">o</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">transferred pursuant to and in compliance with Regulation S under the
  Securities Act; or</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-11</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=86,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=558412,FOLIO='A-11',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-family:Wingdings;font-size:10.0pt;">o</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">transferred to an institutional &#147;accredited investor&#148; (as defined in
  Rule 501(a)(1), (2), (3) or (7) under the Securities Act), that has furnished
  to the Trustee a signed letter containing certain representations and
  agreements (the form of which letter appears as Section 2.7 of the
  Indenture); or</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.68%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.76%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.72%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-family:Wingdings;font-size:10.0pt;">o</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">transferred pursuant to another available exemption from the
  registration requirements of the Securities Act of 1933.</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless one of
the boxes is checked, the Trustee will refuse to register any of the Notes
evidenced by this certificate in the name of any person other than the
registered Holder thereof; <i><font style="font-style:italic;">provided, however</font></i>,
that if box (5), (6) or (7) is checked, the Trustee or the Company may require,
prior to registering any such transfer of the Notes, in their sole discretion,
such legal opinions, certifications and other information as the Trustee or the
Company may reasonably request to confirm that such transfer is being made
pursuant to an exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act of 1933, such as the exemption
provided by Rule 144 under such Act.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="56%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:56.54%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:43.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="56%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:56.54%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:43.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Signature</font></p>
  </td>
 </tr>
 <tr>
  <td width="56%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:56.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Signature Guarantee:</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="56%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:56.54%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:23.24%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.3%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:43.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="56%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:56.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Signature must be guaranteed)</font></p>
  </td>
  <td width="43%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:43.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Signature</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="168" style="border:none;"></td>
  <td width="240" style="border:none;"></td>
  <td width="313" style="border:none;"></td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
signature(s) should be guaranteed by an eligible guarantor institution (banks,
stockbrokers, savings and loan associations and credit unions with membership
in an approved signature guarantee medallion program), pursuant to S.E.C. Rule
17Ad-15.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TO BE
COMPLETED BY PURCHASER IF (1) OR (3) ABOVE IS CHECKED.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The undersigned represents and warrants that
it is purchasing this Note for its own account or an account with respect to
which it exercises sole investment discretion and that it and any such account
is a &#147;qualified institutional buyer&#148; within the meaning of Rule 144A under the
Securities Act of 1933, as amended, and is aware that the sale to it is being
made in reliance on Rule 144A and acknowledges that it has received such
information regarding the Company as the undersigned has requested pursuant to
Rule 144A or has determined not to request such information and that it is
aware that the transferor is relying upon the undersigned&#146;s foregoing
representations in order to claim the exemption from registration provided by
Rule 144A.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="31%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:31.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.54%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:31.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated:</font></p>
  </td>
  <td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.54%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-12</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=87,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=966285,FOLIO='A-12',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[TO BE ATTACHED
TO GLOBAL NOTES]</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE OF
INCREASES OR DECREASES IN GLOBAL NOTE</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following
increases or decreases in this Global Note have been made:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Date of<br>
  Exchange</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="21%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:21.7%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Amount of decrease in Principal<br>
  Amount of this Global Note</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.82%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:20.46%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Amount of increase in Principal<br>
  Amount of this Global Note</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.82%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:20.46%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Principal Amount of this Global<br>
  Note following such decrease or<br>
  increase</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.82%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:20.48%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Signature of authorized<br>
  signatory of Trustee or<br>
  Securities Custodian</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.6%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:21.7%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:20.46%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:20.46%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:20.48%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-13</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=88,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=324515,FOLIO='A-13',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><a name="ExhibitB"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT B</font></b></a></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[FORM OF FACE
OF EXCHANGE NOTE]</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Depository
Legend, if applicable]</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No.
  [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="48%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:48.64%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Principal Amount
  U.S.$[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.66%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.94%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="36%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:36.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">as revised by the Schedule of</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.66%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.94%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="36%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:36.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Increases and Decreases in Global</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.66%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.94%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="36%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:36.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Note attached hereto</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.66%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.94%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.9%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="31%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:31.8%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CUSIP NO.
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.66%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.94%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.16%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ISIN:&#160;&#160;&#160;&#160;
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="351" style="border:none;"></td>
  <td width="19" style="border:none;"></td>
  <td width="86" style="border:none;"></td>
  <td width="35" style="border:none;"></td>
  <td width="67" style="border:none;"></td>
  <td width="163" style="border:none;"></td>
 </tr>
</table>

</div>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.80% Senior
Notes Due 2012</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bunge Limited Finance Corp., a Delaware
corporation, promises to pay to
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
or registered assigns, the principal sum of
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
U.S. Dollars, as revised by the Schedule of Increases and Decreases in Global
Note attached hereto, on October 15, 2012.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interest Payment Dates: April 15 and October
15</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Record Dates: April 1 and October 1</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additional provisions of this Note are set
forth on the reverse side hereof.</font></p>

<p style="margin:0in 0in .0001pt 3.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=89,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=1018429,FOLIO='',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:63.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed under its corporate seal.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:63.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="53%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:53.54%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.52%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="57%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:57.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BUNGE LIMITED FINANCE CORP.</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="53%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:53.54%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.52%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="26%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:26.76%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.78%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="53%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:53.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="53%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:53.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt 3.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 3.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="62%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:62.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TRUSTEE&#146;S
  CERTIFICATE OF</font></p>
  </td>
  <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.52%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="62%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:62.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;AUTHENTICATION</font></p>
  </td>
  <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.52%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="62%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:62.48%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.52%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="62%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:62.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THE BANK OF
  NEW YORK,</font></p>
  </td>
  <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.52%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="62%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:62.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">as Trustee,
  certifies that this is one of</font></p>
  </td>
  <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.52%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="62%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:62.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the Notes
  referred to in the Indenture.</font></p>
  </td>
  <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.52%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="62%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:62.48%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.52%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="62%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:62.48%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.52%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="27%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:27.84%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.24%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.52%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="62%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:62.48%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Authorized Signatory</font></p>
  </td>
  <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.52%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="62%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:62.48%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.52%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="62%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:62.48%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.52%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:&#160; </font></p>
  </td>
  <td width="25%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:25.18%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">, 2002</font></p>
  </td>
  <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.52%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr height="0">
  <td width="25" style="border:none;"></td>
  <td width="19" style="border:none;"></td>
  <td width="182" style="border:none;"></td>
  <td width="225" style="border:none;"></td>
  <td width="271" style="border:none;"></td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B-2</font></p>


<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=90,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=1106,FOLIO='B-2',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[FORM OF
REVERSE SIDE OF EXCHANGE NOTE]</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.80% Senior
Note Due 2012</font></p>

<h6 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>General</u></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bunge Limited Finance Corp., a Delaware
corporation (such corporation, and its successors and assigns under the
Indenture hereinafter referred to, being herein called the &#147;<u>Company</u>&#148;),
issued the Notes under an Indenture, dated as of October 15, 2002, among the
Company, the Guarantor and the Trustee (as such Indenture may be amended or
supplemented from time to time in accordance with the terms thereof, the &#147;<u>Indenture</u>&#148;).&#160; The terms of the Notes include those stated
in the Indenture and those made part of the Indenture by reference to the U.S.
Trust Indenture Act of 1939 as in effect on the date of the Indenture (the
&#147;Trust Indenture Act&#148;).&#160; Capitalized
terms used herein and not defined herein have the meanings ascribed thereto in
the Indenture.&#160; The Notes are subject to
all such terms, and Noteholders are referred to the Indenture and the Trust
Indenture Act for a statement of those terms.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Notes are general unsecured senior
obligations of the Company, including (a) U.S.$200,000,000 in aggregate
principal amount of Notes being offered on the Issue Date (subject to Section
2.9 of the Indenture) and (b) any Subsequent Notes.&#160; The Notes rank equally with all other unsecured and unsubordinated
indebtedness of the Company.&#160; This Note
is one of the Exchange Notes referred to in the Indenture.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company may from time to time, without
the consent of existing Holders, create and issue Subsequent Notes having the
same terms and conditions as the Initial Notes in all respects, except for the
Issue Date, issue price and first payment of interest thereon.&#160; Subsequent Notes issued in this manner will
be consolidated with and will form a single class with the previously
outstanding Notes.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Initial Notes, any Subsequent Notes and the
Exchange Notes will be treated as a single class of securities under the
Indenture.&#160; The Indenture includes
various covenants that limit the ability of the Company, among other things, to
engage in any business or transaction, acquire assets or subsidiaries, incur
Indebtedness or Liens or enter into any consolidations, mergers, amalgamations
or sales of assets.&#160; In addition, the
Indenture imposes (a) certain financial covenants on the Guarantor and&#160; (b) certain limitations on, among other
things, (i) the incurrence of Liens by the Guarantor or any Subsidiary, (ii)
Sale-Leaseback Transactions by the Guarantor or any Subsidiary (iii) sales of
assets by the Guarantor or any Subsidiary, (iv) transactions the Guarantor or
any Subsidiary may enter into with any Affiliate, (v) incurrence of
indebtedness by any Subsidiary, (vi) agreements to restrict dividends or loans
by any Subsidiary, and (vii) consolidations, mergers, amalgamations and sales
of assets of the Guarantor or any Subsidiary.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To guarantee the due and punctual payment of
the principal of and premium, if any, and interest on the Notes and all other
amounts payable by the Company under the Indenture and the Notes when and as
the same shall be due and payable, whether at maturity, by acceleration or otherwise,
according to the terms of the Notes and the Indenture, the Guarantor has
unconditionally guaranteed such obligations pursuant to the terms of the
Indenture.&#160; The</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B-3</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=91,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=325438,FOLIO='B-3',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Guarantee is an unsecured and unsubordinated
obligation of the Guarantor and ranks equally with all other unsecured and
unsubordinated indebtedness and obligations of the Guarantor.</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h6>

<h6 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Interest</u></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company promises to pay interest on the
principal amount of this Note at the rate per annum shown above.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company will pay interest semi-annually
on April 15 and October 15 of each year commencing April 15, 2003.&#160; Interest on the Notes will accrue from the
most recent date to which interest has been paid on the Notes or, if no interest
has been paid, from October 15, 2002.&#160;
The Company shall pay interest on overdue principal or premium, if any,
plus interest on such interest to the extent lawful, at the rate borne by the
Notes to the extent lawful.&#160; Interest
will be computed on the basis of a 360-day year of twelve 30-day months.</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h6>

<h6 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Method of
Payment</u></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By at least 10:00 a.m. (New York City time)
on the date on which any principal of and premium, if any, or interest on any
Note is due and payable, the Company shall irrevocably deposit with the Trustee
or the Paying Agent money sufficient to pay such principal, premium, if any,
and/or interest.&#160; The Company will pay
interest (except Defaulted Interest) to the Persons who are registered Holders
of Notes at the close of business on the April 1 or October 1 next preceding
the interest payment date even if Notes are cancelled, repurchased or redeemed
after the record date and on or before the interest payment date.&#160; Holders must surrender Notes to a Paying
Agent to collect principal payments. &#160;The Company will pay principal, premium, if any, and interest in
money of the United States that at the time of payment is legal tender for
payment of public and private debts.&#160;
Except as described in the succeeding two sentences, the principal of
and premium, if any, and interest on the Notes shall be payable at the office
or agency of the Company maintained for such purpose in The City of New York,
or at such other office or agency of the Company as may be maintained for such
purpose pursuant to Section 2.3 of the Indenture; <i><font style="font-style:italic;">provided, however,</font></i> that, at the option of the Company, each
installment of interest may be paid by check mailed to addresses of the Persons
entitled thereto as such addresses shall appear on the Note Register.&#160; Payments in respect of Notes represented by
a Global Note (including principal, premium and interest) will be made by wire
transfer of immediately available funds to the accounts specified by The
Depository Trust Company.&#160; Payments in
respect of Notes represented by Definitive Notes (including principal, premium,
if any, and interest) held by a Holder of at least U.S.$1,000,000 aggregate
principal amount of Notes represented by Definitive Notes will be made by wire
transfer to a U.S. dollar account maintained by the payee with a bank in the
United States if such Holder elects payment by wire transfer by giving written
notice to the Trustee or the Paying Agent to such effect designating such
account no later than 15 days immediately preceding the relevant due date for
payment (or such other date as the Trustee may accept in its discretion).</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h6>

<h6 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Paying Agent
and Registrar</u></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Initially, The Bank of New York (the &#147;<u>Trustee</u>&#148;),
will act as Trustee, Paying Agent and Registrar.&#160; The Company may appoint and change any Paying Agent, Registrar or
co-</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B-4</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=92,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=59009,FOLIO='B-4',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">registrar without notice to any
Noteholder.&#160; The Company, the Guarantor
or any Subsidiary may act as Paying Agent, Registrar or co-registrar.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Optional
Redemption by the Company</u></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Notes will be redeemable at the option of
the Company, in whole at any time or in part from time to time, on at least 30
days but not more than 60 days&#146; prior notice mailed to the registered address
of each Holder of Notes to be so redeemed, at a redemption price equal to (a)
the greater of (i) 100% of their principal amount to be redeemed or (ii) the
sum of the present values of the remaining scheduled payments of principal and
interest thereon from the date of redemption to the date of maturity (except
for currently accrued but unpaid interest) discounted to the date of
redemption, on a semi-annual basis (assuming a 360-day year consisting of
twelve 30-day months), at the applicable Treasury Yield (as defined below),
plus 50 basis points (such greater amount, the &#147;Redemption Price&#148;), plus (b)
accrued and unpaid interest, if any, to the date of redemption.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For purposes of determining the Redemption
Price, the following definitions are applicable:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Comparable Treasury Issue&#148; means the United
States Treasury security selected by an Independent Investment Banker as having
a maturity comparable to the remaining term of the Notes that would be
utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable
maturity to the remaining term of such Notes.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Comparable Treasury Price&#148; means, with
respect to any redemption date, (a) the bid price for the Comparable Treasury
Issue (expressed as a percentage of its principal amount) at 4:00 P.M. on the
third business day preceding such redemption date, as set forth on &#147;Telerate
Page 500&#148; (or such other page as may replace Telerate Page 500), or (b) if such
page (or any successor page) is not displayed or does not contain such bid
prices at such time (i) the average of the Reference Treasury Dealer Quotations
or (ii) if the Trustee is unable to obtain at least four such Reference
Treasury Dealers Quotations, the average of all Reference Treasury Dealer
Quotations obtained by the Trustee.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Independent Investment Banker&#148; means any of
Credit Suisse First Boston Corporation, J.P. Morgan Securities Inc. or Salomon
Smith Barney Inc., or, if all such firms are unwilling or unable to select the
applicable Comparable Treasury Issue, an independent investment banking
institution of national standing appointed by the Trustee and reasonably
acceptable to the Company.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Reference Treasury Dealer&#148; means Credit
Suisse First Boston Corporation, J.P. Morgan Securities Inc., Salomon Smith
Barney Inc., and one other primary U.S. Government securities dealer in New
York City selected by the Independent Investment Banker (each, a &#147;<u>Primary
Treasury Dealer</u>&#148;); provided however, that if any of the foregoing shall
cease to be a Primary Treasury Dealer, the Company shall substitute therefor
another Primary Treasury Dealer.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B-5</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=93,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=198723,FOLIO='B-5',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Reference Treasury Dealer Quotations&#148; means,
with respect to each Reference Treasury Dealer and any redemption date for the
Notes, an average, as determined by the Trustee, of the bid and asked prices
for the Comparable Treasury Issue for the Notes (expressed in each case as a
percentage of its principal amount) quoted in writing to the Trustee by such
Reference Treasury Dealer at 5:00 p.m. on the third business day preceding such
redemption date.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Treasury Yield&#148; means, with respect to any
redemption date applicable to the Notes, the rate per annum equal to the
semi-annual equivalent yield to maturity (computed as of the third business day
immediately preceding such redemption date) of the Comparable Treasury Issue,
assuming a price for the Comparable Treasury Issue (expressed as a percentage
of its principal amount) equal to the applicable Comparable Treasury Price for
such redemption date.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the case of any partial redemption,
selection of the Notes for redemption will be made by the Trustee in compliance
with the requirements of the principal national securities exchange, if any, on
which the Notes are listed or, if the Notes are not listed, then on a pro rata
basis, by lot or by such other method as the Trustee in its sole discretion
shall deem to be fair and appropriate, although no Notes of U.S.$1,000 in
original principal amount or less will be redeemed in part.&#160; If any Note is to be redeemed in part only,
the notice of redemption relating to such Note shall state the portion of the
principal amount thereof to be redeemed.&#160;
A new Note in principal amount equal to the unredeemed portion thereof
will be issued in the name of the Holder thereof upon cancellation of the
original Note.&#160; On and after the
redemption date, interest will cease to accrue on Notes or portions thereof
called for redemption as long as the Company has deposited with the Paying
Agent funds in satisfaction of the applicable Redemption Price pursuant to the
Indenture.</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h6>

<h6 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Prepayment at
Option of Holders Upon Change of Control</u></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon a Change of Control, any Holder of Notes
will have the right to cause the Company to repurchase all or any part of the
Notes of such Holder by making the Change of Control Payment.&#160; The Change of Control Payment is equal to
the Redemption Price of the Notes, plus accrued and unpaid interest, if any, to
the date of purchase (subject to the right of holders of record on the relevant
record date to receive interest due on the related interest payment date) as
provided in, and subject to the terms of, the Indenture.&#160; For purposes of this paragraph 6, references
to &#147;redemption&#148; or similar terms in the definition of Redemption Price shall be
deemed to mean &#147;repurchase,&#148; &#147;purchase&#148; or similar terms, as the case may be.</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h6>

<h6 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Additional
Amounts</u></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Guarantor will, subject to certain
limitations set forth in the Indenture, pay to the Holder of any Note
additional amounts as necessary so that every net payment made by the Guarantor
of principal of and premium, if any, and interest on such Note, after deducting
or withholding for or on account of any present or future tax, duty, fee,
assessment or other governmental charge imposed on that holder by Bermuda or
any other foreign jurisdiction, will not be less than the amount provided in
the Note to be then due and payable.</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h6>

<h6 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Denominations;
Transfer; Exchange</u></h6>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B-6</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=94,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=572772,FOLIO='B-6',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Notes are in registered form without
coupons in denominations of principal amount of U.S.$1,000 and whole multiples
of U.S.$1,000.&#160; A Holder may transfer or
exchange Notes in accordance with the Indenture.&#160; The Registrar may require a Holder, among other things, to
furnish appropriate endorsements or transfer documents and to pay any taxes and
fees required by law or permitted by the Indenture.&#160; The Registrar need not register the transfer of or exchange (i)
any Notes selected for redemption (except, in the case of a Note to be redeemed
in part, the portion of the Note not to be redeemed) for a period beginning 15
days before the mailing of a notice of Notes to be redeemed and ending on the
date of such mailing or (ii) any Notes for a period beginning 15 days before an
interest payment date and ending on such interest payment date.</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h6>

<h6 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Persons
Deemed Owners</u></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The registered Holder of this Note may be
treated as the owner of it for all purposes.</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h6>

<h6 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Unclaimed Money</u></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If money for the payment of principal or
interest remains unclaimed for two years, the Trustee or Paying Agent shall pay
the money back to the Company at its request unless an abandoned property law
designates another Person.&#160; After any
such payment, Holders entitled to the money must look only to the Company and
not to the Trustee for payment.</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h6>

<h6 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Defeasance</u></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to certain conditions set forth in
the Indenture, the Company at any time may terminate some or all of its
obligations under the Notes and the Indenture if the Company deposits with the
Trustee money or U.S. Government Securities for the payment of principal and
interest on the Notes to redemption or maturity, as the case may be.</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h6>

<h6 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Amendment, Waiver</u></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Indenture or the Notes may be amended
with the written consent of the Holders of at least a majority in principal
amount of the then outstanding Notes; <i><font style="font-style:italic;">provided</font></i>,
<i><font style="font-style:italic;">however</font></i>, that the consent of each
Noteholder affected is required to (i) reduce the amount of Notes whose Holders
must consent to an amendment of the Indenture, the Notes or specified
provisions of the Master Trust Transaction Documents, (ii) reduce the stated
rate or extend the stated time for payment of interest on a Note, (iii) reduce
the principal of or extend the Stated Maturity of a Note, (iv) reduce the
premium payable upon redemption or repurchase of a Note, (v) following a Change
of Control, make any change in the time during which a Change of Control Offer
must be made or the time at which the Change of Control Payment must be made,
(vi) make any Note payable in money other than that stated herein, (vii) impair
the right of a Holder to receive payment under the Note or institute suit for
the enforcement of such payment, (viii) make any change to the amendment
provisions which require each Holder&#146;s consent or the waiver provisions, or
(ix) release the Guarantor or modify the Guarantee.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to certain exceptions set forth in
the Indenture, without the consent of any Noteholder, the Company and the
Trustee may amend the Indenture or the Notes to cure any</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B-7</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=95,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=392854,FOLIO='B-7',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ambiguity, omission, defect or inconsistency,
or to comply with Article IV of the Indenture, or to provide for uncertificated
Notes in addition to or in place of certificated Notes, or to add guarantees
with respect to the Notes, or to secure the Notes, or to add additional
covenants of the Company, the Guarantor or any Subsidiary, or surrender rights
and powers conferred on the Company, the Guarantor or any Subsidiary, issue
Subsequent Notes, or to comply with any request of the SEC in connection with
qualifying the Indenture under the Act, or to make any change that does not
adversely affect the rights of any Noteholder, or to provide for the issuance
of Exchange Notes.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to certain exceptions set forth in
the Indenture, any default (other than with respect to nonpayment or in respect
of a provision that cannot be amended without the written consent of each
Noteholder affected) or noncompliance with any provision may be waived with the
written consent of the Holders of a majority in principal amount of the then
outstanding Notes.</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h6>

<h6 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Defaults and
Remedies</u></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under the Indenture, Events of Default
include (1)&nbsp;default for 30 days in payment of interest or additional
interest when due on the Notes; (2)&nbsp;default in payment of principal of or
premium, if any, on the Notes at Stated Maturity, upon required repurchase or
upon optional redemption, upon declaration or otherwise; (3)&nbsp;&nbsp;the
failure by the Company or the Guarantor to comply for 60&nbsp;days after
written notice with its other agreements contained in the Indenture or under
the Notes (other than those referred to in (1) or (2) above); (4)&nbsp;the
failure of the Company, the Guarantor or any Subsidiary (a) to pay the
principal of&#160; any Indebtedness or of any
other material amounts under any other agreement on the scheduled or original
date due, (b) to pay interest on any Indebtedness beyond any provided grace
period or (c) to observe or perform any agreement or condition relating to such
Indebtedness, the effect of which is to cause such Indebtedness to become due
prior to its stated maturity, provided that an event described in clause (a),
(b) or (c) above shall not constitute an Event of Default unless, at such time,
one or more events of the type described in clauses (a), (b) or (c) shall have
occurred or be continuing with respect to Indebtedness in an amount exceeding
U.S.$50,000,000; (5)&nbsp;certain events of bankruptcy, insolvency or
reorganization of the Company, the Guarantor, a Designated Obligor or any
Material Subsidiary (the &#147;<u>bankruptcy events</u>&#148;); or (6)&nbsp;one or more
judgments or decrees shall have been entered against the Company or the
Guarantor involving in the aggregate a liability (not paid or fully covered by
insurance as to which the relevant insurance company has acknowledged coverage)
of (x) in the case of the Company, U.S.$50,000 or more, and (y) in the case of
the Guarantor, U.S.$50,000,000 or more, and all such judgments or decrees shall
not have been vacated, discharged, stayed or bonded pending appeal within 30
days from the entry thereof.&#160; However, a
default under clause (3) will not constitute an Event of Default until the
Trustee or the Holders of at least 25% in principal amount of the outstanding
Notes notify the Company or the Guarantor, as the case may be, of the default
and the Company or the Guarantor, as the case may be, does not cure such
default within the time specified in clause&nbsp;(3) hereof after receipt of
such notice.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If an Event of Default other than a
bankruptcy event occurs and is continuing, the Trustee or the Holders of at
least 25% in principal amount of the Notes may declare all the Notes by written
notice to the Company to be due and payable immediately.&#160; If an Event of Default in</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B-8</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=96,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=191326,FOLIO='B-8',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">connection with a bankruptcy event occurs and
is continuing, the principal amount of the Notes, the premium, if any, and all
accrued and unpaid interest shall be immediately due and payable without any
action or other act on the part of the Trustee or the Holders.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Noteholders may not enforce the Indenture or
the Notes except as provided in the Indenture.&#160;
The Trustee may refuse to enforce the Indenture or the Notes unless it
receives reasonable indemnity or security.&#160;
Subject to certain limitations, Holders of a majority in principal
amount of the Notes may direct the Trustee in its exercise of any trust or
power.&#160; The Trustee may withhold from
Noteholders notice of any continuing Default or Event of Default (except a
Default or Event of Default in payment of principal or interest) if it
determines that withholding notice is in their interest.</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h6>

<h6 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Trustee Dealings
with the Company</u></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to certain limitations set forth in
the Indenture, the Trustee under the Indenture, in its individual or any other
capacity, may become the owner or pledgee of Notes and may otherwise deal with
and collect obligations owed to it by the Company or its Affiliates and may
otherwise deal with the Company or its Affiliates with the same rights it would
have if it were not Trustee.</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h6>

<h6 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>No Recourse Against
Others</u></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An incorporator, director, officer, employee,
affiliate or stockholder of each of the Company or the Guarantor, solely by
reason of this status, shall not have any liability for any obligations of the
Company under the Notes, the Indenture or the Guarantee or for any claim based
on, in respect of or by reason of such obligations or their creation.&#160; By accepting a Note, each Noteholder waives
and releases all such liability.&#160; The
waiver and release are part of the consideration for the issue of the Notes.</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h6>

<h6 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>No Petition</u></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By its acquisition of this Note, each Holder
hereof agrees that neither it nor the Trustee on its behalf may commence, or
join with any other person in the commencement of, a bankruptcy,
reorganization, arrangement, insolvency or liquidation proceeding with respect
to the Company under any applicable insolvency laws until one year and one date
after the Notes and all other Indebtedness of the Company ranking equal with or
junior to the Notes in right of payment, including all interest and premium
thereon, if any, are paid in full.</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h6>

<h6 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Authentication</u></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Note shall not be valid until an
authorized signatory of the Trustee (or an authenticating agent acting on its
behalf) manually signs the certificate of authentication on the other side of
this Note.</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h6>

<h6 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Abbreviations</u></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Customary abbreviations may be used in the
name of a Noteholder or an assignee, such as TEN COM (=tenants in common), TEN
ENT (=tenants by the entirety), JT TEN (=joint</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B-9</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=97,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=159524,FOLIO='B-9',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">tenants with rights of survivorship and not
as tenants in common), CUST (=custodian) and U/G/M/A (=Uniform Gift to Minors
Act).</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h6>

<h6 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>CUSIP Numbers</u></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to a recommendation promulgated by
the Committee on Uniform Security Identification Procedures the Company has
caused CUSIP numbers to be printed on the Notes and has directed the Trustee to
use CUSIP numbers in notices of redemption as a convenience to
Noteholders.&#160; No representation is made
as to the accuracy of such numbers either as printed on the Notes or as contained
in any notice of redemption and reliance may be placed only on the other
identification numbers placed thereon.</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h6>

<h6 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Governing Law</u></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Note shall be governed by, and construed
in accordance with, the laws of the State of New York.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company will furnish to any Noteholder
upon written request and without charge to the Noteholder a copy of the
Indenture.&#160; Requests may be made to:</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bunge Limited Finance Corp.<br>
11720 Borman Drive</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">St. Louis, Missouri 63146</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:&#160;
Francis X. Marchiony, Treasurer</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B-10</font></p>


<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=98,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=665104,FOLIO='B-10',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ASSIGNMENT
FORM</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To assign this
Note, fill in the form below:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I or we assign
and transfer this Note to</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Print or type
assignee&#146;s name, address and zip code)</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Insert
assignee&#146;s soc. sec. or tax I.D. No.)</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and
irrevocably appoint
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;agent
to transfer this Note on the books of the Company.&#160; The agent may substitute another to act for him.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.9%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="19%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:19.94%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.84%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.26%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.06%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date: </font></p>
  </td>
  <td width="19%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:19.94%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160; Your Signature </font></p>
  </td>
  <td width="20%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:20.26%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.06%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="18%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:18.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Signature
  Guarantee:&#160; </font></p>
  </td>
  <td width="81%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:81.62%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Signature must be guaranteed)</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="6" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:100.0%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sign exactly
  as your name appears on the other side of this Note.</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="43" style="border:none;"></td>
  <td width="90" style="border:none;"></td>
  <td width="54" style="border:none;"></td>
  <td width="121" style="border:none;"></td>
  <td width="146" style="border:none;"></td>
  <td width="267" style="border:none;"></td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
signature(s) should be guaranteed by an eligible guarantor institution (banks,
stockbrokers, savings and loan associations and credit unions with membership
in an approved signature guarantee medallion program), pursuant to S.E.C. Rule
17Ad-15.</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B-11</font></p>


<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=99,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=143154,FOLIO='B-11',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[TO BE
ATTACHED TO GLOBAL NOTES]</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE OF
INCREASES OR DECREASES IN GLOBAL NOTE</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following
increases or decreases in this Global Note have been made:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.24%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Date of<br>
  Exchange</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="21%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:21.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Amount of decrease in Principal<br>
  Amount of this Global Note</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="21%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:21.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Amount of increase in Principal<br>
  Amount of this Global Note</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:20.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Principal Amount of this Global<br>
  Note following such decrease or<br>
  increase</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="18%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:18.82%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Signature of authorized<br>
  signatory of Trustee or<br>
  Securities Custodian</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="7%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:7.24%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:21.94%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:21.28%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="20%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:20.6%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="18%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:18.82%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B-12</font></p>


<div align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="center">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=100,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=139644,FOLIO='B-12',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><a name="ExhibitC"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT
C</font></b></a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 5.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Date]</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bunge Limited
Finance Corp.<br>
c/o The Bank of New York<br>
101 Barclay Street<br>
21<sup>st</sup> Floor West<br>
New York, New York&#160; 10286<br>
Attention:&#160; Corporate Trust
Administration</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Re:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Bunge
Limited Finance Corp.<br>
<u>7.80% Senior Notes Due 2012 (the &#147;Notes&#148;)</u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dear Sirs:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This certificate is delivered to request a
transfer of
U.S.$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;principal
amount of the 7.80% Senior Notes Due 2012 (the &#147;Notes&#148;) of Bunge Limited
Finance Corp. (the &#147;Company&#148;).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon transfer, the Notes would be registered
in the name of the new beneficial owner as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Address:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Taxpayer ID Number:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The undersigned represents and warrants to
you that:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>We are an
institutional &#147;accredited investor&#148; (as defined in Rule 501(a)(1), (2), (3) or
(7) under the Securities Act of 1933, as amended (the &#147;<u>Securities Act</u>&#148;))
purchasing for our own account or for the account of such an institutional
&#147;accredited investor&#148; at least U.S.$250,000 principal amount of the Notes, and
we are acquiring the Notes not with a view to, or for offer or sale in
connection with, any distribution in violation of the Securities Act.&#160; We have such knowledge and experience in
financial and business matters as to be capable of evaluating the merits and
risk of our investment in the Notes and we invest in or purchase securities
similar to the Notes in the normal course of our business.&#160; We and any accounts for which we are acting
are each able to bear the economic risk of our or its investment.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>We understand
that the Notes have not been registered under the Securities Act and, unless so
registered, may not be sold except as permitted in the following sentence.&#160; We agree on our own behalf and on behalf of
any investor account for which we are purchasing Notes to offer, sell or otherwise
transfer such Notes prior to the date which is two years after the later of the
date of original issue and the last date on which the Company or any affiliate
of the Company was the owner of such Notes (or any predecessor thereto) (the &#147;<u>Resale</u></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=101,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=765219,FOLIO='',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:0in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Restriction Termination Date</font></u>&#148;)
only (a) to the Company or Bunge Limited, as guarantor, (b) pursuant to a
registration statement which has been declared effective under the Securities
Act, (c) in a transaction complying with the requirements of Rule 144A under
the Securities Act (&#147;<u>Rule 144A</u>&#148;), to a person we reasonably believe is a
qualified institutional buyer under Rule 144A (a &#147;<u>QIB</u>&#148;) that purchases
Notes for its own account or for the account of a QIB and to whom notice is
given that the transfer is being made in reliance on Rule 144A, (d) pursuant to
offers and sales that occur outside the United States within the meaning of
Regulation S under the Securities Act, (e) to an institutional &#147;accredited
investor&#148; within the meaning of Rule 501(a)(1), (2), (3) or (7) under the
Securities Act that is purchasing for its own account or for the account of
such an institutional &#147;accredited investor,&#148; in each case in a transaction
involving a minimum principal amount of Notes of U.S.$250,000 or (f) pursuant
to any other available exemption from the registration requirements of the
Securities Act, subject in each of the foregoing cases to any requirement of
law that the disposition of our property or the property of such investor
account or accounts be at all times within our or their control and in
compliance with any applicable state securities laws.&#160; The foregoing restrictions on resale will not apply subsequent to
the Resale Restriction Termination Date.&#160;
If any resale or other transfer of the Notes is proposed to be made
pursuant to clause (e) above prior to the Resale Restriction Termination Date,
the transferor shall deliver a letter from the transferee substantially in the
form of this letter to the Company and the Trustee, which shall provide, among
other things, that the transferee is an institutional &#147;accredited investor&#148;
(within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities
Act) that is acquiring such Notes for investment purposes and not for
distribution in violation of the Securities Act. &#160;Each purchaser acknowledges that the Company and the Trustee
reserve the right prior to any offer, sale or other transfer prior to the
Resale Termination Date of the Notes pursuant to clauses (d), (e) or (f) above to
require the delivery of an opinion of counsel, certifications and/or other
information satisfactory to the Company and the Trustee.</p>

<p style="line-height:normal;margin:0in 0in .0001pt 3.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.54%;">
  <p align="center" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:12.86%;">
  <p style="line-height:normal;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TRANSFEREE:</font></p>
  </td>
  <td width="16%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:16.42%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.16%;">
  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.54%;">
  <p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="12%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:12.86%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:16.42%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.16%;">
  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.54%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BY:</font></p>
  </td>
  <td width="24%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:24.86%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.16%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr height="0">
  <td width="429" style="border:none;"></td>
  <td width="32" style="border:none;"></td>
  <td width="61" style="border:none;"></td>
  <td width="119" style="border:none;"></td>
  <td width="80" style="border:none;"></td>
 </tr>
</table>

</div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C-2</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=102,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=597079,FOLIO='C-2',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><a name="ExhibitD"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT D</font></b></a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 5.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Date]</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bunge Limited
Finance Corp.<br>
c/o The Bank of New York<br>
101 Barclay Street<br>
21<sup>st</sup> Floor West<br>
New York, New York&#160; 10286<br>
Attention:&#160; Corporate Trust
Administration</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Re:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Bunge
Limited Finance Corp.<br>
<u>7.80% Senior Notes Due 2012 (the &#147;Notes&#148;)</u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and
Gentlemen:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with our proposed sale of
U.S.$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;aggregate
principal amount of the Notes, we confirm that such sale has been effected
pursuant to and in accordance with Regulation&nbsp;S under the United States
Securities Act of 1933, as amended (the &#147;<u>Securities Act</u>&#148;), and,
accordingly, we represent that:</font></p>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
offer of the Notes was not made to a person in the United States;</h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>either
(i)&nbsp;at the time the buy order was originated, the transferee was outside
the United States or we and any person acting on our behalf reasonably believed
that the transferee was outside the United States or (ii)&nbsp;the transaction
was executed in, on or through the facilities of a designated off-shore
securities market and neither we nor any person acting on our behalf knows that
the transaction has been pre-arranged with a buyer in the United States;</h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>no
directed selling efforts have been made in the United States in contravention
of the requirements of Rule&nbsp;903(a)(2) or Rule&nbsp;904(a)(2) of
Regulation&nbsp;S, as applicable; and</h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
transaction is not part of a plan or scheme to evade the registration
requirements of the Securities Act.</h3>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, if the sale is made during a
distribution compliance period and the provisions of Rule&nbsp;903(b)(2) or
Rule&nbsp;904(b)(1) of Regulation&nbsp;S are applicable thereto, we confirm
that such sale has been made in accordance with the applicable provisions of
Rule&nbsp;903(b)(2) or Rule&nbsp;904(b)(1), as the case may be.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You and the Company are entitled to rely upon
this letter and are irrevocably authorized to produce this letter or a copy
hereof to any interested party in any administrative or legal proceedings or
official inquiry with respect to the matters covered hereby.&#160; Terms used in this certificate have the
meanings set forth in Regulation&nbsp;S.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=103,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=483074,FOLIO='',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="62%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:62.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly yours,</font></p>
  </td>
  <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.28%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="62%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:62.72%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.28%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="62%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:62.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Name of Transferor]</font></p>
  </td>
  <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.28%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="62%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:62.72%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.28%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="27%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:27.9%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.36%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.28%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="62%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:62.72%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.28%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="31%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:31.36%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.36%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.28%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="31%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:31.36%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Authorized Signature</font></p>
  </td>
  <td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.36%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.28%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">D-2</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=104,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=20245,FOLIO='D-2',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><a name="Schedule1_1"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE 1.1</font></a></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><a name="DesignatedObligorsAndMaterialSubsidi"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Designated
Obligors and Material Subsidiaries</font></u></a></h1>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following Subsidiaries constitute all of the
Designated Obligors as of the date hereof:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Bunge
Global Markets Inc.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Bunge
N.A. Holdings, Inc.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Bunge
North America, Inc.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Koninklijke
Bunge B.V.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Bunge
Alimentos S.A.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Bunge
Argentina S.A.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Bunge
Fertilizantes International Limited</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Bunge
Fertilizantes S.A. (Brazil)</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Ceval
International Limited</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Bunge
Brasil S.A.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Bunge
S.A.</p>

<p style="margin:0in 0in .0001pt .25in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following
Subsidiaries constitute all of the Material Subsidiaries as of the date hereof:</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=105,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=705129,FOLIO='',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:0in;"><a name="Schedule3_4"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE 3.4</font></a></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="ExistingLiens"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Existing Liens</font></u></a></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">D-2</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=106,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=116226,FOLIO='D-2',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><a name="Schedule3_7"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE 3.7</font></a></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><a name="ExistingFutureDispositionsPursuantTo"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Existing
Future Dispositions Pursuant to Contract</font></u></a></h1>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">D-3</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=107,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=214324,FOLIO='D-3',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:0in;"><a name="Schedule3_9a"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE 3.9(a)</font></a></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="LontermIndebtednessOfSubsidiariesAs"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lon-Term Indebtedness of Subsidiaries as of
June 30, 2002</font></u></a></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">D-4</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=108,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=951899,FOLIO='D-4',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:0in;"><a name="Schedule3_9e"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE 3.9(e)</font></a></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="AssumedCereolIndebtedness"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Assumed Cereol Indebtedness</font></u></a></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">D-5</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=109,EFW="2110122",CP="BUNGE LIMITED",DN="4",CHK=762617,FOLIO='D-5',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-1_4596.CHC",USER="JGUERRE",CD='May  2 13:33 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:0in;"><a name="Schedule4_1"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE 4.1</font></a></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="FullMemberStatesOfTheEuropeanUnion"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Full Member States of the European Union as
of September 25, 2002</font></u></a></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">D-6</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>

<BR>
<!-- SEQ=,FILE='QUICKLINK',USER=JGUERRE,SEQ=,EFW="2110122",CP="BUNGE LIMITED",DN="4" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>6
<FILENAME>a2110122zex-4_2.htm
<DESCRIPTION>EXHIBIT 4.2
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>

<div style="font-family:'Times New Roman';">

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 4.2</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[FORM OF FACE OF EXCHANGE
NOTE]</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Depository Legend, if
applicable]</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No.
  [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.38%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="35%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:35.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Principal Amount
  U.S.$[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.92%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.38%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.18%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">as revised by the Schedule of Increases and
  Decreases in Global </font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.92%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.38%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.18%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Note attached hereto</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.28%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CUSIP NO.&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.72%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.28%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ISIN:</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.72%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.80% Senior Notes Due
2012</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bunge Limited Finance Corp., a Delaware corporation,
promises to pay to
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
or registered assigns, the principal sum of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
U.S. Dollars, as revised by the Schedule of Increases and Decreases in Global
Note attached hereto, on October 15, 2012.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interest Payment Dates: April 15 and October 15</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Record Dates: April 1 and October 1</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additional provisions of this Note are set forth on
the reverse side hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=1,EFW="2110122",CP="BUNGE LIMITED",DN="5",CHK=759838,FOLIO='',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-2_4596.CHC",USER="JGUERRE",CD='May  2 08:03 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS WHEREOF, the Company has caused this
instrument to be duly executed under its corporate seal.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="61%" valign="top" style="padding:0in .7pt 0in .7pt;width:61.06%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="38%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:38.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BUNGE LIMITED FINANCE CORP.</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="top" style="padding:0in .7pt 0in .7pt;width:61.06%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="38%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:38.94%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="top" style="padding:0in .7pt 0in .7pt;width:61.06%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="38%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:38.94%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="top" style="padding:0in .7pt 0in .7pt;width:61.06%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="38%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:38.94%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="top" style="padding:0in .7pt 0in .7pt;width:61.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">:</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By</font></p>
  </td>
  <td width="35%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:35.86%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="top" style="padding:0in .7pt 0in .7pt;width:61.06%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.06%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="35%" valign="top" style="padding:0in .7pt 0in .7pt;width:35.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="top" style="padding:0in .7pt 0in .7pt;width:61.06%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.06%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="35%" valign="top" style="padding:0in .7pt 0in .7pt;width:35.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt 3.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="62%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:62.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TRUSTEE&#146;S
  CERTIFICATE OF</font></p>
  </td>
  <td width="37%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:37.52%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="62%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:62.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160; AUTHENTICATION</font></p>
  </td>
  <td width="37%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:37.52%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="62%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:62.48%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="37%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:37.52%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="62%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:62.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THE BANK OF
  NEW YORK,</font></p>
  </td>
  <td width="37%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:37.52%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="62%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:62.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">as Trustee,
  certifies that this is one of</font></p>
  </td>
  <td width="37%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:37.52%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="62%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:62.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the Notes
  referred to in the Indenture.</font></p>
  </td>
  <td width="37%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:37.52%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="62%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:62.48%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="37%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:37.52%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="23%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:23.12%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="73%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:73.26%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.62%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="58%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:58.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Authorized Signatory</font></p>
  </td>
  <td width="37%" valign="top" style="padding:0in .7pt 0in .7pt;width:37.4%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="62%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:62.48%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="37%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:37.52%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="62%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:62.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
  2002</font></p>
  </td>
  <td width="37%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:37.52%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr height="0">
  <td width="26" style="border:none;"></td>
  <td width="167" style="border:none;"></td>
  <td width="258" style="border:none;"></td>
  <td width="1" style="border:none;"></td>
  <td width="270" style="border:none;"></td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>


<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=2,EFW="2110122",CP="BUNGE LIMITED",DN="5",CHK=268473,FOLIO='2',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-2_4596.CHC",USER="JGUERRE",CD='May  2 08:03 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[FORM OF
REVERSE SIDE OF EXCHANGE NOTE]</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.80% Senior
Note Due 2012</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160;&#160; <u>General</u></font></h6>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bunge Limited Finance Corp., a Delaware
corporation (such corporation, and its successors and assigns under the
Indenture hereinafter referred to, being herein called the &#147;<u>Company</u>&#148;),
issued the Notes under an Indenture, dated as of October 15, 2002, among the
Company, the Guarantor and the Trustee (as such Indenture may be amended or
supplemented from time to time in accordance with the terms thereof, the &#147;<u>Indenture</u>&#148;).&#160; The terms of the Notes include those stated
in the Indenture and those made part of the Indenture by reference to the U.S.
Trust Indenture Act of 1939 as in effect on the date of the Indenture (the
&#147;Trust Indenture Act&#148;).&#160; Capitalized
terms used herein and not defined herein have the meanings ascribed thereto in
the Indenture.&#160; The Notes are subject to
all such terms, and Noteholders are referred to the Indenture and the Trust
Indenture Act for a statement of those terms.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Notes are general unsecured senior
obligations of the Company, including (a) U.S.$200,000,000 in aggregate
principal amount of Notes being offered on the Issue Date (subject to Section
2.9 of the Indenture) and (b) any Subsequent Notes.&#160; The Notes rank equally with all other unsecured and unsubordinated
indebtedness of the Company.&#160; This Note
is one of the Exchange Notes referred to in the Indenture.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company may from time to time, without
the consent of existing Holders, create and issue Subsequent Notes having the
same terms and conditions as the Initial Notes in all respects, except for the
Issue Date, issue price and first payment of interest thereon.&#160; Subsequent Notes issued in this manner will
be consolidated with and will form a single class with the previously
outstanding Notes.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Initial Notes, any Subsequent Notes and
the Exchange Notes will be treated as a single class of securities under the
Indenture.&#160; The Indenture includes
various covenants that limit the ability of the Company, among other things, to
engage in any business or transaction, acquire assets or subsidiaries, incur
Indebtedness or Liens or enter into any consolidations, mergers, amalgamations
or sales of assets.&#160; In addition, the
Indenture imposes (a) certain financial covenants on the Guarantor and&#160; (b) certain limitations on, among other
things, (i) the incurrence of Liens by the Guarantor or any Subsidiary, (ii)
Sale-Leaseback Transactions by the Guarantor or any Subsidiary (iii) sales of
assets by the Guarantor or any Subsidiary, (iv) transactions the Guarantor or
any Subsidiary may enter into with any Affiliate, (v) incurrence of
indebtedness by any Subsidiary, (vi) agreements to restrict dividends or loans
by any Subsidiary, and (vii) consolidations, mergers, amalgamations and sales
of assets of the Guarantor or any Subsidiary.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To guarantee the due and punctual payment of
the principal of and premium, if any, and interest on the Notes and all other
amounts payable by the Company under the Indenture and the Notes when and as
the same shall be due and payable, whether at maturity, by acceleration or
otherwise, according to the terms of the Notes and the Indenture, the Guarantor
has unconditionally guaranteed such obligations pursuant to the terms of the
Indenture.&#160; The </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=3,EFW="2110122",CP="BUNGE LIMITED",DN="5",CHK=903307,FOLIO='3',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-2_4596.CHC",USER="JGUERRE",CD='May  2 08:03 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Guarantee is
an unsecured and unsubordinated obligation of the Guarantor and ranks equally
with all other unsecured and unsubordinated indebtedness and obligations of the
Guarantor.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&#160;&#160;&#160; <u>Interest</u></font></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company promises to pay interest on the
principal amount of this Note at the rate per annum shown above.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company will pay interest semi-annually
on April 15 and October 15 of each year commencing April 15, 2003.&#160; Interest on the Notes will accrue from the
most recent date to which interest has been paid on the Notes or, if no
interest has been paid, from October 15, 2002.&#160;
The Company shall pay interest on overdue principal or premium, if any,
plus interest on such interest to the extent lawful, at the rate borne by the
Notes to the extent lawful.&#160; Interest
will be computed on the basis of a 360-day year of twelve 30-day months.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Method of Payment</font></u></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By at least 10:00 a.m. (New York City time)
on the date on which any principal of and premium, if any, or interest on any
Note is due and payable, the Company shall irrevocably deposit with the Trustee
or the Paying Agent money sufficient to pay such principal, premium, if any,
and/or interest.&#160; The Company will pay
interest (except Defaulted Interest) to the Persons who are registered Holders
of Notes at the close of business on the April 1 or October 1 next preceding
the interest payment date even if Notes are cancelled, repurchased or redeemed
after the record date and on or before the interest payment date.&#160; Holders must surrender Notes to a Paying
Agent to collect principal payments.&#160;
The Company will pay principal, premium, if any, and interest in money
of the United States that at the time of payment is legal tender for payment of
public and private debts.&#160; Except as
described in the succeeding two sentences, the principal of and premium, if any,
and interest on the Notes shall be payable at the office or agency of the
Company maintained for such purpose in The City of New York, or at such other
office or agency of the Company as may be maintained for such purpose pursuant
to <b><font style="font-weight:bold;">Error! Reference source not found.</font></b>
of the Indenture; <i><font style="font-style:italic;">provided, however,</font></i>
that, at the option of the Company, each installment of interest may be paid by
check mailed to addresses of the Persons entitled thereto as such addresses
shall appear on the Note Register.&#160;
Payments in respect of Notes represented by a Global Note (including
principal, premium and interest) will be made by wire transfer of immediately
available funds to the accounts specified by The Depository Trust Company.&#160; Payments in respect of Notes represented by
Definitive Notes (including principal, premium, if any, and interest) held by a
Holder of at least U.S.$1,000,000 aggregate principal amount of Notes
represented by Definitive Notes will be made by wire transfer to a U.S. dollar
account maintained by the payee with a bank in the United States if such Holder
elects payment by wire transfer by giving written notice to the Trustee or the
Paying Agent to such effect designating such account no later than 15 days
immediately preceding the relevant due date for payment (or such other date as
the Trustee may accept in its discretion).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Paying Agent and Registrar</font></u></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Initially, The Bank of New York (the &#147;<u>Trustee</u>&#148;),
will act as Trustee, Paying Agent and Registrar.&#160; The Company may appoint and change any Paying Agent, Registrar or</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=4,EFW="2110122",CP="BUNGE LIMITED",DN="5",CHK=550956,FOLIO='4',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-2_4596.CHC",USER="JGUERRE",CD='May  2 08:03 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">co-registrar without notice to any
Noteholder.&#160; The Company, the Guarantor
or any Subsidiary may act as Paying Agent, Registrar or co-registrar.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Optional Redemption by the Company</font></u></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Notes will be redeemable at the option of
the Company, in whole at any time or in part from time to time, on at least 30
days but not more than 60 days&#146; prior notice mailed to the registered address
of each Holder of Notes to be so redeemed, at a redemption price equal to (a)
the greater of (i) 100% of their principal amount to be redeemed or (ii) the
sum of the present values of the remaining scheduled payments of principal and
interest thereon from the date of redemption to the date of maturity (except
for currently accrued but unpaid interest) discounted to the date of
redemption, on a semi-annual basis (assuming a 360-day year consisting of
twelve 30-day months), at the applicable Treasury Yield (as defined below),
plus 50 basis points (such greater amount, the &#147;Redemption Price&#148;), plus (b)
accrued and unpaid interest, if any, to the date of redemption.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For purposes of determining the Redemption
Price, the following definitions are applicable:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Comparable Treasury Issue&#148; means the United
States Treasury security selected by an Independent Investment Banker as having
a maturity comparable to the remaining term of the Notes that would be
utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable
maturity to the remaining term of such Notes.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Comparable Treasury Price&#148; means, with
respect to any redemption date, (a) the bid price for the Comparable Treasury
Issue (expressed as a percentage of its principal amount) at 4:00 P.M. on the
third business day preceding such redemption date, as set forth on &#147;Telerate
Page 500&#148; (or such other page as may replace Telerate Page 500), or (b) if such
page (or any successor page) is not displayed or does not contain such bid
prices at such time (i) the average of the Reference Treasury Dealer Quotations
or (ii) if the Trustee is unable to obtain at least four such Reference
Treasury Dealers Quotations, the average of all Reference Treasury Dealer
Quotations obtained by the Trustee.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Independent Investment Banker&#148; means any of
Credit Suisse First Boston Corporation, J.P. Morgan Securities Inc. or Salomon
Smith Barney Inc., or, if all such firms are unwilling or unable to select the
applicable Comparable Treasury Issue, an independent investment banking
institution of national standing appointed by the Trustee and reasonably
acceptable to the Company.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Reference Treasury Dealer&#148; means Credit
Suisse First Boston Corporation, J.P. Morgan Securities Inc., Salomon Smith
Barney Inc., and one other primary U.S. Government securities dealer in New
York City selected by the Independent Investment Banker (each, a &#147;<u>Primary
Treasury Dealer</u>&#148;); provided however, that if any of the foregoing shall
cease to be a Primary Treasury Dealer, the Company shall substitute therefor
another Primary Treasury Dealer.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=5,EFW="2110122",CP="BUNGE LIMITED",DN="5",CHK=451673,FOLIO='5',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-2_4596.CHC",USER="JGUERRE",CD='May  2 08:03 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Reference Treasury Dealer Quotations&#148; means,
with respect to each Reference Treasury Dealer and any redemption date for the
Notes, an average, as determined by the Trustee, of the bid and asked prices
for the Comparable Treasury Issue for the Notes (expressed in each case as a
percentage of its principal amount) quoted in writing to the Trustee by such
Reference Treasury Dealer at 5:00 p.m. on the third business day preceding such
redemption date.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Treasury Yield&#148; means, with respect to any
redemption date applicable to the Notes, the rate per annum equal to the
semi-annual equivalent yield to maturity (computed as of the third business day
immediately preceding such redemption date) of the Comparable Treasury Issue,
assuming a price for the Comparable Treasury Issue (expressed as a percentage
of its principal amount) equal to the applicable Comparable Treasury Price for
such redemption date.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the case of any partial redemption,
selection of the Notes for redemption will be made by the Trustee in compliance
with the requirements of the principal national securities exchange, if any, on
which the Notes are listed or, if the Notes are not listed, then on a pro rata
basis, by lot or by such other method as the Trustee in its sole discretion
shall deem to be fair and appropriate, although no Notes of U.S.$1,000 in
original principal amount or less will be redeemed in part.&#160; If any Note is to be redeemed in part only,
the notice of redemption relating to such Note shall state the portion of the
principal amount thereof to be redeemed.&#160;
A new Note in principal amount equal to the unredeemed portion thereof
will be issued in the name of the Holder thereof upon cancellation of the
original Note.&#160; On and after the
redemption date, interest will cease to accrue on Notes or portions thereof
called for redemption as long as the Company has deposited with the Paying
Agent funds in satisfaction of the applicable Redemption Price pursuant to the
Indenture.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Prepayment at Option of Holders Upon Change
of Control</font></u></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon a Change of Control, any Holder of Notes
will have the right to cause the Company to repurchase all or any part of the
Notes of such Holder by making the Change of Control Payment.&#160; The Change of Control Payment is equal to
the Redemption Price of the Notes, plus accrued and unpaid interest, if any, to
the date of purchase (subject to the right of holders of record on the relevant
record date to receive interest due on the related interest payment date) as
provided in, and subject to the terms of, the Indenture.&#160; For purposes of this paragraph 6, references
to &#147;redemption&#148; or similar terms in the definition of Redemption Price shall be
deemed to mean &#147;repurchase,&#148; &#147;purchase&#148; or similar terms, as the case may be.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additional Amounts</font></u></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Guarantor will, subject to certain
limitations set forth in the Indenture, pay to the Holder of any Note
additional amounts as necessary so that every net payment made by the Guarantor
of principal of and premium, if any, and interest on such Note, after deducting
or withholding for or on account of any present or future tax, duty, fee,
assessment or other governmental charge imposed on that holder by Bermuda or
any other foreign jurisdiction, will not be less than the amount provided in
the Note to be then due and payable.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=6,EFW="2110122",CP="BUNGE LIMITED",DN="5",CHK=100912,FOLIO='6',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-2_4596.CHC",USER="JGUERRE",CD='May  2 08:03 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Denominations; Transfer; Exchange</font></u></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Notes are in registered form without
coupons in denominations of principal amount of U.S.$1,000 and whole multiples
of U.S.$1,000.&#160; A Holder may transfer or
exchange Notes in accordance with the Indenture.&#160; The Registrar may require a Holder, among other things, to
furnish appropriate endorsements or transfer documents and to pay any taxes and
fees required by law or permitted by the Indenture.&#160; The Registrar need not register the transfer of or exchange (i)
any Notes selected for redemption (except, in the case of a Note to be redeemed
in part, the portion of the Note not to be redeemed) for a period beginning 15
days before the mailing of a notice of Notes to be redeemed and ending on the
date of such mailing or (ii) any Notes for a period beginning 15 days before an
interest payment date and ending on such interest payment date.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Persons Deemed Owners</font></u></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The registered Holder of this Note may be
treated as the owner of it for all purposes.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unclaimed Money</font></u></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If money for the payment of principal or
interest remains unclaimed for two years, the Trustee or Paying Agent shall pay
the money back to the Company at its request unless an abandoned property law
designates another Person.&#160; After any
such payment, Holders entitled to the money must look only to the Company and
not to the Trustee for payment.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Defeasance</font></u></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to certain conditions set forth in
the Indenture, the Company at any time may terminate some or all of its
obligations under the Notes and the Indenture if the Company deposits with the
Trustee money or U.S. Government Securities for the payment of principal and
interest on the Notes to redemption or maturity, as the case may be.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amendment, Waiver</font></u></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Indenture or the Notes may be amended
with the written consent of the Holders of at least a majority in principal
amount of the then outstanding Notes; <i><font style="font-style:italic;">provided</font></i>,
<i><font style="font-style:italic;">however</font></i>, that the consent of each
Noteholder affected is required to (i) reduce the amount of Notes whose Holders
must consent to an amendment of the Indenture, the Notes or specified
provisions of the Master Trust Transaction Documents, (ii) reduce the stated
rate or extend the stated time for payment of interest on a Note, (iii) reduce
the principal of or extend the Stated Maturity of a Note, (iv) reduce the
premium payable upon redemption or repurchase of a Note, (v) following a Change
of Control, make any change in the time during which a Change of Control Offer
must be made or the time at which the Change of Control Payment must be made,
(vi) make any Note payable in money other than that stated herein, (vii) impair
the right of a Holder to receive payment under the Note or institute suit for
the enforcement of such payment, (viii) make any change to the amendment
provisions which require each Holder&#146;s consent or the waiver provisions, or
(ix) release the Guarantor or modify the Guarantee.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to certain exceptions set forth in
the Indenture, without the consent of any Noteholder, the Company and the
Trustee may amend the Indenture or the Notes to cure any </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=7,EFW="2110122",CP="BUNGE LIMITED",DN="5",CHK=716043,FOLIO='7',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-2_4596.CHC",USER="JGUERRE",CD='May  2 08:03 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ambiguity, omission, defect or inconsistency,
or to comply with <b><font style="font-weight:bold;">Error! Reference source not
found.</font></b> of the Indenture, or to provide for uncertificated Notes in
addition to or in place of certificated Notes, or to add guarantees with
respect to the Notes, or to secure the Notes, or to add additional covenants of
the Company, the Guarantor or any Subsidiary, or surrender rights and powers
conferred on the Company, the Guarantor or any Subsidiary, issue Subsequent
Notes, or to comply with any request of the SEC in connection with qualifying
the Indenture under the Act, or to make any change that does not adversely
affect the rights of any Noteholder, or to provide for the issuance of Exchange
Notes.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to certain exceptions set forth in
the Indenture, any default (other than with respect to nonpayment or in respect
of a provision that cannot be amended without the written consent of each
Noteholder affected) or noncompliance with any provision may be waived with the
written consent of the Holders of a majority in principal amount of the then
outstanding Notes.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Defaults and Remedies</font></u></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under the Indenture, Events of Default
include (1)&nbsp;default for 30 days in payment of interest or additional
interest when due on the Notes; (2)&nbsp;default in payment of principal of or
premium, if any, on the Notes at Stated Maturity, upon required repurchase or
upon optional redemption, upon declaration or otherwise; (3)&nbsp;&nbsp;the
failure by the Company or the Guarantor to comply for 60&nbsp;days after
written notice with its other agreements contained in the Indenture or under
the Notes (other than those referred to in (1) or (2) above); (4)&nbsp;the
failure of the Company, the Guarantor or any Subsidiary (a) to pay the
principal of&#160; any Indebtedness or of any
other material amounts under any other agreement on the scheduled or original
date due, (b) to pay interest on any Indebtedness beyond any provided grace
period or (c) to observe or perform any agreement or condition relating to such
Indebtedness, the effect of which is to cause such Indebtedness to become due
prior to its stated maturity, provided that an event described in clause (a),
(b) or (c) above shall not constitute an Event of Default unless, at such time,
one or more events of the type described in clauses (a), (b) or (c) shall have
occurred or be continuing with respect to Indebtedness in an amount exceeding
U.S.$50,000,000; (5)&nbsp;certain events of bankruptcy, insolvency or
reorganization of the Company, the Guarantor, a Designated Obligor or any
Material Subsidiary (the &#147;<u>bankruptcy events</u>&#148;); or (6)&nbsp;one or more
judgments or decrees shall have been entered against the Company or the
Guarantor involving in the aggregate a liability (not paid or fully covered by
insurance as to which the relevant insurance company has acknowledged coverage)
of (x) in the case of the Company, U.S.$50,000 or more, and (y) in the case of
the Guarantor, U.S.$50,000,000 or more, and all such judgments or decrees shall
not have been vacated, discharged, stayed or bonded pending appeal within 30
days from the entry thereof.&#160; However, a
default under clause (3) will not constitute an Event of Default until the
Trustee or the Holders of at least 25% in principal amount of the outstanding
Notes notify the Company or the Guarantor, as the case may be, of the default
and the Company or the Guarantor, as the case may be, does not cure such
default within the time specified in clause&nbsp;(3) hereof after receipt of
such notice.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If an Event of Default other than a
bankruptcy event occurs and is continuing, the Trustee or the Holders of at
least 25% in principal amount of the Notes may declare all the Notes by written
notice to the Company to be due and payable immediately.&#160; If an Event of Default in </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=8,EFW="2110122",CP="BUNGE LIMITED",DN="5",CHK=171382,FOLIO='8',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-2_4596.CHC",USER="JGUERRE",CD='May  2 08:03 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">connection with a bankruptcy event occurs and
is continuing, the principal amount of the Notes, the premium, if any, and all
accrued and unpaid interest shall be immediately due and payable without any
action or other act on the part of the Trustee or the Holders.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Noteholders may not enforce the Indenture or
the Notes except as provided in the Indenture.&#160;
The Trustee may refuse to enforce the Indenture or the Notes unless it
receives reasonable indemnity or security.&#160;
Subject to certain limitations, Holders of a majority in principal
amount of the Notes may direct the Trustee in its exercise of any trust or
power.&#160; The Trustee may withhold from
Noteholders notice of any continuing Default or Event of Default (except a
Default or Event of Default in payment of principal or interest) if it
determines that withholding notice is in their interest.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee Dealings with the Company</font></u></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to certain limitations set forth in
the Indenture, the Trustee under the Indenture, in its individual or any other
capacity, may become the owner or pledgee of Notes and may otherwise deal with
and collect obligations owed to it by the Company or its Affiliates and may
otherwise deal with the Company or its Affiliates with the same rights it would
have if it were not Trustee.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">No Recourse Against Others</font></u></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An incorporator, director, officer, employee,
affiliate or stockholder of each of the Company or the Guarantor, solely by
reason of this status, shall not have any liability for any obligations of the
Company under the Notes, the Indenture or the Guarantee or for any claim based
on, in respect of or by reason of such obligations or their creation.&#160; By accepting a Note, each Noteholder waives
and releases all such liability.&#160; The
waiver and release are part of the consideration for the issue of the Notes.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">No Petition</font></u></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By its acquisition of this Note, each Holder
hereof agrees that neither it nor the Trustee on its behalf may commence, or
join with any other person in the commencement of, a bankruptcy,
reorganization, arrangement, insolvency or liquidation proceeding with respect
to the Company under any applicable insolvency laws until one year and one date
after the Notes and all other Indebtedness of the Company ranking equal with or
junior to the Notes in right of payment, including all interest and premium
thereon, if any, are paid in full.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Authentication</font></u></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Note shall not be valid until an
authorized signatory of the Trustee (or an authenticating agent acting on its
behalf) manually signs the certificate of authentication on the other side of
this Note.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Abbreviations</font></u></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Customary abbreviations may be used in the
name of a Noteholder or an assignee, such as TEN COM (=tenants in common), TEN
ENT (=tenants by the entirety), JT TEN (=joint</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=9,EFW="2110122",CP="BUNGE LIMITED",DN="5",CHK=414341,FOLIO='9',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-2_4596.CHC",USER="JGUERRE",CD='May  2 08:03 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">tenants with rights of survivorship and not
as tenants in common), CUST (=custodian) and U/G/M/A (=Uniform Gift to Minors
Act).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">CUSIP Numbers</font></u></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to a recommendation promulgated by
the Committee on Uniform Security Identification Procedures the Company has
caused CUSIP numbers to be printed on the Notes and has directed the Trustee to
use CUSIP numbers in notices of redemption as a convenience to
Noteholders.&#160; No representation is made
as to the accuracy of such numbers either as printed on the Notes or as contained
in any notice of redemption and reliance may be placed only on the other
identification numbers placed thereon.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Governing Law</font></u></h6>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Note shall be governed by, and construed
in accordance with, the laws of the State of New York.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company will furnish to any Noteholder
upon written request and without charge to the Noteholder a copy of the
Indenture.&#160; Requests may be made to:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bunge Limited Finance
Corp.<br>
11720 Borman Drive</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">St.
Louis, Missouri 63146</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:&#160;
Francis X. Marchiony, Treasurer</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=10,EFW="2110122",CP="BUNGE LIMITED",DN="5",CHK=443333,FOLIO='10',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-2_4596.CHC",USER="JGUERRE",CD='May  2 08:03 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ASSIGNMENT FORM</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To assign this
Note, fill in the form below:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I or we assign
and transfer this Note to</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Print or type
assignee&#146;s name, address and zip code)</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Insert
assignee&#146;s soc. sec. or tax I.D. No.)</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and
irrevocably appoint
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
agent to transfer this Note on the books of the Company.&#160; The agent may substitute another to act for
him.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="667" style="border-collapse:collapse;width:6.95in;">
 <tr>
  <td width="39" valign="top" style="padding:0in 0in 0in 0in;width:29.2pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date: </font></p>
  </td>
  <td width="122" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:91.2pt;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="70" valign="top" style="padding:0in 0in 0in 0in;width:52.4pt;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="117" valign="top" style="padding:0in 0in 0in 0in;width:87.85pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Your
  Signature </font></p>
  </td>
  <td width="320" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:239.75pt;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="161" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:120.4pt;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="70" valign="top" style="padding:0in 0in 0in 0in;width:52.4pt;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="117" valign="top" style="padding:0in 0in 0in 0in;width:87.85pt;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="320" valign="top" style="border:none;padding:0in 0in 0in 0in;width:239.75pt;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="161" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:120.4pt;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="70" valign="top" style="padding:0in 0in 0in 0in;width:52.4pt;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="117" valign="top" style="padding:0in 0in 0in 0in;width:87.85pt;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="320" valign="top" style="padding:0in 0in 0in 0in;width:239.75pt;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="161" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:120.4pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Signature
  Guarantee:</font></p>
  </td>
  <td width="507" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:380.0pt;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="161" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:120.4pt;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="507" colspan="3" valign="top" style="border:none;padding:0in 0in 0in 0in;width:380.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Signature must be guaranteed)</font></p>
  </td>
 </tr>
 <tr>
  <td width="667" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:6.95in;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="667" colspan="5" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.95in;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="667" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:6.95in;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sign exactly
  as your name appears on the other side of this Note</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
signature(s) should be guaranteed by an eligible guarantor institution (banks,
stockbrokers, savings and loan associations and credit unions with membership
in an approved signature guarantee medallion program), pursuant to S.E.C. Rule
17Ad-15.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=11,EFW="2110122",CP="BUNGE LIMITED",DN="5",CHK=172033,FOLIO='11',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-2_4596.CHC",USER="JGUERRE",CD='May  2 08:03 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[TO BE
ATTACHED TO GLOBAL NOTES]</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE OF
INCREASES OR DECREASES IN GLOBAL NOTE</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following increases or decreases in this Global Note have been
made:</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:7.96%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Date of <br>
  Exchange</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:.96%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="22%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:22.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Amount of
  decrease in Principal<br>
  Amount of this Global Note</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:.96%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="22%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:22.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Amount of
  increase in Principal<br>
  Amount of this Global Note</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:.96%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="22%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:22.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Principal
  Amount of this Global <br>
  Note following such decrease or<br>
  increase</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:.96%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:18.96%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Signature
  of authorized<br>
  signatory of Trustee or<br>
  Securities Custodian</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:.44%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="7%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:7.96%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:.96%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="22%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:22.94%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:.96%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="22%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:22.94%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:.96%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="22%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:22.94%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:.96%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="18%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:18.96%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>

<BR>
<!-- SEQ=,FILE='QUICKLINK',USER=JGUERRE,SEQ=,EFW="2110122",CP="BUNGE LIMITED",DN="5" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>7
<FILENAME>a2110122zex-4_3.htm
<DESCRIPTION>EXHIBIT 4.3
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>

<div style="font-family:'Times New Roman';">

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit
4.3</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXECUTION COPY</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">U.S.$200,000,000</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BUNGE LIMITED FINANCE CORP.</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.80% Senior Notes Due 2012</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fully and Unconditionally Guaranteed by</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BUNGE LIMITED</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;text-decoration:underline;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exchange And Registration Rights Agreement</font></u></p>

<p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">October 15, 2002</font></p>

<p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Credit Suisse
First Boston Corporation</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eleven Madison
Avenue</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York, New
York&#160; 10010</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">J.P. Morgan
Securities Inc. </font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">270 Park Avenue</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York, New
York&#160; 10017</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Salomon Smith
Barney Inc.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">390 Greenwich
Street</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York, New
York&#160; 10013</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and
Gentlemen:</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Bunge Limited Finance Corp.</font>, a<i><font style="font-style:italic;">  </font></i>Delaware corporation (the &#147;<u>Company</u>&#148;),
proposes to issue and sell to J.P. Morgan Securities Inc., Salomon Smith Barney
Inc. and Credit Suisse First Boston Corporation (collectively, the &#147;<u>Initial
Purchasers</u>&#148;), upon the terms and subject to the conditions set forth in a
purchase agreement dated October 9, 2002 (the &#147;<u>Purchase Agreement</u>&#148;),
U.S.$200,000,000 aggregate principal amount of its 7.80% Senior Notes Due 2012
(the &#147;<u>Notes</u>&#148;) to be fully and unconditionally guaranteed by Bunge
Limited, a Bermuda company (the &#147;<u>Guarantor</u>&#148;).&#160; Capitalized terms used but not defined herein shall have the
meanings given to such terms in the Purchase Agreement.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As an inducement to the Initial Purchasers
to enter into the Purchase Agreement and in satisfaction of a condition to the obligations
of the Initial Purchasers thereunder, the Company and the Guarantor agree with
the Initial Purchasers, for the benefit of the holders (including the Initial
Purchasers) of the Notes and the Exchange Notes (as defined herein)
(collectively, the &#147;<u>Holders</u>&#148;), as follows:</font></p>


<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=1,EFW="2110122",CP="BUNGE LIMITED",DN="6",CHK=554191,FOLIO='',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-3_4596.CHC",USER="JGUERRE",CD='May  2 21:41 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160;&#160; <u>Registered Exchange
Offer.</u> The Company and the Guarantor shall (i) prepare and, not later than
240 days following the date of original issuance of the Notes (the &#147;<u>Issue
Date</u>&#148;), file with the Commission a registration statement (the &#147;<u>Exchange
Offer Registration Statement</u>&#148;) on an appropriate form under the Securities
Act with respect to a proposed offer to the Holders of the Notes (the &#147;<u>Registered
Exchange Offer</u>&#148;) to issue and deliver to such Holders, in exchange for the
Notes, a like aggregate principal amount of debt securities of the Company (the
&#147;<u>Exchange Notes</u>&#148;) that are identical in all material respects to the
Notes, except for the transfer restrictions and registration rights relating to
the Notes, (ii) use their reasonable best efforts to cause the Exchange Offer
Registration Statement to be declared effective under the Securities Act no
later than 250 days after the Issue Date and the Registered Exchange Offer to
be consummated no later than 270 days after the Issue Date and (iii) keep the
Exchange Offer Registration Statement effective until the closing of the
Registered Exchange Offer.&#160; The Exchange
Notes will be issued under the Indenture.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon the effectiveness of the Exchange Offer
Registration Statement, the Company and the Guarantor shall promptly commence
the Registered Exchange Offer, it being the objective of such Registered
Exchange Offer to enable each Holder electing to exchange Notes for Exchange
Notes (assuming that such Holder (a) is not an affiliate of the Company, the
Guarantor or an Exchanging Dealer (as defined herein) not complying with the
requirements of the next sentence, (b) is not an Initial Purchaser holding
Notes that have, or that are reasonably likely to have, the status of an unsold
allotment in an initial distribution, (c) acquires the Exchange Notes in the
ordinary course of such Holder&#146;s business and (d) has no arrangements or
understandings with any person to participate in the distribution of the
Exchange Notes) and to trade such Exchange Notes from and after their receipt
without any limitations or restrictions under the Securities Act and without
material restrictions under the securities laws of the several states of the
United States.&#160; The Company, the
Guarantor, the Initial Purchasers and each Exchanging Dealer acknowledge that,
pursuant to current interpretations by the Commission&#146;s staff of Section 5 of
the Securities Act, each Holder that is a broker-dealer electing to exchange
Notes, acquired for its own account as a result of market-making activities or
other trading activities, for Exchange Notes (an &#147;<u>Exchanging Dealer</u>&#148;) is
required to deliver a prospectus meeting the requirements of the Securities Act
and the applicable interpretations of the staff of the Commission in connection
with any resale of Exchange Notes.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with the Registered Exchange
Offer, the Company and the Guarantor shall:</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; mail to each Holder
a copy of the prospectus forming part of the Exchange Offer Registration
Statement, together with an appropriate letter of transmittal and related
documents;</font></h2>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; keep the Registered
Exchange Offer open for not less than 20 business days (or longer, if required
by applicable law) after the date on which notice of the Registered Exchange
Offer is transmitted to the Holders (such period being called the &#147;<u>Exchange
Offer Registration Period</u>&#148;);</font></h2>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>


<div style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=2,EFW="2110122",CP="BUNGE LIMITED",DN="6",CHK=562393,FOLIO='2',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-3_4596.CHC",USER="JGUERRE",CD='May  2 21:41 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;">&nbsp;</p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; utilize the services
of a depositary for the Registered Exchange Offer with an address in the
Borough of Manhattan, The City of New York;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; permit Holders to
withdraw tendered Notes at any time prior to the close of business, New York
City time, on the last business day on which the Registered Exchange Offer
shall remain open; and</font></h2>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; otherwise comply in
all material respects with all laws that are applicable to the Registered
Exchange Offer, including, without limitation, ensuring that the Exchange Offer
Registration Statement (as of the date of its effectiveness) and any prospectus
forming part thereof (as of its date) and any amendments or supplements thereto
comply in all material respects with the Securities Act and the rules and
regulations of the Commission thereunder and that such documents do not include
any untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary in order to make the statements
therein (in the case of any prospectus, in light of the circumstances under
which they were made) not misleading.</font></h2>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As soon as practicable after the close of the Registered Exchange
Offer, the Company and the Guarantor shall:</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; accept for exchange all Notes validly
tendered and not validly withdrawn pursuant to the Registered Exchange Offer;</font></h2>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; deliver, or cause to
be delivered, to the Trustee for cancellation all Notes so accepted for
exchange by the Company and the Guarantor; and</font></h2>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.15pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>cause
the Trustee promptly to authenticate and deliver to each Holder, Exchange Notes
equal in principal amount to the Notes of such Holder so accepted for<font style="letter-spacing:-.15pt;"> exchange.</font></font></h2>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company and the Guarantor shall use their reasonable best efforts
to keep the Exchange Offer Registration Statement effective and to amend and
supplement the prospectus contained therein in order to permit such prospectus
to be used by all persons subject to the prospectus delivery requirements of
the Securities Act for such period of time as such persons must comply with
such requirements in order to resell the Exchange Notes; <i><font style="font-style:italic;">provided</font></i> that (i) in the case where such
prospectus and any amendment or supplement thereto are required by law or
applicable interpretations thereof by the staff of the Commission to be
delivered by an Exchanging Dealer, such period shall be the lesser of 180 days
and the date on which all Exchanging Dealers have sold all Exchange Notes held
by them and (ii) the Company shall make such prospectus and any amendment or
supplement thereto available to any broker-dealer for use in connection with
any resale of any Exchange Notes for a period of not less than 90 days after
the consummation of the Registered Exchange Offer.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interest on each Exchange Note issued pursuant to the Registered
Exchange Offer will accrue from the last interest payment date on which
interest was paid on the Notes surrendered in exchange therefor or, if no
interest has been paid on the Notes, from the Issue Date. The Registered
Exchange Offer shall not be subject to any conditions, other than (i) that the</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>


<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=3,EFW="2110122",CP="BUNGE LIMITED",DN="6",CHK=157805,FOLIO='3',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-3_4596.CHC",USER="JGUERRE",CD='May  2 21:41 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registered Exchange Offer, or the making of any
exchange by a Holder, does not violate applicable law or any applicable
interpretation of the staff of the Commission, (ii) that no action or
proceeding shall have been instituted or threatened in any court or before any
governmental agency with respect to the Registered Exchange Offer which, in the
Company&#146;s or the Guarantor&#146;s reasonable judgment, would materially impair the
ability of the Company and the Guarantor to proceed with the Registered
Exchange Offer, (iii) that no law, rule or regulation or applicable interpretations
of the staff of the Commission has been issued or promulgated which, in the
reasonable judgment of the Company or the Guarantor, does not permit the
Company and the Guarantor to effect the Registered Exchange Offer and (iv) that
the Holders tender the Notes to the Company in accordance with the Registered
Exchange Offer.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each Holder participating in the Registered Exchange Offer shall be
required to represent to the Company that at the time of the consummation of
the Registered Exchange Offer (i) any Exchange Notes received by such Holder
will be acquired in the ordinary course of business, (ii) such Holder has no
arrangements or understandings with any person to participate in the
distribution of the Notes or the Exchange Notes within the meaning of the
Securities Act. (iii) such Holder is not acting on behalf of any Person who
could not truthfully make the foregoing representation, <font style="letter-spacing:-.15pt;">&#160;(iv) such Holder is not an
affiliate of the Company or the Guarantor or, if it is such an affiliate, such
Holder will comply with the registration and prospectus delivery requirements
of the Securities Act to the extent applicable, and (v) </font>such Holder
shall make such other representations as may be reasonably necessary under
applicable Commission rules or regulations or interpretations of the staff of
the Commission to render the use of Form F-4 or another appropriate form under
the Securities Act available or for the Exchange Offer Registration Statement
to be declared effective. To the extent permitted by law, the Company shall
inform the Initial Purchasers of the names and addresses of the Holders to whom
the Registered Exchange Offer is made, and the Initial Purchasers shall have
the right to contact such Holders and otherwise facilitate the tender of Notes
in the Registered Exchange Offer.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&#160;&#160;&#160; <u>Shelf Registration.</u>&#160; If, and only if, (i) because of any change
in law or applicable interpretations thereof by the staff of the Commission the
Company or the Guarantor are not permitted to effect the Registered Exchange
Offer as contemplated by Section 1 hereof, or (ii) for any other reason the
Registered Exchange Offer is not consummated within 270 days after the Issue
Date, or (iii) any Initial Purchaser so requests within 180 days after the
consummation of the Registered Exchange Offer with respect to Notes not
eligible to be exchanged for Exchange Notes in the Registered Exchange Offer
and held by it following the consummation of the Registered Exchange Offer, or
(iv) any applicable law or interpretations do not permit any Holder (other than
an Initial Purchaser) to participate in the Registered Exchange Offer, or (v)
any Holder (other than an Initial Purchaser) that participates in the
Registered Exchange Offer does not receive freely transferable Exchange Notes
in exchange for tendered Notes (other than as a result of such Holder being an
affiliate of the Company or the Guarantor), then the following provisions shall
apply:</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Company and the Guarantor shall use their reasonable best efforts to file as
promptly as practicable (but in no event more than 60 days after so required or
requested pursuant to this Section 2 and not earlier than 240 days after the
Issue Date) with the Commission (the &#147;<u>Shelf Filing Date</u>&#148;), and
thereafter shall use their reasonable best efforts to</font></h2>

<h2 align="center" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>


<div style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=4,EFW="2110122",CP="BUNGE LIMITED",DN="6",CHK=360987,FOLIO='4',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-3_4596.CHC",USER="JGUERRE",CD='May  2 21:41 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">cause to be declared effective, a shelf registration statement on an
appropriate form under the Securities Act relating to the offer and sale of the
Transfer Restricted Securities (as defined below) by the Holders thereof from
time to time in accordance with the methods of distribution set forth in such
registration statement (a &#147;<u>Shelf Registration Statement</u>&#148; and, together
with any Exchange Offer Registration Statement, a &#147;<u>Registration Statement</u>&#148;);
<i><font style="font-style:italic;">provided, however</font></i>, that, with
respect to Exchange Notes received by the Initial Purchasers in exchange for
Notes constituting any portion of an unsold allotment and with respect to Notes
or Exchange Notes held by an Exchanging Dealer, the Company and the Guarantor
may, if permitted by current interpretations by the staff of the Commission,
file a post-effective amendment to the Exchange Offer Registration Statement
containing the information required by Items 9.B and 9.D of Form 20-F, as
applicable, in satisfaction of their obligations under this subsection (a) with
respect thereto, and any such Exchange Offer Registration Statement, as so
amended, shall be referred to herein as, and governed by the provision herein
applicable to, a Shelf Registration Statement.</font></h2>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Company and the Guarantor shall use their reasonable best efforts to keep the
Shelf Registration Statement continuously effective in order to permit the
prospectus forming part thereof to be used by Holders of Transfer Restricted
Securities for a period ending on the earliest of (i) two years from the Issue
Date, (ii) the date on which all the Transfer Restricted Securities covered by
the Shelf Registration Statement have been sold pursuant thereto and (iii) the
date on which the Notes become eligible for resale without volume restrictions
pursuant to Rule 144 under the Securities Act (in any such case, such period
being called the &#147;<u>Shelf Registration Period</u>&#148;).</font></h2>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding
any other provisions hereof, the Company and the Guarantor will ensure that (i)
any Shelf Registration Statement and any amendment thereto when it becomes
effective, and any prospectus forming part thereof and any supplement thereto
complies in all material respects with the Securities Act and the rules and
regulations of the Commission thereunder, (ii) any Shelf Registration Statement
and any amendment thereto when it becomes effective (in either case, other than
with respect to information included therein in reliance upon or in conformity
with written information furnished to the Company by or on behalf of any Holder
specifically for use therein (the &#147;<u>Holders&#146; Information</u>&#148;)) does not
contain an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not
misleading and (iii) any prospectus forming part of any Shelf Registration
Statement, and any supplement to such prospectus (in either case, other than
with respect to Holders&#146; Information), does not include an untrue statement of
a material fact or omit to state a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were
made, not misleading.</font></h2>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.&#160;&#160;&#160; <u>Additional Interest</u>.&#160; (a)&#160;
If (i) the Exchange Offer Registration Statement is not filed with the
Commission within 240 days after the Issue Date or the Shelf Registration
Statement is not filed with the Commission on or before the Shelf Filing Date,
(ii) the Exchange Offer Registration Statement is not declared effective within
250 days after the Issue Date or the Shelf Registration Statement is not
declared effective within 60 days of the Shelf Filing Date, (iii) the
Registered Exchange Offer is not consummated within 270 days after the Issue
Date and a Shelf Registration Statement has not been filed, or (iv) the Shelf
Registration Statement is filed and declared effective within 60 days after the
Shelf Filing Date but shall thereafter cease to be </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>


<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=5,EFW="2110122",CP="BUNGE LIMITED",DN="6",CHK=756443,FOLIO='5',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-3_4596.CHC",USER="JGUERRE",CD='May  2 21:41 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">effective (at any time that the Company and the
Guarantor are obligated to maintain the effectiveness thereof) or use of the
Shelf Registration Statement or the related prospectus shall be suspended for
one or more periods longer than permitted pursuant to Section 3(d) hereof (each
such event referred to in clauses (i) through (iv), a &#147;<u>Registration Default</u>&#148;),
the Company and the Guarantor will be jointly and severally obligated to pay
additional cash interest to each Holder of Transfer Restricted Securities,
during the period of one or more such Registration Defaults, in an amount equal
to 0.25% per annum of the principal amount of Transfer Restricted Securities
held by such Holder during the first 90-day period following such Registration
Default, increasing by an additional 0.25% per annum during each subsequent
90-day period up to a maximum of .50% per annum, until each Registration
Default has been cured.&#160; Such additional
interest shall not be payable under more than one of clauses (i) through (iv)
at any given time.&#160; Following the cure
of all Registration Defaults, the accrual of additional interest will
cease.&#160; As used herein, the term &#147;<u>Transfer
Restricted Securities</u>&#148; means each Note until the earliest to occur of (i)
the date on which such Note has been exchanged for a freely transferable
Exchange Note in the Registered Exchange Offer, (ii) the date on which it has
been effectively registered under the Securities Act and disposed of in
accordance with the Shelf Registration Statement or (iii) the date on which it
is distributed to the public pursuant to Rule 144 under the Securities Act or
is saleable pursuant to Rule 144(k) under the Securities Act.&#160; Notwithstanding anything to the contrary in
this Section 3(a), neither the Company nor the Guarantor shall be required to
pay additional interest to a particular Holder of Transfer Restricted
Securities if such Holder failed to comply with its obligations to make the
representations set forth in the second to last paragraph of Section 1 or
failed to provide the information required to be provided by it, if any,
pursuant to Section 4(n).</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Company shall notify the Trustee and the Paying Agent under the Indenture
promptly upon the happening of each and every Registration Default. The
additional interest due shall be payable on each interest payment date
specified by the Indenture and the Notes in the manner specified in the
Indenture.&#160; For the purposes described
in this Section 3, neither the Company nor the Guarantor may act as Paying
Agent.&#160; Each obligation to pay
additional interest shall be deemed to accrue from and including the date of
the applicable Registration Default.</font></h2>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
parties hereto agree that the additional interest provided for in this Section
3 constitutes a reasonable estimate of, and is intended to constitute all of,
the damages that will be suffered by Holders of Transfer Restricted Securities
by reason of the failure of (i) the Shelf Registration Statement or the
Exchange Offer Registration Statement to be filed, (ii) the Shelf Registration
Statement to remain effective or available for use or (iii) the Exchange Offer
Registration Statement to be declared effective and the Registered Exchange
Offer to be consummated, in each case to the extent required by this Agreement.</font></h2>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Company and the Guarantor may, by notice to each Holder of Transfer Restricted
Securities that are the subject of the Shelf Registration Statement at such
time in accordance with Section 10(b) hereof, suspend the availability of a
Shelf Registration Statement and the use of the related prospectus for up to
four periods of up to 30 consecutive days during any 365&#150;day period, but
for no more than 90 days in the aggregate during any 365-day period, if any
event shall occur or be pending as a result of which it is necessary, in the
reasonable judgment of the board of directors of the Company or the Guarantor
upon advice of </font></h2>

<h2 align="center" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>


<div style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=6,EFW="2110122",CP="BUNGE LIMITED",DN="6",CHK=1025241,FOLIO='6',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-3_4596.CHC",USER="JGUERRE",CD='May  2 21:41 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">counsel, to suspend the use of the Shelf Registration Statement pending
public announcement of such event and, if necessary, to amend the Shelf
Registration Statement or amend or supplement any related prospectus or
prospectus supplement in order that each such document not include any untrue
statement of fact or omit to state a material fact necessary to make the
statements therein not misleading in light of the circumstances under which
they were made, without incurring any obligation to pay additional interest
pursuant to Section 3(a) hereof.&#160; Any
such period during which the Company and the Guarantor fail to keep the Shelf
Registration Statement effective and usable for offers and sales of Transfer
Restricted Securities is referred to as a &#147;<u>Suspension Period</u>.&#148;&#160; A Suspension Period shall commence on and
include the date on which the Company or the Guarantor gives written notice to
each Holder of Transfer Restricted Securities that are the subject of the Shelf
Registration Statement at such time of such suspension pursuant to this Section
3(d), and shall end when each such Holder of Transfer Restricted Securities
either receives copies of a supplemented or amended prospectus or is advised in
writing by the Company or the Guarantor that use of the prospectus included in
the Shelf Registration Statement may be resumed.</font></h2>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.&#160;&#160;&#160; <u>Registration Procedures</u>.&#160; In connection with any Registration
Statement, the following provisions shall apply:</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Company shall (i) furnish to each Initial Purchaser, prior to the filing
thereof with the Commission, a copy of the Registration Statement and each
amendment thereof and each supplement, if any, to the prospectus included
therein and shall use its reasonable best efforts to reflect in each such
document, when so filed with the Commission, such comments as the Initial
Purchasers may reasonably propose; and (ii) if requested by any Initial Purchaser,
include the information required by Items 9.B and 9.D of Form 20-F, as
applicable, in the prospectus forming a part of the Exchange Offer Registration
Statement.</font></h2>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Company shall advise each Initial Purchaser, each Exchanging Dealer that has provided
in writing to the Company a telephone number, facsimile number or address for
notices, and the Holders (if applicable) and, if requested by any such person,
confirm such advice in writing (which advice pursuant to clauses (ii) through
(v) of this Section 4(b) shall be accompanied by an instruction to suspend the
use of the prospectus until the requisite changes have been made):</font></h2>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; when any
Registration Statement and any amendment thereto has been filed with the
Commission and when such Registration Statement or any post-effective amendment
thereto has become effective;</font></h3>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; of any request by
the Commission for amendments or supplements to any Registration Statement or
the prospectus included therein or for additional information;</font></h3>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; of the issuance by
the Commission of any stop order suspending the effectiveness of any
Registration Statement or the initiation of any proceedings for that purpose;</font></h3>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>


<div style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=7,EFW="2110122",CP="BUNGE LIMITED",DN="6",CHK=470738,FOLIO='7',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-3_4596.CHC",USER="JGUERRE",CD='May  2 21:41 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; of the receipt by
the Company of any notification with respect to the suspension of the
qualification of the Notes or the Exchange Notes for sale in any jurisdiction
or the initiation or threatening of any proceeding for such purpose; and</font></h3>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; of the happening of
any event that requires the making of any changes in any Registration Statement
or the prospectus included therein in order that the statements therein are not
misleading and do not omit to state a material fact equired to be stated
therein or necessary to make the statements therein (in the case of the
prospectus, in light of the circumstances under which they were made) not
misleading.</font></h3>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Company and the Guarantor will make every reasonable effort to obtain the
withdrawal at the earliest possible time of any order suspending the effectiveness
of any Registration Statement.</font></h2>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Company will furnish (or otherwise make publicly available on the website of
the Commission) to each Holder of Transfer Restricted Securities included
within the coverage of any Shelf Registration Statement, without charge, at
least one conformed copy of such Shelf Registration Statement and any post&#150;effective
amendment thereto including, if any such Holder so requests in writing, all
exhibits thereto (including those, if any, incorporated by reference).</font></h2>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Company will, during the Shelf Registration Period, promptly deliver to each
Holder of Transfer Restricted Securities included within the coverage of any
Shelf Registration Statement, without charge, as many copies of the prospectus
(including each preliminary prospectus) included in such Shelf Registration
Statement and any amendment or supplement thereto as such Holder may reasonably
request; and the Company and the Guarantor consent to the use of such
prospectus or any amendment or supplement thereto by each of the selling
Holders of Transfer Restricted Securities in connection with the offer and sale
of the Transfer Restricted Securities covered by such prospectus or any
amendment or supplement thereto.</font></h2>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Company will furnish (or otherwise make publicly available on the website of
the Commission) to each Initial Purchaser and each Exchanging Dealer, and to
any other Holder who so requests, without charge, at least one conformed copy
of the Exchange Offer Registration Statement and any post&#150;effective
amendment thereto, including,&#160; if any
Initial Purchaser or Exchanging Dealer or any such Holder so requests in
writing, all exhibits thereto (including those, if any, incorporated by
reference).</font></h2>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Company will, during the Exchange Offer Registration Period or the Shelf
Registration Period, as applicable, promptly deliver to each Initial Purchaser,
each Exchanging Dealer and such other persons that are required to deliver a
prospectus following the Registered Exchange Offer, without charge, as many
copies of the final prospectus included in the Exchange Offer Registration
Statement or the Shelf Registration Statement and any amendment or supplement
thereto as such Initial Purchaser, Exchanging Dealer or other persons may
reasonably request; and the Company and the Guarantor consent to the use of
such</font></h2>

<h2 align="center" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>


<div style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=8,EFW="2110122",CP="BUNGE LIMITED",DN="6",CHK=593579,FOLIO='8',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-3_4596.CHC",USER="JGUERRE",CD='May  2 21:41 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">prospectus or any amendment or supplement thereto by any such Initial
Purchaser, Exchanging Dealer or other persons, as applicable, as aforesaid.</font></h2>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Prior
to the effective date of any Registration Statement, the Company and the
Guarantor will use their reasonable best efforts to register or qualify, or
cooperate with the Holders of Notes or Exchange Notes included therein and
their respective counsel in connection with the registration or qualification
of, such Notes or Exchange Notes for offer and sale under the securities or
blue sky laws of such jurisdictions as any such Holder reasonably requests in
writing and do any and all other acts or things necessary or advisable to
enable the offer and sale in such jurisdictions of the Notes or Exchange Notes
covered by such Registration Statement; <i><font style="font-style:italic;">provided</font></i>
that the Company and the Guarantor will not be required to qualify generally to
do business in any jurisdiction where it is not then so qualified or to take
any action which would subject it to general service of process or to taxation
in any such jurisdiction where it is not then so subject.</font></h2>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Company and the Guarantor will cooperate with the Holders of Notes or Exchange
Notes to facilitate the timely preparation and delivery of certificates
representing Notes or Exchange Notes to be sold pursuant to any Registration
Statement free of any restrictive legends and in such denominations and registered
in such names as the Holders thereof may request in writing prior to sales of
Notes or Exchange Notes pursuant to such Registration Statement.</font></h2>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If
any event contemplated by Section 4(b)(ii) through (v) occurs during the period
for which the Company and the Guarantor are required to maintain an effective
Registration Statement, the Company and the Guarantor will promptly prepare and
file with the Commission a post&#150;effective amendment to the Registration
Statement or a supplement to the related prospectus or file any other required
document so that, as thereafter delivered to purchasers of the Notes or
Exchange Notes from a Holder, the prospectus will not include an untrue
statement of a material fact or omit to state a material fact necessary in order
to make the statements therein, in the light of the circumstances under which
they were made, not misleading.</font></h2>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Company will provide a CUSIP number for the Notes and the Exchange Notes, not
later than the effective date of the applicable Registration Statement, and
will provide the Trustee with global certificates for the Notes or the Exchange
Notes in a form eligible for deposit with The Depository Trust Company.</font></h2>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Company and the Guarantor will make generally available to its security holders
promptly after the effective date of the applicable Registration Statement an
earning statement satisfying the provisions of Section 11(a) of the Securities
Act.</font></h2>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(m)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Company and the Guarantor will cause the Indenture to be qualified under the Trust
Indenture Act as required by applicable law in a timely manner.</font></h2>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(n)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Company may require each Holder of Transfer Restricted Securities to be
registered pursuant to any Shelf Registration Statement to furnish to the
Company or their counsel such information concerning the Holder and the
distribution of such Transfer Restricted Securities as the Company may from
time to time reasonably require for inclusion in such Shelf </font></h2>

<h2 align="center" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>


<div style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=9,EFW="2110122",CP="BUNGE LIMITED",DN="6",CHK=642230,FOLIO='9',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-3_4596.CHC",USER="JGUERRE",CD='May  2 21:41 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;">&nbsp;</p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registration Statement, and the Company may exclude from such
registration the Transfer Restricted Securities of any Holder that fails to
furnish such information within a reasonable time after receiving such request.</font></h2>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(o)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In
the case of a Shelf Registration Statement, each Holder of Transfer Restricted
Securities to be registered pursuant thereto agrees by acquisition of such
Transfer Restricted Securities that, upon receipt of any notice from the
Company pursuant to Section 4(b)(ii) through (v), such Holder will discontinue
disposition of such Transfer Restricted Securities until such Holder&#146;s receipt
of copies of the supplemental or amended prospectus contemplated by Section
4(j) or until advised in writing (the &#147;<u>Advice</u>&#148;) by the Company that the
use of the applicable prospectus may be resumed.&#160; If the Company shall give any notice under Section 4(b)(ii)
through (v) during the period that the Company is required to maintain an
effective Registration Statement (the &#147;<u>Effectiveness Period</u>&#148;), such
Effectiveness Period shall be extended by the number of days during such period
from and including the date of the giving of such notice to and including the
date when each seller of Transfer Restricted Securities covered by such
Registration Statement shall have received (x) the copies of the supplemental
or amended prospectus contemplated by Section 4(j) (if an amended or
supplemental prospectus is required) or (y) the Advice (if no amended or
supplemental prospectus is required).</font></h2>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(p)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In
the case of a Shelf Registration Statement involving an underwritten offering,
the Company and the Guarantor shall enter into such customary agreements
(including, if requested, an underwriting agreement in customary form) and take
all such other action, if any, as Holders of a majority in aggregate principal
amount of the Notes and Exchange Notes being sold or the managing underwriters
(if any) shall reasonably request in order to facilitate any disposition of
Notes and Exchange Notes pursuant to such Shelf Registration Statement,
including, without limitation, (i) causing its counsel to deliver an opinion in
customary form, (ii) causing its officers to execute and deliver all customary
documents and certificates and (iii) causing its independent public accountants
to provide a comfort letter or letters in customary form.</font></h2>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(q)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In
the case of a Shelf Registration Statement involving an underwritten offering,
the Guarantor shall (i) make reasonably available for inspection by a
representative of, and Special Counsel (as defined below) acting for, Holders
of a majority in aggregate principal amount of the Notes and Exchange Notes
being sold and any underwriter participating in any disposition of Notes or
Exchange Notes pursuant to such Shelf Registration Statement, all relevant
financial and other records, pertinent corporate documents and properties of
the Guarantor and its material subsidiaries that are reasonably requested and
(ii) use its reasonable best efforts to have its officers, directors,
employees, accountants and counsel supply all relevant information reasonably
requested by such representative, Special Counsel or any such underwriter (an &#147;<u>Inspector</u>&#148;)
in connection with such Shelf Registration Statement; <i><font style="font-style:italic;">provided</font></i> that any such records, documents,
properties and such information that is designated in writing by the Company
and the Guarantor, reasonably and in good faith, as confidential at the time of
delivery of such records, documents, properties or information shall be kept
confidential by any such representative, underwriter or Special Counsel and
shall be used only in connection with such Shelf Registration Statement, unless
such information has become available (not in violation of this Agreement) to
the public generally or through a third party without an accompanying </font></h2>

<h2 align="center" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>


<div style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=10,EFW="2110122",CP="BUNGE LIMITED",DN="6",CHK=336456,FOLIO='10',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-3_4596.CHC",USER="JGUERRE",CD='May  2 21:41 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">obligation of confidentiality, and except that such representative,
underwriter or Special Counsel shall have no liability, and shall not be in
breach of this provision, if disclosure of such confidential information is
made in connection with a court proceeding or required by applicable law.&#160; Each such person will be required to agree
or acknowledge that information obtained by it as a result of such inspections
shall be deemed confidential and shall not be used by it as the basis for any
market transactions in the securities of the Company or the Guarantor unless
and until such is made generally available to the public through no fault or
action of such person not otherwise permitted under this Section 4(q).&#160; Each such Holder of Notes will be required
to further agree that it will, upon learning that disclosure of confidential
information is necessary, give notice to the Company to allow the Company at
its expense to undertake appropriate action to prevent disclosure of such
confidential information.&#160;
Notwithstanding any provision of this Section 4(q) to the contrary, such
representative, underwriter or Special Counsel shall be entitled to use such
confidential information, to the extent it deems necessary or appropriate, for
purposes of establishing any due diligence or other defense under applicable
law in connection with any action or claim arising from or relating to any
Registration Statement or related prospectus or this Agreement.</font></h2>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.&#160;&#160;&#160; <u>Registration Expenses</u>.&#160; The Company and the Guarantor will bear all
expenses incurred in connection with the performance of their obligations under
Sections 1, 2, 3 and 4 and the Company and the Guarantor will reimburse the
Initial Purchasers and the Holders for the reasonable fees and disbursements of
one firm of attorneys (in addition to the reasonable fees and disbursements of
counsel in connection with state or other securities or blue sky qualification
of any of the Notes or Exchange Notes) chosen by the Holders of a majority in
aggregate principal amount of the Notes and the Exchange Notes to be sold
pursuant to each Registration Statement (the &#147;<u>Special Counsel</u>&#148;) acting
for the Initial Purchasers or Holders in connection therewith.&#160; Each Holder shall pay all underwriting
discounts and commissions and transfer taxes, if any, relating to the sale or
disposition of such Holder&#146;s Notes pursuant to a Registration Statement.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.&#160;&#160;&#160; <u>Indemnification</u>.&#160; (a)&#160;
In the event of a Shelf Registration Statement or in connection with any
prospectus delivery pursuant to an Exchange Offer Registration Statement by an
Initial Purchaser or Exchanging Dealer, as applicable, each of the Company and
the Guarantor shall jointly and severally indemnify and hold harmless each
Holder (including, without limitation, any such Initial Purchaser or Exchanging
Dealer), its affiliates, their respective officers, directors, employees,
representatives and agents, and each person, if any, who controls such Holder
within the meaning of the Securities Act or the Exchange Act (collectively
referred to for purposes of this Section 6 and Section 7 as a Holder) from and
against any loss, claim, damage or liability, joint or several, or any action
in respect thereof (including, without limitation, any loss, claim, damage,
liability or action relating to purchases and sales of Notes or Exchange
Notes), to which that Holder may become subject, whether commenced or
threatened, under the Securities Act, the Exchange Act, any other federal or
state statutory law or regulation, at common law or otherwise, insofar as such
loss, claim, damage, liability or action arises out of, or is based upon,
(i)&nbsp;any untrue statement or alleged untrue statement of a material fact
contained in any such Registration Statement or any prospectus forming part
thereof or in any amendment or supplement thereto or (ii)&nbsp;the omission or
alleged omission to state therein a material fact required to be stated therein
or necessary in order to make the statements therein, in the light of </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>


<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=11,EFW="2110122",CP="BUNGE LIMITED",DN="6",CHK=594567,FOLIO='11',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-3_4596.CHC",USER="JGUERRE",CD='May  2 21:41 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the circumstances under which they were made, not
misleading, and shall reimburse each Holder promptly upon demand for any legal
or other expenses reasonably incurred by that Holder in connection with
investigating or defending or preparing to defend against or appearing as a
third party witness in connection with any such loss, claim, damage, liability
or action as such expenses are incurred; <i><font style="font-style:italic;">provided</font></i>,
<i><font style="font-style:italic;">however</font></i>, that the Company and the
Guarantor shall not be liable in any such case to the extent that any such
loss, claim, damage, liability or action arises out of, or is based upon, an
untrue statement or alleged untrue statement in or omission or alleged omission
from any Registration Statement or any prospectus forming a part thereof or any
amendment or supplement thereto in reliance upon and in conformity with any
Holders&#146; Information or information supplied by any Initial Purchasers or
Exchanging Dealer expressly for inclusion therein; and <i><font style="font-style:italic;">provided</font></i>  <i><font style="font-style:italic;">further</font></i>,
that with respect to any such untrue statement in or omission from any related
preliminary prospectus, the indemnity agreement contained in this Section 6(a)
shall not inure to the benefit of any Holder from whom the person asserting any
such loss, claim, damage, liability or action received Notes or Exchange Notes
to the extent that such loss, claim, damage, liability or action of or with
respect to such Holder results from the fact that both (A)&nbsp;a copy of the
final prospectus was not sent or given to such person at or prior to the written
confirmation of the sale of such Notes or Exchange Notes to such person and (B)
the untrue statement in or omission from the related preliminary prospectus was
corrected in the final prospectus unless, in either case, such failure to
deliver the final prospectus was a result of non-compliance by the Company with
Section&nbsp;4(d), 4(e), 4(f) or 4(g); and <i><font style="font-style:italic;">provided,
further</font></i>, that the indemnity agreement contained in this Section 6(a)
shall not inure to the benefit of any Holder to the extent that any such loss,
claim, damage, liability or action results from the use by such Holder of a
prospectus otherwise than in connection with an offer or sale of Notes or
Exchange Notes.&#160; Each Holder
acknowledges that the indemnity agreement in this subsection (a) does not
extend to any liability which such Holder might have under Section 5(b) of the
Securities Act by reason of the fact that such Holder sold Notes or Exchange
Notes to a person to whom there was not sent or given, at or prior to written
confirmation of such sale, a copy of the prospectus.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In
the event of a Shelf Registration Statement, each Holder shall indemnify and
hold harmless the Company, the Guarantor and their respective affiliates, their
respective officers, directors, employees, representatives and agents, and each
person, if any, who controls the Company or the Guarantor within the meaning of
the Securities Act or the Exchange Act (collectively referred to for purposes
of this Section 6(b) and Section 7 as the Company), from and against any loss,
claim, damage or liability, joint or several, or any action in respect thereof,
to which the Company may become subject, whether commenced or threatened, under
the Securities Act, the Exchange Act, any other federal or state statutory law
or regulation, at common law or otherwise, insofar as such loss, claim, damage,
liability or action arises out of, or is based upon, (i) any untrue statement
or alleged untrue statement of a material fact contained in any such
Registration Statement or any prospectus forming part thereof or in any
amendment or supplement thereto or (ii) the omission or alleged omission to
state therein a material fact required to be stated therein or necessary in
order to make the statements therein, in the light of the circumstances under
which they were made, not misleading, but in each case only to the extent that
the untrue statement or alleged untrue statement or omission or alleged
omission was made in reliance upon and in conformity with any Holders&#146;
Information furnished to the Company by such Holder, and shall reimburse the
Company for any legal or other expenses reasonably incurred by the Company in
connection with investigating or defending or preparing </font></h2>

<h2 align="center" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>


<div style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=12,EFW="2110122",CP="BUNGE LIMITED",DN="6",CHK=501016,FOLIO='12',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-3_4596.CHC",USER="JGUERRE",CD='May  2 21:41 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to defend against or appearing as a third party witness in connection
with any such loss, claim, damage, liability or action as such expenses are
incurred.</font></h2>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Promptly
after receipt by an indemnified party under this Section 6 of notice of any
claim or the commencement of any action, the indemnified party shall, if a
claim in respect thereof is to be made against the indemnifying party pursuant
to Section&nbsp;6(a) or 6(b), notify the indemnifying party in writing of the
claim or the commencement of that action; <i><font style="font-style:italic;">provided</font></i>,
<i><font style="font-style:italic;">however</font></i>, that the failure to
notify the indemnifying party shall not relieve it from any liability which it
may have under this Section 6 except to the extent that it has been materially
prejudiced (through the forfeiture of substantive rights or defenses) or harmed
by such failure; and <i><font style="font-style:italic;">provided</font></i>  <i><font style="font-style:italic;">further</font></i>, that the failure to notify the
indemnifying party shall not relieve it from any liability which it may have to
an indemnified party otherwise than under this Section 6.&#160; If any such claim or action shall be brought
against an indemnified party, and it shall notify the indemnifying party
thereof, the indemnifying party shall be entitled to participate therein and,
to the extent that it wishes, jointly with any other similarly notified
indemnifying party, to assume the defense thereof with counsel reasonably
satisfactory to the indemnified party.&#160;
After notice from the indemnifying party to the indemnified party of its
election to assume the defense of such claim or action, the indemnifying party
shall not be liable to the indemnified party under this Section 6 for any legal
or other expenses subsequently incurred by the indemnified party in connection
with the defense thereof other than the reasonable costs of investigation; <i><font style="font-style:italic;">provided</font></i>, <i><font style="font-style:italic;">however</font></i>,
that an indemnified party shall have the right to employ its own counsel in any
such action, but the fees, expenses and other charges of such counsel for the
indemnified party will be at the expense of such indemnified party unless (1)
the employment of counsel by the indemnified party has been authorized in
writing by the indemnifying party, (2) the indemnified party has reasonably
concluded (based upon advice of counsel to the indemnified party) that there
may be legal defenses available to it or other indemnified parties that are
different from or in addition to those available to the indemnifying party, (3)
a conflict or potential conflict exists (based upon advice of counsel to the
indemnified party) between the indemnified party and the indemnifying party (in
which case the indemnifying party will not have the right to direct the defense
of such action on behalf of the indemnified party) or (4) the indemnifying
party has not in fact employed counsel reasonably satisfactory to the
indemnified party to assume the defense of such action within a reasonable time
after receiving notice of the commencement of the action, in each of which
cases the reasonable fees, disbursements and other charges of counsel will be
at the expense of the indemnifying party or parties.&#160; It is understood that the indemnifying party or parties shall
not, in connection with any proceeding or related proceedings in the same
jurisdiction, be liable for the reasonable fees, disbursements and other
charges of more than one separate firm of attorneys (in addition to any local
counsel) at any one time for all such indemnified party or parties.&#160; Each indemnified party, as a condition of
the indemnity agreements contained in Sections 6(a) and 6(b), shall use its
reasonable best efforts to cooperate with the indemnifying party in the defense
of any such action or claim.&#160; No
indemnifying party shall be liable for any settlement of any such action
effected without its written consent (which consent shall not be unreasonably
withheld), but if settled with its written consent or if there be a final
judgment for the plaintiff in any such action, the indemnifying party agrees to
indemnify and hold harmless any indemnified party from and against any loss or
liability by reason of such settlement or judgment.&#160; Notwithstanding the foregoing sentence, if at any time an
indemnified party shall have requested that an indemnifying party reimburse the
indemnified party for fees </font></h2>

<h2 align="center" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>


<div style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=13,EFW="2110122",CP="BUNGE LIMITED",DN="6",CHK=144252,FOLIO='13',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-3_4596.CHC",USER="JGUERRE",CD='May  2 21:41 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;">&nbsp;</p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and expenses of counsel as contemplated by this Section 6(c), the
indemnifying party shall be liable for any settlement of any proceeding
effected without its written consent if (i) such settlement is entered into
more than 60 days after receipt by the indemnifying party of such request and
(ii) the indemnifying party shall not have reimbursed the indemnified party in
accordance with such request prior to the date of such settlement; <i><font style="font-style:italic;">provided</font></i> that an indemnifying party shall
not be liable for any such settlement effected without its consent if such
indemnifying party (1) reimburses such indemnified party in accordance with
such request to the extent it considers, in good faith, to be reasonable and
(2) provides written notice to the indemnified party substantiating the unpaid
balance as unreasonable, in each case prior to the date of settlement.&#160; No indemnifying party shall, without the
written consent of the indemnified party, effect any settlement of any pending
or threatened proceeding in respect of which any indemnified party is or could
have been a party and indemnification could have been sought hereunder by such
indemnified party, unless such settlement (x) includes an unconditional release
of such indemnified party in form and substance reasonably satisfactory to such
indemnified party from all liability on claims that are the subject matter of
such proceeding and (y) does not include any statement as to or any admission
of fault, culpability or a failure to act by or on behalf of any indemnified
party.</font></h2>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.&#160;&#160;&#160; <u>Contribution</u>.&#160; If the indemnification provided for in Section
6 is unavailable or insufficient to hold harmless an indemnified party under
Section 6(a) or 6(b), then each indemnifying party shall, in lieu of
indemnifying such indemnified party, contribute to the amount paid or payable
by such indemnified party as a result of such loss, claim, damage or liability,
or action in respect thereof, (i)&nbsp;in such proportion as shall be
appropriate to reflect the relative benefits received by the Company and the
Guarantor from the offering and sale of the Notes, on the one hand, and a
Holder with respect to the sale by such Holder of Notes or Exchange Notes, on
the other hand, or (ii)&nbsp;if the allocation provided by clause (i) above is
not permitted by applicable law, in such proportion as is appropriate to
reflect not only the relative benefits referred to in clause (i) above but also
the relative fault of the Company and the Guarantor on the one hand and such
Holder on the other hand with respect to the statements or omissions that
resulted in such loss, claim, damage or liability, or action in respect
thereof, as well as any other relevant equitable considerations.&#160; The relative benefits received by the
Company and the Guarantor on the one hand and a Holder on the other hand with respect
to such offering and such sale shall be deemed to be in the same proportion as
the total net proceeds from the offering of the Notes (before deducting
expenses) received by or on behalf of the Company as set forth in the Offering
Memorandum, on the one hand, and the total proceeds received by such Holder
with respect to its sale of Notes or Exchange Notes, on the other hand, bear to
the total gross proceeds from the sale of the Notes or Exchange Notes.&#160; The relative fault shall be determined by
reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission or alleged omission to state a
material fact relates to the Company and the Guarantor or information supplied
by the Company and the Guarantor on the one hand or to any Holders&#146; Information
supplied by such Holder on the other, the intent of the parties and their
relative knowledge, access to information and opportunity to correct or prevent
such untrue statement or omission.&#160; The
parties hereto agree that it would not be just and equitable if contributions
pursuant to this Section 7 were to be determined by <i><font style="font-style:italic;">pro rata</font></i> allocation or by
any other method of allocation that does not take into account the equitable
considerations referred to herein.&#160; The
amount paid or payable by an indemnified party as a result of the loss,</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>


<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=14,EFW="2110122",CP="BUNGE LIMITED",DN="6",CHK=80093,FOLIO='14',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-3_4596.CHC",USER="JGUERRE",CD='May  2 21:41 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">claim, damage or liability, or action in respect
thereof, referred to above in this Section 7 shall be deemed to include, for
purposes of this Section 7 and subject to the limitations described herein, any
legal or other expenses reasonably incurred by such indemnified party in
connection with investigating or defending or preparing to defend any such
action or claim.&#160; Notwithstanding the
provisions of this Section 7, an indemnifying party that is a Holder of Notes
or Exchange Notes shall not be required to contribute any amount in excess of
the amount by which the total price at which the Notes or Exchange Notes sold
by such indemnifying party to any purchaser exceeds the amount of any damages
which such indemnifying party has otherwise paid or become liable to pay by
reason of any untrue or alleged untrue statement or omission or alleged
omission.&#160; No person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.&#160;&#160;&#160; <u>Rules 144 and 144A</u>.&#160; Each of the Company and the Guarantor shall
use its reasonable best efforts to file the reports required to be filed by it
under the Securities Act and the Exchange Act in a timely manner so long as
necessary to permit sales of such Holder&#146;s securities pursuant to Rules 144 and
144A.&#160; The Company and the Guarantor
covenant that they will take such further action as any Holder of Transfer
Restricted Securities may reasonably request, all to the extent required from
time to time to enable such Holder to sell Transfer Restricted Securities
without registration under the Securities Act within the limitation of the
exemptions provided by Rules 144 and 144A (including, without limitation, the
requirements of Rule 144A(d)(4) in the event that the Company or the Guarantor
ceases to be a company subject to or in compliance with Schedule 13 or 15(d) of
the Exchange Act).&#160; Upon the written
request of any Holder of Transfer Restricted Securities, the Company and the
Guarantor shall deliver to such Holder a written statement as to whether it has
complied with such requirements. Notwithstanding the foregoing, nothing in this
Section 8 shall be deemed to require the Company to register any of its
securities pursuant to the Exchange Act.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.&#160;&#160;&#160; <u>Underwritten
Registrations</u>.&#160; If any of the
Transfer Restricted Securities covered by any Shelf Registration Statement are
to be sold in an underwritten offering, the investment banker or investment
bankers and manager or managers that will administer the offering will be
selected by the Holders of a majority in aggregate principal amount of such
Transfer Restricted Securities included in such offering, subject to the
consent of the Company (which shall not be unreasonably withheld or delayed),
and such Holders shall be responsible for all underwriting commissions and
discounts in connection therewith.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No person may participate in any underwritten registration hereunder
unless such person (i)&nbsp;agrees to sell such person&#146;s Transfer Restricted
Securities on the basis reasonably provided in any underwriting arrangements
approved by the persons entitled hereunder to approve such arrangements and
(ii) completes and executes all questionnaires, powers of attorney,
indemnities, underwriting agreements and other documents reasonably required
under the terms of such underwriting arrangements.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.&#160;&#160;&#160; <u>Miscellaneous</u>.&#160; (a)&#160; <u>Amendments
and Waivers</u>.&#160; The provisions of this
Agreement, including the provisions of this sentence, may not be amended,
modified or supplemented, and waivers or consents to departures from the
provisions hereof may not be </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>


<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=15,EFW="2110122",CP="BUNGE LIMITED",DN="6",CHK=106076,FOLIO='15',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-3_4596.CHC",USER="JGUERRE",CD='May  2 21:41 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">given, unless the Company has obtained the written
consent of Holders of a majority in aggregate principal amount of the Notes and
the Exchange Notes, taken as a single class.&#160;
Notwithstanding the foregoing, a waiver or consent to depart from the provisions
hereof with respect to a matter that relates exclusively to the rights of
Holders whose Notes or Exchange Notes are being sold pursuant to a Registration
Statement and that does not directly or indirectly affect the rights of other
Holders may be given by Holders of a majority in aggregate principal amount of
the Notes and the Exchange Notes being sold by such Holders pursuant to such
Registration Statement.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Notices</u>.&#160; All notices and other communications
provided for or permitted hereunder shall be made in writing by hand&#150;delivery,
first&#150;class mail, telecopier or air courier guaranteeing next-day
delivery at the addresses set forth below (unless such party notifies the other
parties hereto in writing of an alternative address):</font></h2>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; if to a Holder, at
the most current address given by such Holder to the Company in accordance with
the provisions of this Section 10(b), which address initially is, with respect
to each Holder, the address of such Holder maintained by the Registrar under
the Indenture, with a copy in like manner to the Initial Purchasers at the
addresses set forth in the Purchase Agreement;</font></h2>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; if to an Initial
Purchaser, at the addresses set forth in the Purchase Agreement;</font></h2>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; if to the Company,
at the address of the Company set forth in the Purchase Agreement; and</font></h2>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; if to the Guarantor,
at the address of the Guarantor set forth in the Purchase Agreement.</font></h2>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All such notices and communications shall be deemed to have been duly
given:&#160; when delivered by hand, if
personally delivered; one business day after being delivered to a next&#150;day
air courier; five business days after being deposited in the mail; and when
receipt is acknowledged by the recipient&#146;s telecopier machine, if sent by
telecopier.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Successors
And Assigns</u>.&#160; This Agreement shall
be binding upon the Company, the Guarantor and their respective successors,
assigns and transferees, including, without limitation and without the need for
an express assignment, subsequent Holders; <i><font style="font-style:italic;">provided</font></i>
that nothing herein shall be deemed to permit any assignment, transfer or other
disposition of Exchange Notes in violation of the terms hereof or of the
Purchase Agreement or the Indenture.&#160; If
any transferee of any Holder shall acquire Exchange Notes in any manner,
whether by operation of law or otherwise, such Exchange Notes shall be held
subject to all of the terms of this Agreement, and by taking and holding such
Exchange Notes, such person shall be deemed to have agreed to be bound by, and
to perform its obligations under, this Agreement, including the restrictions on
resale set forth in this Agreement and, if applicable, the Purchase Agreement,
and such person shall be entitled to receive the benefits hereof.</font></h2>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Counterparts</u>.&#160; This Agreement may be executed in any number
of counterparts (which may be delivered in original form or by telecopier) and
by the parties hereto</font></h2>

<h2 align="center" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>


<div style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=16,EFW="2110122",CP="BUNGE LIMITED",DN="6",CHK=105513,FOLIO='16',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-3_4596.CHC",USER="JGUERRE",CD='May  2 21:41 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">in separate counterparts, each of which when so executed shall be
deemed to be an original and all of which taken together shall constitute one
and the same agreement.</font></h2>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Definition
of Terms</u>.&#160; For purposes of this
Agreement, (a) the term &#147;business day&#148; means any day on which the New York
Stock Exchange, Inc. is open for trading, and (b) except where otherwise expressly
provided, the term &#147;affiliate&#148; has the meaning set forth in Rule&nbsp;405 under
the Securities Act.</font></h2>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Headings</u>.&#160; The headings in this Agreement are for
convenience of reference only and shall not limit or otherwise affect the
meaning hereof.</font></h2>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Governing
Law</u>.&#160; This Agreement shall be
governed by and construed in accordance with the laws of the State of New York.</font></h2>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Consent
to Jurisdiction</u>.&#160; The Guarantor
irrevocably submits to the jurisdiction of any New York state or U.S. federal
court sitting in the Borough of Manhattan, The City of New York, in any suit,
action or proceeding relating to its obligations, liabilities or any other
matter arising out of or in connection with this Agreement.&#160; The Guarantor hereby irrevocably agrees that
all claims in respect of any such action or proceeding may be heard and
determined in such New York state or U.S. federal court.&#160; The Guarantor also hereby irrevocably
waives, to the fullest extent permitted by law, any objection to venue or the
defense of an inconvenient forum to the maintenance of any such action or
proceeding in any such court.</font></h2>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Appointment
of Agent for Service of Process</u>.&#160;
The Guarantor hereby (i) irrevocably designates and appoints its
principal executive offices at 50 Main Street, White Plains, New York 10606
(together with any successor, the &#147;<u>Authorized Agent</u>&#148;), as its agent upon
which process may be served in any suit, action or proceeding described in the
first sentence of Section 10(h) hereof and represents and warrants that the
Authorized Agent has accepted such designation and (ii) agrees that service of
process upon the Authorized Agent and written notice of said service to the
Guarantor mailed or delivered to its Secretary at its registered office at 2
Church Street, Hamilton, Bermuda, shall be deemed in every respect effective
service of process upon the Guarantor in any such suit or proceeding.&#160; The Guarantor further agrees to take any and
all action, including the execution and filing of any and all such documents
and instruments, as may be necessary to continue such designation and
appointment of the Authorized Agent in full force and effect so long as any of
the Notes shall be outstanding.</font></h2>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Foreign
Taxes</u>.&#160; All payments to be made by
the Guarantor under this Agreement shall be paid free and clear of and without
deduction or withholding for or on account of, any present or future taxes,
levies, imposts, duties, fees, assessments or other charges of whatever nature,
imposed by Bermuda or any other jurisdiction in which the Guarantor is located
or by any political subdivision or taxing authority thereof or therein, and all
interest, penalties or similar liabilities with respect thereto (collectively,
&#147;Taxes&#148;).&#160; If any Taxes are required by
law to be deducted or withheld in connection with such payments, the Guarantor
will increase the amount paid so that the full amount of such payment is
received by the Holders.</font></h2>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Judgment
Currency</u>.&#160; If for the purposes of
obtaining judgment in any court it is necessary to convert a sum due hereunder
into any currency other than U.S. dollars, the </font></h2>

<h2 align="center" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>


<div style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=17,EFW="2110122",CP="BUNGE LIMITED",DN="6",CHK=111066,FOLIO='17',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-3_4596.CHC",USER="JGUERRE",CD='May  2 21:41 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">parties hereto agree, to the fullest extent permitted by law, that the
rate of exchange used shall be the rate at which in accordance with normal
banking procedures a Holder could purchase U.S. dollars with such other
currency in the City of New York on the business day preceding that on which
final judgment is given.&#160; The obligation
of the Guarantor with respect to any sum due from it to any Holder shall, notwithstanding
any judgment in a currency other than U.S. dollars, be discharged only if and
to the extent that on the first business day following receipt by such Holder
of any sum adjudged to be so due in such other currency, such Holder may in
accordance with normal banking procedures purchase U.S. dollars with such other
currency. If the U.S. dollars so purchased are less than the sum originally due
to such Holder hereunder, the Guarantor agrees, as a separate obligation and
notwithstanding any such judgment, to indemnify such Holder against such loss.
If the U.S. dollars so purchased are greater than the sum originally due to
such Holder hereunder, such Holder agrees to pay to the Guarantor an amount
equal to the excess of the U.S. dollars so purchased over the sum originally
due to such Holder hereunder.</font></h2>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Remedies</u>.&#160; In the event of a breach by the Company or
the Guarantor or by any Holder of any of their respective obligations under
this Agreement, each Holder or the Company or the Guarantor, as the case may
be, in addition to being entitled to exercise all rights granted by law,
including recovery of damages (other than the recovery of damages for a breach
by the Company or the Guarantor of their obligations under Sections 1 or 2
hereof for which additional interest has been paid pursuant to Section 3
hereof), will be entitled to specific performance of its rights under this
Agreement.</font></h2>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(m)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No
Inconsistent Agreements</u>.&#160; Each of
the Company and the Guarantor represents, warrants and agrees that (i) it has
not entered into, shall not, on or after the date of this Agreement, enter into
any agreement that is inconsistent with the rights granted to the Holders in
this Agreement or otherwise conflicts with the provisions hereof, (ii) it has
not previously entered into any agreement which remains in effect granting any
registration rights with respect to any of its debt securities to any person
and (iii) without limiting the generality of the foregoing, without the written
consent of the Holders of a majority in aggregate principal amount of the then
outstanding Transfer Restricted Securities, it shall not grant to any person
the right to request the Company to register any debt securities of the Company
under the Securities Act unless the rights so granted are not in conflict or
inconsistent with the provisions of this Agreement.</font></h2>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(n)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No
Piggyback on Registrations</u>.&#160; Neither
the Company nor any of its security holders (other than the Holders of Transfer
Restricted Securities in such capacity) shall have the right to include any
securities of the Company in any Registered Exchange Offer other than Transfer
Restricted Securities.</font></h2>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(o)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Severability</u>.&#160; The remedies provided herein are cumulative
and not exclusive of any remedies provided by law.&#160; If any term, provision, covenant or restriction of this Agreement
is held by a court of competent jurisdiction to be invalid, illegal, void or
unenforceable, the remainder of the terms, provisions, covenants and
restrictions set forth herein shall remain in full force and effect and shall
in no way be affected, impaired or invalidated, and the parties hereto shall
use their reasonable best efforts to find and employ an alternative means to
achieve the same or substantially the same result as that contemplated by such
term, provision,</font></h2>

<h2 align="center" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>


<div style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=18,EFW="2110122",CP="BUNGE LIMITED",DN="6",CHK=13993,FOLIO='18',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-3_4596.CHC",USER="JGUERRE",CD='May  2 21:41 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">covenant or restriction.&#160; It is
hereby stipulated and declared to be the intention of the parties that they
would have executed the remaining terms, provisions, covenants and restrictions
without including any of such that may be hereafter declared invalid, illegal,
void or unenforceable.</font></h2>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>


<div style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=19,EFW="2110122",CP="BUNGE LIMITED",DN="6",CHK=47233,FOLIO='19',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-3_4596.CHC",USER="JGUERRE",CD='May  2 21:41 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Please confirm that the foregoing correctly sets forth
the agreement among the Company, the Guarantor and the Initial Purchasers.</font></p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.88%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="38%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:38.12%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">Very
  truly yours,</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.88%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="38%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:38.12%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.88%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="38%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:38.12%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BUNGE LIMITED FINANCE
  CORP.</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.88%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="38%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:38.12%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.88%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.18%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By</font></p>
  </td>
  <td width="34%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:34.94%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;/s/ MORRIS KALEF</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.88%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.18%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.94%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Morris Kalef</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.88%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.18%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.94%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: President</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.88%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="38%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:38.12%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.88%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="38%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:38.12%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BUNGE LIMITED</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.88%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="38%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:38.12%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.88%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.18%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By</font></p>
  </td>
  <td width="34%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:34.94%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ WILLIAM M. WELLS</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.88%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.18%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.94%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: William M. Wells</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.88%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.18%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.94%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: Chief Financial
  Officer</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.88%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;vertical-align:baseline;">&nbsp;</p>
  </td>
  <td width="38%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:38.12%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;vertical-align:baseline;">&nbsp;</p>
  </td>
 </tr>
</table>

<p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;vertical-align:baseline;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="69%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:69.18%;">
  <p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;vertical-align:baseline;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">Accepted
  and Agreed:</font></p>
  </td>
  <td width="30%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:30.82%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;vertical-align:baseline;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="69%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:69.18%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;vertical-align:baseline;">&nbsp;</p>
  </td>
  <td width="30%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:30.82%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;vertical-align:baseline;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="69%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:69.18%;">
  <p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;vertical-align:baseline;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">J.P.
  MORGAN SECURITIES INC.</font></p>
  </td>
  <td width="30%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:30.82%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;vertical-align:baseline;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="69%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:69.18%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;vertical-align:baseline;">&nbsp;</p>
  </td>
  <td width="30%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:30.82%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;vertical-align:baseline;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">By</font></p>
  </td>
  <td width="32%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:32.64%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ <font style="letter-spacing:-.15pt;">J.P. MORGAN SECURITIES INC.</font></font></p>
  </td>
  <td width="33%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:33.8%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="30%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:30.98%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="3%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:3.8%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="62%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:62.64%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">Authorized
  Signatory</font></p>
  </td>
  <td width="30%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:30.98%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="69%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:69.18%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="30%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:30.82%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="69%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:69.18%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">SALOMON
  SMITH BARNEY INC.</font></p>
  </td>
  <td width="30%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:30.82%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="69%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:69.18%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="30%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:30.82%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">By</font></p>
  </td>
  <td width="32%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:32.64%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ <font style="letter-spacing:-.15pt;">SALOMON SMITH BARNEY INC.</font></font></p>
  </td>
  <td width="33%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:33.8%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="30%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:30.98%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:6.38%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="62%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:62.8%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">Authorized
  Signatory</font></p>
  </td>
  <td width="30%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:30.82%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="69%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:69.18%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="30%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:30.82%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="69%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:69.18%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">CREDIT
  SUISSE FIRST BOSTON CORPORATION</font></p>
  </td>
  <td width="30%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:30.82%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="69%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:69.18%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="30%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:30.82%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.58%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">By</font></p>
  </td>
  <td width="41%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:41.88%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ <font style="letter-spacing:-.15pt;">CREDIT SUISSE FIRST BOSTON CORPORATION</font></font></p>
  </td>
  <td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.56%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="30%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:30.98%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="5%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:5.96%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="63%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:63.32%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">Authorized Signatory</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.72%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr height="0">
  <td width="19" style="border:none;"></td>
  <td width="24" style="border:none;"></td>
  <td width="3" style="border:none;"></td>
  <td width="208" style="border:none;"></td>
  <td width="67" style="border:none;"></td>
  <td width="177" style="border:none;"></td>
  <td width="1" style="border:none;"></td>
  <td width="1" style="border:none;"></td>
  <td width="222" style="border:none;"></td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=20,EFW="2110122",CP="BUNGE LIMITED",DN="6",CHK=471934,FOLIO='20',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX4-3_4596.CHC",USER="JGUERRE",CD='May  2 21:41 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

</div>

<BR>
<!-- SEQ=,FILE='QUICKLINK',USER=JGUERRE,SEQ=,EFW="2110122",CP="BUNGE LIMITED",DN="6" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>8
<FILENAME>a2110122zex-5_1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>

<div style="font-family:'Times New Roman';">

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 5.1</font></u></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[LETTERHEAD OF WINSTON &amp; STRAWN]</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May 2, 2003</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bunge Limited</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bunge Limited Finance Corp.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50 Main Street, 6th Floor</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">White Plains, NY 10606</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="15%" valign="top" style="padding:0in .7pt 0in .7pt;width:15.74%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:6.84%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Re:</font></b></p>
  </td>
  <td width="77%" valign="top" style="padding:0in .7pt 0in .7pt;width:77.42%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Registration Statement on Form&nbsp;F-4 relating to 7.80%
  Senior Notes due 2012</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and Gentlemen:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:73.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This
opinion letter is furnished to you in connection with a Registration Statement
on Form F-4 (the &#147;Registration Statement&#148;) relating to the registration under
the Securities Act of 1933, as amended (the &#147;Act&#148;), of the issuance and
exchange of up to $200,000,000 original principal amount of 7.80% Senior Notes
due 2012 (the &#147;Exchange Senior Notes&#148;) of Bunge Limited Finance Corp., a
Delaware corporation (&#147;Bunge Limited Finance&#148; or the &#147;Company&#148;), and the
guarantee of the obligations represented by the Exchange Senior Notes (the
&#147;Guarantee&#148; and, together with the Exchange Senior Notes, the &#147;Securities&#148;) by
Bunge Limited, a company organized with limited liability under the laws of
Bermuda (&#147;Bunge&#148; or the &#147;Guarantor&#148; and, together with Bunge Limited Finance,
the &#147;Companies&#148;).</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:73.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Securities are to be issued pursuant to an Indenture, dated as of
October&nbsp;15, 2002 (the &#147;Indenture&#148;), among the Company, the Guarantor, and
The Bank of New York, as trustee (the &#147;Trustee&#148;), which Indenture includes the
Guarantee of the Notes. The Securities are to be issued in an exchange offer
(the &#147;Exchange Offer&#148;) for a like aggregate original principal amount of 7.80%
Senior Notes due 2012 currently outstanding (the &#147;Outstanding Notes&#148;) in
accordance with the terms of a Exchange and Registration Rights Agreement,
dated as of October&nbsp;15, 2002
(the &#147;Exchange and Registration Rights Agreement&#148;) by and among the Company,
the Guarantor, and the Initial Purchasers (as defined therein) relating to the
Outstanding Notes, which is filed as Exhibit 4.3 to the Registration Statement.</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=1,EFW="2110122",CP="BUNGE LIMITED",DN="7",CHK=580933,FOLIO='',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX5-1_4596.CHC",USER="JGUERRE",CD='May  2 13:36 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:73.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We
are acting as United States counsel for the Company and the Guarantor in
connection with the issuance by the Company and the Guarantor of the
Securities. We have examined signed copies of the Registration Statement. We
have also examined and relied upon the Exchange and Registration Rights
Agreement, the Indenture, resolutions adopted by the board of directors of the
Company, as provided to us by the Company, the certificate of incorporation and
by-laws of the Company, as restated and/or amended to date, and such other
documents as we have deemed necessary for purposes of rendering the opinions
hereinafter set forth. We have assumed the due authorization, execution and
delivery by the Guarantor of the Indenture.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:73.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
our examination of the foregoing documents, we have assumed the genuineness of
all signatures, the authenticity of all documents submitted to us as originals,
the conformity to original documents of all documents submitted to us as
copies, the authenticity of the originals of such latter documents and the
legal competence of all signatories to such documents.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:73.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We
express no opinion herein as to the laws of any state or jurisdiction other
than the state laws of the State of New York, the General Corporation Law of
the State of Delaware, including the applicable provisions of the Delaware
Constitution and reported decisions interpreting those laws, and the federal
laws of the United States of America.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:73.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our
opinions as expressed herein are subject to the following qualifications and
comments:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:73.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)
The enforceability of the Securities and the obligations of the Companies
thereunder and the availability of certain rights and remedial provisions
provided for in the Securities is subject to (1) the effect of applicable
bankruptcy, fraudulent conveyance or transfer, insolvency, reorganization,
arrangement, liquidation, conservatorship, and moratorium laws, and is subject
to limitations imposed by other laws and judicial decisions relating to or
affecting the rights of creditors generally, (2) the effect of general
principles of equity (regardless of whether enforcement is considered in
proceedings at law or in equity) upon the availability of injunctive relief or
other equitable remedies, including, without limitation, where (i) the breach
of such covenants or provisions imposes restrictions or burdens upon a debtor
and it cannot be demonstrated that the enforcement of such remedies,
restrictions or burdens is reasonably necessary for the protection of a creditor;
(ii) a creditor&#146;s enforcement of such remedies, covenants or provisions under
the circumstances, or the manner of such enforcement, would violate such
creditor&#146;s implied covenant of good faith and fair dealing, or would be
commercially unreasonable; or (iii) a court having jurisdiction finds that such
remedies, covenants or provisions were, at the time made, or are in
application, unconscionable as a matter of law or contrary to public policy,
and (3) possible judicial action giving effect to governmental actions or
foreign laws affecting creditors&#146; rights.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:73.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)
We express no opinion with respect to the applicability or effect of state
securities or &#147;blue sky&#148; laws with respect to the registration and
qualification of the Securities.</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=2,EFW="2110122",CP="BUNGE LIMITED",DN="7",CHK=756883,FOLIO='',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX5-1_4596.CHC",USER="JGUERRE",CD='May  2 13:36 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:73.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Based
upon and subject to the foregoing, we are of the opinion that the Exchange
Senior Notes, when executed by the Company, authenticated by the Trustee in the
manner provided by the Indenture and issued and delivered against surrender of
the Outstanding Notes in accordance with the terms and conditions of the
Exchange and Registration Rights Agreement, the Indenture and the Exchange
Offer, will be binding and valid obligations of the Company, entitled to the
benefits provided by the Indenture and enforceable against the Company in
accordance with their terms, and that the Guarantee, when the Exchange Senior
Notes are issued, authenticated and delivered in accordance with the terms of
the Exchange and Registration Rights Agreement, the Indenture and the Exchange
Offer, will be the binding and valid obligation of the Guarantor, enforceable
against the Guarantor in accordance with its terms.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:73.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Please
note that we are opining only as to the matters expressly set forth herein, and
no opinion should be inferred as to any other matters. This opinion letter is
based upon currently existing statutes, rules, regulations and judicial
decisions.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:73.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We
hereby consent to the filing of this opinion letter with the United States
Securities and Exchange Commission (the &#147;Commission&#148;) as an exhibit to the
Registration Statement in accordance with the requirements of Item 601 (b)(5)
of Regulation S-K under the Act and to the use of our name therein and in the
related Prospectus under the caption &#147;Legal Matters&#148;. In giving such consent,
we do not hereby admit that we are in the category of persons whose consent is
required under Section 7 of the Act or the rules and regulations of the
Commission.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="50%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly yours,</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="50%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="50%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ WINSTON &amp; STRAWN</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="50%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="50%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WINSTON &amp; STRAWN</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=3,EFW="2110122",CP="BUNGE LIMITED",DN="7",CHK=465922,FOLIO='',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX5-1_4596.CHC",USER="JGUERRE",CD='May  2 13:36 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

</div>

<BR>
<!-- SEQ=,FILE='QUICKLINK',USER=JGUERRE,SEQ=,EFW="2110122",CP="BUNGE LIMITED",DN="7" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>9
<FILENAME>a2110122zex-5_2.htm
<DESCRIPTION>EXHIBIT 5.2
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>

<div style="font-family:'Times New Roman';">

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ex. 5.2 Opinion of Conyers Dill &amp; Pearman</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><br>
[LETTERHEAD OF CONYERS DILL &amp; PEARMAN]</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2 May 2003</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bunge Limited</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bunge Limited Finance Corp.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50 Main Street &#151; Suite 635</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">White Plains</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NY 10606</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">U.S.A.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dear
Sirs:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Bunge Limited (the &#147;Company&#148;)</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We
have acted as special legal counsel in Bermuda to the Company in connection
with a registration statement on Form F-4 filed with the U.S. Securities and
Exchange Commission (the &#147;Commission&#148;) on 1 May 2003 (the &#147;Registration
Statement&#148;, which term does not include any other document or agreement whether
or not specifically referred to therein or attached as an exhibit or schedule
thereto) relating to the registration under the U.S. Securities Act of 1933, as
amended (the &#147;Securities Act&#148;), of $200,000,000 aggregate principal amount of
7.80% senior notes due 2012 of Bunge Limited Finance Corp. (&#147;BLFC&#148;) (the
&#147;Notes&#148;) fully and unconditionally guaranteed by the Company pursuant to an
exchange offer by BLFC and the Company for a like principal amount of BLFC&#146;s
outstanding 7.80% senior notes due 2012, fully and unconditionally guaranteed
by the Company, that have not been registered under the Securities Act.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For
the purposes of giving this opinion, we have examined a copy of the
Registration Statement and a facsimile copy of an indenture dated as of 15
October 2002 (the &#147;Indenture&#148; and, together with the Registration Statement,
the &#147;Documents&#148;, each of which terms do not include any other document or
agreement whether or not specifically referred to therein or attached as an exhibit
or schedule thereto) among BLFC as issuer, the Company as guarantor and The
Bank of New York as trustee, which Indenture includes the guarantee of the
Notes by the Company as set forth therein.&#160;
We have also reviewed the memorandum of association and the bye-laws of
the Company, each certified by the Assistant Secretary of the Company on 28
April 2003,&#160; certified extracts of
resolutions passed at a meeting of the directors of the Company held on 30
September 2002 (the &#147;Minutes&#148;), and such other documents and made such
enquiries as to questions of law as we have deemed necessary in order to render
the opinions set forth below.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We
have assumed (a) the genuineness and authenticity of all signatures and the
conformity to the originals of all copies (whether or not certified) examined
by us and the authenticity and completeness of the originals from which such
copies were taken, (b) that where a document has </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=1,EFW="2110122",CP="BUNGE LIMITED",DN="8",CHK=810906,FOLIO='',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX5-2_4596.CHC",USER="JGUERRE",CD='May  2 13:40 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">been
examined by us in draft form, it will be or has been executed and/or filed in
the form of that draft, and where a number of drafts of a document have been
examined by us all changes thereto have been marked or otherwise drawn to our
attention, (c) the capacity, power and authority of each of the parties to the
Indenture, other than the Company, to enter into and perform its respective
obligations under the Indenture, (d) the due execution of the Indenture by each
of the parties thereto, other than the Company, and the delivery thereof by
each of the parties thereto, (e) that there is no provision of the law of any
jurisdiction, other than Bermuda, which would have any implication in relation
to the opinions expressed herein, (f) the accuracy and completeness of all
factual representations made in the Documents and other documents reviewed by us,
(g) that the Minutes remain in full force and effect and have not been
rescinded or amended, (h) the validity and binding effect under the laws of the
State of New York (the &#147;Foreign Laws&#148;) of the Indenture in accordance with its
terms, (i) </font><font size="2" style="font-size:10.0pt;">that none of the parties to the </font><font size="2" style="font-size:10.0pt;">Indenture</font><font size="2" style="font-size:10.0pt;"> has carried on or will carry on activities, other
than the performance of its obligations under the </font><font size="2" style="font-size:10.0pt;">Indenture</font><font size="2" style="font-size:10.0pt;">, which would constitute the carrying on of
investment business in or from within Bermuda and that none of the parties to
the </font><font size="2" style="font-size:10.0pt;">Indenture</font><font size="2" style="font-size:10.0pt;">, other than
the Company, will perform its obligations under the </font><font size="2" style="font-size:10.0pt;">Indenture</font><font size="2" style="font-size:10.0pt;"> in or from within Bermuda</font><font size="2" style="font-size:10.0pt;">, (j) that on the date of entering into the Indenture
the Company was, and after entering into the Indenture is, able to pay its
liabilities as they become due.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We
have made no investigation of and express no opinion in relation to the laws of
any jurisdiction other than Bermuda.&#160;
This opinion is to be governed by and construed in accordance with the
laws of Bermuda and is limited to and is given on the basis of the current law
and practice in Bermuda.&#160; This opinion
is addressed to the Company and BLFC solely for the benefit of the Company and
BLFC and for the purpose of the registration of the Notes as described in the
Registration Statement and is neither to be transmitted to any other person, or
relied upon by any other person or for any other purpose nor quoted nor
referred to in any public document nor filed with any governmental agency or
person without our prior written consent.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On
the basis of and subject to the foregoing, we are of the opinion that:</font></p>

<p style="margin:0in 0in 6.0pt 27.0pt;text-autospace:none;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 6.0pt 27.0pt;text-autospace:none;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Company is
duly incorporated and existing under the laws of Bermuda in good standing
(meaning solely that it has not failed to make any filing with any Bermuda
government authority or to pay any Bermuda government fees or tax which would
make it liable to be struck off the Register of Companies and thereby cease to
exist under the laws of Bermuda).</font></p>

<p style="margin:0in 0in 6.0pt 27.0pt;text-autospace:none;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 27.0pt;text-autospace:none;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Company has
taken all corporate action required to authorise its execution, delivery and
performance of the Indenture. The Indenture has been duly executed and
delivered by or on behalf of the Company.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We
hereby consent to the filing of this opinion as an exhibit to the Registration
Statement and to the references to our firm under the caption &#147;Enforcement of
Civil Liabilities&#148; in the prospectus forming a part of the Registration
Statement.&#160; In giving this consent, we
do not hereby admit that we are within the category of persons whose consent is
required under Section 7 of the Securities Act or the Rules and Regulations of
the Commission promulgated thereunder.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Yours faithfully</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ CONYERS DILL &amp;
PEARMAN</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CONYERS DILL &amp; PEARMAN</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=2,EFW="2110122",CP="BUNGE LIMITED",DN="8",CHK=910434,FOLIO='',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX5-2_4596.CHC",USER="JGUERRE",CD='May  2 13:40 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

</div>

<BR>
<!-- SEQ=,FILE='QUICKLINK',USER=JGUERRE,SEQ=,EFW="2110122",CP="BUNGE LIMITED",DN="8" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>10
<FILENAME>a2110122zex-8_1.htm
<DESCRIPTION>EXHIBIT 8.1
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>

<div style="font-family:'Times New Roman';">

<p align="right" style="margin:0pc 0pc .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ex. 8.1 Tax Opinion of Conyers Dill &amp;
Pearman</font></p>

<p align="center" style="margin:0pc 0pc .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><br>
[LETTERHEAD OF CONYERS DILL &amp; PEARMAN]</font></p>

<p style="margin:0pc 0pc .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pc 0pc .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pc 0pc .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pc 1.5pc .0001pt 0pc;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pc 1.5pc .0001pt 0pc;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2 May 2003</font></p>

<p style="margin:0pc 0pc .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pc 0pc .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bunge Limited</font></p>

<p style="margin:0pc 0pc .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bunge Limited Finance Corp.</font></p>

<p style="margin:0pc 0pc .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50 Main Street &#151; Suite 635</font></p>

<p style="margin:0pc 0pc .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">White Plains</font></p>

<p style="margin:0pc 0pc .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NY 10606</font></p>

<p style="margin:0pc 0pc .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">U.S.A.</font></p>

<p style="margin:0pc 0pc .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pc 0pc .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pc 0pc .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dear
Sirs:</font></p>

<p style="margin:0pc 0pc .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pc 0pc .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Bunge Limited (the &#147;Company&#148;)</font></b></p>

<p style="margin:0pc 0pc .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pc 0pc .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We
have acted as special legal counsel in Bermuda to the Company in connection
with a registration statement on Form F-4 filed with the U.S. Securities and
Exchange Commission (the &#147;Commission&#148;) on 2 May 2003 (the &#147;Registration
Statement&#148;, which term does not include any other document or agreement whether
or not specifically referred to therein or attached as an exhibit or schedule
thereto) relating to the registration under the U.S. Securities Act of 1933, as
amended (the &#147;Securities Act&#148;), of $200,000,000 aggregate principal amount of
7.80% senior notes due 2012 of Bunge Limited Finance Corp. (&#147;BLFC&#148;) (the
&#147;Notes&#148;) fully and unconditionally guaranteed by the Company pursuant to an
exchange offer by BLFC and the Company for a like principal amount of BLFC&#146;s
outstanding 7.80% senior notes due 2012, fully and unconditionally guaranteed
by the Company, that have not been registered under the Securities Act.</font></p>

<p style="margin:0pc 0pc .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pc 0pc .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For
the purposes of giving this opinion, we have examined a copy of the
Registration Statement and a facsimile copy of an indenture dated as of 15
October 2002 (the &#147;Indenture&#148; and, together with the Registration Statement,
the &#147;Documents&#148;, each of which terms do not include any other document or
agreement whether or not specifically referred to therein or attached as an
exhibit or schedule thereto) among BLFC as issuer, the Company as guarantor and
The Bank of New York as trustee, which Indenture includes the guarantee of the
Notes by the Company as set forth therein.&#160;
We have also reviewed the memorandum of association and the bye-laws of
the Company, each certified by the Assistant Secretary of the Company on 28
April 2003,&#160; certified extracts of
resolutions passed at a meeting of the directors of the Company held on 30
September 2002 (the &#147;Resolutions&#148;), and such other documents and made such
enquiries as to questions of law as we have deemed necessary in order to render
the opinions set forth below.</font></p>

<p style="margin:0pc 0pc .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pc 0pc .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We
have assumed (a) the genuineness and authenticity of all signatures and the
conformity to the originals of all copies (whether or not certified) examined
by us and the authenticity and </font></p>

<p align="center" style="margin:0pc 0pc .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0pc 0pc .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0pc 0pc .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=1,EFW="2110122",CP="BUNGE LIMITED",DN="9",CHK=570017,FOLIO='',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX8-1_4596.CHC",USER="JGUERRE",CD='May  2 11:02 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0pc 0pc .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0pc 0pc .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">completeness
of the originals from which such copies were taken, (b) that where a document
has been examined by us in draft form, it will be or has been executed and/or
filed in the form of that draft, and where a number of drafts of a document
have been examined by us all changes thereto have been marked or otherwise
drawn to our attention, (c) that there is no provision of the law of any
jurisdiction, other than Bermuda, which would have any implication in relation
to the opinions expressed herein, (d) the accuracy and completeness of all
factual representations made in the Registration Statement and other documents
reviewed by us, and (e) that the Minutes remain in full force and effect and
have not been rescinded or amended.</font></p>

<p style="margin:0pc 0pc .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pc 0pc .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We
have made no investigation of and express no opinion in relation to the laws of
any jurisdiction other than Bermuda.&#160;
This opinion is to be governed by and construed in accordance with the
laws of Bermuda and is limited to and is given on the basis of the current law
and practice in Bermuda.&#160; This opinion
is addressed to the Company and BLFC solely for the benefit of the Company and
BLFC and for the purpose of the registration of the Notes as described in the
Registration Statement and is neither to be transmitted to any other person, or
relied upon by any other person or for any other purpose nor quoted nor
referred to in any public document nor filed with any governmental agency or
person without our prior written consent.</font></p>

<p style="margin:0pc 0pc .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pc 0pc .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On
the basis of and subject to the foregoing, we are of the opinion that the
statements under the caption &#147;Taxation - Bermuda Tax Considerations&#148; in the
prospectus forming part of the Registration Statement, to the extent that they
constitute statements of Bermuda law, are accurate in all material respects and
that such statements constitute our opinion.</font></p>

<p style="margin:0pc 0pc .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pc 0pc .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We
hereby consent to the filing of this opinion as an exhibit to the Registration
Statement and to the reference to our firm under the caption &#147;Taxation -
Bermuda Tax Considerations&#148; in the prospectus forming part of the Registration
Statement.&#160; In giving this consent, we
do not hereby admit that we are within the category of persons whose consent is
required under Section 7 of the Securities Act or the Rules and Regulations of
the Commission promulgated thereunder.</font></p>

<p style="margin:0pc 0pc .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pc 0pc .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Yours faithfully</font></p>

<p style="margin:0pc 0pc .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pc 0pc .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ CONYERS DILL &amp;
PEARMAN</font></p>

<p style="margin:0pc 0pc .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pc 0pc .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CONYERS DILL &amp; PEARMAN</font></p>

</div>


<!-- ZEQ.=1,SEQ=2,EFW="2110122",CP="BUNGE LIMITED",DN="9",CHK=844766,FOLIO='',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX8-1_4596.CHC",USER="JGUERRE",CD='May  2 11:02 2003' -->
<BR>
<!-- SEQ=,FILE='QUICKLINK',USER=JGUERRE,SEQ=,EFW="2110122",CP="BUNGE LIMITED",DN="9" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.2
<SEQUENCE>11
<FILENAME>a2110122zex-8_2.htm
<DESCRIPTION>EXHIBIT 8.2
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>

<div style="font-family:'Times New Roman';">

<p align="right" style="letter-spacing:1.3pt;margin:0in 0in .0001pt;text-align:right;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:none;">EXHIBIT 8.2</font></b></p>

<p align="center" style="letter-spacing:1.3pt;margin:.25in 0in .0001pt;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">[SHEARMAN &amp; STERLING LETTERHEAD]</font></p>

<p style="margin:.25in 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May 2, 2003</font></p>

<p style="margin:0in -16.55pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bunge Limited<br>
Bunge Limited Finance Corp.<br>
50 Main Street<br>
White Plains, New York 10606</font></p>

<p style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies
and Gentlemen:</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have acted as special federal income tax counsel to
Bunge Limited Finance Corp., a Delaware corporation (the &#147;Company&#148;), and
special United States federal income tax counsel to Bunge Limited, a Bermuda
company (the &#147;Guarantor&#148;), in connection with the preparation and filing by the
Company and the Guarantor of a Registration Statement on Form F-4 (the
&#147;Registration Statement&#148;) with the Securities and Exchange Commission (the
&#147;Commission&#148;) under the Securities Act of 1933, as amended (the &#147;Act&#148;).</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the Registration Statement, the Company
and the Guarantor are offering to exchange up to $200,000,000 aggregate
principal amount of new 7.80% senior notes due 2012, unconditionally guaranteed
as to payments of principal and interest by the Guarantor, which are registered
under the Securities Act of 1933, as amended, (&#147;Notes&#148;) for any and all of its
unregistered 7.80% senior notes due 2012, unconditionally guaranteed as to
payments of principal and interest by the Guarantor, that were issued on
October 15, 2002 (&#147;Offering&#148;).</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We hereby confirm that the discussion under the
caption &#147;Taxation &#151; Certain U.S. Federal Income Tax Considerations,&#148; insofar as
such discussion represents legal conclusion or statements of United States
federal income tax law, subject to the limitations and conditions set forth
therein, constitutes our opinion as to the material United States federal
income tax consequences relevant to the exchange of the Notes for unregistered
senior notes and the ownership and disposition of the Notes in the context of
the Offering.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No opinion is
expressed as to any other matter, including any aspects of state, local or
non-United States tax law.&#160; This opinion
is based on current United States federal income tax law and administrative
practice, and we do not undertake to advise you as to any future changes in
such law or practice that may affect our opinion unless we are specifically </font></p>


<div style="margin:0in 0in 12.0pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=1,EFW="2110122",CP="BUNGE LIMITED",DN="10",CHK=468255,FOLIO='',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX8-2_4596.CHC",USER="JGUERRE",CD='May  2 13:11 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in 12.0pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in 12.0pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">retained to do so.&#160;
We hereby consent to the use of this opinion as an exhibit to the
Registration Statement and to the reference to us in the Registration Statement
under the captions &#147;Legal Matters.&#148;&#160; In
giving such consent, we do not hereby admit that we are within the category of
persons whose consent is required under Section 7 of the Act, and the rules and
regulations of the Commission promulgated thereunder.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very
  truly yours,</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/
  SHEARMAN &amp; STERLING</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt 4.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=2,EFW="2110122",CP="BUNGE LIMITED",DN="10",CHK=322288,FOLIO='2',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX8-2_4596.CHC",USER="JGUERRE",CD='May  2 13:11 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

</div>

<BR>
<!-- SEQ=,FILE='QUICKLINK',USER=JGUERRE,SEQ=,EFW="2110122",CP="BUNGE LIMITED",DN="10" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>12
<FILENAME>a2110122zex-10_1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>

<div style="font-family:'Times New Roman';">

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit
10.1</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SHARE
PURCHASE AGREEMENT</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THIS SHARE PURCHASE AGREEMENT (this <b><i><font style="font-style:italic;font-weight:bold;">&#147;Agreement&#148;</font></i></b>) is made
and entered into as of the Effective Time, by and between Bunge Limited, a
Bermuda corporation, (<b><i><font style="font-style:italic;font-weight:bold;">&#147;Seller&#148;</font></i></b>),
and Solae Holdings LLC, a Delaware limited liability company (<b><i><font style="font-style:italic;font-weight:bold;">&#147;Purchaser&#148;</font></i></b>).&#160; Capitalized terms used but not defined
herein shall have the meanings ascribed to them in the LLC Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">RECITALS</font></u></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, Central Soya, Purchaser and E.I. du Pont de
Nemours and Company (<b><i><font style="font-style:italic;font-weight:bold;">&#147;DuPont&#148;</font></i></b>)
have entered into that certain Amended and Restated Limited Liability Company
Agreement on an even date herewith (the <b><i><font style="font-style:italic;font-weight:bold;">&#147;LLC Agreement&#148;</font></i></b>) which contemplates the
transactions to be consummated hereby;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, Seller is the controlling shareholder of
Bunge Brasil S.A., a corporation organized under the laws of Brazil and Bunge
Brazil S.A. is the sole shareholder of Bunge Alimentos S.A., a corporation
organized under the laws of Brazil;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, Bunge Alimentos S.A. currently owns all
right, title and interest in and to the Brazilian Assets;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, prior to the Closing, Bunge Alimentos S.A.
will contribute the Brazilian Assets to its Wholly Owned Affiliate, Solae do
Brasil Ind. Com. Alimentos Ltda., a corporation organized under the laws of
Brazil (<b><i><font style="font-style:italic;font-weight:bold;">&#147;Solae Brasil&#148;</font></i></b>);</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, prior to the Closing, Bunge Alimentos S.A.
will deliver Solae Brasil&#146;s shares to Bunge Brasil S.A. by way of a capital
reduction so that Bunge Brasil S.A. will be the sole shareholder of Solae
Brasil;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, prior to the Closing, Seller will cause Bunge
Brasil S.A. to spin-off the shares of Solae Brasil into Solae do Brasil
Holdings S.A., a to-be formed corporation organized under the laws of Brazil (<b><i><font style="font-style:italic;font-weight:bold;">&#147;Solae Brasil Holdings&#148;</font></i></b>)
(the <b><i><font style="font-style:italic;font-weight:bold;">&#147;Spin-Off&#148;</font></i></b>);</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, after the Spin-Off and prior to the Closing,
Seller will own all right, title and interest in and to the Shares and Solae
Brasil Holdings will be the sole shareholder of Solae Brasil;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, at the Closing, Purchaser will purchase from
Seller, and Seller will sell to Purchaser, all right, title and interest in and
to the Shares.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOW, THEREFORE, in consideration of the mutual
promises and representations, warranties, covenants and agreements hereinafter
set forth and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto agree as
follows:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=1,EFW="2110122",CP="BUNGE LIMITED",DN="11",CHK=38510,FOLIO='',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-1_4596.CHC",USER="JGUERRE",CD='May  2 21:29 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE I</font></b></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">DEFINITIONS</font></u></b></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 1.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Definitions.</u></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As used in this Agreement, the following terms shall
have the following meanings (such meanings to be equally applicable to both the
singular and plural forms of the terms defined):</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Actions&#148;</font></i></b><b><font style="font-weight:bold;">  </font></b>is defined in Section 5.01(e).</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Adjustment Amount&#148;</font></i></b>
is defined in Section 2.04(a).</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Affiliate&#148; </font></i></b>means,
with respect to any Person (i) any Person directly or indirectly controlling,
controlled by or under common control with such Person (ii) any officer,
director, general partner, member or trustee of such Person or (iii) any Person
who is an officer, director, general partner, member or trustee of any Person
described in clauses (i) or (ii) of this sentence; provided, however, that for
purposes of this Agreement, none of Seller or Central Soya shall be deemed to
be an Affiliate of DuPont.&#160; For purposes
of this definition, the terms &#147;controlling&#148;, &#147;controlled by&#148; or &#147;under common
control with&#148; shall mean the possession, direct or indirect, of the power to
direct or cause the direction of the management or policies of a Person,
whether through the ownership of voting securities, by contract or otherwise.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Agreement&#148;</font></i></b><i><font style="font-style:italic;">  </font></i>is defined in the preamble.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Applicable Law&#148;</font></i></b> means all applicable
laws, statutes, treaties, rules, codes,</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ordinances,
regulations, standards, permits, certificates, orders, interpretations and
licenses of any Governmental Authority and judgments, decrees, injunctions,
writs, orders or like action of any court, arbitrator or other judicial or
quasi-judicial tribunal of competent jurisdiction (including those pertaining
to health, safety of the environment or otherwise).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Assumed
Liabilities&#148;</font></i></b> means
(a) all debts, liabilities and obligations arising out of the operations
of Solae Brasil Holdings and/or Solae Brasil, but only to the extent that any
such debt, liability or obligation is for, relates to and arises during time
periods after the Closing Date and (b) all debts, liabilities and obligations
of Solae Brasil Holdings and/or Solae Brasil existing immediately prior to the
Closing and listed as Assumed Liabilities on <u>Schedule 1.01(a)</u>.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Audit Statement&#148;</font></i></b>
is defined in Section 2.04(a).</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Brazilian Assets&#148; </font></i></b>is defined in Section 5.01(f)(v).</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Central Soya&#148;</font></i></b>
means Central Soya Company, Inc., an Indiana corporation and an indirect
subsidiary of Seller.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Claim Notice&#148; </font></i></b>is defined in Section 8.04.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=2,EFW="2110122",CP="BUNGE LIMITED",DN="11",CHK=83454,FOLIO='2',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-1_4596.CHC",USER="JGUERRE",CD='May  2 21:29 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Claims&#148; </font></i></b>means all rights, claims,
credits, causes of action or rights of setoff.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Closing&#148;</font></i></b> means Seller&#146;s sale to
Purchaser, and Purchaser&#146;s purchase from Seller, of the Shares.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Closing Date&#148;</font></i></b> means date on which the
Closing actually takes place.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Damages&#148; </font></i></b>means any and all
liabilities, obligations, losses, direct damages, penalties, fines, assessments
(whether criminal or civil), Claims, injuries, suits, judgments, costs,
expenses (including without limitation, reasonable legal fees and expenses and
costs of litigation), disbursements or demands whatsoever, howsoever arising.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;DuPont&#148;</font></i></b>
is defined in the recitals.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Excluded
Liabilities&#148;</font></i></b> means (a) all debts, liabilities and
obligations listed as Excluded Liabilities on <u>Schedule&nbsp;1.01(a)</u> and
(b) all debts, liabilities and obligations of Seller, Solae Brasil Holdings
and/or Solae Brasil other than the Assumed Liabilities.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Excluded Tax
Liabilities&#148; </font></i></b>means
any liability for Tax arising with respect to Seller, Solae Brasil Holdings or
Solae Brasil that is incurred during, or is attributable to, any Pre-Closing
Tax Period, Seller&#146;s Income Taxes or any other Tax payable by Seller, Solae
Brasil Holdings or Solae Brasil to the extent that such other Tax is payable as
a result of an inaccuracy in a representation or warranty set forth in Section
5.01(g) hereof.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Finance Loans&#148; </font></i></b>means
the loans to the Purchaser from DuPont for Purchaser&#146;s purchase of the Shares
and the acquisition of the minority ownership interest in Solae Brasil Holdings
which Finance Loans shall be at rates not greater than market rates and on
terms reasonable and customary for a similar third party loan.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Governmental Authority&#148;</font></i><i><font style="font-style:italic;">  </font></i></b>means
any federal, state, county, municipal, foreign, international, regional or
other governmental authority, agency, board, bureau, body or instrumentality.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Holdings Assets&#148;</font></i></b>
means the assets owned by Solae Brasil Holdings.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Indemnified Party&#148;</font></i></b>
is defined in Section 8.04.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Indemnifying Party&#148;</font></i></b> is defined in
Section 8.04.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Intellectual Property&#148;</font></i></b> means patents, trade marks, service
marks, logos, trade names, internet domain names, rights in designs, copyright
(including rights in computer software), database rights, semi-conductor
topography rights, utility models, rights in know-how and other intellectual
property rights, in each case whether registered or unregistered and including
applications for registration, and all rights or forms of protection having
equivalent or</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=3,EFW="2110122",CP="BUNGE LIMITED",DN="11",CHK=240791,FOLIO='3',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-1_4596.CHC",USER="JGUERRE",CD='May  2 21:29 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">similar effect anywhere in the
world </font>owned by Seller (or its Affiliates) that are necessary to own,
operate or use the Holdings Assets or the Brazilian Assets.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Lien&#148; </font></i></b>means
any mortgage, lien, pledge, claim, charge, security interest, title defect or
encumbrance of any kind with respect to any asset, including any conditional
sale or other title retention agreement, any lease in the nature thereof, or
the filing of or agreement to give any financing statement, other than any
Permitted Lien.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;LLC Agreement&#148;</font></i></b> is defined in the recitals.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Material Adverse Effect&#148;</font></i></b> means any
events, changes, circumstances or effects that, individually or in the
aggregate, have a material adverse effect on Solae Brasil Holdings, Solae
Brasil, the Shares, the Holdings Assets or the Brazilian Assets, or on Seller&#146;s
ability to consummate the transactions contemplated by this Agreement, except
(a) any events, changes, circumstances or effects related to general economic,
regulatory or political conditions or from terrorist acts, declared or
undeclared war or other hostilities or (b) events, changes, circumstances or
effects that affect the general industry in which Solae Brasil Holdings or
Solae Brasil operate or the Holdings Assets or the Brazilian Assets are used.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Maximum Purchaser Cost&#148; </font></i></b>is defined in Section 6.04(b).</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Minority Interest&#148;</font></i></b>
means all of the issued and outstanding capital stock of Solae Brasil Holdings
other than the Shares.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Ordinary Course&#148;</font></i></b>
is defined in Section 2.04(a).</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Permits</font></i></b><b><i><font style="font-style:italic;font-weight:bold;">&#148;</font></i></b><b><i><font style="font-style:italic;font-weight:bold;">  </font></i></b>means all licenses, permits, registrations,
authorizations or approvals from any Governmental Authority or public or
self-regulatory body.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Permitted Lien&#148;</font></i></b>
means any of the following: (a) Liens for Taxes accrued but not yet due or for
Taxes the validity of which is being contested in good faith by appropriate
proceedings and for which adequate provision has been made, (b) any Lien that,
either individually or in the aggregate, would not have a Material Adverse
Effect on the asset which is subject to the Lien and (c) statutory carriers&#146;,
warehousemen&#146;s workmen&#146;s or mechanics&#146; Liens or other like Liens with respect
to any asset incurred in the Ordinary Course that are not yet delinquent or are
being contested in good faith.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Person&#148;</font></i><i><font style="font-style:italic;">  </font></i></b>means an individual,
partnership (general or limited), limited liability company, corporation,
statutory trust, joint stock company, trust, unincorporated association, joint
venture or other entity, or a government or any political subdivision or agency
thereof.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Pre-Closing Tax Period&#148;</font></i></b> means any Tax period ending on or
before the close of business on the Closing Date, or, in the case of any Tax
period that includes, but does not end on, the Closing Date, the portion of
such period up to and including the Closing Date.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Purchase Period&#148; </font></i></b>is defined in Section 6.04(a).</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=4,EFW="2110122",CP="BUNGE LIMITED",DN="11",CHK=646677,FOLIO='4',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-1_4596.CHC",USER="JGUERRE",CD='May  2 21:29 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Purchase Price&#148;</font></i></b> is defined in Section
2.02.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Purchaser&#148;</font></i></b> is defined in the
preamble.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Seller&#148;</font></i>
</b>is defined in the preamble.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Seller&#146;s Income
Taxes&#148;</font></i></b> means
any Tax that is based on, or measured by, net income, in whole or in part, and
that is payable by Seller, for any period, or Solae Brasil Holdings or Solae
Brasil, for any Pre-Closing Tax Period (including, without limitation, any such
Tax for which Seller, Solae Brasil Holdings or Solae Brasil has liability as a
transferee, or under Treas. Reg. Section 1.1502-6 (or any provision of state,
local or foreign law comparable to Section 1.1502-6)).</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Seller Indemnitee&#148;</font></i></b>
means Seller, any of its Affiliates (other than Purchaser) and any of their
directors, officers, employees, agents, successors and assigns.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Shares&#148;</font></i></b>
means 677,563,283 ordinary shares representing approximately eighty-two point
twenty-three percent (82.23%) of all of the issued and outstanding capital
stock of Solae Brasil Holdings.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Solae Brasil&#148;</font></i></b>
is defined in the recitals.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Solae Brasil
Holdings&#148;</font></i>  </b>is defined in the recitals.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Spin-Off&#148;</font></i></b>
is defined in the recitals.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Taxes&#148; </font></i></b>means
all taxes of any kind, including without limitation, those on, or measured by
or referred to as net income, alternative or other minimum tax, gross income,
gross receipts, sales, use, <i><font style="font-style:italic;">ad valorem, </font></i>transfer, franchise, capital,
paid-up capital, profits, license, withholding, payroll, employment, excise,
severance, stamp, occupation, premium, property, environmental or windfall
profits tax, customs, duties or similar fees, assessments or charges of any
kind whatsoever, together with any interest and any penalties, additions to tax
or additional amounts imposed by any taxing authority, domestic or foreign, in
respect of such Taxes.</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Tender Offer&#148; </font></i></b>is defined in Section 6.04(a).</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Tender Offer Costs&#148;</font></i></b> is defined in Section 6.04(c).</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Tender Offer Price&#148;</font></i></b> is defined in Section 6.04(a).</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 1.02&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Certain References.</u></font></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless otherwise indicated,
references in this Agreement to articles, sections, paragraphs, clauses,
recitals and schedules are to the same contained in or attached to this Agreement.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=5,EFW="2110122",CP="BUNGE LIMITED",DN="11",CHK=196007,FOLIO='5',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-1_4596.CHC",USER="JGUERRE",CD='May  2 21:29 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE II</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:uppercase;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">PURCHASE AND
SALE OF THE SHARES</font></u></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Section 2.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Purchase and Sale.</u></font><b><font style="font-weight:bold;">&#160; </font></b>On the terms and subject to the
conditions set forth in this Agreement, at the Closing, Purchaser shall
purchase from Seller, and Seller shall sell, transfer, assign, convey and
deliver to Purchaser all of Seller&#146;s right, title and interest in and to the
Shares.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.02&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Purchase
Price.</u>&#160; The price per Share of the
Shares shall be $ 0.377515 United States Dollars.&#160; Simultaneously with the purchase and sale of the Shares as
provided in Section 2.01, Purchaser shall pay to Seller by wire transfer of
immediately available funds to the account designated by Seller (which account
shall have been designated by Seller at least two (2) business days prior to
the Closing Date) an amount in cash equal to Two Hundred Fifty-Five Million
Seven Hundred Ninety Thousand Three Hundred and Two United States Dollars
($255,790,302) (the <b><i><font style="font-style:italic;font-weight:bold;">&#147;Purchase
Price&#148;</font></i></b>).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.03&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Closing</u>.&#160; The Closing shall take place at the offices
of Potter Anderson &amp; Corroon LLP, Hercules Plaza, 1313 N. Market St.,
Wilmington, DE 19801 no later than five (5) business days after the date when
each of the conditions specified in Articles III and IV hereof has been fulfilled
(or waived by the party entitled to waive that condition) or on such other date
and time and/or at such other place mutually designated by Seller and
Purchaser.&#160; Subject to the provisions of
Article VII, failure to consummate the Closing on the date and time and at the
place determined pursuant to this Section 2.03 shall not result in the
termination of this Agreement and will not relieve any party of any obligation
under this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.04&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Treatment
of Assumed Liabilities.</u></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Purchaser,
Solae Brasil Holdings and Solae Brasil shall be responsible and liable for
their respective Assumed Liabilities.&#160;
Within the ninety (90) day period following the Closing Date, Central
Soya and DuPont (jointly or individually) shall be permitted to conduct an
audit of the Seller&#146;s and each of Solae Brasil Holdings&#146; and Solae Brasil&#146;s
books, records, financial statements and other accounting information directly
relating to (i) the Assumed Liabilities listed on <u>Schedule&nbsp;1.01(a)</u>
and (ii) Solae Brasil Holdings&#146; or Solae Brasil&#146;s&#160; inventory, receivables or other liabilities to determine if, at
and prior to the Closing, (A) such books, records, financial statements and
other accounting information were maintained, and such Assumed Liabilities,
inventory, receivables and other liabilities were incurred, paid, acquired,
maintained and/or collected, by the Seller, Solae Brasil Holdings or Solae
Brasil, as the case may be, in the ordinary course of business, consistent with
their respective past practices (the <b><i><font style="font-style:italic;font-weight:bold;">&#147;Ordinary Course&#148;</font></i></b>) and (B) the balances in
Solae Brasil Holdings&#146; and Solae Brasil&#146;s Assumed Liabilities, inventory,
receivables and other liabilities accounts are consistent with balances
maintained in the Ordinary Course (subject only to adjustment for seasonality
and material changes in economic and business conditions).&#160; Within thirty (30) days following such
audit, DuPont or Central Soya may deliver to Seller a statement (an <b><i><font style="font-style:italic;font-weight:bold;">&#147;Audit Statement&#148;</font></i></b>)
setting forth in reasonable detail each case in which DuPont and/or Central
Soya believes in good faith that</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=6,EFW="2110122",CP="BUNGE LIMITED",DN="11",CHK=4495,FOLIO='6',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-1_4596.CHC",USER="JGUERRE",CD='May  2 21:29 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Seller, Solae Brasil Holdings and/or Solae Brasil (1) failed to
maintain such books, records, financial statements or other accounting
information in the Ordinary Course, (2) failed to incur, pay, acquire, maintain
and/or collect such Assumed Liabilities, inventory, receivables or other
liabilities in the Ordinary Course or (3) failed to maintain balances in such
Assumed Liabilities, inventory, receivables or other liabilities accounts at
levels consistent with the Ordinary Course (adjusted for seasonality and
material changes in economic and business conditions) and each adverse monetary
effect such failure had on such Assumed Liabilities, receivables, inventories
or other liabilities (each, an <b><i><font style="font-style:italic;font-weight:bold;">&#147;Adjustment Amount&#148;</font></i></b>).&#160;
Within thirty (30) days following Seller&#146;s receipt of an Audit
Statement, Seller shall notify Purchaser, DuPont and Central Soya of any
dispute it may have with respect to each Adjustment Amount reflected in such
Audit Statement and such disputes shall be submitted to the Board of Managers
for resolution.&#160; If the Board of
Managers is unable to unanimously agree upon a resolution to all or any of such
disputes within fifteen (15) days following their submission, the remaining
disputes shall be submitted for resolution to a nationally recognized
independent accounting firm that is not the primary auditor of any of the
Members and that is unanimously chosen by the Board of Managers, whose
resolution shall be final and binding on the parties.&#160; If the Board of Managers is unable to unanimously agree upon such
an accounting firm, DuPont and Central Soya shall each select such an
accounting firm and such accounting firms shall select a third nationally recognized
independent accounting firm, that is not the primary auditor of any of the
Members, to resolve the disputes.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If
Purchaser, or any other Person directly or indirectly owned by the Purchaser
incurs or suffers any actual Damages arising out of or relating to any
Adjustment Amount as finally determined pursuant to Section 2.04(a) above,
Seller shall indemnify and hold harmless Purchaser and any other Person
directly or indirectly owned by Purchaser from such actual Damages.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE
III</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PURCHASER&#146;S
CONDITIONS PRECEDENT TO CLOSING</font></u></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Purchaser&#146;s obligation to purchase the Shares and to
take the other actions required to be taken by Purchaser at the Closing is
subject to the satisfaction, at the Closing, of each of the following
conditions (any of which may be waived by Purchaser, in whole or in part):</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Continuation
of the Company.</u><b><font style="font-weight:bold;">&#160; </font></b>DuPont, </font>Central Soya and Purchaser shall have duly authorized, executed
and delivered the LLC Agreement and taken such other actions as shall be
necessary for the continuation of Purchaser as a limited liability company duly
organized under the laws of the State of Delaware.</p>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3.02 &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Consents
and Approvals.</u>&#160; </font>All of the consents and approvals
listed on <u>Schedule 5.02(f)</u>, if any, shall have been obtained.<u>  </u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3.03&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Filings
and Registrations.</u>&#160; </font>All of the filings and
registrations listed on <u>Schedule 5.02(c)</u>, if any, shall have been made.</h2>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=7,EFW="2110122",CP="BUNGE LIMITED",DN="11",CHK=410262,FOLIO='7',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-1_4596.CHC",USER="JGUERRE",CD='May  2 21:29 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Section 3.04&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;   <u>No Adverse Proceedings; No
Prohibition</u>.</font><b><font style="font-weight:bold;">&#160; </font></b>There
shall be no Action threatened, filed or pending against Seller, Purchaser,
Solae Brasil Holdings or Solae Brasil which seeks to restrain, prohibit or
invalidate the transactions contemplated hereunder, or would, if adversely
determined to Seller, Purchaser, Solae Brasil Holdings or Solae Brasil,
constitute a Material Adverse Effect.&#160;
Neither the consummation nor the performance of any of the transactions
contemplated under this Agreement will, directly or indirectly (with or without
notice or lapse of time) result in a material violation of any Applicable Law,
except for such material violations that, individually or in the aggregate,
would not have a Material Adverse Effect.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3.05&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No
Destruction</u>.&#160; Since July 1, 2002,
except as may be disclosed in <u>Schedule 5.01(f)</u>, no destruction of,
damage to, or loss of, any Brazilian Asset (whether or not insured) that has
not been repaired or replaced in excess of $250,000 shall have occurred.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Section 3.06&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Material Adverse Effect</u>.</font><b><font style="font-weight:bold;">&#160; </font></b>Since July 1, 2002, no event or occurrence that would
result in a Material Adverse Effect or would reasonably be likely to result in
a Material Adverse Effect shall have occurred.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3.07&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Accuracy
of Representations and Warranties.</u>&#160; All of Seller&#146;s representations and warranties in
this Agreement must be true and correct in all material respects as of the
Closing Date, except to the extent such representations and warranties
expressly relate to an earlier date (in which case they shall be true and
correct in all material respects as of such earlier date), and in each case
except for breaches as to matters that, individually or in the aggregate, would
not have a Material Adverse Effect.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3.08&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Seller&#146;s Performance.</u>&#160; All of the covenants and obligations that
Seller is required to perform or to comply with pursuant to this Agreement at
or prior to the Closing shall have been duly performed and complied with in all
material respects, and in each case except for noncompliance as to matters
that, individually or in the aggregate, would not have a Material Adverse
Effect.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Section 3.09&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Seller&#146;s Deliveries</u>.&#160; Seller shall have delivered to Purchaser </font>certificates
representing the Shares, duly endorsed (or accompanied by duly executed stock
powers), for transfer of the Shares to Purchaser, together with any stock
transfer stamps or receipts for any transfer taxes required to be paid thereon
as a result of the transactions contemplated under this Agreement.&#160; Seller shall have delivered to Purchaser a
certificate executed by an authorized officer of Seller and dated as of the
Closing Date certifying that (a) each of Seller&#146;s representations and
warranties set forth in this Agreement are true and correct in all material
respects as of the Closing Date as if made on the Closing Date and (b) </font>attached hereto is a true and
complete copy of the resolutions adopted by its governing body authorizing
Seller&#146;s execution, delivery and performance of this Agreement and each other
document or instrument which is to be delivered by it in connection with this
Agreement and Seller&#146;s consummation of the transactions contemplated hereby and
thereby, and that such resolutions have not been modified, rescinded, or
amended and are in full force and effect.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=8,EFW="2110122",CP="BUNGE LIMITED",DN="11",CHK=78407,FOLIO='8',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-1_4596.CHC",USER="JGUERRE",CD='May  2 21:29 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Section 3.10&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Finance Loan</u>. Central Soya&#146;s </font>designees</font> on the Board of Managers of Purchaser
shall have approved the Finance Loan.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE
IV</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SELLER&#146;S
CONDITIONS PRECEDENT TO CLOSING</font></u></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Seller&#146;s obligation to sell the Shares and to take the
other actions required to be taken by Seller at the Closing is subject to the
satisfaction, at the Closing, of each of the following conditions (any of which
may be waived by Seller, in whole or in part):</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Section 4.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Continuation of the Company.</u>&#160; DuPont, </font>Central Soya and Purchaser shall
have duly authorized, executed and delivered the LLC Agreement and taken such
other actions as shall be necessary for the continuation of Purchaser as a
limited liability company duly organized under the laws of the State of
Delaware.</p>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 4.02 &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Consents
and Approvals.</u>&#160; </font>All of the consents and approvals
listed on <u>Schedule 5.01(m)</u>, if any, shall have been obtained.<u>&#160; </u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 4.03&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Filings
and Registrations.</u>&#160; </font>All of the filings and
registrations listed on <u>Schedule 5.01(d)</u>, if any, shall have been made.</p>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Section 4.04&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;   <u>No Adverse Proceedings; No
Prohibition</u>.</font><b><font style="font-weight:bold;">&#160; </font></b>There
shall be no Action threatened, filed or pending against Seller, Purchaser,
Solae Brasil Holdings or Solae Brasil which seeks to restrain, prohibit or
invalidate the transactions contemplated hereunder, or would, if adversely
determined to Seller, Purchaser, Solae Brasil Holdings or Solae Brasil, have a
material adverse effect on Purchaser&#146;s ability to consummate the transactions
contemplated by this Agreement.&#160; Neither
the consummation nor the performance of any of the transactions contemplated
under this Agreement will, directly or indirectly (with or without notice or
lapse of time) result in a material violation of any Applicable Law, except for
such material violations that, individually or in the aggregate, would not have
a material adverse effect on Purchaser&#146;s ability to consummate the transactions
contemplated by this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 4.05&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Accuracy
of Representations and Warranties.</u>&#160; All of Purchaser&#146;s representations and warranties
in this Agreement must be true and correct in all material respects as of the
Closing Date, except to the extent such representations and warranties
expressly relate to an earlier date (in which case they shall be true and
correct in all material respects as of such earlier date), and in each case
except for breaches as to matters that, individually or in the aggregate, would
not have a material adverse effect on Purchaser&#146;s ability to consummate
the transactions contemplated by this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Section 4.06&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Purchaser&#146;s Performance.</u>&#160; All of the covenants and obligations that
Purchaser is required to perform or to comply with pursuant to this Agreement
at or prior to the Closing shall have been duly performed and complied with in
all material respects, and in each case except for noncompliance as to matters
that, individually or in the aggregate, would not have a material adverse
effect </font>on Purchaser&#146;s ability to consummate the transactions</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=9,EFW="2110122",CP="BUNGE LIMITED",DN="11",CHK=188586,FOLIO='9',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-1_4596.CHC",USER="JGUERRE",CD='May  2 21:29 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">contemplated by this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Section 4.07&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Purchaser&#146;s Deliveries</u>.&#160; Purchaser shall have delivered to Seller the
Purchase Price by </font>wire transfer of immediately available funds to the
account designated by Seller (which account shall have been designated by
Seller at least two (2) business days prior to the Closing Date).&#160; Purchaser shall have delivered to Seller a
certificate executed by an authorized officer of Purchaser and dated as of the
Closing Date certifying that (a) each of Purchaser&#146;s representations and
warranties set forth in this Agreement are true and correct in all material
respects as of the Closing date as if made on the Closing Date and (b) </font>that attached hereto is a true and
complete copy of the resolutions adopted by its governing body authorizing
Purchaser&#146;s execution, delivery and performance of this Agreement and each
other document or instrument which is to be delivered by it in connection with
this Agreement and Purchaser&#146;s consummation of the transactions contemplated
hereby and thereby, and that such resolutions have not been modified,
rescinded, or amended and are in full force and effect.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE V</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">REPRESENTATIONS
AND WARRANTIES</font></u></b></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 5.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Representations
and Warranties of Seller.</u></font></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Seller hereby represents and warrants to Purchaser
that as of the date hereof, or as of the Closing, when so expressly provided
herein:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Organization.</u>&#160; (i) Seller is a corporation, duly organized
and validly existing under the laws of Bermuda with all requisite power and
authority to own, lease and operate its properties and assets and to carry on
its business as now being conducted, and (ii) each of Solae Brasil Holdings (at
Closing) and Solae Brasil is a corporation, duly organized and validly existing
under the laws of Brazil with all requisite power and authority to own, lease
and operate its properties and assets and to carry on its business as now being
conducted.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Qualification.</u>&#160; (i) Seller is duly licensed or qualified to
do business as a foreign entity<b><font style="font-weight:bold;">  </font></b>in
all jurisdictions in which the property owned or leased by it or the activities
conducted by it require it to be so qualified (except where the failure to so
qualify would not have a material adverse effect on the ability of Seller to
perform its obligations under this Agreement), and (ii) each of Solae Brasil
Holdings (at Closing) and Solae Brasil is duly licensed or qualified to do
business as a foreign entity in all jurisdictions in which the property owned
or leased by it or the activities conducted by it require it to be so qualified
(except where the failure to so qualify would not have a Material Adverse
Effect).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Authority.</u>&#160; (i) Seller has the power and authority to
execute and deliver this Agreement and to carry out its obligations hereunder
and to consummate the transactions contemplated hereby, (ii)&nbsp;the execution
and delivery by Seller of this Agreement, and the consummation of the
transactions contemplated hereby, have been duly authorized by the governing
body of Seller, (iii) no other action on the part of Seller or any other Person,
whether pursuant to its constituent documents or by law or otherwise, is
necessary to authorize Seller to enter into this Agreement, or to consummate
the transactions contemplated hereby, (iv) this </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=10,EFW="2110122",CP="BUNGE LIMITED",DN="11",CHK=727093,FOLIO='10',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-1_4596.CHC",USER="JGUERRE",CD='May  2 21:29 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Agreement has been duly executed
and delivered by Seller and (v) thisAgreement is the legal, valid and binding
obligation of Seller, enforceable against Seller, in accordance with its terms.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Violation.</u>&#160; Except as set forth on <u>Schedule 5.01(d)</u>,
neither the execution nor delivery of this Agreement, nor the consummation of
the transactions contemplated hereby: (i) requires any filing or registration
with, notification to, permission of or any action or order by any Governmental
Authority with respect to Seller, Solae Brasil Holdings, Solae Brasil or the
Shares, (ii) (A) violates or will violate any order, writ, injunction,
judgment, decree or award or (B) violates or will violate or conflict with any
Applicable Law to which Seller, Solae Brasil Holdings or Solae Brasil (or any
of their properties or assets or their businesses) or the Shares are subject as
of the Closing Date, (iii) violates or will violate, or conflicts with or will
conflict with any provision of, or constitutes a default under the constituent documents
of Seller, Solae Brasil Holdings or Solae Brasil, (iv)&nbsp;conflicts with,
violates, breaches or constitutes a material default (or an event which, with
notice or lapse of time or both, would constitute a material default) under,
requires any consent under, or gives rise to a right to terminate, amend,
accelerate, suspend, revoke or cancel any mortgage, contract, agreement, deed
of trust, license, lease or other instrument, arrangement, commitment,
obligation, understanding or restriction of any kind to which Seller, Solae
Brasil Holdings or Solae Brasil is a party or by which their properties may be
subject or bound, or (v) results in the creation or imposition of any Lien in
favor of any third party with respect to the Holdings Assets or the Brazilian
Assets, and in the case of this clause (iv) above, which conflict, violation,
breach, default, liability or obligation, individually or in the aggregate, has
or would reasonably be likely to have (1) a Material Adverse Effect or (2) a
material adverse effect on the ability of Seller or, following the Closing
Date, Purchaser to perform its obligations under this Agreement or to own the
Shares in the manner in which the Shares are currently owned.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Litigation.</u>&#160; Except as set forth on <u>Schedule 5.01(e)</u>,
there are no actions, suits, Claims or proceedings (<b><i><font style="font-style:italic;font-weight:bold;">&#147;Actions&#148;</font></i></b>) pending
or, to the knowledge of Seller, Solae Brasil Holdings or Solae Brasil,
threatened, that relate to Solae Brasil Holdings, Solae Brasil or the Shares
which individually or in the aggregate (i) have, or could be reasonably likely
to have, a material adverse effect on the ability of Purchaser, following the
Closing Date, to own the Shares in the manner in which the Shares were owned
and used by Seller immediately prior to the Closing; (ii)&nbsp;could reasonably
be expected to affect the legality, validity or enforceability of this
Agreement or the consummation of the transactions contemplated hereby; or (iii)
could reasonably be likely to have a Material Adverse Effect.&#160; There are no Actions pending or, to the
knowledge of Seller, threatened, that question or challenge the validity of
this Agreement or any action taken or to be taken by Seller pursuant to this
Agreement or in connection with the transactions contemplated hereby.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Title</u></font>.</p>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; As of the
Closing, Seller will own and have good and marketable title to all of the
Shares, in each case free and clear of all Liens;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii) &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Immediately
following the Closing, Purchaser shall own and have good and marketable title
to all of the Shares, in each case free and clear of all Liens;</font></h3>

<h3 align="center" style="font-weight:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 align="center" style="font-weight:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></h3>


<h3 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></h3>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=11,EFW="2110122",CP="BUNGE LIMITED",DN="11",CHK=282399,FOLIO='11',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-1_4596.CHC",USER="JGUERRE",CD='May  2 21:29 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<h3 align="center" style="font-weight:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii) &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; As of the
Closing and immediately following the Closing, Solae Brasil Holdings will own
and have good and marketable title to one hundred percent (100%) of all of the
issued and outstanding shares of capital stock of Solae Brasil, in each case
free and clear of all Liens (other than Permitted Liens);</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv) &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; As of the
Closing and immediately following the Closing, Solae Brasil Holdings will own
and have good and marketable title to all of the Holdings Assets, in each case
free and clear of all Liens (other than Permitted Liens);</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v) &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; As of the
Closing and immediately following the Closing, Solae Brasil will own and have
good and marketable title to all of its assets (the <b><i><font style="font-style:italic;font-weight:bold;">&#147;Brazilian Assets&#148;</font></i></b>)
(including, but not limited to, those Brazilian Assets set forth in <u>Schedule
5.01(f)</u>), in each case free and clear of all Liens (other than Permitted
Liens);</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Taxes.</u>&#160; Each of Seller, Solae Brasil Holdings and
Solae Brasil have duly filed all returns or reports with respect to any Taxes
required to be filed by it, which returns or reports are true, correct and
complete in all material respects.&#160; Each
of Seller, Solae Brasil Holdings and Solae Brasil have paid all Taxes reflected
in such returns and reports and all other Taxes due from it to any Governmental
Authority (except for those Taxes properly contested and accrued for).&#160; Except as disclosed in <u>Schedule 5.01(g)</u>,
there are no Liens for Taxes on any of the Holdings Assets or the Brazilian
Assets. All Taxes of each of Seller, Solae Brasil Holdings and Solae Brasil
have been paid by it on or before the due date therefor (except for those Taxes
properly contested and accrued for).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Brokers.</u>&#160; Neither Seller nor its Affiliates has
incurred or will incur any broker&#146;s, finder&#146;s, investment banking or similar
fee in connection with the transactions completed by this Agreement, and
neither Seller nor its Affiliates has made any statement or representation that
could form the basis for any claim for any such fee.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Permits.</u>&#160; As of the Closing, Seller or its Affiliates
will </font>have all Permits that are required for the ownership, use and
operation of the Holdings Assets and the Brazilian Assets (including, without
limitation, environmental Permits), except for Permits the absence of which do
not have a Material Adverse Effect.&#160; As
of the Closing, none of Seller, Solae Brasil Holdings or Solae Brasil will be
in default in respect of any Permits, except for defaults that, individually or
in the aggregate, do not have and will not have a Material Adverse Effect.&#160; As of the Closing, there will be no pending,
and none of Solae Brasil Holdings, </font>Solae Brasil or Seller has any knowledge of any threatened,
proceedings that could result in the termination or impairment of any Permits
with respect to the Holdings Assets or the Brazilian Assets.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Intellectual
Property</u>.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i) &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; All material registrations and
filings, including maintenance and renewal fees, necessary to preserve the
rights of </font>Seller
(and its Affiliates) in respect of the Intellectual Property that
consist of patents, patent applications, continuations, continuations in part,
divisions, reissues, extensions, substitutions and supplemental protection
certificates thereof</h3>

<h3 align="center" style="font-weight:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 align="center" style="font-weight:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></h3>


<h3 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></h3>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=12,EFW="2110122",CP="BUNGE LIMITED",DN="11",CHK=381332,FOLIO='12',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-1_4596.CHC",USER="JGUERRE",CD='May  2 21:29 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<h3 align="center" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</h3>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and registered trademarks and trade names, and recipes have been made
and are in good standing;</font></p>

<h3 align="center" style="font-weight:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii) &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; No Claims have been made and no
proceedings have been instituted or are pending that challenge any material rights
with respect to the ownership, use, validity or enforceability of the
Intellectual Property.&#160; Neither </font>Seller nor its Affiliates
are subject to any outstanding injunction, judgment, order, decree, ruling or
settlement involving the Intellectual Property;</h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii) &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Intellectual Property constitutes
all of the intellectual property that is reasonably necessary to own, operate
and use the Holdings Assets and the Brazilian Assets as currently owned,
operated and used and constitutes all of the material intellectual property
used to own, operate and use the Holdings Assets and the Brazilian Assets as
currently owned, operated and used;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Except as set forth in <u>Schedule
5.01(j)</u>, Solae Brasil Holdings owns all right, title and interest in, or
has the right to use, its respective part of the Intellectual Property relating
to the Holdings Assets;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v) &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Except as set forth in <u>Schedule
5.01(j)</u>, Solae Brasil owns all right, title and interest in, or has the
right to use, its respective part of the Intellectual Property relating to the
Brazilian Assets;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi) &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To each of Solae Brasil Holdings&#146;, </font>Solae Brasil&#146;s and Seller&#146;s knowledge, neither Seller nor its Affiliates
nor end users of products have infringed upon or misappropriated any
intellectual property rights of any third party in the ownership, operation or
use of the Holdings Assets or the Brazilian
Assets;</h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii) &#160;&#160;&#160;&#160;&#160;&#160;&#160; Neither </font>Seller nor its Affiliates
have threatened or instituted a Claim against any Person alleging that such
Person infringes the Intellectual Property;</h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(viii) &#160;&#160;&#160;&#160;&#160;&#160; Except as set forth in <u>Schedule
5.01(j)</u>, neither </font>Seller
nor its Affiliates have granted to any Person any options, licenses or
agreements relating to the Intellectual Property; and</h3>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ix) &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Neither </font>Seller nor its Affiliates
have agreed to indemnify any Person against any charge of infringement arising
out of the ownership, operation or use of the Holdings Assets or the Brazilian Assets.</h3>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Assets;
Shares.</u></p>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Holdings Assets and the Brazilian Assets constitute all of the assets necessary
to operate Seller&#146;s soy protein food ingredients business in Brazil as
currently operated by Seller;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Immediately following the Closing,
each of Solae Brasil Holdings and Solae Brasil shall have the right to own,
operate and use all of their respective Holdings Assets and Brazilian Assets to
the same extent they are currently owned, operated and used;</font></h3>

<h3 align="center" style="font-weight:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 align="center" style="font-weight:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></h3>


<h3 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></h3>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=13,EFW="2110122",CP="BUNGE LIMITED",DN="11",CHK=558846,FOLIO='13',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-1_4596.CHC",USER="JGUERRE",CD='May  2 21:29 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<h3 align="center" style="font-weight:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;  As of the Closing, the Shares and the
Minority Interest will constitute all of the issued and outstanding capital
stock of Solae Brasil Holdings;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; No Action has been made or asserted or
is pending and, to the knowledge of Solae Brasil Holdings, Solae Brasil or
Seller, no Action has been threatened, either (A) based upon or challenging or seeking
to deny or restrict the ownership, operation or use by Solae Brasil Holdings or
Solae Brasil of any of the Holdings Assets of the Brazilian Assets or (B)
alleging that any services provided, or products manufactured or sold, or
intangible property being licensed or used, with respect to the Holdings Assets
or the Brazilian Assets, are being manufactured, sold, provided, licensed or
used in violation of any intellectual property rights.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; No Action has been made or asserted
or is pending and, to the knowledge of Solae Brasil Holdings, Solae Brasil or
Seller, no Action has been threatened, based upon or challenging or seeking to
deny or restrict Seller&#146;s ownership of the Shares.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Compliance with Applicable Law;
Adverse Restrictions</u>.&#160; The operations relating to the Holdings
Assets and the Brazilian Assets are being conducted in material compliance with
(i) all applicable Permits and orders, writs, injunctions, judgments, decrees
or awards of all courts and (ii) all Applicable Laws.&#160; The Holdings Assets and the Brazilian Assets are currently owned,
operated and used in compliance in all material respects with all Applicable
Laws.&#160; Neither Seller nor its Affiliates
have received, during the two (2) years prior to the date of this Agreement,
any written notice from a Governmental Authority that alleges that Seller or
its Affiliates are in violation of any Applicable Law, except for such
violations that, individually or in the aggregate, would not have a Material
Adverse Effect.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(m)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Consents; Approvals.</u>&#160; Except as set forth in <u>Schedule 5.01(m)</u>,
</font>Seller has
obtained all material consents, approvals and authorizations necessary for the
consummation by it of the transactions contemplated by this Agreement.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(n)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Ordinary
Course; No Destruction; No Material Adverse Effect.</u>&#160; Since July 1, 2002 (i) the Holdings Assets
and the </font>Brazilian
Assets have been used and operated in the Ordinary Course, (ii) the
Assumed Liabilities listed on <u>Schedule 1.01(a)</u> and Solae Brasil
Holdings&#146; and Solae Brasil&#146;s other liabilities have been incurred and paid in
the Ordinary Course, (iii) Solae Brasil Holdings&#146; and Solae Brasil&#146;s inventory
and receivables have been acquired, maintained and/or collected in the Ordinary
Course, (iv) except as may be disclosed on <u>Schedule 5.01(f)</u>, no destruction
of, or damage to, or loss of, any of the Holdings Assets or the Brazilian
Assets (whether or not insured) that has not been repaired or replaced in
excess of $250,000 has occurred and (v) no event or occurrence that would
result in a Material Adverse Effect or would reasonably be likely to result in
a Material Adverse Effect has occurred.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(o)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Books
and Records.</u>&#160; Since July 1, 2002,
Solae Brasil Holdings, Solae Brasil and Seller have maintained their books and
records in the Ordinary Course and in accordance with the generally accepted
accounting principles then in effect in their jurisdictions.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 5.02&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Representations
and Warranties of Purchaser.</u></font></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Purchaser hereby
represents and warrants to Seller that as of the date hereof:</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=14,EFW="2110122",CP="BUNGE LIMITED",DN="11",CHK=518523,FOLIO='14',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-1_4596.CHC",USER="JGUERRE",CD='May  2 21:29 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Organization.</u>&#160; Purchaser is a limited liability company,
duly organized and validly existing under the laws of the state of Delaware
with all requisite power and authority to own, lease and operate its properties
and assets and to carry on its business as now being conducted.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Authority.</u>&#160; (i) Purchaser has the power and authority to
execute and deliver this Agreement and to carry out its obligations hereunder
and to consummate the transactions contemplated hereby, (ii)&nbsp;the execution
and delivery by Purchaser of this Agreement, and the consummation of the
transactions contemplated hereby, have been duly authorized by the governing
body of Purchaser, (iii) no other action on the part of Purchaser or any other
person or entity, whether pursuant to its constituent documents or by law or
otherwise, are necessary to authorize Purchaser to enter into this Agreement,
or to consummate the transactions contemplated hereby, (iv) this Agreement has
been duly executed and delivered by Purchaser and (v)&nbsp;this Agreement is
the legal, valid and binding obligation of Purchaser, enforceable against
Purchaser, in accordance with its terms.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No
Violation.</u>&#160; Except as set forth on <u>Schedule
5.02(c)</u>, neither the execution nor delivery of this Agreement, nor the
consummation of the transactions contemplated hereby: (i) requires any filing
or registration with, notification to, permission of or any action or order by
any Governmental Authority with respect to Purchaser, (ii) (A) violates or will
violate any order, writ, injunction, judgment, decree or award or (B) violates
or will violate or conflict with any Applicable Law to which Purchaser or any
of its properties or assets or its businesses are subject as of the Closing
Date, (iii) violates or will violate, or conflicts with or will conflict with
any provision of, or constitutes a default under the constituent documents of
Purchaser, or (iv)&nbsp;conflicts with, violates, breaches or constitutes a
material default (or an event which, with notice or lapse of time or both,
would constitute a material default) under, requires any consent under, or
gives rise to a right to terminate, amend, accelerate, suspend, revoke or
cancel any mortgage, contract, agreement, deed of trust, license, lease or
other instrument, arrangement, commitment, obligation, understanding or
restriction of any kind to which Purchaser is a party or by which its
properties may be subject or bound, and in the case of this clause (iv), which
conflict, violation, breach, default, liability or obligation, individually or
in the aggregate, would have or reasonably be likely to have a material adverse
effect on the ability of Purchaser to perform its obligations under this
Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Litigation.</u>&#160; There are no Actions pending or, to the
knowledge of Purchaser, threatened, that relate to Purchaser which individually
or in the aggregate could reasonably be expected to affect the legality,
validity or enforceability of this Agreement or the consummation of the
transactions contemplated hereby.&#160; There
are no Actions pending or, to the knowledge of Purchaser, threatened, that
question or challenge the validity of this Agreement or any action taken or to
be taken by Purchaser pursuant to this Agreement or in connection with the
transactions contemplated hereby.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Brokers.</u>&#160;
Neither Purchaser nor its Affiliates has incurred or will incur any
broker&#146;s, finder&#146;s, investment banking or similar fee in connection with the
transactions completed by this Agreement, and neither Purchaser nor its
Affiliates has made any statement or representation that could form the basis
for any claim for any such fee.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=15,EFW="2110122",CP="BUNGE LIMITED",DN="11",CHK=330091,FOLIO='15',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-1_4596.CHC",USER="JGUERRE",CD='May  2 21:29 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Consents;
Approvals.</u>&#160; Except as set forth on <u>Schedule
5.02(f)</u>, </font>Purchaser
has obtained all material consents, approvals and authorizations
necessary for the consummation by it of the transactions contemplated by this
Agreement.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE VI</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">COVENANTS</font></u></b></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Section 6.01 &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Access; Post Closing Cooperation</u></font>.&#160; Between
the date of this Agreement and the Closing, Seller will, and will cause Solae
Brasil Holdings and Solae Brasil to, afford Purchaser and its authorized
representatives reasonable access, during normal business hours and upon
reasonable notice to Seller, Solae Brasil Holdings and Solae Brasil, to the
personnel, properties, contracts, books and records, and other documents and
data of Solae Brasil Holdings and Solae Brasil; provided, however, that such
access does not unreasonably disrupt the normal operations of Seller, Solae
Brasil Holdings or Solae Brasil. From and after the Closing, Purchaser
will afford Seller, its counsel and accountants, during normal business hours
and upon reasonable notice and without unreasonable interference with the
operation of Purchaser&#146;s business, reasonable access to any books and records
in its possession relating to Solae Brasil Holdings and Solae Brasil with
respect to periods before the Closing Date and the right to make copies and
extracts therefrom, to the extent that such access may be reasonably required
in connection with (a) the preparation of financial statements and tax returns
or in connection with any Tax audit, (b) the determination or enforcement of
rights and obligations under this Agreement, (c) compliance with the
requirements of any Governmental Authority, (d) the determination or
enforcement of the rights and obligations of any indemnified party or (e) in
connection with any actual or threatened Action, except to the extent that
furnishing any such books or records or portion thereof pursuant to this
Section 6.01 would violate any Applicable Law, order, contract or Permit
applicable to either party or by which any of their respective assets and
properties are bound.</font></p>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 6.02&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Cooperation.</u>&#160; To the extent that any Permits, Claims or
contracts relating to the ownership or use of any of the Holdings Assets or the
Brazilian Assets require consent to any of the transactions contemplated
hereunder (including, but not limited to, any change of control provisions with
respect thereto) or the satisfaction of some other condition as a result of the
transactions contemplated hereunder, and such consent has not been obtained or
condition satisfied as of the Closing Date, each of the parties hereto agrees
to use its commercially reasonable best efforts (including, but not limited to,
cooperating with the other in any reasonable arrangement) to enable Seller and
its Affiliates to perform their obligations thereunder, and to provide for
Purchaser and its Affiliates the benefits thereof, including without limitation,
enforcement at reasonable cost, and for the account of Purchaser or its
Affiliates (as the case may be), of any and all rights of any of Seller or its
Affiliates against the other party thereto arising out of the breach or
cancellation thereof by such other party or otherwise. Seller shall promptly
pay to Purchaser or its Affiliates (as the case may be) all monies received by
Seller or any of its Affiliates in connection with any of the foregoing.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=16,EFW="2110122",CP="BUNGE LIMITED",DN="11",CHK=408672,FOLIO='16',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-1_4596.CHC",USER="JGUERRE",CD='May  2 21:29 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Section 6.03&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Confidentiality</u>.</font><b><font style="font-weight:bold;">&#160; </font></b>After the Closing, except as otherwise consented to in writing by
Purchaser, Seller shall not, and shall cause its Affiliates to not, divulge,
furnish or make available to any person (other than Purchaser or its Affiliates)
any proprietary or confidential information of Purchaser, Solae Brasil Holdings
or Solae Brasil.&#160; This Section 6.03
shall not apply to any such proprietary information which (i) shall have
entered the public domain or become generally available through no act of such
Seller, (ii) shall have become available to Seller from a third party whom
Seller reasonably believes is not obligated to keep such proprietary
information confidential or (iii) shall be required by any Applicable Law,
legal process, legal proceeding or any Governmental Authority to be disclosed;
provided that Seller shall give reasonably prompt notice of such requirement to
Purchaser so that Purchaser may seek an appropriate protective order and shall
not make the disclosed information available to other parties unless clause (i)
or (ii) above applies thereto.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 6.04&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Buy-out
of Minority Interest.</u> (a) After the Closing, Purchaser shall make a stock
tender offer for all of the Minority Interest in accordance with Brazilian law
(the <b><i><font style="font-style:italic;font-weight:bold;">&#147;Tender Offer&#148;</font></i></b>)
at a price per share equal to $0.302012 United States Dollars (the <b><i><font style="font-style:italic;font-weight:bold;">&#147;Tender Offer Price&#148;</font></i></b>).&#160; Purchaser shall use its commercially
reasonable best efforts for a period of at least one hundred eighty (180) days
from the commencement of the Tender Offer, or such longer period as all of the
Members of Purchaser may agree (the <b><i><font style="font-style:italic;font-weight:bold;">&#147;Purchase Period&#148;</font></i></b>), to purchase the Minority
Interest and to minimize any costs associated therewith.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;
Notwithstanding anything contained herein to the contrary, in no event shall
Purchaser be required to pay in excess of forty-four million two hundred and
nine thousand six hundred and eighty-eight United States Dollars ($44,209,688)
in connection with the acquisition of the Minority Interest pursuant to the
Tender Offer (the <b><i><font style="font-style:italic;font-weight:bold;">&#147;Maximum
Purchaser Cost&#148;</font></i></b>).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160; All of the
actual costs in connection with the Tender Offer (excluding the purchase price
paid to purchase the Minority Interest in an amount not to exceed the Maximum
Purchaser Cost) and any other liabilities incurred by Purchaser in connection
with the Tender Offer (including, without limitation, Damages paid to third
parties with respect to any of the claims made against Purchaser in connection
with the Tender Offer) other than Damages resulting from the negligent acts or
omissions of Purchaser (the <b><i><font style="font-style:italic;font-weight:bold;">&#147;Tender Offer Costs&#148;</font></i></b>) shall be borne by Seller.&#160; The Tender Offer Costs shall be paid by
Seller to Purchaser within five (5) days following Seller&#146;s receipt of
Purchaser&#146;s demand therefore; provided, however, that Purchaser shall not make
such a demand prior to the termination of the Purchase Period.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 6.05&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No
Closing</u>.&#160; In the event the Closing
does not occur on or before June 1, 2003, and unless the parties hereto
otherwise mutually agree in writing, Solae Brasil, Seller and Purchaser shall
enter into a toll manufacturing agreement which will provide that all
production from Solae Brasil&#146;s Esteio, Brasil facility will be sold exclusively
to Solae, LLC for resale. The parties agree that the economic terms of the toll
manufacturing agreement shall be structured in a manner to provide Purchaser
and Solae, LLC, on the one hand and Solae Brasil Holdings and Solae Brasil, on
the other hand, with the comparable economic terms the parties would have
experienced if Purchaser had acquired the Shares as contemplated by this
Agreement; provided, however, that no portion of the Purchase Price for the
Shares shall be paid by Purchaser to Seller until the Closing.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=17,EFW="2110122",CP="BUNGE LIMITED",DN="11",CHK=647169,FOLIO='17',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-1_4596.CHC",USER="JGUERRE",CD='May  2 21:29 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 6.06&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Operation
of the Business.&#160; </u>Between the date of this Agreement and the
Closing Date, Seller shall, and shall cause Solae Brasil Holdings and Solae
Brasil to, use commercially reasonable best efforts to conduct Solae Brasil
Holdings and Solae Brasil&#146;s business (including, but not limited to, such
business relating to the Brazilian Assets) in the Ordinary Course. Between the
date of this Agreement and the Closing Date, Solae Brasil shall not, and Seller
shall cause Solae Brasil not to, sell, transfer or otherwise dispose of any
Brazilian Asset, other than in the Ordinary Course.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 6.07&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Fats and Oils Plant</u>.&#160; In the event of the relocation by Seller or
any of its Affiliates of all or any portion of the fats and oils plant
currently owned by Bunge Alimentos S.A., located at Esteio, Brazil, Seller or
one or more of its Affiliates shall be responsible, held liable and pay for all
costs related thereto.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 6.08&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Best Efforts.</u>&#160; Seller shall use its best efforts to obtain
the consents set forth on <u>Schedule 5.01(m)</u> and take all other actions
necessary to consummate the sale of the Shares on or before May 1, 2003.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 6.09&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Insurance.</u>&#160; Seller shall provide or cause to be provided
(a) insurance for the Holdings Assets and the Brazilian Assets through Seller&#146;s
existing property insurance until the Closing (b) general liability insurance
for the operations of the Holdings Assets and the Brazilian Assets through
Seller&#146;s existing general liability insurance until the Closing (c) vehicle
insurance for vehicles constituting the Holdings Assets or the Brazilian Assets
through Seller&#146;s existing vehicle insurance until the Closing and (d) marine
coverage for the operations of the Holdings Assets and the Brazilian Assets
through Seller&#146;s existing marine coverage until the Closing.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE
VII</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TERMINATION</font></u></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Termination
Events.</u>&#160; This Agreement may, by
written notice given prior to or at the Closing, be terminated:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a) &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; by mutual written agreement of Purchaser and
Seller;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; by Purchaser upon a material breach by Seller of
any covenant, representation, warranty or other agreement of Seller contained
in this Agreement which material breach if not cured would have a Material
Adverse Effect or a material adverse effect on Purchaser, and such breach is
incapable of being cured or shall not have been cured within thirty (30) days
following Seller&#146;s receipt of
written notice of such material breach and in each case except for material
breaches as to matters that, individually or in the aggregate, would not have a
Material Adverse Effect or a material adverse effect on Purchaser;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; by Seller upon a material breach by Purchaser of
any covenant, representation, warranty or other agreement of Purchaser
contained in this Agreement which</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=18,EFW="2110122",CP="BUNGE LIMITED",DN="11",CHK=695175,FOLIO='18',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-1_4596.CHC",USER="JGUERRE",CD='May  2 21:29 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">material breach if not cured would have a
material adverse effect on Purchaser&#146;s ability to perform its obligations under
this Agreement or to consummate the transactions contemplated by this
Agreement, and such breach is incapable of being cured or shall not have been
cured within thirty (30) days following Purchaser</font>&#146;s receipt of written notice of such material
breach;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; by Purchaser if the Closing does not </font>occur on or before June 1, 2003 and Solae Brasil, Seller and Purchaser have
not entered into the toll manufacturing agreement as contemplated in Section
6.05 on or before July 1, 2003; or</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; by Purchaser or Seller if a toll manufacturing
agreement as contemplated in Section 6.05 is entered into and subsequently
terminated (pursuant to the terms of such toll manufacturing agreement).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7.02&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Effect of Termination.</u> Each
party&#146;s right of termination under Section 7.01 hereof is in addition to any
other rights it may have under this Agreement or otherwise, and the exercise of
a right of termination will not be an election of remedies.&#160; If this Agreement is terminated pursuant to
Section 7.01 hereof, all further obligations of the parties under this
Agreement shall terminate, except that the obligations in Sections 6.03, 6.05,
6.07 and 9.18 shall survive; provided, however, that if this Agreement is
terminated by a party because one or more of the conditions to the terminating
party&#146;s obligations under this Agreement is not satisfied as a result of the
other party&#146;s fault, the terminating party&#146;s right to pursue all legal remedies
will survive such termination unimpaired.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE
VIII</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SURVIVAL
AND INDEMNIFICATION</font></u></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 8.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Survival;
Indemnification.</u></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The covenants, agreements,
representations and warranties of Seller and Purchaser contained herein or in
any certificate or other writing delivered pursuant hereto or in connection
herewith and any indemnification obligations relating thereto shall survive for
a period of three (3) years after the Closing Date; provided, however that,
with respect to Taxes, any covenants, agreements, indemnity obligations,
representations or warranties shall survive until 180 days after the expiration
of the applicable statutory period of limitations (giving effect to any waiver
or extension thereof).&#160; Notwithstanding
the preceding sentence, any covenant, agreement, representation or warranty in
respect of which indemnity may be sought hereunder shall survive the time at
which it would otherwise terminate pursuant to such sentence if notice of the inaccuracy
or breach thereof giving rise to such indemnity shall have been given to the
party against whom such indemnity may be sought, prior to such time.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Seller<b><font style="font-weight:bold;">  </font></b>hereby agrees to indemnify Purchaser against and to hold it
harmless from any and all actual Damages incurred or suffered by Purchaser
arising out of or relating to:</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=19,EFW="2110122",CP="BUNGE LIMITED",DN="11",CHK=349032,FOLIO='19',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-1_4596.CHC",USER="JGUERRE",CD='May  2 21:29 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the breach of
any representation or warranty made by Seller contained in this Agreement or in
any document delivered by Seller pursuant to this Agreement;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the breach or
non-fulfillment of any covenant or agreement to be performed by Seller
contained in this Agreement; or</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; any Excluded
Liability.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Purchaser hereby agrees to
indemnify each Seller Indemnitee against and to hold it harmless from any and
all actual Damages incurred or suffered by such Seller Indemnitee arising out
of or relating to:</p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the breach of
any representation or warranty made by Purchaser contained in this Agreement or
in any document delivered by Purchaser pursuant to this Agreement;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the breach or
non-fulfillment of any covenant or agreement to be performed by Purchaser
contained in this Agreement; or</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; any Assumed Liability.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To the extent that a party&#146;s
indemnification obligations set forth in this Section 8.01 may be unenforceable
because it is violative of any Applicable Law or public policy, the
Indemnifying Party will contribute the maximum portion that it is permitted to
pay and satisfy under Applicable Law to the payment and satisfaction of all
actual Damages incurred by the indemnified party.</font></p>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 8.02&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Liability
Threshold.</u></font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No indemnification
shall be payable by an Indemnifying Party as a result of a claim arising under
Section 8.01(b)(i) or 8.01(c)(i) unless the aggregate amount of all such actual
Damages thereunder (other than those Damages relating to Taxes) exceeds an
amount equal to $1,000,000 and then the Indemnifying Party shall have liability
for the full amount of such actual Damages; provided, however, the $1,000,000
aggregate amount shall not apply for claims or Damages related to Tax matters
pursuant to Section 8.03.</font></p>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 8.03&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Tax
Indemnification.</u></font></p>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Seller shall be responsible for all
Excluded Tax Liabilities and shall indemnify each Purchaser against any Damages
relating to an Excluded Tax Liability.&#160;
Upon the incurrence of any Damages by Purchaser relating to an Excluded
Tax Liability, Seller shall indemnify Purchaser against such Damages by paying
to Purchaser in U.S. dollars an amount equal to the amount of such
Damages.&#160; Purchaser shall deliver to
Seller, upon the incurrence of any Damages relating to an Excluded Tax
Liability by Purchaser, written notice describing such Damages and stating the
amount thereof, the amount of the indemnity payment requested and the first
date on which Purchaser is required (without incurring interest or penalties)
to make any payment with respect to or as a result of such Damages.</font></h3>

<h3 align="center" style="font-weight:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 align="center" style="font-weight:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></h3>


<h3 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></h3>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=20,EFW="2110122",CP="BUNGE LIMITED",DN="11",CHK=269269,FOLIO='20',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-1_4596.CHC",USER="JGUERRE",CD='May  2 21:29 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<h3 align="center" style="font-weight:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In the case of any Taxes that are
imposed, assessed or asserted on a periodic basis and that are payable for a
Taxable period that includes (but does not end on) the Closing Date, the
portion of such Taxes related to or incurred in or attributable to the
Pre-Closing Tax Period shall (i) in the case of any Tax other than a Tax
imposed on, measured by or related to revenue, gross or net income, receipts,
gains or compensation, be deemed to be the amount of such Tax for the entire
taxable period multiplied by a fraction the numerator of which is the number of
days in the Pre-Closing Tax Period and the denominator of which is the number
of days in the entire taxable period and (ii) in the case of any Tax imposed
on, measured by or related to revenues, gross or net income, receipts, gains or
compensation be deemed equal to the amount of such Tax which would be payable
if the taxable period ended on the Closing Date.</font></p>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If Purchaser receives a refund (or
reduces its Tax liability by using a credit) of any Tax paid or incurred by
Seller in respect of any Pre-Closing Tax Period or any Excluded Tax Liability,
Purchaser will pay to Seller the amount of such refund or credit within thirty
(30) days of the date on which such refund or credit is received or used by
Purchaser.&#160; Purchaser agrees that, upon
the request of Seller, Purchaser shall file (at Seller&#146;s expense) a claim for
refund (in such form as Seller may reasonably request) of any Tax in respect of
the Pre-Closing Tax Period or any Excluded Tax Liability; provided that
Purchaser shall not be required to file such a claim if such claim would
adversely affect the Tax liability of Purchaser.&#160; Seller shall have the sole right to prosecute such claim for
refund (by suit or otherwise) at Seller&#146;s expense and with counsel or other
advisor of Seller&#146;s choice reasonably acceptable to Purchaser; provided that
Purchaser may participate in the prosecution of such claim at its own
expense).&#160; Purchaser agrees that, upon
the request of Seller, it will cooperate reasonably with Seller and its
advisors in connection therewith.</font></p>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Purchaser agrees to give prompt
notice to Seller of the assertion of any claim, or the commencement of any
suit, action, proceeding, audit or assessment in respect of which indemnity may
be sought hereunder, or under Section 8.01 hereof relating to an Excluded Tax
Liability, and of any Damages (specifying with reasonable particularity the
basis therefor), and Purchaser will give Seller such information with respect
thereto as it reasonably may request.&#160;
Seller may, at its own expense, participate in and, upon notice to
Purchaser, assume the defense of any such suit, action, proceeding or audit
(insofar as it relates to Damages for which Seller is indemnifying Purchaser
under this Article VIII).&#160; Seller (i)
shall thereafter consult with Purchaser upon Purchaser&#146;s reasonable request for
such consultation from time to time with respect to the portion of such suit,
action, proceeding or audit as to which Seller has assumed the defense, and
(ii) shall not agree to any settlement or assert any position with respect to
any Tax if such settlement or position could adversely affect the Tax liability
of Purchaser.&#160; If Seller assumes such
defense, Purchaser shall have the right (but not the duty) to participate in
the defense thereof and to employ counsel or other advisors, at its own
expense, separate from the counsel or advisors employed by Seller. Whether or
not Seller chooses to defend or prosecute any claim, all of the parties hereto
shall reasonably cooperate in the defense or prosecution thereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If any adjustment shall be made to
any Tax return relating to Seller in respect of Solae Brasil Holdings or Solae
Brasil for any Pre-Closing Tax Period that results in any Tax detriment to
Seller (or any Affiliate thereof) with respect to such period, and that results
in any Tax benefit to Purchaser for any Taxable period ending after the Closing
Date, Seller shall</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=21,EFW="2110122",CP="BUNGE LIMITED",DN="11",CHK=106690,FOLIO='21',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-1_4596.CHC",USER="JGUERRE",CD='May  2 21:29 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">be entitled to the benefit of such
Tax benefit, and Purchaser shall pay to Seller the amount of such Tax benefit
at such time or times as (and to the extent that) Purchaser actually realizes
such benefit through a refund of Tax or reduction in the amount of Tax that
Purchaser otherwise would have had to pay if such adjustment had not been made.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If any adjustment (including any
adjustment arising by reason of a refund claim) shall be made to any Tax return
relating to Purchaser for any Taxable period after the Closing Date that
results in any Tax detriment to Purchaser with respect to such period and that
results in any Tax benefit to Seller (or any Affiliate thereof) for any
Pre-Closing Tax Period, Purchaser shall be entitled to the benefit of such Tax
benefit, and Seller shall pay to Purchaser the amount of such Tax benefit at
such time or times as (and to the extent that) Seller (or any Affiliate
thereof) actually realizes such benefit through a refund of Tax or reduction in
the amount of Tax that Seller or any such Affiliate otherwise would have had to
pay if such adjustment had not been made.</font></p>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 8.04&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Control
of Litigation.</u></font></p>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each Person
entitled to indemnification as provided under Section 8.01 (the <b><i><font style="font-style:italic;font-weight:bold;">&#147;Indemnified Party&#148;</font></i></b>)
shall give written notice (the <b><i><font style="font-style:italic;font-weight:bold;">&#147;Claim Notice&#148;</font></i></b>) to the Person from whom the Indemnified
Party is seeking indemnification (the <b><i><font style="font-style:italic;font-weight:bold;">&#147;Indemnifying Party&#148;</font></i></b>) of the assertion of any
Claim or the commencement of any suit, action or proceeding in respect of which
indemnity may be sought under Section 8.01 hereof and of any Damages which any
such Indemnified Party deems to be within the scope of Section 8.01 within
fifteen (15) days following such assertion, commencement or incurrence of
Damages of which the Indemnified Party is actually aware and shall give the
Indemnifying Party such information with respect thereto as the Indemnifying
Party may reasonably request.&#160; The
Indemnifying Party may, at its option and at its own expense, (a) participate
in and (b) upon written notice to the Indemnified Party, within fifteen (15)
days of receipt of the Claim Notice, assume the defense of, any such suit,
action or proceeding; provided that (i) the counsel of the Indemnifying Party
is reasonably satisfactory to the Indemnified Party, (ii) the Indemnifying
Party shall consult with the Indemnified Party, upon the reasonable request of
the Indemnified Party, from time to time with respect to such suit, action or
proceeding and (iii) the Indemnifying Party shall not settle or compromise any
such suit, action or proceeding without the written consent of the Indemnified
Party, which consent shall not be unreasonably withheld; provided, however,
that if the Indemnifying Party reasonably desires to settle or compromise and
the Indemnified Party rejects such reasonable settlement or compromise, then
the Indemnified Party shall be liable for any and all Damages in excess of the
amount of the rejected reasonable settlement or compromise.&#160; If the Indemnifying Party assumes such
defense, the Indemnified Party shall have the right (but not the duty) to participate
in the defense thereof and to employ counsel, at its own expense, separate from
the counsel employed by the Indemnifying Party.&#160; The Indemnifying Party shall be liable for the fees and expenses
of counsel employed by the Indemnified Party with respect to any period during
which the Indemnifying Party has not assumed the defense of any such action or
proceeding in respect of which indemnity is required hereunder; provided,
however, that the Indemnifying Party shall not be liable for the fees and
expenses of more than one counsel employed by the Indemnified Party, in any
jurisdiction, except that if the Indemnified Party has a conflict of interest
with any other Indemnified Party, the Indemnified Party is entitled to have
separate counsel at the expense of the Indemnifying Party until such time as
the Indemnifying Party assumes the defense.&#160;
If the</font></h3>

<h3 align="center" style="font-weight:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 align="center" style="font-weight:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></h3>


<h3 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></h3>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=22,EFW="2110122",CP="BUNGE LIMITED",DN="11",CHK=844641,FOLIO='22',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-1_4596.CHC",USER="JGUERRE",CD='May  2 21:29 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<h3 align="center" style="font-weight:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indemnifying Party does not assume
the defense and the Indemnified Party assumes the defense thereof, (A) the
Indemnifying Party shall have the right (but not the duty) to participate in
the defense thereof and employ counsel, at its own expense, (B) such
Indemnified Party shall consult with the Indemnifying Party, upon the
reasonable request of the Indemnifying Party, from time to time with respect to
such suit, action or proceeding and (C) the Indemnified Party shall not settle
or compromise any such suit, action or proceeding without the consent of the
Indemnifying Party, which consent shall not be unreasonably withheld.</font></p>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 8.05&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Transfer
Taxes.</u></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Seller shall pay,
or cause to be paid, all Taxes imposed on the transfer by Seller of the Shares
under this Agreement.</font></p>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 8.06&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Cooperation
on Tax Matters.</u></font></p>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Seller and
Purchaser shall cooperate fully, as and to the extent reasonably requested by
the other party, in connection with any audit, litigation or other proceeding
with respect to Taxes.&#160; Such cooperation
shall include the retention and (upon the other party&#146;s reasonable request) the
provision of records and information that are reasonably relevant to any such
audit, litigation or other proceeding, and making employees available on a
mutually convenient basis to provide additional information and explanation of
any material provided hereunder.&#160; Purchaser
and Seller agree to retain all books and records that are relevant to the
determination of the Tax liabilities pertinent to Solae Brasil Holdings or
Solae Brasil relating to any Pre-Closing Tax Period until the expiration of the
applicable statute of limitations, and to abide by all records retention
agreements entered into with any taxing authority.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">ARTICLE IX</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">MISCELLANEOUS</font></u></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 9.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Notices.</u></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any notice, payment, demand, or communication required
or permitted to be given by any provision of this Agreement shall be in writing
and shall be deemed to have been delivered, given, and received for all
purposes (i) if delivered personally to the Person or to an officer of the
Person to whom the same is directed, or (ii) when the same is actually
received, if sent either by a nationally recognized overnight delivery service
or by registered or certified mail, postage and charges prepaid, or by
facsimile, if such facsimile is followed by a hard copy of the facsimile
communication sent promptly thereafter by a nationally recognized overnight delivery
service or by registered or certified mail, postage and charges prepaid,
addressed as follows </font>(or
at such other address for a party as shall be specified by like notice):</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=23,EFW="2110122",CP="BUNGE LIMITED",DN="11",CHK=979105,FOLIO='23',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-1_4596.CHC",USER="JGUERRE",CD='May  2 21:29 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If to Seller:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c/o Bunge Management Services, Inc.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50 Main Street, 6<sup>th</sup> Floor</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">White Plains, NY 10606</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attn: Drew Burke</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Facsimile: (914) 684-3417</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If to Purchaser:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Solae Holdings LLC</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1034 Danforth
Drive</font></p>

<p style="margin:0in 0in .0001pt 2.0in;text-indent:-1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">St. Louis,
Missouri 63102</font></p>

<p style="margin:0in 0in .0001pt 2.0in;text-indent:-1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">United States of
America</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Facsimile: (314) 982-2461</font></p>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 9.02&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Successors
and Assigns and Assignment.</u></font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and permitted
assigns; provided<i><font style="font-style:italic;">, </font></i>that
neither this Agreement nor any of the rights hereunder may be assigned by any
of the parties hereto without the prior written consent of the other party.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 9.03&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Construction.</u></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">It is the intent
of the parties hereto that every covenant, term, and provision of this
Agreement shall be construed simply according to its fair meaning and not
strictly for or against any party.</font></p>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;</font></h2>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 9.04&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Headings.</u></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The article and
section headings contained in this Agreement are for reference purposes only
and shall not affect in any way the meaning or interpretation of this
Agreement.</font></p>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 9.05&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Severability.</u></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If any one or more
provisions contained in this Agreement shall, for any reason, be held to be
invalid, illegal or unenforceable in any respect, such invalidity, illegality
or unenforceability shall not affect any other provision of this Agreement, but
this Agreement shall be construed as if such invalid, illegal, or unenforceable
provision had never been contained herein.</font></p>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 9.06&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Governing
Law.</u></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The laws of the
State of Delaware, without application of the conflicts of laws principles
thereof, shall govern the validity of this Agreement, the construction of its
terms, and the interpretation of the rights and duties arising hereunder.</font></p>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=24,EFW="2110122",CP="BUNGE LIMITED",DN="11",CHK=249283,FOLIO='24',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-1_4596.CHC",USER="JGUERRE",CD='May  2 21:29 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 9.07&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Consent
to Jurisdiction.</u></font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each party hereto
(a) irrevocably submits to the non-exclusive jurisdiction of any Delaware or
Missouri state court or Federal court sitting in Wilmington, Delaware or St.
Louis, Missouri in any action arising out of this Agreement, (b) agrees that
all claims in such action may be decided in such court, (c)&nbsp;waives, to the
fullest extent it may effectively do so, the defense of an inconvenient forum,
and (d)&nbsp;consents, to the fullest extent it may effectively do so, to the
service of process by mail in accordance with Section 9.01 hereof.&#160; A final non-appealable judgment of any such
court shall be conclusive and may be enforced in other jurisdictions.&#160; Nothing herein shall affect the right of any
party to serve legal process in any manner permitted by law or affect its right
to bring any action in any other court.</font></p>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 9.08&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Waiver
of Jury Trial.</u></font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EACH OF THE
PARTIES HERETO IRREVOCABLY WAIVES, TO THE EXTENT PERMITTED BY LAW, ALL RIGHTS
TO TRIAL BY JURY AND ALL RIGHTS TO IMMUNITY BY SOVEREIGNTY OR OTHERWISE IN ANY
ACTION, PROCEEDING, OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS
AGREEMENT.</font></p>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 9.09&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Counterpart
Execution.</u></font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement may
be executed in one or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same
instrument and shall become a binding Agreement when one or more of the
counterparts have been signed by Seller and Purchaser and delivered to the
other party.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 9.10&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Specific
Performance.</u></font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each of the
parties acknowledges that money damages would not be a sufficient remedy for
any breach of this Agreement and that irreparable harm would result if this
Agreement were not specifically enforced.&#160;
Therefore, the rights and obligations of the parties under this
Agreement shall be enforceable by a decree of specific performance issued by
any court of competent jurisdiction, and appropriate injunctive relief may be
applied for and granted in connection therewith. A party&#146;s right to specific
performance shall be in addition to all other legal or equitable remedies
available to such party.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 9.11&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No
Material Impairment.</u></font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No party hereto
shall take any action that could materially impair such party&#146;s ability to
perform its duties or obligations under this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 9.12&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Entire
Agreement.</u></font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement
including the exhibits, schedules, other documents and instruments referred to
herein, together with the LLC Agreement, constitute the entire agreement among
the parties hereto and their respective Affiliates and contain all of the
agreements among such parties with respect to the subject matter hereof and
thereof.&#160; This Agreement supersedes any
and all other agreements, either oral or written, between such parties with
respect to the subject matter hereof.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=25,EFW="2110122",CP="BUNGE LIMITED",DN="11",CHK=882901,FOLIO='25',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-1_4596.CHC",USER="JGUERRE",CD='May  2 21:29 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 9.13&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Waiver
of Compliance; Consents.</u></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any failure of a
party to comply with any obligation, covenant, agreement or condition herein
may be waived by the other party; provided, however, that any such waiver may
be made only by a written instrument signed by the party granting such waiver
and provided, further, that such waiver or failure to insist upon strict
compliance with such obligation, covenant, agreement or condition shall not
operate as a waiver of, or estoppel with respect to, any subsequent or other
failure. Whenever this Agreement requires or permits consent by or on behalf of
any party hereto, such consent shall be given in writing in a manner consistent
with the requirements for a waiver of compliance as set forth in this Section
9.13, with appropriate notice in accordance with Section 9.01 hereof.</font></p>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;</font></h2>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 9.14&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Third
Party Beneficiaries.</u></font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each Member of Purchaser (other than Seller, Central
Soya or their transferees) shall be a third party beneficiary of this Agreement
and shall be entitled to the benefits of Purchaser set forth herein.<b><font style="font-weight:bold;">&#160; </font></b>Except
as expressly provided herein, nothing in this Agreement is intended or shall be
construed to confer upon any Person, other than the parties and their
respective successors and permitted assigns, any rights, remedy or claim under
or by reason of this Agreement or any provision contained herein.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 9.15&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Amendment
and Modification.</u></font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement may
be amended, modified or supplemented only by a written agreement of each of the
parties hereto.</font></p>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 9.16&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Schedules.</u></font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All Schedules
attached hereto are hereby incorporated herein and made a part hereof as if set
forth in full herein.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 9.17&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Inconsistency
or Conflict.</u></font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the event of
any inconsistency or conflict between any provision of this Agreement and any
provision of the LLC Agreement, the provision of the LLC Agreement shall
govern.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 9.18&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Expenses,
Etc.</u></font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as
otherwise provided herein, whether or not the transactions contemplated by this
Agreement shall be consummated, all fees and expenses (including all fees of
counsel, actuaries and accountants) incurred by any party in connection with
the negotiation and execution of this Agreement shall be borne by such party.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 9.19&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Further
Assurances.</u></font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">From time to time,
at the request of any party hereto and without further consideration, the other
party, at its own expense, will execute and deliver such other documents,</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=26,EFW="2110122",CP="BUNGE LIMITED",DN="11",CHK=486680,FOLIO='26',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-1_4596.CHC",USER="JGUERRE",CD='May  2 21:29 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and take such other action, as such
party reasonably may request in order to consummate more effectively the
transactions contemplated by this Agreement or the LLC Agreement and to vest in
Purchaser good and marketable title to the Shares.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">[SIGNATURES
ON FOLLOWING PAGE]</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=27,EFW="2110122",CP="BUNGE LIMITED",DN="11",CHK=756741,FOLIO='27',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-1_4596.CHC",USER="JGUERRE",CD='May  2 21:29 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">IN
WITNESS WHEREOF</font></b>, the parties have caused their duly
authorized representatives to execute this Agreement as of the day and year
first above written.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="50%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BUNGE LIMITED</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="50%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:46.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ BUNGE
  LIMITED</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="5%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:5.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:44.44%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="45%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:45.36%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="50%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="50%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SOLAE HOLDINGS
  LLC</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="50%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:46.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ SOLAE
  HOLDINGS LLC</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="5%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:5.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:44.44%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="45%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:45.36%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr height="0">
  <td width="360" style="border:none;"></td>
  <td width="27" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="320" style="border:none;"></td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Signature Page to Share Purchase Agreement</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=28,EFW="2110122",CP="BUNGE LIMITED",DN="11",CHK=710602,FOLIO='28',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-1_4596.CHC",USER="JGUERRE",CD='May  2 21:29 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule 1.01(a)</font></u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Liabilities</font></u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=29,EFW="2110122",CP="BUNGE LIMITED",DN="11",CHK=63361,FOLIO='29',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-1_4596.CHC",USER="JGUERRE",CD='May  2 21:29 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule 5.01(d)</font></u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Seller Filings; Violations</font></u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Filing with the Brazilian CVM regarding the Spin-Off</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Filing with the Brazilian CVM regarding the Tender Offer</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=30,EFW="2110122",CP="BUNGE LIMITED",DN="11",CHK=270934,FOLIO='30',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-1_4596.CHC",USER="JGUERRE",CD='May  2 21:29 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule 5.01(e)</font></u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Seller Actions</font></u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=31,EFW="2110122",CP="BUNGE LIMITED",DN="11",CHK=1005436,FOLIO='31',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-1_4596.CHC",USER="JGUERRE",CD='May  2 21:29 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule 5.01(f)</font></u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certain Brazilian Assets</font></u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="46%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:46.3%;">
  <h1 align="left" style="margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-transform:uppercase;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;text-transform:none;">LOCATION/ASSET</font></b></h1>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.7%;">
  <h1 align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-transform:uppercase;">&nbsp;</h1>
  </td>
  <td width="50%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:50.0%;">
  <h1 style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;text-transform:none;">COMMENTS</font></b></h1>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:46.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Esteio, Brazil Facility</font></p>
  </td>
  <td width="3%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="50%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Excluding fats &amp; oils facilities</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">[JOE B TO PROVIDE]</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=32,EFW="2110122",CP="BUNGE LIMITED",DN="11",CHK=514881,FOLIO='32',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-1_4596.CHC",USER="JGUERRE",CD='May  2 21:29 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule 5.01(g)</font></u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Seller&#146;s Taxes</font></u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=33,EFW="2110122",CP="BUNGE LIMITED",DN="11",CHK=442390,FOLIO='33',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-1_4596.CHC",USER="JGUERRE",CD='May  2 21:29 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule 5.01(j)</font></u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Intellectual Property</font></u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=34,EFW="2110122",CP="BUNGE LIMITED",DN="11",CHK=877562,FOLIO='34',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-1_4596.CHC",USER="JGUERRE",CD='May  2 21:29 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule 5.01(m)</font></u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Seller&#146;s Consents; Approvals</font></u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of the Brazilian CVM regarding the Spin-Off</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of the Brazilian CVM regarding the Tender Offer<u> </u></font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=35,EFW="2110122",CP="BUNGE LIMITED",DN="11",CHK=700800,FOLIO='35',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-1_4596.CHC",USER="JGUERRE",CD='May  2 21:29 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule 5.02(c)</font></u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Purchaser&#146;s Filings; Violations</font></u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Filing with the Brazilian CVM regarding the Tender Offer</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;"><u>
<!-- ZEQ.=1,SEQ=36,EFW="2110122",CP="BUNGE LIMITED",DN="11",CHK=573973,FOLIO='36',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-1_4596.CHC",USER="JGUERRE",CD='May  2 21:29 2003' -->
<br clear="all" style="page-break-before:always;">
</u></font>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule 5.02(f)</font></u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Purchaser Consents; Approvals</font></u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of the Brazilian CVM regarding the Tender Offer</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>

<BR>
<!-- SEQ=,FILE='QUICKLINK',USER=JGUERRE,SEQ=,EFW="2110122",CP="BUNGE LIMITED",DN="11" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>13
<FILENAME>a2110122zex-10_2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>

<div>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit. 10.2</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Solae Contribution Agreement</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">CONTRIBUTION AGREEMENT</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">SOLAE HOLDINGS LLC</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THIS CONTRIBUTION AGREEMENT (this <b><i><font style="font-style:italic;font-weight:bold;">&#147;Agreement&#148;</font></i></b>) is made
as of the Effective Time by and between Central Soya Company, Inc., an Indiana
corporation (<b><i><font style="font-style:italic;font-weight:bold;">&#147;Contributing
Member&#148;</font></i></b>), and Solae Holdings LLC, a Delaware limited liability
company (the <b><i><font style="font-style:italic;font-weight:bold;">&#147;Company&#148;</font></i></b>).&#160; This Agreement, the Amended and Restated
Limited Liability Company Agreement of the Company of an even date herewith by
and among E.I. du Pont de Nemours and Company (<b><i><font style="font-style:italic;font-weight:bold;">&#147;DuPont&#148;</font></i></b>), Contributing Member and the
Company (the <b><i><font style="font-style:italic;font-weight:bold;">&#147;LLC
Agreement&#148;</font></i></b>) and the Indemnity Agreement of an even date herewith
by and between DuPont and the Company are entered into and shall be effective
simultaneously with each other as of the date hereof.&#160; Capitalized terms not defined where they appear in the text of
this Agreement are defined in Article I hereof.&#160; Capitalized terms used but not defined herein shall have the
meanings ascribed to them in the LLC Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;text-transform:uppercase;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">RECITALS</font></u></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, immediately prior to the DuPont PTI
Conversion, DuPont was the owner of 100% of the capital stock of DuPont PTI;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, DuPont PTI was converted into the
Company upon the execution and filing in the Office of the Secretary of State
of the State of Delaware of the DuPont PTI Certificate of Conversion on March
28, 2003;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, PTI was converted into Solae, LLC on
March 28, 2003;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, DuPont, acting as the sole Member of
the Company, executed and filed in the Office of the Secretary of State for the
State of Delaware the Company Certificate on March 28, 2003;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, immediately prior to Contributing
Member&#146;s admission as a&#160; Member of the
Company, DuPont owned 100% of the Membership Interests of the Company;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, after the DuPont PTI Conversion but
prior to Contributing Member&#146;s admission as a Member of the Company, the
Company caused Solae, LLC to distribute to the Company all of Solae LLC&#146;s
membership interests held by Solae, LLC in 8<sup>th</sup> Continent, L.L.C., a
Delaware limited liability company (<b><i><font style="font-style:italic;font-weight:bold;">&#147;8<sup>th</sup> Continent&#148;</font></i></b>), and thereafter
the Company distributed to DuPont all of the membership interests held by the
Company in 8<sup>th</sup> Continent;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, upon entering into the LLC Agreement
and making its Capital Contribution pursuant to this Agreement, Contributing
Member shall be admitted as a Member of the Company at the Effective Time;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, under this Agreement, Contributing
Member is contributing the Contributed Property to the Company in exchange for
its initial Membership Interest in the Company;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=1,EFW="2110122",CP="BUNGE LIMITED",DN="12",CHK=252014,FOLIO='',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-2_4596.CHC",USER="JGUERRE",CD='May  2 21:30 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, Contributing Member wishes to
contribute to the Company the Contributed Property in exchange for 28.06% of
the total Membership Interests of the Company;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, immediately following Contributing
Member&#146;s contribution of the Contributed Property as provided in this
Agreement, DuPont&#146;s and Contributing Member&#146;s Percentage Interests of the
Company shall be equal to 71.94% and 28.06%, respectively;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, under the Indemnity Agreement,
DuPont is making certain representations and warranties and agreeing to certain
obligations to the Company;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, as an inducement to DuPont entering
into the LLC Agreement and the Indemnity Agreement, Contributing Member desires
to make certain representations and warranties and agree to certain obligations
to the Company as set forth herein; and</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, the contribution of the Contributed
Property by Contributing Member is subject to the terms and conditions of this
Agreement, the LLC Agreement and the Conveyance Documents.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOW, THEREFORE, in consideration of the
foregoing and the representations, warranties, covenants and agreements herein
contained, and for other good and valuable consideration, the receipt and
sufficiency of which is acknowledged, Contributing Member and the Company agree
as follows:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE I</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">DEFINITIONS AND OTHER TERMS</font></u></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Section. 1.01</font> </font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Definitions.</u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As used in
this Agreement, the following terms shall have the following meanings (such
meanings to be equally applicable to both the singular and plural forms of the
terms defined):</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Act&#148;</font></i></b>
means the Delaware Limited Liability Company Act, 6 Del C. &#167;&nbsp;18-101, et
seq., as amended from time to time (or any corresponding provisions of
succeeding law).</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b><i><font style="font-style:italic;font-weight:bold;">Actions</font></i></b>&#148; is defined
in Section 3.01(e).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Adjustment
Amount&#148;</font></i></b> is defined in Section 2.03(a).</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Affiliate&#148;
</font></i></b>means, with respect to any Person (i) any Person
directly or indirectly controlling, controlled by or under common control with
such Person (ii) any officer, director, general partner, member or trustee of
such Person or (iii) any Person who is an officer, director, general partner,
member or trustee of any Person described in clauses (i) or (ii) of this
sentence; provided, however, that for purposes of this Agreement, none of
Bunge, Contributing Member or their transferees shall be deemed to be an
Affiliate of DuPont. For purposes of this definition, the terms &#147;control&#148;,
&#147;controlling&#148;, &#147;controlled by&#148; or &#147;under common control with&#148; shall mean the
possession, direct or indirect, of the power to direct or cause the direction
of the management or policies of a Person, whether through the ownership of
voting securities, by contract or</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=2,EFW="2110122",CP="BUNGE LIMITED",DN="12",CHK=179128,FOLIO='2',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-2_4596.CHC",USER="JGUERRE",CD='May  2 21:30 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">otherwise.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b><i><font style="font-style:italic;font-weight:bold;">Agreement</font></i></b>&#148; is defined
in the preamble.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Applicable Law&#148;</font></i></b>
means all applicable laws, statutes, treaties, rules, codes, ordinances,
regulations, standards, permits, certificates, orders, interpretations and
licenses of any Governmental Authority and judgments, decrees, injunctions,
writs, orders or like action of any court, arbitrator or other judicial or
quasi-judicial tribunal of competent jurisdiction (including, but not limited
to, those pertaining to health, safety of the environment or otherwise).</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Assumed
Liabilities&#148;</font></i></b> means (a) all debts, liabilities and
obligations arising out of the operations of the Company or any of the
Entities, but only to the extent that any such debt, liability or obligation is
for, relates to and arises during time periods after the Effective Time and (b)
all debts, liabilities and obligations of Contributing Member (relating to the
Contributed Property) or the Entities existing immediately prior to the
Effective Time and listed as Assumed Liabilities on <u>Schedule 1.01(a)</u>.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Audit
Statement&#148;</font></i></b> is defined in Section 2.03(a).</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Bellevue
Distribution Center Leases&#148;</font></i></b> is defined in Section
2.01(c).</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Breach&#148;</font></i></b>
means (a) any breach of any representation or warranty made by Contributing
Member contained in this Agreement, the LLC Agreement or any Conveyance
Document or in any other document delivered by Contributing Member pursuant to
this Agreement, the LLC Agreement or the Conveyance Documents or (b) the breach
or non-fulfillment of any covenant or agreement to be performed by Contributing
Member contained in this Agreement, the LLC Agreement or the Conveyance
Documents; provided, however, that a Breach shall not be deemed to have
occurred at anytime after the three (3) year anniversary of the Effective Time;
and provided further that with respect to Tax matters a Breach shall not be
deemed to have occurred at anytime after the expiration of the applicable statutory
period.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Bunge&#148;</font></i></b>
means Bunge Limited, a Bermuda corporation and the indirect owner of a least
ninety-seven percent (97%) of all of the issued and outstanding capital stock
of Contributing Member.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;CS
Denmark&#148;</font></i></b> means Central Soya European Proteins, A/S,
a Danish corporation and a Wholly Owned Affiliate of Central Soya.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;CS
Dominican&#148;</font></i></b> means Distribuidores Del Sol, SA, a
Dominican Republic corporation and a Wholly Owned Affiliate of Central Soya.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;CS
France&#148;</font></i></b> means Central Soya European Proteins
France S.A., a French Corporation and a Wholly Owned Affiliate of Central Soya.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;CS
Germany&#148;</font></i></b> means CSY Agri-Processing (Deutschland)
GmbH, a German corporation and a Wholly Owned Affiliate of Central Soya.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;CS
Italy&#148;</font></i></b> means Central Soya European Lecithins Italia
Srl, an Italian </p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=3,EFW="2110122",CP="BUNGE LIMITED",DN="12",CHK=992554,FOLIO='3',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-2_4596.CHC",USER="JGUERRE",CD='May  2 21:30 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">corporation and a Wholly Owned Affiliate of
Lecithins Germany.</font></p>

<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;CS
Protomed&#148;</font></i></b> means Protomed, Inc., a Delaware
corporation in which Contributing Member owns 50,000 Series B Convertible
Preferred Shares.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Cash
Contribution&#148;</font></i></b> is defined in Section 3.03.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<i><font style="font-style:italic;">Claim
Notice&#148; </font></i></font></b>is defined in Section 4.03.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<i><font style="font-style:italic;">Claims&#148; </font></i></font></b>means
all rights, claims, credits, causes of action or rights of setoff.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b><i><font style="font-style:italic;font-weight:bold;">Company</font></i></b>&#148; is defined
in the preamble.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Company
Certificate&#148;</font></i></b> means the certificate of formation of
the Company filed on March 28, 2003 with the Secretary of State of the State of
Delaware pursuant to the Act.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b><i><font style="font-style:italic;font-weight:bold;">Company Indemnitee</font></i></b>&#148;
means the Company, any of its Affiliates (other than Contributing Member and
its Affiliates, but including the Entities after the Effective Time), and any
Member of the Company (other than Contributing Member and its transferees) and
any of their directors, officers, employees, agents, successors and assigns.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<i><font style="font-style:italic;">Contributed </font></i><i><font style="font-style:italic;">Assets&#148; </font></i></font></b>is defined in
Section 2.01.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Contributed
Property&#148;</font></i></b> is defined in Section 2.02.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Contributed
Stock&#148;</font></i></b> is defined in Section 2.02.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Contributing
Member&#148;</font></i></b> is defined in the preamble.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Contributing Member Indemnitee&#148;</font></i></b> means Contributing Member, any of
its Affiliates (other than the Company Indemnitees), and any of their
directors, officers, employees, agents, successors and assigns.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Contribution
Date&#148; </font></i></b>means the date hereof.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Conveyance
Documents&#148;</font></i></b> means all of the documents set forth in
<u>Schedule 1.01(b)</u>.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;</font></i><i><font style="font-style:italic;">Damages&#148; </font></i></b>means
any and all liabilities, obligations, losses, direct damages, penalties, fines,
assessments (whether criminal or civil), Claims, injuries, suits, judgments,
costs, expenses (including without limitation, reasonable legal fees and
expenses and costs of litigation), disbursements or demands whatsoever,
howsoever arising.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;DuPont&#148;</font></i></b> is defined in the preamble.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;DuPont PTI&#148;</font></i></b> means DuPont Protein
Technologies International, Inc., a Delaware corporation (the name of the
Company and type of entity that the Company was prior to the DuPont PTI
Conversion) and a Wholly Owned Affiliate of DuPont.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=4,EFW="2110122",CP="BUNGE LIMITED",DN="12",CHK=200822,FOLIO='4',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-2_4596.CHC",USER="JGUERRE",CD='May  2 21:30 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;DuPont
PTI Certificate of Conversion&#148;</font></i></b> means the
certificate of conversion of DuPont PTI filed on March 28, 2003 with the
Secretary of State of the State of Delaware in accordance with 6 Del. C.
&#167;&nbsp;18-214 and 8 Del. C. &#167;&nbsp;266.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;DuPont
PTI Conversion&#148;</font></i></b> means the conversion of DuPont PTI
into the Company on March 28, 2003 pursuant to Section 266 of the Delaware
General Corporation Law and Section 18-214 of the Act.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Effective
Time&#148;</font></i></b> means 12:01 A.M. EST on April 1, 2003.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;8<sup>th</sup>
Continent&#148;</font></i></b> is defined in the recitals.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Entities&#148;</font></i></b>
means CS Denmark, CS France, SOGIP, CS Germany, CS Dominican, Stern, Lecithins
Germany, Lecithins France, CS Italy and CS Protomed.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Entity
Assets&#148;</font></i></b> means the assets currently owned by the
Entities, including but not limited to, those set forth in <u>Schedule 1.01(c)</u>.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Excluded
Liabilities&#148; </font></i></b>means (a) all debts, liabilities and
obligations listed as Excluded Liabilities on <u>Schedule 1.01(a)</u> and (b)
all debts, liabilities and obligations of Contributing Member, the Company
and/or the Entities other than the Assumed Liabilities.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Foreign
Tax Assessment&#148;</font></i></b> is defined in Section 4.04(b).</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Foreign
Tax Refund&#148;</font></i></b> is defined in Section 4.04(d).</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Former
Member Adjustment Amount&#148;</font></i></b> is defined in Section
2.03(b).</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Former
Member Breach&#148;</font></i></b> is defined in Section 3.04.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Former Member Liability&#148;</font></i></b> means any Former Member Excluded
Liability, Former Member Breach, Former Member Adjustment Amount, Former Member
US Tax Assessment, Former Member Foreign Tax Assessment or Former Member
Transfer Tax Assessment.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Former Member Excluded Liability&#148;</font></i></b> is defined in Section 2.04.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Former Member Foreign Tax Assessment&#148;</font></i></b> is defined in Section 4.04(b).</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Former Member Transfer Tax Assessment&#148;</font></i></b> is defined in Section 4.05.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Former Member US Tax Assessment&#148;</font></i></b> is defined in Section 4.04(a).</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Gibson City Distribution Center Lease&#148;</font></i></b> is defined in Section 2.01(b).</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<i><font style="font-style:italic;">Governmental
Authority&#148; </font></i></font></b>means any federal, state,
county, municipal, foreign, international, regional or other governmental
authority, agency, board, bureau, body or </p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=5,EFW="2110122",CP="BUNGE LIMITED",DN="12",CHK=780021,FOLIO='5',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-2_4596.CHC",USER="JGUERRE",CD='May  2 21:30 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">instrumentality.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Indebtedness&#148;</font></i></b>
is defined in Section 3.03.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Indemnified
Party&#148;</font></i></b> is defined in Section 4.03.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#147;</font><b><i><font style="font-style:italic;font-weight:bold;">Intellectual Property</font></i></b>&#148; means </font>patents,
trade marks, service marks, logos, trade names, internet domain names, rights
in designs, copyrights (including rights in computer software), database
rights, semi-conductor topography rights, utility models, rights in know-how
and other intellectual property rights, in each case whether registered or
unregistered and including applications for registration, and all rights or
forms of protection having equivalent or similar effect anywhere in the world owned
by Contributing Member (or its Affiliates) that are necessary to own, operate
or use the Contributed Assets or Entity Assets as currently owned, operated and
used; provided, however, that Intellectual Property shall not include the name,
logo, trade name and internet domain name of Contributing Member and any
intellectual property containing the name &#147;Central Soya&#148;; provided further that
the Company and the Entities shall have the right to use the name &#147;Central
Soya&#148; on a royalty-free basis for a period of three (3) months following the
Effective Time, or such longer period as Contributing Member and the Company
shall agree upon in writing for purposes of selling existing inventory and
transferring and transitioning the Contributed Property.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Lecithins
France&#148;</font></i></b><i><font style="font-style:italic;">  </font></i>means
Central Soya European Lecithin France SARL, a French corporation and a Wholly
Owned Affiliate of Lecithins Germany.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Lecithins
Germany&#148;</font></i></b> means Central Soya European Lecithins
GmbH &amp; CO KG, a German limited partnership and a ninety-six percent (96%)
owned Affiliate of CS Germany and a four percent (4%) owned affiliate of Stern.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Lien&#148;
</font></i></b>means any mortgage, lien, pledge, claim, charge,
security interest, title defect or encumbrance of any kind with respect to any
asset, including any conditional sale or other title retention agreement, any
lease in the nature thereof, or the filing of or agreement to give any
financing statement, other than any Permitted Lien.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b><i><font style="font-style:italic;font-weight:bold;">LLC Agreement</font></i></b>&#148; is
defined in the preamble.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<i><font style="font-style:italic;">Material Adverse Effect</font></i>&#148;</font></b>
means any event, change, circumstance or effect that, individually or in the
aggregate, has a material adverse effect on the Contributed Assets, the Entity
Assets, the Contributed Stock or any of the Entities, or on Contributing
Member&#146;s ability to consummate the transactions contemplated by this Agreement,
except (a) any events, changes, circumstances or effects related to general
economic, regulatory or political conditions or from terrorist acts, declared
or undeclared war or other hostilities or (b) events, changes, circumstances or
effects that affect the general industry in which Contributing Member or the
Entities operate or the Contributed Property or the Entity Assets are used.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Ordinary
Course&#148; </font></i></b>is defined in Section 2.03(a).</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<i><font style="font-style:italic;">Permits&#148; </font></i></font></b>means
all licenses, permits, registrations, authorizations or approvals from any
Governmental Authority or public or self-regulatory body.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=6,EFW="2110122",CP="BUNGE LIMITED",DN="12",CHK=475852,FOLIO='6',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-2_4596.CHC",USER="JGUERRE",CD='May  2 21:30 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Permitted
Lien&#148;</font></i></b> means any of the following: (a) Liens for
Taxes accrued but not yet due or for Taxes the validity of which is being
contested in good faith by appropriate proceedings and for which adequate
provision has been made, (b) any Lien that, either individually or in the
aggregate, would not have a Material Adverse Effect on the asset which is
subject to the Lien and (c) statutory carriers&#146;, warehousemen&#146;s workmen&#146;s or
mechanics&#146; Liens or other like Liens with respect to any asset incurred in the
Ordinary Course that are not yet delinquent or are being contested in good
faith.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<i><font style="font-style:italic;">Person&#148; </font></i></font></b>means
an individual, partnership (general or limited), limited liability company,
corporation, statutory trust, joint stock company, trust, unincorporated
association, joint venture or other entity, or a government or any political
subdivision or agency thereof.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b><i><font style="font-style:italic;font-weight:bold;">Pre-Effective Time Tax Period</font></i></b>&#148;
means any Tax period ending before the Effective Time, or, in the case of any
Tax period that includes, but does not end on, the Effective Time, the portion
of such period prior to the Effective Time.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;PTI&#148;</font></i></b>
means Protein Technologies International, Inc., a Delaware corporation (the
name of Solae, LLC and type of entity that Solae, LLC was prior to its
conversion) and a Wholly Owned Affiliate of DuPont PTI.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;SOGIP&#148;</font></i></b>
means SOGIP, SA, a French corporation and a seventy-five percent (75%) owned
Affiliate of Central Soya.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Solae,
LLC&#148;</font></i></b> means Solae, LLC, the Delaware limited
liability company resulting from the conversion of PTI, and a Wholly Owned
Affiliate of the Company.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Stern&#148;</font></i></b>
means Stern Lecithin Verwaltungs, a German corporation and a Wholly Owned
Affiliate of CS Germany.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Taxes&#148;
</font></i></b>means all taxes of any kind, including without
limitation, those on, or measured by or referred to as net income, alternative
or other minimum tax, gross income, gross receipts, sales, use, <i><font style="font-style:italic;">ad valorem, </font></i>transfer,
franchise, capital, paid-up capital, profits, license, withholding, payroll,
employment, excise, severance, stamp, occupation, premium, property,
environmental or windfall profits tax, customs, duties or similar fees,
assessments or charges of any kind whatsoever, together with any interest and
any penalties, additions to tax or additional amounts imposed by any taxing
authority, domestic or foreign, in respect of such Taxes.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Transfer
Taxes&#148;</font></i></b> is defined in Section 4.05.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Transfer
Tax Assessment&#148;</font></i></b> is defined in Section 4.05.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;US
Tax Assessment&#148;</font></i></b> is defined in Section 4.04(a).</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;US
Tax Refund&#148;</font></i></b> is defined in Section 4.04(c).</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<i><font style="font-style:italic;">Warranties&#148; </font></i></font></b>is defined in
Section 2.01(h).</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=7,EFW="2110122",CP="BUNGE LIMITED",DN="12",CHK=1042532,FOLIO='7',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-2_4596.CHC",USER="JGUERRE",CD='May  2 21:30 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 1.02
</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Certain
References.</u></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless otherwise indicated, references in
this Agreement to articles, sections, paragraphs, clauses, recitals and
schedules are to the same contained in or attached to this Agreement.</font></p>

<h1 style="color:black;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;text-transform:uppercase;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-transform:none;">&nbsp;</font></b></h1>

<h1 style="color:black;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;text-transform:uppercase;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-transform:none;">ARTICLE II</font></b></h1>

<h1 style="color:black;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;text-transform:uppercase;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-transform:none;">&nbsp;</font></b></h1>

<h1 style="color:black;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;text-transform:uppercase;"><b><u><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-transform:none;">CONTRIBUTION OF
THE CONTRIBUTED PROPERTY </font></u></b></h1>

<h1 style="color:black;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;text-transform:uppercase;"><b><u><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-transform:none;">BY CONTRIBUTING
MEMBER AND TREATMENT OF LIABILITIES</font></u></b></h1>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.01</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Contribution
of the Contributed Assets.</u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject
to the terms and conditions of this Agreement and the LLC Agreement, at the
Effective Time, in accordance with the LLC Agreement, Contributing Member
hereby grants, conveys, assigns, transfers and delivers to the Company, as a
Capital Contribution, free and clear of all Liens (other than Permitted Liens),
all of Contributing Member&#146;s right, title and interest in, to and under the
following assets (the <b><i><font style="font-style:italic;font-weight:bold;">&#147;Contributed
Assets&#148;</font></i></b>):</font></p>

<p style="margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>all of the assets
described on <u>Schedule 2.01(a)</u> hereto;</p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 4.5pt;text-indent:103.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>that certain lease
agreement dated April 6, 1992, between Contributing Member (as lessee) and
Universal Financial Services, L.P. (as lessor) relating to the Gibson City
Distribution Center (the <b><i><font style="font-style:italic;font-weight:bold;">&#147;Gibson
City Distribution Center Lease&#148;</font></i></b>)&#146;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 4.5pt;text-indent:103.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>those certain lease
agreements dated December 1, 1999, and May 1, 2000, between Contributing Member
(as lessee) and Universal Financial Services, L.P. (as lessor) relating to the
Bellevue Distribution Center (the <b><i><font style="font-style:italic;font-weight:bold;">&#147;Bellevue Distribution Center Leases&#148;</font></i></b>);</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 4.5pt;text-indent:103.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>accounts receivable of
Contributing Member (and its Affiliates) relating to the Contributed Assets;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 4.5pt;text-indent:103.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>to the extent legally
transferable, all Claims of Contributing Member (and its Affiliates) against
third parties relating to the Contributed Assets or the Contributed Stock,
including without limitation, unliquidated rights under manufacturers&#146; and
vendors&#146; warranties but excluding all amounts representing reimbursements for
items paid by Contributing Member;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 4.5pt;text-indent:103.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>to the extent
legally transferable, any Permits relating to the use or operation of the
Contributed Assets;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 4.5pt;text-indent:103.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>originals or copies of
all books of account, records, files and papers, whether in hard copy or
computer format, used exclusively or held for use exclusively in connection
with or exclusively relating to the Contributed Assets or the Contributed
Stock, including without limitation, engineering information, manuals and data,
and in respect of information relating to Taxes, only such information that is
necessary for the preparation or defense of any tax returns to be filed by the
Company after the Contribution Date;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=8,EFW="2110122",CP="BUNGE LIMITED",DN="12",CHK=95804,FOLIO='8',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-2_4596.CHC",USER="JGUERRE",CD='May  2 21:30 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 4.5pt;text-indent:103.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>to the extent legally
transferable, all rights of Contributing Member (and its Affiliates) under or
pursuant to warranties, representations and guarantees made by suppliers or
manufacturers in connection with the Contributed Assets, the servicing of the
Contributed Assets provided to Contributing Member (or its Affiliates) or products, materials,
equipment or components relating to the Contributed Assets (collectively, the <b><font style="font-weight:bold;">&#147;<i><font style="font-style:italic;">Warranties&#148;</font></i></font></b><i><font style="font-style:italic;">)</font></i>,
but excluding any rights to receive amounts under the Warranties representing
reimbursements for items paid by Contributing Member;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 4.5pt;text-indent:103.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>to the extent
legally transferable, all&#160; rights of
Contributing Member (and its Affiliate) under or pursuant to contracts or other
agreements (whether oral or written) relating to the Contributed Assets, but
excluding any rights to receive amounts under such contracts or other
agreements representing reimbursements for items paid by Contributing Member;
and</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 4.5pt;text-indent:103.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>to the extent cash
has not been retained as provided in Section 3.03, cash in an amount equal to
the Indebtedness at the Effective Time.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.02</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Contribution of
the Contributed Stock</u></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject
to the terms and conditions of this Agreement and the LLC Agreement, on the
Effective Time, in accordance with the LLC Agreement, Contributing Member hereby
grants, conveys, assigns, transfers and delivers to the Company, as a Capital
Contribution, free and clear of all Liens (other than Permitted Liens), all of
Contributing Member&#146;s right, title and interest in, to and under the following:
(the <b><i><font style="font-style:italic;font-weight:bold;">&#147;Contributed Stock&#148;</font></i></b>,
and together with the Contributed Assets, the <b><i><font style="font-style:italic;font-weight:bold;">&#147;Contributed Property&#148;</font></i></b>):</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>all of the issued and
outstanding shares of capital stock of CS Denmark;</p>

<p style="margin:0in 0in .0001pt 4.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>all of the issued and
outstanding shares of capital stock of CS France;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>187,500 shares of
SOGIP, constituting seventy-five percent (75%) of all of the issued and
outstanding shares of capital stock of SOGIP;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>all of the issued and
outstanding shares of capital stock of CS Germany;</p>

<p style="margin:0in 0in .0001pt 4.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>all of the issued and
outstanding shares of capital stock of CS Dominican, (except for a total of six
(6) shares; certificates for which have been endorsed in blank); and</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>50,000 Series B
Convertible Preferred Shares of CS Protomed.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.03</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Treatment of
Assumed Liabilities.</u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Company and the
Entities shall be responsible and liable for their respective Assumed
Liabilities.&#160; Within the ninety (90) day
period following the Contribution Date, Contributing Member and DuPont (jointly
or individually) shall be permitted to conduct an audit of Contributing
Member&#146;s and each of the Entities&#146; books, records, financial statements and
other accounting information directly relating to (i) the Assumed Liabilities
listed on <u>Schedule&nbsp;1.01(a)</u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=9,EFW="2110122",CP="BUNGE LIMITED",DN="12",CHK=351260,FOLIO='9',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-2_4596.CHC",USER="JGUERRE",CD='May  2 21:30 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and (ii) Contributing Member&#146;s or the
Entities&#146; inventory, receivables or other liabilities to determine if, on and
prior to the Effective Time, (A) such books, records, financial statements and
other accounting information were maintained, and such Assumed Liabilities,
inventory, receivables and other liabilities were incurred, paid, acquired,
maintained and/or collected, by Contributing Member or the Entities, as the
case may be, in the ordinary course of business, consistent with their
respective past practices (the <b><i><font style="font-style:italic;font-weight:bold;">&#147;Ordinary Course&#148;</font></i></b>) and (B) the balances in Contributing
Members&#146; and each of the Entities&#146; Assumed Liabilities, inventory, receivables
and other liabilities accounts are consistent with balances maintained in the
Ordinary Course (subject only to adjustment for seasonality and material
changes in economic and business conditions).&#160;
Within thirty (30) days following such audit, DuPont and/or Contributing
Member may deliver to the Members a statement (an <b><i><font style="font-style:italic;font-weight:bold;">&#147;Audit Statement&#148;</font></i></b>) setting forth in
reasonable detail each case in which DuPont and/or Contributing Member believes
in good faith that Contributing Member or any of the Entities (1) failed to
maintain such books, records, financial statements or other accounting
information in the Ordinary Course, (2) failed to incur, pay, acquire, maintain
and/or collect such Assumed Liabilities, inventory, receivables or other
liabilities in the Ordinary Course or (3) failed to maintain balances in such
Assumed Liabilities, inventory, receivables or other liabilities accounts at
levels consistent with the Ordinary Course (adjusted for seasonality and
material changes in economic and business conditions) and each adverse monetary
effect such failure had on such Assumed Liabilities, receivables, inventories
or other liabilities (each, an <b><i><font style="font-style:italic;font-weight:bold;">&#147;Adjustment Amount&#148;</font></i></b>).&#160;
Within thirty (30) days following a Member&#146;s receipt of an Audit
Statement, the Member shall notify the Company and the other Members of any
dispute it may have with respect to each Adjustment Amount reflected in such Audit
Statement and such disputes shall be submitted to the Board of Managers for
resolution.&#160; If the Board of Managers is
unable to unanimously agree upon a resolution to all or any of such disputes
within fifteen (15) days following their submission, the remaining disputes
shall be submitted for resolution to a nationally recognized independent
accounting firm that is not the primary auditor of any of the Members and that
is unanimously chosen by the Board of Managers, whose resolution shall be final
and binding on the parties.&#160; If the
Board of Managers is unable to unanimously agree upon such an accounting firm,
DuPont and Contributing Member shall each select such an accounting firm and
such accounting firms shall select a third nationally recognized independent
accounting firm, that is not the primary auditor of any of the Members, to
resolve the disputes.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If the Company, Solae,
LLC or any other Person directly or indirectly owned by the Company incurs or
suffers any actual Damages arising out of or relating to any Adjustment Amount
as finally determined pursuant to Section 2.03(a) above, there shall be a
special allocation to the Capital Account of Contributing Member pursuant to
Section 3.3(r) of the LLC Agreement and Contributing Member shall make an
Additional Capital Contribution pursuant to Section 3.3(v) of the LLC
Agreement.&#160; Notwithstanding the
foregoing, if the Company, Solae, LLC or any other Person directly or
indirectly owned by the Company incurs or suffers any Damages arising out of or
relating to any Adjustment Amount at a time at which Contributing Member is not
a Member of the Company (a <b><i><font style="font-style:italic;font-weight:bold;">&#147;Former
Member Adjustment Amount&#148;</font></i></b>), Contributing Member shall indemnify
and hold harmless the Company, Solae, LLC and any other Person directly or indirectly
owned by the Company from such actual Damages pursuant to Section 4.01(b)
hereof.</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.04</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Treatment
of Excluded Liabilities.</u></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Company, Solae, LLC or any other
Person directly or indirectly owned by </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=10,EFW="2110122",CP="BUNGE LIMITED",DN="12",CHK=680382,FOLIO='10',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-2_4596.CHC",USER="JGUERRE",CD='May  2 21:30 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the Company incurs or suffers any Damages
arising out of or relating to any Excluded Liability, there shall be a special
allocation to the Capital Account of Contributing Member pursuant to Section
3.3(i) of the LLC Agreement and Contributing Member shall make an Additional
Capital Contribution pursuant to Section 3.3(v) of the LLC Agreement.&#160; Notwithstanding the foregoing, if the
Company, Solae, LLC or any other Person directly or indirectly owned by the
Company incurs or suffers any Damages arising out of or relating to any
Excluded Liability at a time at which Contributing Member is not a Member of
the Company (a <b><i><font style="font-style:italic;font-weight:bold;">&#147;Former
Member Excluded Liability&#148;</font></i></b>), Contributing Member shall indemnify
and hold harmless the Company, Solae, LLC and any other Person directly or
indirectly owned by the Company from such actual Damages pursuant to Section
4.01(b) hereof.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.05</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Conveyance
Documents</u>.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To
further effect the contribution of the Contributed Property as contemplated by
this Article II, Contributing Member shall execute and deliver, or cause to be
executed and delivered, all of the Conveyance Documents and all such additional
documents or instruments of assignment, transfer or conveyance, in each case
dated as of the Contribution Date, as may be necessary or appropriate to
transfer to the Company all right, title and interest in and to the Contributed
Property.</font></p>

<h2 style="color:black;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></h2>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.06</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Effect
of Contributions</u>.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
exchange for its initial Capital Contribution of the Contributed Property (a)
Contributing Member shall receive 28.06% of the total Membership Interests of
the Company and (b) the Capital Account of Contributing Member shall be
credited as set forth in the LLC Agreement.</font></p>

<h1 style="color:black;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;text-transform:uppercase;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-transform:none;">&nbsp;</font></b></h1>

<h1 style="color:black;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;text-transform:uppercase;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-transform:none;">ARTICLE III</font></b></h1>

<h1 style="color:black;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;text-transform:uppercase;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-transform:none;">&nbsp;</font></b></h1>

<h1 style="color:black;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;text-transform:uppercase;"><b><u><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-transform:none;">REPRESENTATIONS,
WARRANTIES AND COVENANTS</font></u></b></h1>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3.01</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Contributing
Member Representations and Warranties</u>.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Contributing
Member represents and warrants to the Company that as of the Effective Time:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Organization.</u>&#160;
(i) Contributing Member is a corporation, duly organized and validly
existing under the laws of Indiana, (ii) CS Denmark is a corporation, duly
organized and validly existing under the laws of Denmark; (iii) CS France is a
corporation, duly organized and validly existing under the laws of France, (iv)
SOGIP is a corporation, duly organized and validly existing under the laws of
France, (v) CS Germany is a corporation, duly organized and validly existing
under the laws of Germany, (vi) CS Dominican is a corporation, duly organized
and validly existing under the laws of the Dominican Republic, Stern is a corporation,
duly organized and validly existing under the laws of Germany, (vii) Lecithins
Germany is a corporation, duly organized and validly existing under the laws of
Germany, (viii) Lecithins France is a corporation, duly organized and validly
existing under the laws of France, (ix) CS Italy is a corporation, duly
organized and validly existing under the laws of Italy and (x) CS Protomed is a
corporation, duly organized and validly existing under the laws of
Delaware.&#160; Each </p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=11,EFW="2110122",CP="BUNGE LIMITED",DN="12",CHK=483622,FOLIO='11',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-2_4596.CHC",USER="JGUERRE",CD='May  2 21:30 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">of
Contributing Member and the Entities has all requisite power and authority to
own, lease and operate its properties and assets and to carry on its business
as now being conducted.</font></p>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Qualification.</u>&#160;
(i) Contributing Member is duly licensed or qualified to do business as
a foreign entity in all jurisdictions in which the property owned or leased by
it or the activities conducted by it require it to be so qualified (except
where the failure to so qualify would not have a material adverse effect on the
ability of Contributing Member to perform its obligations under this Agreement,
the LLC Agreement or
the Conveyance Documents), and (ii) each of the Entities is duly licensed or
qualified to do business as a foreign entity<b><font style="font-weight:bold;">  </font></b>in
all jurisdictions in which the property owned or leased by it or the activities
conducted by it require it to be so qualified (except where the failure to so
qualify would not have a Material Adverse Effect).</p>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Authority.</u>&#160;
(i) Contributing Member has the power and authority to execute and
deliver this Agreement, the LLC Agreement and the Conveyance Documents and to
carry out its obligations hereunder and thereunder and to consummate the
transactions contemplated hereby and thereby, (ii)&nbsp;the execution and delivery
by Contributing Member of this Agreement, the LLC Agreement and the Conveyance
Documents, and the consummation of the transactions contemplated hereby and
thereby, have been duly authorized by its governing body, (iii) no other action
on the part of Contributing Member or any other Person, whether pursuant to its
constituent documents or by law or otherwise, is necessary to authorize
Contributing Member to enter into this Agreement, the LLC Agreement or the
Conveyance Documents, or to consummate the transactions contemplated hereby or
thereby, (iv) each of this Agreement, the LLC Agreement and the Conveyance
Documents has been duly executed and delivered by Contributing Member and
(v)&nbsp;each of this Agreement, the LLC Agreement and the Conveyance Documents
is the legal, valid and binding obligation of Contributing Member, enforceable
against Contributing Member, in accordance with its terms.</p>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>No Violation.</u>&#160;
Except as set forth on <u>Schedule 3.01(d)</u>, neither the execution
nor delivery by Contributing Member of this Agreement, the LLC Agreement or the
Conveyance Documents, nor the consummation of the transactions contemplated
hereby or thereby: (i) requires any filing or registration with, notification
to, permission of or any action or order by any Governmental Authority with
respect to Contributing Member, the Entities or the Company, (ii) (A) violates
or will violate any order, writ, injunction, judgment, decree or award or (B)
violates or will violate or conflict with any Applicable Law to which Contributing
Member or the Entities or any of their properties or assets or their businesses
are subject as of the Effective Time, (iii) violates or will violate, or
conflicts with or will conflict with any provision of, or constitutes a default
under the constituent documents of Contributing Member or the Entities,
(iv)&nbsp;conflicts with, violates, breaches or constitutes a material default
(or an event which, with notice or lapse of time or both, would constitute a
material default) under, requires any consent under, or gives rise to a right
to terminate, amend, accelerate, suspend, revoke or cancel any, mortgage,
contract, agreement, deed of trust, license, lease or other instrument,
arrangement, commitment, obligation, understanding or restriction of any kind
to which Contributing Member or the Entities is a party or by which their
assets or properties may be subject or bound, or (v) results in the creation or
imposition of any Lien in favor of any third party with respect to the
Contributed Assets, the Entity Assets or the Contributed Stock, and in the case
of clause (iv) above, which conflict, violation, breach, default, liability or
obligation, individually or in the aggregate, has or would reasonably be likely
to have (A) a Material </p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=12,EFW="2110122",CP="BUNGE LIMITED",DN="12",CHK=999692,FOLIO='12',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-2_4596.CHC",USER="JGUERRE",CD='May  2 21:30 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Adverse Effect or (B) a material adverse
effect on (1) the ability of Contributing Member or, following the Effective
Time, the Company to perform its obligations under this Agreement, the LLC
Agreement or any Conveyance Document or to own and operate the Contributed
Assets or the Contributed Stock in the manner in which the Contributed Assets
and the Contributed Stock are currently owned and operated by Contributing
Member or (2) the ability of any of the Entities to own and operate the Entity
Assets in the manner in which the Entity Assets are currently owned and
operated by the Entities.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Litigation.</u>&#160; Except as set forth on <u>Schedule 3.01(e)</u>,
there are no actions, suits, claims or proceedings <b><font style="font-weight:bold;">(&#147;Actions&#148;)</font></b> pending or, to the knowledge of Contributing
Member, the Entities or Bunge, threatened, that relate to the Contributed
Assets, the Entity Assets or the Contributed Stock or any of their other assets
or properties which individually or in the aggregate (i) have, or could reasonably
be likely to have, a material adverse effect on the ability of the Company,
following the Effective Time, to own and use the Contributed Assets or the
Contributed Stock in the manner in which the Contributed Assets and the
Contributed Stock are currently owned and used or on the ability of any of the
Entities to own and use the Entity Assets in the manner in which the Entity
Assets are currently owned and used or (ii) could reasonably be expected to
affect the legality, validity or enforceability of this Agreement, the LLC
Agreement or the Conveyance Documents or the consummation of the transactions
contemplated hereby or thereby.&#160; There
are no Actions pending or, to the knowledge
of Contributing Member or Bunge, threatened, that question or challenge the validity
of this Agreement, the LLC Agreement or the Conveyance Documents or any action
taken or to be taken by Contributing Member pursuant to this Agreement, the LLC
Agreement or the Conveyance Documents or in connection with the transactions
contemplated hereby or thereby.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Title</u>.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Contributing
Member owns and has good and marketable title to all of the Contributed Assets
(including, but not limited to, those set forth in <u>Schedule 2.01(a)</u>), in
each case free and
clear of all Liens (other than Permitted Liens);</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Contributing
Member owns, in each case free and clear of all Liens (other than Permitted
Liens), (A) one hundred percent (100%) of all of the issued and outstanding
shares of capital stock of: CS Denmark, CS France, CS Germany and CS Dominican
(other than six (6) shares in CS Dominican; certificates for which have been
endorsed in blank), (B) 187,500 shares of SOGIP (constituting seventy-five
percent (75%) of all of the issued and outstanding shares of capital stock of
SOGIP) and (C) 50,000 Series B Convertible Preferred Shares of CS
Protomed.&#160; CS Germany owns, in each case
free and clear of all Liens (other than Permitted Liens), (A) one hundred
percent (100%) of all of the issued and outstanding shares of capital stock of
Stern and (B) ninety-six percent (96%) of all of the partnership interest of
Lecithins Germany.&#160; Stern owns four
percent (4%) of all of the partnership interest of Lecithins Germany, free and
clear of all Liens (other than Permitted Liens).&#160; Lecithins Germany owns, in each case free and clear of all Liens
(other than Permitted Liens), one hundred percent (100%) of all of the issued
and outstanding shares of capital stock of Lecithins France and CS Italy;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii) </font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Each
of the Entities owns and has good and marketable title to </p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=13,EFW="2110122",CP="BUNGE LIMITED",DN="12",CHK=366565,FOLIO='13',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-2_4596.CHC",USER="JGUERRE",CD='May  2 21:30 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">their respective Entity Assets, in each case
free and clear of all Liens (other than Permitted Liens);</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Immediately
following the consummation of the transactions contemplated by this Agreement,
the LLC Agreement and the Conveyance Documents, the Company will own the
Contributed Property free and clear of all Liens (other than Permitted Liens);
and</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v) </font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Immediately
following the consummation of the transactions contemplated by this Agreement,
the LLC Agreement and the Conveyance Documents, each of the Entities will own
all of their respective Entity Assets free and clear of all Liens (other than
Permitted Liens).</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Taxes</u>.&#160; Each of Contributing Member and the Entities
have duly filed all returns or reports with respect to any U.S. federal, state,
local and foreign Taxes required to be filed by it, which returns or reports
were true, correct and complete in all material respects.&#160; Each of Contributing Member and the Entities
have paid all Taxes reflected in such returns and reports and all other Taxes
due from it to any Governmental Authority (except for those Taxes properly
contested and accrued for).&#160; Except as
disclosed in <u>Schedule 3.01(g)</u>, there are no Liens for Taxes on any of
the Contributed Assets or the Contributed Stock.&#160; All Taxes of each of Contributing Member and the Entities have
been paid by it on or before the due date therefor (except for those Taxes
properly contested and accrued for).</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Brokers</u>.&#160; Neither Bunge nor Contributing Member has
incurred or will incur any broker&#146;s, finder&#146;s, investment banking or similar
fee in connection with the transactions completed by this Agreement, the LLC
Agreement or the Conveyance Documents, and neither Bunge nor Contributing
Member has made any statement or representation that could form the basis for
any claim for any such fee.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Permits</u>.&#160; Contributing Member or its Affiliates have
all Permits that are required for the ownership, use and operation of the
Contributed Assets and the Entity Assets (including, without limitation,
environmental Permits), except for Permits the absence of which do not have a
Material Adverse Effect.&#160; Neither
Contributing Member nor the Entities are in default in respect of any Permits,
except for defaults that, individually or in the aggregate, do not and will not
have a Material Adverse Effect.&#160; There
are no pending, and none of Contributing Member, the Entities or Bunge has any
knowledge of any threatened, proceedings that could result in the termination or
impairment of any Permits with respect to the Contributed Assets or the Entity
Assets.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Intellectual
Property</u>.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>All
material registrations and filings, including maintenance and renewal fees,
necessary to preserve the rights of Contributing Member (and its Affiliates) in
respect of the Intellectual Property that consist of patents, patent
applications, continuations, continuations in part, divisions, reissues,
extensions, substitutions and supplemental protection certificates thereof and
registered trademarks and trade names, and recipes have been made and are in
good standing;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=14,EFW="2110122",CP="BUNGE LIMITED",DN="12",CHK=243442,FOLIO='14',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-2_4596.CHC",USER="JGUERRE",CD='May  2 21:30 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>No
Claims have been made and no proceedings have been instituted or are pending
that challenge any material rights with respect to the ownership, use, validity
or enforceability of the Intellectual Property.&#160; Neither Contributing Member nor its Affiliates are subject to any
outstanding injunction, judgment, order, decree, ruling or settlement involving
the Intellectual Property;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
Intellectual Property constitutes all of the intellectual property that is
reasonably necessary to own, operate and use the Contributed Assets and the
Entity Assets as currently owned, operated and used and constitutes all of the
material intellectual property used to own, operate and use the Contributed
Assets and the Entity Assets as currently owned, operated and used;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Except
as set forth in <u>Schedule 3.01(j)</u>, Contributing Member owns all right,
title and interest in, or has the right to use, that part of the Intellectual
Property relating to the Contributed Assets, the ownership of which is to be
conveyed to the Company under this Agreement free of all Liens, and currently
has the right to use all of such Intellectual Property;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Except
as set forth in <u>Schedule 3.01(j)</u>, the Entities own all right, title and
interest in, or have the right to use, their respective part of the
Intellectual Property relating to the Entity Assets;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To
each of Contributing Member&#146;s, the Entities&#146; and Bunge&#146;s knowledge, neither
Contributing Member nor its Affiliates nor end users of products have infringed
upon or misappropriated any intellectual property rights of any third party in
the ownership, operation or use of the Contributed Assets or the Entity Assets;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Neither
Contributing Member nor its Affiliates have threatened or instituted a Claim
against any Person alleging that such Person infringes the Intellectual
Property;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(viii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Except as
set forth in <u>Schedule 3.01(j)</u>, neither Contributing Member nor its
Affiliates have granted to any Person any options, licenses or agreements
relating to the Intellectual Property; and</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ix) </font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Neither
Contributing Member nor its Affiliates have agreed to indemnify any Person
against any charge of infringement arising out of the ownership, operation or
use of the Contributed Assets or the Entity Assets.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Contributed Assets
and Entity Assets</u>.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i) </font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
Contributed Assets and the Entity Assets constitute all of the assets necessary
for Bunge and its Affiliates to operate that portion of their business being
contributed to the Company as such portion is currently operated by
Contributing Member and its Affiliates.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
Gibson City Distribution Center Lease and the Bellevue Distribution Center
Leases are in full force effect and are fully assignable to the Company and
constitute the legal, valid and binding obligations of the parties thereto and
there are no material breaches of any such agreements by any of the parties
thereto.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=15,EFW="2110122",CP="BUNGE LIMITED",DN="12",CHK=706409,FOLIO='15',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-2_4596.CHC",USER="JGUERRE",CD='May  2 21:30 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>After
the consummation of the transactions contemplated by this Agreement and the
Conveyance Documents, the Company shall have the right to own, operate and use
the Contributed Assets to the same extent they are currently owned, operated
and used.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>After
the consummation of the transactions contemplated by this Agreement and the
Conveyance Documents, each of the Entities shall have the right to own, operate
and use their respective Entity Assets to the same extent they are currently
owned, operated and used.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>No
Action has been made or asserted or is pending and, to the knowledge of
Contributing Member and Bunge, no Action has been threatened, either (A) based
upon or challenging or seeking to deny or restrict the ownership, operation or
use of any of the Contributed Assets or the Entity Assets or (B) alleging that
any services provided, or products manufactured or sold, or intangible property
being licensed or used, with respect to the Contributed Assets or the Entity
Assets, are being manufactured, sold, provided, licensed or used in violation
of any intellectual property rights.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Compliance
with Applicable Law; Adverse Restrictions</u>.&#160;
The operations relating to the Contributed Assets and the operations
related to the Entity Assets are being conducted in material compliance with
(i) all applicable Permits and orders, writs, injunctions, judgments, decrees
or awards of all courts and (ii) all Applicable Laws.&#160; The Contributed Property and the Entity Assets are currently
owned, operated and used in compliance in all material respects with all
Applicable Laws.&#160; Neither Contributing
Member nor its Affiliates have received, during the two (2) years prior to the
date of this Agreement, any written notice from a Governmental Authority that
alleges that Contributing Member or its Affiliates are in violation of any
Applicable Law, except for any such violations that, individually or in the
aggregate, would not have a Material Adverse Effect.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(m)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Consents;
Approvals</u>.&#160; Except as set forth on <u>Schedule
3.01(m),</u> Contributing Member has obtained all material consents, approvals
and authorizations necessary for the consummation by it of the transactions
contemplated by this Agreement, the Conveyance Documents and the LLC Agreement.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(n)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Ordinary
Course; No Destruction; No Material Adverse Effect</u>.&#160; Since July 1, 2002, (i) the Contributed
Assets and the Entity Assets have been used and operated in the Ordinary
Course, (ii) the Assumed Liabilities listed on <u>Schedule&nbsp;1.01(a)</u> and
Contributing Member&#146;s and the Entities&#146; other liabilities have been incurred
and paid in the Ordinary Course, (iii) Contributing Member&#146;s and the Entities&#146;
respective inventory and receivables have been acquired, maintained and/or
collected in the Ordinary Course, (iv) no destruction of, or damage to, or loss
of, any Contributed Asset or Entity Asset (whether or not insured) that has not
been repaired or replaced in excess of $250,000 has occurred and (v) no event
or occurrence that would result in a Material Adverse Effect or would
reasonably be likely to result in a Material Adverse Effect has occurred.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(o)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>HCS
Nutritional Resources, L.L.C</u>.&#160; A
certificate of cancellation has been filed with the Secretary of State of the
State of Delaware to dissolve HCS Nutritional Resources, L.L.C., a joint
venture between Central Soya and Cognis Corporation, and its operations have </p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=16,EFW="2110122",CP="BUNGE LIMITED",DN="12",CHK=88600,FOLIO='16',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-2_4596.CHC",USER="JGUERRE",CD='May  2 21:30 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">been wound up.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(p)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Books
and Records</u>.&#160; Since July 1, 2002,
Contributing Member and the Entities have maintained their respective books and
records in the Ordinary Course and in accordance with the generally accepted
accounting principles then in effect in their respective jurisdictions.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(q)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>No
Debt</u>. Except as expressly referenced in Section 3.03 hereof, none of
Entities has, and none of the Contributed Property or the Entity Assets are
subject to, any existing and outstanding indebtedness.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3.02</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Cooperation</u>.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To the extent
that any Permits, Claims, Warranties or contracts (including, but not limited
to, any contracts listed as Contributed Assets in Section 2.01) relating to the
ownership or use of any of the Contributed Assets or the Entity Assets (a)
cannot be assumed by, or assigned or transferred to, the Company without the
consent of another party or the satisfaction of some other condition, and such
consent has not been obtained or condition satisfied as of the Effective Time
or (b) require consent to any of the transactions contemplated hereunder
(including, but not limited to, any change of control provisions with respect
thereto) or the satisfaction of some other condition as a result of the
transactions contemplated hereunder, each of the parties hereto agrees to use
its commercially reasonable best efforts (including, but not limited to,
cooperating with the other in any reasonable arrangement) to enable
Contributing Member and its Affiliates to perform their obligations thereunder,
and to provide for the Company and the Entities the benefits thereof, including
without limitation, enforcement at reasonable cost, and for the account of the
Company or the Entities (as the case may be), of any and all rights of any of
Contributing Member or their Affiliates against the other party thereto arising
out of the breach or cancellation thereof by such other party or otherwise.
Contributing Member shall promptly pay to the Company or the Entities (as the
case may be) all monies received by it or any of its Affiliates in connection
with any of the foregoing.&#160; The parties
acknowledge and agree that the Bellevue Distribution Center Leases will be
assigned as soon as the consent of the lessor thereunder has been obtained and
that for the interim period the parties have entered into a sublease with
respect to the Bellevue Distribution Center.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3.03</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Cash</u>.&#160; Subject to the remaining clauses of this
Section 3.03, the parties acknowledge and agree that immediately prior to
Contributing Member entering into this Agreement, Contributing Member caused,
to the extent permitted under Applicable Law, all of the cash collected and
available to the Entities at the close of business on March 31, 2003 to be
distributed.&#160; Notwithstanding the
foregoing, Contributing Member shall contribute to the Company on April 1, 2003
an amount equal to the estimated outstanding principal balance (and all accrued
and unpaid interest thereon) at the close of business on March 31, 2003 of any
indebtedness of the Entities to (i) Cereol S.A. or any Affiliate of Cereol S.A.
pursuant to intercompany loans in effect at the close of business on March 31,
2003 and (ii) to any third parties in effect at the close of business on March
31, 2003 (the total amount of all such indebtedness, including accrued and
unpaid interest thereon, the <b><i><font style="font-style:italic;font-weight:bold;">&#147;Indebtedness&#148;</font></i></b> and the amount of such contribution, the <b><i><font style="font-style:italic;font-weight:bold;">&#147;Cash Contribution&#148;</font></i></b>)
..&#160; Within two (2) business days after
the Effective Time the actual amount of the Indebtedness shall be determined
and if the Cash Contribution is less than the actual Indebtedness Contributing
Member shall promptly contribute </p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=17,EFW="2110122",CP="BUNGE LIMITED",DN="12",CHK=674108,FOLIO='17',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-2_4596.CHC",USER="JGUERRE",CD='May  2 21:30 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">an amount equal to the
shortfall and if the Cash Contribution is more than the actual Indebtedness,
the Company shall promptly pay such excess amount to Contributing Member.&#160; Any payment to the Company or distribution
from the Company in accordance with the preceding sentence shall be made in
U.S. Dollars and the exchange rate shall be calculated utilizing the midrate
exchange rates at the close of business on March 31, 2003 New York time as
published by Bloomberg without regard to the exchange rate on the date the
Indebtedness is paid.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3.04</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Breach</u>.&#160; If the Company, Solae, LLC or any other
Person directly or indirectly owned by the Company incurs or suffers any actual
Damages arising out of or relating to any Breach, there shall be a special
allocation to the Capital Account of Contributing Member pursuant to Section
3.3(k) of the LLC Agreement and Contributing Member shall make an Additional
Capital Contribution pursuant to Section 3.3(v) of the LLC Agreement.&#160; Notwithstanding the foregoing, if the
Company, Solae, LLC or any other Person directly or indirectly owned by the
Company incurs or suffers any Damages arising out of or relating to any Breach
at a time at which Contributing Member is not a Member of the Company (a <b><i><font style="font-style:italic;font-weight:bold;">&#147;Former Member Breach&#148;</font></i></b>),
Contributing Member shall indemnify and hold harmless the Company, Solae, LLC
and any other Person directly or indirectly owned by the Company from such
actual Damages pursuant to Section 4.01(b) hereof.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3.05</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>HCS
Inventory</u>.&#160; If the Company is
unable, despite using its commercially reasonable efforts, to sell all of the
inventory purchased by the Company from HCS Nutritional Resources, LLC within
one (1) year following such purchase, Contributing Member shall pay to the
Company an amount equal to the percentage of such inventory then remaining
times $328,125.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3.06</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Insurance</u>.&#160;&#160; Contributing Member shall provide or cause
to be provided insurance for the Contributed Assets and the Entity Assets
through Bunge&#146;s existing Property/Business Interruption insurance until May 31,
2003, or adoption of new coverage for all of the Company&#146;s assets, whichever is
sooner.&#160; The terms of such insurance
shall include a deductible of $1,000,000.&#160;
The Company shall pay the first $1,000,000 of any property loss.&#160; Contributing Member or its Affiliates shall
charge the Company and the Company shall pay its allocable portion of Bunge&#146;s
existing property insurance.&#160;
Contributing Member will continue or cause to be continued Bunge&#146;s
existing marine coverage for the operations of the Contributed Assets and the
Entity Assets until May 1, 2003.&#160; The
Company shall pay to Bunge its allocable portion of Bunge&#146;s existing marine
coverage.&#160; The Company shall pay all
amounts owing under this Section 3.06 to Contributing Member within fifteen
(15) days of the Company&#146;s receipt of an invoice therefor.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE IV</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SURVIVAL; INDEMNIFICATION; TAXES</font></u></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 4.01</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Survival;
Indemnification</u>.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
covenants, agreements, representations and warranties of Contributing Member
and the Company contained herein or in any certificate or other writing
delivered pursuant hereto or in connection herewith and any indemnification
obligations contained in this </p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=18,EFW="2110122",CP="BUNGE LIMITED",DN="12",CHK=499773,FOLIO='18',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-2_4596.CHC",USER="JGUERRE",CD='May  2 21:30 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Article IV shall survive for a
period of three (3) years after the Effective Time; provided, however, that
with respect to Tax matters, any covenants, agreements, indemnity obligations,
representations or warranties shall survive until 180 days after the expiration
of the applicable statutory period of limitations (giving effect to any waiver
or extension thereof).&#160; Notwithstanding
the preceding, any indemnification obligations in respect of which indemnity
may be sought under this Article IV shall survive the time at which it would
otherwise terminate pursuant to such sentence if notice of such indemnification
Claim shall have been given to the party against whom such indemnity may be
sought, prior to such time.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Contributing
Member hereby agrees to indemnify each Company Indemnitee against and agrees to
hold it harmless from any and all actual Damages incurred or suffered by such
Company Indemnitee arising out of or relating to any Former Member Liability.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Contributing
Member hereby agrees to indemnify each Company Indemnitee (other than the
Company, Solae, LLC or any Person directly or indirectly owned by the Company)
against and agrees to hold it harmless from any and all actual Damages incurred
or suffered by such Person arising out of or relating to any Excluded
Liability, Breach or Former Member Liability.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To the extent
that Contributing Member&#146;s indemnification obligations set forth in this
Section 4.01 may be unenforceable because they are violative of any Applicable
Law or public policy, Contributing Member shall contribute the maximum portion
that it is permitted to pay and satisfy under Applicable Law to the payment and
satisfaction of all actual Damages incurred by the Indemnified Party.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 4.02</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Liability
Threshold</u>.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No
indemnification shall be payable by Contributing Member as a result of a claim
arising under Section 4.01 unless the aggregate amount of all such actual
Damages thereunder exceeds an amount equal to $1,000,000, and then Contributing
Member shall have liability for the full amount of such actual Damages.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 4.03</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Control
of Litigation</u>.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each Person
entitled to indemnification as provided under Section 4.01 (the <b><i><font style="font-style:italic;font-weight:bold;">&#147;Indemnified Party&#148;</font></i></b>)
shall give written notice (the <b><i><font style="font-style:italic;font-weight:bold;">&#147;Claim Notice&#148;</font></i></b>) to Contributing Member of the assertion
of any Claim or the commencement of any suit, action or proceeding in respect
of which indemnity may be sought under Section 4.01 hereof and of any Damages
which any such Indemnified Party deems to be within the scope of Section 4.01 within
fifteen (15) days following such assertion, commencement or incurrence of
Damages of which the Indemnified Party is actually aware and shall give
Contributing Member such information with respect thereto as Contributing
Member may reasonably request. &#160;Contributing Member may, at its option and at its own expense, (a)
participate in and (b) upon written notice to the Indemnified Party, within
fifteen (15) days of receipt of the Claim Notice, assume the defense of, any
such suit, action or proceeding; provided that (i) the counsel of Contributing
Member is reasonably satisfactory to the Indemnified Party, (ii) Contributing
Member shall consult with the Indemnified Party, upon the reasonable request of
the Indemnified Party, from time to time with respect to such suit, action or
proceeding and (iii) Contributing Member shall not settle or </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=19,EFW="2110122",CP="BUNGE LIMITED",DN="12",CHK=724271,FOLIO='19',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-2_4596.CHC",USER="JGUERRE",CD='May  2 21:30 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">compromise any such suit,
action or proceeding without the written consent of the Indemnified Party,
which consent shall not be unreasonably withheld; provided, however, that if
Contributing Member reasonably desires to settle or compromise and the
Indemnified Party rejects such reasonable settlement or compromise, then the
Indemnified Party shall be liable for any and all Damages in excess of the
amount of the rejected reasonable settlement or compromise.&#160; If Contributing Member assumes such defense,
the Indemnified Party shall have the right (but not the duty) to participate in
the defense thereof and to employ counsel, at its own expense, separate from
the counsel employed by Contributing Member.&#160;
Contributing Member shall be liable for the fees and expenses of counsel
employed by the Indemnified Party with respect to any period during which
Contributing Member has not assumed the defense of any such action or
proceeding in respect of which indemnity is required hereunder; provided,
however, that Contributing Member shall not be liable for the fees and expenses
of more than one counsel employed by the Indemnified Party, in any
jurisdiction, except that if the Indemnified Party has a conflict of interest
with any other Indemnified Party, the Indemnified Party is entitled to have
separate counsel at the expense of Contributing Member until such time as
Contributing Member assumes the defense.&#160;
If Contributing Member does not assume the defense and the Indemnified
Party assumes the defense thereof, (A) Contributing Member shall have the right
(but not the duty) to participate in the defense thereof and employ counsel, at
its own expense, (B) such Indemnified Party shall consult with Contributing
Member, upon the reasonable request of Contributing Member, from time to time
with respect to such suit, action or proceeding and (C) the Indemnified Party
shall not settle or compromise any such suit, action or proceeding without the
consent of Contributing Member, which consent shall not be unreasonably
withheld.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 4.04</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Taxes</u>.
</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a) </font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If,
at anytime, the Company, Solae, LLC or any other Person directly or indirectly
owned by the Company incurs or suffers any US Tax assessment with respect to
any Taxes of Contributing Member or any of the Entities relating to or arising
from any Pre-Effective Time Tax Period (a <b><i><font style="font-style:italic;font-weight:bold;">&#147;US Tax Assessment&#148;</font></i></b>), there shall be a
special allocation to the Capital Account of Contributing Member pursuant to
Section 3.3(m) of the LLC Agreement and Contributing Member shall make an
Additional Capital Contribution pursuant to Section 3.3(v) of the LLC
Agreement.&#160; Notwithstanding the
foregoing, if the Company, Solae, LLC or any other Person directly or
indirectly owned by the Company incurs or suffers any US Tax Assessment at a
time at which Contributing Member is not a Member of the Company (a <b><i><font style="font-style:italic;font-weight:bold;">&#147;Former Member US Tax Assessment&#148;</font></i></b>),
Contributing Member shall indemnify and hold harmless the Company, Solae, LLC
and any other Person directly or indirectly owned by the Company from such
Former Member US Tax Assessment pursuant to Section 4.01(b) hereof.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If,
at anytime, the Company, Solae, LLC or any other Person directly or indirectly
owned by the Company incurs or suffers any Foreign Tax assessment with respect
to any Taxes of Contributing Member or any of the Entities relating to or
arising from any Pre-Effective Time Tax Period (a <b><i><font style="font-style:italic;font-weight:bold;">&#147;Foreign Tax Assessment&#148;</font></i></b>), there shall
be a special allocation to the Capital Account of Contributing Member pursuant
to Section 3.3(o) of the LLC Agreement and Contributing Member shall make an
Additional Capital Contribution pursuant to Section 3.3(v) of the LLC
Agreement.&#160; Notwithstanding the
foregoing, if the Company, Solae, LLC or any other Person directly or
indirectly owned by the Company incurs or suffers any Foreign Tax Assessment at
a time at which Contributing Member is not a Member of the Company (a <b><i><font style="font-style:italic;font-weight:bold;">&#147;Former Member Foreign Tax Assessment&#148;</font></i></b>),
Contributing Member shall indemnify and hold </p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=20,EFW="2110122",CP="BUNGE LIMITED",DN="12",CHK=55140,FOLIO='20',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-2_4596.CHC",USER="JGUERRE",CD='May  2 21:30 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">harmless the Company, Solae,
LLC and any other Person directly or indirectly owned by the Company from such
Former Member Foreign Tax Assessment pursuant to Section 4.01(b) hereof.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If,
at anytime, the Company, Solae, LLC or any other Person directly or indirectly
owned by the Company receives any US Tax refund with respect to any Taxes of
Contributing Member or any of the Entities relating to or arising from any
Pre-Effective Time Tax Period (a <b><i><font style="font-style:italic;font-weight:bold;">&#147;US Tax Refund&#148;</font></i></b>), there shall be a special
allocation to the Capital Account of Contributing Member pursuant to Section
3.3(w) of the LLC Agreement and the Company shall make a cash distribution
pursuant to Section 3.3(aa) of the LLC Agreement.&#160; Notwithstanding the foregoing, if the Company, Solae, LLC or any
other Person directly or indirectly owned by the Company receives any US Tax
Refund at a time at which Contributing Member is not a Member of the Company,
the Company shall promptly pay an amount equal to the US Tax Refund to
Contributing Member.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If,
at anytime, the Company, Solae, LLC or any other Person directly or indirectly
owned by the Company receives any Foreign Tax refund with respect to any Taxes
of Contributing Member or any of the Entities relating to or arising from any
Pre-Effective Time Tax Period (a <b><i><font style="font-style:italic;font-weight:bold;">&#147;Foreign Tax Refund&#148;</font></i></b>), there shall be a
special allocation to the Capital Account of Contributing Member pursuant to
Section 3.3(y) of the LLC Agreement and the Company shall make a cash
distribution pursuant to Section 3.3(aa) of the LLC Agreement. Notwithstanding
the foregoing, if the Company, Solae, LLC or any other Person directly or
indirectly owned by the Company receives any Foreign Tax Refund at a time at
which Contributing Member is not a Member of the Company, the Company shall
promptly pay an amount equal to the Foreign Tax Refund to Contributing Member.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 4.05</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Transfer
Taxes</u>.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Contributing
Member shall pay, or cause to be paid, all Taxes imposed on any transfers of
the Contributed Assets or the Contributed Stock to the Company (the <b><i><font style="font-style:italic;font-weight:bold;">&#147;Transfer Taxes&#148;</font></i></b>).&#160; The Company shall pay, or cause to be paid,
all Taxes imposed on any subsequent transfers of the Contributed Assets after
the Effective Time (including, but not limited to, the Company&#146;s transfer of
the Contributed Assets to Solae, LLC).&#160;
If, at anytime, the Company, Solae, LLC or any other Person directly or
indirectly owned by the Company incurs or suffers any Tax assessment with
respect to any Transfer Taxes (a <b><i><font style="font-style:italic;font-weight:bold;">&#147;Transfer Tax Assessment&#148;</font></i></b>), there shall be a
special allocation to the Capital Account of Contributing Member pursuant to
Section 3.3(m) of the LLC Agreement and Contributing Member shall make an
Additional Capital Contribution pursuant to Section 3.3(v) of the LLC
Agreement.&#160; Notwithstanding the
foregoing, if the Company, Solae, LLC or any other Person directly or
indirectly owned by the Company incurs or suffers any Transfer Tax Assessment
at a time at which Contributing Member is not a Member of the Company (a <b><i><font style="font-style:italic;font-weight:bold;">&#147;Former Member Transfer Tax
Assessment&#148;</font></i></b>), Contributing Member shall indemnify and hold
harmless the Company, Solae, LLC and any other Person directly or indirectly
owned by the Company from such Former Member Transfer Tax Assessment pursuant
to Section 4.01(b) hereof.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=21,EFW="2110122",CP="BUNGE LIMITED",DN="12",CHK=923978,FOLIO='21',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-2_4596.CHC",USER="JGUERRE",CD='May  2 21:30 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 4.06</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Cooperation
on Tax Matters</u>.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Contributing
Member and the Company shall cooperate fully, as and to the extent reasonably
requested by the other party, in connection with any audit, litigation or other
proceeding with respect to Taxes.&#160; Such
cooperation shall include the retention and (upon the other party&#146;s reasonable
request) the provision of records and information that are reasonably relevant
to any such audit, litigation or other proceeding, and making employees
available on a mutually convenient basis to provide additional information and
explanation of any material provided hereunder.&#160; The Company and Contributing Member agree to retain all books and
records that are relevant to the determination of the Tax liabilities pertinent
to the Contributed Assets, the Entity Assets or the Contributed Stock relating
to any Pre-Effective Time Tax Period until the expiration of the applicable statute
of limitations, and to abide by all records retention agreements entered into
with any taxing authority.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE V</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">MISCELLANEOUS PROVISIONS</font></u></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 5.01</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Notices</u>.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any notice,
payment, demand, or communication required or permitted to be given by any
provision of this Agreement shall be in writing and shall be deemed to have
been delivered, given, and received for all purposes (i) if delivered
personally to the Person or to an officer of the Person to whom the same is
directed, or (ii) when the same is actually received, if sent by a nationally
recognized overnight delivery service or by registered or certified mail,
postage and charges prepaid, or by facsimile, if such facsimile is followed by
a hard copy of the facsimile communication sent promptly thereafter by a
nationally recognized overnight delivery service or by registered or certified
mail, postage and charges prepaid, addressed as follows (or at such other
address for a party as shall be specified by like notice):</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If to
Contributing Member:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Central Soya
Company, Inc.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c/o Bunge
Management Services</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50 Main
Street, 6<sup>th</sup> Floor</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">White Plains,
NY 10606</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:
Andrew J. Burke</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Facsimile:
(914) 684-3417</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With a Copy
to:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Legal
Department</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bunge
Management Services, Inc.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50 Main
Street, 6<sup>th</sup> Floor</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">White Plains,
NY 10606</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Facsimile:
(914) 684-3417</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If to the
Company:</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=22,EFW="2110122",CP="BUNGE LIMITED",DN="12",CHK=837259,FOLIO='22',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-2_4596.CHC",USER="JGUERRE",CD='May  2 21:30 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Solae Holdings
LLC</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1034 Danforth
Drive</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">St. Louis,
Missouri 63102</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">United States
of America</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Facsimile:
(314) 982-2461</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 5.02</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Successors
and Assigns and Assignment</u>.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement
shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns; provided, that neither this
Agreement nor any of the rights hereunder may be assigned by any of the parties
hereto without the prior written consent of the other party.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 5.03</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Construction</u>.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">It is the
intent of the parties hereto that every covenant, term, and provision of this
Agreement shall be construed simply according to its fair meaning and not
strictly for or against any party.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 5.04</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Headings</u>.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The article
and section headings contained in this Agreement are for reference purposes
only and shall not affect in any way the meaning or interpretation of this
Agreement.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 5.05</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Severability</u>.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If any one or
more provisions contained in this Agreement shall, for any reason, be held to
be invalid, illegal or unenforceable in any respect, such invalidity,
illegality or unenforceability shall not affect any other provision of this
Agreement, but this Agreement shall be construed as if such invalid, illegal or
unenforceable provision had never been contained herein.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 5.06</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Governing
Law</u>.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The laws of
the State of Delaware, without application of the conflicts of laws principles
thereof, shall govern the validity of this Agreement, the construction of its
terms, and the interpretation of the rights and duties arising hereunder.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 5.07</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Consent
to Jurisdiction</u>.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each party
hereto (a) irrevocably submits to the non-exclusive jurisdiction of any
Delaware or Missouri State court or Federal court sitting in Wilmington,
Delaware or St. Louis, Missouri in any action arising out of this Agreement,
(b) agrees that all claims in such action may be decided in such court, (c)
waives, to the fullest extent it may effectively do so, the defense of an
inconvenient forum, and (d) consents, to the fullest extent it may effectively
do so, to the service of process by mail in accordance with Section 5.01
hereof.&#160; A final non-appealable judgment
of any such court shall be conclusive and may be enforced in other
jurisdictions.&#160; </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=23,EFW="2110122",CP="BUNGE LIMITED",DN="12",CHK=301845,FOLIO='23',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-2_4596.CHC",USER="JGUERRE",CD='May  2 21:30 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Nothing herein shall affect the
right of any party to serve legal process in any manner permitted by law or
affect its right to bring any action in any other court.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 5.08</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Waiver
of Jury Trial</u>.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EACH OF THE
PARTIES HERETO IRREVOCABLY WAIVES, TO THE EXTENT PERMITTED BY LAW, ALL RIGHTS
TO TRIAL BY JURY AND ALL RIGHTS TO IMMUNITY BY SOVEREIGNTY OR OTHERWISE IN ANY
ACTION, PROCEEDING, OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS
AGREEMENT.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 5.09</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Counterpart
Execution</u>.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement
may be executed in one or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same
instrument and shall become a binding Agreement when one or more of the
counterparts have been signed by Contributing Member and the Company and
delivered to the other party.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 5.10</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Specific
Performance</u>.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each of the
parties acknowledges that money damages would not be a sufficient remedy for
any breach of this Agreement and that irreparable harm would result if this
Agreement were not specifically enforced.&#160;
Therefore, the rights and obligations of the parties under this
Agreement shall be enforceable by a decree of specific performance issued by
any court of competent jurisdiction, and appropriate injunctive relief may be
applied for and granted in connection therewith. A party&#146;s right to specific
performance shall be in addition to all other legal or equitable remedies
available to such party.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 5.11</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>No
Material Impairment</u>.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No party
hereto shall take any action that could materially impair such party&#146;s ability
to perform its duties or obligations under this Agreement.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 5.12</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Entire
Agreement</u>.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement
including the exhibits, schedules, other documents and instruments referred to
herein, together with the LLC Agreement and the Conveyance Documents,
constitute the entire agreement among the parties hereto and their respective
Affiliates and contain all of the agreements among such parties with respect to
the subject matter hereof and thereof.&#160;
This Agreement supersedes any and all other agreements, either oral or
written, between such parties with respect to the subject matter hereof.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 5.13</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Waiver
of Compliance; Consents</u>.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any failure of
a party to comply with any obligation, covenant, agreement or condition herein
may be waived by the other party; provided, however, that any such waiver may
be made only by a written instrument signed by the party granting such waiver
and provided, further, that such waiver or failure to insist upon strict
compliance with such obligation, covenant, agreement or condition shall not
operate as a waiver of, or estoppel with respect to, any subsequent or other
failure. Whenever this Agreement requires or permits consent by or on</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=24,EFW="2110122",CP="BUNGE LIMITED",DN="12",CHK=734924,FOLIO='24',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-2_4596.CHC",USER="JGUERRE",CD='May  2 21:30 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">behalf of any party hereto,
such consent shall be given in writing in a manner consistent with the
requirements for a waiver of compliance as set forth in this Section 5.13, with
appropriate notice in accordance with Section 5.01 hereof.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 5.14</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Third
Party Beneficiaries</u>.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each Member of
the Company (other than Contributing Member or its transferees) shall be a
third party beneficiary of this Agreement and, except as otherwise provided
herein, shall be entitled to the benefits of the Company set forth herein.&#160; Except as expressly provided herein, nothing
in this Agreement is intended or shall be construed to confer upon any Person,
other than the parties and their respective successors and permitted assigns,
any rights, remedy or claim under or by reason of this Agreement or any
provision contained herein.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 5.15</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Amendment
and Modification</u>.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement
may be amended, modified or supplemented only by a written agreement of each of
the parties hereto.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 5.16</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Schedules</u>.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All Schedules
attached hereto are hereby incorporated herein and made a part hereof as if set
forth in full herein.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 5.17</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Inconsistency
or Conflict</u>.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the event
of any inconsistency or conflict between any provision of this Agreement and
any provision of the Conveyance Documents, the provision of this Agreement
shall govern. In the event of any inconsistency or conflict between any
provision of this Agreement and any provision of the LLC Agreement, the
provision of the LLC Agreement shall govern.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 5.18</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Expenses,
Etc</u>.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as
otherwise provided herein, whether or not the transactions contemplated by this
Agreement shall be consummated, all fees and expenses (including all fees of
counsel, actuaries and accountants) incurred by any party in connection with
the negotiation and execution of this Agreement and the Conveyance Documents
shall be borne by such party.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 5.19</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Further
Assurances</u>.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">From time to
time, at the request of any party hereto and without further consideration, the
other party, at its own expense, will execute and deliver such other documents,
and take such other action, as such party reasonably may request in order to
consummate more effectively the transactions contemplated by this Agreement,
the Conveyance Documents or the LLC Agreement and to vest in the Company good
and marketable title to the Contributed Property.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">[Signature Page
Follows]</font></i></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=25,EFW="2110122",CP="BUNGE LIMITED",DN="12",CHK=605301,FOLIO='25',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-2_4596.CHC",USER="JGUERRE",CD='May  2 21:30 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS
WHEREOF, the parties hereto have duly executed this Agreement as of the day and
year first above written.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:'Times New Roman';width:100.0%;">
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.74%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="52%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:52.76%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CENTRAL SOYA COMPANY, INC.</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.5%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.74%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="52%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:52.76%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.74%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="32%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:32.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ CENTRAL
  SOYA COMPANY, INC.</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.66%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.74%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="5%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:5.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="30%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:30.56%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.66%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.74%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:4.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: </font></p>
  </td>
  <td width="31%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:31.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.66%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.5%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.74%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="52%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:52.76%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.5%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.74%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="52%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:52.76%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.74%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="52%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:52.76%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SOLAE HOLDINGS LLC</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.5%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.74%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="52%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:52.76%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.74%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="32%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:32.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ SOLAE
  HOLDINGS LLC</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.66%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.74%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="5%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:5.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="30%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:30.56%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.66%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.74%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:4.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: </font></p>
  </td>
  <td width="31%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:31.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.66%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr height="0">
  <td width="191" style="border:none;"></td>
  <td width="150" style="border:none;"></td>
  <td width="27" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="220" style="border:none;"></td>
  <td width="120" style="border:none;"></td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Signature Page to Central Soya Contribution Agreement</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=26,EFW="2110122",CP="BUNGE LIMITED",DN="12",CHK=102525,FOLIO='26',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-2_4596.CHC",USER="JGUERRE",CD='May  2 21:30 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule 1.01(a)</font></u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Liabilities</font></u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=27,EFW="2110122",CP="BUNGE LIMITED",DN="12",CHK=607488,FOLIO='27',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-2_4596.CHC",USER="JGUERRE",CD='May  2 21:30 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule 1.01(b)</font></u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Conveyance Documents</font></u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .3in;text-indent:-.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Special
Warranty Deeds for the following real estate:</p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .6in;text-indent:-.3in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Cook Road
Fort Wayne, Indiana facility</p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .6in;text-indent:-.3in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Gibson
City, Illinois facility</p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .6in;text-indent:-.3in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>New Bremen,
Ohio facility</p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .6in;text-indent:-.3in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Remington,
Indiana facility</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .3in;text-indent:-.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>General
Instrument of Assignment for leases, contracts, permits and other
authorizations and for the personal property at:</p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .6in;text-indent:-.3in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Cook Road
Fort Wayne, Indiana facility</p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .6in;text-indent:-.3in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Gibson
City, Illinois facility</p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .6in;text-indent:-.3in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>New Bremen,
Ohio facility</p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .6in;text-indent:-.3in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Remington,
Indiana facility</p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .6in;text-indent:-.3in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Bellevue,
Ohio facility (only assets related to soy protein production and lecithin
deoiling process)</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .3in;text-indent:-.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Share
Certificates (if any) with executed Stock Powers or Notarial Deeds (as the case
may be) for the following companies:</p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .6in;text-indent:-.3in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>CS Denmark</p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .6in;text-indent:-.3in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>CS France</p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .6in;text-indent:-.3in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>SOGIP</p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .6in;text-indent:-.3in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>CS Germany</p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .6in;text-indent:-.3in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>CS
Dominican</p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .6in;text-indent:-.3in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Protomed</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .3in;text-indent:-.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Assignment
of Patents and Trademarks</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .3in;text-indent:-.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Assignment
of the following real estate leases:</p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .6in;text-indent:-.3in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Lease with
Universal Financial Services L.P. for the Bellevue, Ohio distribution warehouse</p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .6in;text-indent:-.3in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Lease with
Universal Financial Services L.P. for the Gibson City, Illinois distribution
warehouse</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .3in;text-indent:-.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Assignment
of vehicle titles (if any)</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .3in;text-indent:-.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Instrument
of Assumption for the assumption of Assumed Liabilities</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=28,EFW="2110122",CP="BUNGE LIMITED",DN="12",CHK=52400,FOLIO='28',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-2_4596.CHC",USER="JGUERRE",CD='May  2 21:30 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:1.0in;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule 1.01(c)</font></u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certain Entity Assets</font></u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Aarhus,
Denmark Facility</font></p>

<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bordeaux,
France Facility</font></p>

<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Central Soya&#146;s
European Lecithin Business</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">[ATTACH
SCHEDULE]</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=29,EFW="2110122",CP="BUNGE LIMITED",DN="12",CHK=48223,FOLIO='29',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-2_4596.CHC",USER="JGUERRE",CD='May  2 21:30 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule 2.01(a)</font></u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certain Contributed Assets</font></u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:'Times New Roman';width:100.0%;">
 <tr>
  <td width="36%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:36.36%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">LOCATION/ASSET</font></b></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.86%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="59%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:59.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">COMMENTS</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="36%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:36.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bellevue,
  Ohio Facility</font></p>
  </td>
  <td width="3%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:3.86%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="59%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:59.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Excluding
  the common area and processing division assets, which include white flakes
  production and standard grade lecithin manufacturing equipment.</font></p>
  </td>
 </tr>
 <tr>
  <td width="36%" valign="top" style="padding:0in .7pt 0in .7pt;width:36.36%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.86%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="59%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:59.76%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="36%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:36.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gibson City,
  Illinois Facility</font></p>
  </td>
  <td width="3%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:3.86%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="59%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:59.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Readily
  marketable inventories, including soybeans, soybean meal and soybean oil, at
  Gibson City are not included as Contributed Assets.</font></p>
  </td>
 </tr>
 <tr>
  <td width="36%" valign="top" style="padding:0in .7pt 0in .7pt;width:36.36%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.86%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="59%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:59.76%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="36%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:36.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New Bremen,
  Ohio Facility</font></p>
  </td>
  <td width="3%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:3.86%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="59%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:59.76%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="36%" valign="top" style="padding:0in .7pt 0in .7pt;width:36.36%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.86%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="59%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:59.76%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="36%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:36.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Remington,
  Indiana Facility</font></p>
  </td>
  <td width="3%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:3.86%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="59%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:59.76%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="36%" valign="top" style="padding:0in .7pt 0in .7pt;width:36.36%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.86%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="59%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:59.76%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="36%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:36.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fort Wayne,
  Indiana &#150; Cook Road Facility</font></p>
  </td>
  <td width="3%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:3.86%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="59%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:59.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Excluding
  lab equipment owned by the processing division and leased office furniture
  and equipment used by the processing division.</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">[ATTACH
SCHEDULE]</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=30,EFW="2110122",CP="BUNGE LIMITED",DN="12",CHK=463600,FOLIO='30',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-2_4596.CHC",USER="JGUERRE",CD='May  2 21:30 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule 3.01(d)</font></u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Filings; Violations</font></u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Antitrust filings in the
following countries:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">United States</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">South Africa</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Romania</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Brazil</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hungary</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Germany</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Italy</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bulgaria</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ukraine</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Austria</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ireland</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Universal Financial
Services, LP for Gibson City Distribution Center Lease</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Universal Financial
Services, LP for Bellevue Distribution Center Leases</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Universal Financial
Services, LP for (i) that certain Master Equipment Lease Agreement #30022-1
dated as of May 9, </font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1994, Supplement to Master
Equipment Lease Agreement #30022-1 dated as of May 9, 1994, and multiple
Certificates of Acceptance thereunder dated as of various dates, (ii) that
certain Amended and Restated Equipment Lease Agreement #30004-1 dated as of
March 30, 1998, Supplement to Amended and Restated Equipment Lease Agreement
#30004-1 dated as of March 30, 1998, and Certificates of Acceptance No. 1
through No. 7 dated as of March 30, 1998 and No. 8 and No. 9 dated as of April
30, 1998, and (iii) that certain Equipment Lease Agreement #30075-1 dated as of
August 27, 1998, Supplement to Equipment Lease Agreement #30075-1 dated as of
August 27, 1998, and multiple Certificates of Acceptance thereunder dated as of
various dates, as amended demising certain leased personal property, all as in
the Leases more particularly described.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Sofiproteol to
transfer the shares of SOGIP constituting part of the Contributed Stock.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<u><font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=31,EFW="2110122",CP="BUNGE LIMITED",DN="12",CHK=576848,FOLIO='31',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-2_4596.CHC",USER="JGUERRE",CD='May  2 21:30 2003' -->
<br clear="all" style="page-break-before:always;">
</font></u>

<p style="margin:0in 0in .0001pt;"></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule 3.01(e)</font></u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Actions</font></u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Environmental Protection Agency
Notice of Violation dated February 13, 2003 relating to the Gibson City, IL
facility.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=32,EFW="2110122",CP="BUNGE LIMITED",DN="12",CHK=370835,FOLIO='32',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-2_4596.CHC",USER="JGUERRE",CD='May  2 21:30 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule 3.01(g)</font></u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Taxes</font></u></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">None.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=33,EFW="2110122",CP="BUNGE LIMITED",DN="12",CHK=754115,FOLIO='33',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-2_4596.CHC",USER="JGUERRE",CD='May  2 21:30 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule 3.01(j)</font></u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Intellectual Property</font></u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
Contributing Member is a joint owner with The University of Pennsylvania of the
following patents:</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">U.S. PATENTS</font></u></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:'Times New Roman';width:100.0%;">
 <tr>
  <td width="44%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:44.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">TITLE</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="32%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:32.26%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">PATENT<br>
  NUMBER</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:17.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Issue Date</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:44.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Method of
  Making Soybean Bowman-Birk Inhibitor Concentrate and Use of Same as a Human
  Cancer Preventative and Therapy</font></p>
  </td>
  <td width="2%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="32%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:32.26%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,217,717</font></p>
  </td>
  <td width="2%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="17%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:17.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">06/08/93</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bowman-Birk
  Inhibitor Product for Use as An Anticarcinogenesis Agent</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="32%" valign="bottom" style="padding:0in 0in 0in 0in;width:32.26%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,338,547</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">08/16/94</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:44.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Method of
  Inhibiting Radiation Induced Weight and Hair Loss</font></p>
  </td>
  <td width="2%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="32%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.26%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,376,373</font></p>
  </td>
  <td width="2%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="17%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12/27/94</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bowman-Birk
  Inhibitor Concentrate Compositions and Methods for the Treatment of
  Pre-Malignant Tissue</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="32%" valign="bottom" style="padding:0in 0in 0in 0in;width:32.26%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,505,946</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">04/09/96</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi) <b><u><font style="font-weight:bold;">FOREIGN PATENTS</font></u></b></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:'Times New Roman';width:100.0%;">
 <tr>
  <td width="29%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:29.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">TITLE</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.08%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="28%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:28.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">COUNTRY</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.08%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:20.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">PATENT<br>
  NUMBER</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.08%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:15.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">ISSUE DATE</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="29%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:29.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Novel
  Bowman-Birk Inhibitor Product for Use as An Anticarcinogenesis Agent</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.08%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="28%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:28.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EPO</font></p>
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(entered
  regional phase in France, Great Britain, Germany, Ireland and Italy)</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.08%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="20%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:20.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0695188</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.08%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:15.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">06/06/01</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(viii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Contributing
Member has licensed on an exclusive basis all of its interests in the
inventions covered by Patent No. 5,338,547; Patent No. 5,376,373; Patent No.
5,505,946; and Patent No. 0695188 to Protomed, Inc., a Delaware corporation
having its principal office in Lake Forest, Illinois, under License Agreement
dated November 1, 1996, for use of Bowman-Birk Inhibitor product as a
diagnostic agent, pharmaceutical or nutraceutical for humans.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=34,EFW="2110122",CP="BUNGE LIMITED",DN="12",CHK=937262,FOLIO='34',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-2_4596.CHC",USER="JGUERRE",CD='May  2 21:30 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule 3.01(m)</font></u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consents and Approvals</font></u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Antitrust Approvals in the
following countries:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Brazil</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hungary</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Universal Financial
Services, LP for Bellevue Distribution Center Leases</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Sofiproteol to
transfer the shares of SOGIP constituting part of the Contributed Stock.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>

<BR>
<!-- SEQ=,FILE='QUICKLINK',USER=JGUERRE,SEQ=,EFW="2110122",CP="BUNGE LIMITED",DN="12" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>14
<FILENAME>a2110122zex-10_3.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>

<div style="font-family:'Times New Roman';">

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit
10.3</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AMENDED
AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT</font></b></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">OF</font></b></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SOLAE
HOLDINGS LLC</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">DATED
AS OF APRIL 1, 2003</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=1,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=882228,FOLIO='',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">TABLE OF CONTENTS</font></u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.08%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#Section1TheCompany" title="Click to goto Section 1:  The Company">SECTION
  1.</a></font></b></p>
  </td>
  <td width="43%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:43.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#Section1TheCompany" title="Click to goto Section 1:  The Company">The
  Company</a></font></b></p>
  </td>
  <td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.92%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:16.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Definition" title="Click to goto Definition">SECTION 1.1.</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Definition" title="Click to goto Definition">Definitions</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:16.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Formation_" title="Click to goto Formation.">SECTION 1.2</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Formation_" title="Click to goto Formation.">Formation</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:16.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Name" title="Click to goto Name">SECTION
  1.3</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Name" title="Click to goto Name">Name</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:16.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#PurposePowers_" title="Click to goto Purpose; Powers.">SECTION 1.4</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#PurposePowers_" title="Click to goto Purpose; Powers.">Purpose; Powers</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:16.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#RegisteredOffice_" title="Click to goto Registered Office.">SECTION 1.5</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#RegisteredOffice_" title="Click to goto Registered Office.">Registered Office</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:16.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Term_" title="Click to goto Term.">SECTION
  1.6</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Term_" title="Click to goto Term.">Term</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:16.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#FilingsAgentForServiceOfProcess_" title="Click to goto Filings; Agent for Service of Process.">SECTION 1.7</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#FilingsAgentForServiceOfProcess_" title="Click to goto Filings; Agent for Service of Process.">Filings; Agent
  for Service of Process</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:16.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TitleToProperty_" title="Click to goto Title to Property.">SECTION 1.8</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TitleToProperty_" title="Click to goto Title to Property.">Title to Property</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:16.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#PaymentsOfIndividualObligations_" title="Click to goto Payments of Individual Obligations.">SECTION 1.9</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#PaymentsOfIndividualObligations_" title="Click to goto Payments of Individual Obligations.">Payments of
  Individual Obligations</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:16.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#IndependentActivities" title="Click to goto Independent Activities">SECTION 1.10</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#IndependentActivities" title="Click to goto Independent Activities">Independent Activities;
  Transactions with Affiliates</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.08%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#Section2MembersCapitalContributio" title="Click to goto Section 2:  Members&#146; Capital Contributions">SECTION 2.</a></font></b></p>
  </td>
  <td width="43%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:43.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#Section2MembersCapitalContributio" title="Click to goto Section 2:  Members&#146; Capital Contributions">Members&#146;
  Capital Contributions</a></font></b></p>
  </td>
  <td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.92%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#InitialCapitalContributions_" title="Click to goto Initial Capital Contributions.">SECTION 2.1</a></font></p>
  </td>
  <td width="78%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#InitialCapitalContributions_" title="Click to goto Initial Capital Contributions.">Initial Capital
  Contributions</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#CentralSoyaContributionAgreementdupo" title="Click to goto Central Soya Contribution Agreement/DuPont Indemnity Agreement.">SECTION
  2.2</a></font></p>
  </td>
  <td width="78%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#CentralSoyaContributionAgreementdupo" title="Click to goto Central Soya Contribution Agreement/DuPont Indemnity Agreement.">Central
  Soya Contribution Agreement/DuPont Indemnity Agreement</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#AdditionalCapitalContributions_" title="Click to goto Additional Capital Contributions.">SECTION 2.3</a></font></p>
  </td>
  <td width="78%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#AdditionalCapitalContributions_" title="Click to goto Additional Capital Contributions.">Additional Capital
  Contributions</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.08%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#Section3Allocations" title="Click to goto Section 3:  Allocations">SECTION
  3.</a></font></b></p>
  </td>
  <td width="43%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:43.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#Section3Allocations" title="Click to goto Section 3:  Allocations">Allocations</a></font></b></p>
  </td>
  <td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.92%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Profits_" title="Click to goto Profits.">SECTION
  3.1</a></font></p>
  </td>
  <td width="78%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Profits_" title="Click to goto Profits.">Profits</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Losses_" title="Click to goto Losses.">SECTION
  3.2</a></font></p>
  </td>
  <td width="78%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Losses_" title="Click to goto Losses.">Losses</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#SpecialAllocations_" title="Click to goto Special Allocations.">SECTION 3.3</a></font></p>
  </td>
  <td width="78%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#SpecialAllocations_" title="Click to goto Special Allocations.">Special Allocations</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#CurativeAllocations_" title="Click to goto Curative Allocations.">SECTION 3.4</a></font></p>
  </td>
  <td width="78%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#CurativeAllocations_" title="Click to goto Curative Allocations.">Curative Allocations</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#LossLimitation_" title="Click to goto Loss Limitation.">SECTION 3.5</a></font></p>
  </td>
  <td width="78%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#LossLimitation_" title="Click to goto Loss Limitation.">Loss Limitation</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#OtherAllocationRules_" title="Click to goto Other Allocation Rules.">SECTION 3.6</a></font></p>
  </td>
  <td width="78%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#OtherAllocationRules_" title="Click to goto Other Allocation Rules.">Other Allocation Rules</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TaxAllocations" title="Click to goto Tax Allocations">SECTION 3.7</a></font></p>
  </td>
  <td width="78%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TaxAllocations" title="Click to goto Tax Allocations">Tax Allocations: Code Section 704(c)</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.08%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#Section4Distributions" title="Click to goto Section 4:  Distributions">SECTION
  4.</a></font></b></p>
  </td>
  <td width="43%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:43.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#Section4Distributions" title="Click to goto Section 4:  Distributions">Distributions</a></font></b></p>
  </td>
  <td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.92%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#NetCashFlow_" title="Click to goto Net Cash Flow.">SECTION 4.1</a></font></p>
  </td>
  <td width="78%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#NetCashFlow_" title="Click to goto Net Cash Flow.">Net Cash Flow</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#AmountsWithheld_" title="Click to goto Amounts Withheld.">SECTION 4.2</a></font></p>
  </td>
  <td width="78%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#AmountsWithheld_" title="Click to goto Amounts Withheld.">Amounts Withheld</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#LimitationsOnDistributions_" title="Click to goto Limitations on Distributions.">SECTION 4.3</a></font></p>
  </td>
  <td width="78%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#LimitationsOnDistributions_" title="Click to goto Limitations on Distributions.">Limitations on
  Distributions</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.08%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#Section5RoleOfMembers" title="Click to goto Section 5:  Role Of Members">SECTION 5.</a></font></b></p>
  </td>
  <td width="43%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:43.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#Section5RoleOfMembers" title="Click to goto Section 5:  Role Of Members">Role of Members</a></font></b></p>
  </td>
  <td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.92%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#RightsOrPowers_" title="Click to goto Rights or Powers.">SECTION 5.1</a></font></p>
  </td>
  <td width="78%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#RightsOrPowers_" title="Click to goto Rights or Powers.">Rights or Powers</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#VotingRights_" title="Click to goto Voting Rights.">SECTION 5.2</a></font></p>
  </td>
  <td width="78%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#VotingRights_" title="Click to goto Voting Rights.">Voting Rights</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#MemberVoteAndConsent_" title="Click to goto Member Vote and Consent.">SECTION 5.3</a></font></p>
  </td>
  <td width="78%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#MemberVoteAndConsent_" title="Click to goto Member Vote and Consent.">Member Vote and Consent</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#UnanimousMemberConsent" title="Click to goto Unanimous Member Consent">SECTION 5.4</a></font></p>
  </td>
  <td width="78%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#UnanimousMemberConsent" title="Click to goto Unanimous Member Consent">Unanimous Member Consent</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Withdrawalresignation_" title="Click to goto Withdrawal/Resignation.">SECTION 5.5</a></font></p>
  </td>
  <td width="78%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Withdrawalresignation_" title="Click to goto Withdrawal/Resignation.">Withdrawal/Resignation</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#MemberCompensation_" title="Click to goto Member Compensation.">SECTION 5.6</a></font></p>
  </td>
  <td width="78%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#MemberCompensation_" title="Click to goto Member Compensation.">Member Compensation</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#MembersLiability_" title="Click to goto Members Liability.">SECTION 5.7</a></font></p>
  </td>
  <td width="78%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#MembersLiability_" title="Click to goto Members Liability.">Members Liability</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Partition_" title="Click to goto Partition.">SECTION 5.8</a></font></p>
  </td>
  <td width="78%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Partition_" title="Click to goto Partition.">Partition</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Confidentiality_" title="Click to goto Confidentiality.">SECTION 5.9</a></font></p>
  </td>
  <td width="78%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Confidentiality_" title="Click to goto Confidentiality.">Confidentiality</a></font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="41" style="border:none;"></td>
  <td width="61" style="border:none;"></td>
  <td width="55" style="border:none;"></td>
  <td width="1" style="border:none;"></td>
  <td width="254" style="border:none;"></td>
  <td width="309" style="border:none;"></td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">i</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=2,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=488904,FOLIO='i',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Transactions" title="Click to goto Transactions">SECTION 5.10</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Transactions" title="Click to goto Transactions">Transactions between a Member and the
  Company</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#OtherInstruments" title="Click to goto Other Instruments">SECTION 5.11</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#OtherInstruments" title="Click to goto Other Instruments">Other Instruments</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.1%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#Section6Management" title="Click to goto Section 6:  Management">SECTION
  6.</a></font></b></p>
  </td>
  <td width="85%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:85.9%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#Section6Management" title="Click to goto Section 6:  Management">Management</a></font></b></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Managers_" title="Click to goto  Managers.">SECTION
  6.1</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Managers_" title="Click to goto  Managers.">Managers;
  Board of Managers</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#MeetingsOfTheBoardOfManagers_" title="Click to goto Meetings of the Board of Managers.">SECTION 6.2</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#MeetingsOfTheBoardOfManagers_" title="Click to goto Meetings of the Board of Managers.">Meetings of the
  Board of Managers</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#BoardOfManagersPowers_" title="Click to goto Board of Managers Powers.">SECTION 6.3</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#BoardOfManagersPowers_" title="Click to goto Board of Managers Powers.">Board of Managers Powers</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#DutiesAndObligationsOfTheBoardOfM" title="Click to goto Duties and Obligations of the Board of Managers.">SECTION
  6.4</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#DutiesAndObligationsOfTheBoardOfM" title="Click to goto Duties and Obligations of the Board of Managers.">Duties
  and Obligations of the Board of Managers</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.1%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#Protection" title="Click to goto  Protection ">SECTION 7.</a></font></b></p>
  </td>
  <td width="85%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:85.9%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#Protection" title="Click to goto  Protection ">Protection of Members,
  Managers and Officers</a></font></b></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TectedParty_" title="Click to goto tected Party.">SECTION 7.1</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TectedParty_" title="Click to goto tected Party.">Protected Party</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#GeneralProtection_" title="Click to goto General Protection.">SECTION 7.2</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#GeneralProtection_" title="Click to goto General Protection.">General Protection</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#IndemnificationAndInsurance" title="Click to goto Indemnification and Insurance">SECTION 7.3</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#IndemnificationAndInsurance" title="Click to goto Indemnification and Insurance">Indemnification and
  Insurance</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#AmendmentsToThisSection7_" title="Click to goto Amendments to this Section 7.">SECTION 7.4</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#AmendmentsToThisSection7_" title="Click to goto Amendments to this Section 7.">Amendments to this
  Section 7</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.1%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#Section8" title="Click to goto Section 8:">SECTION 8.</a></font></b></p>
  </td>
  <td width="85%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:85.9%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#Section8" title="Click to goto Section 8:">Representations and
  Warranties</a></font></b></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:16.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#InGenera" title="Click to goto In Genera">SECTION
  8.1</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#InGenera" title="Click to goto In Genera">In
  General</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:16.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#RepresentationsAndWarranties_" title="Click to goto Representations and Warranties.">SECTION 8.2</a></font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#RepresentationsAndWarranties_" title="Click to goto Representations and Warranties.">Representations and
  Warranties</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.1%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#Section9" title="Click to goto Section 9:">SECTION 9.</a></font></b></p>
  </td>
  <td width="85%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:85.9%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#Section9" title="Click to goto Section 9:">Accounting, Books and
  Records</a></font></b></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Books" title="Click to goto  Books ">SECTION
  9.1</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Books" title="Click to goto  Books ">Accounting,
  Books and Records</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ReportsAudits_" title="Click to goto Reports; Audits.">SECTION 9.2</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ReportsAudits_" title="Click to goto Reports; Audits.">Reports; Audits</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TaxMatters_" title="Click to goto Tax Matters.">SECTION 9.3</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TaxMatters_" title="Click to goto Tax Matters.">Tax Matters</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.1%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#Section10Amendments_" title="Click to goto Section 10:  Amendments. ">SECTION
  10.</a></font></b></p>
  </td>
  <td width="85%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:85.9%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#Section10Amendments_" title="Click to goto Section 10:  Amendments. ">Amendments</a></font></b></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Amendment" title="Click to goto Amendment">SECTION
  10.1</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Amendment" title="Click to goto Amendment">Amendments</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.1%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#Section11Transfers_" title="Click to goto Section 11:  Transfers.">SECTION
  11.</a></font></b></p>
  </td>
  <td width="85%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:85.9%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#Section11Transfers_" title="Click to goto Section 11:  Transfers.">Transfers</a></font></b></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#RestrictionsOnTransfers_" title="Click to goto Restrictions on Transfers.">SECTION 11.1</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#RestrictionsOnTransfers_" title="Click to goto Restrictions on Transfers.">Restrictions on Transfers</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#PermittedTransfers_" title="Click to goto Permitted Transfers.">SECTION 11.2</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#PermittedTransfers_" title="Click to goto Permitted Transfers.">Permitted Transfers</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ConditionsToPermit" title="Click to goto Conditions to Permit">SECTION 11.3</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ConditionsToPermit" title="Click to goto Conditions to Permit">Conditions to Permitted Transfers</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#RightOfFirstOffer" title="Click to goto Right of First Offer; ">SECTION 11.4</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#RightOfFirstOffer" title="Click to goto Right of First Offer; ">Right of First Offer; Certain
  Transfers; Buy-Out Interest and Change of Control</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ProhibitedTransfers_" title="Click to goto Prohibited Transfers.">SECTION 11.5</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ProhibitedTransfers_" title="Click to goto Prohibited Transfers.">Prohibited Transfers</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#RightsOfUnadmittedAssignees_" title="Click to goto Rights of Unadmitted Assignees.">SECTION 11.6</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#RightsOfUnadmittedAssignees_" title="Click to goto Rights of Unadmitted Assignees.">Rights of Unadmitted
  Assignees</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#AdmissionOfSubstitutedMembers_" title="Click to goto Admission of Substituted Members.">SECTION 11.7</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#AdmissionOfSubstitutedMembers_" title="Click to goto Admission of Substituted Members.">Admission of
  Substituted Members</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#RepresentationsRegardingTransfersLeg" title="Click to goto Representations Regarding Transfers; Legend.">SECTION
  11.8</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#RepresentationsRegardingTransfersLeg" title="Click to goto Representations Regarding Transfers; Legend.">Representations
  Regarding Transfers; Legend</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#DistributionsAndAllocationsInRespect" title="Click to goto Distributions and Allocations in Respect of Transferred Membership Interest.">SECTION
  11.9</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#DistributionsAndAllocationsInRespect" title="Click to goto Distributions and Allocations in Respect of Transferred Membership Interest.">Distributions
  and Allocations in Respect of Transferred Membership Interest</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#DupontTransfersCertainRights_" title="Click to goto DuPont Transfers; Certain Rights.">SECTION 11.10</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#DupontTransfersCertainRights_" title="Click to goto DuPont Transfers; Certain Rights.">DuPont Transfers;
  Certain Rights</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.1%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#Section12" title="Click to goto Section 12">SECTION 12.</a></font></b></p>
  </td>
  <td width="85%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:85.9%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#Section12" title="Click to goto Section 12">Dissolution and Winding Up</a></font></b></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#DissolutionEvents_" title="Click to goto Dissolution Events.">SECTION 12.1</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#DissolutionEvents_" title="Click to goto Dissolution Events.">Dissolution Events</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#WindingUp_" title="Click to goto Winding Up.">SECTION 12.2</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#WindingUp_" title="Click to goto Winding Up.">Winding Up</a></font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="41" style="border:none;"></td>
  <td width="61" style="border:none;"></td>
  <td width="55" style="border:none;"></td>
  <td width="1" style="border:none;"></td>
  <td width="563" style="border:none;"></td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ii</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=3,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=719209,FOLIO='ii',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ComplianceWithCertainRequirementsOf" title="Click to goto Compliance with Certain Requirements of Regulations; Deficit Capital Accounts.">SECTION
  12.3</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ComplianceWithCertainRequirementsOf" title="Click to goto Compliance with Certain Requirements of Regulations; Deficit Capital Accounts.">Compliance
  with Certain Requirements of Regulations; Deficit Capital Accounts</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#DeemedDistributionAndRecontribution_" title="Click to goto Deemed Distribution and Recontribution.">SECTION 12.4</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#DeemedDistributionAndRecontribution_" title="Click to goto Deemed Distribution and Recontribution.">Deemed
  Distribution and Recontribution</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#RightsOfMembers_" title="Click to goto Rights of Members.">SECTION 12.5</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#RightsOfMembers_" title="Click to goto Rights of Members.">Rights of Members</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#NoticeOfDissolutiontermination_" title="Click to goto Notice of Dissolution/Termination.">SECTION 12.6</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#NoticeOfDissolutiontermination_" title="Click to goto Notice of Dissolution/Termination.">Notice of
  Dissolution/Termination</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#AllocationsDuringPeriodOfLiquidation" title="Click to goto Allocations during Period of Liquidation.">SECTION 12.7</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#AllocationsDuringPeriodOfLiquidation" title="Click to goto Allocations during Period of Liquidation.">Allocations
  during Period of Liquidation</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#CharacterOfLiquidatingDistributions_" title="Click to goto Character of Liquidating Distributions.">SECTION 12.8</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#CharacterOfLiquidatingDistributions_" title="Click to goto Character of Liquidating Distributions.">Character of
  Liquidating Distributions</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TheLiquidator_" title="Click to goto The Liquidator.">SECTION 12.9</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TheLiquidator_" title="Click to goto The Liquidator.">The Liquidator</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#FormOfLiquidatingDistributions_" title="Click to goto Form of Liquidating Distributions.">SECTION 12.10</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#FormOfLiquidatingDistributions_" title="Click to goto Form of Liquidating Distributions.">Form of Liquidating
  Distributions</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="14%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:14.08%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#Section13" title="Click to goto Section 13">SECTION 13.</a></font></b></p>
  </td>
  <td width="85%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:85.92%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#Section13" title="Click to goto Section 13">Miscellaneous</a></font></b></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Costs_" title="Click to goto Costs.">SECTION
  13.1</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Costs_" title="Click to goto Costs.">Costs</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Notices_" title="Click to goto Notices.">SECTION
  13.2</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Notices_" title="Click to goto Notices.">Notices</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#BindingEffect_" title="Click to goto Binding Effect.">SECTION 13.3</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#BindingEffect_" title="Click to goto Binding Effect.">Binding Effect</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Construction_" title="Click to goto Construction.">SECTION 13.4</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Construction_" title="Click to goto Construction.">Construction</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Time_" title="Click to goto Time.">SECTION
  13.5</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Time_" title="Click to goto Time.">Time</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Headings_" title="Click to goto Headings.">SECTION
  13.6</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Headings_" title="Click to goto Headings.">Headings</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Severability_" title="Click to goto Severability.">SECTION 13.7</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Severability_" title="Click to goto Severability.">Severability</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#IncorporationByReference_" title="Click to goto Incorporation by Reference.">SECTION 13.8</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#IncorporationByReference_" title="Click to goto Incorporation by Reference.">Incorporation by Reference</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#VariationOfTerms_" title="Click to goto Variation of Terms.">SECTION 13.9</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#VariationOfTerms_" title="Click to goto Variation of Terms.">Variation of Terms</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#GoverningLaw_" title="Click to goto Governing Law.">SECTION 13.10</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#GoverningLaw_" title="Click to goto Governing Law.">Governing Law</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#WaiverOfJuryTrial_" title="Click to goto Waiver of Jury Trial.">SECTION 13.11</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#WaiverOfJuryTrial_" title="Click to goto Waiver of Jury Trial.">Waiver of Jury Trial</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#CounterpartExecution_" title="Click to goto Counterpart Execution.">SECTION 13.12</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#CounterpartExecution_" title="Click to goto Counterpart Execution.">Counterpart Execution</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#SpecificPerformance_" title="Click to goto Specific Performance.">SECTION 13.13</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#SpecificPerformance_" title="Click to goto Specific Performance.">Specific Performance</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:16.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ConsentToJurisdictionAndServiceOfP" title="Click to goto Consent to Jurisdiction and Service of Process">SECTION
  13.14</a></font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ConsentToJurisdictionAndServiceOfP" title="Click to goto Consent to Jurisdiction and Service of Process">Consent
  to Jurisdiction and Service of Process</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULES</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Schedule1" title="Click to goto SCHEDULE 1">Schedule
  1</a></font></p>
  </td>
  <td width="45%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:45.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#CertainGradesOfLecithins" title="Click to goto Certain Grades of Lecithins">Certain Grades of Lecithins</a></font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.36%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.16%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="45%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:45.48%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.36%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Schedule2" title="Click to goto SCHEDULE 2">Schedule
  2</a></font></p>
  </td>
  <td width="45%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:45.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#CertainServices" title="Click to goto Certain Services">Certain Services</a></font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.36%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.16%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="45%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:45.48%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.36%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBITS</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ExhibitA" title="Click to goto EXHIBIT A">Exhibit
  A</a></font></p>
  </td>
  <td width="45%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:45.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Members" title="Click to goto Members">Members</a></font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.36%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.16%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="45%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:45.48%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.36%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ExhibitB" title="Click to goto EXHIBIT B">Exhibit
  B</a></font></p>
  </td>
  <td width="45%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:45.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Managers" title="Click to goto Managers">Managers</a></font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.36%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.16%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="45%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:45.48%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.36%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ExhibitC" title="Click to goto EXHIBIT C">Exhibit
  C</a></font></p>
  </td>
  <td width="45%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:45.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#WilmingtonFormsStatementPackage" title="Click to goto Wilmington Forms Statement Package">Wilmington Forms
  Statement Package</a></font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.36%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.16%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="45%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:45.48%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.36%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ExhibitD" title="Click to goto EXHIBIT D">Exhibit
  D</a></font></p>
  </td>
  <td width="45%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:45.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ProhibitedTransferees" title="Click to goto Prohibited Transferees">Prohibited Transferees</a></font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.36%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr height="0">
  <td width="41" style="border:none;"></td>
  <td width="40" style="border:none;"></td>
  <td width="21" style="border:none;"></td>
  <td width="55" style="border:none;"></td>
  <td width="252" style="border:none;"></td>
  <td width="313" style="border:none;"></td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">iii</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=4,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=314858,FOLIO='iii',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT of Solae Holdings LLC, a Delaware limited
liability company, is entered into as of the Effective Time, by and among E.I.
du Pont de Nemours and Company, a Delaware corporation, Central Soya Company,
Inc., an Indiana corporation<b><font style="font-weight:bold;">  </font></b>and
Solae Holdings LLC.&#160; Each of DuPont and
Central Soya is identified as a Member on Exhibit A attached hereto and made a
part hereof and has caused a counterpart of this Agreement to be executed as a
Member pursuant to the provisions of the Act.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, DuPont PTI was
converted into the Company upon the execution and filing in the Office of the
Secretary of State of the State of Delaware of the Certificate of Conversion on
March 28, 2003;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, DuPont, acting
as the sole member of the Company, executed and filed in the Office of the
Secretary of State for the State of Delaware the Certificate on March 28, 2003;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, DuPont, acting
as the sole member of the Company, entered into an Agreement of Limited
Liability Company for the Company on March 28, 2003 (the &#147;Original Agreement&#148;);</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, DuPont desires
to amend and restate the Original Agreement in its entirety as provided in this
Agreement to, <u>inter</u>  <u>alia</u>, admit Central Soya as a Member of the
Company; and</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, Central Soya
desires to become a Member of the Company and contribute the Contributed
Property to the Company in exchange for its initial Membership Interest in the
Company pursuant to the Central Soya Contribution Agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOW THEREFORE, DuPont and
Central Soya as the Members of the Company hereby declare this Agreement to be
the Amended and Restated Limited Liability Company Agreement of the Company and
agree as follows:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="Section1TheCompany"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section 1:&#160; The
Company</font></b></a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="Definition">Definition</a>s.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Capitalized words and
phrases used in this Agreement shall have the following meanings:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Accepting Offerees&#148;
shall have the meaning set forth in Section 11.4(c) hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Accounting Policies&#148;
shall have the meaning set forth in Section 6.1(j)(iv) hereof.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=5,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=529826,FOLIO='1',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Act&#148; means the Delaware
Limited Liability Company Act, 6 Del C. &#167;&nbsp;18-101, et seq., as amended from
time to time (or any corresponding provisions of succeeding law).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Additional Capital
Contributions&#148; means, with respect to each Member, the additional Capital
Contributions made to the Company by such Member pursuant to Section 2.3 hereof,
which shall be made in cash only, unless otherwise agreed to by the
Members.&#160; In the event Membership
Interests are transferred in accordance with the terms of this Agreement, the
transferee shall succeed to the Additional Capital Contributions of the
transferor to the extent they relate to the transferred Membership Interests.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Adjusted Capital Account
Deficit&#148; means, with respect to any Member, the deficit balance, if any, in
such Member&#146;s Capital Account as of the end of the relevant Allocation Year,
after giving effect to the following adjustments:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Credit to such Capital Account any
amounts which such Member is deemed to be obligated to restore pursuant to the
penultimate sentences in Sections 1.704-2(g)(1) and 1.704-2(i)(5) of the
Regulations; and</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Debit to such Capital Account the
items described in Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5),
and 1.704-1(b)(2)(ii)(d)(6) of the Regulations.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The foregoing definition of Adjusted Capital Account
Deficit is intended to comply with the provisions of Section
1.704-1(b)(2)(ii)(d) of the Regulations and shall be interpreted consistently
therewith.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Advisor&#148; shall have the
meaning set forth in Section 6.1(c) hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Affected Member&#148; shall
have the meaning set forth in Section 3.3(v) hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Affiliate&#148; means, with
respect to any Person (i) any Person directly or indirectly controlling,
controlled by or under common control with such Person (ii) any officer,
director, general partner, member or trustee of such Person or (iii) any Person
who is an officer, director, general partner, member or trustee of any Person
described in clauses (i) or (ii) of this sentence; provided, however, that for
purposes of this Agreement and the Related Agreements (including, but not
limited to, the Covenant Not to Compete), none of Central Soya, Bunge Limited
or their transferees shall be deemed to be an Affiliate of DuPont; and
provided, further, that in the case of clause (i) with respect to the use of
the term Affiliate in Section 11 hereof as it relates to DuPont or Central
Soya, DuPont or Bunge Limited (as the case may be) retains, directly or
indirectly, economic exposure to no less than seventy percent (70%) of the
equity of such Person.&#160; For purposes of
this definition, the terms &#147;control&#148;, &#147;controlling&#148;, &#147;controlled by&#148; or &#147;under
common control with&#148; shall mean the possession, direct or indirect, of the
power to direct or cause the direction of the management or policies of a
Person, whether through the ownership of voting securities, by contract or
otherwise.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Agreement&#148; means this
Amended and Restated Limited Liability Company Agreement of Solae Holdings LLC
including all Exhibits and Schedules attached hereto, as</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=6,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=87237,FOLIO='2',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">amended from time to time.&#160; Words such as &#147;herein,&#148; &#147;hereinafter,&#148; &#147;hereof,&#148; &#147;hereto&#148; and
&#147;hereunder&#148; refer to this Agreement as a whole, unless the context otherwise
requires.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Allocation Year&#148; means
(i) the period commencing on the Effective Time and ending on December 31, 2003,
(ii) any subsequent twelve (12) month period commencing on January 1 and ending
on December 31 or (iii) any portion of the period described in clauses (i) or
(ii) for which the Company is required to allocate Profits, Losses and other
items of Company income, gain, loss or deduction pursuant to Section 3 hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Bankruptcy&#148; means, with
respect to any Person, a Voluntary Bankruptcy or an Involuntary
Bankruptcy.&#160; A &#147;Voluntary Bankruptcy&#148;
means, with respect to any Person (i) the inability of such Person generally to
pay its debts as such debts become due, or an admission in writing by such
Person of its inability to pay its debts generally or a general assignment by
such Person for the benefit of creditors, (ii) the filing of any petition or
answer by such Person seeking to adjudicate itself as bankrupt or insolvent, or
seeking for itself any liquidation, winding up, reorganization, arrangement,
adjustment, protection, relief, or composition of such Person or its debts
under any law relating to bankruptcy, insolvency or reorganization or relief of
debtors, or seeking, consenting to, or acquiescing in the entry of an order for
relief or the appointment of a receiver, trustee, custodian or other similar
official for such Person or for any substantial part of its property or (iii)
corporate action taken by such Person to authorize any of the actions set forth
above.&#160; An &#147;Involuntary Bankruptcy&#148;
means, with respect to any Person, without the consent or acquiescence of such
Person, the entering of an order for relief or approving a petition for relief
or reorganization or any other petition seeking any reorganization,
arrangement, composition, readjustment, liquidation, dissolution or other
similar relief under any present or future bankruptcy, insolvency or similar
statute, law or regulation, or the filing of any such petition against such
Person which petition shall not be dismissed within ninety (90) days, or
without the consent or acquiescence of such Person, the entering of an order
appointing a trustee, custodian, receiver or liquidator of such Person or of
all or any substantial part of the property of such Person which order shall
not be dismissed within ninety (90) days.&#160;
This definition shall supersede the events set forth in Section 18-304
of the Act.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Biotech Alliance
Agreement&#148; means that certain Biotechnology Alliance Agreement by and between
DuPont and Bunge Limited dated as of April 1, 2003.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Board of Managers&#148; shall
have the meaning set forth in Section 6.1(a) hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Bunge Limited&#148; means
Bunge Limited, a Bermuda corporation and the indirect owner of at least
ninety-seven percent (97%) of all of the issued and outstanding capital stock
of Central Soya.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Bunge Limited Guarantee&#148;
means the guarantee agreement of Bunge Limited of an even date herewith
guaranteeing Central Soya&#146;s performance under this Agreement and the Related
Agreements.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Business&#148; means the
current businesses of PTI (immediately prior to the Conversion) and Bunge
Limited to be included in the Company relating to operating, managing,</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=7,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=109383,FOLIO='3',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">licensing, marketing and/or developing a soy protein
ingredients and soy polymers business to manufacture, market and sell, alone or
in combination, soy products such as soy protein isolates, soy concentrates,
textured soy protein, soy flour, soy lecithin, soy isoflavones and soy meal
(but only soy meal produced at those certain existing facilities to be operated
by Solae, LLC located at Gibson City, IL and in China (the &#147;Facilities&#148;)),&#160; and high oleic soy oil (but only to the
extent required for Solae, LLC to meet its contractual obligations to
Environmental Lubricants Manufacturing, Inc., an Iowa corporation), for food
ingredients, animal feed from soy meal protein produced at the Facilities,
dietary supplements, pharmaceuticals, and soy polymers for various industrial
applications (with the exception of packaging applications and printable
coatings) and soy protein products and soy polymers for the personal care
market in collaboration with DuPont or DuPont&#146;s Affiliates, and any such other
lawful business or activity approved by the Members and permissible under the
Act.&#160; For the avoidance of doubt, the
business of manufacturing, marketing and selling fluid soy milk in North
America and soy meal (with the exception of soy meal produced at the
Facilities) is excluded from the definition of &#147;Business&#148;.&#160; DuPont and Central Soya acknowledge that
Bunge Limited and its Affiliates currently operate oilseed processing and
soybean meal and soybean oil businesses that are not part of the Contributed
Property, Solae Brasil Holdings or Solae Brasil (the &#147;Excluded Bunge
Businesses&#148;), and, except as specifically set forth above for soy meal, the
definition of &#147;Business&#148; is not intended to cover the Excluded Bunge Businesses.&#160; DuPont and Central Soya further acknowledge
that DuPont and its Affiliates currently operate seed research and production
businesses which are not part of the current soy ingredient business of PTI to
be included in the Company (the &#147;Excluded DuPont Businesses&#148;) and the
definition of &#147;Business&#148; is not intended to cover the Excluded DuPont
Businesses.&#160; The Excluded DuPont
Businesses shall include all activities related to commodity soybean seed
research, production and sales.&#160; For
purposes of this definition, commodity soybean seeds are soybean seeds that do
not have a trait produced through biotechnology or induced mutagenesis that
modifies seed protein, oil, starch or isoflavone content or composition.&#160; Further, DuPont and Central Soya do not
intend for this definition of &#147;Business&#148; to preclude (i) either DuPont or Bunge
Limited from operating, developing and/or expanding businesses that are not
included in this definition of &#147;Business&#148; or from incorporating one or more of
the types of products included in the Business into other products not included
in the Business, (ii) Bunge Limited and its Affiliates from selling certain
grades of lecithins as specified in <u>Schedule 1</u> attached hereto and made
a part hereof, (iii) actions permitted under the Biotech Alliance Agreement and
the Research License, (iv) Solae Brasil Holdings or Solae Brasil from operating
their businesses and assets during the time period commencing on the date
hereof and ending on the earlier of the Closing Date (as defined in the Share
Purchase Agreement) or the date that Solae Brasil, Bunge Limited and the
Company enter into a toll manufacturing agreement as provided in Section 6.05
of the Share Purchase Agreement (and thereafter as provided in such toll
manufacturing agreement) or (v) Bunge or its Affiliates from manufacturing,
marketing and selling soybean meal and high oleic soy oil.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Business Day&#148; means a
day of the year on which banks are not required or authorized to close in New
York, New York.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Buy-Out Interest&#148; shall
have the meaning set forth in Section 11.4(g) hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Buy-Out Member&#148; shall
have the meaning set forth in Section 11.4(g) hereof.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=8,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=924312,FOLIO='4',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Capital Account&#148; means,
with respect to any Member, the Capital Account maintained for such Member in
accordance with the following provisions:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To each Member&#146;s Capital Account
there shall be credited (A) such Member&#146;s Capital Contributions, (B) such
Member&#146;s distributive share of Profits and any items in the nature of income or
gain which are specially allocated pursuant to Section 3.3 or Section 3.4
hereof, and (C) the amount of any Company liabilities assumed by such Member or
which are secured by any Property distributed to such Member.&#160; The principal amount of a promissory note
which is not readily traded on an established securities market and which is
contributed to the Company by the maker of the note (or a Member related to the
maker of the note within the meaning of Regulations Section 1.704-1
(b)(2)(ii)(c)) shall not be included in the Capital Account of any Member until
the Company makes a taxable disposition of the note or until (and to the
extent) principal payments are made on the note, all in accordance with
Regulations Section 1.704-1(b)(2)(iv)(d)(2);</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To each Member&#146;s Capital Account
there shall be debited (A) the amount of money and the Gross Asset Value of any
Property distributed to such Member pursuant to any provision of this
Agreement, (B) such Member&#146;s distributive share of Losses and any items in the nature
of expenses or losses which are specially allocated pursuant to Section 3.3 or
Section 3.4 hereof, and (C) the amount of any liabilities of such Member
assumed by the Company or which are secured by any Property contributed by such
Member to the Company; provided, however, that no debit shall be made under
this subsection (C) with respect to the assumption of any liability by the
Company in connection with any Member&#146;s initial Capital Contribution pursuant
to Section 2.1 hereof or with respect to the assumption of any liability by the
Company in connection with the Conversion;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In the event a Membership Interest is
transferred in accordance with the terms of this Agreement, the transferee
shall succeed to the Capital Account of the transferor to the extent it relates
to the transferred Membership Interest; and</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In determining the amount of any
liability for purposes of subparagraphs (i) and (ii) above there shall be taken
into account Code Section 752(c) and any other applicable provisions of the
Code and Regulations.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The foregoing provisions
and the other provisions of this Agreement relating to the maintenance of
Capital Accounts are intended to comply with Regulations Section 1.704-1 (b),
and shall be interpreted and applied in a manner consistent with such
Regulations.&#160; In the event the Board of
Managers shall determine that it is prudent to modify the manner in which the
Capital Accounts, or any debits or credits thereto (including, without limitation,
debits or credits relating to liabilities which are secured by contributed or
distributed property or which are assumed by the Company or any Members), are
computed in order to comply with such Regulations, the Board of Managers may
make such modification, provided that it is not likely to have a material
effect on the amounts distributed to any Person pursuant to Section 12 hereof</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=9,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=176585,FOLIO='5',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">upon the dissolution of the Company.&#160; The Board of Managers also shall (i) make
any adjustments that are necessary or appropriate to maintain equality between
the Capital Accounts of the Members and the amount of capital reflected on the
Company&#146;s balance sheet, as computed for book purposes, in accordance with
Regulations Section 1.704-1 (b)(2)(iv)(q), and (ii) make any appropriate
modifications in the event unanticipated events might otherwise cause this
Agreement not to comply with Regulations Section 1.704-1(b).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Capital Call&#148; shall have
the meaning set forth in Section 2.3(b) hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Capital Contributions&#148;
means, with respect to any Member, the amount of money and the initial Gross
Asset Value of any Property (other than money) contributed to the Company with
respect to the Membership Interest in the Company held or purchased by such
Member, including Additional Capital Contributions.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Central Soya&#148; means
Central Soya Company, Inc, an Indiana corporation and an indirect subsidiary of
Bunge Limited.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Central Soya Adjustment
Amount&#148; means any Adjustment Amount as defined in the Central Soya Contribution
Agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Central Soya Breach&#148;
means any Breach as defined in the Central Soya Contribution Agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Central Soya
Contribution Agreement&#148; means the Contribution Agreement of even date herewith
between Central Soya and the Company pursuant to which Central Soya shall
contribute the Contributed Property to the Company in exchange for its initial
Membership Interest in the Company.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Central Soya Excluded
Liability&#148; means any Excluded Liability as defined in the Central Soya
Contribution Agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Central Soya Foreign Tax
Assessment&#148; means any Foreign Tax Assessment as defined in the Central Soya
Contribution Agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Central Soya Foreign Tax
Refund&#148; means any Foreign Tax Refund as defined in the Central Soya
Contribution Agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Central Soya Grace
Period Option&#148; shall have the meaning set forth in Section 2.3(c) hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Central Soya Purchase
Option&#148; shall have the meaning set forth in Section 2.3(c) hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Central Soya Transfer
Tax Assessment&#148; means any Transfer Tax Assessment as defined in the Central
Soya Contribution Agreement.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=10,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=533274,FOLIO='6',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Central Soya US Tax
Assessment&#148; means any US Tax Assessment as defined in the Central Soya
Contribution Agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Central Soya US Tax
Refund&#148; means any US Tax Refund as defined in the Central Soya Contribution
Agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Certificate&#148; means the
certificate of formation of the Company filed with the Secretary of State of
the State of Delaware pursuant to the Act to form the Company, as originally
executed and amended, modified, supplemented or restated from time to time, as
the context requires.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Certificate of
Cancellation&#148; means a certificate of cancellation filed in accordance with 6
Del. C. &#167;&nbsp;18-203.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Certificate of
Conversion&#148; means the certificate of conversion filed in accordance with 6 Del.
C. &#167;&nbsp;18-214 and 8 Del. C. &#167;&nbsp;266 converting DuPont PTI into the
Company.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Change of Control&#148;
means, with respect to any Member, any transaction or series of transactions
(as a result of a tender offer, merger, consolidation or otherwise) that
results in, or that is in<b><font style="font-weight:bold;">  </font></b>connection with, any Person (other than an
Affiliate of such Member), including a &#147;group&#148; (within the meaning of Section
13(d)(3) of the Exchange Act) that includes that Person, acquiring &#147;beneficial
ownership&#148; (as defined in Rule 13d-3 under the Exchange Act), directly or
indirectly, of forty percent (40%) or more of the aggregate voting power of all
classes of stock, voting securities or other indicia of ownership of such
Member or any Person (other than an Affiliate of such Member) that possesses
&#147;beneficial ownership&#148; (as defined in Rule 13d-3 under the Exchange Act),
directly or indirectly, of forty percent (40%) or more of the aggregate voting
power of all classes of stock, voting securities or other indicia of ownership
of such Member.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Change of Control
Member&#148; shall have the meaning set forth in Section 11.4(i) hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Chairman&#148; shall have the
meaning set forth in Section 6.1(f) hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Chief Executive Officer&#148;
shall have the meaning set forth in Section 6.1(k)(ii) hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Chief Financial Officer&#148;
shall have the meaning set forth in Section 6.1(k)(iii) hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Code&#148; means the United
States Internal Revenue Code of 1986, as amended from time to time.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Company&#148; means Solae
Holdings LLC, the limited liability company continued pursuant to this
Agreement and the Certificate.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=11,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=707151,FOLIO='7',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Company Minimum Gain&#148;
shall have the meaning ascribed thereto in Regulations Sections 1.704-2(b)(2)
and 1.704-2(i)(2).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Contributed Property&#148;
means the assets and stock contributed by Central Soya to the Company pursuant
to the Central Soya Contribution Agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Conversion&#148; shall have
the meaning set forth in Section 1.2 hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Conveyance Documents&#148;
means the Conveyance Documents as defined in the Central Soya Contribution
Agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Covenant Not to Compete&#148;
means the Covenant Not to Compete Agreement of an even date herewith entered
into by the Company, DuPont and Bunge Limited.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Damages&#148; means any and
all liabilities, obligations, losses, direct damages, penalties, fines,
assessments (whether criminal or civil), claims, actions, injuries, suits,
judgments, costs, expenses (including, without limitation, reasonable legal
fees and expenses and costs of litigation), disbursements or demands
whatsoever, howsoever arising.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Deadlock&#148; shall have the
meaning set forth in Section 6.1(k)(i) hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Deadlock Matter&#148; shall
have the meaning set forth in Section 6.1(k)(i) hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Debt&#148; means (i) any
indebtedness for borrowed money or the deferred purchase price of property as
evidenced by a note, bonds, or other instruments, (ii) obligations as lessee
under capital leases, (iii) obligations secured by any mortgage, pledge,
security interest, encumbrance, lien or charge of any kind existing on any
asset owned or held by the Company whether or not the Company has assumed or
become liable for the obligations secured thereby, (iv) any obligation under
any interest rate swap agreement, (v) accounts payable and (vi) obligations
under direct or indirect guarantees of (including obligations (contingent or
otherwise) to assure a creditor against loss in respect of) indebtedness or
obligations of the kinds referred to in clauses (i), (ii), (iii), (iv) and (v),
above; provided that Debt shall not include obligations in respect of any
accounts payable that are incurred in the ordinary course of the Company&#146;s
business and are not delinquent or are being contested in good faith by
appropriate proceedings.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Depreciation&#148; means, for
each Allocation Year, an amount equal to the depreciation, amortization, or
other cost recovery deduction allowable with respect to an asset for such
Allocation Year, except that if the Gross Asset Value of an asset differs from
its adjusted basis for federal income tax purposes at the beginning of such
Allocation Year, Depreciation shall be an amount which bears the same ratio to
such beginning Gross Asset Value as the federal income tax depreciation,
amortization, or other cost recovery deduction for such Allocation Year bears
to such beginning adjusted tax basis; provided, however, that if the adjusted
basis for federal income tax purposes of an asset at the beginning of such
Allocation Year is zero, Depreciation shall be determined with reference to
such beginning Gross Asset Value using any reasonable method selected by the
Board of Managers.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=12,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=176050,FOLIO='8',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Dissolution Event&#148; shall
have the meaning set forth in Section 12.1(a) hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;DuPont&#148; means E.I. du
Pont de Nemours and Company, a Delaware corporation, and its successors and
permitted assigns.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;DuPont Adjustment
Amount&#148; means any Assumed Liability Difference as defined in the DuPont
Indemnity Agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;DuPont Breach&#148; means any
Breach as defined in the DuPont Indemnity Agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;DuPont Excluded
Liability&#148; means any Excluded Liability as defined in the DuPont Indemnity
Agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;DuPont Foreign Tax
Assessment&#148; means any Foreign Tax Assessment as defined in the DuPont Indemnity
Agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;DuPont Foreign Tax
Refund&#148; means any Foreign Tax Refund as defined in the DuPont Indemnity
Agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;DuPont Indemnity
Agreement&#148; means the indemnity agreement by and between DuPont and the Company
of an even date herewith pursuant to which DuPont makes certain representations
and warranties and agrees to certain indemnification obligations.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;DuPont PTI&#148; means DuPont
Protein Technologies International, Inc., a Delaware corporation (the name of
Solae Holdings LLC and type of entity that Solae Holdings LLC was prior to the Conversion)
and a Wholly Owned Affiliate of DuPont.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;DuPont Purchase Option&#148;
shall have the meaning set forth in Section 2.3(d) hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;DuPont Transfer Tax
Assessment&#148; means any Transfer Tax Assessment as defined in the DuPont
Indemnity Agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;DuPont US Tax
Assessment&#148; means any US Tax Assessment as defined in the DuPont Indemnity
Agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;DuPont US Tax Refund&#148;
means any US Tax Refund as defined in the DuPont Indemnity Agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Effective Time&#148; means
12:01 A.M. EST on April 1, 2003.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;8<sup>th</sup> Continent
Joint Venture&#148; means 8<sup>th</sup> Continent, L.L.C., the joint venture
between PTI<b><font style="font-weight:bold;">  </font></b>and General Mills,
Inc. for the production and sale of soy milk.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Election Notice&#148; shall
have the meaning set forth in Section 11.4(f) hereof.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=13,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=419845,FOLIO='9',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Entities&#148; means the term
&#147;Entities&#148; as defined in the Central Soya Contribution Agreement and the DuPont
Indemnity Agreement and any other direct or indirect subsidiary of the Company.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Exchange Act&#148; means the
Securities Exchange Act of 1934, as amended.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Fair Market Value&#148; means
the value as of any time in the then-current market condition, at which the
Membership Interest in question would change hands between an unrelated
purchaser and seller, each acting at arm&#146;s length and neither under a
compulsion to buy or under a compulsion to sell as determined by an independent
appraiser unanimously selected by the Board of Managers; provided, however,
that in the event the Board of Managers cannot unanimously agree upon an
appraiser, each Member shall select an appraiser and such appraisers shall
collectively select a third appraiser and such third appraiser shall determine
the Fair Market Value in question.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Finance Loans&#148; means the
loans to the Company from DuPont for the Company&#146;s purchase of the Shares and
the acquisition of the minority ownership interest in Solae Brasil Holdings
which Finance Loans shall be at rates not greater than market rates and on
terms reasonable and customary for a similar third party loan.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Firm Offer&#148; shall have
the meaning set forth in Section 11.4(a) hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Fiscal Quarter&#148; means
(i) the period commencing on the Effective Time and ending on June 30, 2003,
(ii) any subsequent three-month period commencing on each of July 1, October 1,
January 1 and April 1 and ending on the last date before the next such date and
(iii) the period commencing on the immediately preceding January 1, April 1,
July 1, or October 1, as the case may be, and ending on the date on which all
Property is distributed to the Members pursuant to Section 12 hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Fiscal Year&#148; means (i)
the period commencing on the Effective Time and ending on December 31, 2003,
(ii) any subsequent twelve-month period commencing on January 1 and ending on
December 31 and (iii) the period commencing on the immediately preceding
January 1 and ending on the date on which all Property is distributed to the
Members pursuant to Section 12 hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Forced Sale Offer&#148; shall
have the meaning set forth in Section 11.4(h) hereto.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Forced Sale Period&#148;
shall have the meaning set forth in Section 11.4(h) hereto.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;GAAP&#148; means generally
accepted accounting principles established by the Financial Accounting
Standards Board which govern the public financial reporting of United States
corporations in effect in the United States of America from time to time.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;GCL&#148; means the General
Corporation Law of the State of Delaware, as amended.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=14,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=102112,FOLIO='10',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Grace Period&#148; shall have
the meaning set forth in Section 2.3(c) hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Gross Asset Value&#148; means
with respect to any asset, the asset&#146;s adjusted basis for federal income tax
purposes, except as follows:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The initial Gross Asset Value of any
asset contributed by a Member to the Company shall be the fair market value of
such asset at the time it is accepted by the Company, unreduced by any
liability secured by such asset, as determined by the contributing Member and
the Board of Managers provided that the initial Gross Asset Values of the
assets contributed to the Company pursuant to Section 2.1 hereof shall be as
set forth in such section;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Gross Asset Values of all Company
assets shall be adjusted to equal their respective fair market values unreduced
by any liabilities secured by such assets (taking Code Section 7701 (g) into
account), as determined by the Board of Managers as of the following times: (A)
the acquisition of an additional Interest in the Company by any new or existing
Member in exchange for more than a <u>de minimis</u> Capital Contribution other
than acquisitions of additional Interests pursuant to the exercise by DuPont of
the DuPont Purchase Option or the exercise by Central Soya of the Central Soya
Purchase Option or the Central Soya Grace Period Option; (B) the distribution
by the Company to a Member of more than a <u>de minimis</u> amount of Property
as consideration for an Interest in the Company; and (C) the liquidation of the
Company within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g);
provided that an adjustment described in clauses (A) and (B) of this paragraph
shall be made only if the Board of Managers reasonably determines that such
adjustment is necessary to reflect the relative economic interests of the
Members in the Company;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Gross Asset Value of any item of
Company assets distributed to any Member shall be adjusted to equal the fair
market value unreduced by any liabilities secured by such assets (taking Code
Section 7701(g) into account) of such asset on the date of distribution as
determined by the Board of Managers; and</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Gross Asset Values of Company
assets shall be increased (or decreased) to reflect any adjustments to the
adjusted basis of such assets pursuant to Code Section 734(b) or Code Section
743(b), but only to the extent that such adjustments are taken into account in
determining Capital Accounts pursuant to Regulations Section
1.704-1(b)(2)(iv)(m) and subparagraph (vi) of the definition of &#147;Profits&#148; and
&#147;Losses&#148; or Section 3.3(c) hereof; provided, however, that Gross Asset Values
shall not be adjusted pursuant to this subparagraph (iv) to the extent that an
adjustment pursuant to subparagraph (ii) is required in connection with a
transaction that would otherwise result in an adjustment pursuant to this
subparagraph (iv).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Gross Asset Value of an asset has been
determined or adjusted pursuant to subparagraph (ii) or (iv), such Gross Asset
Value shall thereafter be adjusted by the Depreciation taken into account with
respect to such asset, for purposes of computing Profits and Losses.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=15,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=1043859,FOLIO='11',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Initial Period&#148; means
the time period commencing on the Effective Time and ending at 12:01 a.m.
Eastern Standard time on the day immediately following the date of the third
anniversary of the Effective Time.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Involuntary Bankruptcy&#148;
shall have the meaning set forth in the definition of Bankruptcy.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Issuance Items&#148; shall
have the meaning set forth in Section 3.3(i) hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;License Agreement&#148; means
that certain License Agreement by and between DuPont and the Company dated as
of April 1, 2003, pursuant to which DuPont licenses the name &#147;Solae&#148; to the
Company and the Company has the right to sublicense the use of the name &#147;Solae&#148;
to its subsidiaries</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Liquidation Period&#148;
shall have the meaning set forth in Section 12.7 hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Liquidator&#148; shall have
the meaning set forth in Section 12.9(a) hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Losses&#148; shall have the
meaning set forth in the definition of &#147;Profits&#148; and &#147;Losses.&#148;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Make-Whole Expense&#148; is
defined in Section 3.3(u).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Make-Whole Period&#148; is
defined in Section 3.3(u).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Manager&#148; means any of
the individuals appointed by the Members to serve and vote on the Board of
Managers and &#147;Managers&#148; means all of such individuals.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Member&#148; means any Person
(i) who is referred to as such on Exhibit A attached hereto and made a part
hereof, or who has become a substituted Member pursuant to the terms of this
Agreement and (ii) who has not ceased to be a Member.&#160; &#147;Members&#148; means all such Persons.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Member Nonrecourse Debt&#148;
shall have the same meaning as the term &#147;Member nonrecourse debt&#148; in Section
1.704-2(b)(4) of the Regulations.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Member Nonrecourse Debt
Minimum Gain&#148; means an amount, with respect to each Member Nonrecourse Debt,
equal to the Company Minimum Gain that would result if such Member Nonrecourse
Debt were treated as a Nonrecourse Liability, determined in accordance with
Section 1.704-2(i)(3) of the Regulations.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Member Nonrecourse
Deductions&#148; has the same meaning as the term &#147;Member nonrecourse deductions&#148; in
Sections 1.704-2(i)(1) and 1.704-2(i)(2) of the Regulations.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Membership Interest&#148; or
&#147;Interest&#148; means a Member&#146;s entire ownership interest in the Company, its
Percentage Interest, and the rights related thereto, including the right to
vote</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=16,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=144058,FOLIO='12',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">on, consent to, or otherwise participate in any
decision or action of or by the Members granted pursuant to this Agreement and
the Act.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Net Cash Flow&#148; means all
cash, revenues, and funds received by the Company, including Capital
Contributions, less the sum of the following to the extent paid or set aside by
the Company: (i) all principal and interest payments on indebtedness of the
Company and all other sums paid to lenders; (ii) all cash expenditures incurred
incident to the normal operation of the Company&#146;s business; (iii) such reserves
as the Board of Managers deems reasonably necessary to the proper operation of
the Company&#146;s business; and (iv) such reserves as the Board of Managers
reasonably deems necessary for the Company&#146;s capital requirements, all as
determined by the Board of Managers.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Nonrecourse Deductions&#148;
shall have the meaning set forth in Section 1.704-2(b)(1) of the Regulations.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Nonrecourse Liability&#148;
shall have the meaning set forth in Section 1.704-2(b)(3) of the Regulations.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Non-Transferring Members&#148;
shall have the meaning set forth in Section 11.4(f) hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Offer Notice&#148; shall have
the meaning set forth in Section 11.4(a) hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Offer Period&#148; shall have
the meaning set forth in Section 11.4(b) hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Offer Price&#148; shall have
the meaning set forth in Section 11.4(a) hereof</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Offered Membership
Interest&#148; shall have the meaning set forth in Section 11.4 hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Offerees&#148; shall have the
meaning set forth in Section 11.4(a) hereof</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Officers&#148; shall have the
meaning set forth in Section 6.1(k) hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Operating Cash Flow&#148;
means the Net Cash Flow of the Company from operations for a taxable year in an
amount equal to the taxable income or loss of the Company arising in the
ordinary course of the Company&#146;s business and investment activities, increased
by tax exempt interest, depreciation, amortization, cost recovery allowances
and other noncash charges deducted in determining such taxable income and
decreased by:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 90.75pt;text-indent:-18.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Principal payments made
on any Company indebtedness,</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 90.75pt;text-indent:-18.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Property replacement or
contingency reserves actually established by the Company,</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=17,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=82193,FOLIO='13',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 90.75pt;text-indent:-18.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Capital expenditures
when made other than from reserves or from borrowings the proceeds of which are
not included in operating cash flow, and</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any
other cash expenditures (including preferred returns) not deducted in
determining such taxable income or loss.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Original Agreement&#148;
shall have the meaning set forth in the recitals hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Percentage Interest&#148;
means, with respect to any Member as of any date, the ratio (expressed as a
percentage) of the total Capital Account of such Member as of such date to the
aggregate Capital Account of all Members as of such date rounded to the nearest
..01%.&#160; The Percentage Interest of each
Member immediately after the Effective Time is set forth in Section 2.1 hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Permitted Transfer&#148;
shall have the meaning set forth in Section 11.2 hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Person&#148; means any
individual, partnership, corporation (including a business trust), joint stock
company, trust, unincorporated association, joint venture or other entity, or a
governmental or any political subdivision or agency thereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Proceeding&#148; shall have
the meaning set forth in Section 7.3(a) hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Procurement Agreement&#148;
means that certain Procurement Agreement of an even date herewith by and
between Bunge Limited and the Company.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Profits&#148; and &#147;Losses&#148;
mean, for each Allocation Year, an amount equal to the Company&#146;s taxable income
or loss for such Allocation Year, determined in accordance with Code Section
703(a) (for this purpose, all items of income, gain, loss, or deduction
required to be stated separately pursuant to Code Section 703(a)(1) shall be
included in taxable income or loss), with the following adjustments (without
duplication):</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any income of the Company that is
exempt from federal income tax and not otherwise taken into account in
computing Profits or Losses pursuant to this definition of &#147;Profits&#148; and
&#147;Losses&#148; shall be added to such taxable income or loss;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any expenditures of the Company
described in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B)
expenditures pursuant to Regulations Section 1.704-1(b)(2)(iv)(i), and not
otherwise taken into account in computing Profits or Losses pursuant to this
definition of &#147;Profits&#148; and &#147;Losses&#148; shall be subtracted from such taxable
income or loss;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In the event the Gross Asset Value of
any Company asset is adjusted pursuant to subparagraphs (ii) or (iii) of the
definition of Gross Asset Value, the amount of such adjustment shall be treated
as an item of gain (if the adjustment increases the Gross Asset Value of the
asset) or an item of loss (if the adjustment decreases the Gross</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=18,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=359725,FOLIO='14',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Asset Value of the asset)
from the disposition of such asset and shall be taken into account for purposes
of computing Profits or Losses;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Gain or loss resulting from any
disposition of Property with respect to which gain or loss is recognized for
federal income tax purposes shall be computed by reference to the Gross Asset
Value of the Property disposed of, notwithstanding that the adjusted tax basis
of such Property differs from its Gross Asset Value;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In lieu of the depreciation,
amortization, and other cost recovery deductions taken into account in
computing such taxable income or loss, there shall be taken into account
Depreciation for such Allocation Year, computed in accordance with the
definition of Depreciation;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To the extent an adjustment to the
adjusted tax basis of any Company asset pursuant to Code Section 734(b) is
required, pursuant to Regulations Section 1.704-2(b)(2)(iv)(m)(4), to be taken
into account in determining Capital Accounts as a result of a distribution
other than in liquidation of a Member&#146;s Interest in the Company, the amount of
such adjustment shall be treated as an item of gain (if the adjustment
increases the basis of the asset) or loss (if the adjustment decreases such
basis) from the disposition of such asset and shall be taken into account for
purposes of computing Profits or Losses; and</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding any other provision of
this definition, any items which are specially allocated pursuant to Section
3.3 or Section 3.4 hereof shall not be taken into account in computing Profits
or Losses.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The amounts of the items
of Company income, gain, loss or deduction available to be specially allocated
pursuant to Sections 3.3 and 3.4 hereof shall be determined by applying rules
analogous to those set forth in subparagraphs (i) through (vi) above.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Prohibited Transferees&#148;
shall have the meaning set forth in Section 11.2 hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Property&#148; means all real
and personal property acquired by, or contributed to, the Company, including
cash, and any improvements thereto, and shall include both tangible and
intangible property.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Protected Party&#148; shall
have the meaning set forth in Section 7.1 hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;PTI&#148; means Protein
Technologies International, Inc., a Delaware corporation (the name of Solae,
LLC and type of entity that Solae, LLC was prior to PTI&#146;s conversion pursuant
to the provisions of Section 266 of the GCL and Section 18-214 of the Act) and
a Wholly Owned Affiliate of DuPont PTI.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;PTI Assets&#148; means the
assets owned by PTI as described in the DuPont Indemnity Agreement.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=19,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=78636,FOLIO='15',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Purchase Request&#148; shall
have the meaning set forth in Section 11.4(g) hereof.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Purchaser&#148; shall have
the meaning set forth in Section 11.4(a) hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Reconstitution Period&#148;
shall have the meaning set forth in Section 12.1(b) hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Regulations&#148; means the
income tax regulations, including temporary regulations, promulgated under the
Code, as such regulations are amended from time to time.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Regulatory Allocations&#148;
shall have the meaning set forth in Section 3.4 hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Related Agreements&#148;
means the Share Purchase Agreement, the Conveyance Documents, the Central Soya
Contribution Agreement, the Covenant Not to Compete, the Bunge Limited
Guarantee, the DuPont Indemnity Agreement, any operating agreement with respect
to facilities located in Bellevue, Ohio, any agreement for the supply of raw
materials by and between the Company and one or more of the Members or their
Affiliates, the Biotech Alliance Agreement, the License Agreement, the Finance
Loans, the Research License, the Revolving Loan, the Term Sheets, the
Procurement Agreement and any material service level agreement by and between
the Company and one or more of the Members or their Affiliates.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Research License&#148; means
that certain Research License Agreement by and between DuPont and the Company
dated as of April 1, 2003.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Restructured Board&#148;
shall have the meaning set forth in Section 11.10 hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Revolving Loan&#148; means
the loan made from DuPont to the Company under that Revolving Credit Agreement
dated as of April 1, 2003 in a principal amount equal to $25,000,000 United
States Dollars granted from DuPont to the Company at the Effective Time; of
which $15,000,000 United States Dollars is drawn as of the Effective Time.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Securities Act&#148; means
the Securities Act of 1933, as amended.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;SEC Requirements&#148; means
the applicable regulations, rules and requirements promulgated by the United
States Securities Exchange Commission.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Seller&#148; shall have the
meaning set forth in Section 11.4 hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Services&#148; means any
business services generally provided by any Member or its Affiliates.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Share Purchase
Agreement&#148; means that certain Share Purchase Agreement entered into on or about
the Effective Time and pursuant to which Bunge Limited shall sell to the
Company, and the Company shall purchase from Bunge Limited, the Shares for a
purchase price of US $255,790,302.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=20,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=861083,FOLIO='16',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Shares&#148; means, at
the Closing (as defined in the Share Purchase Agreement) 677,563,283 ordinary
shares representing approximately eighty-two point twenty-three percent
(82.23%)<b><font style="font-weight:bold;">  </font></b>of all of the issued and
outstanding capital stock of Solae Brasil Holdings to be purchased by the
Company from Bunge Limited pursuant to the Share Purchase Agreement as more
particularly described in the Share Purchase Agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Solae Brasil&#148;
means Solae do Brasil Ind. Com. Alimentos Ltda., a Brazilian corporation and,
at the Closing Date (as defined in the Share Purchase Agreement), a Wholly
Owned Affiliate of Solae Brasil Holdings.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Solae Brasil
Holdings&#148;<b><font style="font-weight:bold;">  </font></b>means Solae do Brasil
Holdings S.A., a to-be formed Brazilian corporation that will be a subsidiary
of Bunge Limited and that will own one hundred percent (100%) of Solae Brasil.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Solae, LLC&#148; means
Solae, LLC a Delaware limited liability company resulting from the conversion
of PTI pursuant to the provisions of Section 266 of the GCL and Section 18-214
of the Act and a Wholly Owned Affiliate of the Company.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Term Sheets&#148;
means those certain Term Sheets entered into by Solae, LLC and Central Soya or
its Affiliate on an even date herewith relating to the operation of the
Company&#146;s or its subsidiaries&#146; facilities.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Transfer&#148; means,
as a noun, any voluntary or involuntary transfer, sale, pledge, hypothecation,
or other disposition and, as a verb, voluntarily or involuntarily to transfer,
sell, pledge, hypothecate, or otherwise dispose of.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Transferring
Member&#148; shall have the meaning set forth in Section 11.4(f) hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Voluntary
Bankruptcy&#148; shall have the meaning set forth in the definition of &#147;Bankruptcy.&#148;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Wholly Owned
Affiliate&#148; of any Person means an Affiliate of such Person (i) one hundred
percent (100%) of the voting stock or beneficial ownership of which is owned
directly by such Person, or by any Person who, directly or indirectly, owns one
hundred percent (100%) of the voting stock or beneficial ownership of such
Person, (ii) an Affiliate to such Person who, directly or indirectly, owns one
hundred percent (100%) of the voting stock or beneficial ownership of such
Person, and (iii) any Wholly Owned Affiliate of any Affiliate described in
clause (i) or clause (ii).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="Formation_">Formation.</a></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company is the
resulting limited liability company from the conversion of DuPont PTI into the
Company (the &#147;Conversion&#148;) pursuant to the provisions of Section 266 of the GCL
and Section 18-214 of the Act and the filing of the Certificate of Conversion
and the Certificate in the Office of the Secretary of State of the State of
Delaware on March 28, 2003.&#160; The Members
hereby agree to continue the Company as a limited liability company under and</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=21,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=401393,FOLIO='17',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">pursuant to the provisions of the Act and upon the terms and conditions
set forth in this Agreement.&#160; The fact
that the Certificate is on file in the office of the Secretary of State, State
of Delaware, shall constitute notice that the Company is a limited liability
company.&#160; At the Effective Time, Central
Soya shall be admitted as a Member of the Company.&#160; The rights and liabilities of the Members shall be as provided
under the Act, the Certificate and this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="Name">Name</a></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The name of the
Company shall continue to be Solae Holdings LLC and all business of the Company
shall continue to be conducted in such name.&#160;
The Board of Managers (by unanimous consent) may change the name of the
Company upon ten (10) Business Days notice to the Members.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.4&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="PurposePowers_">Purpose; Powers.</a></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The purposes of the Company are (i)
to own and direct the operation of the Business, (ii) to enter into and perform
the Company&#146;s obligations under the Related Agreements, (iii) to own the stock
and interests, as the case may be, in the Company&#146;s subsidiaries and to direct
the operation of the Company&#146;s subsidiaries, (iv) to engage in such additional
activities as the Members may approve and (v) to engage in any and all
activities related or incidental to the purposes set forth in clauses (i)
through (iv) of this Section 1.4(a).&#160;
The purposes of the Company&#146;s subsidiaries (including, but not limited to,
Solae, LLC) shall be limited to the purposes of the Company as set forth in
this Section 1.4(a).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company has the power to do any
and all acts necessary, appropriate, proper, advisable, incidental or
convenient to or in furtherance of the purposes of the Company set forth in
Section 1.4(a) hereof and has, without limitation, any and all powers that may
be exercised on behalf of the Company by the Board of Managers pursuant to
Section 6 hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Members covenant and agree that
they shall not cause the Company in its capacity as the sole member of Solae,
LLC or the Entities to cause Solae, LLC or the Entities, as the case may be, to
take any actions which would require the consent of the Board of Managers or
Members if such actions were to be taken by the Company without first obtaining
the same approval of the Board of Managers or the Members, as the case may be,
that would have been required if the Company had taken such action.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.5&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="RegisteredOffice_">Registered Office.</a></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The registered
office of the Company in the State of Delaware is initially located at The
Corporation Trust Company, Corporation Trust Center, 1209 Orange Street,
Wilmington, New Castle County, Delaware 19801.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.6&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="Term_">Term.</a></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The term of the
Company commenced on October 1, 1997, being the date the certificate of
incorporation of DuPont PTI was filed in the Office of the Secretary of State
of the</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=22,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=814919,FOLIO='18',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">State of Delaware in accordance with the GCL and shall continue until
the winding up and liquidation of the Company and its business is completed
following a Dissolution Event, as provided in Section 12 hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.7&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="FilingsAgentForServiceOfProcess_">Filings; Agent for Service of Process.</a></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Board of Managers shall take or
cause to be taken any and all other actions reasonably necessary to perfect and
maintain the status of the Company as a limited liability company under the
laws of the State of Delaware, including the preparation and filing of such
amendments to the Certificate and such other assumed name certificates,
documents, instruments and publications as may be required by law, including,
without limitation, action to reflect:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; a
change in the Company name;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; a
correction of false or erroneous statements in the Certificate or the desire of
the Members to make a change in any statement therein in order that it shall
accurately represent the agreement among the Members; or</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; a
change in the time for dissolution of the Company as stated in the Certificate
and/or in this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Board of Managers shall execute
(or cause to be executed) and cause to be filed original or amended
certificates and shall take any and all other actions as may be reasonably
necessary to perfect and maintain the status of the Company as a limited
liability company or similar type of entity under the laws of any other jurisdictions
in which the Company engages in business.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The registered agent for service of
process on the Company in the State of Delaware shall be The Corporation Trust
Company or any successor as appointed by the Board of Managers in accordance
with the Act.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Upon the dissolution and completion
of the winding up and liquidation of the Company in accordance with Section 12,
the Board of Managers shall promptly execute (or cause to be executed) and
cause to be filed a Certificate of Cancellation in accordance with the Act and
the laws of any other jurisdictions in which the Board of Managers deems such
filing necessary or advisable.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.8 &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="TitleToProperty_">Title to Property.</a></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All Property owned
by the Company shall be owned by the Company as an entity and no Member shall
have any ownership interest in such Property in its individual name, and each
Member&#146;s Interest in the Company shall be personal property for all
purposes.&#160; At all times after the
Effective Time, the Company shall hold title to all of its Property in the name
of the Company and not in the name of any Member.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=23,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=120927,FOLIO='19',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.9&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="PaymentsOfIndividualObligations_">Payments of Individual Obligations.</a></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company&#146;s
credit and assets shall be used solely for the benefit of the Company, and no
asset of the Company shall be transferred or encumbered for, or in payment of,
any individual obligation of any Member.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.10&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="IndependentActivities">Independent Activities</a>; Transactions with
Affiliates.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Each Manager shall be required to
devote such time to the affairs of the Company as may be necessary to manage
and operate the Company, and shall be free to serve any other Person or
enterprise in any capacity that such Manager may deem appropriate in his, her
or its discretion.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Each Member shall comply, and shall
cause its Affiliates to comply, with the terms and conditions of the Covenant
Not to Compete.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company is authorized to purchase
Services from any Member acting on its own behalf, or any Affiliate of any
Member, at a price equal to the cost of such Services plus a reasonable profit
margin not to exceed five percent&#160; (5%);
provided, however, that in no event shall any Member or its Affiliates charge
the Company an amount for such Services that exceeds the amount such Member or
its Affiliates charges for such Services to unaffiliated third parties.&#160; Notwithstanding anything to the contrary set
forth in this Section 1.10(c), the Company is hereby authorized to enter into
the Related Agreements and the provisions of this Section 1.10(c) shall not
apply to the Finance Loans, the License Agreement, the Research License or the
Revolving Loan.&#160; Each of DuPont and
Central Soya shall provide or cause to be provided to the Company those
Services set forth in <u>Schedule 2</u> attached hereto and made a part hereof
at a price for such Services to be agreed upon by the Company and the
applicable provider for a period commencing on the Effective Time and ending
April 30, 2003 or such earlier time as definitive agreements related to such
Services have been entered into by the Company and the relevant service
provider.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="Section2MembersCapitalContributio"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section 2:&#160; Members&#146; Capital Contributions</font></b></a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="InitialCapitalContributions_">Initial Capital Contributions.</a></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The name, address,
initial Capital Contribution, and initial Percentage Interest of each of the
Members is as follows:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="35%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:35.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Names and Addresses</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="30%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:30.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Initial
  Capital<br>
  Contribution</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="30%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:30.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Initial
  Percentage<br>
  Interest</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="30%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:30.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="30%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:30.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:35.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">E. I. du Pont de
  Nemours<br>
  and Company<br>
  1007 Market Street<br>
  Wilmington, DE&#160; 19898<br>
  United States of America</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="30%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:30.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The PTI Assets
  described in the DuPont Indemnity Agreement with an agreed upon Gross Asset Value
  equal to U.S.&nbsp;$1,510,000,000.</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="30%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:30.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">71.94</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=24,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=245443,FOLIO='20',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="35%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:35.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention: Vice
  President<br>
  and General Manager,<br>
  DuPont Nutrition &amp; Health<br>
  Facsimile: (302) 999-5480</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="30%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:30.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="30%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:30.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="1%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:35.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Central Soya Company,
  Inc.<br>
  c/o Bunge Management Services, Inc.<br>
  50 Main St. 6<sup>th</sup> Floor<br>
  White Plains, NY 10606<br>
  </font><font style="layout-grid-mode:both;">United States of America<br>
  </font>Attention: Andrew J. Burke<br>
  Facsimile: (914) 684-3417</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="30%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:30.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Contributed
  Property described in the Central Soya Contribution Agreement with an agreed </font><font style="layout-grid-mode:both;">upon Gross Asset Value equal to </font>U.S.&nbsp;$589,000,000.</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="30%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:30.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28.06</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="CentralSoyaContributionAgreementdupo">Central Soya Contribution
Agreement/DuPont Indemnity Agreement.</a></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The contributions
made by Central Soya pursuant to Section 2.1 hereof shall be subject to the
terms and provisions of the Central Soya Contribution Agreement.&#160; Simultaneously with the execution of this
Agreement, the Company shall enter into the Central Soya Contribution
Agreement, and any agreement referred to therein, without requirement of any
further act, approval, or vote of any other Person and such agreements shall be
deemed to satisfy all requirements of this Agreement.&#160; Simultaneously with the execution of this Agreement, the Company
shall enter into the DuPont Indemnity Agreement without requirement of any
further act, approval, or vote of any other Person and such agreements shall be
deemed to satisfy all requirements of this Agreement.&#160; At the Effective Time, DuPont and the Company shall enter into
the License Agreement which shall grant to the Company a royalty free license
for the Company&#146;s use of the name &#147;Solae&#148; and which shall allow the Company to
sublicense the right to use the name &#147;Solae&#148; to its subsidiaries.&#160; At the time DuPont has obtained the
registrations for the trademark &#147;Solae&#148; from the US Patent and Trademark
Office, DuPont shall transfer such trademark to the Company pursuant to an
agreement on terms mutually agreeable to the Company and DuPont for nominal
consideration.&#160; For the avoidance of
doubt, the parties agree that the value of such trademark has already been
included in the valuations set forth in Section 2.1 above and as a result
DuPont shall not be entitled to any increase in its Capital Account as a result
of such contribution.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="AdditionalCapitalContributions_">Additional Capital Contributions.</a></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Except as otherwise provided in this
Section 2.3, Section 3.3 or pursuant to a Capital Call, the Members may make
Additional Capital Contributions only with the written consent of the Members.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Board of Managers may call for
Additional Capital Contributions from the Members in an amount proportional to
the Members&#146; relative Percentage Interests (a &#147;Capital Call&#148;).&#160; Written notice of a Capital Call shall be
mailed to each of the Members and each of the Members shall make the Capital
Call specified in such notice within</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=25,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=85830,FOLIO='21',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">thirty (30) days following such Member&#146;s receipt of such notice.&#160; In the event any Member fails to make all or
any portion of its Additional Capital Contributions with respect to a Capital
Call, the other Members may make Additional Capital Contributions for their own
account in an amount not to exceed such Member&#146;s shortfall in making such
Additional Capital Contributions within fifteen (15) days following such
failure.&#160; Notwithstanding anything
contained herein to the contrary, during the Initial Period and the Grace
Period, no payment received by the Company from a Member pursuant to any
Capital Call shall be applied by the Company to the principal balances on the
Finance Loans unless otherwise consented to by the Members.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; During the Initial Period and subject
to the limitations of this clause (c), Central Soya or its designated Affiliate
shall have the right, upon irrevocable written notice to the Members and the
Company, to make Additional Capital Contributions in addition to those
contemplated in (b) above in such amounts as Central Soya shall determine (the
&#147;Central Soya Purchase Option&#148;) and may, upon prior written notice to the
Members and the Company elect to defer payment of such Additional Capital
Contribution for a period not to exceed ninety (90) days; provided, however,
that (i) neither Central Soya&#146;s Capital Account nor Percentage Interest shall
reflect such Additional Capital Contribution until such payment is actually
made and (ii) Central Soya shall not, without the prior written consent of the
Members, be permitted to make Additional Capital Contributions to the extent
such Additional Capital Contributions will result in Central Soya&#146;s Percentage
Interest in the Company exceeding forty percent (40%); and provided further,
that Central Soya may exercise the Central Soya Purchase Option only on each
December 31 during the Initial Period.&#160;
Any Additional Capital Contributions contributed by Central Soya
pursuant to the Central Soya Purchase Option shall be calculated upon the
Capital Accounts of the Members at the applicable December 31, subject to the
forty percent (40%) cap provided above, and shall be applied by the Company,
unless otherwise determined by the Board of Managers, to the principal balances
on the Finance Loans to the extent such balances exist at the time such
Additional Capital Contributions are made.&#160;
If at the time of payment, the payment of Central Soya&#146;s Additional
Capital Contribution pursuant to the Central Soya Purchase Option results in Central
Soya&#146;s Percentage Interest exceeding forty percent (40%), the Company shall
make a distribution to Central Soya to the extent necessary to make Central
Soya&#146;s Percentage Interest in the Company equal to forty percent (40%).&#160; Notwithstanding the foregoing, if at the end
of the Initial Period Central Soya has not made sufficient Additional Capital
Contributions to increase its Percentage Interest to forty percent (40%),
Central Soya may, within three (3) Business Days following its receipt from the
Company of the determination of the Capital Accounts of the Members at April 1,
2006 (the &#147;Grace Period&#148;), make an Additional Capital Contribution calculated
upon the Capital Accounts of the Members at April 1, 2006 (the &#147;Central Soya
Grace Period Option&#148;), subject to the forty percent (40%) cap provided above
and may, upon written notice to the Members and the Company during the Grace
Period, elect to defer payment of such Additional Capital Contribution for a
period not to exceed one hundred eighty (180) days; provided, however, that
neither Central Soya&#146;s Capital Account nor Percentage Interest shall reflect
such Additional Capital Contribution until such payment is actually made.&#160; If at the time of payment, the payment of
Central Soya&#146;s Additional Capital Contribution pursuant to the Central Soya
Grace Period Option results in Central Soya&#146;s Percentage Interest exceeding
forty percent (40%), the Company shall make a distribution to Central Soya to
the extent necessary to make Central Soya&#146;s Percentage Interest in the Company
equal to forty percent (40%).</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=26,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=351156,FOLIO='22',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In the event Central Soya does not,
within the time periods set forth in clause (c), make Additional Capital
Contributions in respect of the Central Soya Purchase Option and the Central
Soya Grace Period Option in an aggregate amount of at least Three Hundred
Million Dollars ($300,000,000), DuPont may make an Additional Capital
Contribution (the &#147;DuPont Purchase Option&#148;) upon written notice to the other
Members and the Company within thirty (30) Business Days in an amount equal to
the difference between Three Hundred Million Dollars ($300,000,000) and the
amount of the Additional Capital Contributions made by Central Soya in respect
of the Central Soya Purchase Option and the Central Soya Grace Period Option
and thus increase its Percentage Interest.&#160;
DuPont may elect to defer payment of such DuPont Purchase Option for a
period not to exceed one hundred eighty (180) days; provided, however, that
neither DuPont&#146;s Capital Account nor Percentage Interest shall reflect such
Additional Capital Contribution until such payment is actually made.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="Section3Allocations"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section 3:&#160; Allocations</font></b></a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="Profits_">Profits.</a></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">After giving
effect to the special allocations set forth in Sections 3.3 and 3.4, Profits
for any Allocation Year shall be allocated to the Members in proportion to
their respective Percentage Interests.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="Losses_">Losses.</a></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">After giving
effect to the special allocations set forth in Sections 3.3 and 3.4 and subject
to Section 3.5, Losses for any Allocation Year shall be allocated to the
Members in proportion to their respective Percentage Interests.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="SpecialAllocations_">Special Allocations.</a></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Following
special allocations shall be made in the following order:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Minimum Gain Chargeback. Except as
otherwise provided in Section 1.704-2(f) of the Regulations, notwithstanding
any other provision of this Section 3, if there is a net decrease in Company
Minimum Gain during any Allocation Year, each Member shall be specially
allocated items of Company income and gain for such Allocation Year (and, if
necessary, subsequent Allocation Years) in an amount equal to such Member&#146;s
share of the net decrease in Company Minimum Gain, determined in accordance
with Regulations Section 1.704-2(g). Allocations pursuant to the previous
sentence shall be made in proportion to the respective amounts required to be
allocated to each Member pursuant thereto.&#160;
The items to be so allocated shall be determined in accordance with
sections 1.704-2(f) (6) and 1.704-2(j)(2) of the Regulations.&#160; This Section 3.3(a) is intended to comply
with the minimum gain chargeback requirement in Section 1.704-2(f) of the
Regulations and shall be interpreted consistently therewith.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=27,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=616421,FOLIO='23',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Member Minimum Gain Chargeback.&#160; Except as otherwise provided in Section
1.704-2(i) (4) of the Regulations, notwithstanding any other provision of this
Section 3, if there is a net decrease in Member Nonrecourse Debt Minimum Gain
attributable to a Member Nonrecourse Debt during any Allocation Year, each
Member who has a share of the Member Nonrecourse Debt Minimum Gain attributable
to such Member Nonrecourse Debt, determined in accordance with Section
1.704-2(i) (5) of the Regulations, shall be specially allocated items of
Company income and gain for such Allocation Year (and, if necessary, subsequent
Allocation Years) in an amount equal to such Member&#146;s share of the net decrease
in Member Nonrecourse Debt, determined in accordance with Regulations Section
1.704-2(i) (4).&#160; Allocations pursuant to
the previous sentence shall be made in proportion to the respective amounts
required to be allocated to each Member pursuant thereto.&#160; The items to be so allocated shall be
determined in accordance with Sections 1.704-2(i) (4) and 1.704-2(j) (2) of the
Regulations.&#160; This Section 3.3(b) is
intended to comply with the minimum gain chargeback requirement in Section
1.704-2(i) (4) of the Regulations and shall be interpreted consistently therewith.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Qualified Income Offset.&#160; In the event any Member unexpectedly
receives any adjustments, allocations, or distributions described in Sections
1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6) of
the Regulations, items of Company income and gain shall be specially allocated
to such Member in an amount and manner sufficient to eliminate, to the extent
required by the Regulations, the Adjusted Capital Account Deficit of the Member
as quickly as possible, provided that an allocation pursuant to this Section
3.3(c) shall be made only if and to the extent that the Member would have an
Adjusted Capital Account Deficit after all other allocations provided for in
this Section 3 have been tentatively made as if this Section 3.3(c) were not in
this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Gross Income Allocation.&#160; In the event any Member has a deficit
Capital Account at the end of any Allocation Year which is in excess of the sum
of (i) the amount such Member is obligated to restore pursuant to the
penultimate sentences of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5),
each such Member shall be specially allocated items of Company income and gain
in the amount of such excess as quickly as possible, provided that an
allocation pursuant to this Section 3.3(d) shall be made only if and to the extent
that such Member would have a deficit Capital Account in excess of such sum
after all other allocations provided for in this Section 3 have been made as if
Section 3.3(c) and this Section 3.3(d) were not in this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Nonrecourse Deductions. &#160;Nonrecourse Deductions for any Allocation
Year shall be specially allocated to the Members in proportion to their
respective Percentage Interests.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Member Nonrecourse Deductions.&#160; Any Member Nonrecourse Deductions for any
Allocation Year shall be specially allocated to the Member who bears the
economic risk of loss with respect to the Member Nonrecourse Debt to which such
Member Nonrecourse Deductions are attributable in accordance with Regulations
Section 1.704-2(i) (1).</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=28,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=319163,FOLIO='24',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section 754 Adjustments.&#160; To the extent an adjustment to the adjusted
tax basis of any Company asset, pursuant to Code Section 734(b) or Code Section
743(b) is required, pursuant to Regulations Section 1.704-1(b)(2)(iv)(m)(2) or
1.704-1 (b)(2)(iv)(m)(4), to be taken into account in determining Capital
Accounts as the result of a distribution to a Member in complete liquidation of
such Member&#146;s interest in the Company, the amount of such adjustment to Capital
Accounts shall be treated as an item of gain (if the adjustment increases the
basis of the asset) or loss (if the adjustment decreases such basis) and such
gain or loss shall be specially allocated to the Members in accordance with
their interests in the Company in the event Regulations Section
1.704-1(b)(2)(iv)(m)(2) applies, or to the Member to whom such distribution was
made in the event Regulations Section 1.704-1(b)(2)(iv)(m)(4) applies.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Allocations Relating to Taxable
Issuance of Company Membership Interests.&#160;
Any income, gain, loss or deduction realized as a direct or indirect
result of the issuance of Membership Interests by the Company to a Member (the
&#147;Issuance Items&#148;) shall be allocated among the Members so that, to the extent
possible, the net amount of such Issuance Items, together with all other
allocations under this Agreement to each Member shall be equal to the net
amount that would have been allocated to each such Member if the Issuance Items
had not been realized.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Allocations Relating to the Excluded
Central Soya Liabilities.&#160; If the
Company or any Wholly Owned Affiliate of the Company (determined as of the
Effective Time) incurs or suffers any Damages arising out of or relating to any
Excluded Central Soya Liability, the amount of actual Damages suffered or
incurred by the Company or any Wholly Owned Affiliate of the Company shall be
specially allocated as an expense or a loss to Central Soya.&#160; If any Person directly or indirectly owned
by the Company, other than a Wholly Owned Affiliate of the Company, incurs or
suffers any Damages arising out of or relating to any Excluded Central Soya
Liability, an amount equal to the actual amount of Damages suffered or incurred
by such Person times Central Soya&#146;s direct or indirect ownership percentage of
such Person (as of the Effective Time), shall be specially allocated as an
expense or a loss to Central Soya.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Allocations Relating to the Excluded
DuPont Liabilities.&#160; If the Company or
any Wholly Owned Affiliate of the Company (determined as of the Effective Time)
incurs or suffers any Damages arising out of or relating to any Excluded DuPont
Liability, the amount of actual Damages suffered or incurred by the Company or
any Wholly Owned Affiliate of the Company shall be specially allocated as an
expense or a loss to DuPont.&#160; If any
Person directly or indirectly owned by the Company, other than a Wholly Owned
Affiliate of the Company, incurs or suffers any Damages arising out of or
relating to any Excluded DuPont Liability, an amount equal to the actual amount
of Damages suffered or incurred by such Person times the Company&#146;s direct or
indirect ownership percentage of such Person (as of the Effective Time), shall
be specially allocated as an expense or a loss to DuPont.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Allocations Relating to a Central
Soya Breach.&#160; If the Company or any
Wholly Owned Affiliate of the Company (determined as of the Effective Time)
incurs or suffers any Damages arising out of or relating to any Central Soya
Breach, the amount of actual</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=29,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=880045,FOLIO='25',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Damages suffered or incurred by the Company or any Wholly Owned
Affiliate shall be specially allocated as an expense or a loss to Central
Soya.&#160; If any Person directly or
indirectly owned by the Company, other than a Wholly Owned Affiliate of the
Company, incurs or suffers any Damages arising out of or relating to any
Central Soya Breach, an amount equal to the actual amount of Damages suffered
or incurred by such Person times Central Soya&#146;s direct or indirect ownership
percentage of such Person (as of the Effective Time), shall be specially
allocated as an expense or a loss to Central Soya.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Allocations Relating to a DuPont
Breach.&#160; If the Company or any Wholly
Owned Affiliate of the Company (determined as of the Effective Time) incurs or
suffers any Damages arising out of or relating to any DuPont Breach, the amount
of actual Damages suffered or incurred by the Company or any Wholly Owned
Affiliate shall be specially allocated as an expense or a loss to DuPont.&#160; If any Person directly or indirectly owned
by the Company, other than a Wholly Owned Affiliate of the Company, incurs or
suffers any Damages arising out of or relating to any DuPont Breach, an amount
equal to the actual amount of Damages suffered or incurred by such Person times
the Company&#146;s direct or indirect ownership percentage of such Person (as of the
Effective Time), shall be specially allocated as an expense or a loss to
DuPont.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(m)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Allocations Relating to a Central Soya
US Tax Assessment or Transfer Tax Assessment.&#160;&#160;
If the Company or any Wholly Owned Affiliate of the Company (determined
as of the Effective Time) incurs or suffers any Central Soya US Tax Assessment,
the amount of such Central Soya US Tax Assessment shall be specially allocated
to Central Soya. If any Person directly or indirectly owned by the Company,
other than a Wholly Owned Affiliate of the Company, incurs or suffers any
Central Soya US Tax Assessment, an amount equal to the actual amount of such
Central Soya US Tax Assessment suffered or incurred by such Person times
Central Soya&#146;s direct or indirect ownership percentage of such Person (as of
the Effective Time), shall be specially allocated as an expense or a loss to
Central Soya.&#160; If the Company or any
Wholly Owned Affiliate of the Company (determined as of the Effective Time)
incurs or suffers any Central Soya Transfer Tax Assessment, the amount of such
Central Soya Transfer Tax Assessment shall be specially allocated to Central
Soya. If any Person directly or indirectly owned by the Company, other than a Wholly
Owned Affiliate of the Company, incurs or suffers any Central Soya Transfer Tax
Assessment, an amount equal to the actual amount of such Central Soya Transfer
Tax Assessment suffered or incurred by such Person times Central Soya&#146;s direct
or indirect ownership percentage of such Person (as of the Effective Time),
shall be specially allocated as an expense or a loss to Central Soya.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(n)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Allocations Relating to a DuPont US
Tax Assessment or Transfer Tax Assessment.&#160;&#160;
If the Company or any Wholly Owned Affiliate of the Company (determined
as of the Effective Time) incurs or suffers any DuPont US Tax Assessment, the
amount of such DuPont US Tax Assessment shall be specially allocated to DuPont.
If any Person directly or indirectly owned by the Company, other than a Wholly
Owned Affiliate of the Company, incurs or suffers any DuPont US Tax Assessment,
an amount equal to the actual amount of such DuPont US Tax Assessment suffered
or incurred by such Person times the Company&#146;s direct or indirect ownership percentage
of such Person (as of the Effective Time) shall be specially allocated as an
expense or a loss to DuPont.&#160; If the
Company or any Wholly Owned Affiliate of the Company (determined as of the
Effective Time) incurs or suffers any DuPont Transfer Tax</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=30,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=261563,FOLIO='26',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Assessment, the amount of such DuPont Transfer Tax Assessment shall be
specially allocated to DuPont.&#160; If any
Person directly or indirectly owned by the Company, other than a Wholly Owned
Affiliate of the Company, incurs or suffers any DuPont Transfer Tax Assessment,
an amount equal to the actual amount of such DuPont Transfer Tax Assessment
suffered or incurred by such Person times the Company&#146;s direct or indirect
ownership percentage of such Person (as of the Effective Time), shall be
specially allocated as an expense or a loss to DuPont.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(o)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Allocations Relating to a Central
Soya Foreign Tax Assessment.&#160;&#160; If the
Company or any Wholly Owned Affiliate of the Company (as of Effective Time)
incurs or suffers any Central Soya Foreign Tax Assessment, an amount equal to
the actual amount of such Central Soya Foreign Tax Assessment divided by (1-R),
where R equals the then-current applicable US federal tax rate (as a decimal)
plus .02, shall be specially allocated as an expense or a loss to Central
Soya.&#160; If any Person directly or
indirectly owned by the Company, other than a Wholly Owned Affiliate of the
Company, incurs or suffers any Central Soya Foreign Tax Assessment, an amount
equal to the amount that would be specially allocated pursuant to the first
sentence of this Section 3.3(o) times Central Soya&#146;s direct or indirect
ownership percentage of such Person (as of the Effective Time), shall be
specially allocated as an expense or a loss to Central Soya.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(p)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Allocations Relating to a DuPont
Foreign Tax Assessment.&#160; If the Company
or any Wholly Owned Affiliate of the Company (determined as of the Effective
Time) incurs or suffers any DuPont Foreign Tax Assessment, an amount equal to
the actual amount of such DuPont Foreign Tax Assessment divided by (1-R), where
R equals the then-current applicable US federal tax rate (as a decimal) plus
..02, shall be specially allocated as an expense or a loss to DuPont.&#160; If any Person directly or indirectly owned
by the Company, other than a Wholly Owned Affiliate of the Company, incurs or
suffers any DuPont Foreign Tax Assessment, an amount equal to the amount that
would be specially allocated pursuant to the first sentence of this Section
3.3(o) times the Company&#146;s direct or indirect ownership percentage of such
Person (as of the Effective Time), shall be specially allocated as an expense
or a loss to DuPont.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(q)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Allocations Relating to </font><font style="layout-grid-mode:both;">Brazil Taxes.&#160;
If the Company incurs a Brazilian tax on the sale of the Shares of Solae
Brasil Holdings (or any successor to Solae Brasil Holdings) to a Person other
than a Member (or an Affiliate of a Member) and there is a Brazilian tax
imposed on such sale that exceeds the amount of Brazilian tax that would have
been imposed had Bunge Limited transferred the Shares to the Company in a
manner that would have resulted in a Brazilian tax basis to the Company in the
Shares equal to the purchase price of the Shares, the excess amount of
Brazilian tax as determined by the difference between the Brazilian Central
Banks Foreign Capital Registry for Solae Brasil Holdings as of the Closing and
$255,790,302 shall be specially allocated as an expense or a loss directly to
Central Soya; provided, however that if such a proposed sale or sales would
trigger a special allocation to Central Soya as provided in this Section 3.3(q)
in excess of $500,000 individually or in the aggregate, such proposed sale
shall not be entered into or consummated without the prior written consent of
Central Soya.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;layout-grid-mode:both;">(r)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Allocations relating to a Central
Soya Adjustment Amount.&#160; </font>If the
Company or any Wholly Owned Affiliate of the Company (determined as of the
Effective Time)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=31,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=792042,FOLIO='27',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">incurs or suffers any Damages arising out of or relating to any Central
Soya Adjustment Amount, the amount of actual Damages suffered or incurred by
the Company or any Wholly Owned Affiliate shall be specially allocated as an
expense or a loss to Central Soya.&#160; If
any Person directly or indirectly owned by the Company, other than a Wholly
Owned Affiliate of the Company, incurs or suffers any Damages arising out of or
relating to any Central Soya Adjustment Amount, an amount equal to the actual
amount of Damages suffered or incurred by such Person times Central Soya&#146;s
direct or indirect ownership percentage of such Person (as of the Effective
Time), shall be specially allocated as an expense or a loss to Central Soya.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(s)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="layout-grid-mode:both;">Allocations relating to a DuPont Adjustment Amount.&#160; </font>If the Company or any Wholly Owned
Affiliate of the Company (determined as of the Effective Time) incurs or
suffers any Damages arising out of or relating to any DuPont Adjustment Amount,
the amount of actual Damages suffered or incurred by the Company or any Wholly
Owned Affiliate shall be specially allocated as an expense or a loss to
DuPont.&#160; If any Person directly or
indirectly owned by the Company, other than a Wholly Owned Affiliate of the
Company, incurs or suffers any Damages arising out of or relating to any DuPont
Adjustment Amount, an amount equal to the actual amount of Damages suffered or
incurred by such Person times the Company&#146;s direct or indirect ownership
percentage of such Person (as of the Effective Time), shall be specially
allocated as an expense or a loss to DuPont.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(t)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="layout-grid-mode:both;">Allocations Relating to the PTI Pension
Plan.&#160; To the extent that the
termination liability incurred by the Company or Solae, LLC with respect to the
&#147;Protein Technologies International Retirement Plan&#148; exceeds the value of the
pension trust assets contained in such plan as of the Effective Time, and,
subject to Applicable Law, unless DuPont funds such shortfall within sixty (60)
days of the determination of same by making a contribution directly to such
pension plan, the amount of such excess shall be specially allocated as an
expense or a loss to DuPont.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(u)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Allocations Relating to Solae Brasil
Holdings.&#160; For that period of time
commencing on the date that the Company has paid the Purchase Price under the
Share Purchase Agreement, paid the Tender Offer Price (as defined in the Share
Purchase Agreement) to the holders of all of the shares tendered in the Tender
Offer and paid the Consideration (as defined in the Procurement Agreement)
under the Procurement Agreement (the &#147;Make-Whole Period&#148;), an amount equal to
the amount that Solae Brasil Holdings is required to distribute to the holders
of the minority ownership interest in Solae Brasil Holdings and not to the
Company during the Make-Whole Period divided by (1-R), where R equals the
then-current applicable US federal tax rate (as a decimal) plus .02, shall be
specially allocated as an expense or a loss to Central Soya (the &#147;Make-Whole
Expense&#148;); provided, however, that during such period, the Company shall not
cause Solae Brasil Holdings to issue a dividend in an aggregate amount in
excess of the net cash flow of Solae Brasil.&#160;
If the Company is not able to acquire one hundred percent (100%) of the
capital stock of Solae Brasil Holdings by the end of the Purchase Period (as
defined in the Share Purchase Agreement), and the Company incurs or suffers any
Damages (other than the Make-Whole Expense and other than Damages resulting
from the negligent acts or omissions of the Company and its Affiliates) arising
out of or relating to the fact that the Company does not own one hundred
percent (100%) of the issued and outstanding capital stock of Solae Brasil
Holdings, the amount of actual Damages (other than the Make-Whole Expense</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=32,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=737525,FOLIO='28',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and other than Damages resulting from the negligent acts or omissions
of the Company and its Affiliates) suffered or incurred by the Company or any
Wholly Owned Affiliate shall be specially allocated as an expense or a loss to
Central Soya.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Effect of Certain Expense or Loss
Special Allocations.&#160; Upon the
occurrence of any special allocation as described in Sections 3.3(i) through
(u) above, the Company shall notify the Member whose Capital Account is
affected by such special allocation (the &#147;Affected Member&#148;) in writing of such
special allocation within thirty (30) days of its occurrence.&#160; Within five (5) days following the Affected
Member&#146;s receipt of such notice, the Affected Member shall notify the Company
of any dispute it may have with respect to such special allocation and the
dispute shall be submitted to the Board of Managers for resolution.&#160; If the Board of Managers is unable to
unanimously agree upon a resolution to such dispute within fifteen (15) days
following its submission, the dispute shall be submitted for resolution to a nationally
recognized independent accounting firm that is not the principle auditor of any
of the Members that is unanimously chosen by the Board of Managers, whose
resolution shall be final and binding on the parties.&#160; If the Board of Managers is unable to unanimously agree upon such
an accounting firm, DuPont and Central Soya shall each select such an
accounting firm and such accounting firms shall select a third nationally
recognized independent accounting firm, that is not the principle auditor of
any of the Members, to resolve the dispute.&#160;
The fees of such accounting firms shall be borne by the Members in an
inverse proportion as they may prevail on the disputes resolved by such
accounting firms. Within thirty (30) days following the final determination of
the special allocation as provided in this Section 3.3(v), the Affected Member
shall make an Additional Capital Contribution in cash equal to the amount of
such special allocation; provided, however, that for purposes of calculating
the Affected Member&#146;s Percentage Interest during the period beginning on the
date of such special allocation and ending upon the earlier to occur of (i) the
Affected Member&#146;s Additional Capital Contribution as provided in this Section
3.3(v) or (ii) the expiration of the thirty (30) day period following the
Affected Member&#146;s receipt of written notice of such special allocation, the
Affected Member&#146;s Additional Capital Contribution as provided in this Section
3.3(v) shall be deemed to have been made on the date of such special
allocation.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(w)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Allocations Relating to a Central Soya
US Tax Refund.&#160; If the Company or any
Wholly Owned Affiliate of the Company (determined as of the Effective Time)
receives a Central Soya US Tax Refund, the amount of such Central Soya US Tax
Refund shall be specially allocated as income to Central Soya.&#160; If any Person directly or indirectly owned
by the Company, other than a Wholly Owned Affiliate of the Company, receives
any Central Soya US Tax Refund, an amount equal to the actual amount of such Central
Soya US Tax Refund received by such Person times Central Soya&#146;s direct or
indirect ownership percentage of such Person (as of the Effective Time), shall
be specially allocated as income to Central Soya.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(x)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Allocations Relating to a DuPont US
Tax Refund.&#160; If the Company or any
Wholly Owned Affiliate of the Company (determined as of the Effective Time)
receives a DuPont US Tax Refund, the amount of such DuPont US Tax Refund shall
be specially allocated as income to DuPont.&#160;
If any Person directly or indirectly owned by the Company, other than a
Wholly Owned Affiliate of the Company, receives any DuPont US Tax Refund, an
amount equal to the actual amount of such DuPont US Tax Refund received by such
Person times the</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=33,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=172007,FOLIO='29',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Company&#146;s direct or indirect ownership percentage of such Person (as of
the Effective Time), shall be specially allocated as income to DuPont.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(y)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Allocations Relating to a Central
Soya Foreign Tax Refund.&#160; If the Company
or any Wholly Owned Affiliate of the Company (determined as of the Effective
Time) receives any Central Soya Foreign Tax Refund, an amount equal to the
actual amount of such Central Soya Foreign Tax Refund divided by (1-R), where R
equals the then-current applicable US federal tax rate (as a decimal) plus .02,
shall be specially allocated as income to Central Soya.&#160; If any Person directly or indirectly owned
by the Company, other than a Wholly Owned Affiliate of the Company, receives
any Central Soya Foreign Tax Refund, an amount equal to the amount that would
be specially allocated pursuant to the first sentence of this Section 3.3(y)
times Central Soya&#146;s direct or indirect ownership percentage of such Person (as
of the Effective Time), shall be specially allocated as income to Central Soya.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(z)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Allocations Relating to a DuPont
Foreign Tax Refund.&#160; If the Company or
any Wholly Owned Affiliate of the Company (determined as of the Effective Time)
receives any DuPont Foreign Tax Refund, an amount equal to the actual amount of
such DuPont Foreign Tax Refund divided by (1-R), where R equals the
then-current applicable US federal tax rate (as a decimal) plus .02, shall be
specially allocated as income to DuPont.&#160;
If any Person directly or indirectly owned by the Company, other than a
Wholly Owned Affiliate of the Company, receives any DuPont Foreign Tax Refund,
an amount equal to the amount that would be specially allocated pursuant to the
first sentence of this Section 3.3(z) times the Company&#146;s direct or indirect
ownership percentage of such Person (as of the Effective Time), shall be
specially allocated as income to DuPont.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(aa)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Effect of Certain Income Special
Allocations.&#160; Upon the occurrence of any
special allocation as described in Sections 3.3(w) through (z) above, the Company
shall notify the Members in writing of such special allocation within thirty
(30) days of its occurrence.&#160; Within
five (5) days following the Members&#146; receipt of such notice, the Members shall
notify the Company of any dispute they may have with respect to such special
allocation and the dispute shall be submitted to the Board of Managers for
resolution.&#160; If the Board of Managers is
unable to unanimously agree upon a resolution to such dispute within fifteen (15)
days following its submission, the dispute shall be submitted for resolution to
a nationally recognized independent accounting firm that is not the principle
auditor of any of the Members that is unanimously chosen by the Board of
Managers, whose resolution shall be final and binding on the parties.&#160; If the Board of Managers is unable to
unanimously agree upon such an accounting firm, DuPont and Central Soya shall
each select such an accounting firm and such accounting firms shall select a
third nationally recognized independent accounting firm, that is not the
principle auditor of any of the Members, to resolve the dispute.&#160; The fees of such accounting firms shall be
borne by the Members in an inverse proportion as they may prevail on the
disputes resolved by such accounting firms.&#160;
Within thirty (30) days following the final determination of the special
allocation as provided in this Section 3.3(aa), the Company shall make a cash
distribution in an amount equal to the amount of such special allocation to the
Member whose Capital Account is affected by such special allocation (the
&#147;Affected Member&#148;); provided, however, that for purposes of calculating the
Affected Member&#146;s Percentage Interest</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=34,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=18814,FOLIO='30',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">during the period beginning on the date of such special allocation and
ending upon the cash distribution as provided in this Section 3.3(aa), the
distribution as provided in this Section 3.3(aa) shall be deemed to have been
made on the date of such special allocation.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(bb)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Special Income Allocation.&#160; At the end of each calendar quarter, a
special allocation of income shall be allocated to DuPont in an amount equal to
the sum of (i) the average daily outstanding principal balances during that
quarter of the Finance Loans outstanding times the difference obtained by
subtracting the rates for the Finance Loans for that quarter from a rate
established by an independent financial institution as consented to by DuPont
and Central Soya (which consent shall not be unreasonably withheld) divided by
360 and times the actual number of days in the quarter and (ii) the average
daily outstanding principal balance of the Revolving Loan during the quarter
times the difference obtained by subtracting the rate for the Revolving Loan
for that quarter from a rate established by an independent financial
institution as consented to by DuPont and Central Soya (which consent shall not
be unreasonably withheld) divided by 360 and times the actual number of days in
the quarter.&#160; The amounts so allocated
pursuant to the preceding sentence shall be distributed to DuPont no later than
five (5) business days following the end of the quarter.&#160; Notwithstanding the foregoing, for purposes
of determining DuPont&#146;s Capital Account, the foregoing distribution shall be
deemed to have been made at the time the special allocation was made pursuant
to this Section 3.3(bb).&#160; The Members
hereby acknowledge and agree that the clauses of this Section 3.3(bb) shall
also apply to any other loans from DuPont to the Company, unless the Members
otherwise agree.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(cc)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; No Allocations.&#160; Notwithstanding anything in this Agreement
to the contrary, no allocations shall be made to the Capital Accounts of DuPont
or Central Soya for any amounts contributed or distributed to DuPont or Central
Soya, as the case may be, as a result of Section 3.03 of the Central Soya
Contribution Agreement or Section 3.03 of the DuPont Indemnity Agreement, as
the case may be.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(dd)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="layout-grid-mode:both;">To the extent any allocation made under this section 3.3 may be more
properly classified for income tax purposes as having occurred at the Member
level, the characterization of such allocation as an item of &#147;income&#148;,
&#147;expense&#148;, or&#160; &#147;loss&#148; of the Company
shall not necessarily control the characterization of such item for income tax
purposes.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.4&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="CurativeAllocations_">Curative Allocations.</a></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The allocations
set forth in Sections 3.3(a) through (g) and 3.5 (the &#147;Regulatory Allocations&#148;)
are intended to comply with certain requirements of the Regulations.&#160; It is the intent of the Members that, to the
extent possible, all Regulatory Allocations shall be offset either with other
Regulatory Allocations or with special allocations of other items of Company
income, gain, loss or deduction pursuant to this Section 3.4. Therefore,
notwithstanding any other provision of this Section 3 (other than the
Regulatory Allocations), the Board of Managers shall make such offsetting
special allocations of Company income, gain, loss or deduction in whatever
manner it determines appropriate so that, after such offsetting allocations are
made, each Member&#146;s Capital Account balance is, to the extent possible, equal
to the Capital Account balance such Member would have had if the Regulatory
Allocations were not part of this Agreement and all Company items were
allocated pursuant to Sections 3.1, 3.2, and 3.3(h).</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=35,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=99672,FOLIO='31',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.5&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="LossLimitation_">Loss Limitation.</a></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Losses allocated
pursuant to Section 3.2 hereof shall not exceed the maximum amount of Losses
that can be allocated without causing any Member to have an Adjusted Capital
Account Deficit at the end of any Allocation Year.&#160; In the event some but not all of the Members would have Adjusted
Capital Account Deficits as a consequence of an allocation of Losses pursuant
to Section 3.2 hereof, the limitation set forth in this Section 3.5 shall be
applied on a Member by Member basis and Losses not allocable to any Member as a
result of such limitation shall be allocated to the other Members in accordance
with the positive balances in such Member&#146;s Capital Accounts so as to allocate
the maximum permissible Losses to each Member under Section 1.704-1
(b)(2)(ii)(d) of the Regulations.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.6&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="OtherAllocationRules_">Other Allocation Rules.</a></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For purposes of determining the
Profits, Losses, or any other items allocable to any period, Profits, Losses,
and any such other items shall be determined on a daily basis pro-rata to
Allocation Year pursuant to Code Section 706 and the Regulations thereunder.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Members are aware of the income
tax consequences of the allocations made by this Section 3 and hereby agree to
be bound by the provisions of this Section 3 in reporting their shares of
Company income and loss for income tax purposes.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Solely for purposes of determining a
Member&#146;s proportionate share of the &#147;excess nonrecourse liabilities&#148; of the
Company within the meaning of Regulations Section 1.752-3(a) (3), the Members&#146;
interests in Company profits are in proportion to their Percentage Interests.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To the extent
permitted by Section 1.704-2(h) (3) of the Regulations, the Managers shall
endeavor to treat distributions of Net Cash Flow as having been made from the
proceeds of a Nonrecourse Liability or a Member Nonrecourse Debt only to the
extent that such distributions would cause or increase an Adjusted Capital
Account Deficit for any Member.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.7&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="TaxAllocations">Tax Allocations</a>: Code Section 704(c).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Members will
work together in good faith to eliminate, to the extent reasonably possible,
any adverse impact to both Members for allocations under Code Section 704(c)
and the Regulations thereunder on an agreed-to net present value, and, to the
extent practical, on a year-over-year basis.&#160;
The Members in good faith mutually will make these allocation
determinations by August 1, 2003.&#160; If
the Members are unable to agree to these allocations by August 1, 2003, each
Member will appoint two (2) representatives who will meet by August 15, 2003,
with appropriate representatives, to finalize any unresolved determinations
relating to Code Section 704(c) and the Regulations thereunder.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Allocations
pursuant to this Section 3.7 are solely for purposes of federal, state, and
local taxes and shall not affect, or in<b><font style="font-weight:bold;">  </font></b>any way be taken into account in
computing, any</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=36,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=841286,FOLIO='32',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Member&#146;s Capital Account or share of Profits, Losses, other items, or
distributions pursuant to any provision of this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="Section4Distributions"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section 4:&#160; Distributions</font></b></a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="NetCashFlow_">Net Cash Flow.</a></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as
otherwise provided in Section 12 hereof and unless otherwise agreed to by the
Members, Net Cash Flow, if any, shall be distributed on an annual basis not later
than the ninetieth (90<sup>th</sup>) day after the end of each Fiscal Year, to
the Members in proportion to their respective Percentage Interests, except that
during the period ending two (2) years after the Effective Time, no
distribution shall be made to any Member that is in excess of such Member&#146;s
Percentage Interest of Operating Cash Flow.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="AmountsWithheld_">Amounts Withheld.</a></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All amounts
withheld pursuant to the Code or any provision of any state, local or foreign
tax law with respect to any payment, distribution or allocation to the Company
or the Members shall be treated as amounts paid or distributed, as the case may
be, to the Members with respect to which such amount was withheld pursuant to
this Section 4.2 for all purposes under this Agreement.&#160; The Company is authorized to withhold from
payments and distributions, or with respect to allocations to the Members, and
to pay over to any federal, state and local government or any foreign
government, any amounts required to be so withheld pursuant to the Code or any
provisions of any other federal, state or local law or any foreign law, and
shall allocate any such amounts to the Members with respect to which such
amount was withheld.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="LimitationsOnDistributions_">Limitations on Distributions.</a></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company shall make no
distributions to the Members except (i) as provided in Section 3.3, this
Section 4 or Section 12 hereof, or (ii) as consented to in writing by a
majority of the Members.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding anything in this
Section 4 to the contrary, the Company shall not be obligated to make, and
shall not make, any distribution to a Member to the extent that, at the time of
the distribution, after giving effect to the distribution, all liabilities of
the Company, other than liability to Members on account of their Capital
Contributions, would exceed the fair market value of the Company&#146;s assets.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="Section5RoleOfMembers"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section 5:&#160; Role Of Members</font></b></a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="RightsOrPowers_">Rights or Powers.</a></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Members shall
not have any right or power to take part in the management or control of the
Company or its business and affairs or to act for or bind the Company in any
way.&#160; Notwithstanding the foregoing, the
Members have all of the rights and powers specifically set forth in this
Agreement and, to the extent not inconsistent with this Agreement, in the Act.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=37,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=366047,FOLIO='33',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="VotingRights_">Voting Rights.</a></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No Member has any
voting or consenting right except with respect to those matters specifically
reserved for a Member vote or consent which are set forth in this Agreement and
as required by the Act.&#160; Each Member&#146;s respective
percentage of the total voting or consenting rights of all of the Members shall
be equal to such Member&#146;s respective Percentage Interest at the time of a vote
or written consent.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="MemberVoteAndConsent_">Member Vote and Consent.</a></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Whenever the vote or consent of
Members is permitted or required under this Agreement, such vote or consent may
be given in person at a meeting by a duly authorized representative, in writing
or by facsimile.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Unless otherwise expressly provided
in this Agreement, Members who have an interest (economic or otherwise) in the
outcome of any particular matter upon which the Members vote or consent, may
vote or consent upon any such matter and their vote or consent, as the case may
be, shall be counted in the determination of whether the particular matter is
approved by the Members.&#160; The Members
shall be entitled to vote or consent in a manner consistent with their own
interests when such interests are not, or may not be, consistent with the
interests of the Company or the Members as a whole.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.4&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="UnanimousMemberConsent">Unanimous Member Consent</a></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No action may be taken by the Company (whether by the Board of
Managers, or otherwise) in connection with any of the following matters without
the unanimous consent of the Members:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Acts
in contravention of this Agreement;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any
acquisitions by the Company (by purchase, contribution or exchange) in excess
of 20% of the fair market value of the Company&#146;s total assets (except with
respect to the Shares);</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Disposition
or divestiture by the Company of all or substantially all of the Business;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Issuance
or incurrence of Debt by the Company in excess of 20% of the fair market value
of the total assets of the Company;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Issuance
of additional Membership Interests by the Company (which shall not be deemed to
include the issuance of additional Interests to an existing Member made
pursuant to a Capital Call, the issuance of additional Interests to Central
Soya upon the proper exercise of the Central Soya Purchase Option or the
Central Soya</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=38,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=155810,FOLIO='34',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt 2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Grace Period Option or the issuance of additional
Interests to DuPont upon the proper exercise of the DuPont Purchase Option);</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Redemptions
of Membership Interests by the Company;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Mergers
or consolidations of the Company with or into any other Person;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Voluntary
Bankruptcy of the Company;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Possession
or use of Company Property or any other property used by the Company, whether
real or personal, for other than a Company purpose;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Change
in the tax treatment of the Company;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Amendment
of this Agreement;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>A
material change in the nature or scope of the Business;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(m)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any
transaction between the Company and any Member or Affiliate of any Member; or</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(n)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any
transaction to liquidate or dissolve the Company.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding the
foregoing, if at any point in time after the Grace Period, Central Soya&#146;s
Percentage Interest (including the Percentage Interest, if any, of Bunge
Limited and its Affiliates) (i) is less than twenty percent (20%), then the
taking of any action in connection with any or all of the matters set forth in
clauses (a) through (n) above shall require only the consent of Members having
a Percentage Interest in excess of fifty percent (50%); provided, however, that
this Agreement shall not be amended (without the unanimous consent of the
Members) to amend or eliminate Sections 1.4(c), 3.3(i) through 3.3(cc), 6.1(h),
6.3(a)(xiii), 11.2 or 11.4 (provided, however, that for purposes of Central
Soya&#146;s right of first offer as provided in Section 11.4, the Offer Period shall
be thirty (30) days); and provided, further, that the Company shall not enter
into any transaction with a Member (or Affiliate of a Member) that is not on an
arm&#146;s length basis without the consent of the Members.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.5&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="Withdrawalresignation_">Withdrawal/Resignation.</a></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as otherwise provided in Section 4 (including, but not limited
to, Section 4.3(a)), Section 11, or Section 12 hereof, no Member shall demand
or receive a return on or of its Capital Contributions or withdraw from the
Company without the consent of the Members.&#160;
Except as otherwise provided in the Act or this Agreement, upon
resignation, any resigning Member is entitled to receive only the distribution
to which he or she is entitled under this Agreement, and shall not be entitled
to receive the fair value of its Membership Interest in the Company as of the
date of resignation.&#160; Under
circumstances requiring a return of any Capital</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=39,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=600486,FOLIO='35',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Contributions, no Member has the right to receive Property other than
cash except as may be specifically provided herein.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.6&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="MemberCompensation_">Member Compensation.</a></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as otherwise provided in this Agreement, the Related Agreements
or any other written agreement between the Company and one or more of the
Members, no Member shall (a) receive any interest or drawing with respect to
its Capital Contributions or its Capital Account or for services rendered on
behalf of the Company, or otherwise, in its capacity as a Member, or (b) have
any priority over any other Member for any return of its Capital Contributions
or Capital Account or any distributions made pursuant to Section 4 hereof;
provided, however, that the restriction contained in this Section 5.6 shall not
apply to loans (as distinguished from Capital Contributions) which a Member has
made to the Company in accordance with this Agreement, if any.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.7&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="MembersLiability_">Members Liability.</a></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No Member shall be liable under a judgment, decree, or order of a
court, or in any other manner for the Debts or any other obligations or
liabilities of the Company.&#160; Except as
otherwise provided in this Agreement, a Member shall be liable only to make its
Capital Contributions and shall not be required to restore a deficit balance in
its Capital Account or to lend any funds to the Company or, after its Capital
Contributions have been made, to make any additional contributions, assessments
or payments to the Company; provided that a Member may be required to repay
distributions made to it as provided in Section 18-607 of the Act.&#160; In exercising its rights as a Member, the
fiduciary duties of each Member to the Company or to the other Members (if and
to the extent such a duty exists by statute, in equity, at common law or
otherwise) are hereby restricted and modified to the fullest extent permitted
by law and such Member shall be permitted to consider or not consider any
interests or factors in connection with any decision or vote by the Members
hereunder as such Member desires to consider including, without limitation, its
own interests with no duty or obligation to consider the interests of the
Company or any other Member.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.8&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="Partition_">Partition.</a></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">While the Company remains in effect or is continued, each Member agrees
and waives its rights to have any Property partitioned, or to file a complaint
or to institute any suit, action or proceeding at law or in equity to have any
Property partitioned, and each Member, on behalf of itself, its successors and
its assigns hereby waives any such right.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.9&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="Confidentiality_">Confidentiality.</a></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as contemplated hereby or required by a court of competent
authority, so long as the Company remains in existence and for a period of five
(5) years following any termination of this Agreement or the dissolution of the
Company, each Member shall keep confidential and shall not disclose to others
and shall use its reasonable best efforts to prevent its Affiliates and any of
its, or its Affiliates&#146;, present or former employees, agents, and</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=40,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=980221,FOLIO='36',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">representatives from disclosing to others without the prior written consent
of the Members any confidential information which (i) pertains to this
Agreement or the Related Agreements, any negotiations pertaining hereto or
thereto, any of the transactions contemplated hereby or thereby, or the
Business, or (ii) pertains to confidential or proprietary information of any
Member or the Company.&#160; No Member shall
use, and each Member shall use its reasonable best efforts to prevent any
Affiliate of such Member from using, any information which (i) pertains to this
Agreement or the Related Agreements, any negotiations pertaining hereto or
thereto, any of the transactions contemplated hereby or thereby, or the
Business, or (ii) pertains to the confidential or proprietary information of
any Member or the Company, except in connection with the transactions
contemplated by this Agreement or the Related Agreements.&#160; The term &#147;confidential information&#148; is used
in this Section 5.9 to describe information which is confidential, non-public
or proprietary in nature, was provided to such Member or its representatives by
the Company, any other Member, or such Persons&#146; agents, representatives and
employees, and relates either directly, or indirectly to the Company, the
business of any other Member, or the Business.&#160;
Information which (i) is available, or becomes available, to the public
through no fault or action by such Member, its agents, representatives or
employees, (ii) becomes available on a non-confidential basis from any source
other than the Company, any other Member, or such Persons&#146; agents,
representatives or employees and such source is not prohibited from disclosing
such information, or (iii) is already known to the receiving party before
receipt from the other party as evidenced by the receiving party&#146;s written
records, shall not be deemed confidential information.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.10&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="Transactions">Transactions</a>
between a Member and the Company.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as
otherwise provided herein (including, without limitation, Section 1.10 (c)), in
the Related Agreements, or by applicable law, any Member may, but shall not be
obligated to, lend money to the Company, act as surety for the Company and
transact other business with the Company and shall have the same rights and
obligations when transacting business with the Company as a Person who is not a
Member.&#160; A Member, any Affiliate thereof
or any employee, stockholder, agent, director or officer of any Member or any
Affiliate thereof, may also be an employee or be retained as an agent of the
Company.&#160; The existence of these
relationships and acting in such capacities will not result in a Member being
deemed to be participating in the control of the business of the Company or
otherwise affect the limited liability of such Member.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.11&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="OtherInstruments">Other
Instruments</a>.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each Member hereby
agrees to execute and deliver to the Company within five (5) days after receipt
of a written request therefor, such other and further reasonable documents and
instruments, statements of interest and holdings, designations, powers of
attorney and other instruments and to take such other action as the Board of Managers
deems necessary, useful or appropriate to comply with any laws, rules or
regulations as may be necessary to enable the Company to fulfill its
responsibilities under this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="Section6Management"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section
6:&#160; Management</font></b></a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Managers; Board of<a name="Managers_">
Managers.</a></font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=41,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=771827,FOLIO='37',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Except
as otherwise provided in this Agreement, the management of the Company shall be
vested in a Board of Managers appointed by the Members as provided in Sections
6.1(b) and 6.1(c) hereof (the &#147;Board of Managers&#148;).&#160; Except as expressly set out in Sections 1.4, 2.3, 4.3, 5.4, 5.5,
5.9, 6.1(c), 9.3, 11.1, 11.2 or 12.1 of this Agreement, no Member shall have
the power to approve, consent to, vote on or otherwise manage the activities,
policies or the business of the Company or the other Members, nor will a
Member&#146;s approval or consent be required for any activity taken by the Company
or another Member, and the Board of Managers shall have the power to approve
and manage the activities, policies and business of the Company by a majority
vote of the Managers.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
number of Managers on the Board of Managers shall be four (4) unless otherwise
provided herein.&#160; DuPont and Central
Soya, by signing this Agreement, hereby appoint the Persons identified on
Exhibit B hereto as the Managers of the Company until their successors are
appointed, each such Manager being deemed appointed by the Member set forth
opposite the name of such Manager.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Except
as otherwise provided herein, during the Initial Period and the Grace Period,
each of DuPont and Central Soya shall have the right to appoint one-half (1/2)
of the Managers to serve on the Board of Managers.&#160; DuPont and Central Soya shall appoint Managers, other than the
Managers identified on Exhibit B as provided in Section 6.1(b) above, by
delivering to the Company a written statement appointing their Manager or
Managers and setting forth such Manager&#146;s or Managers&#146; business address and
telephone number.&#160; Each of DuPont and
Central Soya shall have the right to appoint one (1) non-voting advisor to the
Board of Managers (the &#147;Advisor&#148;), with the consent of the other Members.&#160; In no event shall an Advisor be considered
or deemed to be a &#147;Manager&#148; (as that term is used in this Agreement) and the
Advisors shall not have any right to vote on, consent to or otherwise approve
any activity or policy of the Company or any activity or policy taken or
adopted by the Members or the Board of Managers with respect to the Company.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A
Manager or Advisor may be removed at any time, with or without cause, by the
written notice of the Member that appointed such Manager or Advisor, delivered
to the Company, notifying of such removal and appointing the Person who shall
fill the position of the removed Manager or Advisor.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In
the event any Manager or Advisor dies or is unwilling or unable to serve in the
appointed capacity, the Member that appointed such Manager or Advisor shall
promptly appoint a successor to such Manager or Advisor.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Board of Managers shall have a Chairman (the &#147;Chairman&#148;).&#160; The Chairman shall be one of DuPont&#146;s
appointees to the Board of Managers as determined by DuPont.&#160; DuPont hereby appoints J. Erik Fyrwald as
the initial Chairman of the Board of Managers.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Except
as provided in Section 6.1(k)(i) of this Agreement, each Manager shall have one
(1) vote.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=42,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=254483,FOLIO='38',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Anything
contained herein to the contrary notwithstanding,&nbsp;if at
anytime&nbsp;following the Grace Period, Central Soya&#146;s Percentage Interest
shall be less than twenty percent (20%), the terms of all of the current
Managers appointed&nbsp;by Central Soya, and the term of the current Advisor
appointed by Central Soya, shall cease; provided, however, that as long as
Central Soya&#146;s Percentage Interest is greater than ten percent (10%) but less
than twenty percent (20%), there shall be one (1) Manager appointed by Central
Soya to remain on the Board of Managers.&nbsp;&nbsp;Any vacancy on the Board of
Managers created as a result of a reduction in Central Soya&#146;s Percentage Interest
pursuant to this Section 6.1(h) shall be filled by a&nbsp;Manager appointed by
DuPont.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In
performing his or her duties as a Manager, each Manager shall have a fiduciary
duty to act in a manner he or she reasonably believes to be in the best
interests of the Company, and with such care as an ordinarily prudent person in
a like position would use under similar circumstances.&#160; Such fiduciary duties shall include, but not
be limited to, the duty to safekeep all of the Property of the Company and to
use the same for the exclusive benefit of the Company generally, and to
otherwise act in good faith with respect to the Company generally, which shall
be construed to prohibit a Manager from acting in any manner intentionally or
specifically directed at harming the Company.&#160;
In performing his or her duties as a Manager, the fiduciary duties of
each Manager to a Member or the Members (whether existing by statute, in
equity, at common law or otherwise) are hereby restricted and modified to the
fullest extent permitted by law to consist of the duty to safekeep all of the
Property of the Company and to use the same for the benefit of the Company and
to otherwise act in good faith with respect to the Company generally, which
shall be construed to mean and to permit acting in any manner and considering
or not considering any interests or factors in connection with any transaction
or matter whatsoever as such Manager desires with no duty to consider the
interests of any Member so long as such Manager acts in a manner that he or she
reasonably believes to be in the best interest of the Company and does not act
in a manner intentionally or specifically directed solely at harming a
Member.&#160; A Manager of the Company who
performs his/her duties in accordance with this Section 6.1(i) shall not have
any liability by reason of being or having been a Manager of the Company.&#160; A Manager does not, in any way, guarantee
the return of the Members&#146; Capital Contributions or a Profit for the Members
from the operations of the Company.&#160; A Manager
shall not be liable to the Company or any Member for any loss or damage
sustained by the Company or any Member unless the loss or damage shall have
been the result of fraud, deceit, or willful misconduct.&#160; A Manager shall not have any personal liability
for the repayment of any Capital Contributions of any Member.&#160; No Manager shall be liable under a judgment,
decree, or order of a court, or in any other manner for the Debts or any other
obligations or liabilities of the Company.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Board of Managers shall have the power to create committees of the Board of
Managers with such powers and authority as shall be delegated to such
committees by the Board of Managers, provided that no such delegation shall
prevent the Board of Managers from acting with respect to delegated
matters.&#160; In addition, the Board of
Managers shall have the power to delegate authority to such officers,
employees, agents, and representatives of the Company as it may from time to
time deem appropriate and any action taken by such Persons or Persons must be
approved in the same manner as would be required for the Board of Managers to
approve such action directly.&#160;
Notwithstanding the foregoing and</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=43,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=483071,FOLIO='39',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">except as otherwise provided in this Agreement, the Board of Managers
reserves the following powers and authority to itself:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To set the overall policy and vision
of the Company in accordance with this Agreement;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subject to Section 6.1(k) hereof, to
elect, appoint or terminate any officers of the Company;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To approve the business and strategic
plans and annual operating and financing plans of the Company, including annual
investment budgets;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To approve and modify the accounting
policies of the Company (the &#147;Accounting Policies&#148;); provided that at all times
during the term of this Agreement the Accounting Policies are in accordance
with GAAP and SEC Requirements; and provided further that the Company shall
provide each Member with prior notice of any modification to the Accounting
Policies.&#160; If the Board of Managers
receives written notice from a Member prior to any modification of the
Accounting Policies that such modification as proposed would have a material
adverse effect on such Member, the Board of Managers shall reconsider such
proposed modification in light of such material adverse effect;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To approve from time to time the
location of the Company&#146;s headquarters;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subject to the provisions of Section
1.3, to approve any changes to the name of the Company or any names under which
it shall do business;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To determine the banking, financing,
capital and risk investment policies of the Company and further in that regard:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To grant financial authorization
(including the opening and closing of bank accounts and to designate
signatories for such accounts) to any Manager or officer of the Company;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To approve the purchase of liability
and other insurance to protect the Company&#146;s property and business;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To approve the ethics, safety and
health, treatment of people and environmental policies of the Company;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To approve the acquisition or
disposition of patents, trademarks and other intellectual property rights and
licenses thereof; and</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To approve the internal control
standards that enable the Company to operate effectively, efficiently and
ethically.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=44,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=958674,FOLIO='40',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Members hereby create the offices
of Chairman, Chief Executive Officer and Chief Financial Officer (collectively,
the &#147;Officers&#148;).&#160; The responsibilities
of the Officers shall be as set forth in this Section 6.1(k), and as determined
by the Board of Managers.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Except as otherwise provided in
Section 11.10 hereof, DuPont shall have the sole power to appoint the
Chairman.&#160; In the event the Board of
Managers is not able to reach a decision on any matter properly brought before
it because the votes of the Managers thereof result in a tie vote (a &#147;Deadlock
Matter&#148;), a deadlock shall be deemed to exist (a &#147;Deadlock&#148;).&#160; Upon the occurrence of a Deadlock, the
Chairman shall have the power and right in his or her sole and absolute
discretion to resolve the Deadlock by approving or disapproving the Deadlock
Matter.&#160; Notwithstanding the foregoing,
no Deadlock shall exist when an express unanimous consent of the Board of
Managers is required hereunder or under the Related Agreements.&#160; For the avoidance of doubt, the Chairman
shall not be entitled to break a Deadlock with respect to the Board of
Managers&#146; decision to retain the Chief Executive Officer and Chief Financial
Officer as provided in Section 6.1(k)(iv) below.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Except as otherwise provided in Section 11.10 hereof,
DuPont shall have the power to designate and appoint the Chief Executive
Officer of the Company (the &#147;Chief Executive Officer&#148;), subject to the approval
of the Board of Managers.&#160; The Board of
Managers shall determine the necessary qualifications for the office of Chief
Executive Officer and the Person designated and appointed for such office shall
meet such qualifications.&#160; The Board of
Managers shall determine the powers and duties of the Chief Executive Officer.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Except as otherwise provided in
Section 11.10 hereof, Central Soya shall have the power to designate and
appoint the Chief Financial Officer of the Company who shall report to the
Chief Executive Officer (the &#147;Chief Financial Officer&#148;), subject to the
approval of the Board of Managers.&#160; The
Board of Managers shall determine the necessary qualifications for the office
of Chief Financial Officer and the Person designated and appointed for such
office shall meet such qualifications.&#160;
The Board of Managers shall determine the powers and duties of the Chief
Financial Officer; provided, however, that the powers and duties of the Chief
Financial Officer shall be substantially consistent with those powers and
duties of similarly situated Persons that are customary to the industry in
which the Company operates.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If, after the Initial Period, the
Business is not operating within eighty percent (80%) of the Company&#146;s business
plan with respect to the Company&#146;s operating income and return on investment
(as those terms are defined in the business plan), the Board of Managers shall
remove and replace the Chief Executive Officer and Chief Financial Officer
unless the Board of Managers unanimously agrees to retain such Officers.&#160; Upon the removal of the Chief Executive
Officer and Chief Financial Officer, the Board of Managers shall search for
successors to such Officers and may, in its discretion, engage the services of
a search firm to assist with its search efforts.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">41</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=45,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=862218,FOLIO='41',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The search for such successors shall not be limited to
employees of DuPont, Central Soya, or their respective Affiliates; provided,
however, that DuPont, Central Soya and their respective Affiliates may nominate
and recommend to the Board of Managers candidates to replace such removed
Officers.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company&#146;s compensation structure
shall be designed to maximize the performance of the Company and all incentive
compensation paid to employees of the Company (including, but not limited to,
the Officers) shall be based upon the Company&#146;s performance.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi) &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Chief Executive Officer and Chief Financial Officer
shall be responsible for conducting, in the name and on behalf of the Company,
the day-to-day business and affairs of the Company.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Board of Managers shall have the power to create such
other officer positions with such powers as it deems appropriate as shall be
determined by the Board of Managers consistent with the terms of this
Agreement.&#160; The Board of Managers shall
have the power to appoint persons to fill such officer positions.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The terms of the Related Agreements
are hereby approved and each Manager is hereby authorized to execute and deliver
the Related Agreements on behalf of the Company.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="MeetingsOfTheBoardOfManagers_">Meetings of the Board of Managers.</a></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Board of Managers shall hold regular meetings no less frequently than once
every Fiscal Quarter and the Chairman shall establish meeting times, dates and
places and requisite notice requirements (not shorter than those provided in
Section 6.2(c) below) and adopt rules or procedures consistent with the terms
of this Agreement.&#160; Unless otherwise
approved by the Chairman, each regular meeting of the Board of Managers will be
held at the Company&#146;s principal place of business.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; At
all meetings of the Board of Managers, the presence of at least one Manager
appointed by Central Soya and one Manager appointed by DuPont shall be
necessary to constitute a quorum for the transaction of business and, except as
otherwise provided in this Agreement (including, without limitation, Section
6.1(k)(i) hereof), the Board of Managers shall act by the majority vote of the
Managers at any meeting at which a quorum is present.&#160; Notwithstanding the foregoing, if a quorum shall not be present
at any meeting of the Board of Managers, the Managers present thereat may
adjourn and reschedule the meeting to a date no earlier than five (5) days
thereafter with notice in accordance with Section 6.2(c).&#160; At the rescheduled meeting, the Managers
present thereat shall constitute a quorum for the transaction of business.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Special
meetings of the Board of Managers may be called only by the Chairman.&#160; Notice of each such meeting shall be given
to each Manager on the Board of Managers by telephone, telecopy, telegram or
similar method (in each case, notice shall be given</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">42</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=46,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=828859,FOLIO='42',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">at least seventy-two (72) hours before the time of the meeting) or sent
by first-class mail (in which case notice shall be given at least five (5) days
before the meeting), unless a longer notice period is established by the Board
of Managers.&#160; Each such notice shall
state (i) the time, date, place (which shall be at the principal office of the
Company unless otherwise agreed to by all Managers) or other means of
conducting such meeting and (ii) the purpose of the meeting to be so held.&#160; No actions other than those specified in the
notice may be considered at any special meeting unless unanimously approved by
the Managers.&#160; Any Manager may waive
notice of any meeting in writing before, at, or after such meeting.&#160; The attendance of a Manager at a meeting
shall constitute a waiver of notice of such meeting, except when a Manager
attends a meeting for the express purpose of objecting to the transaction of
any business because the meeting was not properly called.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any
action required to be taken at a meeting of the Board of Managers, or any
action that may be taken at a meeting of the Board of Managers, may be taken at
a meeting held by means of conference telephone or other communications
equipment by means of which all persons participating in the meeting can hear
each other.&#160; Participation in such a
meeting shall constitute presence in person at such meeting.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding
anything to the contrary in this Section 6.2, the Board of Managers may take
without a meeting any action that may be taken by the Board of Managers under
this Agreement if such action is approved by the unanimous written consent of
the Managers.</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="BoardOfManagersPowers_">Board
of Managers Powers.</a></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Except
as otherwise provided in this Agreement (including but not limited to Section
5.4 hereof), all powers to control and manage the Business and affairs of the
Company shall be exclusively vested in the Board of Managers and the Board of
Managers may exercise all powers of the Company and do all such lawful acts as
are not by statute, the Certificate or this Agreement directed or required to
be exercised or done by one or more of the Members and in so doing shall have
the right and authority to take all actions which the Board of Managers deems
necessary, useful or appropriate for the management and conduct of the
Business, including exercising the following specific rights and powers:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Conduct its business and/or its
Affiliates&#146; businesses, carry on their operations and have and exercise the
powers granted by the Act in any state, territory, district or possession of
the United States, or in any foreign country which may be necessary or
convenient to effect any or all of the purposes for which it is organized;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Acquire by purchase, lease, or
otherwise any real or personal property which may be necessary, convenient, or
incidental to the accomplishment of the purposes of the Company;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Operate, maintain, finance, improve,
construct, own, grant operations with respect to, sell, convey, assign,
mortgage, and lease any real estate and</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">43</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=47,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=591740,FOLIO='43',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">any personal
property necessary, convenient, or incidental to the accomplishment of the
purposes of the Company;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Execute, or authorize any officer or
officers to execute, any and all agreements, contracts, documents,
certifications, and instruments necessary or convenient in connection with the
management, maintenance, and operation of the Business, or in connection with
managing the affairs of the Company, including, executing amendments to this
Agreement and the Certificate in accordance with the terms of this Agreement, both
as Managers and, if required, as attorney-in-fact for the Members pursuant to
any power of attorney granted by the Members to the Managers;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Borrow money and issue evidences of
indebtedness necessary, convenient, or incidental to the accomplishment of the
purposes of the Company, and secure the same by mortgage, pledge, or other lien
on any Company assets;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Execute, in furtherance of any or all
of the purposes of the Company, any deed, lease, mortgage, deed of trust,
mortgage note, promissory note, bill of sale, contract, or other instrument
purporting to convey or encumber any or all of the Company assets;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Prepay in whole or in part, refinance,
recast, increase, modify, or extend any liabilities affecting the assets of the
Company and in connection therewith execute any extensions or renewals of
encumbrances on any or all of such assets;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(viii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;  Distribute funds to the Members by way
of cash income, return of capital, or otherwise, all in accordance with the
provisions of this Agreement, and perform all matters in furtherance of the
objectives of the Company or this Agreement;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ix)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Contract on behalf of the Company for
the employment and services of employees and/or independent contractors, such
as lawyers and accountants;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(x)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Engage in any kind of activity and
perform and carry out contracts of any kind (including contracts of insurance
covering risks to Company assets and Manager liability) necessary or incidental
to, or in connection with, the accomplishment of the purposes of the Company,
as may be lawfully carried on or performed by a limited liability company under
the laws of each state in which the Company is then formed or qualified;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Take, or refrain from taking, all
actions, not expressly prescribed or limited by this Agreement, as may be
necessary or appropriate to accomplish the purposes of the Company;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">44</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=48,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=73920,FOLIO='44',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Institute, prosecute, defend, settle,
compromise, and dismiss lawsuits or other judicial or administrative proceedings
brought on or in behalf of, or against, the Company or any Manager in
connection with activities arising out of, connected with, or incidental to
this Agreement, and to engage counsel or others in connection therewith;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xiii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Institute or prosecute lawsuits or
other judicial or administrative proceedings brought against the Members in
connection with activities arising out of, connected with, or incidental to
this Agreement, and to engage counsel or others in connection therewith;
provided, however that if one or more Managers believes in good faith that the
Company should institute or prosecute a lawsuit or other judicial or
administrative proceeding against a Member, the matter shall first be submitted
to the Chief Executive Officers of each of the Members for resolution.&#160; In the event such Chief Executive Officers
are unable to agree upon a resolution within sixty (60) days following such
submission, the issue whether or not to institute or prosecute such lawsuit or
other judicial or administrative proceeding shall be submitted to a vote of the
Managers appointed by the Member(s) who is not the subject of the proposed
lawsuit or proceeding and shall be approved upon the affirmative vote of a
majority of such Managers;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xiv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;  Employ, sell, mortgage, lend, pledge,
or otherwise dispose of, and otherwise use and deal in and with, shares or
other interests in or obligations of any Person, or direct or indirect
obligations of the United States or of any government, state, territory,
government district or municipality or of any instrumentality of any of them;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xv) &#160;&#160;&#160;&#160;&#160;&#160;&#160; Indemnify a Manager or former Manager,
and to make any other indemnification that is authorized by this Agreement in
accordance with the Act;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xvi)&#160; &#160;&#160;&#160;&#160;&#160; Establish
policies and guidelines for the hiring of employees to permit the Company to
act as an operating company with respect to its Business, and adopt appropriate
management incentive plans and employee benefit plans; and</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xvii)&#160; &#160;&#160;&#160;&#160; Appoint,
contract, or remove the external independent accountants responsible for
auditing the books and records of the Company, and opining on the integrity of
the financial statements prepared by the Company to meet external reporting
requirements.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.4&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="DutiesAndObligationsOfTheBoardOfM">Duties and Obligations of the Board of
Managers.</a></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Except as may be provided in the
Related Agreements, the Board of Managers shall cause the Company to conduct
its business and operations separate and apart from that of any other Person,
including, without limitation, (i) segregating Company assets and bank accounts
and not allowing funds or other assets of the Company to be commingled with the
funds or other assets of, held by, or registered in the name of, any other
Person, (ii) maintaining books and financial records of the Company separate
from the books and financial records of any</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">45</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=49,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=17165,FOLIO='45',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">other Person, and
observing all Company procedures and formalities, including, without
limitation, maintaining minutes of meetings and acting on behalf of the Company
only pursuant to due authorization of the Members, (iii) paying its liabilities
from assets of the Company, (iv) conducting its dealings with third parties in
its own name and as a separate and independent entity, (v) maintaining its
assets in such a manner that minimizes the cost and difficulty of segregating,
ascertaining or otherwise identifying its assets from those of any other
Person, and (vi) abiding by all formalities under the Act with respect to
causing the Company&#146;s financial statements to be prepared in accordance with
GAAP and in a manner that indicates the separateness of the Company and the
Company&#146;s assets and liabilities from any other Person.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Except as otherwise provided in this
Agreement, the Board of Managers shall take all actions which may be necessary
or appropriate (i) for the continuation of the Company&#146;s valid existence as a
limited liability company under the laws of the State of Delaware and of each
other jurisdiction in which such existence is necessary to protect the limited
liability of the Members or to enable the Company to conduct the business in
which it is engaged and (ii) for the accomplishment of the Company&#146;s purposes,
including the acquisition, development, maintenance, preservation, and
operation of Property in accordance with the provisions of this Agreement and
applicable laws and regulations.&#160; The
Board of Managers shall cause the Company to implement the core values and
policies of the Members regarding safety, health, environment, ethics and
treatment of people in a manner which preserves the underlying objectives of
the core values and policies and optimizes the operating performance of the
Company.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt .5in;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section 7: <a name="Protection">&#160;Protection </a>of Members,</font></b></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Managers, and Officers</font></b>.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Pro<a name="TectedParty_">tected
Party.</a></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As used in this
Agreement, the term &#147;Protected Party&#148; refers to the Members, the Managers, the
Advisors and the officers of the Company.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="GeneralProtection_">General
Protection.</a></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A Protected Party shall be fully
protected in relying in good faith upon the records of the Company and upon
such information, opinions, reports or statements presented to the Company by
any Person as to the matters the Protected Party reasonably believes are within
such other Person&#146;s professional or expert competence and who has been selected
with reasonable care by or on behalf of the Company, including information,
opinions, reports or statements as to the value and amount of the assets,
liabilities, Profits or Losses of the Company or any other facts pertinent to
the existence and amount of assets from which distributions to Members might
properly be paid pursuant to Section 4 hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To the extent that, at law or in
equity, a Protected Party has duties (including fiduciary duties) and
liabilities relating thereto to the Company or to any other Protected Party, a
Protected Party acting under this Agreement shall not be liable to the Company,
to any other Protected Party or to any third party for its good faith reliance
on the</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">46</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=50,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=304998,FOLIO='46',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">provisions of this
Agreement.&#160; The provisions of this
Agreement, to the extent that they restrict or expand the duties and
liabilities of a Protected Party otherwise existing at law or in equity, are
agreed by the parties hereto to replace such other duties and liabilities of
such Protected Party to the extent permissible under applicable law.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Whenever in this Agreement a
Protected Party is permitted or required to make a decision (i) in its
&#147;discretion&#148; or under a grant of similar authority or latitude, the Protected
Party shall be entitled to consider such interests and factors as it desires
including its own interests and shall have no duty or obligation to give any
consideration to any interest of or factors affecting the Company or any other
Person, or (ii) in its &#147;good faith&#148; or under another express standard, the
Protected Party shall act under such express standard and shall not be
subjected to any other or different standard imposed in this Agreement or other
applicable law; provided, however, that notwithstanding the foregoing, in the
case of a Manager&#146;s conduct, the express standards set forth in this Section
7.2(c) shall be governed by Section 6.1(i) hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="IndemnificationAndInsurance">Indemnification
and Insurance</a></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Each Person who was or is made a
party or is threatened to be made a party to or is involved in any action, suit
or proceeding, whether civil, criminal, administrative or investigative or
otherwise and whether formal or informal (hereinafter a &#147;Proceeding&#148;), by
reason of the fact that he or she, or the Person of which he or she is the
legal representative, is or was a Manager, officer, employee or agent of the
Company or is or was serving at the request of the Company as a Manager,
officer or other agent of the Company, where the basis of such Proceeding is
alleged action in an official capacity as a Manager, officer, employee or
agent, shall be indemnified and held harmless by the Company; provided,
however, that there shall be no indemnification of any such Person as to
matters in respect of which it shall be finally adjudged in such action that such
Person has committed an act of fraud, deceit, or willful misconduct.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The right to indemnification
conferred by this Section 7 shall include the right to require the Company to
pay the expenses (including reasonable attorneys&#146; fees) incurred in defending
any such Proceeding in advance of its final disposition; provided, however,
that the Company shall not be required to pay such expenses (including
attorneys&#146; fees) with respect to a Proceeding initiated against the Company by
any Manager, officer, employee or agent of the Company unless such Proceeding
was authorized by the Board of Managers.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The right to indemnification and the
advancement of expenses conferred in this Section 7 shall not be exclusive of
any other right which any Person may have or hereafter acquire under any
statute, provision of this Agreement or the Related Agreements, contract,
agreement, vote or consent of the Members or disinterested Managers or
otherwise.&#160; The Managers are expressly
authorized to adopt and enter into indemnification agreements for Managers and
officers.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Board of Managers may cause the
Company to purchase and maintain insurance on behalf of any Person who is or
was or has agreed to become a Manager, officer, employee or other agent of the
Company or is or was serving at the request of the</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">47</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=51,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=444206,FOLIO='47',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Company as a
Manager, officer, employee or other agent of the Company, against any liability
asserted against such Person and incurred in any such capacity or arising out
of such status. A Manager shall not be entitled to coverage under the
directors&#146; and officers&#146; insurance policy of the Member who did not appoint
such Manager.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.4 &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="AmendmentsToThisSection7_">Amendments
to this Section 7.</a></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No amendment,
repeal or modification of this Section 7 shall adversely affect any rights
hereunder with respect to any act or omission occurring prior to the date when
such amendment, repeal or modification became effective.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><a name="Section8"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section
8:</font></b></a><b><font style="font-weight:bold;"> Representations and
Warranties.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="InGenera">In Genera</a>l.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the date hereof,
each of Members hereby makes each of the</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">representations
and warranties applicable to such Member as set forth in Section 8.2, and such
warranties and representations shall survive the execution of this Agreement
for a period of three (3)<b><font style="font-weight:bold;">  </font></b>years
following the Effective Time.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.2</font><font size="1" style="font-size:5.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><a name="RepresentationsAndWarranties_">Representations and Warranties.</a></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each Member hereby
represents and warrants that:</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Due Incorporation or Formation;
Authorization of Agreement</u>.&#160; Such
Member is a corporation duly organized or a partnership or limited liability
company duly formed, validly existing and in good standing under the laws of
the jurisdiction of its incorporation or formation and has the corporate,
partnership, or company power and authority to own its property and carry on
its business as owned and carried on as of the date hereof and as contemplated
hereby.&#160; Such Member is duly licensed or
qualified to do business and in good standing in each of the jurisdictions in
which the failure to be so licensed or qualified would have a material adverse
effect on its financial condition or its ability to perform its obligations
hereunder.&#160; Such Member has the
corporate, partnership or company power and authority to execute and deliver
this Agreement and to perform its obligations hereunder and the execution,
delivery, and performance of this Agreement has been duly authorized by all
necessary corporate, partnership, or company action.&#160; This Agreement constitutes the legal, valid and binding
obligation of such Member.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Conflict with Restrictions; No
Default</u>.&#160; Neither the execution,
delivery, nor performance of this Agreement nor the consummation by such Member
of the transactions contemplated hereby (i) will conflict with, violate, or
result in a breach of any of the terms, conditions, or provisions of any law,
regulation, order, writ, injunction, decree, determination, or award of any
court, any governmental department, board, agency, or instrumentality, domestic
or foreign, or any arbitrator, applicable to such Member or any of its Wholly
Owned Affiliates, (ii) will conflict with, violate, result in a breach of, or
constitute a default under any of the terms, conditions, or provisions of the
articles of incorporation, bylaws,</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">48</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=52,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=384683,FOLIO='48',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">partnership
agreement or operating agreement of such Member or any of its Wholly Owned
Affiliates or of any material agreement or instrument to which such Member or
any of its Wholly Owned Affiliates is a party or by which such Member or any of
its Wholly Owned Affiliates is or may be bound or to which any of its material
properties or assets is subject, (iii) will conflict with, violate, result in a
breach of, constitute a default under (whether with notice or lapse of time or
both), accelerate or permit the acceleration of the performance required by,
give to others any material interests or rights, or require any consent,
authorization, or approval under any indenture, mortgage, lease agreement, or
instrument to which such Member or any of its Wholly Owned Affiliates is a
party or by which such Member or any of its Wholly Owned Affiliates is or may
be bound, or (iv) will result in the creation or imposition of any lien upon
any of the material properties or assets of such Member or any of its Wholly
Owned Affiliates.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Governmental Authorizations</u>.&#160; Any registration, declaration, or filing
with, or consent, approval, license, permit, or other authorization or order
by, any governmental or regulatory authority, domestic or foreign, that is
required in connection with the valid execution, delivery, acceptance and
performance by such Member under this Agreement or the consummation by such
Member of any transaction contemplated hereby has been completed, made, or
obtained on or before the Effective Time.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Litigation</u>.&#160; There are no Proceedings or investigations
pending or, to the knowledge of such Member or any of its Wholly Owned
Affiliates, threatened against or affecting such Member or any of its Wholly
Owned Affiliates or any of their properties, assets, or businesses in any court
or before or by any governmental department, board, agency, or instrumentality,
domestic or foreign, or any arbitrator which could, if adversely determined
(or, in the case of an investigation could lead to any Proceeding, which if
adversely determined could) reasonably be expected to materially impair such
Member&#146;s ability to perform its obligations under this Agreement or to have a
material adverse effect on the consolidated financial condition of such Member;
and such Member or any of its Wholly Owned Affiliates has not received any
currently effective notice of any default, and such Member or any of its Wholly
Owned Affiliates is not in default, under any applicable order, writ,
injunction, decree, permit, determination, or award of any court, any governmental
department, board, agency, or instrumentality, domestic or foreign, or any
arbitrator which could reasonably be expected to materially impair such
Member&#146;s ability to perform its obligations under this Agreement or to have a
material adverse effect on the consolidated financial condition of such Member.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Investment Company Act; Public
Utility Holding Company Act</u>.&#160;
Neither Member nor any of its Affiliates is, nor will the Company as a
result of any Member holding an Interest therein be, an &#147;investment company&#148; as
defined in, or subject to regulation under, the Investment Company Act of
1940.&#160; Neither Member nor any of its
Affiliates is, nor will the Company as a result of any Member holding an
Interest therein be, a &#147;holding company,&#148; &#147;an affiliate of a holding company,&#148;
or a &#147;subsidiary of a holding company&#148; as defined in, or subject to regulation
under, the Public Utility Holding Company Act of 1935.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Investigation</u>.&#160; Each Member is acquiring its Membership
Interest based upon its own investigation, and the exercise by such Member of
its rights and the performance of its obligations under this Agreement will be
based upon its own investigation,</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">49</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=53,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=126826,FOLIO='49',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">analysis, and
expertise.&#160; Each Member&#146;s acquisition of
its Membership Interest is being made for its own account for investment, and
not with a view to the sale or distribution thereof.&#160; Each Member is a sophisticated investor possessing an expertise
in analyzing the benefits and risks associated with acquiring investments that
are similar to the acquisition of its Membership Interest.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><a name="Section9"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section
9:</font></b></a><b><font style="font-weight:bold;">&#160; Accounting, Books and Records.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Accounting,<a name="Books"> Books </a>and
Records.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:5.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
Company shall keep on site at its principal place of business each of the following:</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Separate books of account for the
Company which shall show a true and accurate record of all costs and expenses
incurred, all charges made, all credits made and received, and all income
derived in connection with the conduct of the Company and the operation of the
Business in accordance with this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A current list of the full name and
last known business, residence, or mailing address of each Member and Manager,
both past and present;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A copy of the Certificate and all
amendments thereto, together with executed copies of any powers of attorney
pursuant to which any amendment has been executed;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Copies of the Company&#146;s federal,
state, and local income tax returns and reports, if any, for the later of the
five (5) most recent years or all open years;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Copies of this Agreement;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Copies of any writings permitted or
required under Section 18-502 of the Act regarding the obligation of a Member
to perform any enforceable promise to contribute cash or property or to perform
services as consideration for such Member&#146;s Capital Contribution;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Unless contained in this Agreement, a
statement prepared and certified as accurate by the Board of Managers of the
Company which describes:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:2.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The amount of cash and a description
and statement of the agreed value of the other property or services contributed
by each Member and which each Member has agreed to contribute in the future;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:2.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The times at which or events on the
happening of which any Additional Capital Contributions agreed to be made by
each Member are to be made;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=54,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=512907,FOLIO='50',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:2.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If agreed upon, the time at which or
the events on the happening of which a Member may terminate its Membership
Interest in the Company and the amount of, or the method of determining, the
distribution to which it may be entitled respecting its Membership Interest and
the terms and conditions of the termination and distribution;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:2.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any right of a Member to receive
distributions, which include a return of all or any part of a Member&#146;s
contributions;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:2.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any written consents obtained from
Members pursuant to Section 18-302 of the Act regarding action taken by
Members.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company shall use the accrual
method of accounting in preparation of its financial reports and for tax
purposes and shall keep its books and records accordingly.&#160; The Company shall use GAAP consistent with
those policies used in DuPont&#146;s consolidated financial reporting to
shareholders.&#160; Any Member or its
authorized representative has the right to have reasonable access to and
inspect and copy the contents of such books or records and shall also have
reasonable access during normal business hours to such additional financial
information, documents, books and records of the Company. &#160;The rights granted to a Member pursuant to
this Section 9.1 are expressly subject to compliance by such Member with the
safety, security and confidentiality procedures and guidelines of the Company,
as such procedures and guidelines may be established from time to time.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="ReportsAudits_">Reports;
Audits.</a></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>In General</u>.&#160; The Chief Financial Officer of the Company
shall be responsible for causing the preparation of financial reports of the
Company and the coordination of financial matters of the Company with the
Company&#146;s accountants.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Periodic and Other Reports</u>.&#160; The Company shall cause to be delivered to
each Member the financial statements listed in clauses (i), (ii) and (iii)
below, prepared, in each case (other than with respect to Members&#146; Capital
Accounts, which shall be prepared in accordance with this Agreement) in
accordance with GAAP consistently applied (and, if required by any Member or
its Wholly Owned Affiliates for purposes of reporting under the Exchange Act,
Regulation S-X), and such other reports as any Member may reasonably request
from time to time; provided that, if the Board of Managers so determines within
thirty (30) days thereof, such other reports shall be provided at such
requesting Member&#146;s sole cost and expense.&#160;
The quarterly and monthly financial statements referred to in clauses
(ii) and (iii) below may be subject to normal year-end audit adjustments.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; As soon as practicable following the
end of each Fiscal Year (and in any event not later than forty-five (45) days
after the end of such Fiscal Year) and at such time as distributions are made
to the Members pursuant to Section 12 hereof following the occurrence of a
Dissolution Event, a balance sheet of the Company as of the end of such Fiscal
Year and the related statements of operations, Members&#146; Capital Accounts and
changes therein,</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">51</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=55,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=733841,FOLIO='51',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and cash flows for
such Fiscal Year, together with appropriate notes to such financial statements
and supporting schedules, all of which shall be audited and certified by the
Company&#146;s independent accountants in accordance with GAAP, and in each case, to
the extent the Company was in existence, setting forth in comparative form the
corresponding figures for the immediately preceding Fiscal Year end (in the
case of the balance sheet) and the two (2) immediately preceding Fiscal Years
(in the case of the income statements).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; As soon as practicable following the
end of each of the first three Fiscal Quarters of each Fiscal Year (and in any
event not later than twenty-five (25) days after the end of each such Fiscal
Quarter), a balance sheet of the Company as of the end of such Fiscal Quarter
and the related statements of operations and cash flows for such Fiscal Quarter
and for the Fiscal Year to date, all of which shall be reviewed by the
Company&#146;s independent accountants in accordance with GAAP, and in each case, to
the extent the Company was in existence, setting forth in comparative form the
corresponding figures for the prior Fiscal Year&#146;s Fiscal Quarter and the
interim period corresponding to the Fiscal Quarter and the interim period just
completed.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; As soon as practicable following the
end of each month during each Fiscal Year (and in any event not later than four
(4) Business Days after the end of each such month for the income statement and
not later than six (6) Business Days after the end of each month for the
balance sheet), a Wilmington Forms Statement Package (in the form attached
hereto as Exhibit C) of the Company&#146;s results as of the end of such month and
for the Fiscal Year to date or such other reasonable financial information as
requested in good-faith by a Member, all of which shall be in accordance with
GAAP, and in each case, to the extent the Company was in existence, setting forth
in comparative form the corresponding figures for the prior Fiscal Year&#146;s
corresponding month and the interim period corresponding to the month and the
interim period just completed.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The quarterly or
annual statements described in clause (i) and (ii) above shall be accompanied
by a written certification of the Chief Executive Officer and the Chief
Financial Officer of the Company that such statements have been prepared in
accordance with GAAP consistently applied.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Member Audit</u>.&#160; Except as otherwise provided herein, each
Member may, at anytime, and at its own expense, conduct or cause to be
conducted an independent audit of the financial condition of the Company and/or
Solae, LLC; provided, however that such Member provides reasonable prior notice
of such audit to the Company and/or Solae, LLC (as the case may be), provides
reasonable prior notice of such audit to the other Members and uses its
commercially reasonable efforts to prevent such audits from unreasonably
interfering with the normal activities or conduct of the Company and/or Solae,
LLC (including, but not limited to, those with respect to the Business); and
provided further that such Member permits the other Members to participate in
such audit (at their expense) and shares the results of such audit with such
participating Members.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">52</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=56,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=1025932,FOLIO='52',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="TaxMatters_">Tax Matters.</a></font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Tax Elections</u>.&#160; The Board of Managers shall, without any
further consent of the Members being required (except as specifically required
herein), make any and all elections for federal, state, local, and foreign tax
purposes including, without limitation, any election, if permitted by
applicable law: (i) to adjust the basis of Property pursuant to Code Sections
754, 734(b) and 743(b), or comparable provisions of state, local or foreign
law, in connection with Transfers of Membership Interests and Company
distributions; (ii) with the consent of the Members, to extend the statute of
limitations for assessment of tax deficiencies against the Members with respect
to adjustments to the Company&#146;s federal, state, local or foreign tax returns;
and (iii) to represent the Company and the Members before taxing authorities or
courts of competent jurisdiction in tax matters affecting the Company or the Members
in their capacities as Members, and to file any tax returns and execute any
agreements, settlements or other documents relating to or affecting such tax
matters, including agreements or other documents that bind the Members with
respect to such tax matters or otherwise affect the rights of the Company and
the Members.&#160;&#160; </font><font style="layout-grid-mode:both;letter-spacing:-.15pt;">The
Members acknowledge that it is the intention of the Company to be treated as a </font><font style="layout-grid-mode:both;">partnership<font style="letter-spacing:-.15pt;"> for federal and all relevant state tax purposes.</font></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Tax Information</u>.&#160; Necessary tax information shall be delivered
to each Member within a reasonable time after the end of each Fiscal Year of
the Company.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="Section10Amendments_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section 10:&#160; Amendments.</font></b></a></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="Amendment">Amendment</a>s.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amendments to this
Agreement may be proposed by any Manager or any Member.&#160; Following such proposal, the Board of
Managers shall submit to the Members a verbatim statement of any proposed
amendment, provided that counsel for the Company shall have approved of the
same in writing as to form, and the Board of Managers shall include in any such
submission a recommendation as to the proposed amendment.&#160; The Board of Managers shall seek the written
consent of the Members on the proposed amendment.&#160; Subject to the provisions of Section 5.4 hereof, a proposed
amendment shall be adopted and be effective as an amendment hereto if it
receives the affirmative written consent of Members having a Percentage
Interest, in the aggregate, in excess of eighty percent (80%).</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="Section11Transfers_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section 11:&#160; Transfers.</font></b></a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="RestrictionsOnTransfers_">Restrictions
on Transfers.</a></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as
otherwise permitted by this Agreement, no Member shall Transfer all or any
portion of its Membership Interest.&#160; For
the avoidance of any doubt, no Member may pledge or otherwise encumber all or
any part of its Membership Interest as security for the payment of a Debt
except with the unanimous consent of the Members.&#160; During the Initial Period, no Member shall Transfer its
Membership Interest to any Person without the prior written consent of the
Members; provided, however, that, subject to the conditions and restrictions
set forth in Sections 11.3</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">53</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=57,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=89512,FOLIO='53',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and 11.4 hereof,
such consent shall not be required in connection with a Member&#146;s Transfer of
its Membership Interest to one or more of its Affiliates, provided that in the
case of Central Soya such Affiliate must also be an Affiliate of Bunge Limited.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="PermittedTransfers_">Permitted
Transfers.</a></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to the
conditions and restrictions set forth in Sections 11.3 and 11.4 hereof, a
Member may, after the Initial Period, Transfer all or any portion of its
Membership Interest to (a) any other Member or Affiliate of another Member, (b)
any Affiliate of the transferor; provided, however, that if the transferor is
Central Soya, such Affiliate must also be an Affiliate of Bunge Limited, (c)
the transferor&#146;s administrator or trustee to whom such Membership Interest is
transferred involuntarily by operation of law, or (d) any Purchaser in
accordance with Section 11.4 hereof, without the consent of the Members (any
such Transfer being referred to in this Agreement as a &#147;Permitted
Transfer&#148;).&#160; Anything contained herein
to the contrary notwithstanding, at no time shall any Member Transfer its
Membership Interest to one or more of the Persons listed in Exhibit D (or the
Affiliates of such listed Persons) attached hereto and made a part hereof
(&#147;Prohibited Transferees&#148;) without the prior written consent of all of the
Members.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="ConditionsToPermit">Conditions
to Permit</a>ted Transfers.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A Transfer of a
Membership Interest shall not be treated as a Permitted Transfer under Section
11.2 hereof unless and until the following conditions are satisfied:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Except in the case of a Transfer of a
Membership Interest involuntarily by operation of law, the transferor and
transferee shall execute and deliver to the Company such documents and instruments
of conveyance as may be necessary or appropriate in the opinion of counsel to
the Company to effect such Transfer.&#160; In
the case of a Transfer of a Membership Interest involuntarily by operation of
law, such Transfer shall be confirmed by presentation to the Company of legal
evidence of such Transfer, in form and substance satisfactory to counsel to the
Company.&#160; In all cases, the Company
shall be reimbursed by the transferor and/or transferee for all costs and expenses
that it reasonably incurs in connection with a Transfer of a Membership
Interest.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The transferor and transferee shall
furnish the Company with the transferee&#146;s taxpayer identification number,
sufficient information to determine the transferee&#146;s initial tax basis in the
Membership Interest transferred, and any other information reasonably necessary
to permit the Company to file all required federal and state tax returns and
other legally required information statements or returns.&#160; Without limiting the generality of the
foregoing, the Company shall not be required to make any distribution otherwise
provided for in this Agreement with respect to any transferred Membership
Interest until it has received such information.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Except in the case of a Transfer of a
Membership Interest involuntarily by operation of law, either (i) a transferred
Membership Interest shall be registered under the Securities Act, and any
applicable state securities laws, or (ii) the transferor shall</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">54</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=58,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=715199,FOLIO='54',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">provide an opinion
of counsel, which opinion and counsel shall be reasonably satisfactory to the
Board of Managers, to the effect that such Transfer is exempt from all
applicable registration requirements and that such Transfer will not violate
any applicable laws regulating the Transfer of securities.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Except in the case of a Transfer of a
Membership Interest involuntarily by operation of law, the transferor shall
provide an opinion of counsel, which opinion and counsel shall be reasonably
satisfactory to the Board of Managers, to the effect that such Transfer will
not cause the Company to be deemed to be an &#147;investment company&#148; under the
Investment Company Act of 1940.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.4&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="RightOfFirstOffer">Right of
First Offer; </a>Certain Transfers; Buy-Out Interest and Change of Control.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition to the
other limitations and restrictions set forth in this Section 11, except as
permitted by Section 11.2 hereof, no Member shall Transfer all or any portion
of its Membership Interest (the &#147;Offered Membership Interest&#148;) unless such
Member (the &#147;Seller&#148;) first offers to sell the Offered Membership Interest
pursuant to the terms of this Section 11.4.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Offer Notice</u>.&#160; Prior to making any Transfer of a Membership
Interest that is subject to the terms of this Section 11.4, the Seller shall
give to the Company and each other Member written notice of such proposed
Transfer (the &#147;Offer Notice&#148;), which notice shall include an offer (the &#147;Firm
Offer&#148;) to sell the Offered Membership Interest to the other Members (the
&#147;Offerees&#148;) for a purchase price equal to the purchase price (the &#147;Offer
Price&#148;) offered by or to a prospective purchaser (the &#147;Purchaser&#148;) with respect
to the Offered Membership Interest, upon the same terms as (or more favorable
terms than) those offered by or to the Purchaser; provided that the Firm Offer
shall be made without regard to the requirement of any earnest money or similar
deposit required of the Purchaser prior to closing, and without regard to any
security (other than the Offered Membership Interest) to be provided by the
Purchaser for any deferred portion of the Offer Price.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Offer Period</u>.&#160; The Firm Offer shall be irrevocable for a
period (the &#147;Offer Period&#148;) ending at 11:59 P.M., local time at the Company&#146;s
principal place of business, on the ninetieth (90<sup>th</sup>) day following the
day of the Offer Notice.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Acceptance of First Offer</u>.&#160; At any time during the Offer Period, any
Offeree may accept the Firm Offer as to all or any portion of the Offered
Membership Interest, by giving written notice of such acceptance to the Seller
and each other Offeree, which notice shall indicate the maximum portion of the
Offered Membership Interest that such Offeree is willing to purchase.&#160; In the event that Offerees (&#147;Accepting
Offerees&#148;), in the aggregate, accept the Firm Offer during the Offer Period
with respect to all of the Offered Membership Interest, the Firm Offer shall be
deemed to be accepted and each Accepting Offeree shall be deemed to have
accepted the Firm Offer as to that portion of the Offered Membership Interest
agreed to by the Accepting Offerees or, without such agreement, such portion of
the Offered Membership Interest that corresponds to the product of each
Accepting Offeree&#146;s Percentage Interest multiplied by the Offered Membership
Interest; provided, however, that for purposes of this</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">55</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=59,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=679459,FOLIO='55',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 11.4(c),
the term &#147;Percentage Interest&#148; shall be calculated without reference to or
inclusion of the Capital Account of the Seller.&#160; If the Offerees, in the aggregate, do not accept the Firm Offer
as to all of the Offered Membership Interest during the Offer Period, the Firm
Offer shall be deemed to be rejected in its entirety.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Closing of Purchase Pursuant to
Firm Offer</u>.&#160; In the event that the
Firm Offer is accepted, the closing of the sale of the Offered Membership
Interest shall take place within thirty (30) days after the Firm Offer is
accepted.&#160; The Seller and all Accepting
Offerees shall execute such documents and instruments as may be necessary or
appropriate to effect the sale of the Offered Membership Interest pursuant to
the terms of the Firm Offer and this Section 11.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Sale If Firm Offer Rejected</u>.&#160; If the Firm Offer is not accepted during the
Offer Period in the manner hereinabove provided, the Seller may sell the Offered
Membership Interest to the Purchaser at any time within sixty (60) days after
the last day of the Offer Period; provided that such sale shall be made on
terms no more favorable to the Purchaser than those contained in the Firm
Offer; and provided further that such sale complies with the other terms,
conditions, and restrictions of this Agreement.&#160; In the event that the Offered Membership Interest is not sold in
accordance with the terms of the preceding sentence, the Offered Membership
Interest shall again become subject to all of the conditions and restrictions
of this Section 11.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Certain Transfers</u>.&#160; In the event a Member (a &#147;Transferring
Member&#148;) proposes to Transfer all or any portion of its Membership Interest to
a Purchaser (other than an Affiliate of such Member) and the other Members (the
&#147;Non-Transferring Members&#148;) do not exercise their right to purchase such
Membership Interest as provided for above in this Section 11.4, the
Non-Transferring Members shall notify the Transferring Member within the Offer
Period of their election to Transfer or not to Transfer all or any portion of
their Membership Interests to such Purchaser (&#147;Election Notice&#148;).&#160; If the Non-Transferring Members so elect to
Transfer all or any portion of their Membership Interests, then the
Transferring Member and the Non-Transferring Members shall use their
commercially reasonable best efforts to sell the sum of the Percentage
Interests of the Transferring Member and the Non-Transferring Members desired
to be sold by the Transferring Member and the Non-Transferring Members to such
Purchaser.&#160; If, despite using their
commercially reasonable best efforts, the Transferring Member and the
Non-Transferring Members are unable to sell such sum to such Purchaser, the
Transferring Member and the Non-Transferring Members shall, unless otherwise
agreed by the Members, use their commercially reasonable best efforts to sell
all of the Membership Interests of the Company as provided in Section 11.4(h)
below.&#160; If Central Soya, as a
Non-Transferring Member, elects not to Transfer any portion of its Membership
Interest and the Transferring Member has actually sold the proposed portion of
its Membership Interest (plus or minus ten percent (10%) of the proposed
portion of its Membership Interest) as provided in this Section 11.4(f),
Central Soya shall not exercise its right to make a Purchase Request as
provided in Section 11.4(g) below for a period of three (3) years from that
date of the Election Notice.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Buy-Out Interest</u>.&#160; Except as otherwise provided in Section
11.4(f) above, if, following the Initial Period, Central Soya elects to sell
its entire Membership Interest</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">56</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=60,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=253767,FOLIO='56',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and Central Soya is unable, despite using its commercially reasonable
best efforts, to sell all of its Membership Interest&#160; (the &#147;Buy-Out Interest&#148;) to a Purchaser, Central Soya may, on
each December 31st following the Initial Period, request that any current
Member purchase the Buy-Out Interest (the &#147;Purchase Request&#148;); provided that
such Member&#146;s then-current Percentage Interest (including the Percentage
Interest of Affiliates of such Member) is at least forty-five percent (45%)
(such Member being hereinafter referred to as the &#147;Buy-Out Member&#148;).&#160; Following a Buy-Out Member&#146;s receipt of the
Purchase Request, the Buy-Out Member and Central Soya shall negotiate in good
faith for a period not to exceed one hundred twenty (120) days from the date of
the Purchase Request to enter into a written purchase agreement for such
purchase, which purchase agreement shall allow the Buy-Out Member to defer the
closing of such purchase for up to one (1) year following the execution of such
agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Forced
Sale</u>.&#160; If the Buy-Out Member and
Central Soya are unable to agree upon a purchase price for the Buy-Out Interest
within the time period set forth in Section 11.4(g) above or if the Buy-Out
Member elects not to purchase the Buy-Out Interest at any price or if the
Transferring Member and the Non-Transferring Members are unable to sell the sum
of Percentage Interests to a Purchaser as provided in Section 11.4(f) above,
and unless otherwise agreed to by the Buy-Out Member and the holder of the
Buy-Out Interest, the Members shall use their commercially reasonable best
efforts to sell all of the Membership Interests of the Company and shall work
together in good faith for a period not to exceed one hundred eighty (180) days
for the sale of such Membership Interests (the &#147;Forced Sale Period&#148;).&#160; If, during the Forced Sale Period, any
Member receives a bona-fide offer from a Purchaser (other than a Prohibited
Transferee) for the purchase of all of the Membership Interests of the Company
(the &#147;Forced Sale Offer&#148;), the Members shall either (i) sell all of the
Membership Interests pursuant to the Forced Sale Offer or (ii) the Member(s)
unwilling to sell its Membership Interest pursuant to the Forced Sale Offer
shall offer to purchase the Membership Interest of the Member(s) willing to
sell its Membership Interest pursuant to the Forced Sale Offer at a price equal
to the price offered in the Forced Sale Offer times the then-current Percentage
Interest of such willing Member(s).&#160; If,
during the Forced Sale Period, the Members are unable to sell all of the
Membership Interests to a Purchaser or no Member(s) receives a Forced Sale
Offer, then the Members shall cease efforts to sell such Membership Interests
until such time as the procedures set forth in Section 11.4(f) or Section
11.4(g) above are recommenced; provided, however, that Central Soya shall not
recommence the procedures set forth in Section 11.4(g) above prior to December
31<sup>st</sup> of the next succeeding year.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Change
of Control</u>.&#160; Upon the Change of
Control of a Member (the &#147;Change of Control Member&#148;), the other Members shall
have the right to purchase the Change of Control Member&#146;s Membership Interest
for an amount equal to the Fair Market Value of such Interest, and thus
increase their Percentage Interests as a result of such purchase; provided that
such Members notify the Change of Control Member of their desire to so acquire
the Change of Control Member&#146;s Interest within sixty (60) days of such Members
becoming actually aware of such Change of Control; and provided further that
the Members shall use their commercially reasonable best efforts to consummate
such acquisition within one hundred eighty (180) days of such Members becoming
actually aware of the such Change of Control.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">57</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=61,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=1001617,FOLIO='57',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.5</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><a name="ProhibitedTransfers_">Prohibited Transfers.</a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any purported Transfer of a Membership Interest that
is not a Permitted Transfer shall be null and void and of no force or effect
whatsoever; provided that, if the Company is required by law to recognize a
Transfer that is not a Permitted Transfer, the Membership Interest transferred
shall be strictly limited to the transferor&#146;s rights to allocations and
distributions as provided by this Agreement with respect to the transferred
Membership Interest, which allocations and distributions may be applied
(without limiting any other legal or equitable rights of the Company) to
satisfy any debts, obligations, or liabilities for damages that the transferor
or transferee of such Interest may have to the Company.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the case of a Transfer or attempted Transfer of a
Membership Interest that is not a Permitted Transfer, the parties engaging or
attempting to engage in such Transfer shall indemnify and hold harmless the
Company and the other Members from all cost, liability, and damage that any of
such indemnified Persons may incur (including, without limitation, incremental
tax liabilities, lawyers&#146; fees and expenses) as a result of such Transfer or
attempted Transfer and efforts to enforce the indemnity granted hereby.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.6</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><a name="RightsOfUnadmittedAssignees_">Rights of Unadmitted Assignees.</a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A Person who acquires a Membership Interest but who is
not admitted as a substituted Member pursuant to Section 11.7 hereof shall be
entitled only to allocations and distributions with respect to such Membership
Interest in accordance with this Agreement, and shall have no right to any
information or accounting of the affairs of the Company, shall not be entitled
to inspect the books or records of the Company, and shall not have any of the
rights of a Member under the Act or this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.7</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><a name="AdmissionOfSubstitutedMembers_">Admission of Substituted Members.</a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to the other provisions of this Section 11, a
transferee of a Membership Interest may be admitted to the Company as a
substituted Member only upon satisfaction of the conditions set forth in this
Section 11.7:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
Membership Interest with respect to which the transferee is being admitted was
acquired by means of a Permitted Transfer and such Transfer is not otherwise
prohibited by this Agreement;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
transferee of the Membership Interest (other than, with respect to clauses (i)
and (ii) below, a transferee that was a Member prior to the Transfer) shall, by
written instrument in form and substance reasonably satisfactory to the Board
of Managers (and, in the case of clause (iii) and (iv) below, the transferor
Member), (i) make representations and warranties to each non-transferring
Member equivalent to those set forth in Section 8, (ii) accept and adopt the
terms and provisions of this Agreement, including this Section 11, (iii) accept
the provisions of the Related Agreements and any other transaction contemplated
by or referenced in Section 1.10(c), (iv) assume the obligations of the
transferor Member under this Agreement with respect to the transferred
Membership Interest and (v) accept, adopt and become a party to the Covenant
Not to Compete.&#160; The transferor Member shall
be released from all such assumed</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">58</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=62,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=596747,FOLIO='58',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">obligations except (A) those obligations or liabilities of the
transferor Member arising out of a breach of this Agreement, (B) in the case of
a Transfer of a Membership Interest to any Person other than a Member or any of
its Wholly Owned Affiliates, those obligations or liabilities of the transferor
Member based on events occurring, arising or maturing prior to the date of such
Transfer, and (C) in the case of a Transfer of a Membership Interest to any of
its Wholly Owned Affiliates, any Capital Contribution or other financing
obligation of the transferor Member under this Agreement;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
transferee pays or reimburses the Company for all reasonable legal, filing, and
publication costs that the Company incurs in connection with the admission of
the transferee as a Member with respect to the transferred Membership Interest;
and</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Except
in the case of a Transfer of a Membership Interest involuntarily by operation
of law, if required by the Board of Managers, the transferee (other than a
transferee that was a Member immediately prior to such Transfer) shall deliver
to the Company evidence of the authority of such Person to become a Member and
to be bound by all of the terms and conditions of this Agreement, and the
transferee and transferor shall each execute and deliver such other instruments
as the Board of Managers reasonably deems necessary or appropriate to effect,
and as a condition to, such Transfer, including amendments to the Certificate
or any other instrument filed with the State of Delaware or any other state or
governmental authority.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.8</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><a name="RepresentationsRegardingTransfersLeg">Representations Regarding Transfers;
Legend.</a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Each
Member hereby represents, covenants and agrees with the Company for the benefit
of the Company and all Members, that (i) it is not currently making a market in
Membership Interests and will not in the future make a market in Membership
Interests, (ii) it will not Transfer its Membership Interest on an established
securities market, a secondary market (or the substantial equivalent thereof)
within the meaning of Code Section 7704(b) (and any Regulations, proposed
Regulations, revenue rulings, or other official pronouncements of the Internal
Revenue Service or Treasury Department that may be promulgated or published
thereunder), and (iii) in the event such Regulations, revenue rulings, or other
pronouncements treat any or all arrangements which facilitate the selling of
Company interests and which are commonly referred to as &#147;matching services&#148; as
being a secondary market or substantial equivalent thereof, it will not
Transfer any Membership Interest through a matching service that is not
approved in advance by the Company.&#160; Each
Member further agrees that it will not Transfer any Membership Interest to any
Person unless such Person agrees to be bound by this Section 11.8(a) and to
Transfer such Membership Interest only to Persons who agree to be similarly
bound.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Each
Member hereby represents and warrants to the Company and the Members that such
Member&#146;s acquisition of a Membership Interest hereunder is made principally for
such Member&#146;s own account and not for resale or distribution of such Membership
Interest.&#160; Each Member further hereby
agrees that the following legend may be placed upon any counterpart of this
Agreement, the Certificate, or any other document or</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">59</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=63,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=582216,FOLIO='59',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">instrument evidencing ownership of a Membership Interest, in the event
the Board of Managers determines to cause Membership Interests to be
certificated:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 107.1pt;text-indent:.9pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company Membership
Interest represented by this document has not been registered under any
securities laws and the transferability of such Membership Interest is
restricted.&#160; Such Membership Interest
may not be sold, assigned, or transferred, nor will any assignee, vendee,
transferee, or endorsee thereof be recognized as having acquired any such
Membership Interest by the issuer for any purposes, unless (1) a registration
statement under the Securities Act of 1933, as amended, with respect to such
Membership Interest shall then be in effect and such transfer has been
qualified under all applicable state securities laws, or (2) the availability
of an exemption from such registration and qualification shall be established
to the satisfaction of counsel to the Company.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:.9pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Membership
Interest represented by this document is subject to further restriction as to
its sale, transfer, hypothecation, or assignment as set forth in the Amended
and Restated Limited Liability Company Agreement of the Company and agreed to
by each Member.&#160; Said restriction
generally provides, among other things, that no Membership Interest may be
transferred without first offering to transfer such Membership Interest to the
other Members.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.9</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><a name="DistributionsAndAllocationsInRespect">Distributions and Allocations in
Respect of Transferred Membership Interest.</a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If any Membership Interest is transferred during any
Allocation Year in compliance with the provisions of this Section 11, Profits,
Losses, each item thereof, and all other items attributable to the transferred
Membership Interest for such Allocation Year shall be divided and allocated
between the transferor and the transferee by taking into account their varying
Percentage Interests during the Fiscal Year in accordance with Code Section
706(d), using any conventions permitted by law and selected by the Board of
Managers.&#160; All distributions on or
before the date of such Transfer shall be made to the transferor, and all
distributions thereafter shall be made to the transferee.&#160; Solely for purposes of making such
allocations and distributions, the Company shall recognize such Transfer not
later than the end of the calendar month during which it is given notice of
such Transfer, provided that, if the Company is given notice of a Transfer at
least ten (10) Business Days prior to the Transfer, the Company shall recognize
such Transfer as of the date of such Transfer, and provided further that if the
Company does not receive a notice stating the date such Membership Interest was
transferred and such other information as the Board of Managers may reasonably
require within</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">60</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=64,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=973152,FOLIO='60',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">thirty (30) days after the end of the Allocation Year during which the
Transfer occurs, then all such items shall be allocated, and all distributions
shall be made, to the Person who, according to the books and records of the
Company, was the owner of the Membership Interest on the last day of such
Allocation Year.&#160; Neither the Company
nor any Manager, officer, employee or agent of the Company, nor any Member,
shall incur any liability for making allocations and distributions in
accordance with the provisions of this Section 11.9, whether or not such Person
has knowledge of any Transfer of ownership of any Membership Interest.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.10</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><a name="DupontTransfersCertainRights_">DuPont Transfers; Certain Rights.</a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to the other provisions of this Section 11, in
the event DuPont Transfers (i) all of its Membership Interests to a substituted
Member or (ii) a portion of its Membership Interests to a substituted Member
and as a result of such Transfer such substituted Percentage Interest shall be
in excess of forty-five percent (45%), such substituted Member shall have the
right to exercise all of DuPont&#146;s rights as provided in this Agreement.&#160; In the event DuPont transfers a portion of
its Membership Interests to a substituted Member and, as a result of such
transfer, DuPont&#146;s and its Affiliates&#146; Percentage Interest falls below
forty-five percent (45%) and such substituted Member&#146;s Percentage Interest is
less than forty-five percent (45%), (i) the number of Managers on the Board of
Managers shall increase to five (5), or such higher odd number as the Members
may agree (the &#147;Restructured Board&#148;), and each Member shall be entitled to
appoint the number of Managers equal to such Member&#146;s then-current Percentage
Interest times the total number of Managers to constitute the Restructured
Board, rounded to the nearest whole number, (ii) the Managers of the
Restructured Board shall select the Chairman of the Restructured Board by a
majority vote and the power of the Chairman to resolve a Deadlock shall be
terminated and (iii) the Restructured Board shall select the Chief Executive
Officer and Chief Financial Officer by a majority vote.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><a name="Section12"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section
12</font></b></a><b><font style="font-weight:bold;">:&#160; Dissolution
And Winding Up</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><a name="DissolutionEvents_">Dissolution Events.</a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Dissolution.
The Company shall dissolve and shall commence winding up and liquidating upon
the first to occur of any of the following (each a &#147;Dissolution Event&#148;):</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
unanimous consent of the Members to dissolve, wind up, and liquidate the
Company;</p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>A
judicial determination that an event has occurred that makes it unlawful,
impossible or impractical to carry on the Business; or</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>At any time there are no
Members.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Members hereby agree that, notwithstanding any provision of the
Act, the Company shall not dissolve prior to the occurrence of a Dissolution
Event.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">61</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=65,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=78231,FOLIO='61',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Reconstitution.&#160; If it is determined, by a court of competent
jurisdiction, that the Company has dissolved prior to the occurrence of a
Dissolution Event, then within an additional ninety (90) days after such
determination (the &#147;Reconstitution Period&#148;), the Members may elect to
reconstitute the Company and continue its business on the same terms and
conditions set forth in this Agreement by forming a new limited liability
company on terms identical to those set forth in this Agreement.&#160; Unless such an election is made within the
Reconstitution Period, the Company shall liquidate and wind up its affairs in
accordance with Section 12.2 hereof.&#160; If
such an election is made within the Reconstitution Period, then:</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
reconstituted limited liability company shall continue until the occurrence of
a Dissolution Event as provided in Section 12.1(a);</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Unless
otherwise agreed to by a majority of the Members, the Certificate and this
Agreement shall automatically constitute the Certificate and Agreement of such
new limited liability company.&#160; All of
the assets and liabilities of the dissolved Company shall be deemed to have
been automatically assigned, assumed, conveyed, and transferred to the new
limited liability company.&#160; No bond,
collateral, assumption or release of any Member&#146;s or the Company&#146;s liabilities
shall be required; provided that the right of the Members to select successor
Managers and to reconstitute and continue the Business shall not exist and may
not be exercised unless the Company has received an opinion of counsel that the
exercise of the right would not result in the loss of limited liability of any
Member and neither the Company nor the reconstituted limited liability company
would cease to be treated as a partnership for federal income tax purposes upon
the exercise of such right to continue.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.2</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><a name="WindingUp_">Winding Up.</a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon the occurrence of (i) a Dissolution Event or (ii)
the determination by a court of competent jurisdiction that the Company has
dissolved prior to the occurrence of a Dissolution Event (unless the Company is
reconstituted pursuant to Section 12.1(b) hereof), the Company shall continue
solely for the purposes of winding up its affairs in an orderly manner,
liquidating its assets, and satisfying the claims of its creditors and Members,
and no Member shall take any action that is inconsistent with, or not necessary
to or appropriate for, the winding up of the Company&#146;s business and affairs,
provided that all covenants contained in this Agreement and obligations
provided for in this Agreement shall continue to be fully binding upon the
Members until such time as the Property has been distributed pursuant to this
Section 12.2 and the Certificate of Cancellation has been filed in accordance
with this Agreement and the Act.&#160; The
Liquidator shall be responsible for overseeing the winding up and dissolution
of the Company, which winding up and dissolution shall be completed as promptly
as possible following the occurrence of the Dissolution Event or the last day
on which the Company may be reconstituted pursuant to Section 12.1(b) hereof.&#160; The Liquidator shall take full account of
the Company&#146;s liabilities and Property and shall cause the Property or the
proceeds from the sale thereof (as determined pursuant to Section 12.9 hereof),
to the extent sufficient therefor, to be applied and distributed, to the
maximum extent permitted by law, in the following order:</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">62</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=66,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=684214,FOLIO='62',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>First,
to creditors (including Members and Managers who are creditors, to the extent
otherwise permitted by law) in satisfaction of all of the Company&#146;s Debts and
other liabilities (whether by payment or the making of reasonable provision for
payment thereof), other than liabilities for which reasonable provision for
payment has been made and liabilities for distribution to members under Section
18-601 or 18-604 of the Act;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Second,
except as provided in this Agreement, to Members and former Members of the
Company in satisfaction of liabilities for distribution under Sections 18-601
or 18-604 of the Act; and</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
balance, if any, to the Members in accordance with the positive balance in
their Capital Accounts, after giving effect to all contributions, distributions
and allocations for all periods.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding anything contained herein to the contrary, upon the
dissolution and winding up of the Company, (i) if the &#147;Solae&#148; trademark has not
been transferred to the Company in accordance with Section 2.2 hereof, the
License Agreement and any sublicenses thereunder shall terminate or (ii) if the
&#147;Solae&#148; trademark has been transferred to the Company in accordance with
Section 2.2 hereof, the Company shall transfer and distribute all right, title
and interest in and to the name &#147;Solae&#148; to DuPont and neither Central Soya nor
any other Member shall have the right to use the name &#147;Solae&#148; or any name
confusingly similar thereto; provided, however, that in either case, DuPont
shall not use the name &#147;Solae&#148; in any soy ingredients business (other than in
connection with the use of the name &#147;Solae&#148; by the 8<sup>th</sup> Continent
Joint Venture; provided that such name is not used by the 8<sup>th</sup>
Continent Joint Venture in the Business) for a period of one (1) year following
such dissolution and winding up.&#160; No
Member or Manager shall receive additional compensation for any services
performed pursuant to this Section 12, unless such Member or Manager is
appointed by the Board of Managers to serve as Liquidator pursuant to Section
12.9.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.3</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><a name="ComplianceWithCertainRequirementsOf">Compliance with Certain Requirements
of Regulations; Deficit Capital Accounts.</a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the event the Company is &#147;liquidated&#148; within the
meaning of Regulations Section 1.704-1(b) (2) (ii) (g), distributions shall be
made pursuant to this Section 12 to the Members who have positive Capital
Accounts in compliance with Regulations Section 1.704-1 (b) (2) (ii) (b)
(2).&#160; If any Member has a deficit
balance in his Capital Account (after giving effect to all contributions,
distributions and allocations for all Allocation Years, including the
Allocation Year during which such liquidation occurs), such Member shall have
no obligation to make any contribution to the capital of the Company with
respect to such deficit, and such deficit shall not be considered a debt owed
to the Company or to any other Person for any purpose whatsoever.&#160; In the discretion of the Liquidator, a pro
rata portion of the distributions that would otherwise be made to the Members
pursuant to this Section 12 may be:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Distributed
to a trust established for the benefit of the Members for the purposes of
liquidating Company assets, collecting amounts owed to the Company, and paying
any contingent or unforeseen liabilities or obligations of the Company.&#160; The assets of any</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">63</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=67,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=608810,FOLIO='63',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">such trust shall be distributed to the Members from time to time, in
the reasonable discretion of the Liquidator, in the same proportions as the
amount distributed to such trust by the Company would otherwise have been
distributed to the Members pursuant to Section 12.2 hereof, or</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Withheld
to provide a reasonable reserve for Company liabilities (contingent or
otherwise) and to reflect the unrealized portion of any installment obligations
owed to the Company; provided that such withheld amounts shall be distributed
to the Members as soon as practicable.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.4</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><a name="DeemedDistributionAndRecontribution_">Deemed Distribution and
Recontribution.</a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding any other provision of this Section
12, in the event the Company is liquidated within the meaning of Regulations
Section 1.704-1(b)(2)(ii)(g) but no Dissolution Event has occurred, the
Property shall not be liquidated, the Company&#146;s Debts and other liabilities shall
not be paid or discharged, and the Company&#146;s affairs shall not be wound
up.&#160; Instead, solely for federal income
tax purposes, the Company shall be deemed to have distributed the Property
in-kind to the Members, who shall be deemed to have taken subject to all Debts
of the Company and other liabilities all in accordance with their respective
Capital Accounts.&#160; Immediately
thereafter, the Members shall be deemed to have recontributed the Property
in-kind to the Company, which shall be deemed to have taken subject to all such
liabilities.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.5</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><a name="RightsOfMembers_">Rights of Members.</a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as otherwise provided in this Agreement, each
Member shall look solely to the Property of the Company for the return of its
Capital Contribution and has no right or power to demand or receive Property
other than cash from the Company.&#160; If
the assets of the Company remaining after payment or discharge of the debts or
liabilities of the Company are insufficient to return such Capital
Contribution, the Members shall have no recourse against the Company or any
other Member or Manager.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.6</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><a name="NoticeOfDissolutiontermination_">Notice of Dissolution/Termination.</a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In
the event a Dissolution Event occurs or an event occurs that would, but for the
provisions of Section 12.1, result in a dissolution of the Company, the Board
of Managers shall, within thirty (30) days thereafter, provide written notice
thereof to each of the Members and to all other parties with whom the Company
regularly conducts business (as determined in the discretion of the Board of
Managers) and shall publish notice thereof in<b><font style="font-weight:bold;">  </font></b>a newspaper of general
circulation in each place in which the Company regularly conducts business (as
determined in the discretion of the Board of Managers).</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Upon
completion of the distribution of the Company&#146;s Property as provided in this
Section 12, the Company shall be terminated, and the Liquidator shall cause the
filing of the Certificate of Cancellation pursuant to Section 18-203 of the Act
and shall take all such other actions as may be necessary to terminate the
Company.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.7</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><a name="AllocationsDuringPeriodOfLiquidation">Allocations during Period of
Liquidation.</a></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">64</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=68,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=1030598,FOLIO='64',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During the period commencing on the first day of the
Fiscal Year during which a Dissolution Event occurs and ending on the date on
which all of the assets of the Company have been distributed to the Members
pursuant to Section 12.2 hereof (the &#147;Liquidation Period&#148;), the Members shall
continue to share Profits, Losses, gain, loss and other items of Company
income, gain, loss or deduction in the manner provided in Section 3 hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.8</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><a name="CharacterOfLiquidatingDistributions_">Character of Liquidating
Distributions.</a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All payments made in liquidation of the interest of a
Member in the Company shall be made in exchange for the interest of such Member
in Property pursuant to Section 736(b)(1) of the Code, including the interest
of such Member in Company goodwill.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.9</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><a name="TheLiquidator_">The Liquidator.</a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Definition</u>.
The &#147;Liquidator&#148; shall mean a Person or Persons appointed by the Board of
Managers to oversee the liquidation of the Company.&#160; If the Board of Managers does not appoint a Liquidator within ten
(10) Business Days after the occurrence of a Dissolution Event, the Board of
Managers shall be the Liquidator.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Fees</u>.
The Company is authorized to pay a reasonable fee to the Liquidator (if the
Liquidator is not a Member, an Affiliate of a Member or the Board of Managers)
for its services performed pursuant to this Section 12 and to reimburse the
Liquidator for its reasonable costs and expenses incurred in performing those
services.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Indemnification</u>.&#160; The Company shall indemnify, save harmless,
and pay all judgments and claims against the Liquidator or any officers,
directors, agents or employees of the Liquidator relating to any liability or
damage incurred by reason of any act performed or omitted to be performed by the
Liquidator, or any officers, directors, agents or employees of the Liquidator
in connection with the liquidation of the Company, including reasonable
attorneys&#146; fees incurred by the Liquidator, officer, director, agent or
employee in connection with the defense of any action based on any such act or
omission, which attorneys&#146; fees may be paid as incurred, except to the extent
such liability or damage is caused by the fraud, intentional misconduct of, or
a knowing violation of the laws by the Liquidator which was material to the
cause of action.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.10</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><a name="FormOfLiquidatingDistributions_">Form of Liquidating Distributions.</a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For purposes of making distributions required by
Section 12.2 hereof, the Liquidator may determine whether to distribute all or
any portion of the Property in-kind or to sell all or any portion of the
Property and distribute the proceeds therefrom; provided, however, that all
right, title and interest in and to the name &#147;Solae&#148; shall be distributed to
DuPont in accordance with Section 12.2 hereof.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">65</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=69,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=294777,FOLIO='65',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><a name="Section13"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section
13</font></b></a><b><font style="font-weight:bold;">: Miscellaneous</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><a name="Costs_">Costs.</a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as otherwise agreed to by the Members, each
Member shall be solely responsible for its own transaction costs (including,
but not limited to, attorney&#146;s fees) incurred by such Member in connection with
the Conversion, this Agreement and the Related Agreements.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.2</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><a name="Notices_">Notices.</a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any notice, payment, demand, or communication required
or permitted to be given by any provision of this Agreement shall be in writing
and shall be deemed to have been delivered, given, and received for all
purposes (i) if delivered personally to the Person or to an officer of the
Person to whom the same is directed, or (ii) when the same is actually
received, if sent by a nationally recognized overnight delivery service or by
registered or certified mail, postage and charges prepaid, or by facsimile, if
such facsimile is followed by a hard copy of the facsimile communication sent
promptly thereafter by a nationally recognized overnight delivery service or by
registered or certified mail, postage and charges prepaid, addressed as
follows, or to such other address as such Person may from time to time specify
by notice to the Members and Managers:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If
to the Company:</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Solae Holdings LLC</font></p>

<p style="margin:0in 0in .0001pt;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1034 Danforth Drive</font></p>

<p style="margin:0in 0in .0001pt;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">St. Louis, Missouri 63102</font></p>

<p style="margin:0in 0in .0001pt;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">United States of America</font></p>

<p style="margin:0in 0in .0001pt;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Facsimile: (314) 982-2461</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If
to the Managers, to the addresses set forth in Exhibit B attached hereto and
made a part hereof;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If
to a Member, to the address set forth in Section 2.1 hereof.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.3</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><a name="BindingEffect_">Binding Effect.</a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as otherwise provided in this Agreement, every
covenant, term, and provision of this Agreement shall be binding upon and inure
to the benefit of the Members and their respective successors, transferees, and
assigns.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.4</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><a name="Construction_">Construction.</a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Every covenant, term, and provision of this Agreement
shall be construed simply according to its fair meaning and not strictly for or
against any Member.&#160; For the avoidance
of doubt, this Agreement and any ambiguity found in this Agreement shall not be
construed against a party merely because such party drafted this Agreement.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">66</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=70,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=566921,FOLIO='66',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.5</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><a name="Time_">Time.</a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In computing any period of time pursuant to this
Agreement, the day of the act, event or default from which the designated
period of time begins to run shall not be included, but the time shall begin to
run on the next succeeding day.&#160; The
last day of the period so computed shall be included, unless it is a Saturday,
Sunday or legal holiday, in which event the period shall run until the end of
the next day which is not a Saturday, Sunday or legal holiday.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.6</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><a name="Headings_">Headings.</a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section and other headings contained in this Agreement
are for reference purposes only and are not intended to describe, interpret,
define, broaden or limit the scope, extent, or intent of this Agreement or any
provision hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.7</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><a name="Severability_">Severability.</a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as otherwise provided in the succeeding
sentence, every provision of this Agreement is intended to be severable, and,
if any term or provision of this Agreement is illegal or invalid for any reason
whatsoever, such illegality or invalidity shall not affect the validity or
legality of the remainder of this Agreement.&#160;
The preceding sentence of this Section 13.7 shall be of no force or
effect if the consequence of enforcing the remainder of this Agreement without
such illegal or invalid term or provision would be to cause any Member to lose
the material benefit of its economic bargain.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.8</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><a name="IncorporationByReference_">Incorporation by Reference.</a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Every exhibit, schedule, and other appendix attached
to this Agreement and referred to herein is not incorporated in this Agreement
by reference unless this Agreement expressly otherwise provides.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.9</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><a name="VariationOfTerms_">Variation of Terms.</a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All terms and any variations thereof shall be deemed
to refer to masculine, feminine, or neuter, singular or plural, as the identity
of the Person or Persons may require.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.10</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><a name="GoverningLaw_">Governing Law.</a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The laws of the State of Delaware shall govern the
validity of this Agreement, the construction of its terms, and the
interpretation of the rights and duties arising hereunder, without regard to
the conflict of law principles of such laws.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.11</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><a name="WaiverOfJuryTrial_">Waiver of Jury Trial.</a></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each of the Members irrevocably waives to the extent
permitted by law, all rights to trial by jury and all rights to immunity by
sovereignty or otherwise in any Proceeding or counterclaim arising out of or
relating to this Agreement.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">67</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=71,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=712932,FOLIO='67',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.12</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><a name="CounterpartExecution_">Counterpart Execution.</a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement may be executed in any number of
counterparts with the same effect as if all of the Members had signed the same
document.&#160; All counterparts shall be
construed together and shall constitute one agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.13</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><a name="SpecificPerformance_">Specific Performance.</a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each Member agrees with the other Members that the
other Members would be irreparably damaged if any of the provisions of this
Agreement are not performed in accordance with their specific terms and that
monetary damages would not provide an adequate remedy in such event.&#160; Accordingly, it is agreed that, in addition
to any other remedy to which the nonbreaching Members may be entitled under
this Agreement, at law or in equity, the nonbreaching Members shall be entitled
to seek injunctive relief to prevent breaches of the provisions of this
Agreement and specifically to enforce the terms and provisions hereof in any
action instituted in any court of the United States or any state thereof having
subject matter jurisdiction thereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.14</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><a name="ConsentToJurisdictionAndServiceOfP">Consent to Jurisdiction and Service of
Process</a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Each
Member and Manager, and any Persons who become a Member or Manager pursuant to
the terms of this Agreement after the date hereof hereby and thereby consents
to: (i) the non-exclusive jurisdiction of the courts of the State of Delaware
and any U.S. District Court sitting in Wilmington, Delaware, and (ii) service
of process by certified mail to the address required for notices under Section
13.2 hereof.&#160; This Section 13.14 shall
not be construed to prevent any party from bringing an action in any other
jurisdiction or from serving process by any other legal means.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Signatures follow on
separate pages]</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">68</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=72,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=668688,FOLIO='68',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS WHEREOF, the parties have executed and
entered into this Amended and Restated Limited Liability Company Agreement as
of the day first set forth above.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="50%" colspan="7" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">E.I. du Pont de Nemours and Company</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="50%" colspan="7" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:3.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="40%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:40.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ E.I. DU PONT DE NEMOURS AND COMPANY</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="50%" colspan="7" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="5%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:5.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="30%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:30.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:13.86%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="50%" colspan="7" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:4.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="31%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:31.52%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:13.86%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="50%" colspan="7" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="50%" colspan="7" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="50%" colspan="7" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Central Soya Company, Inc.</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="50%" colspan="7" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="32%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:32.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ CENTRAL SOYA COMPANY, INC.</font></p>
  </td>
  <td width="13%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:13.86%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="50%" colspan="7" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="5%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:5.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="30%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:30.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:13.86%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="50%" colspan="7" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:4.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="31%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:31.52%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:13.86%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="50%" colspan="7" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="50%" colspan="7" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="50%" colspan="7" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Solae Holdings LLC</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="50%" colspan="7" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="32%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:32.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ SOLAE HOLDINGS LLC</font></p>
  </td>
  <td width="13%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:13.86%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="50%" colspan="7" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="5%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:5.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="30%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:30.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:13.86%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="50%" colspan="7" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:4.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="31%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:31.52%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:13.86%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr height="0">
  <td width="361" style="border:none;"></td>
  <td width="23" style="border:none;"></td>
  <td width="1" style="border:none;"></td>
  <td width="9" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="221" style="border:none;"></td>
  <td width="59" style="border:none;"></td>
  <td width="41" style="border:none;"></td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">537967v54</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Signature Page to Amended
and Restated Limited<br>
Liability Company Agreement</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">69</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=73,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=715461,FOLIO='69',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="Schedule1"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE 1</font></u></a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="CertainGradesOfLecithins"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certain Grades of Lecithins</font></u></a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:both;">All non-food grade soybean lecithin produced at
Bunge Limited&#146;s crushing plant in La Coruna, Spain.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:both;">All non-food grade soybean and sunflower seed
lecithin produced at Bunge Limited&#146;s crushing plant in Mannheim, Germany.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:both;">All non-food grade rapeseed lecithin produced at
Bunge Limited&#146;s crushing plants in Kruszwica, Poland, Mannheim, Germany and
Bruck/Leitha, Austria.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:both;">All food-grade sunflower seed lecithin produced
at Bunge Limited&#146;s crushing plants in Martfu, Hungary (sales are limited only
to the extent required to meet Bunge Limited&#146;s obligations under the existing
supply contract with Unilever; upon expiration of the Unilever contract, all
food-grade sunflower seed lecithin producted at Bunge Limited&#146;s crushing plants
in Martfu, Hungary will be sold to the Company or its Affiliates).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:both;">All non-food grade sunflower seed lecithin
produced at Bunge Limited&#146;s crushing plant in Bruck/Leitha, Austria.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:both;">Also, if Bunge Limited increases its crushing
capacity at any of its plants and none of the Company or its Affiliates does
not exercise its right of first refusal to purchase all or any portion of the
increased volume of lecithins (all types) resulting from the capacity increase,
then Bunge Limited can sell such volumes.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:both;">Notwithstanding the foregoing, all sales of
lecithin by Bunge Limited will be restricted exclusively to the animal feed
compounding (blending) market or to industrial markets (provided that the
Company or its Affiliates shall be given the right of first refusal to market
the lecithin sold to industrial markets), except for the sales to Unilever.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">70</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=74,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=581066,FOLIO='70',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="Schedule2"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE 2</font></u></a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="CertainServices"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certain Services</font></u></a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="17%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:17.42%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Country</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:79.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Type of Service</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:17.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Argentina</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:79.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Payroll, Benefits &amp; Office lease via Pioneer
  Argentina</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Brazil (Esteio)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Services to be provided by Gaspar</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Brazil (Sao Paulo)</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:79.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Services to be provided by Gaspa</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">South Africa</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Payroll, Benefits &amp; Office lease via DuPont
  South Africa</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Venezuela</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:79.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Payroll, Benefits &amp; Office lease via DuPont
  Venezuela</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Belgium</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Office lease and services with Dupont/Pioneer</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bulgaria</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:79.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Services of local DuPont employees</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Czech Republic</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Services of local DuPont employees</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Egypt</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:79.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Services of local DuPont employees</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">France</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Payroll consultant (tours)</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Netherlands</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:79.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Service Agreement with PWC for DPT N.V. Holding Co</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Netherlands</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Marketing services</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Poland</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:79.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Marketing services</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Romania</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Marketing services</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Russia</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:79.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Marketing services</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Spain</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Marketing services and payroll/benefits</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">U.K.</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:79.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Offices leases and services &#150; Corby and Stevenage</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Canada</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Marketing services</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Australia</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:79.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Service Agreement for Payroll, Benefits, etc. With
  Scalzo. Office lease with another 3rd Party</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">China</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Payroll &amp; benefits from DCH for Beijing,
  Guangzhou, Luohe and Shanghai</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hong Kong</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:79.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Payroll, benefits &amp; office lease via DCH</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">India</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Services of local DuPont employees</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indonesia</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:79.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Services of local DuPont employees</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Japan</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Services of local DuPont employees</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Korea</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:79.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Services of local DuPont employees</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Malaysia</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Services of local DuPont employees</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Philippines</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:79.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Services of local DuPont employees</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Singapore</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Services of local DuPont employees</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Taiwan</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:79.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Services of local DuPont employees</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Thailand</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Services of local DuPont employees</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bellevue, OH</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:79.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Service Agreement for Asset Maintenance</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gibson City</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Service Agreement with Bunge North America for optional
  Energy Procurement, Hedging &amp; Consulting Services and Tech Service</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">71</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=75,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=264098,FOLIO='71',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="ExhibitA"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT A</font></u></a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="Members"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Members</font></u></a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>E.I.
du Pont de Nemours and Company</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Central
Soya Company, Inc.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">72</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=76,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=892301,FOLIO='72',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="ExhibitB"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT B</font></u></a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="Managers"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Managers</font></u></a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="82%" style="border-collapse:collapse;width:82.32%;">
 <tr>
  <td width="44%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:44.12%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>J.
  Erik Fyrwald</p>
  </td>
  <td width="7%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.8%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="22%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DuPont</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:44.12%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DuPont
  Agriculture &amp; Nutrition</font></p>
  </td>
  <td width="7%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.8%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="22%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:44.12%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4417
  Lancaster Pike</font></p>
  </td>
  <td width="7%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.8%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="22%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:44.12%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chestnut
  Run Plaza 705</font></p>
  </td>
  <td width="7%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.8%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="22%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:44.12%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">P.O.
  Box 80705</font></p>
  </td>
  <td width="7%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.8%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="22%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:44.12%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Wilmington,
  DE 19880-0705</font></p>
  </td>
  <td width="7%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.8%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="22%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.12%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.5%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.8%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.58%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:44.12%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Joseph
  M. Fanelli</p>
  </td>
  <td width="7%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.8%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="22%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DuPont</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:44.12%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DuPont
  Agriculture &amp; Nutrition</font></p>
  </td>
  <td width="7%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.8%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="22%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:44.12%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4417
  Lancaster Pike</font></p>
  </td>
  <td width="7%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.8%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="22%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:44.12%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chestnut
  Run Plaza 705</font></p>
  </td>
  <td width="7%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.8%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="22%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:44.12%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">P.O.
  Box 80705</font></p>
  </td>
  <td width="7%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.8%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="22%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:44.12%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Wilmington,
  DE 19880-0705</font></p>
  </td>
  <td width="7%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.8%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="22%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.12%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.5%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.8%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.58%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:44.12%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Andrew
  J. Burke</p>
  </td>
  <td width="7%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.8%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="22%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Central Soya</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:44.12%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bunge
  Management Services, Inc.</font></p>
  </td>
  <td width="7%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.8%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="22%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:44.12%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50
  Main Street 6<sup>th</sup> Floor</font></p>
  </td>
  <td width="7%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.8%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="22%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:44.12%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">White
  Plains, NY 10606</font></p>
  </td>
  <td width="7%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.8%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="22%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.12%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.5%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.8%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.58%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:44.12%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Carl
  L. Hausmann</p>
  </td>
  <td width="7%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.8%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="22%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Central Soya</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:44.12%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bunge
  Management Services, Inc.</font></p>
  </td>
  <td width="7%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.8%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="22%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:44.12%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50
  Main Street 6<sup>th</sup> Floor</font></p>
  </td>
  <td width="7%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.8%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="22%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:44.12%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">White
  Plains, NY 10606</font></p>
  </td>
  <td width="7%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.8%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="22%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">73</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=77,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=921894,FOLIO='73',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="ExhibitC"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT C</font></u></a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="WilmingtonFormsStatementPackage"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Wilmington Forms Statement Package</font></a></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">74</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=78,EFW="2110122",CP="BUNGE LIMITED",DN="13",CHK=919258,FOLIO='74',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX10-3_4596.CHC",USER="JGUERRE",CD='May  2 21:22 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="ExhibitD"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT D</font></u></a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="ProhibitedTransferees"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Prohibited Transferees</font></u></a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Archer
Daniels Midland Company</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Cargill,
Incorporated</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Monsanto
Company</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">75</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>

<BR>
<!-- SEQ=,FILE='QUICKLINK',USER=JGUERRE,SEQ=,EFW="2110122",CP="BUNGE LIMITED",DN="13" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>15
<FILENAME>a2110122zex-12_1.htm
<DESCRIPTION>EXHIBIT 12.1
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>

<div style="font-family:'Times New Roman';">

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in 12.0pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit
12.1</font></b></p>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Statement Regarding Computation of Ratios of Earnings
to Fixed Charges</font></p>

<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;width:100.02%;">
 <tr>
  <td width="59%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:59.34%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="38%" colspan="9" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:38.32%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">As of and
  for the Year ended December 31,</font></b></p>
  </td>
  <td width="1%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:1.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="59%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:59.34%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2002</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="bottom" style="border-bottom:solid windowtext .5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2001</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="bottom" style="border-bottom:solid windowtext .5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2000</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="bottom" style="border-bottom:solid windowtext .5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">1999</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:2.74%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="5%" colspan="2" valign="bottom" style="border-bottom:solid windowtext .5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:5.62%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">1998</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:.78%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="59%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:59.34%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="38%" colspan="9" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:38.32%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(US$ in
  millions except ratios)</font></b></p>
  </td>
  <td width="1%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:1.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="59%" colspan="2" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:59.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Earnings:</font></u></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:2.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:5.62%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="59%" colspan="2" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:59.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pre-tax income
  from continuing operations before minority interests</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">484</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">264</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">71</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(16</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="5%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:5.62%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">176</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:8.9%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">plus:&#160; </font></u></p>
  </td>
  <td width="50%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:50.44%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fixed charges</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">210</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">267</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">273</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">224</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:2.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:5.62%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">203</font></p>
  </td>
  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:8.9%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="50%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:50.44%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amortization of
  capitalized interest</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:5.62%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:8.9%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="50%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:50.44%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Distributed
  income of equity investees</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:2.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:5.62%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:8.9%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="50%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:50.44%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Share of pre-tax
  losses of equity investees</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:5.62%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:8.9%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">less:&#160; </font></p>
  </td>
  <td width="50%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:50.44%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Capitalized
  interest</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(15</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:2.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="5%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:5.62%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(16</font></p>
  </td>
  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:8.9%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="50%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:50.44%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Preferred stock
  dividends</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(10</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:5.62%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:8.9%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="50%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:50.44%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Minority
  interest in pre-tax income of subsidiaries that have not incurred fixed
  charges</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:2.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:5.62%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="59%" colspan="2" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:59.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Earnings:</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">689</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">511</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">342</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">205</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:5.62%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">366</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="59%" colspan="2" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:59.34%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:2.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:5.62%;">
  <p align="right" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="59%" colspan="2" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:59.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fixed Charges:</font></u></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:5.62%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="59%" colspan="2" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:59.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Capitalized
  interest</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:2.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:5.62%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>
  </td>
  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="59%" colspan="2" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:59.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Expensed
  interest</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">177</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">225</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">254</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">206</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:5.62%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">180</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:8.9%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">plus:&#160; </font></u></p>
  </td>
  <td width="50%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:50.44%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amortized
  premiums, discounts and capitalized debt expenditures</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:2.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:5.62%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  </td>
  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:8.9%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="50%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:50.44%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Estimate of
  interest within rental expense</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:5.62%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:8.9%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="50%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:50.44%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Preferred stock
  dividends</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:2.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:5.62%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="59%" colspan="2" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:59.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fixed charges:</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">210</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">267</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">273</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">224</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:5.62%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">203</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="59%" colspan="2" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:59.34%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:2.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:5.62%;">
  <p align="right" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="59%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:59.34%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:2.74%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="5%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:5.62%;">
  <p align="right" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:.78%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="59%" colspan="2" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:59.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ratio of Earnings/Fixed
  Charges(1)</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">3.28</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1.91</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1.26</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">0.92 </font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:2.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="5%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:5.62%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1.80</font></b></p>
  </td>
  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:.78%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr height="0">
  <td width="54" style="border:none;"></td>
  <td width="308" style="border:none;"></td>
  <td width="8" style="border:none;"></td>
  <td width="40" style="border:none;"></td>
  <td width="8" style="border:none;"></td>
  <td width="40" style="border:none;"></td>
  <td width="8" style="border:none;"></td>
  <td width="40" style="border:none;"></td>
  <td width="8" style="border:none;"></td>
  <td width="40" style="border:none;"></td>
  <td width="17" style="border:none;"></td>
  <td width="33" style="border:none;"></td>
  <td width="1" style="border:none;"></td>
  <td width="5" style="border:none;"></td>
 </tr>
</table>


<div style="margin:6.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="25%" noshade color="black" align="left">

</font></div>


<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160; For the purpose of determining the Ratio of
Earnings to Fixed Charges, earnings are defined as income before taxes plus
fixed charges and amortization of capitalized interest less capitalized
interest and preferred stock dividend requirements.&#160; Fixed charges consist of interest expense (capitalized and
expensed), amortization of deferred debt issuance costs, portion of rental
expense that is representative of the interest factor and preferred stock
dividend requirements of majority-owned subsidiaries.</font></p>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160; Earnings were inadequate to cover fixed
charges by $19 million.</font></p>

</div>


<!-- ZEQ.=1,SEQ=1,EFW="2110122",CP="BUNGE LIMITED",DN="14",CHK=405255,FOLIO='',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX_12_1.CHC",USER="JGUERRE",CD='May  1 23:27 2003' -->
<BR>
<!-- SEQ=,FILE='QUICKLINK',USER=JGUERRE,SEQ=,EFW="2110122",CP="BUNGE LIMITED",DN="14" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>16
<FILENAME>a2110122zex-23_1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>

<div style="font-family:'Times New Roman';">

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 23.1 </font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Deloitte &amp;
Touche LLP</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">INDEPENDENT AUDITORS&#146; CONSENT</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We consent to the incorporation
by reference in this Registration Statement of Bunge Limited on Form F-4 of our
reports dated February 21, 2003 (except Note 29, dated March 17, 2003), (which
reports express an unqualified opinion and includes an explanatory paragraph
relating to change in methods of accounting for goodwill and asset retirement
obligations in 2002), appearing in the Annual Report on Form 20-F of Bunge
Limited for the year ended December 31, 2002 and to the reference to us under
the heading &#147;Experts&#148; in the Prospectus, which is part of this Registration
Statement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="36%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:36.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ DELOITTE
  &amp; TOUCHE LLP</font></p>
  </td>
  <td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.86%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York,
  New York</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May 1, 2003</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>


<!-- ZEQ.=1,SEQ=1,EFW="2110122",CP="BUNGE LIMITED",DN="15",CHK=529136,FOLIO='',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX23-1_4596.CHC",USER="JGUERRE",CD='May  2 08:16 2003' -->
<BR>
<!-- SEQ=,FILE='QUICKLINK',USER=JGUERRE,SEQ=,EFW="2110122",CP="BUNGE LIMITED",DN="15" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>17
<FILENAME>a2110122zex-23_2.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>

<div style="font-family:'Times New Roman';">

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit.
23.2 </font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Deloitte Touche Tohmatsu</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">INDEPENDENT AUDITORS&#146; CONSENT</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We consent to the incorporation by reference in this Registration
Statement of Bunge Limited on Form F-4 of our report dated February 14, 2003 on
the consolidated financial statements of Cereol S.A. at September 30, 2002 and
at December 31, 2001 and for the nine months ended September 30, 2002 and the
year ended December 31, 2001 (which report expresses an unqualified opinion and
includes explanatory paragraphs referring to the basis of presentation of the
2001 consolidated financial statements of Cereol S.A. as described in Note 1 to
the consolidated financial statements; and to claims and litigation in progress
described in Note 15.c to the consolidated financial statements), appearing in
the Annual Report on Form 20-F of Bunge Limited for the year ended December 31,
2002 and to the reference to us under the heading &#147;Experts&#148; in the Prospectus,
which is part of this Registration Statement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="40%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:40.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ DELOITTE TOUCHE TOHMATSU</font></p>
  </td>
  <td width="59%" valign="top" style="padding:0in .7pt 0in .7pt;width:59.24%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Paris, France</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April 30, 2003</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>


<!-- ZEQ.=1,SEQ=1,EFW="2110122",CP="BUNGE LIMITED",DN="16",CHK=646627,FOLIO='',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX23-2_4596.CHC",USER="JGUERRE",CD='May  2 08:19 2003' -->
<BR>
<!-- SEQ=,FILE='QUICKLINK',USER=JGUERRE,SEQ=,EFW="2110122",CP="BUNGE LIMITED",DN="16" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-25
<SEQUENCE>18
<FILENAME>a2110122zex-25.htm
<DESCRIPTION>EXHIBIT 25
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>

<div style="font-family:'Times New Roman';">

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit
25</font></b></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Statement of Eligibility of Trustee</font></p>

<div style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 1.0pt 0in;">

<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

</div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FORM T-1</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECURITIES AND
EXCHANGE COMMISSION</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Washington,
D.C.&#160; 20549</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">STATEMENT OF
ELIGIBILITY<br>
UNDER THE TRUST INDENTURE ACT OF 1939 OF A<br>
CORPORATION DESIGNATED TO ACT AS TRUSTEE</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CHECK IF AN
APPLICATION TO DETERMINE<br>
ELIGIBILITY OF A TRUSTEE PURSUANT TO<br>
SECTION
305(b)(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Wingdings" style="font-family:Wingdings;">o</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="25%" noshade color="black" align="center">

</font></div>


<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THE BANK OF NEW
YORK</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of
trustee as specified in its charter)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13-5160382</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State of incorporation<br>
  if not a U.S. national bank)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(I.R.S. employer<br>
  identification no.)</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.42%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.88%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One Wall Street, New York, N.Y.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10286</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of principal executive offices)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Zip code)</font></p>
  </td>
 </tr>
</table>

</div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="25%" noshade color="black" align="center">

</font></div>


<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bunge Limited
Finance Corp.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of
obligor as specified in its charter)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Delaware</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26-002-1554 </font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State or other
  jurisdiction of<br>
  incorporation or organization)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(I.R.S. employer<br>
  identification no.)</font></p>
  </td>
 </tr>
</table>

</div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bunge Limited</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of obligor as
specified in its charter)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bermuda</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N/A</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State or other
  jurisdiction<br>
  of incorporation or organization)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(I.R.S. employer<br>
  identification no.)</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.42%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.88%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50 Main Street White
  Plains, New York </font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10606</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of principal
  executive offices)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Zip code)</font></p>
  </td>
 </tr>
</table>

</div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="25%" noshade color="black" align="center">

</font></div>


<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.80% Senior
  Notes due 2012</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Title of the
  indenture securities)</font></p>
  </td>
 </tr>
</table>

</div>

<div style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 1.0pt 0in;">

<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

</div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=1,EFW="2110122",CP="BUNGE LIMITED",DN="17",CHK=802537,FOLIO='',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX-25_4596.CHC",USER="JGUERRE",CD='May  2 02:48 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; General
information.&#160; Furnish the following
information as to the Trustee:</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Name and address of each examining or
supervising authority to which it is subject.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="85%" style="border-collapse:collapse;margin-left:.5in;width:85.0%;">
 <tr>
  <td width="42%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:42.54%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Name</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="54%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:54.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Address</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.54%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="54%" valign="top" style="padding:0in 0in 0in 0in;width:54.74%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Superintendent of Banks
  of the State of New York</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="54%" valign="top" style="padding:0in 0in 0in 0in;width:54.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2 Rector Street, New
  York, N.Y.&#160; 10006, and Albany, N.Y.
  12203</font></p>
  </td>
 </tr>
 <tr>
  <td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.54%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="54%" valign="top" style="padding:0in 0in 0in 0in;width:54.74%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Federal Reserve Bank of
  New York</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="54%" valign="top" style="padding:0in 0in 0in 0in;width:54.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33 Liberty Plaza, New
  York, N.Y.&#160; 10045</font></p>
  </td>
 </tr>
 <tr>
  <td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.54%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="54%" valign="top" style="padding:0in 0in 0in 0in;width:54.74%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Federal Deposit
  Insurance Corporation</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="54%" valign="top" style="padding:0in 0in 0in 0in;width:54.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Washington, D.C. 20429</font></p>
  </td>
 </tr>
 <tr>
  <td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.54%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="54%" valign="top" style="padding:0in 0in 0in 0in;width:54.74%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York Clearing House
  Association</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="54%" valign="top" style="padding:0in 0in 0in 0in;width:54.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York, New York
  10005</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Whether it is authorized to exercise
corporate trust powers.</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Yes.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Affiliations
with Obligor.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">If the
obligor is an affiliate of the trustee, describe each such affiliation.</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">16.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; List
of Exhibits.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibits
identified in parentheses below, on file with the Commission, are incorporated
herein by reference as an exhibit hereto, pursuant to Rule 7a-29 under the
Trust Indenture Act of 1939 (the &#147;Act&#148;) and 17 C.F.R. 229.10(d).</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A copy of the Organization Certificate of The Bank of
New York (formerly Irving Trust Company) as now in effect, which contains the
authority to commence business and a grant of powers to exercise corporate
trust powers.&#160; (Exhibit 1 to Amendment
No.&nbsp;1 to Form T-1 filed with Registration Statement No. 33-6215, Exhibits
1a and 1b to Form T-1 filed with Registration Statement No. 33-21672 and
Exhibit 1 to Form T-1 filed with Registration Statement No. 33-29637.)</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A copy of the existing By-laws of the Trustee.&#160; (Exhibit 4 to Form T-1 filed with
Registration Statement No. 33-31019.)</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The consent of the Trustee required by Section 321(b) of
the Act.&#160; (Exhibit 6 to Form T-1 filed
with Registration Statement No. 33-44051.)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=2,EFW="2110122",CP="BUNGE LIMITED",DN="17",CHK=290572,FOLIO='2',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX-25_4596.CHC",USER="JGUERRE",CD='May  2 02:48 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A copy of the latest report of condition of the Trustee
published pursuant to law or to the requirements of its supervising or
examining authority.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=3,EFW="2110122",CP="BUNGE LIMITED",DN="17",CHK=404317,FOLIO='3',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX-25_4596.CHC",USER="JGUERRE",CD='May  2 02:48 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SIGNATURE</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Act, the Trustee,
The Bank of New York, a corporation organized and existing under the laws of
the State of New York, has duly caused this statement of eligibility to be
signed on its behalf by the undersigned, thereunto duly authorized, all in The
City of New York, and State of New York, on the 18th day of April, 2003.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.26%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="53%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:53.74%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THE&nbsp;BANK&nbsp;OF&nbsp;NEW&nbsp;YORK</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:49.76%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.24%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.26%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="6%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/S/</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:44.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">VAN K. BROWN</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:49.76%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:44.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">VAN K. BROWN</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:49.76%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">VICE PRESIDENT</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>

<BR>
<!-- SEQ=,FILE='QUICKLINK',USER=JGUERRE,SEQ=,EFW="2110122",CP="BUNGE LIMITED",DN="17" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>19
<FILENAME>a2110122zex-99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>

<div style="font-family:'Times New Roman';">

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit
99.1</font></b></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Letter of
Transmittal</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">BUNGE
LIMITED FINANCE CORP.</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">LETTER
OF TRANSMITTAL FOR THE<br>
OFFER TO EXCHANGE</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">7.80% senior
notes due 2012<br>
that have been registered under the Securities Act of 1933<br>
for any and all<br>
unregistered 7.80% senior notes due 2012</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>


<div align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">

<hr size="1" width="25%" noshade color="black" align="center">

</font></b></div>


<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Unconditionally
guaranteed as to payment of principal<br>
and interest by Bunge Limited</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(Bunge
Limited Finance Corp. is a wholly owned subsidiary of Bunge Limited)</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">

<hr size="1" width="25%" noshade color="black" align="center">

</font></b></div>


<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;text-transform:none;">The exchange offer will expire at 5:00
p.m., New York City time, on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2003&#160; unless the exchange offer is extended by
Bunge Limited Finance in its sole discretion.</font></b></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;text-transform:none;">&nbsp;</font></b></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;text-transform:none;">Tenders of unregistered senior notes
may be withdrawn at any time prior to 5:00 p.m., New York City time, on the
Expiration Date (as defined below).</font></b></p>

<p align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">Deliver To:</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exchange Agent:</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">The Bank of New York<br>
</font>Reorganization Unit<br>
101 Barclay Street, Floor 7E<br>
New York, New York<br>
Attention: Diane Amoroso<br>
Telephone:&#160; (212) 815-3738<br>
Facsimile:&#160; (212) 298-1915</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Delivery of this letter of
transmittal to an address, or transmission via telegram, telex or facsimile,
other than to the exchange agent as set forth above, will not constitute a
valid delivery.</font></b>&#160; The
method of delivery of all documents, including certificates, is at the risk of
the holder.&#160; If delivery is by mail, we
recommend the use of registered mail with return receipt requested, properly
insured.&#160; You should read the
instructions accompanying this letter of transmittal carefully before you
complete this letter of transmittal.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The undersigned acknowledges that he or she has
received the prospectus dated May&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2003&#160; of Bunge Limited Finance and Bunge Limited
and this letter of transmittal and the instructions hereto, which together
constitute Bunge Limited Finance&#146;s offer to exchange 7.80% senior notes due 2012 that are registered under
the Securities Act of 1933, as amended, for any and all outstanding
unregistered 7.80% senior notes due 2012 issued on October 15, 2002,
pursuant to a registration statement of which the prospectus is a part. The outstanding unregistered 7.80% senior notes
due 2012 have CUSIP numbers 120568AA8 or U09821AA4.&#160; Bunge Limited Finance is a wholly owned subsidiary of Bunge
Limited.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The term &#147;Expiration
Date&#148; shall mean 5:00 p.m., New York City time,
on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2003, unless Bunge Limited
Finance, in its sole discretion, extends the exchange offer, in which case the
term shall mean the latest date and time to which the exchange offer is
extended.&#160; Whenever we refer to the
registered 7.80% notes due 2012 registered under the Securities Act, we will refer
to them as the &#147;exchange senior notes.&#148;&#160;
Whenever we refer to the unregistered 7.80% senior notes due 2012, we
will refer to them as the &#147;unregistered senior notes.&#148;&#160; All other terms used but not defined herein
have the meaning given to them in the prospectus.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">
<!-- ZEQ.=1,SEQ=1,EFW="2110122",CP="BUNGE LIMITED",DN="18",CHK=1004005,FOLIO='',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX99-1_4596.CHC",USER="JGUERRE",CD='May  2 09:06 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This letter of
transmittal is to be used if (1) certificates representing unregistered senior
notes are to be physically delivered to the exchange agent by Holders (as
defined below), (2) the unregistered senior notes are to be tendered by book-entry
transfer pursuant to the procedures set forth in the prospectus under &#147;The
Exchange Offer&#151;Book-Entry Transfer&#148; or (3) tender of the unregistered senior
notes is to be made by Holders according to the guaranteed delivery procedures
set forth in the prospectus under &#147;The Exchange Offer&#151;Guaranteed Delivery
Procedures.&#148;&#160; Delivery of this letter of
transmittal and any other required documents must be made to the exchange
agent.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Delivery of documents to
The Depository Trust Company (&#147;DTC&#148;), Euroclear or Clearstream Luxembourg does
not constitute delivery to the exchange agent.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The term &#147;Holder&#148; as used
herein means any person in whose name unregistered senior notes are registered
on the books of Bunge Limited Finance or any other person who has obtained a
properly completed bond power from the registered holder.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any Holder of
unregistered senior notes who wishes to tender his, her or its unregistered
senior notes must, prior to the Expiration Date, either: (a) complete, sign and
deliver this letter of transmittal, or a facsimile thereof, to the exchange
agent in person or to the address or facsimile number set forth above and
tender (and not withdraw) his, her or its unregistered senior notes, or (b) if
a tender of unregistered senior notes is to be made by book-entry transfer to
the account maintained by the exchange agent at DTC, Euroclear or Clearstream
Luxembourg, confirm such book-entry transfer, including the delivery of an
agent&#146;s message (a &#147;Book-Entry Confirmation&#148;), in each case in accordance with
the procedures for tendering described in the instructions to this letter of
transmittal.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Holders of unregistered
senior notes whose certificates are not immediately available or who are unable
to deliver their certificates or Book-Entry Confirmation and all other
documents required by this letter of transmittal to be delivered to the
exchange agent on or prior to the Expiration Date must tender their
unregistered senior notes according to the guaranteed delivery procedures set
forth under the caption &#147;The Exchange Offer&#151;Guaranteed Delivery Procedures&#148; in
the prospectus.&#160; (See Instruction 1.)</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon the terms and
subject to the conditions of the exchange offer, the acceptance for exchange of
the unregistered senior notes validly tendered and not withdrawn and the
issuance of the exchange senior notes will be made promptly following the
Expiration Date.&#160; For the purposes of
the exchange offer, Bunge Limited Finance shall be deemed to have accepted for
exchange validly tendered unregistered senior notes when, as and if Bunge
Limited Finance has given written notice thereof to the exchange agent.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The undersigned has
completed, executed and delivered this letter of transmittal to indicate the
action the undersigned desires to take with respect to the exchange offer.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Please
read this entire letter of transmittal and the prospectus carefully before
checking any box below.&#160; The
instructions included in this letter of transmittal must be followed.&#160; Questions and requests for assistance or for
additional copies of the prospectus, this letter of transmittal and the notice
of guaranteed delivery may be directed to the exchange agent.&#160; See Instruction 11.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Holders who wish to accept the
exchange offer and tender their unregistered senior notes must complete this
letter of transmittal in its entirety and comply with all of its terms.</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>


<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">
<!-- ZEQ.=1,SEQ=2,EFW="2110122",CP="BUNGE LIMITED",DN="18",CHK=374042,FOLIO='2',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX99-1_4596.CHC",USER="JGUERRE",CD='May  2 09:06 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Please list below the unregistered senior notes to
which this letter of transmittal relates.&#160;
If the space provided below is inadequate, the certificate numbers and
principal amounts should be listed on a separate signed schedule, attached
hereto.&#160; The minimum permitted tender is
$1,000 in principal amount.&#160; All other
tenders must be in integral multiples of $1,000.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">DESCRIPTION
OF UNREGISTERED SENIOR NOTES</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="23%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:23.56%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Name(s) and Address(es)<br>
  of Holder(s)<br>
  (please fill in, if blank)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.6%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="21%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:21.78%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Type of Security<br>
  Tendered</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.58%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="23%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:23.48%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Certificate Number(s)<br>
  (attach signed list, if necessary)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.58%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="23%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:23.42%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Aggregate Principal<br>
  Amount Tendered</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:23.56%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.6%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="21%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:21.78%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.58%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="23%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:23.48%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.58%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="23%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:23.42%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.56%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.6%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.78%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.58%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.48%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.58%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.42%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:23.56%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.6%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="21%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.78%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.58%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="23%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:23.48%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.58%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="23%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:23.42%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">Total principal amount of unregistered<br>
  senior securities tendered:</font></b></p>
  </td>
 </tr>
</table>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt 35.0pt;text-align:left;text-indent:-13.4pt;text-transform:uppercase;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:none;">&#149;</font></b><font size="1" style="font-size:3.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="text-transform:none;">Check here if tendered unregistered senior notes
are being delivered by DTC, Euroclear or Clearstream Luxembourg to the exchange
agent&#146;s account at DTC, Euroclear or Clearstream Luxembourg and complete the following:</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name of tendering institution:</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DTC, Euroclear or Clearstream Luxembourg
book-entry account:</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Transaction code no.:</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Holders who wish to tender their unregistered senior
notes and (i) whose unregistered senior notes are not immediately available, or
(ii) who cannot deliver their unregistered senior notes, the letter of
transmittal or any other required documents to the exchange agent prior to the
Expiration Date, or cannot complete the procedure for book-entry transfer on a
timely basis, may effect a tender according to the guaranteed delivery
procedures set forth in the prospectus under the caption &#147;The Exchange
Offer&#151;Guaranteed Delivery Procedures.&#148;</font></p>

<p align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;text-transform:none;">&nbsp;</font></b></p>

<p align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;text-transform:none;">3</font></b></p>


<div align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=3,EFW="2110122",CP="BUNGE LIMITED",DN="18",CHK=878763,FOLIO='3',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX99-1_4596.CHC",USER="JGUERRE",CD='May  2 09:06 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;text-transform:none;">&nbsp;</font></b></p>

<p align="left" style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt 35.0pt;text-align:left;text-indent:-13.4pt;text-transform:uppercase;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:none;">&#149;</font></b><font size="1" style="font-size:3.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="text-transform:none;">Check here if tendered unregistered senior notes
are being delivered pursuant to a notice of guaranteed delivery previously
delivered to the exchange agent and complete the following:</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name(s) of holder(s) of unregistered senior notes:</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Window ticket no. (if any):</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of execution of notice of guaranteed
delivery:</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DTC, Euroclear or Clearstream Luxembourg
book-entry account:</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If delivered by book-entry transfer:</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name of tendering institution:</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Transaction code no.:</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt 35.0pt;text-align:left;text-indent:-13.4pt;text-transform:uppercase;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:none;">&#149;</font></b><font size="1" style="font-size:3.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="text-transform:none;">Check here if you are a broker-dealer and wish to
receive 10 additional copies of the prospectus and 10 copies of any amendments
or supplements thereto.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Address:</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>


<div style="line-height:normal;margin:0in 0in .0001pt;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">
<!-- ZEQ.=1,SEQ=4,EFW="2110122",CP="BUNGE LIMITED",DN="18",CHK=837180,FOLIO='4',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX99-1_4596.CHC",USER="JGUERRE",CD='May  2 09:06 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Ladies
and Gentlemen:</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to the terms and conditions of the exchange
offer, the undersigned hereby tenders to Bunge Limited Finance the principal
amount of unregistered senior notes indicated above.&#160; Subject to and effective upon the acceptance for exchange of the
principal amount of unregistered senior notes tendered hereby in accordance
with this letter of transmittal and the accompanying instructions, the
undersigned sells, assigns and transfers to, or upon the order of, Bunge
Limited Finance all right, title and interest in and to the unregistered senior
notes tendered hereby.&#160; The undersigned
hereby irrevocably constitutes and appoints the exchange agent its agent and
attorney-in-fact (with full knowledge that the exchange agent also acts as
agent of Bunge Limited Finance and Bunge Limited and as trustee under the
indenture for the unregistered senior notes and the exchange senior notes) with
respect to the tendered unregistered senior notes with full power of
substitution to (i) deliver certificates for such unregistered senior notes to
Bunge Limited Finance, or transfer ownership of such unregistered senior notes
on the account books maintained by DTC, Euroclear or Clearstream Luxembourg, as
the case may be, together, in any such case, with all accompanying evidences of
transfer and authenticity to, or upon the order of, Bunge Limited Finance and
(ii) present such unregistered senior notes for transfer on the books of Bunge
Limited Finance and receive all benefits and otherwise exercise all rights of
beneficial ownership of such unregistered senior notes, all in accordance with
the terms of the exchange offer.&#160; The
power of attorney granted in this paragraph shall be deemed irrevocable and
coupled with an interest.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The undersigned hereby represents and warrants that he
or she has full power and authority to tender, exchange, sell, assign and
transfer the unregistered senior notes tendered hereby and to acquire the
exchange senior notes issuable upon the exchange of the unregistered senior
notes, and that Bunge Limited Finance will acquire good and unencumbered title
thereto, free and clear of all liens, restrictions, charges and encumbrances
and not subject to any adverse claim, when the same are acquired by Bunge
Limited Finance.&#160; The undersigned also
acknowledges that this exchange offer is being made in reliance upon an
interpretation by the staff of the Securities and Exchange Commission that the
exchange senior notes issued in exchange for the unregistered senior notes
pursuant to the exchange offer may be offered for sale, resold and otherwise
transferred by holders thereof (other than a broker-dealer who purchased such
unregistered senior notes directly from Bunge Limited Finance for resale
pursuant to Rule 144A, Regulation S or any other available exemption under the
Securities Act or a holder that is an &#147;affiliate&#148; of Bunge Limited Finance or
Bunge Limited within the meaning of Rule 405 under the Securities Act) without
compliance with the registration and prospectus delivery provisions of the
Securities Act, <i><font style="font-style:italic;">provided</font></i> that
such exchange senior notes are acquired by a non-affiliate in the ordinary
course of such holder&#146;s business and such holders have no arrangement or
understanding with any person to participate in the distribution of such
exchange senior notes.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The undersigned Holder represents and warrants that</font></p>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-align:left;text-indent:-27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the exchange
senior notes acquired pursuant to the exchange offer are being acquired in the
ordinary course of business of the person receiving the exchange senior notes,
whether or not the person is the Holder,</p>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-align:left;text-indent:-27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>neither the
undersigned Holder nor any other recipient of the exchange senior notes (if
different than the Holder) is engaged in, intends to engage in, or has any
arrangement or understanding with any person to participate in, the
distribution of the unregistered senior notes or exchange senior notes,</p>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-align:left;text-indent:-27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>neither the
undersigned Holder nor any other recipient is an &#147;affiliate&#148; of Bunge Limited
Finance or Bunge Limited within the meaning of Rule 405 promulgated under the
Securities Act or, if the Holder or such recipient is an affiliate, that the
Holder or such recipient will comply with the registration and prospectus
delivery requirements of the Securities Act to the extent applicable,</p>

<p align="left" style="margin:0in 0in .0001pt 27.0pt;text-align:left;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-align:left;text-indent:-27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>if the
undersigned is a broker-dealer, it has not entered into any arrangement or
understanding with Bunge Limited Finance or Bunge Limited or any &#147;affiliate&#148; of
Bunge Limited Finance or Bunge within the meaning of Rule 405 promulgated under
the Securities Act to distribute the exchange senior notes,</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">
<!-- ZEQ.=1,SEQ=5,EFW="2110122",CP="BUNGE LIMITED",DN="18",CHK=609123,FOLIO='5',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX99-1_4596.CHC",USER="JGUERRE",CD='May  2 09:06 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-align:left;text-indent:-27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>if the
undersigned is a broker-dealer, the undersigned further represents and warrants
that, if it will receive exchange senior notes for its own account in exchange
for unregistered senior notes that were acquired as a result of market-making
activities or other trading activities, the undersigned will deliver a
prospectus meeting the requirements of the Securities Act (for which purposes,
the delivery of the prospectus, as the same may be hereafter supplemented or
amended, shall be sufficient) in connection with any resale of exchange senior
notes received in the exchange offer, and</p>

<p align="left" style="margin:0in 0in .0001pt 27.0pt;text-align:left;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-align:left;text-indent:-27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
undersigned Holder is not acting on behalf of any person or entity that could
not truthfully make these representations.</p>

<p align="left" style="margin:0in 0in .0001pt 27.0pt;text-align:left;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By acknowledging that you, as such a broker-dealer, will deliver and by
delivering a prospectus meeting the requirements of the Securities Act in
connection with any resale of exchange senior notes, you will not be deemed to
admit that you are an &#147;underwriter&#148; within the meaning of the Securities Act.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The undersigned will, upon request, execute and
deliver any additional documents deemed by the exchange agent or Bunge Limited
Finance to be necessary or desirable to complete the exchange, assignment and
transfer of the unregistered senior notes tendered hereby or transfer of
ownership of such unregistered senior notes on the account books maintained by
a book-entry transfer facility.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The undersigned understands and agrees that Bunge
Limited Finance reserves the right not to accept tendered unregistered senior
notes from any tendering Holder if Bunge Limited Finance or Bunge Limited
determines, each in its sole and absolute discretion, that its ability to
proceed with the exchange offer would be impaired by a pending or threatened
action or proceeding with respect to the exchange offer or that such acceptance
could result in a violation of applicable securities laws.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For purposes of the exchange offer, Bunge Limited
Finance shall be deemed to have accepted validly tendered unregistered senior
notes when, as and if Bunge Limited Finance has given oral or written notice
thereof to the exchange agent.&#160; If any
tendered unregistered senior notes are not accepted for exchange pursuant to
the exchange offer for any reason, such unaccepted or non-exchanged unregistered
senior notes will be returned to the address shown below or to a different
address as may be indicated herein under &#147;Special Delivery Instructions,&#148;
without expense to the tendering Holder thereof, (or, in the case of tender by
book-entry transfer into the exchange agent&#146;s account at the book-entry
transfer facility pursuant to the book-entry transfer procedures described in
the prospectus under the &#147;The Exchange Offer&#151;Book-Entry Transfer,&#148; such
non-exchanged senior notes will be credited to an account maintained with such
book-entry transfer facility) as promptly as practicable after the expiration
or termination of the exchange offer.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The undersigned understands and acknowledges that
Bunge Limited Finance reserves the right in its sole discretion to purchase or
make offers for any unregistered senior notes that remain outstanding
subsequent to the Expiration Date or, as set forth in the prospectus under the
caption &#147;The Exchange Offer&#151;Expiration Date; Extensions; Amendment;
Termination,&#148; to terminate the exchange offer and, to the extent permitted by
applicable law, purchase unregistered senior notes in the open market, in
privately negotiated transactions or otherwise.&#160; The terms of any such purchases or offers could differ from the
terms of the exchange offer.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The undersigned understands that tenders of
unregistered senior notes pursuant to the procedures described under the
caption &#147;The Exchange Offer&#151;Procedures for Tendering&#148; in the prospectus and in
the instructions hereto will constitute a binding agreement between the undersigned
and Bunge Limited Finance upon the terms and subject to the conditions of the
exchange offer.&#160; The undersigned also
agrees that acceptance of any tendered unregistered senior notes by Bunge
Limited Finance and the issuance of exchange senior notes in exchange therefor
shall constitute performance in full by Bunge Limited Finance and Bunge Limited
of their respective obligations under the exchange offer and Registration
Rights Agreement and that, upon the issuance of the exchange senior notes,
Bunge Limited Finance and Bunge Limited will have no further obligations or
liabilities thereunder (except in certain limited circumstances).</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All authority conferred or agreed to be conferred by
this letter of transmittal shall survive the death, incapacity or dissolution
of the undersigned and every obligation under this letter of transmittal shall
be binding</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>


<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">
<!-- ZEQ.=1,SEQ=6,EFW="2110122",CP="BUNGE LIMITED",DN="18",CHK=165878,FOLIO='6',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX99-1_4596.CHC",USER="JGUERRE",CD='May  2 09:06 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">upon the undersigned&#146;s
heirs, personal representatives, successors and assigns.&#160; This tender may be withdrawn only in
accordance with the procedures set forth in the prospectus and in this letter
of transmittal.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By acceptance of the exchange offer, each
broker-dealer that receives exchange senior notes pursuant to the exchange
offer hereby acknowledges and agrees that, upon the receipt of notice by Bunge
Limited Finance of the happening of any event that makes any statement in the
prospectus untrue in any material respect or that requires the making of any
changes in the prospectus in order to make the statements therein not
misleading (which notice Bunge Limited Finance agrees to deliver promptly to
such broker-dealer), such broker-dealer will suspend use of the prospectus
until Bunge Limited Finance has amended or supplemented the prospectus to
correct such misstatement or omission and has furnished copies of the amended
or supplemented prospectus to such broker-dealer.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless otherwise indicated under &#147;Special Registration
Instructions,&#148; please issue the certificates representing the exchange senior
notes issued in exchange for the unregistered senior notes accepted for
exchange and return any unregistered senior notes not tendered or not
exchanged, in the name(s) of the undersigned (or in either such event in the
case of unregistered senior notes tendered by DTC, Euroclear or Clearstream
Luxembourg, by credit to the respective account at DTC, Euroclear or
Clearstream Luxembourg).&#160; Similarly,
unless otherwise indicated under &#147;Special Delivery Instructions,&#148; please send the
certificates representing the exchange senior notes issued in exchange for the
unregistered senior notes accepted for exchange and return any unregistered
senior notes not tendered or not exchanged (and accompanying documents, as
appropriate) to the undersigned at the address shown below the undersigned&#146;s
signatures, unless, in either event, tender is being made through DTC,
Euroclear or Clearstream Luxembourg.&#160; In
the event that both &#147;Special Registration Instructions&#148; and &#147;Special Delivery
Instructions&#148; are completed, please issue the certificates representing the
exchange senior notes issued in exchange for the unregistered senior notes
accepted for exchange and return any unregistered senior notes not tendered or
not exchanged in the name(s) of, and send said certificates to, the person(s) so
indicated.&#160; The undersigned recognizes
that Bunge Limited Finance has no obligations pursuant to the &#147;Special
Registration Instructions&#148; and &#147;Special Delivery Instructions&#148; to transfer any
unregistered senior notes from the name of the registered holder(s) thereof if
Bunge Limited Finance does not accept for exchange any of the unregistered
senior notes so tendered.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Holders who wish to tender the unregistered senior
notes and (1) whose unregistered senior notes are not immediately available or
(2) who cannot deliver their unregistered senior notes, this letter of
transmittal or any other documents required hereby to the exchange agent prior
to the expiration date may tender their unregistered senior notes according to
the guaranteed delivery procedures set forth in the prospectus under the
caption &#147;The Exchange Offer&#151;Guaranteed Delivery Procedures.&#148;&#160; (See Instruction 1.)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">
<!-- ZEQ.=1,SEQ=7,EFW="2110122",CP="BUNGE LIMITED",DN="18",CHK=717181,FOLIO='7',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX99-1_4596.CHC",USER="JGUERRE",CD='May  2 09:06 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">PLEASE SIGN HERE
WHETHER OR NOT TENDER IS TO BE MADE PURSUANT TO THE<br>
GUARANTEED DELIVERY PROCEDURES.</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">(To be
completed by all tendering Holders of unregistered senior notes regardless</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">of whether
unregistered senior notes are being physically delivered herewith)</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This letter of
transmittal must be signed by the registered Holder(s) of unregistered senior
notes exactly as its (their) name(s) appear(s) on certificate(s) of
unregistered senior notes or, if tendered by a participant in DTC, Euroclear or
Clearstream Luxembourg, exactly as such participant&#146;s name appears on its
security position listing it as the owner of unregistered senior notes, or by
person(s) authorized to become registered Holder(s) by endorsements and
documents transmitted with this letter of transmittal.&#160; If the unregistered senior notes to which
this letter of transmittal relates are held of record by two or more joint
Holders, then all such Holders must sign this letter of transmittal.&#160; If signature is by a trustee, executor,
administrator, guardian, attorney-in-fact, officer of a corporation or other
person acting in a fiduciary or representative capacity, then such person must
set forth his or her full title below under &#147;Capacity&#148; and submit evidence
satisfactory to Bunge Limited Finance of such person&#146;s authority to so
act.&#160; (See Instruction 6.)&#160; If the signature appearing below is not the
registered Holder(s) of the unregistered senior notes, then the registered
Holder(s) must sign a valid proxy.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="37%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:37.98%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.52%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>
  </td>
  <td width="37%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:37.28%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="37%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:37.98%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.52%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="37%" colspan="4" valign="top" style="border:none;padding:0in 0in 0in 0in;width:37.28%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="37%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:37.98%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.52%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>
  </td>
  <td width="37%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:37.28%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="37%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:37.98%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Signature(s)
  of Holder(s) or</font></b></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="41%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:41.8%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="37%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:37.98%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Authorized
  Signatory</font></b></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="41%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:41.8%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="37%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:37.98%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="41%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:41.8%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="37%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:37.98%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="41%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:41.8%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.9%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name(s)</font></p>
  </td>
  <td width="30%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:30.08%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.84%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Address:</font></p>
  </td>
  <td width="33%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:33.96%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.9%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="30%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:30.08%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="41%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:41.8%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(including
  zip code)</font></p>
  </td>
  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.9%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="30%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:30.08%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="41%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:41.8%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.9%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="30%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:30.08%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(please
  print)</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="41%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:41.8%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.9%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="30%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:30.08%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="41%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:41.8%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="11%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:11.56%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Capacity(ies):</font></p>
  </td>
  <td width="26%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:26.42%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="22%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:22.82%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Area code and
  telephone no.:</font></p>
  </td>
  <td width="18%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:18.98%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.52%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="30%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:30.46%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="41%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:41.8%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="11%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="37%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:37.98%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tax
  Identification or Social Security Number(s): </font></p>
  </td>
  <td width="44%" colspan="5" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:44.46%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:17.44%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="0%" style="border:none;font-size:1.0pt;padding:0in 0in 0in 0in;"><p style="margin:0in 0in .0001pt;">&nbsp;</p></td>
 </tr>
 <tr height="0">
  <td width="54" style="border:none;"></td>
  <td width="3" style="border:none;"></td>
  <td width="26" style="border:none;"></td>
  <td width="191" style="border:none;"></td>
  <td width="61" style="border:none;"></td>
  <td width="33" style="border:none;"></td>
  <td width="24" style="border:none;"></td>
  <td width="108" style="border:none;"></td>
  <td width="95" style="border:none;"></td>
  <td width="42" style="border:none;"></td>
  <td width="84" style="border:none;"></td>
  <td width="1" style="border:none;"></td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">[Complete Substitute Form W-9 below.]</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>


<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">
<!-- ZEQ.=1,SEQ=8,EFW="2110122",CP="BUNGE LIMITED",DN="18",CHK=218578,FOLIO='8',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX99-1_4596.CHC",USER="JGUERRE",CD='May  2 09:06 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">SIGNATURE
GUARANTEE</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">(See
Instruction 1 herein)</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certain
signatures must be guaranteed by an Eligible Institution<br><br></font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="70%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:70.0%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="70%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:70.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(Name
  of Eligible Institution guaranteeing signatures)</font></b></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="70%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:70.0%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="70%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:70.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(Address
  (including zip code) and telephone number (including area code) of firm)</font></b></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="70%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:70.0%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="70%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:70.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(Authorized
  signatures)</font></b></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="70%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:70.0%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="70%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:70.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(Printed
  name)</font></b></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="70%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:70.0%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="70%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:70.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(Title)</font></b></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
</table>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">
<!-- ZEQ.=1,SEQ=9,EFW="2110122",CP="BUNGE LIMITED",DN="18",CHK=297641,FOLIO='9',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX99-1_4596.CHC",USER="JGUERRE",CD='May  2 09:06 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">SPECIAL REGISTRATION INSTRUCTIONS</font><br>
(See Instruction 7 herein)</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To be completed
ONLY if certificates for unregistered senior notes in a principal amount not
tendered or not accepted for exchange are to be issued in the name of, or the
exchange senior notes issued pursuant to the exchange offer are to be issued to
the order of, someone other than the person or persons whose signature(s)
appear(s) within this letter of transmittal or issued to an address different
from that shown in the box entitled &#147;Description of Unregistered Senior Notes&#148;
within this letter of transmittal, or if exchange senior notes tendered by
book-entry transfer that are not accepted for purchase are to be credited to an
account maintained at DTC, Euroclear or Clearstream Luxembourg other than the
account indicated above.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="60%" style="border-collapse:collapse;width:60.0%;">
 <tr>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.84%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="79%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:79.16%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="89%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:89.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(please print)</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="89%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:89.02%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="12%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:12.46%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Address:</font></p>
  </td>
  <td width="76%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:76.54%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="89%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:89.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(please print)</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="89%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:89.02%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="89%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:89.02%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="89%" colspan="3" valign="top" style="border:none;padding:0in 0in 0in 0in;width:89.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(zip code)</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="89%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:89.02%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="89%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:89.02%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="89%" colspan="3" valign="top" style="border:none;padding:0in 0in 0in 0in;width:89.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Tax Identification or Social Security Number<br>
  (See Substitute Form W-9 herein)</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr height="0">
  <td width="43" style="border:none;"></td>
  <td width="11" style="border:none;"></td>
  <td width="331" style="border:none;"></td>
  <td width="48" style="border:none;"></td>
 </tr>
</table>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">SPECIAL DELIVERY INSTRUCTIONS</font><br>
(See Instruction 7 herein)</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To be completed
ONLY if certificates for unregistered senior notes in a principal amount not
tendered or not accepted for exchange are to be sent to, or the exchange senior
notes issued pursuant to the exchange offer are to be sent to someone other
than the person or persons whose signature(s) appear(s) within this letter of
transmittal, or to an address different from that shown in the box entitled
&#147;Description of Unregistered Senior Notes&#148; within this letter of transmittal,
or to be credited to an account maintained at DTC, Euroclear or Clearstream
Luxembourg other than the account indicated above.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="60%" style="border-collapse:collapse;width:60.0%;">
 <tr>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.84%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="79%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:79.16%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="89%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:89.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(please print)</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="89%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:89.02%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="12%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:12.46%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Address:</font></p>
  </td>
  <td width="76%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:76.54%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="89%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:89.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(please print)</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="89%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:89.02%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="89%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:89.02%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="89%" colspan="3" valign="top" style="border:none;padding:0in 0in 0in 0in;width:89.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(zip code)</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="89%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:89.02%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="89%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:89.02%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="89%" colspan="3" valign="top" style="border:none;padding:0in 0in 0in 0in;width:89.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Tax Identification or Social Security Number<br>
  (See Substitute Form W-9 herein)</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr height="0">
  <td width="43" style="border:none;"></td>
  <td width="11" style="border:none;"></td>
  <td width="331" style="border:none;"></td>
  <td width="48" style="border:none;"></td>
 </tr>
</table>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INSTRUCTIONS</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Forming part of the terms and conditions</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">of the exchange offer</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><font style="font-weight:bold;">Guarantee of Signatures.</font></b>&#160; Signatures on this letter of transmittal (or
copy hereof) or a notice of withdrawal, as the case may be, must be guaranteed
by a member firm of a registered national securities exchange or of the
National Association of Securities Dealers, Inc., a commercial bank or trust
company having an office or correspondent in the United States or an &#147;eligible
guarantor institution&#148; within the meaning of Rule 17Ad-15 under the Exchange
Act (an &#147;Eligible Institution&#148;) unless the unregistered senior notes tendered
pursuant thereto are tendered (i) by a registered Holder (including any
participant in DTC, Euroclear or Clearstream Luxembourg whose name appears on a
security position listing as the owner of unregistered senior notes) who has
not completed the box set forth herein entitled &#147;Special Registration
Instructions&#148; or &#147;Special Delivery Instructions&#148; of this letter of transmittal
or (ii) for the account of an Eligible Institution.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><font style="font-weight:bold;">Delivery of this Letter of Transmittal and
Unregistered Senior Notes.</font></b>&#160;
Certificates for the physically tendered unregistered senior notes (or a
confirmation of a book-entry transfer to the exchange agent at DTC, Euroclear
or Clearstream Luxembourg of all unregistered senior notes tendered
electronically), as well as, in the case of physical delivery of unregistered
senior notes, a properly completed and duly executed copy of this letter of
transmittal or facsimile hereof and any other documents required by this letter
of transmittal must be received by the exchange agent at its address set forth
herein prior to 5:00 p.m., New York City time, on the Expiration Date.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">
<!-- ZEQ.=1,SEQ=10,EFW="2110122",CP="BUNGE LIMITED",DN="18",CHK=491473,FOLIO='10',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX99-1_4596.CHC",USER="JGUERRE",CD='May  2 09:06 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The method of delivery of the tendered unregistered
senior notes, this letter of transmittal and all other required documents, or
book-entry transfer and transmission of an Agent&#146;s Message by a DTC, Euroclear
or Clearstream Luxembourg participant, to the exchange agent are at the
election and risk of the Holder and, except as otherwise provided below, the
delivery will be deemed made only when actually received by the exchange
agent.&#160; Instead of delivery by mail, it
is recommended that the Holder use an overnight or hand delivery service.&#160; In all cases, sufficient time should be
allowed to assure timely delivery.&#160; No letter
of transmittal or unregistered senior notes should be sent to Bunge Limited
Finance, DTC, Euroclear or Clearstream Luxembourg.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The exchange agent will
make a request to establish an account with respect to the unregistered senior
notes at DTC, Euroclear or Clearstream Luxembourg for purposes of the exchange
offer promptly after receipt of the prospectus, and any financial institution
that is a participant in DTC, Euroclear or Clearstream Luxembourg may make
book-entry delivery of unregistered senior notes by causing DTC, Euroclear or
Clearstream Luxembourg, as the case may be, to transfer such unregistered
senior notes into the exchange agent&#146;s account at DTC, Euroclear or Clearstream
Luxembourg, as the case may be, in accordance with the relevant entity&#146;s
procedures for transfer. However, although delivery of unregistered senior
notes may be effected through book-entry transfer at DTC, Euroclear or
Clearstream Luxembourg, an Agent&#146;s Message (as defined in the next paragraph)
in connection with a book-entry transfer and any other required documents must,
in any case, be transmitted to and received by the exchange agent at the
address specified on the cover page of the letter of transmittal on or prior to
the Expiration Date or the guaranteed delivery procedures described below must
be complied with.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A Holder may tender
unregistered senior notes that are held through DTC by transmitting its
acceptance through DTC&#146;s Automatic Tender Offer Program, for which the
transaction will be eligible, and DTC will then edit and verify the acceptance
and send an Agent&#146;s Message to the exchange agent for its acceptance.&#160; The term &#147;Agent&#146;s Message&#148; means a message
transmitted by DTC to, and received by, the exchange agent and forming part of
the Book-Entry Confirmation, which states that DTC has received an express
acknowledgment from each participant in DTC tendering the unregistered senior
notes and that such participant has received the letter of transmittal and
agrees to be bound by the terms of the letter of transmittal and Bunge Limited
Finance may enforce such agreement against such participant.&#160; Delivery of an Agent&#146;s Message will also
constitute an acknowledgment from the tendering DTC participant that the
representations and warranties set forth on pages 6 and 7 of this letter of
transmittal are true and correct.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Holders of unregistered senior notes held through
Euroclear or Clearstream Luxembourg are required to use book-entry transfer
pursuant to the standard operating procedures of Euroclear or Clearstream Luxembourg,
as the case may be, to accept the exchange offer and to tender their
unregistered senior notes.&#160; A
computer-generated message must be transmitted to Euroclear or Clearstream
Luxembourg, as the case may be, in lieu of a letter of transmittal, in order to
tender the unregistered senior notes in the exchange offer.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Holders who wish to tender their unregistered senior
notes and (i) whose unregistered senior notes are not immediately available or
(ii) who cannot deliver their unregistered senior notes, this letter of
transmittal or any other documents required hereby to the exchange agent prior
to the Expiration Date, or who cannot complete the procedure for book-entry
transfer on a timely basis must tender their unregistered senior notes and
follow the guaranteed delivery procedures set forth in the prospectus.&#160; Pursuant to such procedures:&#160; (i) such tender must be made by or through
an Eligible Institution (as defined above) or pursuant to the DTC, Euroclear or
Clearstream Luxembourg standard operating procedures; (ii) prior to the
Expiration Date, the exchange agent must have received from the Eligible
Institution a properly completed and duly executed notice of guaranteed
delivery (by facsimile transmission, mail or hand delivery) setting forth the name
and address of the Holder of the unregistered senior notes, the certificate
number or numbers of such unregistered senior notes and the principal amount of
unregistered senior notes tendered, stating that the tender is being made
thereby and guaranteeing that within three (3) business days after the
Expiration Date, this letter of transmittal (or copy thereof) together with the
certificate(s) representing the unregistered senior notes (or a confirmation of
electronic mail delivery or book-entry delivery into the exchange agent&#146;s
account at DTC, Euroclear or Clearstream Luxembourg) and any of the required
documents will be deposited by the Eligible Institution with the exchange agent
and (iii) such properly completed and executed letter of transmittal (or copy
thereof), as well as all other documents required by this letter of transmittal
and the certificate(s) representing all tendered unregistered senior notes in
proper form for transfer or a confirmation of electronic mail delivery or
book-entry delivery into the exchange agent&#146;s account at DTC, Euroclear or
Clearstream Luxembourg, must be received by the exchange agent within three
(3)&#160; business days after the Expiration
Date, all as provided in</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>


<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">
<!-- ZEQ.=1,SEQ=11,EFW="2110122",CP="BUNGE LIMITED",DN="18",CHK=125959,FOLIO='11',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX99-1_4596.CHC",USER="JGUERRE",CD='May  2 09:06 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the prospectus under the
caption &#147;The Exchange Offer&#151;Guaranteed Delivery Procedures.&#148;&#160; Any Holder of unregistered senior notes who
wishes to tender his unregistered senior notes pursuant to the guaranteed
delivery procedures described above must ensure that the exchange agent
receives the notice of guaranteed delivery prior to 5:00 p.m., New York City
time, on the Expiration Date.&#160; Upon
request to the exchange agent, a notice of guaranteed delivery will be sent to
Holders who wish to tender their unregistered senior notes according to the
guaranteed delivery procedures set forth above.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All questions as to the validity, form, eligibility
(including time of receipt), acceptance and withdrawal of tendered unregistered
senior notes or this letter of transmittal will be determined by Bunge Limited
Finance in its sole discretion, which determination will be final and
binding.&#160; All tendering Holders, by
execution of this letter of transmittal (or copy hereof), shall waive any right
to receive notice of the acceptance of the unregistered senior notes for
exchange.&#160; Bunge Limited Finance
reserves the absolute right to reject any and all unregistered senior notes or
letter of transmittal not properly tendered or any tenders Bunge Limited
Finance&#146;s acceptance of which would, in the opinion of counsel for Bunge
Limited Finance, be unlawful.&#160; Bunge
Limited Finance also reserves the absolute right to waive any defects,
irregularities or conditions of tender as to particular unregistered senior
notes.&#160; Bunge Limited Finance&#146;s interpretation
of the terms and conditions of the exchange offer (including the instructions
in this letter of transmittal) will be final and binding on all parties.&#160; Unless waived, any defects or irregularities
in connection with tenders of unregistered senior notes must be cured within
such time as Bunge Limited Finance shall determine.&#160; Although Bunge Limited Finance intends to notify Holders of
defects or irregularities with respect to tenders of unregistered senior notes,
none of Bunge Limited Finance, the exchange agent or any other person shall be
under any duty to give notification of defects or irregularities with respect
to tenders of unregistered senior notes, nor shall any of them incur any
liability for failure to give such notification.&#160; Tenders of unregistered senior notes will not be deemed to have
been made until such defects or irregularities have been cured or waived.&#160; Any unregistered senior notes received by
the exchange agent that are not properly tendered and as to which the defects
or irregularities have not been cured or waived will be returned by the
exchange agent to the tendering Holders of unregistered senior notes, unless
otherwise provided in this letter of transmittal, as soon as practicable
following the Expiration Date.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><font style="font-weight:bold;">Inadequate Space.</font></b>&#160; If the space provided is inadequate, the certificate numbers
and/or the number of the unregistered senior notes should be listed on a
separate signed schedule attached hereto.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><font style="font-weight:bold;">Tender by Holder.&#160;
</font></b>Except in limited circumstances, only a registered Holder of
unregistered senior notes or a Euroclear, Clearstream Luxembourg, or DTC
participant listed on a securities position listing furnished by Euroclear,
Clearstream Luxembourg, or DTC with respect to the unregistered senior notes
may tender its unregistered senior notes in the exchange offer.&#160; Any beneficial owner of unregistered senior
notes who is not the registered Holder and is not a Euroclear, Clearstream
Luxembourg, or DTC participant and who wishes to tender should arrange with
such registered holder to execute and deliver this letter of transmittal on
such beneficial owner&#146;s behalf or must, prior to completing and executing this
letter of transmittal and delivering his, her or its unregistered senior notes,
either make appropriate arrangements to register ownership of the unregistered
senior notes in such beneficial owner&#146;s name or obtain a properly completed
bond power from the registered holder or properly endorsed certificates
representing such unregistered senior notes.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><font style="font-weight:bold;">Partial Tenders; Withdrawals.</font></b>&#160; Tenders of unregistered senior notes will be
accepted only in integral multiples of $1,000.&#160;
If less than the entire principal amount of any unregistered senior
notes is tendered, the tendering Holder should fill in the principal amount
tendered in the fourth column of the chart entitled &#147;Description of
Unregistered Senior Notes.&#148;&#160; The entire
principal amount of unregistered senior notes delivered to the exchange agent
will be deemed to have been tendered unless otherwise indicated. &#160;If the entire principal amount of all
unregistered senior notes is not tendered, unregistered senior notes for the
principal amount of unregistered senior notes not tendered and a certificate or
certificates representing exchange senior notes issued in exchange of any
unregistered senior notes accepted will be sent to the Holder at his or her
registered address, unless a different address is provided in the appropriate
box on this letter of transmittal or unless tender is made through DTC,
Euroclear or Clearstream Luxembourg promptly after the unregistered senior
notes are accepted for exchange.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as otherwise
provided herein, tenders of unregistered senior notes may be withdrawn at any
time prior to the Expiration Date.&#160; To
withdraw a tender of unregistered senior notes in the exchange offer, a written
or facsimile transmission notice of withdrawal must be received by the exchange
agent at its address set forth herein prior to the Expiration Date.&#160; Any such notice of withdrawal must (1)
specify the name of the person </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>


<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">
<!-- ZEQ.=1,SEQ=12,EFW="2110122",CP="BUNGE LIMITED",DN="18",CHK=179972,FOLIO='12',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX99-1_4596.CHC",USER="JGUERRE",CD='May  2 09:06 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">having deposited the
unregistered senior notes to be withdrawn (the &#147;Depositor&#148;), (2) identify the
unregistered senior notes to be withdrawn (including the certificate number or
numbers and principal amount of such unregistered senior notes, or, in the case
of unregistered senior notes transferred by book-entry transfer, the name and
number of the account at Euroclear, Clearstream Luxembourg, or DTC to be
credited), (3) be signed by the Depositor in the same manner as the original
signature on the letter of transmittal by which such unregistered senior notes
were tendered (including any required signature guarantees) or be accompanied
by documents of transfer sufficient to have the registrar with respect to the
unregistered senior notes register the transfer of such unregistered senior
notes into the name of the person withdrawing the tender and (4) specify the
name in which any such unregistered senior notes are to be registered, if different
from that of the Depositor. All questions as to the validity, form and
eligibility (including time of receipt) of such notices will be determined by
Bunge Limited Finance, whose determination shall be final and binding on all
parties.&#160; Any unregistered senior notes
so withdrawn will be deemed not to have been validly tendered for purposes of
the exchange offer and no exchange senior notes will be issued with respect
thereto unless the unregistered senior notes so withdrawn are validly
re-tendered. Any unregistered senior notes which have been tendered but which
are not accepted for exchange by Bunge Limited Finance will be returned to the
Holder thereof without cost to such Holder as soon as practicable after
withdrawal, rejection of tender or termination of the exchange offer.&#160; Properly withdrawn unregistered senior notes
may be re-tendered by following one of the procedures described in the
prospectus under &#147;The Exchange Offer&#151;Procedures for Tendering&#148; at any time
prior to the Expiration Date.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><font style="font-weight:bold;">Signatures on the Letter of Transmittal; Bond Powers
and Endorsements.</font></b>&#160; If this
letter of transmittal (or copy hereof) is signed by the registered Holder(s) of
the unregistered senior notes tendered hereby, the signature must correspond
with the name(s) as written on the face of the unregistered senior notes
without alteration, enlargement or any change whatsoever.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If any of the unregistered senior notes tendered
hereby are owned of record by two or more joint owners, all such owners must
sign this letter of transmittal.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If a number of unregistered senior notes registered in
different names are tendered, it will be necessary to complete, sign and submit
as many copies of this letter of transmittal as there are different
registrations of unregistered senior notes.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If this letter of transmittal (or copy hereof) is
signed by the registered Holder(s) (which term, for the purposes described
herein, shall include a book-entry transfer facility whose name appears on the
security listing as the owner of the unregistered senior notes) of unregistered
senior notes tendered and the certificate(s) for exchange senior notes issued
in exchange therefor is to be issued (or any untendered principal amount of
unregistered senior notes is to be reissued) to the registered Holder, such
Holder need not and should not endorse any tendered unregistered senior note,
nor provide a separate bond power.&#160; In
any other case, such Holder must either properly endorse the unregistered
senior notes tendered or transmit a properly completed separate bond power with
this letter of transmittal, with the signatures on the endorsement or bond
power guaranteed by an Eligible Institution.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If this letter of transmittal (or copy hereof) is
signed by a person other than the registered Holder(s) of unregistered senior
notes listed therein, such unregistered senior notes must be endorsed or
accompanied by properly completed bond powers which authorize such person to
tender the unregistered senior notes on behalf of the registered Holder, in
either case signed as the name of the registered Holder or Holders appears on
the unregistered senior notes.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If this letter of transmittal (or copy hereof) or any
unregistered senior notes or bond powers are signed by trustees, executors,
administrators, guardians, attorneys-in-fact, or officers of corporations or
others acting in a fiduciary or representative capacity, such persons should so
indicate when signing, and, unless waived by Bunge Limited Finance, evidence
satisfactory to Bunge Limited Finance of their authority to so act must be
submitted with this letter of transmittal.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Endorsements on unregistered senior notes or
signatures on bond powers required by this Instruction 6 must be guaranteed by
an Eligible Institution.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>


<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">
<!-- ZEQ.=1,SEQ=13,EFW="2110122",CP="BUNGE LIMITED",DN="18",CHK=669857,FOLIO='13',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX99-1_4596.CHC",USER="JGUERRE",CD='May  2 09:06 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><font style="font-weight:bold;">Special Registration and Delivery Instructions.</font></b>&#160; Tendering Holders should indicate, in the
applicable spaces, the name and address to which exchange senior notes or
substitute unregistered senior notes for principal amounts not tendered or not
accepted for exchange are to be issued or sent, if different from the name and
address of the person signing this letter of transmittal (or in the case of
tender of the unregistered senior notes through DTC, Euroclear or Clearstream
Luxembourg, if different from the account maintained at DTC, Euroclear or
Clearstream Luxembourg indicated above).&#160;
In the case of issuance in a different name, the taxpayer identification
or social security number of the person named must also be indicated.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><font style="font-weight:bold;">Transfer Taxes.</font></b>&#160; Bunge Limited Finance will pay all transfer taxes, if any,
applicable to the exchange of unregistered senior notes pursuant to the
exchange offer.&#160; If, however,
certificates representing exchange senior notes or unregistered senior notes
for principal amounts not tendered or accepted for exchange are to be delivered
to, or are to be registered or issued in the name of, any person other than the
registered Holder of the unregistered senior notes tendered hereby, or if
tendered unregistered senior notes are registered in the name of any person
other than the person signing this letter of transmittal, or if a transfer tax
is imposed for any reasons other than the exchange of unregistered senior notes
pursuant to the exchange offer, then the amount of any such transfer taxes
(whether imposed on the registered Holder or any other person) will be payable
by the tendering Holder.&#160; If
satisfactory evidence of payment of such taxes or exemption therefrom is not
submitted with this letter of transmittal, the amount of such transfer taxes
will be billed directly to such tendering Holder.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as provided in this Instruction 8, it will not
be necessary for transfer tax stamps to be affixed to the unregistered senior
notes listed in this letter of transmittal.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><font style="font-weight:bold;">Waiver of Conditions.</font></b>&#160; Bunge Limited Finance reserves the right, in
its sole discretion, to amend, waive or modify specified conditions in the
exchange offer in the case of any unregistered senior notes tendered.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><font style="font-weight:bold;">Mutilated, Lost, Stolen or Destroyed Unregistered
Senior Notes.</font></b>&#160; Any tendering
Holder whose unregistered senior notes have been mutilated, lost, stolen or
destroyed should contact the exchange agent at the address indicated herein for
further instruction.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><font style="font-weight:bold;">Requests for Assistance or Additional Copies.</font></b>&#160; Questions and requests for assistance and
requests for additional copies of the prospectus or this letter of transmittal
may be directed to the exchange agent at the address specified in the
prospectus.&#160; Holders may also contact
their broker, dealer, commercial bank, trust company or other nominee for
assistance concerning the exchange offer.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>


<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">
<!-- ZEQ.=1,SEQ=14,EFW="2110122",CP="BUNGE LIMITED",DN="18",CHK=808111,FOLIO='14',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX99-1_4596.CHC",USER="JGUERRE",CD='May  2 09:06 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">IMPORTANT
TAX INFORMATION</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Holder is required to give the exchange agent the
social security number or employer identification number of the Holder of the
unregistered senior notes.&#160; If the
unregistered senior notes are in more than one name or are not in the name of
the actual owner, consult the enclosed Guidelines for Certification of Taxpayer
Identification Number on Substitute Form W-9 for additional guidance on which
number to report.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TO
BE COMPLETED BY ALL TENDERING HOLDERS</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="100%" colspan="9" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PAYER&#146;S
  NAME:&#160; BUNGE LIMITED FINANCE CORP.</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="9" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SUBSTITUTE<br>
  Form W-9</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.66%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" colspan="2" rowspan="4" valign="top" style="padding:0in 0in 0in 0in;width:31.56%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Part 1</font></b>
  &#150; PLEASE PROVIDE YOUR TIN IN THE BOX AT RIGHT AND CERTIFY BY SIGNING AND
  DATING BELOW.&#160; </p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:31.56%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.66%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" colspan="4" valign="top" style="border:none;padding:0in 0in 0in 0in;width:31.56%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Social Security
  Number(s)<br>
  or</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.58%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.66%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:31.56%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.66%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" colspan="4" valign="top" style="border:none;padding:0in 0in 0in 0in;width:31.56%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Employer
  Identification Number(s)</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.58%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.66%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:31.56%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:31.56%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.58%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Department
  of the Treasury</font></b> <b><font style="font-weight:bold;">Internal
  Revenue Service</font></b></p>
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Payer&#146;s
  Request for Taxpayer</font></b> <b><font style="font-weight:bold;">Identification
  Number (&#147;TIN&#148;)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.66%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:31.56%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Part 2</font></b>
  &#150; <b><font style="font-weight:bold;">Certification</font></b> &#150; Under
  Penalties of Perjury, I certify that:<br><br></p>
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 19.6pt;text-indent:-19.6pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The number shown on this form is my
  correct Taxpayer Identification Number (or I am waiting for a number to be
  issued to me), and<br><br></p>
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 19.6pt;text-indent:-19.6pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>I am NOT subject to back-up withholding
  because: (a) I am exempt from backup withholding, (b) I have not been
  notified by the Internal Revenue Service (&#147;IRS&#148;) that I am subject to back-up
  withholding&nbsp;as&nbsp;a result of failure to report all interest or
  dividends, or (c) the IRS has notified me that I am no longer subject to
  back-up withholding.</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:31.56%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Part 3
  &#150;</font></b></p>
  <p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.2in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>&#160;&#160;&#160;&#160; Check
  if Awaiting TIN</p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.58%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.66%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:31.56%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:31.56%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.66%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="65%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:65.76%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Certification
  Instructions</font></b> &#150; You must cross out item (2) above if you
  have been notified by the IRS that you are currently subject to back-up
  withholding because of underreporting interest or dividends on your tax
  return. </p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.58%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.66%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="37%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:37.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.78%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="25%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:25.98%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.58%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sign Here </font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.66%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SIGNATURE:</font></p>
  </td>
  <td width="24%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:24.94%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.78%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DATE:</font></p>
  </td>
  <td width="19%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:19.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr height="0">
  <td width="228" style="border:none;"></td>
  <td width="19" style="border:none;"></td>
  <td width="87" style="border:none;"></td>
  <td width="141" style="border:none;"></td>
  <td width="19" style="border:none;"></td>
  <td width="20" style="border:none;"></td>
  <td width="20" style="border:none;"></td>
  <td width="47" style="border:none;"></td>
  <td width="140" style="border:none;"></td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOTE:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>FAILURE TO COMPLETE
AND RETURN THIS FORM MAY RESULT IN BACKUP WITHHOLDING OF 31 PERCENT OF ANY
PAYMENTS MADE TO YOU UNDER THE SENIOR SECURITIES.&#160; PLEASE REVIEW THE ENCLOSED GUIDELINES FOR CERTIFICATION OF
TAXPAYER IDENTIFICATION NUMBER ON SUBSTITUTE FORM W-9 FOR ADDITIONAL DETAILS.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">
<!-- ZEQ.=1,SEQ=15,EFW="2110122",CP="BUNGE LIMITED",DN="18",CHK=20469,FOLIO='15',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX99-1_4596.CHC",USER="JGUERRE",CD='May  2 09:06 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">GUIDELINES
FOR CERTIFICATION OF TAXPAYER IDENTIFICATION<br>
NUMBER ON SUBSTITUTE FORM W-9</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Obtain a Number:</font></b></h1>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you don&#146;t have a
taxpayer identification number or you don&#146;t know your number, obtain Form SS-5,
Application for a Social Security Number Card, or Form SS-4, Application for
Employer Identification Number, at the local office of the Social Security
Administration or the Internal Revenue Service and apply for a number.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Payees Exempt from Backup Withholding:</font></b></h1>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Payees
specifically exempted from backup withholding on ALL payments include the
following:</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-align:left;text-indent:-.4in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A corporation.</p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-align:left;text-indent:-.4in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A financial institution.</p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-align:left;text-indent:-.4in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; An organization exempt from tax under section 501(a) or an
individual retirement plan.</p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-align:left;text-indent:-.4in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The United States or any agency or instrumentality
thereof.</p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-align:left;text-indent:-.4in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A State, the District of Columbia, a possession of the
United States, or any subdivision or instrumentality thereof.</p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-align:left;text-indent:-.4in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A foreign government, a political subdivision of a foreign
government, or any agency or instrumentality thereof.</p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-align:left;text-indent:-.4in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; An international organization or any agency of or
instrumentality thereof.</p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-align:left;text-indent:-.4in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A registered dealer in securities or commodities
registered in the U.S. or a possession of the U.S.</p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-align:left;text-indent:-.4in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A real estate investment trust.</p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-align:left;text-indent:-.4in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A common trust fund operated by a bank under section
584(a).</p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-align:left;text-indent:-.4in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; An exempt charitable remainder trust, or a non-exempt
trust described in section 4947(a)(1).</p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-align:left;text-indent:-.4in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; An entity registered at all times under the Investment
Company Act of 1940.</p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-align:left;text-indent:-.4in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A foreign central bank of issue.</p>

<p align="left" style="margin:0in 0in .0001pt .25in;text-align:left;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Payments of dividends and
patronage dividends not generally subject to backup withholding include the
following:</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-align:left;text-indent:-.4in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Payments to nonresident aliens subject to withholding
under section 1441.</p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-align:left;text-indent:-.4in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Payments to partnerships not engaged in a trade or
business in the U.S. and which have at least one nonresident partner.</p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-align:left;text-indent:-.4in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Payments of patronage dividends where the amount renewed
is not paid in money.</p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-align:left;text-indent:-.4in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Payments made by certain foreign nations.</p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-align:left;text-indent:-.4in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Payments made to a nominee.</p>

<p align="left" style="margin:0in 0in .0001pt .8in;text-align:left;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Payments of interest not
generally subject to backup withholding include the following:</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-align:left;text-indent:-.4in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Payments of interest
on obligations issued by individuals.&#160; <b><font style="font-weight:bold;">Note:</font></b>&#160;
You may be subject to backup withholding if this interest is $600 or
more and is paid in the course of the payer&#146;s trade or business and you have
not provided your correct taxpayer identification number to the payee.</p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-align:left;text-indent:-.4in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Payments of tax-exempt
interest (including exempt-interest dividends in section 852).</p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-align:left;text-indent:-.4in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Payments described in
section 6049(b)(5) to non-resident alien.</p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-align:left;text-indent:-.4in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Payments on tax-free
covenant bonds under section 1451.</p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-align:left;text-indent:-.4in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Payments made by
certain foreign organizations.</p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-align:left;text-indent:-.4in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Payments made to a
nominee.</p>

<p align="left" style="margin:0in 0in .0001pt .8in;text-align:left;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exempt payees described
above should file Form W-9 to avoid possible erroneous backup withholding.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FILE THIS FORM WITH THE PAYER, FURNISH YOUR TAXPAYER
IDENTIFICATION NUMBER, WRITE &#147;EXEMPT&#148; ON THE FACE OF THE FORM, AND RETURN IT TO
THE PAYER.&#160; IF THE PAYMENTS ARE
INTEREST, DIVIDENDS, OR PATRONAGE DIVIDENDS, ALSO SIGN AND DATE THE FORM.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certain payments other
than interest, dividends and patronage dividends that are not subject to
information reporting are also not subject to backup withholding.&#160; For details, see the regulations under
sections 6041, 6041A(a), 6045 and 6050A.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Privacy
Act Notice.</font></b>&#160; Section
6109 requires most recipients of dividend, interest, or other payments to give
taxpayer identification numbers to payers who must report the payments to the
IRS.&#160; The IRS uses the numbers for identification
purposes.&#160; Payers must be given the
numbers whether or not recipients are required to file tax returns.&#160; Payers must generally withhold 31% of
taxable interest, dividends, and certain other payments to a payee who does not
furnish a taxpayer identification number to a payee.&#160; Certain penalties may also apply.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Penalties:</font></b></h1>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><font style="font-weight:bold;">Penalty
for Failure to Furnish Taxpayer Identification Number.</font></b>&#160; If you fail to furnish your taxpayer
identification number to a payer, you are subject to a penalty of $50 for each
such failure unless your failure is due to reasonable cause and not to willful
neglect.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><font style="font-weight:bold;">Civil
Penalty for False Information with Respect to Withholding.</font></b>&#160; If you make a false statement with no
reasonable basis </font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">which results in no
imposition of backup withholding, you are subject to a penalty of $500.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><font style="font-weight:bold;">Criminal
Penalty for Falsifying Information.</font></b>&#160;
Falsifying certifications or affirmations may subject you to criminal
penalties including fines and/or imprisonment.</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></b></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">FOR
ADDITIONAL INFORMATION CONTACT YOUR TAX CONSULTANT OR THE INTERNAL REVENUE
SERVICE.</font></b></p>

<p align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></p>

<p align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">16</font></b></p>


<div align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=16,EFW="2110122",CP="BUNGE LIMITED",DN="18",CHK=215789,FOLIO='16',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX99-1_4596.CHC",USER="JGUERRE",CD='May  2 09:06 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;">&nbsp;</p>

<p align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">GUIDELINES FOR CERTIFICATION OF TAXPAYER
IDENTIFICATION<br>
NUMBER ON SUBSTITUTE FORM W-9</font></b></p>

<p align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Guidelines
for Determining the Proper Identification Number to Give the Payer</font></b>.&#160; Social Security numbers have nine digits
separated by two hyphens:&#160; i.e.,
000-00-0000.&#160; Employee identification
numbers have nine digits separated by only one hyphen:&#160; i.e., 00-0000000.&#160; The table below will help determine the number to give the payer.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="46%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:46.2%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">For this type of account:</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="49%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:49.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Give the SOCIAL</font></b><font size="1" style="font-size:8.0pt;"> <b><font style="font-weight:bold;">SECURITY number of &#151;</font></b></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.78%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:46.2%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160; An individual&#146;s
  account</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="49%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:49.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The individual</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.78%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.2%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160; Two or more
  individuals (joint account)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The actual owner
  of the account or, if combined funds, any one of the individuals(1)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.78%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:46.2%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160; Husband and wife
  (joint account)</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="49%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:49.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The actual owner
  of the account or, if joint funds, either person(1)</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.78%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.2%;">
  <p align="left" style="margin:0in 0in .0001pt .35in;text-align:left;text-indent:-.35in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160; Custodian account of a minor (Uniform
  Gift to Minors Act)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The minor(2)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.78%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:46.2%;">
  <p align="left" style="margin:0in 0in .0001pt .35in;text-align:left;text-indent:-.35in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160; Adult and minor (joint account)</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="49%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:49.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The adult or, if
  the minor is the only contributor, the minor(1)</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.78%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.2%;">
  <p align="left" style="margin:0in 0in .0001pt .35in;text-align:left;text-indent:-.35in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160; Account in the name of guardian or
  committee for a designated ward, minor, or incompetent person</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The ward, minor
  or incompetent person(3)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.78%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:46.2%;">
  <p align="left" style="margin:0in 0in .0001pt .35in;text-align:left;text-indent:-.35in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160; a. The usual revocable savings trust
  account (grantor is also trustee)</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="49%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:49.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
  grantor-trustee(1)</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.78%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.2%;">
  <p align="left" style="margin:0in 0in .0001pt .35in;text-align:left;text-indent:-.35in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160; b.So-called trust account that is not
  a legal or valid trust under State law</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The actual
  owner(1)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.78%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:46.2%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160; Sole proprietorship
  account</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="49%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:49.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The owner(4)</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.78%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.2%;">
  <p align="left" style="margin:0in 0in .0001pt .35in;text-align:left;text-indent:-.35in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160; A valid trust, estate, or pension
  trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The legal entity
  (Do not furnish the identifying number of the personal representatives or
  trustee unless the legal entity itself is not designated in the account
  title.)(5)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.78%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:46.2%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.&#160;&#160;&#160;&#160;&#160; Corporate account</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="49%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:49.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The corporation</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.78%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.2%;">
  <p align="left" style="margin:0in 0in .0001pt .35in;text-align:left;text-indent:-.35in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.&#160;&#160;&#160;&#160;&#160; Religious, charitable, or educational
  organization account</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The organization</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.78%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:46.2%;">
  <p align="left" style="margin:0in 0in .0001pt .35in;text-align:left;text-indent:-.35in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.&#160;&#160;&#160;&#160;&#160; Partnership account held in the name of
  the business</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="49%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:49.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The partnership</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.78%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.2%;">
  <p align="left" style="margin:0in 0in .0001pt .35in;text-align:left;text-indent:-.35in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.&#160;&#160;&#160;&#160;&#160; Association, club or other tax-exempt
  organization</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The organization</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.78%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:46.2%;">
  <p align="left" style="margin:0in 0in .0001pt .35in;text-align:left;text-indent:-.35in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.&#160;&#160;&#160;&#160;&#160; A broker or registered nominee</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="49%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:49.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The broker or
  nominee</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.78%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.2%;">
  <p align="left" style="margin:0in 0in .0001pt .35in;text-align:left;text-indent:-.35in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.&#160;&#160;&#160;&#160;&#160; Account with the Department of
  Agriculture in the name of a public entity (such as a State or local
  government, school district, or prison) that receives agricultural program
  payments.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The public
  entity</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.78%;">
  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="25%" noshade color="black" align="left">

</font></div>


<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160; List first and circle the name of the
person whose number you furnish.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160; Circle the minor's name and furnish the
minor's Social Security number.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160;&#160;&#160;&#160; Circle the ward's, minor's or incompetent
person's name and furnish such person's Social Security number.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160;&#160;&#160;&#160;&#160; Show the name of the Owner.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)&#160;&#160;&#160;&#160;&#160; List first and circle the name of the
legal trust, estate or pension trust.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOTE:&#160;&#160;&#160; If no name is circled
when there is more than one name, the number will be considered to be that of
the first &#160; name listed.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">
<!-- ZEQ.=1,SEQ=17,EFW="2110122",CP="BUNGE LIMITED",DN="18",CHK=633787,FOLIO='17',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX99-1_4596.CHC",USER="JGUERRE",CD='May  2 09:06 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt .5in;text-align:center;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(DO NOT
WRITE IN SPACE BELOW)</font></b></p>

<p align="center" style="margin:0in 0in .0001pt .5in;text-align:center;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="38%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:38.08%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Certificate surrendered</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.66%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="28%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:28.36%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Unregistered senior notes tendered</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="28%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:28.26%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Unregistered senior notes accepted</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="38%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:38.08%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.66%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="28%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:28.36%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="28%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:28.26%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.08%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.66%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.36%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.26%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.08%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.66%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.36%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.26%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.08%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.66%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.36%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.26%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.08%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.66%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.36%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.26%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.08%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.66%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.36%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.26%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="69%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:69.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Delivery Prepared by
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Checked
  by&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.26%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>


<div style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">
<!-- ZEQ.=1,SEQ=18,EFW="2110122",CP="BUNGE LIMITED",DN="18",CHK=894817,FOLIO='18',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX99-1_4596.CHC",USER="JGUERRE",CD='May  2 09:06 2003' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The exchange agent for the exchange offer is:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Bank of New York<br>
Reorganization Unit<br>
101 Barclay Street, Floor 7E<br>
New York, New York<br>
Attention: Diane Amoroso<br>
Telephone:&#160; (212) 815-3738<br>
Facsimile:&#160; (212) 298-1915</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For any questions regarding this letter of transmittal or for
additional information, you may contact the exchange agent by telephone at
(212) 815-3738 or by facsimile at (212) 298-1915.&#160; All unregistered senior notes must be tendered by book-entry
transfer in accordance with the standard operating procedures of DTC, Euroclear
or Clearstream Luxembourg.&#160; Holders who
wish to be eligible to receive exchange senior notes for their unregistered
senior notes pursuant to the exchange offer must validly tender (and not
withdraw) their unregistered senior notes to DTC, Euroclear or Clearstream
Luxembourg, as the case may be, prior to the Expiration Date or provide notice
of guaranteed delivery to the exchange agent as described herein.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>


<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

</div>

<BR>
<!-- SEQ=,FILE='QUICKLINK',USER=JGUERRE,SEQ=,EFW="2110122",CP="BUNGE LIMITED",DN="18" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>20
<FILENAME>a2110122zex-99_2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>

<div style="font-family:'Times New Roman';">

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit
99.2</font></b></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Notice of
Guaranteed Delivery</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">BUNGE
LIMITED FINANCE CORP.</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">NOTICE
OF GUARANTEED DELIVERY</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">7.80% senior
notes due 2012<br>
that have been registered under the Securities Act of 1933</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">for any and all</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">unregistered 7.80% senior notes due 2012</font></b><br><br></p>


<div align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="25%" noshade color="black" align="center">

</font></div>


<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unconditionally
guaranteed as to payment of principal<br>
and interest by Bunge Limited<br>
(Bunge Limited Finance Corp. is a wholly owned subsidiary of Bunge Limited)</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="25%" noshade color="black" align="center">

</font></div>


<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As set forth in the prospectus dated May&nbsp;&nbsp;&nbsp;&nbsp;, 2003,
of Bunge Limited Finance Corp.&#160; and
Bunge Limited and in the accompanying letter of transmittal and instructions
thereto, this form or one substantially equivalent hereto must be used to
accept Bunge Limited Finance&#146;s offer to exchange 7.80% senior notes due 2012
that have been registered under the Securities Act of 1933, as amended, for any and all outstanding unregistered 7.80%
senior notes due 2012 issued on October 15, 2002, if (i) certificates
representing the unregistered senior notes to be tendered for exchange are not
lost but are not immediately available, (ii) time will not permit the letter of
transmittal, certificates representing such unregistered senior notes or other
required documents to reach the exchange agent prior to the Expiration Date (as
defined herein) or (iii) the procedures for book-entry transfer cannot be
completed prior to the Expiration Date. This form may be delivered by an
Eligible Institution (as defined in the letter of transmittal) by mail or hand
delivery or transmitted, via telegram, telex or facsimile, to the exchange
agent as set forth below. All capitalized terms used herein but not defined
herein shall have the meanings ascribed to them in the prospectus.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">The exchange
offer will expire at 5:00 p.m., New York City time,
on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2003 (the &#147;Expiration Date&#148;) unless the offer
is extended by Bunge Limited Finance. Tenders of unregistered senior notes&#160; may be withdrawn at any time prior to 5:00
p.m., New York City time, on the Expiration Date.</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">To: The Bank
of New York, Exchange Agent</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">By Hand or Overnight Courier:</font></i></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Bank of New York</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reorganization Unit</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">101 Barclay Street, Floor 7E</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York, New York 10286</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention: Diane Amoroso</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">By Facsimile Transmission</font></i>:</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(212) 298-1915</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Confirm by Telephone</font></i>:</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(212) 815-3738</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Delivery
of this instrument to an address, or transmission via facsimile with
confirmation, other than to the exchange agent as set forth above will not
constitute a valid delivery.&#160; The method
of delivery of all documents, including certificates, is at the risk of the
holder.&#160; If delivery is by mail, we
recommend registered mail with return receipt requested, properly insured.&#160; You should read the instructions
accompanying the letter of transmittal carefully before you complete this
notice of guaranteed delivery.</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=1,EFW="2110122",CP="BUNGE LIMITED",DN="19",CHK=24487,FOLIO='',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX99-2_4596.CHC",USER="JGUERRE",CD='May  2 09:18 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This instrument is not to be used to guarantee
signatures.&#160; If a signature on the
letter of transmittal is required to be guaranteed by an Eligible Institution
under the instructions thereto, such signature guarantee must appear in the
applicable space provided in the signature box on the letter of transmittal.</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and
Gentlemen:</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The undersigned hereby tender(s) to Bunge Limited Finance, upon the
terms and subject to the conditions of the exchange offer as set forth in the
prospectus and the letter of transmittal, receipt of which is hereby
acknowledged, the aggregate principal amounts of unregistered senior notes set
forth below pursuant to the guaranteed delivery procedures set forth in the
prospectus.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The undersigned understands that tenders of unregistered senior notes
will be accepted only in authorized denominations.&#160; The undersigned understands that tenders of unregistered senior
notes pursuant to the exchange offer may not be withdrawn after 5:00 p.m., New
York City time, on the Expiration Date.&#160;
Tenders of unregistered senior notes may be withdrawn if the exchange
offer is terminated or as otherwise provided in the prospectus.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The undersigned understands that the exchange of unregistered senior
notes for exchange senior notes will only be made after receipt by the exchange
agent, within three (3) business days of the Expiration Date, of:</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160; a properly completed and duly executed letter of transmittal (or
a facsimile thereof) with any required signature guarantees,</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(ii)&#160; certificates representing the </font>unregistered
senior notes </font>covered hereby in
proper form for transfer (or confirmation of the book-entry transfer of such unregistered
senior notes into the exchange agent&#146;s
account at The Depository Trust Company, Euroclear or Clearstream Luxembourg,
pursuant to the procedure for book-entry transfer set forth in the prospectus)
and</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160; this notice of guaranteed delivery together
with any other required documents.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All authority herein conferred or agreed to be conferred by this notice
of guaranteed delivery shall survive the death or incapacity of the undersigned
and every obligation of the undersigned under this notice of guaranteed
delivery shall be binding upon the heirs, personal representatives, executors,
administrators, successors, assigns, trustees in bankruptcy and other legal
representatives of the undersigned.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>


<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=2,EFW="2110122",CP="BUNGE LIMITED",DN="19",CHK=269307,FOLIO='2',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX99-2_4596.CHC",USER="JGUERRE",CD='May  2 09:18 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PLEASE SIGN AND COMPLETE</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="48%" rowspan="2" valign="top" style="padding:0in 0in 0in 0in;width:48.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Principal amount
  of unregistered
  7.80% senior notes due 2012 tendered:*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>
  </td>
  <td width="43%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:43.6%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="48%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:48.68%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.62%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="48%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:48.68%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.62%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="48%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:48.68%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certificate no(s). of
  unregistered senior notes(if available):</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="48%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:48.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name(s) of registered
  holder(s):</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.62%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="48%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:48.68%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.62%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="48%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:48.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Address:</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.62%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="48%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:48.68%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.62%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="48%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:48.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Area code and telephone
  no.:</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.62%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="48%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:48.68%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If unregistered senior
  notes will be delivered by book-<br>
  entry transfer at The Depository Trust Company,<br>
  Euroclear or Clearstream Luxembourg, insert account <br>
  no.:</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="48%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:48.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Signature(s) of
  registered holder(s) or<br>
  authorized signatory:</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.62%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="48%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:48.68%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.62%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="48%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:48.68%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.62%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="48%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:48.68%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="25%" noshade color="black" align="left">

</font></div>


<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*&#160;&#160;&#160; Must be in denominations of principal amount of $1,000 and any
integral multiple thereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This notice of guaranteed delivery must be signed by
the registered holder(s) of unregistered senior notes exactly as its (their)
name(s) appear on certificates for unregistered senior notes or on a security
position listing as the owner of unregistered senior notes, or by person(s)
authorized to become registered holder(s) by endorsements and documents
transmitted with this notice of guaranteed delivery.&#160; If signature is by a trustee, executor, administrator, guardian,
attorney-in-fact, officer or other person acting in a fiduciary or
representative capacity, such person must provide the following information.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Please print name(s) and address(es)</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Capacity:</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Address(es):</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Do not send unregistered senior notes</font></b> <b><font style="font-weight:bold;">with this form.&#160;
Unregistered senior notes</font></b> <b><font style="font-weight:bold;">should
be sent to the exchange agent, together with a properly completed and duly
executed letter of transmittal.</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=3,EFW="2110122",CP="BUNGE LIMITED",DN="19",CHK=278210,FOLIO='3',FILE="DISK019:[03NYC6.03NYC4596.EDGAR]EX99-2_4596.CHC",USER="JGUERRE",CD='May  2 09:18 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">GUARANTEE</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(Not to be used for signature
guarantee)</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">The undersigned, a member
firm of a registered national securities exchange or of the National
Association of Securities Dealers, Inc. or a commercial bank or trust company
having an office or a correspondent in the United States or an &#147;eligible
guarantor institution&#148; as defined by Rule 17Ad-15 under the Securities Exchange
Act of 1934, as amended, hereby (a) represents that each holder of </font>unregistered
senior notes</font> on whose behalf this
tender is being made &#147;own(s)&#148; the unregistered senior notes covered hereby within the meaning of Rule
13d-3 under the Exchange Act, (b) represents that such tender of unregistered
senior notes complies with such Rule
14e-4, and (c) guarantees that, within three (3) business days from the date of
this notice of guaranteed delivery, a properly completed and duly executed
letter of transmittal (or a facsimile thereof), together with certificates
representing the unregistered senior notes covered hereby in proper form for transfer (or confirmation of the
book-entry transfer of such unregistered senior notes into the exchange agent&#146;s account at The
Depository Trust Company, Euroclear or Clearstream Luxembourg, pursuant to the
procedure for book-entry transfer set forth in the prospectus) and required
documents will be deposited by the undersigned with the exchange agent.</p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">The
undersigned acknowledges that it must deliver the letter of transmittal and </font>unregistered
senior notes </font></b><b><font style="font-weight:bold;">tendered hereby to the exchange agent within the time period set forth
and that failure to do so could result in financial loss to the undersigned.</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="12%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:12.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name of Firm:</font></p>
  </td>
  <td width="31%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:31.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:17.64%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Authorized
  Signature:</font></p>
  </td>
  <td width="27%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:27.74%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.44%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="47%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:47.18%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:17.64%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="27%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:27.74%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.44%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Address:&#160; </font></p>
  </td>
  <td width="36%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:36.36%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name</font></p>
  </td>
  <td width="39%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:39.74%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.44%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="47%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:47.18%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="39%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:39.74%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.44%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="43%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:43.84%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="39%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:39.74%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.44%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="47%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:47.18%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.64%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="39%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:39.74%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.44%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="23%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:23.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Area Code and
  Telephone No.</font></p>
  </td>
  <td width="20%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:20.14%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="52%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:52.82%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr height="0">
  <td width="54" style="border:none;"></td>
  <td width="34" style="border:none;"></td>
  <td width="83" style="border:none;"></td>
  <td width="145" style="border:none;"></td>
  <td width="24" style="border:none;"></td>
  <td width="41" style="border:none;"></td>
  <td width="87" style="border:none;"></td>
  <td width="200" style="border:none;"></td>
  <td width="54" style="border:none;"></td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>

<BR>
<!-- SEQ=,FILE='QUICKLINK',USER=JGUERRE,SEQ=,EFW="2110122",CP="BUNGE LIMITED",DN="19" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>

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