<SUBMISSION>
<ACCESSION-NUMBER>0001047469-03-016551
<TYPE>F-3
<PUBLIC-DOCUMENT-COUNT>16
<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-3
<ACT>33
<FILE-NUMBER>333-104974-01
<FILM-NUMBER>03680737
</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-3
<ACT>33
<FILE-NUMBER>333-104974
<FILM-NUMBER>03680738
</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-3
<SEQUENCE>1
<FILENAME>a2110009zf-3.htm
<DESCRIPTION>F-3
<TEXT>
<HTML>
<HEAD>

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<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
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<FONT SIZE=3 ><A HREF="#03NYC4582_1">QuickLinks</A></FONT>
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<P ALIGN="CENTER"><FONT SIZE=1><B>As filed with the Securities and Exchange Commission on May&nbsp;2, 2003</B></FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=1><B>Registration No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=5><B>SECURITIES AND EXCHANGE COMMISSION<BR>  </B></FONT><FONT SIZE=1><B>Washington, D.C. 20549  </B></FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=5><B>FORM F-3<BR>  </B></FONT><FONT SIZE=1><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933  </B></FONT></P>

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<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=1><B>Bunge Limited Finance Corp.</B></FONT><FONT SIZE=1><BR>
(Exact name of Registrant as specified in its charter and translation of Registrant's name into English)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=1><B>Bunge Limited</B></FONT><FONT SIZE=1><BR>
(Exact name of Registrant as specified in its charter and translation of Registrant's name into English)</FONT></TD>
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<TD WIDTH="23%" ALIGN="CENTER"><FONT SIZE=1><B>Delaware</B></FONT><FONT SIZE=1><BR>
(State or other jurisdiction of incorporation or organization)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="CENTER"><FONT SIZE=1><B>26-002-1554</B></FONT><FONT SIZE=1><BR>
(I.R.S. Employer Identification No.)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="CENTER"><FONT SIZE=1><B>Bermuda</B></FONT><FONT SIZE=1><BR>
(State or other jurisdiction of incorporation or organization)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="CENTER"><FONT SIZE=1><B>N/A</B></FONT><FONT SIZE=1><BR>
(I.R.S. Employer Identification No.)</FONT></TD>
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<P ALIGN="CENTER"><FONT SIZE=1><B>50 Main Street<BR>
White Plains, New York 10606<BR>
(914) 684-2800<BR>  </B></FONT><FONT SIZE=1>(Address and telephone number of Registrant's principal executive offices) </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=1><B>Bunge Limited<BR>
50 Main Street<BR>
White Plains, New York 10606<BR>
Attention: Susanna K. Ter-Jung, Assistant General Counsel<BR>
(914) 684-2800<BR>  </B></FONT><FONT SIZE=1>(Name, address and telephone number of agent for service) </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=1><B><I>with a copy to:<BR>  </I></B></FONT><FONT SIZE=1><B>Andrew B. J&aacute;nszky<BR>
Shearman &amp; Sterling<BR>
599 Lexington Avenue<BR>
New York, New York 10022<BR>
(212) 848-4000  </B></FONT></P>

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<P><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=1><B>Approximate date of commencement of proposed sale to the public:</B></FONT><FONT SIZE=1> From time to time after the effective date of this
Registration Statement as determined by market conditions. </FONT></P>

<P><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box.
<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule&nbsp;415 under the Securities Act of 1933, other than
securities offered only in connection with dividend or interest reinvestment plans, check the following box. <FONT FACE="WINGDINGS">&#253;</FONT> </FONT></P>

<P><FONT SIZE=1>&nbsp;&nbsp;&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, please check the following box and list the Securities
Act registration number of the earlier effective registration statement for the same offering. <FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>


<P><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
this Form is a post-effective amendment filed pursuant to Rule&nbsp;462(c) 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. <FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
delivery of the prospectus is expected to be made pursuant to Rule&nbsp;434, please check the following box. <FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=1><B>CALCULATION OF REGISTRATION FEE  </B></FONT></P>

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<TH WIDTH="35%" ALIGN="CENTER"><FONT SIZE=1><B>Title of Each Class of<BR>
Securities to Be Registered</B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1><B>Amount to<BR>
Be Registered</B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="17%" ALIGN="CENTER"><FONT SIZE=1><B>Proposed<BR>
Maximum<BR>
Offering<BR>
Price per Unit(3)</B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="14%" ALIGN="CENTER"><FONT SIZE=1><B>Proposed<BR>
Maximum<BR>
Aggregate<BR>
Offering Price</B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="16%" ALIGN="CENTER"><FONT SIZE=1><B>Amount of<BR>
Registration Fee</B></FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=9><HR NOSHADE></TD>
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<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="35%"><FONT SIZE=1>3<SUP>3</SUP>/<SMALL>4</SMALL>% Convertible Notes Due 2022 of Bunge Limited Finance Corp.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1>$206,276,000(1)</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="CENTER"><FONT SIZE=1>100%</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="CENTER"><FONT SIZE=1>$206,276,000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER"><FONT SIZE=1>$16,688</FONT></TD>
</TR>
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<TD WIDTH="35%"><FONT SIZE=1>Guarantee of Bunge Limited</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1>(2)</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="CENTER"><FONT SIZE=1>(2)</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="CENTER"><FONT SIZE=1>(2)</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER"><FONT SIZE=1>(2)</FONT></TD>
</TR>
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<TD WIDTH="35%"><FONT SIZE=1>Common Shares, par value $.01 per share, of Bunge Limited</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1>6,418,010(4)</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="CENTER"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="CENTER"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER"><FONT SIZE=1>N/A</FONT></TD>
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<TD WIDTH="35%"><FONT SIZE=1>Series A Preference Share Purchase Rights(5)</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="CENTER"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="CENTER"><FONT SIZE=1>N/A</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER"><FONT SIZE=1>N/A</FONT></TD>
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<P ALIGN="RIGHT"><FONT SIZE=1><I>(Footnotes on next page)  </I></FONT></P>

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<P><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=1><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 the registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section&nbsp;8(a), may
determine.</B></FONT></P>

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<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=1>(1)</FONT></DT><DD><FONT SIZE=1>Amount
represents aggregate principal amount at maturity of the notes. </FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(2)</FONT></DT><DD><FONT SIZE=1>Bunge
Limited has fully, unconditionally and irrevocably guaranteed all payments, including principal and interest, on the notes being registered hereunder. Pursuant to
Rule&nbsp;457(n) under the Securities Act of 1933, as amended, no registration fee is required with respect to this guarantee. </FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(3)</FONT></DT><DD><FONT SIZE=1>Estimated
solely for the purpose of determining the registration fee based on Rule&nbsp;457 under the Securities Act of 1933, as amended. </FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(4)</FONT></DT><DD><FONT SIZE=1>Reflects
the number of common shares issuable upon conversion of the notes being registered hereunder at the rate of 31.1137 common shares per $1,000 principle amount at maturity of
the notes. Pursuant to Rule&nbsp;416 under the Securities Act of 1933, as amended, this registration statement also registers such additional number of common shares of the registrant as may become
deliverable upon conversion of the notes to prevent dilution resulting from stock splits, stock dividends and similar transactions. No additional registration fee is required pursuant to
Rule&nbsp;457(i)&nbsp;under the Securities Act. </FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(5)</FONT></DT><DD><FONT SIZE=1>A
right to purchase a fraction of a Series&nbsp;A Preference Share of Bunge Limited is attached to each common share. See "Description of Share Capital." No value is attributable to
a right. </FONT></DD></DL>
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<P><FONT COLOR="#FF4040" SIZE=2><B>The information in this prospectus is not complete and may be changed. The selling securityholders 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>Subject to Completion, dated May&nbsp;2, 2003 </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=3><B>$206,276,000  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=3><B>
<IMG SRC="g959160.jpg" ALT="LOGO" WIDTH="154" HEIGHT="36">
  </B></FONT></P>

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

<P ALIGN="CENTER"><FONT SIZE=2><B>3<SUP>3</SUP>/<SMALL>4</SMALL>% Convertible Notes Due 2022<BR>
Fully and Unconditionally Guaranteed by<BR>
and<BR>
Convertible into Common Shares of  </B></FONT></P>

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

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=1>Bunge Limited Finance Corp. issued the notes in a private placement in November&nbsp;2002. Selling
securityholders identified in this prospectus may use this prospectus to resell from time to time up to $206,276,000 of notes and the common shares of Bunge Limited issuable upon conversion of the
notes. If required, we will set forth the names of any other selling securityholders in a post-effective amendment to the registration statement of which this prospectus is a part. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=1>Bunge Limited Finance Corp. and Bunge Limited will not receive any proceeds from the sale of the notes or
the common shares issuable upon conversion of the notes by any of the selling securityholders. The notes and the common shares may be offered in negotiated transactions or otherwise, at market prices
prevailing at the time of sale or at negotiated prices. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=1>The notes bear interest at a rate of 3<SUP>3</SUP>/<SMALL>4</SMALL>% per year and will mature on November&nbsp;15,
2022. Interest is payable semi-annually in arrears on May&nbsp;15 and November&nbsp;15 of each year, commencing on May&nbsp;15, 2003. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=1>Holders may convert their notes into common shares of Bunge Limited at an initial conversion rate of
31.1137 common shares per $1,000 principal amount of notes, subject to adjustment, (1)&nbsp;during any calendar quarter commencing after December&nbsp;31, 2002 if the closing sale price of the
common shares of Bunge Limited, for at least 20 trading days in the 30 consecutive trading day period ending on the last trading day of the immediately preceding calendar quarter, is more than 120% of
the applicable conversion price per common share of Bunge Limited on such last trading day of the preceding calendar quarter, (2)&nbsp;if Bunge Limited Finance Corp. has called the notes for
redemption, (3)&nbsp;upon the occurrence of specified credit rating events with respect to the notes or (4)&nbsp;upon the occurrence of specified corporate transactions. The conversion rate may be
adjusted as described in this prospectus. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=1>Bunge Limited Finance Corp. may redeem for cash some or all of the notes at any time on or after
November&nbsp;22, 2005 at redemption prices set forth in this prospectus, plus accrued and unpaid interest to, but excluding, the redemption date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=1>Holders may require Bunge Limited Finance Corp. to purchase all or a portion of their notes on
November&nbsp;15, 2007, November&nbsp;15, 2012, and November&nbsp;15, 2017 at a purchase price equal to 100% of the principal amount of the notes to be purchased, plus accrued and unpaid
interest to, but excluding, each purchase date. Bunge Limited Finance Corp. may choose to pay the purchase price in cash, common shares or a combination of cash and common shares. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=1>Holders may also require Bunge Limited Finance Corp. to purchase for cash all or a portion of their notes
upon a specified change of control on or before November&nbsp;15, 2007 at a price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but
excluding, the purchase date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=1>The notes are not listed on any securities exchange or automated quotation system. The common shares of
Bunge Limited are listed on the New York Stock Exchange under the symbol "BG." On April&nbsp;29, 2003, the last reported sale price for the common shares of Bunge Limited was $28.66 per share. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=1><B>Investing in the notes and the common shares of Bunge Limited issuable upon
conversion of the notes involves risks. See "Risk Factors" beginning on page&nbsp;12.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=1>The notes are unsecured and unsubordinated and rank equally in right of payment with all of Bunge Limited
Finance Corp.'s other unsecured and unsubordinated indebtedness. The notes have been fully and unconditionally guaranteed on a senior unsecured basis by Bunge Limited, the indirect parent company of
Bunge Limited Finance Corp. Bunge Limited's guarantee ranks equally in right of payment with its other unsecured and unsubordinated indebtedness and guarantees. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=1><B>Neither the Securities and Exchange Commission nor any state securities commission
has approved or disapproved of the notes or the common shares of Bunge Limited issuable upon the conversion of the notes or determined if this prospectus is truthful or complete. Any representation to
the contrary is a criminal offense.</B></FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=1>The date of this Prospectus is&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2003. </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
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<A NAME="toc_bg4582_1"> </A>
<BR></FONT><FONT SIZE=2><B>TABLE OF CONTENTS    <BR>  </B></FONT></P>

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<TD WIDTH="93%"><FONT SIZE=2>CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>iii</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="93%"><FONT SIZE=2>SUMMARY</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>1</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="93%"><FONT SIZE=2>THE OFFERING</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>6</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="93%"><FONT SIZE=2>CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>10</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="93%"><FONT SIZE=2>RISK FACTORS</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>11</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="93%"><FONT SIZE=2>CAPITALIZATION AND INDEBTEDNESS</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>13</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="93%"><FONT SIZE=2>USE OF PROCEEDS</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>14</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="93%"><FONT SIZE=2>PRICE RANGE OF OUR COMMON SHARES</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>15</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="93%"><FONT SIZE=2>DESCRIPTION OF NOTES</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>16</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="93%"><FONT SIZE=2>DESCRIPTION OF SHARE CAPITAL</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>35</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="93%"><FONT SIZE=2>DESCRIPTION OF MASTER TRUST STRUCTURE</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>37</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="93%"><FONT SIZE=2>TAXATION</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>40</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="93%"><FONT SIZE=2>SELLING SECURITYHOLDERS</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>50</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="93%"><FONT SIZE=2>PLAN OF DISTRIBUTION</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>58</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="93%"><FONT SIZE=2>ENFORCEMENT OF CIVIL LIABILITIES</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>61</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="93%"><FONT SIZE=2>LEGAL MATTERS</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>61</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="93%"><FONT SIZE=2>EXPERTS</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>61</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="93%"><FONT SIZE=2>WHERE YOU CAN FIND MORE INFORMATION</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>63</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="93%"><FONT SIZE=2>INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>64</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
should rely only on the information contained 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 to sell these securities in any jurisdiction where the offer is not permitted. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
prospectus is based on information provided by us and by other sources that we believe are reliable. We cannot assure you that any information provided by other sources is accurate
or complete. This prospectus summarizes certain documents and other information and we refer you to them for a more complete understanding of what we discuss in this prospectus. In making an
investment decision, you must rely on your own examination of our company and the terms of this offering and the notes, including the merits and risks involved. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are not making any representation to any purchaser of the notes regarding the legality of an investment in the notes by such purchaser under any legal investment or similar laws or
regulations. You should not consider any information in this prospectus to be legal, business or tax advice. You should consult your own attorney, business advisor and tax advisor for legal, business
and tax advice regarding an investment in the notes. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consent
under the Exchange Act of 1972 (and its related regulations) has been obtained from the Bermuda Monetary Authority for the issue and transfer of our common shares to and between
residents of Bermuda for exchange control purposes provided our shares remain listed on an appointed stock exchange, which includes the New York Stock Exchange. In granting such consent, the Bermuda
Monetary Authority does not accept any responsibility for our financial soundness or the correctness of any of the statements made or opinions expressed in this prospectus or the registration
statement of which this prospectus forms a part. </FONT></P>

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

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<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;References
in this prospectus to "Bunge Limited Finance" mean Bunge Limited Finance Corp., and references to "Bunge Limited," "Bunge," "we," "us" and "our" refer to Bunge Limited and its
consolidated subsidiaries, including Bunge Limited Finance, unless the context otherwise indicates. </FONT></P>

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

<HR NOSHADE>
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NAME="page_bi4582_1_3"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="bi4582_cautionary_statement_co__bi402447"> </A>
<A NAME="toc_bi4582_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 we refer to as our 2002 Annual Report and 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, as well as in the information 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>iii</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ca4582_summary"> </A>
<A NAME="toc_ca4582_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 is qualified in its entirety by the more detailed information included elsewhere or incorporated by reference in
this prospectus. Because this is a summary, it may not contain all the information that may be important to you. You should read the entire prospectus, as well as the information incorporated herein
by reference, before making an investment decision.</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 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 notes offered hereby when due and
payable. In addition, in certain circumstances, the notes are convertible into common shares of Bunge Limited. 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;
<BR><BR></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;
<BR><BR></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;
<BR><BR></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
<BR><BR></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 ALIGN="CENTER"><FONT SIZE=2>1</FONT></P>

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<BR>

<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 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 the first quarter of 2003.</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="13%" 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="13%" 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><BR><FONT SIZE=2><B>Consolidated Statement of Income Data</B></FONT><FONT SIZE=2>:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&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>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>4,884</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" 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="13%" 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="13%" 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="13%" 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="13%" 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="13%" 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="13%" 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="13%" 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="13%" 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="13%" 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="13%" 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="13%" 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="13%" 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="13%" 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="13%" 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 $6 (2002) (1)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(23</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Net income</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>40</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>13</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Earnings per common share&#151;basic:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="62%"><FONT SIZE=2>Income from continuing operations</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>.40</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>.42</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="62%"><FONT SIZE=2>Cumulative effect of change in accounting principles</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(.27</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="62%"><FONT SIZE=2>Net income per share</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" 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="13%" 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="13%" 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="13%" ALIGN="RIGHT"><FONT SIZE=2>85,580,221</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<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 ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

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<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 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>

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

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<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 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; however, our consolidated financial statements for the year ended
December&nbsp;31, 2002 do not 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 Solae,
the joint venture we have entered into with E.I&nbsp;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 ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

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<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, 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.
Bunge expects 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 S.A., which was sold to McCormick in August 2000. Under the settlement agreement, Cereol has paid McCormick &euro;49.6&nbsp;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><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>

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<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>

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NAME="page_cc4582_1_6"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="cc4582_the_offering"> </A>
<A NAME="toc_cc4582_1"> </A>
<BR></FONT><FONT SIZE=2><B>THE OFFERING    <BR>  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><I>Issuer</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2>Bunge Limited Finance.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><I><BR>
Guarantor</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><I><BR>&nbsp;</I></FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
Bunge Limited.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><I><BR>
Notes</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><I><BR>&nbsp;</I></FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
Bunge Limited Finance issued $250,000,000 aggregate principal amount of 3<SUP>3</SUP>/<SMALL>4</SMALL>% Convertible Notes Due 2022 in a private placement in November&nbsp;2002. The selling securityholders identified in this prospectus may offer from
time to time up to $206,276,000 of notes and common shares issuable upon conversion of the notes.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><I><BR>
Maturity Date</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><I><BR>&nbsp;</I></FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
November 15, 2022.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><I><BR>
Interest</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><I><BR>&nbsp;</I></FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
3<SUP>3</SUP>/<SMALL>4</SMALL>% per annum, payable semi-annually in arrears on May&nbsp;15 and November&nbsp;15, commencing on May&nbsp;15, 2003.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><I><BR>
Ranking</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><I><BR>&nbsp;</I></FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
The notes are unsecured and unsubordinated obligations of Bunge Limited Finance and 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="49%"><FONT SIZE=2><I><BR>
Guarantee</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><I><BR>&nbsp;</I></FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
All payments on the notes, including principal and interest, are fully, unconditionally and irrevocably guaranteed by Bunge Limited. Bunge Limited's guarantee ranks equally in right of payment with its other unsecured and unsubordinated indebtedness
and guarantees.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><I><BR>
Conversion Rights</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><I><BR>&nbsp;</I></FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
Holders may convert their notes in only the following circumstances:</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><I><BR>
&nbsp;</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><I><BR>&nbsp;</I></FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
(1)&nbsp;&nbsp;&nbsp;&nbsp;during any calendar quarter commencing after December 31, 2002, if the closing sale price of the common shares of Bunge Limited, for at least 20 trading days in the 30 consecutive trading day period ending on the last
trading day of the immediately preceding calendar quarter, is more than 120% of the applicable conversion price per common share of Bunge Limited on such last trading day of the preceding calendar quarter;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><I><BR>
&nbsp;</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><I><BR>&nbsp;</I></FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
(2)&nbsp;&nbsp;&nbsp;&nbsp;notes called for redemption may be surrendered for conversion until the close of business on the second business day immediately preceding the redemption date;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="49%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><I><BR>&nbsp;</I></FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><I><BR>
&nbsp;</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><I><BR>&nbsp;</I></FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
(3)&nbsp;&nbsp;&nbsp;&nbsp;during any period after December 15, 2002 that the long-term credit rating assigned to the notes by either Standard &amp; Poor's Credit Market Services, a division of The McGraw-Hill Companies, Moody's Investor Services,
Inc. or Fitch Ratings (or any successors to these entities) is "BB," "Ba2" or "BB," respectively, or lower, or if any of these rating agencies no longer rates the notes, or if any of these rating agencies suspends or withdraws the rating assigned to
the notes; or</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><I><BR>
&nbsp;</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><I><BR>&nbsp;</I></FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
(4)&nbsp;&nbsp;&nbsp;&nbsp;upon the occurrence of specified corporate transactions, including the making by Bunge Limited of a significant distribution to holders of its common shares or Bunge Limited being a party to specified consolidations,
mergers, amalgamations or transfers of all or substantially all of its properties and assets, as described under "Description of the Notes&#151;Conversion Rights."</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><I><BR>
&nbsp;</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><I><BR>&nbsp;</I></FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
The initial conversion rate will be 31.1137 common shares of Bunge Limited for each $1,000 principal amount of notes converted (equivalent to an initial conversion price of approximately $32.1402 per common share based on the issue price of the
notes). The conversion rate may be adjusted for certain reasons, but will not be adjusted for accrued interest. Upon conversion, holders will not receive any cash payment representing accrued interest except in the limited circumstances described
under "Description of the Notes&#151;Conversion Rights." Instead, accrued and unpaid interest will be deemed paid by the common shares of Bunge Limited (or cash in lieu of such shares) received by holders on conversion.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><I><BR>
&nbsp;</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><I><BR>&nbsp;</I></FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
The ability to surrender notes for conversion will expire at the close of business on November 15, 2022.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><I><BR>
Sinking Fund</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><I><BR>&nbsp;</I></FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
None.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><I><BR>
Redemption of Notes at Option of Bunge Limited Finance</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><I><BR>&nbsp;</I></FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
On or after November 22, 2005, Bunge Limited Finance may redeem for cash all or any portion of the notes, upon not less than 30 nor more than 60 days notice by mail to holders of the notes. Bunge Limited Finance will pay the redemption prices as set
forth in this prospectus, plus any accrued and unpaid interest to the redemption date. See "Description of the Notes&#151;Redemption of Notes at Option of Bunge Limited Finance."</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="49%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><I><BR>&nbsp;</I></FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- insert table folio -->
<P ALIGN="CENTER"><FONT SIZE=2>7</FONT></P>

<HR NOSHADE>
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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><I><BR>
Purchase of Notes at Option of the Holder</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><I><BR>&nbsp;</I></FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
Holders of notes have the right to require Bunge Limited Finance to purchase all or any portion of their notes on November 15, 2007, November 15, 2012 and November 15, 2017 at a purchase price equal to 100% of the principal amount of the notes to be
purchased, plus any accrued and unpaid interest to the purchase date. We may choose to pay the purchase price in cash, common shares or a combination of cash and common shares. If we elect to pay all or part of the purchase price in common shares, we
will so notify holders not less than 30 business days prior to the relevant purchase date.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><I><BR>
Purchase of Notes at Option of Holder Upon Change of Control</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><I><BR>&nbsp;</I></FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
Upon a change of control, as defined in the indenture, on or prior to November&nbsp;15, 2007, each holder of notes will have the option to require Bunge Limited Finance to purchase for cash all or any portion of such holder's notes not previously
called for redemption. Bunge Limited Finance will pay a purchase price equal to 100% of the principal amount of the notes to be purchased, plus any accrued and unpaid interest to the purchase date.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><I><BR>
Covenants</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><I><BR>&nbsp;</I></FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
The indenture contains certain 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 limit the ability of Bunge Limited to merge, amalgamate or consolidate or sell all or substantially all of its assets. These limitations are subject to a number of important qualifications and exceptions. See "Description of
the Notes&#151;Covenants."</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><I><BR>
DTC Eligibility</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><I><BR>&nbsp;</I></FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
The notes have been issued only in book-entry form, which means that they are represented by one or more permanent global securities registered in the name of The Depository Trust Company, or DTC. The global securities have been deposited with the
trustee as custodian for DTC.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><I><BR>
Taxation</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><I><BR>&nbsp;</I></FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
Prospective investors should carefully review the information regarding tax considerations relevant to an investment in the notes under "Taxation" and are also urged to consult their own tax advisors prior to investing in the notes.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="49%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><I><BR>&nbsp;</I></FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>8</FONT></P>

<HR NOSHADE>
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<A NAME="page_cc4582_1_9"> </A>
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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><I><BR>
Trading</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><I><BR>&nbsp;</I></FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
The notes have not been listed on any securities exchange or included in any automated quotation system. The notes issued in the initial placement are eligible for trading in PORTAL. Notes sold using this prospectus, however, will no longer be
eligible for trading in the PORTAL system. The common shares of Bunge Limited are listed on the New York Stock Exchange under the symbol "BG."</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><I><BR>
Use of Proceeds</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><I><BR>&nbsp;</I></FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
Bunge Limited Finance and Bunge Limited will not receive any of the proceeds from the sale by any selling securityholder of the notes or the common shares issuable upon conversion of the notes.</FONT></TD>
</TR>
</TABLE>
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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
a more complete description of the terms of the notes, see "Description of the Notes." For a more complete description of the common shares, see "Description of Share Capital." </FONT></P>

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

<HR NOSHADE>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_ce4582_1_10"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ce4582_consolidated_ratio_of_e__ce402297"> </A>
<A NAME="toc_ce4582_1"> </A>
<BR></FONT><FONT SIZE=2><B>CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES<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 -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="61%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><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="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER"><FONT SIZE=1><B>2002</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER"><FONT SIZE=1><B>2001</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER"><FONT SIZE=1><B>2000</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER"><FONT SIZE=1><B>1999</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" 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="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>3.3x</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>1.9x</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>1.3x</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>0.9x</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>1.8x</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>10</FONT></P>

<HR NOSHADE>
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NAME="page_de4582_1_11"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="de4582_risk_factors"> </A>
<A NAME="toc_de4582_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 investing in the 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 Related to the Offering  </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 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 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
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 the 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 will depend upon funds from our subsidiaries to meet our obligations under the guarantee of the 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 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 laws of its jurisdiction or for any other reason, then the claims of the master trust
for the benefit of the holders of the 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>11</FONT></P>

<HR NOSHADE>
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<A NAME="page_de4582_1_12"> </A>
<BR>

<P><FONT SIZE=2><B><I>An active trading market for the notes may not develop.</I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to the initial placement of the notes, there was no trading market for the notes. Although the broker dealers that acted as initial purchasers when the notes were initially issued
have advised us that they currently intend to make a market in the notes, they are not obligated to do so, and any market-making with respect to the notes may be discontinued at any time without
notice. In addition, their market-making activity may be subject to the limits imposed by the Securities Act and the Exchange Act. Accordingly, we cannot provide you with any assurance regarding
whether a trading market for the notes will develop or as to the liquidity or sustainability of any such market, the ability of holders to sell their notes or the price at which holders may be able to
sell their notes. If a market were to develop, the notes could trade at prices that may be higher or lower than the offering price depending on many factors, including prevailing interest rates, our
financial performance, developments in the industries in which we conduct business, changes in the overall market for investment grade securities and changes in the market price of our common shares.
If no active trading market develops, you may not be able to resell your notes at their fair market value or at all. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
notes issued in the initial placement are eligible for trading on the PORTAL Market. Notes sold using this prospectus, however, will no longer be eligible for trading in the PORTAL
system. We have not listed, and do not intend to list, the notes on any national securities exchange or automated quotation system. </FONT></P>

<P><FONT SIZE=2><B><I>The market price and value of the notes will be significantly affected by the price of our common shares and other features of the notes.</I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
anticipate that the market price of the notes will be significantly affected by the market price of our common shares and will be subject to greater volatility than our nonconvertible
debt securities. Some of the factors that may affect the trading price of our common shares include our operating results and future prospects, whether we or another person issues securities like the
notes, or issues or sells a large number of our common shares, conditions in the capital markets generally and political, financial and economic conditions in the countries and markets where we
operate. In addition, the notes have a number of features, including conditions to conversion of the notes, which, if not satisfied, could result in the holder of any note receiving less than the
value of the common shares into which that note otherwise is convertible. These features could adversely affect the market price and value of the notes. </FONT></P>

<P><FONT SIZE=2><B><I>Conversion of the notes into common shares of Bunge Limited may require U.S. holders to recognize taxable gains or losses.</I></B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the conversion of a note into common shares of Bunge Limited, a U.S. holder generally will be required to recognize taxable gain or loss equal to the difference between the fair
market value of the common shares received upon such conversion and such holder's adjusted tax basis in the note being converted. Prospective investors should carefully review the information
regarding tax considerations relevant to an investment in the notes set forth under "Taxation" and are also urged to consult their own tax advisors prior to investing in the notes. </FONT></P>

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

<HR NOSHADE>
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NAME="page_dg4582_1_13"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg4582_capitalization_and_indebtedness"> </A>
<A NAME="toc_dg4582_1"> </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=2 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<BR>
December 31, 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=2 ALIGN="CENTER"><FONT SIZE=1><B>(US$ in millions,<BR>
except 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>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="18%" ALIGN="RIGHT"><FONT SIZE=2>470</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Debt:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%"><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>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="18%" ALIGN="RIGHT"><FONT SIZE=2>1,499</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2><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="18%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="73%"><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="18%" ALIGN="RIGHT"><FONT SIZE=2>310</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="73%"><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="18%" ALIGN="RIGHT"><FONT SIZE=2>1,144</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="73%"><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="18%" ALIGN="RIGHT"><FONT SIZE=2>200</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="73%"><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="18%" ALIGN="RIGHT"><FONT SIZE=2>250</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="73%"><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="18%" ALIGN="RIGHT"><FONT SIZE=2>1,904</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Redeemable preferred stock</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>171</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="18%" ALIGN="RIGHT"><FONT SIZE=2>324</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Shareholders' equity:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%"><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>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="18%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2><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="18%" ALIGN="RIGHT"><FONT SIZE=2>1</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><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="18%" ALIGN="RIGHT"><FONT SIZE=2>1,999</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2><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="18%" ALIGN="RIGHT"><FONT SIZE=2>(55</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><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="18%" ALIGN="RIGHT"><FONT SIZE=2>653</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2><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="18%" ALIGN="RIGHT"><FONT SIZE=2>(1,126</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="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="73%"><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="18%" ALIGN="RIGHT"><FONT SIZE=2>1,472</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="73%"><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="18%" ALIGN="RIGHT"><FONT SIZE=2>5,370</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>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>13</FONT></P>

<HR NOSHADE>
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<A NAME="page_dg4582_1_14"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg4582_use_of_proceeds"> </A>
<A NAME="toc_dg4582_2"> </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;The selling securityholders will receive all of the net proceeds from the sale of the notes and the common shares sold under this prospectus. Bunge Limited
Finance and Bunge Limited will not receive any of the proceeds from sales by the selling securityholders of the notes and the common shares. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>14</FONT></P>

<HR NOSHADE>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_di4582_1_15"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="di4582_price_range_of_our_common_shares"> </A>
<A NAME="toc_di4582_1"> </A>
<BR></FONT><FONT SIZE=2><B>PRICE RANGE OF OUR COMMON SHARES    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our common shares are listed on the New York Stock Exchange under the symbol "BG." On April&nbsp;29, 2003, the last reported closing price of our common shares
on the New York Stock Exchange was $28.66 per share. The following table sets forth, for the periods indicated, the high and low closing prices of our common shares as reported on the New York Stock
Exchange. </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>High</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Low</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><B>2001:</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><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="7%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>Full year (from August 2, 2001)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>24.15</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>15.85</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Third quarter (from August 2, 2001)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>18.25</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>15.85</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Fourth quarter</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>24.15</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>15.95</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=3><BR><FONT SIZE=2><B>2002:</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>Full year</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>26.00</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>17.79</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>First quarter</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>24.00</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>18.60</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Second quarter</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>23.88</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>19.65</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Third quarter</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>24.20</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>17.79</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Fourth quarter</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>26.00</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>21.77</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="72%"><FONT SIZE=2>October</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>25.73</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>22.42</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="72%"><FONT SIZE=2>November</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>26.00</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>23.27</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="72%"><FONT SIZE=2>December</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>24.06</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>21.77</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=3><BR><FONT SIZE=2><B>2003:</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>First quarter</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>27.30</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>23.90</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>January</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>27.30</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>23.90</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>February</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>26.21</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>25.06</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>March</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>25.55</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>24.41</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>Second quarter (through April 29)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>28.66</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>24.73</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>April (through April 29)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>28.66</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>24.73</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>15</FONT></P>

<HR NOSHADE>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_dk4582_1_16"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dk4582_description_of_notes"> </A>
<A NAME="toc_dk4582_1"> </A>
<BR></FONT><FONT SIZE=2><B>DESCRIPTION OF NOTES    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge Limited Finance issued the notes under an indenture dated as of November&nbsp;27, 2002, among Bunge Limited Finance, as issuer, Bunge Limited, as
guarantor, and The Bank of New York, as trustee. The terms of the 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. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
description of the notes is intended to be a useful overview of the material provisions of the 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 Securities and Exchange Commission, or 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>

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

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>are
limited to an aggregate principal amount of $250,000,000 (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 November&nbsp;15, 2022;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>are
convertible into common shares of Bunge Limited in the circumstances set forth under "&#151;Conversion Rights," at an initial conversion rate of
31.1137 common shares of Bunge Limited for each $1,000 principal amount of notes;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>are
redeemable at the option of Bunge Limited Finance on and after November&nbsp;22, 2005, as described under "&#151;Redemption of Notes at Option
of Bunge Limited Finance";
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>are
subject to purchase at the option of the holders on November&nbsp;15, 2007, November&nbsp;15, 2012 and November&nbsp;15, 2017, as described under
"&#151;Purchase of Notes at Option of Holder";
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>are
subject to purchase at the option of the holders upon a Change of Control on or before November&nbsp;15, 2007, as described under
"&#151;Purchase of Notes at Option of Holder Upon Change of Control";
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>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>are
fully, unconditionally and irrevocably guaranteed by Bunge Limited, which guarantee ranks 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>were
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>are
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>
</UL>

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

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>accrues
at a rate of 3<SUP>3</SUP>/<SMALL>4</SMALL>% per annum;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>accrues
from the date of issuance or 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>is
payable in cash semi-annually in arrears on May&nbsp;15 and November&nbsp;15 of each year, commencing on May&nbsp;15, 2003; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>16</FONT></P>

<HR NOSHADE>
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<A NAME="page_dk4582_1_17"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>is
payable to the holders of record on the May&nbsp;1 and November&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>is
computed on the basis of a 360-day year comprised of twelve 30-day months. </FONT></DD></DL>
</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 notes is payable, and the notes may be exchanged or transferred, at the office or agency maintained by Bunge
Limited Finance for such purpose (which is currently 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 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 note. If any of the notes are no longer represented by global notes, payment of interest on the 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 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 notes, but Bunge Limited 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 note selected for redemption for a period of 15&nbsp;days before a selection of notes to be redeemed. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
registered holder of a note is 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, and interest on the 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 notes will thereafter look solely to Bunge Limited Finance for payment. </FONT></P>


<P><FONT SIZE=2><B>Conversion Rights  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the conditions described below, holders may convert their notes into common shares of Bunge Limited. The initial conversion rate is 31.1137 common
shares of Bunge Limited per $1,000 principal amount of notes (equivalent to an initial conversion price of approximately $32.1402 per common share based on the issue price of the notes), subject to
adjustment upon the occurrence of certain events described below. The conversion rate and the equivalent conversion price in effect at any given time are referred to as the "applicable conversion
rate" and the "applicable conversion price," respectively. A holder may convert a portion of such holder's notes so long as the notes converted are an integral multiple of $1,000 principal amount. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders
may surrender their notes for conversion into common shares of Bunge Limited prior to stated maturity in only the following circumstances: </FONT></P>

<UL>

<P><FONT SIZE=2><B><I>Conversion Based on Sale Price of Common Shares of Bunge Limited</I></B></FONT><FONT SIZE=2>&#151;A holder may surrender any of its notes for conversion into common shares
of Bunge Limited during any calendar quarter commencing after December&nbsp;31, 2002 if the closing sale price of the common shares of Bunge Limited for at least 20 trading days in the 30
consecutive trading day period ending on the last trading day of the immediately preceding calendar quarter exceeds 120% of the applicable conversion price per common share of Bunge Limited on such
last trading day of the preceding calendar quarter. </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>17</FONT></P>

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<UL>

<P><FONT SIZE=2><B><I>Conversion upon Notice of Redemption</I></B></FONT><FONT SIZE=2>&#151;A holder may surrender for conversion any note called for redemption at any time prior to the close of
business on the second business day immediately preceding the redemption date, even if it is not otherwise convertible at such time, unless Bunge Limited Finance defaults in making the payment due on
the redemption date, in which case the conversion right shall terminate at the close of business on the date such default is cured and such payment is made. </FONT></P>

<P><FONT SIZE=2><B><I>Conversion upon Credit Ratings Event</I></B></FONT><FONT SIZE=2>&#151;A holder may surrender any of its notes for conversion during any period after December&nbsp;15,
2002, in which the long-term credit rating assigned to the notes by any of Standard&nbsp;&amp; Poor's, Moody's or Fitch (or any successors to these entities) is "BB," "Ba2" or "BB,"
respectively, or lower, or if any of these rating agencies no longer rates the notes, or if any of these rating agencies suspends or withdraws the rating assigned to the notes. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>Conversion upon Specified Corporate Transactions</I></B></FONT><FONT SIZE=2>&#151;If Bunge Limited elects to: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>distribute
to all or substantially all holders of its common shares any rights or warrants entitling them to purchase common shares of Bunge Limited at less
than the average of the closing sale prices of a common share for the 10 consecutive trading days ending on the trading day immediately preceding the declaration date for such distribution; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>distribute
to all holders of common shares of Bunge Limited its debt, securities or assets, or any rights, warrants or options to purchase its securities,
which distribution has a per share value exceeding 10% of the average of the closing sale prices of a common share of Bunge Limited for the 10 consecutive trading days ending on the trading day
immediately preceding the declaration date for such distribution, </FONT></DD></DL>
</UL>
<UL>

<P><FONT SIZE=2>Bunge
Limited Finance must notify the holders of the notes at least 20&nbsp;days prior to the "ex-dividend time" (as defined in the indenture) for such distribution. Once such notice has
been given, holders may surrender their notes for conversion at any time until the earlier of the close of business on the business day immediately preceding the ex-dividend time or the
announcement that such distribution will not take place; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that a holder may not
exercise this right to convert if the holder may participate in the distribution without converting its notes. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, if Bunge Limited is a party to a consolidation, merger, amalgamation or sale or transfer of all or substantially all its properties and assets pursuant to which common
shares of Bunge Limited would be converted into cash, securities or other property, a holder may surrender notes for conversion at any time from and after the date that is 15&nbsp;days prior to the
date that is announced as the anticipated effective date of the transaction until 15&nbsp;days after the actual effective date of such transaction. If Bunge Limited is a party to a consolidation,
merger or amalgamation pursuant to which its common shares are converted into cash, securities or other property, then at the effective time of the transaction, the right to convert a note for common
shares of Bunge Limited will be changed into a right to convert, without the consent of any holders of the notes, such note for the kind and amount of cash, securities or other property that the
holder would have received if the holder had converted its notes immediately prior to the transaction. This assumes that a holder of notes would not have exercised any rights of election as to the
consideration receivable in connection with such transaction. If the transaction also constitutes a Change of Control, as defined below, a holder can require Bunge Limited Finance to purchase all or a
portion of its notes as described below under "&#151;Purchase of Notes at Option of Holders Upon Change of Control." </FONT></P>

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

<HR NOSHADE>
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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
Bunge Limited Finance nor Bunge Limited will make any payment or other adjustment for accrued interest on the notes or dividends on any common shares of Bunge Limited issued upon
conversion of the notes. If any notes are converted during the period after any record date for the payment of an installment of interest but before the next interest payment date, interest on such
notes will be paid on the next interest payment date, notwithstanding such conversion, to the holder of record on the record date of those notes. However, any notes that are delivered to Bunge Limited
Finance for conversion after any record date but before the next interest payment date must be accompanied by a payment equal to the interest payable on such interest payment date on the principal
amount of notes being converted. No fractional common shares will be issued upon conversion, but a cash payment will be made for any fractional common shares, or such fraction will be rounded up to
the nearest whole number. The cash payment for fractional common shares will be based on the closing sale price of the common shares of Bunge Limited on the trading day immediately prior to the
conversion date. Delivery of common shares of Bunge Limited will be deemed to satisfy Bunge Limited Finance's obligation to pay the principal amount of the notes, plus accrued and unpaid interest.
Accrued and unpaid interest will be deemed paid in full rather than canceled, extinguished or forfeited. The conversion rate will not be adjusted to account for the accrued interest, if any. The
trustee initially will act as the conversion agent. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a holder wishes to exercise its conversion right, such holder must (1)&nbsp;deliver an irrevocable conversion notice, together with the certificated note (if the notes are in
certificated form) and the appropriate endorsements and transfer documents, to the conversion agent who will, on the holder's behalf, convert the notes for common shares of Bunge Limited and
(2)&nbsp;pay any applicable transfer or similar taxes. Holders may obtain copies of the required form of the conversion notice from the conversion agent or the trustee. Beneficial owners of
interests in global notes representing the notes wishing to convert such interests should deliver to DTC the appropriate instruction forms for conversion pursuant to DTC's conversion program. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a holder has delivered a purchase notice (as described under "&#151;Purchase of the Notes at the Option of the Holder") or surrendered its notes in connection with a Change of
Control, however, the holder may not surrender those notes for conversion until the holder has withdrawn the notice or its notes in accordance with the indenture. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
conversion rate will be subject to adjustment upon the following events: </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>the
payment of dividends or the making of other distributions to all holders of common shares of Bunge Limited payable exclusively in common shares of Bunge Limited;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>the
distribution to all holders of common shares of Bunge Limited of rights or warrants entitling them to purchase common shares of Bunge Limited at a price per share less than the
Average Sale Price (as defined in the indenture) as of the Time of Determination (as defined in the indenture);
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>subdivisions,
combinations or reclassifications of the common shares of Bunge Limited;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD><FONT SIZE=2>the
distribution to all holders of common shares of Bunge Limited of its debt, securities or assets, or any rights, warrants or options to purchase its securities (including cash, but
excluding distributions of common shares of Bunge Limited referred to in clause&nbsp;(1) above, distributions of rights or warrants referred to in clause&nbsp;(2) above, and dividends and
distributions of cash referred to in clause&nbsp;(5) below); </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>19</FONT></P>

<HR NOSHADE>
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<A NAME="page_dk4582_1_20"> </A>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD><FONT SIZE=2>the
payment of dividends or the making of other distributions consisting exclusively of cash (excluding any cash portion of distributions referred to in clause&nbsp;(4) above, or
cash distributed upon a merger, amalgamation or consolidation to which the third full paragraph of this "Conversion Rights" section applies) to all holders of common shares of Bunge Limited in an
aggregate amount that, combined together with (a)&nbsp;other such all-cash distributions made within the preceding 12&nbsp;months in respect of which no adjustment to the conversion
rate has been made and (b)&nbsp;any cash and the fair market value of other consideration payable in respect of any tender offer by Bunge Limited or any of its subsidiaries for all or any portion of
the common shares of Bunge Limited concluded within the preceding 12&nbsp;months in respect of which no adjustment to the conversion rate has been made, exceeds 10% of the market capitalization of
Bunge Limited (being the product of the current market price of the common shares of Bunge Limited and the number of common shares of Bunge Limited outstanding) on the record date for such
distribution;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(6)</FONT></DT><DD><FONT SIZE=2>the
successful completion of a tender or exchange offer made by Bunge Limited or any of its subsidiaries for common shares of Bunge Limited that involves an aggregate consideration
that, together with (a)&nbsp;any cash and the fair market value of any other consideration payable in respect of a tender offer by Bunge Limited or any of its subsidiaries for common shares of Bunge
Limited consummated within the 12&nbsp;months preceding the expiration of such tender offer in respect of which no adjustment has been made and (b)&nbsp;the aggregate amount of any
all-cash distributions referred to in clause&nbsp;(5) above to all holders of common shares of Bunge Limited within the 12&nbsp;months preceding the expiration of such tender offer in
respect of which no adjustments have been made, exceeds 10% of the market capitalization of Bunge Limited on the business day immediately preceding the expiration of such tender offer; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(7)</FONT></DT><DD><FONT SIZE=2>the
successful completion of a tender or exchange offer made by a person other than Bunge Limited or any of its subsidiaries for common shares of Bunge Limited, of which our Board of
Directors is not recommending rejection as of the closing date of the offer, and that involves an aggregate consideration that, together with (a)&nbsp;any cash and the fair market value of any other
consideration payable in respect of a tender offer by such person for common shares of Bunge Limited consummated within the 12&nbsp;months preceding the expiration of such tender offer in respect of
which no adjustment has been made and (b)&nbsp;the aggregate amount of any all-cash distributions referred to in clause&nbsp;(5) above to all holders of common shares of Bunge Limited
within the 12&nbsp;months preceding the expiration of such tender offer in respect of which no adjustments have been made, exceeds 10% of the market capitalization of Bunge Limited on the business
day immediately preceding the expiration of such tender offer. However, the adjustment referred to in this clause&nbsp;(7) will generally not be made if as of the closing date of the offer, the
offering documents disclose a plan or an intention to cause Bunge Limited to engage in a consolidation or a merger or amalgamation or a sale of all or substantially all of the assets of Bunge Limited. </FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the rights plan described under "Description of Share Capital&#151;Shareholder Rights Plan," or any additional or subsequent rights plan that Bunge Limited may adopt, is
triggered, holders of the notes will be entitled to receive the rights provided that the notes are converted into common shares prior to the distribution of the separate certificate representing the
rights. There will not be any adjustment to the conversion rate as a result of: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
issuance of the rights;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
distribution of separate certificates representing the rights;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
exercise or redemption of the rights in accordance with any rights plan; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
termination or invalidation of the rights. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>20</FONT></P>

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<UL>
<UL>
</UL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
adjustments to be made upon the occurrence of the events described in clauses (2)&nbsp;and (4)&nbsp;above will not be made if the holders of the notes may participate in the
distribution without conversion on a basis and with notice that our Board of Directors determines to be fair and appropriate in light of the basis and notice on which holders of common shares of Bunge
Limited participate in the distribution. The indenture also provides that if rights, warrants or options expire unexercised, the conversion rate will be readjusted to take into account the actual
number of warrants, rights or options that were exercised. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that a transaction described above under "&#151;Conversion upon Specified Corporate Transactions" occurs, it could reduce substantially, or even eliminate, the value
of the conversion right associated with the notes in the future. For example, if Bunge Limited were acquired in a cash merger, each note would become convertible solely into cash and no longer would
be convertible into securities whose value would vary depending on our future prospects and other factors. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will be permitted to make such increases in the conversion rate as our Board of Directors, in its discretion, determines to be advisable in order that any shares dividend or bonus
issue, subdivision of shares, distribution of rights to purchase shares or securities, or distribution of securities convertible into or exchangeable for shares made by Bunge Limited to its
shareholders will not be taxable to the recipients. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may increase the conversion rate for any period of at least 20&nbsp;days, upon at least 15&nbsp;days' notice, so long as the increase is irrevocable during the period. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any action would require adjustment of the conversion rate under more than one of the provisions described above, only one adjustment will be made and that adjustment will be the
amount of adjustment that has the highest absolute value to the holders of the notes. No adjustment in the conversion rate will be required unless the adjustment would require an increase or decrease
of at least one percent of the applicable conversion rate. If the adjustment is not made because the adjustment does not change the applicable conversion rate by more than one percent, then the
adjustment that is not made will be carried forward and taken into account in any future adjustment. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as specifically described above, the conversion rate will not be subject to adjustment in the case of the issuance of any common shares of Bunge Limited, or securities convertible
into or convertible for common shares of Bunge Limited. </FONT></P>

<P><FONT SIZE=2><B>Redemption of Notes at Option of Bunge Limited Finance  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to November&nbsp;22, 2005, the notes will not be redeemable at the option of Bunge Limited Finance. On or after November&nbsp;22, 2005, the notes will
be redeemable for cash at the option of Bunge Limited Finance, at any time in whole or from time to time in part, at the redemption prices set forth below, plus accrued and unpaid interest to the date
of redemption. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the notes are redeemed during the period beginning on November&nbsp;22, 2005 and ending on November&nbsp;14, 2006, the redemption price will be $1,015 for each $1,000 principal
amount of notes. If the notes are redeemed during the period beginning on November&nbsp;15, 2006 and ending on November&nbsp;14, 2007, the redemption price will be $1,007.50 for each $1,000
principal amount of notes. The redemption price will be $1,000 for each $1,000 principal amount of notes in the case of any redemption of notes on or after November&nbsp;15, 2007. </FONT></P>

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

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<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 notes. If less than all the notes are redeemed at any time, the trustee will select notes on a pro rata basis or by any other method the trustee deems fair and
appropriate. If the trustee selects a portion of a holder's notes for partial redemption, and the holder converts a portion of its notes, the converted portion will be deemed to be from the portion
selected for redemption. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event of any redemption in part, Bunge Limited Finance will not be required to: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>register
the transfer of or exchange any note during a period of 15&nbsp;days before any selection of notes for redemption; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>register
the transfer of or exchange any note so selected for redemption, in whole or in part, </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;except
the unredeemed portions of any note being redeemed in part. </FONT></P>


<P><FONT SIZE=2><B>Purchase of Notes at Option of Holder  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of the notes will have the right to require Bunge Limited Finance to purchase the notes on November&nbsp;15, 2007, November&nbsp;15, 2012 and
November&nbsp;15, 2017 (each, a "specified purchase date"). Bunge Limited Finance may choose to pay the purchase price in cash, common shares or a combination of cash and common shares. Bunge
Limited Finance will be required to purchase any outstanding notes for which a holder properly delivers and does not withdraw a written purchase notice to the paying agent. Holders may submit their
written purchase notice to the paying agent at any time from the opening of business on the date that is 30 business days prior to the relevant specified purchase date until the close of business two
business days prior to the specified purchase date. If the purchase notice is withdrawn at any time prior to the close of business on the business day immediately preceding the specified purchase
date, Bunge Limited Finance will not be obligated to purchase the related notes. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
purchase price payable will be equal to 100% of the principal amount of the notes to be purchased, plus accrued and unpaid interest, if any, to the specified purchase date. Bunge
Limited Finance will, in all cases, pay any accrued and unpaid interest in cash. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
Bunge Limited Finance elects to pay the purchase price, in whole or in part, in common shares of Bunge Limited in lieu of cash, the number of common shares delivered by Bunge Limited
Finance will be equal to the portion of the purchase price to be paid in common shares of Bunge Limited divided by 97.5% of the market price of a common share of Bunge Limited. Bunge Limited Finance
will pay cash based on the market price for all fractional shares of common shares. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
market price of the common shares of Bunge Limited shall be an amount equal to the average of the closing prices of the common shares of Bunge Limited for the
20-trading-day period ending on the third business day prior to the applicable specified purchase date, or, if such business day is not a trading day, then on the last trading
day prior to such business day, appropriately adjusted to take into account any occurrence that would result in an adjustment of the conversion rate with respect to the common shares of Bunge Limited. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because
the market price of the common shares of Bunge Limited is determined prior to the applicable specified purchase date, holders of notes bear the market risk with respect to the
value of the common shares of Bunge Limited to be received from the date such market price is determined to such specified purchase date. </FONT></P>

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

<HR NOSHADE>
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<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge
Limited Finance will be required to give notice on a date not less than 30 business days prior to each specified purchase date to all holders of notes at their addresses shown in
the register of the registrar, and to beneficial owners as required by applicable law, stating among other things: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
amount of the purchase price;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>whether
Bunge Limited Finance will pay the purchase price of the notes in cash or common shares of Bunge Limited or any combination thereof, specifying the
percentages of each;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>if
Bunge Limited Finance elects to pay in common shares of Bunge Limited, a description of the calculation of the market price of the common shares of Bunge
Limited; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
procedures that holders must follow to require Bunge Limited Finance to purchase their notes. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
purchase notice given to the paying agent by a holder electing to require Bunge Limited Finance to purchase its notes must: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>if
the notes are in global form, comply with appropriate DTC procedures, or, if certificated notes have been issued, state the certificate numbers of the
notes;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>state
the portion of the principal amount of notes to be purchased, in multiples of $1,000;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>state
that the notes are to be purchased by Bunge Limited Finance pursuant to the applicable provisions of the notes and the indenture;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>in
the event Bunge Limited Finance elects, pursuant to the notice that Bunge Limited Finance is required to give, to pay the purchase price in common shares
of Bunge Limited, in whole or in part, but the purchase price is ultimately to be paid to the holder entirely in cash because any of the conditions to payment of the purchase price or portion of the
purchase price in common shares of Bunge Limited is not satisfied prior to the close of business on the specified purchase date, as described below, state whether the holder elects:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>to
withdraw the purchase notice as to some or all of the notes to which it relates; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>to
receive cash in respect of the entire purchase price for all notes or portions of notes subject to such purchase notice. </FONT></DD></DL>
</DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the purchase price for the notes subject to the purchase notice is ultimately to be paid to a holder entirely in cash because Bunge Limited Finance has not satisfied one or more of
the conditions to payment of the purchase price in common shares of Bunge Limited prior to the close of business on the specified purchase date, a holder shall be deemed to have elected to receive
cash in respect of the entire purchase price for all such notes unless such holder has properly notified Bunge Limited Finance of its election to withdraw the purchase notice. </FONT></P>

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

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<P><FONT SIZE=2><A
NAME="page_dm4582_1_24"> </A> </FONT> <FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A holder of notes may withdraw any purchase notice by a written notice of withdrawal delivered to the paying agent at any time prior to the close of business on the business day
immediately preceding the specified purchase date. The notice of withdrawal must: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>state
the principal amount of the notes to be withdrawn;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>if
the notes are in global form, comply with appropriate DTC procedures, or, if certificated notes have been issued, state the certificate numbers of the
notes to be withdrawn; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>state
the principal amount, if any, which remains subject to the original purchase notice. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge
Limited Finance's right to purchase notes, in whole or in part, with common shares of Bunge Limited is subject to Bunge Limited satisfying various conditions, including: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>listing
the common shares of Bunge Limited on the principal United States securities exchange on which the common shares of Bunge Limited are then listed or,
if not so listed, on Nasdaq;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
registration of the common shares of Bunge Limited under the Securities Act and the Exchange Act, if required; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
necessary qualification or registration under applicable state or other securities law or the availability of an exemption from such qualification and
registration. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
such conditions are not satisfied with respect to a holder prior to the close of business on the specified purchase date, Bunge Limited Finance will pay the purchase price of the
notes of the holder entirely in cash. Bunge Limited Finance may not change the form or components or percentages of components of consideration to be paid for the notes once Bunge Limited Finance has
given the notice that Bunge Limited Finance is required to give to holders of notes, unless the conditions to deliver Bunge Limited common shares are not satisfied. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with any purchase offer, Bunge Limited Finance will, if required, comply with the provisions of Rule&nbsp;14e-1 and any other tender offer rules under the
Exchange Act which may then be applicable. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
holder must either effect book-entry transfer or deliver the notes, together with necessary endorsements, to the office of the paying agent after delivery of the purchase
notice to receive payment of the purchase price. The holder will receive payment on the later of (1)&nbsp;the specified purchase date or (2)&nbsp;the time of book-entry transfer or the
delivery of the notes, as applicable. If the paying agent holds money or securities sufficient to pay the purchase price of the notes on the business day following the specified purchase date, then: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
notes will cease to be outstanding;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>interest
on the notes will cease to accrue; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>all
other rights of the holder with respect to the notes will terminate. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing procedure will apply regardless whether or not book-entry transfer of the notes is made or whether or not the notes are delivered to the paying agent. </FONT></P>

<P><FONT SIZE=2><B>Purchase of Notes at Option of Holder 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 on or prior to November&nbsp;15, 2007, each holder of notes will have the right to require Bunge Limited Finance to
repurchase all or any part of such holder's notes for cash pursuant to a Change of Control offer at a purchase price equal to 100% of the principal amount of the notes to be purchased, plus accrued
and unpaid interest to the date of purchase. </FONT></P>

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

<HR NOSHADE>
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<BR>

<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 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 notes purchased. The notice, delivery and withdrawal procedures are described in more detail under "&#151;Purchase
of Notes at Option of Holder." </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 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 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 notes in all respects, except for issue date, issue price and first payment of interest thereon. Additional notes issued in this manner will be consolidated with and will form&nbsp;a single
series with the previously outstanding notes. </FONT></P>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge Limited has fully, unconditionally and irrevocably guaranteed to each holder and the trustee the full and prompt payment of principal of and premium, if
any, and interest on the 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 notes are unsecured and unsubordinated indebtedness of Bunge Limited Finance and rank equally in right of payment with all other existing and future unsecured
and unsubordinated indebtedness of Bunge Limited Finance. </FONT></P>

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

<HR NOSHADE>
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<A NAME="page_dm4582_1_26"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
guarantee is an unsecured and unsubordinated obligation of Bunge Limited and ranks equally in right of payment with all other existing and future unsecured and unsubordinated
indebtedness and obligations of Bunge Limited. The guarantee effectively ranks 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 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 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 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 a covenant that limits the consolidation, merger, amalgamation and sale of assets by Bunge Limited. 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. The indenture does not require the maintenance of any
financial ratios or specified levels of net worth or liquidity. </FONT></P>

<UL>

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

</UL>

<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:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
issuance and sale of the notes;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
incurrence of other indebtedness ranking not greater than equal in right of payment with the notes;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
entering into of Hedge Agreements relating to the notes or such other indebtedness and having a notional amount not exceeding the aggregate principal
amount of the notes and such other indebtedness outstanding; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
use of the net proceeds from the issuance of the notes or such other indebtedness to make intercompany loans to the Bunge master trust as described under
"Description of Master Trust Structure;" </FONT></DD></DL>
</DD></DL>
</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 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; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>26</FONT></P>

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<UL>
<UL>
</UL>
<DL compact>
<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 notes. Modifications requiring consent include those that would subordinate the rights of the
series&nbsp;2002-1 variable funding certificate (under which Bunge Limited Finance has loaned the proceeds of the notes offered hereby) 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>
<UL>

<P><FONT SIZE=2><B><I> Limitation on Consolidation, Merger, Amalgamation and Sale of Assets by Bunge Limited  </I></B></FONT></P>

</UL>

<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>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>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 the date of the indenture (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
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>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></DD></DL>

<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 the date of the indenture (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 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 notes and which would not have been incurred or otherwise
suffered in the absence of such consolidation, merger, amalgamation or sale of assets; and
<BR><BR></FONT></DD><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 ALIGN="CENTER"><FONT SIZE=2>27</FONT></P>

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<UL>
<UL>
</UL>
</UL>
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P><FONT SIZE=2><A
NAME="page_do4582_1_28"> </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>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>the
default in any payment of interest or additional interest (as required by the registration rights agreement) on any note when due, continued for 30&nbsp;days;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>the
default in the payment of principal of, or premium, if any on, any note when due at its stated maturity, upon redemption, upon purchase by Bunge Limited Finance at the option of
the holder, upon declaration of acceleration or otherwise;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>the
failure to deliver common shares of Bunge Limited upon the due exercise of the conversion right in the notes by holders of notes to convert those notes into common shares of Bunge
Limited, continued for 15&nbsp;days;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD><FONT SIZE=2>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;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD><FONT SIZE=2>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;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(6)</FONT></DT><DD><FONT SIZE=2>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
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(7)</FONT></DT><DD><FONT SIZE=2>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></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
default under clause&nbsp;(4) 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 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;(4) after receipt of such notice. </FONT></P>

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

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<BR>

<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;(6) 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 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 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;(6) above occurs and is continuing, the principal of and premium, if any, and accrued and unpaid interest on all the
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 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 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 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 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 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 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 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 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 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 ALIGN="CENTER"><FONT SIZE=2>29</FONT></P>

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<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 or premium, if any, or interest on any 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 notes then outstanding under the indenture (including consents obtained in connection with a tender offer or exchange offer for the notes). However, without the consent of each
holder of an outstanding 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 notes whose holders must consent to an amendment of the indenture or the 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 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 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 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 note payable in money other than that stated in the 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 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 notes;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>adversely
affect the terms of the conversion right in any note;
<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 notes, on behalf of all holders of 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 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 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 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; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>30</FONT></P>

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<UL>
<UL>
</UL>
<DL compact>
<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 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 notes in addition to or in place of certificated notes; </FONT><FONT SIZE=2><I>provided, however</I></FONT><FONT SIZE=2>, that
the uncertificated 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 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 notes;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>secure
the 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
provisions with respect to the conversion rights in the notes upon the occurrence of an event of default described under
"&#151;Covenants&#151;Limitation on Consolidation, Merger, Amalgamation and Sale of Assets by 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;
<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 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>Calculations in Respect of Notes  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge Limited will be responsible for making all calculations called for under the notes. These calculations include, without limitation, determinations of the
sale prices of the common shares of Bunge Limited and the applicable conversion rate of the notes. Bunge Limited will make all these calculations in good faith and, absent manifest error, its
calculations will be final and binding on holders of the notes. Bunge Limited will provide a schedule of its calculations to the trustee and the conversion agent, and the trustee and the conversion
agent will be entitled to rely upon the accuracy of its calculations without independent verification. The trustee will forward Bunge Limited's calculations to any holder of the notes upon the request
of that holder. </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 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 notes and all other Indebtedness of Bunge Limited Finance ranking equal with or junior to the notes in right of payment are paid in full, including all interest and any premium thereon. </FONT></P>

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

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<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, paying agent and conversion agent with
regard to the notes. The address of The Bank of New York is 101 Barclay Street, 21<SUP>st</SUP>&nbsp;Floor West, New York, New York 10286. </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 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 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 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 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 noteholder is able to purchase with the amount such noteholder receives or recovers.
If the amount of U.S. dollars purchased by such noteholder is less than the amount expressed to be due to such noteholder, Bunge Limited will indemnify the 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>Registration Rights  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the private placement on November&nbsp;27, 2002, Bunge Limited Finance and Bunge Limited entered into a registration rights agreement with
the initial purchasers of the notes. In the registration rights agreement, Bunge Limited Finance and Bunge Limited agreed to use their reasonable best efforts to keep the registration statement of
which this prospectus is a part effective until all transfer restricted securities have ceased to be transfer restricted securities. For purposes hereof, "transfer restricted securities" means the
notes and the underlying common shares of Bunge Limited issuable upon the conversion of the notes, any securities into or for which such underlying common shares have been converted or exchanged, and
any security issued with respect thereto upon any share dividend, bonus issue, split, subdivision or similar event until, in the case of each security, the earlier to occur of (i)&nbsp;the date on
which that security has been effectively registered under the Securities Act and resold or otherwise disposed of in accordance with the shelf registration statement; and (ii)&nbsp;the date on which
that security is distributed to the public pursuant to Rule&nbsp;144 (or any successor provision) under the Securities Act or may be sold under Rule&nbsp;144(k) (or any successor provision) under
the Securities Act. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>32</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
any 365-day period, we have the ability to suspend the availability of the shelf registration statement and the use of this prospectus for up to four periods of up to
30 consecutive days, but no more than an aggregate of 90&nbsp;days during any 365-day period, if our board of directors determines in its reasonable judgment that there is a valid
purpose for the suspension. If the shelf registration statement ceases to be effective at any time that Bunge Limited Finance and Bunge Limited are obligated to maintain its effectiveness, except as
permitted during a suspension period as described above, a registration default will have occurred. In the event of a registration default, we have agreed to pay additional interest to each holder of
transfer restricted securities in an amount equal to 0.25% per annum of (1)&nbsp;in the case of the notes, the principal amount of the notes constituting transfer restricted securities held by the
holder and (2)&nbsp;in the case of common shares, an amount equal to the product of the conversion price applicable to the notes and the number of common shares constituting transfer restricted
securities held by the holder, in each case, 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 0.50%, until the registration default is cured. All accrued additional interest will be paid to holders in the same manner as interest payments on the
notes on semi-annual payment dates that correspond to interest payment dates for the notes. Additional interest only accrues during a registration default. </FONT></P>

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

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

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>with
respect to Bunge Limited, the occurrence of either of the following events:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>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
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>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></DD></DL>
</DD></DL>

<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>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>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></DD></DL>

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

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>all
obligations of such person for borrowed money;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>all
obligations of such person evidenced by bonds, debentures, notes or other similar instruments; </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>33</FONT></P>

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<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>all
obligations of such person to pay the deferred purchase price of property, except trade accounts payable arising in the ordinary course of business;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD><FONT SIZE=2>all
obligations of such person as lessee which are capitalized in accordance with U.S. GAAP;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD><FONT SIZE=2>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);
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(6)</FONT></DT><DD><FONT SIZE=2>all
obligations of such person with respect to letters of credit and similar instruments, including without limitation obligations under reimbursement agreements;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(7)</FONT></DT><DD><FONT SIZE=2>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;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(8)</FONT></DT><DD><FONT SIZE=2>all
net obligations of such person in respect of equity derivatives and Hedge Agreements; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(9)</FONT></DT><DD><FONT SIZE=2>all
guarantees of such person (other than guarantees of obligations of direct or indirect Subsidiaries of such person). </FONT></DD></DL>

<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;"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;"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. </FONT></P>

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

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<P ALIGN="CENTER"><FONT SIZE=2><A
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<BR></FONT><FONT SIZE=2><B>DESCRIPTION OF SHARE CAPITAL    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>For certain information about our memorandum of association, the rights, preferences and restrictions attaching to our shares and our
bye-laws, please see "Item 10B. Additional Information</I></FONT><FONT SIZE=2>&#151;</FONT><FONT SIZE=2><I>Memorandum and articles of association" in our 2002 Annual Report,
incorporated herein by reference. These summaries do not purport to be complete and are subject to, and are qualified in their entirety by reference to, all of the provisions of our memorandum of
association and bye-laws, copies of which have been filed as exhibits to the registration statement of which this prospectus forms a part.</I></FONT></P>


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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are a limited liability company incorporated under the laws of Bermuda. We are registered with the Registrar of Companies in Bermuda under registration number
20791. We were incorporated on May&nbsp;18, 1995 under the name Bunge Agribusiness Limited, and our name was changed to Bunge Limited on February&nbsp;5, 1999. Our registered office is located at
2&nbsp;Church Street, Hamilton, HM 11 Bermuda. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
objects of our business are set out in paragraph&nbsp;6 of our memorandum of association. Our objects include: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>to
carry on the business of the production, development, processing, manufacturing, purchasing, handling, selling and trading of, and otherwise dealing in,
all types of agricultural produce and commodities and their derivatives and all types of animals and animal products and their derivatives and all types of branded food products;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>to
carry on the business of seed crushing, oil extraction by crushing and any other processes and milling;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>to
carry on the business of mining and quarrying of fertilizer raw materials and the production, development, processing, manufacturing, purchasing,
handling, selling and trading of, and otherwise dealing in, fertilizers of every description;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>to
carry on the business of logistics and transportation services;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>to
do any of the foregoing by electronic means, including over the Internet;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>to
act and perform all of the functions of a holding company;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>to
acquire and own securities and other property with a view to investment;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>to
provide financing and financial services and to make financial accommodation and to advance and lend money or other property to any entity in our group;
and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>other
financing and general objects. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since
1998, other than increasing our authorized share capital, effecting a share exchange with our sole shareholder to reduce the par value of our common shares, authorizing a
52.65-to-1 share dividend in respect of our contributed surplus, authorizing the creation of preference shares, the issuance of 17,600,000 common shares at a the price of
$16.00 per share in our initial public offering in August&nbsp;2001, the issuance of 13,743,633 common shares at the price of $19.00 per share in a public offering in March&nbsp;2002, the
convertible note offering to which this prospectus relates and the common shares issued in connection with grants under our Non-Employee Directors' Equity Incentive Plan and Employee
Equity Incentive Plan, there have been no material changes to our share capital. For more information about the Non-Employee Directors' Equity Incentive Plan and Employee Equity Incentive
Plan, see "Item 6B. Directors, Senior Management and Employees&#151; Compensation" in our 2002 Annual Report. There have been no bankruptcy, receivership or similar proceedings with respect to
us or our subsidiaries. </FONT></P>

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

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
have been no public takeover offers by third parties for our shares nor have we made any public takeover offers for the shares of another company during the last or current
financial years, except as described under "Item 4A. Information on the Company&#151;History and development of the Company&#151;Principal Capital Expenditures, Acquisitions and
Divestitures" in our 2002 Annual Report, incorporated herein by reference. </FONT></P>

<P><FONT SIZE=2><B>Share Capital  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our authorized share capital consists of 240,000,000 common shares, par value $.01 per share, 240,000 Series&nbsp;A Preference Shares, par value $.01 per share,
and 9,760,000 undesignated preference shares, par value $.01 per share. As of April&nbsp;25, 2003, we had 99,643,608 common shares issued and outstanding and no preference shares issued and
outstanding. All of our issued and outstanding common shares are fully paid. Our common shares are traded on the New York Stock Exchange under the symbol "BG." </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to our bye-laws, and subject to the requirements of any stock exchange on which our shares are listed, our board of directors is authorized to issue any of our
authorized but unissued shares. Subject to certain exceptions, including public offers for cash, any issuance of common shares or securities convertible into common shares in excess of 20% of the
voting power or number of the common shares outstanding before such issuance requires shareholder approval. There are no limitations on the right of non-Bermudians or
non-residents of Bermuda to hold or vote our shares. </FONT></P>

<P><FONT SIZE=2><B>Shareholder Rights Plan  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Board has adopted a shareholder rights plan. Under the rights plan, one right will be issued and will attach to each outstanding common share. Each right will
entitle the holder, in certain circumstances, to purchase from us a unit consisting of one one-thousandth of a Series&nbsp;A Preference Share at an exercise price of $29.02 per right,
subject to adjustment in certain events. For a more detailed description of the shareholder rights plan, see "Description of Share Capital" in our Registration Statement on
Form&nbsp;F-1, as amended (Registration No.&nbsp;333-81322), filed on March&nbsp;8, 2002, which description is incorporated herein by reference. </FONT></P>

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

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

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<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 notes, Bunge Limited Finance was
required to use all of the net proceeds from the sale of the 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 notes. Accordingly, the holders of the 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 notes. Although the series&nbsp;2002-1 variable funding certificate is not pledged to the
holders of the 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 any other person. Under the design of the master trust facility structure, the notes have the benefit of the series&nbsp;2002-1 variable
funding certificate and the holders of the 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 notes would experience delays in recovering principal and interest on their notes from the proceeds of such
intercompany loans. The holders of the 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; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>38</FONT></P>

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<UL>
</UL>
<DL compact>
<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>39</FONT></P>

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<BR></FONT><FONT SIZE=2><B>TAXATION    <BR>  </B></FONT></P>


<P><FONT SIZE=2><B>Bermuda Tax Considerations  </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 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 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 notes by Bunge Limited Finance. Further,
at the present time, there is no Bermuda income or profits tax, withholding tax, capital gains tax, capital transfer tax, estate duty or inheritance tax payable by us or by our shareholders in respect
of our shares. We have 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 to Bunge Limited's shares, debentures or other obligations except insofar as such tax applies to
persons ordinarily resident in Bermuda or to any taxes payable by us in respect of real property or leasehold interests in Bermuda held by Bunge Limited. </FONT></P>


<P><FONT SIZE=2><B>Certain U.S. Federal Income Tax Considerations  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following discussion is a summary of the material U.S. federal income tax consequences of the purchase, ownership and disposition of the notes, and the
ownership and disposition of Bunge Limited common shares acquired upon the conversion of the notes, by beneficial owners ("Holders") that will purchase the notes pursuant to this prospectus and that
will hold the notes and the common shares of Bunge Limited 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, persons who own 10% or more of Bunge Limited common shares and persons who hold the notes or common shares of Bunge
Limited 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>PROSPECTIVE HOLDERS ARE URGED TO CONSULT THEIR OWN TAX ADVISORS CONCERNING THE U.S. FEDERAL INCOME TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF
NOTES AND OF THE OWNERSHIP AND DISPOSITION OF COMMON SHARES OF BUNGE LIMITED ACQUIRED UPON THE CONVERSION OF THE 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 ALIGN="CENTER"><FONT SIZE=2>40</FONT></P>

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<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 a note or common share of Bunge Limited 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 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 that is not a United States Holder. The U.S. federal income tax consequences of a partner in a partnership holding notes or the common shares of Bunge Limited generally will depend
on the status of the partner and the activities of the partnership. Partners in a partnership holding notes or common shares of Bunge Limited should consult their own tax advisors. </FONT></P>

<P><FONT SIZE=2><B>The Notes  </B></FONT></P>

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

<UL>

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

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stated interest payable on a 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>

<UL>

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

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We intend to take the position that, for U.S. federal income tax purposes, any increase in the annual interest rate on the Notes (in the event that the
registration default as described under "Description of Notes&#151;Registration Rights" occurs) should be taxable to a United States Holder as additional interest income when received or
accrued in accordance with such United States Holder's regular method of tax accounting. This position is based in part on the assumption that, as of the date of this prospectus, the possibility of an
increase in the annual interest rate is a "remote" or "incidental" contingency within the meaning of applicable Treasury regulations. Our determination that such possibility is a remote or incidental
contingency is binding on a United States Holder, unless such Holder explicitly discloses to the Internal Revenue Service ("IRS"), on such Holder's U.S. federal income tax return for the tax year
during which the note is acquired, that such Holder is taking a different position. Regardless of our position, however, the IRS may take the contrary position that an increase in the annual interest
rate is not a remote or incidental contingency, which could affect the timing and character of income to be recognized by United States Holders in respect of the Notes. </FONT></P>

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

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

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A United States Holder that purchases a note at a price less than its stated principal amount, would be treated for U.S. federal income tax purposes as having
purchased the note with market discount, subject to a </FONT><FONT SIZE=2><I>de minimis</I></FONT><FONT SIZE=2> exception. In the case of a 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, such note as ordinary income to the extent of the market discount that
accrued during such United States Holder's holding period for the 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 a 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 note. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Furthermore,
if a note is purchased by a United States Holder with a more than </FONT><FONT SIZE=2><I>de minimis</I></FONT><FONT SIZE=2> 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 be includible in gross income as
ordinary income as if such United States Holder had sold the 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 purchases a note for an amount in excess of its stated 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 gross income each year with respect to interest on the 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 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>

<UL>

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

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In general, upon the sale or other taxable disposition of a 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 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 note but has not previously been included in gross income of the United States Holder), and will constitute long
term capital gain or loss if the 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
a note generally will equal the cost of the note to such Holder, increased by any market discount included into gross income, and reduced by any principal payments received by such United States
Holder. Under current U.S. federal income tax law, net long-term capital gains of non-corporate United States 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 ALIGN="CENTER"><FONT SIZE=2>42</FONT></P>

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<UL>

<P><FONT SIZE=2><B><I> Adjustment to the Conversion Rate  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A United States Holder of a note might be treated as receiving a constructive dividend distribution from us if (i)&nbsp;the conversion rate is adjusted and as a
result of such adjustment the proportionate interest of the United States Holder of the note in our assets or earnings and profits is increased and (ii)&nbsp;the adjustment is not made pursuant to a
bona fide reasonable anti-dilution formula. For example, an adjustment in the conversion rate would not be considered made pursuant to such a formula if the adjustment were made to
compensate a United States Holder for certain taxable distributions with respect to the common stock of Bunge Limited. Thus, under certain circumstances, an increase in the conversion rate might give
rise to a taxable dividend to a United States Holder of the note even though such United States Holder would not receive any cash related thereto. </FONT></P>

<UL>


<P><FONT SIZE=2><B><I> Exchange of the Notes for Common Shares of Bunge Limited  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A United States Holder's exchange of the notes for common shares of Bunge Limited generally will be treated as a sale or exchange of the notes for U.S. federal
income tax purposes. Accordingly, a U.S. Holder generally will recognize gain or loss in the manner described above under "Sale and Other Taxable Dispositions"). The United States Holder's initial tax
basis in the common shares of Bunge Limited received in the exchange generally will equal the fair market value of such shares at the time of the exchange. The holding period of the Bunge Limited
common shares will not include the period of time during which the notes were owned. For a discussion of the tax consequences of owning the common shares of Bunge Limited see "Common Shares of Bunge
Limited&#151;United States Holders" below. </FONT></P>

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

<UL>

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

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments of stated interest on a note by us 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 a 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 a 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 ALIGN="CENTER"><FONT SIZE=2>43</FONT></P>

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<UL>
<UL>
</UL>
</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 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 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). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments
of interest on a 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 a 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 United States 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 the effectively connected interest income (currently at a 30% rate or, if applicable, a lower tax treaty rate). </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Adjustment to the Conversion Rate  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Foreign Holder may be subject to U.S. federal withholding tax on a deemed distribution, if any, associated with the adjustment to the conversion rate. See
"United States Holders&#151;Notes&#151;Adjustment to the Conversion Rate." </FONT></P>

<UL>

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

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In general, a Foreign Holder of a note will not be subject to U.S. federal income tax on any gain recognized on the sale or other taxable disposition of a 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 U.S.
permanent establishment maintained by the Foreign Holder). </FONT></DD></DL>
</UL>
<UL>

<P><FONT SIZE=2><B><I> Exchange of the Notes for Common Shares of Bunge Limited  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange of the notes for common shares of Bunge Limited generally will be treated as a sale or exchange of the notes. See "&#151;Foreign
Holders&#151;Sale and other Taxable Disposition" for U.S. federal income tax consequences to a Foreign Holder of the exchange of a note for common shares of Bunge Limited. For a discussion of
the tax consequences of owning the common shares of Bunge Limited see "Common Shares of Bunge Limited&#151;Foreign Holders" below. </FONT></P>

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

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<UL>

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

</UL>

<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 notes. 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
<BR><BR></FONT></DD><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 on a 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 the Foreign Holder resides 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 a 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 a 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 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>45</FONT></P>

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<BR>

<P><FONT SIZE=2><B>Common Shares of Bunge Limited  </B></FONT></P>

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

<UL>

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

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A distribution of cash or property received by a United States Holder in respect of the common shares generally will be considered a taxable dividend to the
extent paid out of Bunge Limited's current or accumulated earnings and profits (as determined for U.S. federal income tax purposes). In the event that a distribution by Bunge Limited exceeds the
amount of such current and accumulated earnings and profits, the excess will be treated first as a nontaxable return of capital to the extent of the United States Holder's tax basis in our shares, and
thereafter as capital gain. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
gross amount of any taxable dividend will be subject to U.S. federal income tax as ordinary dividend income and will not be eligible for the corporate dividends-received deduction.
For foreign tax credit purposes, the dividend will be income from sources outside the United States. The limitation on foreign taxes eligible for the credit is calculated separately with respect to
specific classes of income. For this purpose, dividends paid by Bunge Limited generally will constitute "passive income" or in the case of certain United States Holders "financial services income."
Taxable dividends paid in a currency other than the United States dollar will be included in the gross income of the United States Holder in a U.S. dollar amount calculated by reference to the
exchange rate in effect on the date the United States Holder receives the dividend, regardless of whether such currency is actually converted into U.S. dollars. Gain or loss, if any, realized on a
sale or other disposition of the foreign currency will be ordinary income or loss. United States Holders are urged to consult their own tax advisors concerning the possibility of foreign currency gain
or loss if any such currency is not converted into U.S. dollars on the date of receipt. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Sale or Other Taxable Dispositions  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon a sale or other taxable disposition of Bunge Limited's common shares, a United States Holder will recognize gain or loss in an amount equal to the difference
between the amount realized on the disposition and the adjusted tax basis of such United States Holder in the common shares. Such gain or loss will be capital gain or loss, and will be
long-term capital gain or loss if the common shares are held by the United States Holder for more than one year at the time of disposition. Certain non-corporate United States
Holders (including individuals) are eligible for preferential rates of U.S. federal income taxation in respect of long-term capital gains. The deduction of capital losses is subject to
certain limitations under the Code. Any gain or loss recognized by a United States Holder on a sale or other taxable disposition of the common shares generally will be treated as derived from U.S.
sources for U.S. federal income tax purposes. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Passive Foreign Investment Company Status  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special U.S. federal income tax rules apply to United States Holders directly or indirectly (including by holding an option to acquire shares of a PFIC) owning
shares of a "passive foreign investment company" (a "PFIC"). For this purpose, a note may be treated as an option to acquire common shares of Bunge Limited. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
non-U.S. corporation generally will be classified as a PFIC for U.S. federal income tax purposes in any taxable year in which, after applying relevant
look-through rules with respect to the income and assets of subsidiaries, either: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>at
least 75% of its gross income is "passive income"; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>on
average at least 50% of the gross value of its assets is attributable to assets that produce passive income or are held for the production of passive
income. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>46</FONT></P>

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<UL>
<UL>
</UL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
this purpose, passive income generally includes, among other things, dividends, interest, rents, royalties, gains from the disposition of passive assets and gains from commodities
transactions, other than gains derived from "qualified active sales" of commodities and "qualified hedging transactions" involving commodities, within the meaning of applicable Treasury regulations
(the "Commodity Exception"). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on certain estimates of Bunge Limited's gross income and gross assets available as of the date of this Offering and relying on the Commodity Exception, Bunge Limited does not
believe that it is currently a PFIC. However, since PFIC status will be determined by Bunge Limited on an annual basis and depends upon the composition of Bunge Limited's income and assets (including,
among others, less than 25% owned equity investments), and the nature of Bunge Limited's activities (including Bunge Limited's ability to qualify for the Commodity Exception and similar exceptions),
from time to time, there can be no assurance that Bunge Limited will not be considered a PFIC for the current or any future taxable year. Moreover, Bunge Limited will not obtain an opinion of counsel,
and no ruling will be sought from the IRS, regarding the U.S. federal income tax characterization of Bunge Limited as a PFIC. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
Bunge Limited is treated as a PFIC for any taxable year during which a United States Holder held, or was treated as holding,the common shares, certain adverse consequences could apply
to the United States Holder (see discussion below). For this reason, if Bunge Limited is treated as a PFIC for any taxable year, a United States Holder may desire to make an election to treat Bunge
Limited as a "qualified electing fund" (a "QEF") with respect to such United States Holder. Generally, a QEF election should be made on or before the due date for filing the electing United States
Holder's U.S. federal income tax return for the first taxable year in which the common shares are held by such United States Holder and Bunge Limited is treated as a PFIC. However, a United States
holder of notes may not be able to make a QEF election prior to the time of conversion of the notes into Bunge Limited common shares, even though the United States Holder may be treated as holding
such shares. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a timely QEF election is made, the electing United States Holder will be required to annually include in gross income (i)&nbsp;as ordinary income, a pro rata share of Bunge
Limited's ordinary earnings, and (ii)&nbsp;as long-term capital gain, a </FONT><FONT SIZE=2><I>pro rata</I></FONT><FONT SIZE=2> share of our net capital gain, in either case, whether or
not distributed by us. An electing United States Holder that is a corporation will not be eligible for the dividends-received deduction in respect of such income or gain. In addition, in the event
that Bunge Limited incurs a net loss for a taxable year, such loss will not be available as a deduction to an electing U.S. Holder, and may not be carried forward or back in computing our ordinary
earnings and net capital gain in other taxable years. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
certain cases in which a QEF does not distribute all of its earnings in a taxable year, electing United States Holders may also be permitted to elect to defer the payment of some or
all of their U.S. federal income taxes on the QEF's undistributed earnings, subject to an interest charge on the deferred tax amount. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
Bunge Limited is treated as a PFIC for any taxable year during which a United States. Holder held the common shares, Bunge Limited will provide to a United States Holder, upon written
request, all information and documentation that the United States Holder is required to obtain in connection with its making a QEF election for U.S. federal income tax purposes. </FONT></P>

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

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<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
general, if a United States Holder fails to make a timely QEF election (or market-to-market election, see discussion below) for any taxable year that Bunge
Limited is treated as a PFIC, the U.S. federal income tax consequences to such U.S. Holder will be determined under the so-called "interest charge" regime. Under such regime,
(i)&nbsp;any gain derived from the disposition of PFIC stock (possibly including a gift, exchange in a corporated reorganization or grant as security for a loan), as well as any "excess
distribution" that is received from the PFIC (i.e., a distribution that exceeds 125% of the average distributions from the shorter of the prior three years and the U.S. Holders holding period for the
stock), would be treated as ordinary income that was earned ratably over each day in the United States Holder's holding period for the PFIC stock, (ii)&nbsp;the portion of such gain or distribution
that is allocable to prior taxable years, other than any year before Bunge Limited became a PFIC, would be subject to U.S. federal income tax at the highest rate applicable to ordinary income for the
relevant taxable years, regardless of the tax rate otherwise applicable to the United States Holder, and (iii)&nbsp;an interest charge would be imposed on the resulting U.S. federal income tax
liability as if such liability represented a tax deficiency for the past taxable years, other than any year before Bunge Limited became a PFIC. In addition, a step-up in the tax basis of
the PFIC stock may not be available upon the death of an individual United States Holder. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
MANY CASES, APPLICATION OF THE INTEREST CHARGE REGIME WILL HAVE SUBSTANTIALLY MORE ONEROUS U.S. FEDERAL INCOME TAX CONSEQUENCES THAN WOULD RESULT TO A UNITED STATES HOLDER IF A TIMELY
QEF ELECTION IS MADE. ACCORDINGLY, IF BUNGE LIMITED IS TREATED AS A PFIC FOR ANY TAXABLE YEAR, U.S. HOLDERS OF THE COMMON SHARES ARE URGED TO CONSIDER CAREFULLY WHETHER TO MAKE A QEF ELECTION, AND THE
CONSEQUENCES OF NOT MAKING SUCH AN ELECTION, WITH RESPECT TO AN INVESTMENT IN THE COMMON SHARES. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
an alternative to the QEF election, and in lieu of being subject to the excess distribution rules discussed above, a United States Holder of "marketable stock" in a PFIC may make a
"mark-to-market" election, provided the PFIC stock is regularly traded on a "qualified exchange." Under applicable Treasury regulations, a "qualified exchange" included a
national securities exchange that is registered with the SEC or the national market system established under the Securities Exchange Act of 1934. Currently, the Bunge Limited common shares are traded
on the New York Stock Exchange, which is a "qualified exchange." Under applicable Treasury Regulations, PFIC stock traded on a qualified exchange is regularly traded on such exchange for any calendar
year during which such stock is traded, other than in </FONT><FONT SIZE=2><I>de minimis</I></FONT><FONT SIZE=2> quantities, on at least 15&nbsp;days during each calendar quarter. Bunge Limited
cannot assure U.S. Holders that the common shares will be treated as regularly traded stock in a PFIC. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the mark-to-market election is made, the electing United States Holder generally would (i)&nbsp;include in gross income, entirely as ordinary income, an
amount equal to the difference between the fair market value of the PFIC stock as of the close of such taxable year and its adjusted tax basis in the stock, and (ii)&nbsp;deduct as an ordinary loss
the excess, if any, of the adjusted tax basis of the PFIC stock over its fair market value at the end of the taxable year, but only to the extent of the amount previously included in gross income as a
result of the mark-to-market election. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
mark-to-market election is made with respect to marketable stock in a PFIC on a shareholder-by-shareholder basis and, once made, can
only be revoked with the consent of the IRS. Special rules would apply if the mark-to-market election is not made for the first taxable year in which a U.S. person owns stock
of PFIC. </FONT></P>

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

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<BR>
<UL>

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

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information reporting requirements will apply to a United States Holder with respect to distributions by Bunge Limited, or to the proceeds of a sale or redemption
of Bunge Limited common shares. In addition, under the backup withholding rules, Bunge Limited or any paying agent may be required to withhold tax from any such payment if a United States Holder fails
to furnish his or her correct TIN, to certify that such United States Holder is not subject to backup withholding, or to otherwise comply with the applicable requirements of the backup withholding
rules. Certain United States Holders (including, among others, corporations) are exempt from the backup withholding requirements. Any amounts withheld under the backup withholding rules generally may
be claimed as a credit against a U.S. Holder's U.S. federal income tax liability and may entitle such United States Holder to receive a refund provided that the required information is furnished to
the IRS. </FONT></P>

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

<UL>

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

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of dividends generally will not be taxable to a Foreign Holder unless the common shares of Bunge Limited are effectively connected with a U.S. trade or
business conducted by the Foreign Holder (and, if a tax treaty applies, are attributable to a permanent establishment maintained by the Foreign Holder). </FONT></P>

<UL>

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

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In general, a Foreign Holder will not be subject to U.S. federal income tax on any gain recognized on the sale of Bunge Limited's common shares, 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 U.S.
permanent establishment maintained by the Foreign Holder). </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>49</FONT></P>

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<UL>
<UL>
</UL>
</UL>
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<P ALIGN="CENTER"><FONT SIZE=2><A
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<A NAME="toc_dx4582_1"> </A>
<BR></FONT><FONT SIZE=2><B>SELLING SECURITYHOLDERS    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The notes originally were issued by Bunge Limited Finance and sold to Morgan Stanley&nbsp;&amp; Co. Incorporated, Salomon Smith Barney&nbsp;Inc., Credit Suisse
First Boston Corporation, J.P. Morgan Securities&nbsp;Inc., BNP Paribas Securities Corp., HSBC Securities (USA)&nbsp;Inc., ING Bank N.V. and SG Cowen Securities Corporation, as the initial
purchasers, and resold by the initial purchasers in transactions exempt from the registration requirements of the Securities Act of 1933 to persons reasonably believed by the initial purchasers to be
"qualified institutional buyers," as defined by Rule&nbsp;144A under the Securities Act and outside the United States to non-United States persons in accordance with Regulation&nbsp;S
under the Securities Act. The selling securityholders, including their transferees, pledgees, donees, assignees or successors, may from time to time offer and sell pursuant to this prospectus any or
all of the notes and the common shares into which the notes are convertible. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
table below sets forth the name and address of each selling securityholder, the principal amount of notes and the underlying common shares beneficially owned by each selling
securityholder that may be offered under this prospectus and the number of common shares into which the notes are convertible. We have prepared the table below based on the information given to us by
the selling securityholders on or prior to April&nbsp;30, 2003. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="37%" ALIGN="CENTER"><FONT SIZE=1><B>Name and Address of<BR>
Selling Securityholder</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1><B>Principal Amount<BR>
of Notes<BR>
Beneficially<BR>
Owned<BR>
That May Be<BR>
Sold</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="12%" ALIGN="CENTER"><FONT SIZE=1><B>Percentage of<BR>
Notes<BR>
Outstanding</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="12%" ALIGN="CENTER"><FONT SIZE=1><B>Number of<BR>
Common<BR>
Shares That<BR>
May Be<BR>
Sold(1)(2)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="13%" ALIGN="CENTER"><FONT SIZE=1><B>Percentage of<BR>
Common Shares<BR>
Outstanding(3)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2>Advent Convertible Master Cayman L.P. (4)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>3,740,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>1.50</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>116,365</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
AIG DKR SoundShore Opportunity Holding Fund Ltd. (28)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2,000,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
62,227</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Akela Capital Master Fund, Ltd. (5)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
9,000,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
3.60</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
280,023</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Allstate Insurance Company (6)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
600,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
18,668</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Allstate Life Insurance Company (6)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
3,200,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1.28</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
99,563</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Alpha US Sub Fund 4, LLC (4)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
268,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
8,338</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
American Fidelity Assurance Company (7)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
400,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
12,445</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Amerisure Mutual Insurance Company (8)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
320,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
9,956</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Aventis Pension Master Trust (7)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
110,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
3,422</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
B.C. McCabe Foundation (9)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
175,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
5,444</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
B.G.I. Global Investors (10)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
79,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2,457</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Blue Cross Blue Shield of Delaware, Inc. (7)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
150,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4,667</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
BNP Paribas Equity Strategies, SNC (11)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
9,962,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
3.99</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
309,954</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Boilermaker-Blacksmith Pension Trust (7)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1,200,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
37,336</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
CALAMOS&reg; Convertible Fund&#151;CALAMOS&reg; Investment Trust (7)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
5,250,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2.10</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
163,346</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
CALAMOS&reg; Convertible Growth and Income Fund&#151;CALAMOS&reg; Investment Trust (7)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
16,000,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
6.40</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
497,819</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- insert table folio -->
<P ALIGN="CENTER"><FONT SIZE=2>50</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=55,EFW="2110009",CP="BUNGE LIMITED",DN="1",CHK=871477,FOLIO='50',FILE='DISK014:[03NYC2.03NYC4582]DX4582A.;9',USER='ARUSS',CD=';2-MAY-2003;20:12' -->
<A NAME="page_dx4582_1_51"> </A>
<!-- end of table folio -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
CALAMOS&reg; Convertible Portfolio&#151;CALAMOS&reg; AdvisorsTrust (7)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
100,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
3,111</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
CareFirst BlueChoice, Inc. (7)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
115,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
3,578</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
CareFirst of Maryland, Inc. (7)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
325,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
10,111</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
CEMEX Pension Plan (7)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
57,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1,773</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
City of Albany Pension Plan (7)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
65,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2,022</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
City of Knoxville Pension System (7)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
135,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4,200</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Cobalt Corporation (9)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
307,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
9,551</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Cobra Fund U.S.A. LP (29)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
389,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
12,103</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Cobra Masterfund Ltd. (29)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
3,111,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1.24</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
96,794</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Context Convertible Arbitrage Fund, LP (30)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
630,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
19,601</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
CooperNeff Convertible Strategies (Cayman) Master Fund, LP (12)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
5,746,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2.30</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
178,779</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Credit Suisse First Boston Europe<BR>
Limited (13)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
10,000,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4.00</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
311,137</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Delta Airlines Master Trust (7)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
630,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
19,601</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Delta Pilots Disability and Survivorship<BR>
Trust (7)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
185,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
5,756</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Dorinco Reinsurance Company (7)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
400,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
12,445</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Forest Fulcum Fund L.L.P. (14)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
214,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
6,658</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Forest Global Convertible Fund<BR>
Series A-5 (14)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1,054,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
32,793</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Forest Multi Strategy Master Fund SPC, on behalf of Series F, Multi Strategy Segregated Portfolio (14)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
75,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2,333</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
FreeState Health Plan, Inc. (7)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
60,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1,866</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Georgia Municipal Employees (4)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1,108,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
34,473</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Grace Brothers Management, L.L.C. (31)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2,000,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
62,227</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Grace Convertible Arbitrage Fund, Ltd. (31)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4,000,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1.60</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
124,454</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Greek Catholic Union of the USA (7)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
50,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1,555</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Group Hospitalization and Medical Services, Inc. (7)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
350,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
10,889</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
HealthNow New York, Inc. (7)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
200,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
6,222</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
HFR Convertible Arbitrage Account (4)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
268,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
8,338</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- insert table folio -->
<P ALIGN="CENTER"><FONT SIZE=2>51</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=2,SEQ=56,EFW="2110009",CP="BUNGE LIMITED",DN="1",CHK=666290,FOLIO='51',FILE='DISK014:[03NYC2.03NYC4582]DX4582A.;9',USER='ARUSS',CD=';2-MAY-2003;20:12' -->
<A NAME="page_dx4582_1_52"> </A>
<!-- end of table folio -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Highbridge International LLC (32)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
15,500,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
6.20</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
482,262</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Independence Blue Cross (4)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
264,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
8,214</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Innovest Finanzdienstle (8)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
830,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
25,824</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Jackson County Employees' Retirement System (7)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
225,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
7,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Kettering Medical Center Funded Depreciation Account (7)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
35,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1,088</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
KeySpan Foundation (9)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
50,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1,555</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Knoxville Utilities Board Retirement<BR>
System (7)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
60,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1,866</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Laurel Ridge Capital, LP (15)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2,000,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
62,227</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
LB Series Fund, Inc., Income Portfolio (16)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1,100,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
34,225</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
LB Series Fund, Inc., Limited Maturity Bond Portfolio (16)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
150,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4,667</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Lincoln National Convertible Securities<BR>
Fund (17)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1,500,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
46,670</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
LLT Limited (18)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
77,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2,395</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Louisiana Workers' Compensation Corporation (7)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
155,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4,822</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Lutheran Brotherhood Income Fund (16)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
650,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
20,223</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Lutheran Brotherhood Limited Maturity Growth Fund (16)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
100,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
3,111</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Lyxor (4)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
675,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
21,001</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Lyxor Master Fund (10)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
250,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
7,778</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Macomb County Employees' Retirement System (7)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
260,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
8,089</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Man Convertible Bond Master Fund, Ltd. (19)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
3,189,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1.28</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
99,221</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
McMahan Securities Co. L.P. (20)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
3,250,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1.30</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
101,119</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Merrill Lynch Insurance Group (4)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
212,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
6,596</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Met Investors Bond Debenture Fund (9)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1,000,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
31,113</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
MLQA Convertible Securities Arbitrage,<BR>
Ltd. (21)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
5,500,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2.20</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
171,125</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Morgan Stanley Dean Witter Convertible Securities Trust (22)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1,000,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
31,113</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- insert table folio -->
<P ALIGN="CENTER"><FONT SIZE=2>52</FONT></P>

<HR NOSHADE>
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<A NAME="page_dx4582_1_53"> </A>
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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
NACM Investment Grade Convertible (8)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
10,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
311</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
National Fuel &amp; Gas Retirement Plan (9)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
125,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
3,889</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
NORCAL Mutual Insurance Company (7)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
375,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
11,667</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Ohio Bureau of Workers Compensation (4)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
116,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
3,609</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Oxford, Lord, Abbett &amp; Co. (9)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1,475,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
45,892</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Physicians' Reciprocal Insurers Account<BR>
#7 (7)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1,200,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
37,336</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Port Authority of Allegheny County Retirement and Disability Allowance Plan for the Employees Represented by Local 85 of the Amalgamated Transit Union (7)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
620,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
19,290</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Prisma Foundation (7)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
35,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1,088</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Radian Asset Guaranty (9)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2,750,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1.10</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
85,562</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Radian Guaranty Inc. (9)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
5,000,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2.00</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
155,568</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
RBCA Hernative Assets LP (10)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
60,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1,866</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Relay 11 Holdings (10)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
40,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1,244</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Sage Capital (33)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4,500,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1.80</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
140,011</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Salomon Smith Barney Inc. (23)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1,883,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
58,587</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Southern Farm Bureau Life Insurance Company (7)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1,000,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
31,113</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Sphinx Convertible Arbitrage (10)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
22,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
684</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
SPT (7)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
770,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
23,957</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
St. Thomas Trading, Ltd. (19)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
5,311,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2.21</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
165,244</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Sturgeon Limited (24)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1,140,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
35,469</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Sunrise Partners Limited Partnership (34)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
24,500,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
9.80</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
762,285</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Tag Associates (4)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
49,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1,524</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Teachers Assurance and Annuity<BR>
Association (35)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
15,000,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
6.00</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
466,705</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
The California Wellness Foundation (7)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
400,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
12,445</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
The Coast Fund L.P. (25)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
5,500,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
171,125</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
The Cockrell Foundation (7)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
100,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
3,111</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
The Dow Chemical Company Employees' Retirement Plan (7)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1,200,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
37,336</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- insert table folio -->
<P ALIGN="CENTER"><FONT SIZE=2>53</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=4,SEQ=58,EFW="2110009",CP="BUNGE LIMITED",DN="1",CHK=603446,FOLIO='53',FILE='DISK014:[03NYC2.03NYC4582]DX4582A.;9',USER='ARUSS',CD=';2-MAY-2003;20:12' -->
<A NAME="page_dx4582_1_54"> </A>
<!-- end of table folio -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
The Fondren Foundation (7)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
135,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4,200</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Thrivent Financial for Lutherans, as successor to Lutheran Brotherhood (16)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1,000,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
31,113</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Total Fina Elf Finance U.S.A. Inc. (9)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
175,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
5,444</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
UBS O'Connor LLC F/B/O O'Connor Global Convertible Arbitrage Master Ltd. (26)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
3,600,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1.44</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
112,009</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
UBS O'Connor LLC F/B/O O'Connor Global Convertible Portfolio (26)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
400,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
12,445</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
UFJ Investments Asia Limited (27)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1,000,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
31,113</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Union Carbide Retirement Account (7)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
530,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
16,490</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
United Food and Commercial Workers Local 1262 and Employers Pension Fund (7)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
260,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
8,089</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Univar USA Inc. Retirement Plan (7)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
130,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4,044</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Wachovia Bank National Association (36)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2,176,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
67,703</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
WPG Convertible Arbitrage Overseas Master Fund LP (37)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1,500,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
46,670</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Zurich Master Hedge Fund (10)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
129,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4,013</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</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="15%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Total</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
206,276,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
82.51</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
6,417,958</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
6.42</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</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="15%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></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>*</FONT></DT><DD><FONT SIZE=2>Less
than 1%
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>Assumes
conversion of all of the selling securityholder's notes at a conversion rate of 31.1137 common shares per $1,000 principal amount at maturity of the notes. However, this
conversion rate is subject to adjustment as described under "Description of the Notes&#151;Conversion Rights." As a result, the number of common shares issuable upon conversion of the notes may
increase or decrease in the future.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>Reflects
rounding down of fractional common shares issuable to each selling securityholder upon conversion of the notes.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>Calculated
based on Rule&nbsp;13d-3(d)(1)(i)&nbsp;of the Securities Exchange Act of 1934 using 99,643,608 common shares outstanding as of April&nbsp;25, 2003. In
calculating this amount, we treated as outstanding the number of common shares issuable upon conversion of all of a particular holder's notes, but we did not assume conversion of any other holder's
notes.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD><FONT SIZE=2>The
address of this selling securityholder is 1065 Avenue of the Americas, 31<SUP>st</SUP> Floor, New York, NY 10018.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD><FONT SIZE=2>The
address of this selling securityholder is c/o IFA, 48 Par-La-Ville Road, Suite 464, Hamilton, HM 11 Bermuda.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(6)</FONT></DT><DD><FONT SIZE=2>The
address of this selling securityholder is 3075 Sanders Road, Suite G6B, Northbrook, IL 60062. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>54</FONT></P>

<HR NOSHADE>
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<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(7)</FONT></DT><DD><FONT SIZE=2>The
address of this selling securityholder is CALAMOS&reg; Asset Management,&nbsp;Inc., 1111 East Warrenville Road, Naperville, IL 60563-1493.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(8)</FONT></DT><DD><FONT SIZE=2>The
address of this selling securityholder is Corp. Account Dept., 600 West Broadway, 32<SUP>nd</SUP> Floor, San Diego, CA&nbsp;92101.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(9)</FONT></DT><DD><FONT SIZE=2>The
address of this selling securityholder is Lord, Abbett&nbsp;&amp; Co., 90 Hudson Street, 11<SUP>th</SUP> Floor, Jersey City, NJ&nbsp;07302.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(10)</FONT></DT><DD><FONT SIZE=2>The
address of this selling securityholder is c/o Forest Investment Mngt. L.L.C., 53 Forest Avenue, Old Greenwich, CT 06870.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(11)</FONT></DT><DD><FONT SIZE=2>The
address of this selling securityholder is 555 Croton Road, 4<SUP>th</SUP> Floor, King of Prussia, PA 19406.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(12)</FONT></DT><DD><FONT SIZE=2>The
address of this selling securityholder is BNP Paribas Brokerage Service,&nbsp;Inc., 555 Croton Road, 4<SUP>th</SUP> Floor, King of Prussia, PA 19406.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(13)</FONT></DT><DD><FONT SIZE=2>The
address of this selling securityholder is One Madison Avenue, Reorg. Dept. 2<SUP>nd</SUP> Floor, New York, NY 10010.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(14)</FONT></DT><DD><FONT SIZE=2>The
address of this selling securityholder is 53 Forest Avenue, Old Greenwich, CT 06870.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(15)</FONT></DT><DD><FONT SIZE=2>The
address of this selling securityholder is 685 Third Avenue, Suite 2802, New York, NY 10017.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(16)</FONT></DT><DD><FONT SIZE=2>The
address of this selling securityholder is 625 Fourth Avenue So., Box 1010, Minneapolis, MN 55415.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(17)</FONT></DT><DD><FONT SIZE=2>The
address of this selling securityholder is One Commerce Square&#151;Delaware Investments, 2005 Market Street, 6<SUP>th</SUP>&nbsp;Floor, Philadelphia, PA 19103.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(18)</FONT></DT><DD><FONT SIZE=2>The
address of this selling securityholder is 48 Par-La-Ville Road, Suite 779, Hamilton, HM 11 Bermuda.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(19)</FONT></DT><DD><FONT SIZE=2>The
address of this selling securityholder is 101 Glacier Point Road, Suite D, San Rafael, CA 94901.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(20)</FONT></DT><DD><FONT SIZE=2>The
address of this selling securityholder is 500 West Putnam Avenue, Greenwich, CT 06830-6086.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(21)</FONT></DT><DD><FONT SIZE=2>The
address of this selling securityholder is 800 Scudders Mill Road, Section&nbsp;2D, Plainsboro, NJ 08536.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(22)</FONT></DT><DD><FONT SIZE=2>The
address of this selling securityholder is 1221 Avenue of the Americas, 35<SUP>th</SUP> Floor, New York, NY 10020.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(23)</FONT></DT><DD><FONT SIZE=2>The
address of this selling securityholder is 390 Greenwich Street, 3<SUP>rd</SUP> Floor Convertibles, New York, NY 10013. Salomon Smith Barney&nbsp;Inc. was one of the initial
purchasers in connection with the private placement of the notes in November&nbsp;2002. In addition, Salomon Smith Barney&nbsp;Inc. has engaged in, and may in the future engage in, investment
banking, financial advisory and other commercial dealings in the ordinary course of business with us and our affiliates, including participating in our credit facilities, initial public offering,
equity follow-on offering and debt offerings.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(24)</FONT></DT><DD><FONT SIZE=2>The
address of this selling securityholder is 48 Par-La-Ville Road, #228, Hamilton, HM 11 Bermuda.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(25)</FONT></DT><DD><FONT SIZE=2>The
address of this selling securityholder is c/o Coast Asset Mgt., L.P., 1221 Bridgeway, Suite 1, Sausalito, CA 94965.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(26)</FONT></DT><DD><FONT SIZE=2>The
address of this selling securityholder is One North Wacker Drive, Floor 32, Chicago, IL 60606. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>55</FONT></P>

<HR NOSHADE>
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<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(27)</FONT></DT><DD><FONT SIZE=2>The
address of this selling securityholder is 28/F Alexandra House, 16-20 Chater Road, Central, Hong Kong.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(28)</FONT></DT><DD><FONT SIZE=2>The
address of this selling securityholder is c/o DKR Management Company&nbsp;Inc., 1281 East Main Street, Stamford, CT&nbsp;06902.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(29)</FONT></DT><DD><FONT SIZE=2>The
address of this selling securityholder is 825 Third Avenue, 40<SUP>th</SUP> Floor, New York, NY 10022.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(30)</FONT></DT><DD><FONT SIZE=2>The
address of this selling securityholder is 12626 High Bluff Drive, Suite 440, San Diego, CA 92130.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(31)</FONT></DT><DD><FONT SIZE=2>The
address of this selling securityholder is 1560 Sherman Ave., Suite 900, Evanston, IL 60201.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(32)</FONT></DT><DD><FONT SIZE=2>The
address of this selling securityholder is 9 West 57<SUP>th</SUP> Street, 27<SUP>th</SUP> Floor, New York, NY 10019.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(33)</FONT></DT><DD><FONT SIZE=2>The
address of this selling securityholder is 1280 N. Palm Avenue, Sarasota, FL 34236.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(34)</FONT></DT><DD><FONT SIZE=2>The
address of this selling securityholder is Two American Lane, Greenwich, CT 06836-2571.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(35)</FONT></DT><DD><FONT SIZE=2>The
address of this selling securityholder is 730 Third Avenue, New York, NY 10017.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(36)</FONT></DT><DD><FONT SIZE=2>The
address of this selling securityholder is 201 S. College Street, Charlotte, NC 28288.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(37)</FONT></DT><DD><FONT SIZE=2>The
address of this selling securityholder is 1 New York Plaza, 36<SUP>th</SUP> Floor, New York, NY 10004. </FONT></DD></DL>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent that any of the selling securityholders identified above are broker-dealers, they are deemed to be, under interpretations of the Securities and Exchange Commission,
"underwriters" within the meaning of the Securities Act. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to selling securityholders that are affiliates of broker-dealers, we believe that such entities acquired their notes or underlying common shares in the ordinary course of
business and, at the time of the purchase of the notes or the underlying common shares, such selling securityholders had no agreements or understandings, directly or indirectly, with any person to
distribute the notes or underlying common shares. To the extent that we become aware that such entities did not acquire their notes or underlying common shares in the ordinary course of business or
did have such an agreement or understanding, we will file&nbsp;a post-effective amendment to the registration statement of which this prospectus forms a part to designate such affiliate
as an "underwriter" within the meaning of the Securities Act. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
prepared this table based on the information supplied to us by the selling securityholders named in the table. Unless otherwise disclosed in the footnotes to the table, no selling
securityholder has indicated that it has held any position or office or had any other material relationship with us or our affiliates during the past three years. The selling securityholders listed in
the above table may have sold or transferred, in transactions exempt from the registration requirements of the Securities Act, some or all of their notes since the date as of which the information is
presented in the above table. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because
the selling securityholders may offer all or some of their notes or the underlying common shares from time to time, we cannot estimate the amount of the notes or the underlying
common shares that will be held by the selling securityholders upon the termination of any particular offering. See "Plan of Distribution." </FONT></P>

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

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only
selling securityholders identified above who beneficially own the notes set forth opposite each such selling securityholder's name in the foregoing table on the effective date of
the registration statement, of which this prospectus forms a part, may sell such securities pursuant to the registration statement. Prior to any use of this prospectus in connection with an offering
of the notes or the underlying common shares by any holder not identified above, the registration statement of which this prospectus forms a part will be amended by a post-effective
amendment to set forth the name and aggregate amount of notes beneficially owned by the selling securityholder intending to sell such notes or the underlying common shares and the aggregate amount of
notes or the number of underlying common shares to be offered. The prospectus, which will be a part of such a post-effective amendment, will also disclose whether any selling
securityholder selling in connection with such prospectus has held any position or office with, has been employed by or otherwise has had a material relationship with us during the three years prior
to the date of the prospectus if such information has not been disclosed herein. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>57</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ea4582_plan_of_distribution"> </A>
<A NAME="toc_ea4582_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;Bunge Limited Finance and Bunge Limited are registering the notes and common shares covered by this prospectus to permit holders to conduct public secondary
trading of these securities from time to time after the date of this prospectus. Bunge Limited Finance and Bunge Limited have agreed, among other things, to bear all expenses, other than underwriting
discounts and selling commissions, in connection with the registration and sale of the notes and the common shares covered by this prospectus. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge
Limited Finance and Bunge Limited will not receive any of the proceeds from the offering of the notes or common shares by the selling securityholders. Bunge Limited Finance and
Bunge Limited have been advised by the selling securityholders that the selling securityholders may sell all or a portion of the notes and common shares beneficially owned by them and offered hereby
from time to time: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>directly;
or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>through
underwriters, broker-dealers or agents, who may receive compensation in the form of underwriting discounts or commissions or agent's commissions from
the selling securityholders or from the purchasers of the notes and common shares for whom they may act as agent. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
notes and the common shares may be sold from time to time in one or more transactions at: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>fixed
prices;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>prevailing
market prices at the time of sale;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>varying
prices determined at the time of sale; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>negotiated
prices. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
prices will be determined by the holders of the securities or by agreement between these holders and underwriters or dealers who may receive fees or commissions in connection with
the sale. The aggregate proceeds to the selling securityholders from the sale of the notes or common shares offered by them hereby will be the purchase price of the notes or common shares less
discounts and commissions, if any. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
sales described in the preceding paragraph may be effected in transactions: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>on
any national securities exchange or quotation service on which the notes and common shares may be listed or quoted at the time of sale, including the NYSE
in the case of the common shares;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>in
the over-the-counter market; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>through
the writing of options. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
transactions may include block transactions or crosses. Crosses are transactions in which the same broker acts as an agent on both sides of the trade. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with the sales of the notes and the common shares or otherwise, the selling securityholders may enter into hedging transactions with broker-dealers, which may in turn
engage in short sales of the notes and the common shares, short and deliver notes and the common shares to close out the short positions, or loan or pledge notes and the common shares to
broker-dealers that in turn may sell the notes and the common shares. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>58</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the knowledge of Bunge Finance Limited and Bunge Limited, there are currently no plans, arrangements or understandings between any selling securityholders and any underwriter,
broker-dealer or agent regarding the sale of the notes and the common shares by the selling securityholders. Selling securityholders may not sell any, or may not sell all, of the notes and the common
shares offered by them pursuant to this prospectus. In addition, we cannot assure you that a selling securityholder will not transfer, devise or gift the notes and the common shares by other means not
described in this prospectus. In addition, any securities covered by this prospectus which qualify for sale pursuant to Rule&nbsp;144 or Rule&nbsp;144A of the Securities Act may be sold under
Rule&nbsp;144 or Rule&nbsp;144A rather than pursuant to this prospectus. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
outstanding common shares are listed for trading on the NYSE under the symbol "BG." </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
selling securityholders and any broker and any broker-dealers, agents or underwriters that participate with the selling securityholders in the distribution of the notes or the common
shares may be deemed to be "underwriters" within the meaning of the Securities Act. In this case, any commissions received by these broker-dealers, agents or underwriters and any profit on the resale
of the notes or the common shares purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act. In addition, any profits realized by the selling securityholders
may be deemed to be underwriting commissions. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the selling securityholders that is an affiliate of a registered broker-dealer has represented to Bunge Limited Finance and Bunge Limited, and by its use of this prospectus
repeats such representations to you, that it purchased its notes in the ordinary course of business and at the time of such purchase had no direct or indirect agreements or understandings with any
person to distribute such notes or common shares issuable upon conversion of such notes. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
notes were issued and sold by Bunge Limited Finance in November&nbsp;2002 in transactions exempt from the registration requirements of the Securities Act to persons reasonably
believed by the Initial Purchasers to be "qualified institutional buyers," as defined by Rule&nbsp;144A under the Securities Act, and outside the United States to non-United States
persons in accordance with Regulation&nbsp;S under the Securities Act. Bunge Limited Finance and Bunge Limited agreed to jointly and severally indemnify each selling securityholder (including the
Initial Purchasers), its affiliates, their respective directors, officers, employees, representatives and agents, and each person, if any, who controls that selling securityholder within the meaning
of either the Securities Act or the Exchange Act, and each selling securityholder (including the Initial Purchasers) has agreed to indemnify Bunge Limited Finance and Bunge Limited and their
respective affiliates, directors, officers, employees, representatives and agents and each person, if any, who controls Bunge Limited Finance or Bunge Limited within the meaning of either the
Securities Act or the Exchange Act, against specified liabilities arising under the Securities Act, the Exchange Act or other applicable law. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
selling securityholders and any other person participating in a distribution will be subject to the Exchange Act. The Exchange Act rules include, without limitation,
Regulation&nbsp;M, which may limit the timing of purchases and sales of any of the notes and the underlying common shares by the selling securityholders and any such other person. In addition,
Regulation&nbsp;M of the Exchange Act may restrict the ability of any person engaged in the distribution of the notes and the underlying common shares to engage in market-making activities with
respect to the particular notes and the underlying common shares being distributed for a period of up to five business days prior to the commencement of the distribution. This may affect the
marketability of the notes and the underlying common shares and the ability of any person or entity to engage in market-making activities with respect to the notes and the underlying common shares. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>59</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge
Limited Finance and Bunge Limited will use their reasonable best efforts to keep the registration statement of which this prospectus is a part effective until all transfer
restricted securities have ceased to be transfer restricted securities. For purposes hereof, "transfer restricted securities" means the notes and the underlying common shares of Bunge Limited issuable
upon the conversion of the notes, any securities into or for which such underlying common shares have been converted or exchanged, and any security issued with respect thereto upon any share dividend,
bonus issue, split, subdivision or similar event until, in the case of each security, the earlier to occur of (i)&nbsp;the date on which that security has been effectively registered under the
Securities Act and resold or otherwise disposed of in accordance with the shelf registration statement; and (ii)&nbsp;the date on which that security is distributed to the public pursuant to
Rule&nbsp;144 (or any successor provision) under the Securities Act or may be sold under Rule&nbsp;144(k) (or any successor provision) under the Securities Act. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
any 365-day period, we have the ability to suspend the availability of the shelf registration statement and the use of this prospectus for up to four periods of up to
30 consecutive days, but no more than an aggregate of 90&nbsp;days during any 365-day period, if our board of directors determines in its reasonable judgment that there is a valid
purpose for the suspension. During the time periods when the use of this prospectus is suspended, each selling securityholder has agreed not to sell the notes or the common shares issuable upon
conversion of the notes. We have agreed to pay additional interest to each holder of transfer restricted securities in the event that the shelf registration statement ceases to be effective at any
time that Bunge Limited Finance and Bunge Limited are obligated to maintain its effectiveness. See "Description of the Notes&#151;Registration Rights." </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge
Finance Limited and Bunge Limited are paying all of the selling securityholders' expenses related to this offering, except the selling securityholders will pay any applicable
underwriting and broker's commissions and expenses. The following table sets forth the approximate amount of fees and expenses payable by Bunge Finance Limited and Bunge Limited in connection with the
preparation of the registration statement of which this prospectus forms a part and the distribution of the notes and the common shares registered hereby. All of the amounts shown are estimates except
the SEC registration fee. </FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="85%"><FONT SIZE=2>SEC registration fee</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>16,688</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="85%"><FONT SIZE=2>Legal fees and expenses</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>125,000</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="85%"><FONT SIZE=2>Accountants' fees and expenses</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>30,000</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="85%"><FONT SIZE=2>Printing and engraving expenses</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>3,000</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="85%"><FONT SIZE=2>Miscellaneous expenses</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>2,500</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="85%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="85%"><FONT SIZE=2>Total</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>177,188</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="85%"><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>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>60</FONT></P>

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<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. As a result, the rights of holders of common shares of Bunge Limited will be governed by Bermuda law and Bunge
Limited's memorandum of association and bye-laws. The rights of shareholders under Bermuda law may differ from the rights of shareholders of companies incorporated in other jurisdictions.
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="ec4582_legal_matters"> </A>
<A NAME="toc_ec4582_2"> </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 notes will be passed upon for Bunge Limited Finance by Winston&nbsp;&amp; Strawn, Chicago, Illinois. The validity of the guarantee will be
passed upon for Bunge Limited by Shearman&nbsp;&amp; Sterling, New York, New York. The validity of the common shares of Bunge Limited issuable upon the conversion of the notes will be passed upon for
Bunge Limited by Conyers Dill&nbsp;&amp; Pearman, Hamilton, Bermuda. James M. Macdonald, a partner of Conyers Dill&nbsp;&amp; Pearman, serves as Bunge Limited's secretary. In addition, certain U.S.
federal income tax consequences of these securities will be passed upon for Bunge Limited and Bunge Limited Finance by Shearman&nbsp;&amp; Sterling, New York, New York. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ec4582_experts"> </A>
<A NAME="toc_ec4582_3"> </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 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 ALIGN="CENTER"><FONT SIZE=2>61</FONT></P>

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<BR>

<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>62</FONT></P>

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<A NAME="toc_ed4582_1"> </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 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>

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<TR VALIGN="TOP">
<TD WIDTH="31%" 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="31%" 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="31%" ALIGN="CENTER"><FONT SIZE=2>Midwest Regional Office<BR>
500 West Madison Street<BR>
Suite 1400<BR>
Chicago, Illinois 60661</FONT></TD>
</TR>
</TABLE></DIV>
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<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>63</FONT></P>

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<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;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Our
Report on Form&nbsp;6-K submitted on May&nbsp;2, 2003;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>The
description of Bunge Limited's common shares contained under the caption "Description of Share Capital" in our Registration Statement on
Form&nbsp;F-1, as amended (Registration No.&nbsp;333-65026), which is incorporated by reference into Bunge Limited's Registration Statement on Form&nbsp;8-A
filed on July&nbsp;30, 2001; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>The
information contained under the caption "Description of Share Capital" in our Registration Statement on Form&nbsp;F-1, as amended
(Registration No.&nbsp;333-81322), filed on March&nbsp;8, 2002. </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 termination of any offering of securities offered by this prospectus 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. 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>64</FONT></P>

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<A NAME="toc_eh4582_1"> </A>
<BR></FONT><FONT SIZE=2><B>PART&nbsp;II<BR>  <BR>    INFORMATION NOT REQUIRED IN PROSPECTUS    <BR>  </B></FONT></P>

<P><FONT SIZE=2><B>Item 8.&nbsp;&nbsp;&nbsp;&nbsp;Indemnification of Directors and Officers  </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 ALIGN="CENTER"><FONT SIZE=2>II-1</FONT></P>

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<BR>

<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 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 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><B>Item 9.&nbsp;&nbsp;&nbsp;&nbsp;Exhibits  </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><B>Item 10.&nbsp;&nbsp;&nbsp;&nbsp;Undertakings  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>The
undersigned registrants hereby undertake:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>To
file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>to
include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act of 1933;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>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></DD></DL>
</DD></DL>
</DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>II-2</FONT></P>

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<UL>
<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>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></DD></DL>
</UL>
</UL>
<UL>
<UL>

<P><FONT SIZE=2>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 registrant 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>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>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.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>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.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD><FONT SIZE=2>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></DD></DL>
<BR>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>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.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>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 registrants of expenses incurred or paid
by a director, officer, or controlling person of the registrants 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></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>II-3</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=3,SEQ=72,EFW="2110009",CP="BUNGE LIMITED",DN="1",CHK=378006,FOLIO='II-3',FILE='DISK014:[03NYC2.03NYC4582]EH4582A.;6',USER='LRAMIRE',CD=';2-MAY-2003;00:46' -->
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_ej4582_1_4"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ej4582_signatures"> </A>
<A NAME="toc_ej4582_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 reasonable grounds to believe that it meets all of the
requirements for filing on Form&nbsp;F-3 and 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="51%"><FONT SIZE=2>&nbsp;</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 VALIGN="TOP">
<TD WIDTH="51%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="41%"><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> Name:&nbsp;&nbsp;Morris Kalef<BR>
Title:&nbsp;&nbsp;&nbsp;&nbsp;President</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2><B>POWER OF ATTORNEY  </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="39%" ALIGN="CENTER"><FONT SIZE=1><B>Signature</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="36%" ALIGN="CENTER"><FONT SIZE=1><B>Title</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="19%" ALIGN="CENTER"><FONT SIZE=1><B>Date</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="39%" ALIGN="CENTER" VALIGN="CENTER"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="36%" VALIGN="CENTER"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="CENTER"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="39%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2>/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="3%" VALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="36%" VALIGN="CENTER"><FONT SIZE=2>President and Director</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2>May 2, 2003</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="39%" 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="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="36%" VALIGN="CENTER"><FONT SIZE=2><BR>
Treasurer</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
May 2, 2003</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="39%" 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="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="36%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
May 2, 2003</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="39%" 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="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="36%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
May 2, 2003</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="39%" 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="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="36%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
May 2, 2003</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="39%" 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="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="36%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="19%" 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=73,EFW="2110009",CP="BUNGE LIMITED",DN="1",CHK=495512,FOLIO='II-4',FILE='DISK014:[03NYC2.03NYC4582]EJ4582A.;8',USER='CNAPOLE',CD=';2-MAY-2003;15:06' -->
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NAME="page_ek4582_1_5"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ek4582_signatures"> </A>
<A NAME="toc_ek4582_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 reasonable grounds to believe that it meets all of the
requirements for filing on Form&nbsp;F-3 and 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="39%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>BUNGE LIMITED</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="54%"><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> Name:&nbsp;&nbsp;Alberto Weisser<BR>
Title:&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer and<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chairman of the Board of Directors</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2><B>POWER OF ATTORNEY  </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="38%" ALIGN="CENTER"><FONT SIZE=1><B>Signature</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="40%" ALIGN="CENTER"><FONT SIZE=1><B>Title</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="17%" ALIGN="CENTER"><FONT SIZE=1><B>Date</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="38%" ALIGN="CENTER" VALIGN="CENTER"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="40%" VALIGN="CENTER"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="17%" VALIGN="CENTER"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="38%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2>/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="3%" VALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="40%" VALIGN="CENTER"><FONT SIZE=2>Chief Executive Officer and Chairman<BR>
of the Board of Directors</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2>May 2, 2003</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="38%" 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="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="40%" VALIGN="CENTER"><FONT SIZE=2><BR>
Chief Financial Officer</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
May 2, 2003</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="38%" 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="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="40%" VALIGN="CENTER"><FONT SIZE=2><BR>
<BR>
Controller and Principal Accounting Officer</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
<BR>
May 2, 2003</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="38%" ALIGN="CENTER" VALIGN="CENTER"><BR><HR NOSHADE><FONT SIZE=2> Jorge Born, Jr.</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="40%" VALIGN="CENTER"><FONT SIZE=2><BR>
Deputy Chairman and Director</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
May&nbsp;&nbsp;, 2003</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="38%" ALIGN="CENTER" VALIGN="CENTER"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="40%" VALIGN="CENTER"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="17%" 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>
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<A NAME="page_ek4582_1_6"> </A>
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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="38%" ALIGN="CENTER" VALIGN="CENTER"><BR><HR NOSHADE><FONT SIZE=2> Ernest G. Bachrach</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="40%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
May&nbsp;&nbsp;, 2003</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="38%" 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="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="40%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
May 2, 2003</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="38%" 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="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="40%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
May 2, 2003</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="38%" ALIGN="CENTER" VALIGN="CENTER"><BR><HR NOSHADE><FONT SIZE=2> Octavio Caraballo</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="40%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
May&nbsp;&nbsp;, 2003</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="38%" 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="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="40%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
May 2, 2003</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="38%" 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="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="40%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
May 2, 2003</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="38%" 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="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="40%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
May 2, 2003</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="38%" ALIGN="CENTER" VALIGN="CENTER"><BR><HR NOSHADE><FONT SIZE=2> Paul H. Hatfield</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="40%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
May&nbsp;&nbsp;, 2003</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="38%" 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="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="40%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
May 2, 2003</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="38%" 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="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="40%" VALIGN="CENTER"><FONT SIZE=2><BR>
Authorized Representative in the United States</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
May 2, 2003</FONT></TD>
</TR>
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<P ALIGN="CENTER"><FONT SIZE=2>II-6</FONT></P>

<HR NOSHADE>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_em4582_1_7"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="em4582_exhibit_index"> </A>
<A NAME="toc_em4582_1"> </A>
<BR></FONT><FONT SIZE=2><B>EXHIBIT INDEX    <BR>  </B></FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="9%" ALIGN="LEFT"><FONT SIZE=1><B>Exhibit No.<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="82%" ALIGN="CENTER"><FONT SIZE=1><B>Description of Exhibits</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="4%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%"><FONT SIZE=2>3.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="82%"><FONT SIZE=2>Memorandum of Association of Bunge Limited (incorporated by reference from Bunge Limited's Form F-1 (No. 333-65026) filed July 31, 2001)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%"><FONT SIZE=2><BR>
3.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="82%"><FONT SIZE=2><BR>
Bye-laws of Bunge Limited, as amended and restated (incorporated by reference from Bunge Limited's Form 20-F filed March 31, 2003)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%"><FONT SIZE=2><BR>
3.3*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="82%"><FONT SIZE=2><BR>
Certificate of Incorporation of Bunge Limited Finance Corp.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%"><FONT SIZE=2><BR>
3.4*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="82%"><FONT SIZE=2><BR>
By-laws of Bunge Limited Finance Corp.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%"><FONT SIZE=2><BR>
4.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="82%"><FONT SIZE=2><BR>
Form of Common Share Certificate (incorporated by reference from Bunge Limited's Form F-1 (No. 333-65026) filed July 31, 2001)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%"><FONT SIZE=2><BR>
4.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="82%"><FONT SIZE=2><BR>
Shareholder Rights Plan dated as of August 1, 2001 (incorporated by reference from Bunge Limited's Form F-1 (No. 333-81332) filed January 24, 2002)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%"><FONT SIZE=2><BR>
4.3*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="82%"><FONT SIZE=2><BR>
Registration Rights Agreement dated November 27, 2002 among Bunge Limited Finance Corp., Bunge Limited, Morgan Stanley &amp; Co. Incorporated, Salomon Smith Barney Inc. and the several other Initial Purchasers named therein</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%"><FONT SIZE=2><BR>
4.4*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="82%"><FONT SIZE=2><BR>
Indenture dated November 27, 2002 among Bunge Limited Finance Corp., Bunge Limited and The Bank of New York</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%"><FONT SIZE=2><BR>
4.5*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="82%"><FONT SIZE=2><BR>
Form of Note</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%"><FONT SIZE=2><BR>
5.1*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="82%"><FONT SIZE=2><BR>
Opinion of Winston &amp; Strawn</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%"><FONT SIZE=2><BR>
5.2*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="82%"><FONT SIZE=2><BR>
Opinion of Shearman &amp; Sterling</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%"><FONT SIZE=2><BR>
5.3*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="82%"><FONT SIZE=2><BR>
Opinion of Conyers Dill &amp; Pearman</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%"><FONT SIZE=2><BR>
8.1*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="82%"><FONT SIZE=2><BR>
Tax Opinion of Conyers Dill &amp; Pearman</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%"><FONT SIZE=2><BR>
8.2*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="82%"><FONT SIZE=2><BR>
Tax Opinion of Shearman &amp; Sterling</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%"><FONT SIZE=2><BR>
12.1*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="82%"><FONT SIZE=2><BR>
Statement Regarding Computation of Ratios of Earnings to Fixed Charges</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%"><FONT SIZE=2><BR>
23.1*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="82%"><FONT SIZE=2><BR>
Consent of Deloitte &amp; Touche LLP</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%"><FONT SIZE=2><BR>
23.2*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="82%"><FONT SIZE=2><BR>
Consent of Deloitte Touche Tohmatsu</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%"><FONT SIZE=2><BR>
23.3*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="82%"><FONT SIZE=2><BR>
Consent of Winston &amp; Strawn (included in Exhibit 5.1)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%"><FONT SIZE=2><BR>
23.4*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="82%"><FONT SIZE=2><BR>
Consent of Shearman &amp; Sterling (included in Exhibits 5.2 and 8.2)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%"><FONT SIZE=2><BR>
23.5*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="82%"><FONT SIZE=2><BR>
Consent of Conyers Dill &amp; Pearman (included in Exhibits 5.3 and 8.1)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%"><FONT SIZE=2><BR>
24.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="82%"><FONT SIZE=2><BR>
Power of Attorney of Bunge Limited Finance Corp. (included in signature page)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%"><FONT SIZE=2><BR>
24.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="82%"><FONT SIZE=2><BR>
Power of Attorney of Bunge Limited (included in signature page)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%"><FONT SIZE=2><BR>
25.1*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="82%"><FONT SIZE=2><BR>
Statement of Eligibility of Trustee on Form T-1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
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<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>

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<BR>
<P><br><A NAME="03NYC4582_1">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_bg4582_1">TABLE OF CONTENTS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_bi4582_1">CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ca4582_1">SUMMARY</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_cc4582_1">THE OFFERING</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ce4582_1">CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES (Unaudited)</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_de4582_1">RISK FACTORS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dg4582_1">CAPITALIZATION AND INDEBTEDNESS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dg4582_2">USE OF PROCEEDS</A></FONT><BR>
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<FONT SIZE=2><A HREF="#toc_di4582_1">PRICE RANGE OF OUR COMMON SHARES</A></FONT><BR>
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<FONT SIZE=2><A HREF="#toc_dk4582_1">DESCRIPTION OF NOTES</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dq4582_1">DESCRIPTION OF SHARE CAPITAL</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ds4582_1">DESCRIPTION OF MASTER TRUST STRUCTURE</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_du4582_1">TAXATION</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dx4582_1">SELLING SECURITYHOLDERS</A></FONT><BR>
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<FONT SIZE=2><A HREF="#toc_ea4582_1">PLAN OF DISTRIBUTION</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ec4582_1">ENFORCEMENT OF CIVIL LIABILITIES</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ec4582_2">LEGAL MATTERS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ec4582_3">EXPERTS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ed4582_1">WHERE YOU CAN FIND MORE INFORMATION</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ef4582_1">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_eh4582_1">PART II INFORMATION NOT REQUIRED IN PROSPECTUS</A></FONT><BR>
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<FONT SIZE=2><A HREF="#toc_ej4582_1">SIGNATURES</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ek4582_1">SIGNATURES</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_em4582_1">EXHIBIT INDEX</A></FONT><BR>
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<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 align="center" style="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;">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 align="center" 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:justify;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 align="center" style="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 TWO</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 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 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 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 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;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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 .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>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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 .5in;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;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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 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 style="margin:0in 0in .0001pt .5in;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; 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.</font></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;">

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</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<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;"><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-align:justify;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; 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 style="margin:0in 0in .0001pt;text-align:justify;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 style="margin:0in 0in .0001pt;text-align:justify;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; As
used in paragraph (a) of ARTICLE FOUR, the following terms shall have the
meanings set forth in this section:</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;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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.</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;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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.</font></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="2110009",CP="BUNGE LIMITED",DN="2",CHK=238786,FOLIO='2',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_3_3_4584.CHC",USER="ARUSS",CD='May  2 18:20 2003' -->
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</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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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 13(d)(3) of the Securities Exchange Act of 1934, as
amended.</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; 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.</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;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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.</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;">(vi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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.</font></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 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 style="margin:0in 0in .0001pt;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="center" style="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)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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 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="margin:0in 0in .0001pt .5in;text-indent:13.7pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160; 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 </font></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="2110009",CP="BUNGE LIMITED",DN="2",CHK=370804,FOLIO='3',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_3_3_4584.CHC",USER="ARUSS",CD='May  2 18:20 2003' -->
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</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;">incorporation containing
provisions identical to the provisions of ARTICLE THREE, ARTICLE FOUR, this
ARTICLE FIVE, ARTICLE SIX, ARTICLE ELEVEN, ARTICLE SIXTEEN and ARTICLE
SEVENTEEN; and</font></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="margin:0in 0in .0001pt .5in;text-indent:13.7pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160; 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;</font></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 align="center" style="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 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)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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="2110009",CP="BUNGE LIMITED",DN="2",CHK=67776,FOLIO='4',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_3_3_4584.CHC",USER="ARUSS",CD='May  2 18:20 2003' -->
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<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;">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:1.0in;"><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="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NAME</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.82%;">
  <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="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.52%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.82%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.52%;">
  <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="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.82%;">
  <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="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.52%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.82%;">
  <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="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.52%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.82%;">
  <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="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;"><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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</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;">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="3" face="Times New Roman" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=5,EFW="2110009",CP="BUNGE LIMITED",DN="2",CHK=179021,FOLIO='5',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_3_3_4584.CHC",USER="ARUSS",CD='May  2 18:20 2003' -->
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<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
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 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
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 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 align="center" style="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
FIFTEEN</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;">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="2110009",CP="BUNGE LIMITED",DN="2",CHK=74555,FOLIO='6',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_3_3_4584.CHC",USER="ARUSS",CD='May  2 18:20 2003' -->
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<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
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 align="center" style="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
SEVENTEEN</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 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;">
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<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="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.04%;">
  <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:6.88%;">
  <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:6.88%;">
  <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:6.88%;">
  <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:6.88%;">
  <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:6.88%;">
  <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>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.12%;">
  <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="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.04%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.88%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.88%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.88%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.88%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.88%;">
  <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>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.12%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.04%;">
  <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:6.88%;">
  <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:6.88%;">
  <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:6.88%;">
  <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:6.88%;">
  <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:6.88%;">
  <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>
  <td width="28%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:28.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ J.&nbsp;MICHAEL
  BROWN</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;">8</font></p>


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

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</font></div>

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<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;">&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="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;">&nbsp;</font></b></p>

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OF CONTENTS</font></b></p>

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<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="93%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:93.46%;">
  <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="#ArticleIOffices" title="Click to goto ARTICLE I  OFFICES ">ARTICLE I</a></font></p>
  </td>
  <td width="6%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.54%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="93%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:93.46%;">
  <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="#ArticleIOffices" title="Click to goto ARTICLE I  OFFICES ">OFFICES</a></font></p>
  </td>
  <td width="6%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.54%;">
  <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>
  </td>
 </tr>
 <tr>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.54%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.46%;">
  <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="#ArticleIiStockholders" title="Click to goto ARTICLE II  STOCKHOLDERS ">ARTICLE II</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.54%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.46%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleIiStockholders" title="Click to goto ARTICLE II  STOCKHOLDERS ">STOCKHOLDERS</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.54%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">3</font></p>
  </td>
 </tr>
 <tr>
  <td width="93%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:93.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.54%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="93%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:93.46%;">
  <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="#ArticleIiiBoardOfDirectors" title="Click to goto ARTICLE III  BOARD OF DIRECTORS  ">ARTICLE III</a></font></p>
  </td>
  <td width="6%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.54%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="93%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:93.46%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleIiiBoardOfDirectors" title="Click to goto ARTICLE III  BOARD OF DIRECTORS  ">BOARD OF DIRECTORS</a></font></p>
  </td>
  <td width="6%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.54%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">5</font></p>
  </td>
 </tr>
 <tr>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.54%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.46%;">
  <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="#ArticleIvCommittees" title="Click to goto ARTICLE IV  COMMITTEES ">ARTICLE IV</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.54%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.46%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleIvCommittees" title="Click to goto ARTICLE IV  COMMITTEES ">COMMITTEES</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.54%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">6</font></p>
  </td>
 </tr>
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  <td width="93%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:93.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.54%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="93%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:93.46%;">
  <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="#ArticleVGeneralCounsel" title="Click to goto ARTICLE V  GENERAL COUNSEL ">ARTICLE V</a></font></p>
  </td>
  <td width="6%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.54%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="93%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:93.46%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleVGeneralCounsel" title="Click to goto ARTICLE V  GENERAL COUNSEL ">GENERAL COUNSEL</a></font></p>
  </td>
  <td width="6%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.54%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">7</font></p>
  </td>
 </tr>
 <tr>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.54%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.46%;">
  <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="#ArticleViOfficers" title="Click to goto ARTICLE VI  OFFICERS ">ARTICLE VI</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.54%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.46%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleViOfficers" title="Click to goto ARTICLE VI  OFFICERS ">OFFICERS</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.54%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">7</font></p>
  </td>
 </tr>
 <tr>
  <td width="93%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:93.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.54%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="93%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:93.46%;">
  <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="#Ticleviiresignations" title="Click to goto TICLE VII  RESIGNATIONS, REMOVAL">ARTICLE VII</a></font></p>
  </td>
  <td width="6%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.54%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="93%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:93.46%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#Ticleviiresignations" title="Click to goto TICLE VII  RESIGNATIONS, REMOVAL">RESIGNATIONS, REMOVALS
  AND VACANCIES</a></font></p>
  </td>
  <td width="6%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.54%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">9</font></p>
  </td>
 </tr>
 <tr>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.54%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.46%;">
  <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="#ArticleViiiCapitalStock" title="Click to goto ARTICLE VIII  CAPITAL STOCK ">ARTICLE VIII</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.54%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.46%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleViiiCapitalStock" title="Click to goto ARTICLE VIII  CAPITAL STOCK ">CAPITAL STOCK</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.54%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">10</font></p>
  </td>
 </tr>
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  <td width="93%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:93.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.54%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="93%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:93.46%;">
  <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  CONTRACTS, CHECKS, DRAFTS, BANK ACCOUNTS, ETC. ">ARTICLE
  IX</a></font></p>
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  <td width="6%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.54%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="93%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:93.46%;">
  <p style="margin:0in 0in .0001pt 40.0pt;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  CONTRACTS, CHECKS, DRAFTS, BANK ACCOUNTS, ETC. ">CONTRACTS,
  CHECKS, DRAFTS, BANK ACCOUNTS, ETC.</a></font></p>
  </td>
  <td width="6%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.54%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">10</font></p>
  </td>
 </tr>
 <tr>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.54%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.46%;">
  <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="#ArticleXFiscalYear" title="Click to goto ARTICLE X  FISCAL YEAR ">ARTICLE X</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.54%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.46%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleXFiscalYear" title="Click to goto ARTICLE X  FISCAL YEAR ">FISCAL YEAR</a></font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.54%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">11</font></p>
  </td>
 </tr>
 <tr>
  <td width="93%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:93.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
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  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;text-transform:uppercase;">&nbsp;</p>
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  <td width="93%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:93.46%;">
  <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="#ArticleXiMiscellaneous" title="Click to goto ARTICLE XI  MISCELLANEOUS ">ARTICLE XI</a></font></p>
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  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleXiMiscellaneous" title="Click to goto ARTICLE XI  MISCELLANEOUS ">MISCELLANEOUS</a></font></p>
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  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">12</font></p>
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<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>


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<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><a name="ArticleIOffices"><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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">OFFICES</font></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.&#160;&#160;&#160;&#160;&#160; <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.&#160;&#160;&#160;&#160;&#160; <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="ArticleIiStockholders"><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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">STOCKHOLDERS</font></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.&#160;&#160;&#160;&#160;&#160; <u>Place
of Meetings</u>.&#160; 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>

<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 2.02.&#160;&#160;&#160;&#160;&#160; <u>Annual
Meeting</u>.&#160; 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.&#160;&#160;&#160;&#160;&#160; <u>Special
Meetings</u>.&#160; 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.&#160;&#160;&#160;&#160;&#160; <u>Notice
of Meetings</u>.&#160; 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.&#160;&#160;&#160;&#160;&#160; <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>

<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;">3</font></h2>


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</font></b></h2>

<font size="2" face="Times New Roman"><font size="2" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=3,EFW="2110009",CP="BUNGE LIMITED",DN="3",CHK=247832,FOLIO='3',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_3_4_4584.CHC",USER="ARUSS",CD='May  1 23:59 2003' -->
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<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;&#160;&#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.&#160;&#160;&#160;&#160;&#160; <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>

<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 2.07.&#160;&#160;&#160;&#160;&#160; <u>Proxies
and Voting</u>.&#160; 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>

<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 2.08.&#160;&#160;&#160;&#160;&#160; <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.&#160;&#160;&#160;&#160;&#160; <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>

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<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;">4</font></h2>


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</font></b></h2>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p style="margin:0in 0in .0001pt;"><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></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="ArticleIiiBoardOfDirectors"><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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BOARD OF DIRECTORS</font></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.&#160;&#160;&#160;&#160;&#160; <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.&#160;&#160;&#160;&#160;&#160; <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.&#160;&#160;&#160;&#160;&#160; <u>Notice
of Meetings</u>.&#160; 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.&#160;&#160;&#160;&#160;&#160; <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>

<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;">5</font></h2>


<h2 align="left" style="font-weight:normal;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></h2>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=5,EFW="2110009",CP="BUNGE LIMITED",DN="3",CHK=414758,FOLIO='5',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_3_4_4584.CHC",USER="ARUSS",CD='May  1 23:59 2003' -->
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<p style="margin:0in 0in .0001pt;"><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></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 3.05.&#160;&#160;&#160;&#160;&#160; <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>

<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 3.06.&#160;&#160;&#160;&#160;&#160; <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.&#160;&#160;&#160;&#160;&#160; <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="ArticleIvCommittees"><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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">COMMITTEES</font></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 4.01.&#160;&#160;&#160;&#160;&#160; <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.&#160;&#160;&#160;&#160;&#160; <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>

<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;">6</font></h2>


<h2 align="left" style="font-weight:normal;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></h2>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=6,EFW="2110009",CP="BUNGE LIMITED",DN="3",CHK=124141,FOLIO='6',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_3_4_4584.CHC",USER="ARUSS",CD='May  1 23:59 2003' -->
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<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 style="margin:0in 0in .0001pt;"><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 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></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="ArticleVGeneralCounsel"><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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">GENERAL COUNSEL</font></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="ArticleViOfficers"><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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">OFFICERS</font></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.&#160;&#160;&#160;&#160;&#160; <u>Officers</u>.&#160; 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.&#160;&#160;&#160;&#160;&#160; <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.&#160;&#160;&#160;&#160;&#160; <u>The
Chairman of the Board of Directors</u>.&#160;
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.&#160;&#160;&#160;&#160;&#160; <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>

<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;">7</font></h2>


<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">

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</font></b></h2>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=7,EFW="2110009",CP="BUNGE LIMITED",DN="3",CHK=296349,FOLIO='7',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_3_4_4584.CHC",USER="ARUSS",CD='May  1 23:59 2003' -->
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<p style="margin:0in 0in .0001pt;"><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></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 6.05.&#160;&#160;&#160;&#160;&#160; <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.&#160;&#160;&#160;&#160;&#160; <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 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 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>

<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 6.07.&#160;&#160;&#160;&#160;&#160; <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 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 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="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="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 align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">

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</font></b></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=8,EFW="2110009",CP="BUNGE LIMITED",DN="3",CHK=711953,FOLIO='8',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_3_4_4584.CHC",USER="ARUSS",CD='May  1 23:59 2003' -->
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<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;">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.&#160;&#160;&#160;&#160;&#160; <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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">AR<a name="Ticleviiresignations">TICLE VII</a></font></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-size:10.0pt;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;">RESIGNATIONS, REMOVAL</font>S AND
VACANCIES</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 7.01.&#160;&#160;&#160;&#160;&#160; <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.&#160;&#160;&#160;&#160;&#160; <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.&#160;&#160;&#160;&#160;&#160; <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;"><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;">
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<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:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><a name="ArticleViiiCapitalStock"><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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CAPITAL STOCK</font></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 8.01.&#160;&#160;&#160;&#160;&#160; <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.&#160;&#160;&#160;&#160;&#160; <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.&#160;&#160;&#160;&#160;&#160; <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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CONTRACTS, CHECKS, DRAFTS, BANK ACCOUNTS, ETC.</font></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 9.01.&#160;&#160;&#160;&#160;&#160; <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;"><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;">
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<p style="margin: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;">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></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 9.02.&#160;&#160;&#160;&#160;&#160; <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.&#160;&#160;&#160;&#160;&#160; <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.&#160;&#160;&#160;&#160;&#160; <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="ArticleXFiscalYear"><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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FISCAL YEAR</font></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 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>

<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;">11</font></h1>


<h1 align="left" style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;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></h1>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<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="ArticleXiMiscellaneous"><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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MISCELLANEOUS</font></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.&#160;&#160;&#160; <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.&#160;&#160;&#160; <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="ArticleXiiAmendments"><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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">AMENDMENTS</font></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>


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</font></b></div>

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<TYPE>EX-4.3
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<DESCRIPTION>EX-4.3
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<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="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 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 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;">U.S.$250,000,000</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;">3&#190;%
Convertible Notes Due 2022</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<br>
and<br>
Convertible into Common Share of</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;punctuation-wrap:simple;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;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registration Rights
Agreement</font></u></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>

<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;">November&nbsp;27, 2002</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Morgan
Stanley &amp; Co. Incorporated<br>
Salomon Smith Barney Inc.</font></p>

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

<p style="margin:0in 0in .0001pt .2in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">And the other several<br>
Initial Purchasers named in<br>
Schedule 1 to the 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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c/o
Morgan Stanley &amp; Co. Incorporated<br>
1585 Broadway<br>
New York, New York&#160; 10036</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and<br>
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<br>
New York, New York&#160; 10013</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>

<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 Morgan Stanley &amp; Co. Incorporated and Salomon
Smith Barney Inc. and the other several Initial Purchasers (together, the &#147;<u>Initial
Purchasers</u>&#148;), upon the terms and subject to the conditions set forth in a
purchase agreement dated November&nbsp;21, 2002 (the &#147;<u>Purchase Agreement</u>&#148;),
U.S.$250,000,000 aggregate principal amount of its 3&#190;% Convertible Notes Due
2022 (the &#147;<u>Notes</u>&#148;), which will 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="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="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="2110009",CP="BUNGE LIMITED",DN="4",CHK=79988,FOLIO='',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_3_4584.CHC",USER="ARUSS",CD='May  2 00:01 2003' -->
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</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;">Subject to the terms and conditions included in the
Notes and set forth in the Indenture, the Notes will be convertible into
shares, par value U.S.$.01 per share (&#147;<u>Common Shares</u>&#148;), of the Guarantor
at an initial conversion rate of 31.1137 Common Shares per $1,000 principal
amount of Notes (the Common Shares issuable upon conversion of the Notes being
referred to as the &#147;<u>Underlying Common Shares</u>&#148;).</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 Underlying
Common Shares (collectively, the &#147;<u>Holders</u>&#148;), as follows:</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;">1.&#160; <u>Shelf
Registration</u>.</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 with
the U.S. Securities and Exchange Commission (the &#147;<u>SEC</u>&#148;) as promptly as
practicable, but in no event later than June 12, 2003 (the &#147;<u>Shelf Filing
Date</u>&#148;), a shelf registration statement on Form F-3 or other appropriate
form under the U.S. Securities Act of 1933, as amended (the &#147;<u>Securities Act</u>&#148;),
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 (the &#147;<u>Initial
Shelf Registration Statement</u>&#148;; the Initial Shelf Registration or any
Subsequent Shelf Registration Statement (as defined below), as the case may be,
effective as of any date is herein referred to as the &#147;<u>Shelf Registration
Statement</u>&#148;).&#160; The Company and the
Guarantor shall use their reasonable best efforts to cause the Initial Shelf
Registration Statement to be declared effective under the Securities Act as
promptly as practicable, but in no event later than June 23, 2003 (the &#147;<u>Shelf
Registration Effectiveness Date</u>&#148;).&#160;
At the time the Initial Shelf Registration Statement is declared
effective, each Holder that became a Notice Holder (as defined below) on or
prior to the date that is 10 business days prior to such time of effectiveness
shall be named as a selling securityholder in the Initial Shelf Registration
Statement and the related prospectus in such a manner as to permit such Holder
to deliver such prospectus to purchasers of Transfer Restricted Securities in
accordance with applicable law.&#160; None of
the holders of any securities of the Company or the Guarantor other than the
Transfer Restricted Securities shall have the right to include any of the
Company&#146;s securities in the Shelf Registration Statement, except with the prior
written consent of the Initial Purchasers.&#160;
As used herein, the term &#147;<u>Transfer Restricted Securities</u>&#148; means
each Note or Underlying Common Share, any security into or for which such
Underlying Common Share has been converted or exchanged, and any security
issued with respect thereto upon any share dividend, bonus issue, split,
subdivision, merger, amalgamation or similar event until, in the case of any
such security, the earlier to occur of (i) the date on which such Note or
Underlying Common Share or other security has been effectively registered under
the Securities Act and resold, or otherwise disposed of in accordance with the
Shelf Registration Statement and (ii) the date on which such Note or Underlying
Common Share or other security is distributed to the public pursuant to Rule
144 (or any successor provision) under the Securities Act or is saleable
pursuant to Rule 144(k) (or any successor provision) under the Securities
Act.&#160; As used herein, the term &#147;<u>Notice
Holder</u>&#148; means, as of any date, a Holder that has delivered a written notice
to the Company and the Guarantor containing substantially the information
called for by the Selling</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;">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="2110009",CP="BUNGE LIMITED",DN="4",CHK=558246,FOLIO='2',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_3_4584.CHC",USER="ARUSS",CD='May  2 00:01 2003' -->
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</font>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;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;">and Securityholder Notice and Questionnaire attached as Annex A to the
Company&#146;s and the Guarantor&#146;s Offering Memorandum, dated November&nbsp;21,
2002, relating to the Notes (a &#147;<u>Notice and Questionnaire</u>&#148;).</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;">&nbsp;</font></h2>

<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
Initial 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 date upon which no
Note or Underlying Common Share constitutes a Transfer Restricted Security
(such period being called the &#147;<u>Shelf Registration Period</u>&#148;).</font></h2>

<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;">&nbsp;</font></h2>

<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; If
(i) the Initial Shelf Registration Statement or any Subsequent Shelf
Registration Statement ceases to be effective for any reason at any time during
the Shelf Registration Period (other than because all Transfer Restricted
Securities registered thereunder shall have been resold pursuant thereto or
shall have otherwise ceased to be Transfer Restricted Securities) or (ii) sales
of some or all of a Holder&#146;s Transfer Restricted Securities may not be made
pursuant to the Initial Shelf Registration Statement or any Subsequent Shelf
Registration Statement for any other reason during the Shelf Registration
Period (other than such Holder&#146;s failure to comply with the terms of this
Agreement), the Company and the Guarantor shall use their reasonable best
efforts to obtain the prompt withdrawal of any order suspending the effectiveness
thereof or to permit such sales, including by (A) amending, within thirty (30)
days of such cessation of effectiveness, the Shelf Registration Statement in a
manner reasonably expected to obtain the withdrawal of the order suspending the
effectiveness thereof or to permit such sales or (B) by filing an additional
shelf registration statement on the appropriate form under the Securities Act
relating to the offer and sale of all of the Transfer Restricted Securities as
of the date of such filing (a &#147;<u>Subsequent Shelf Registration Statement</u>&#148;).&#160; If a Subsequent Shelf Registration Statement
is filed, the Company and the Guarantor shall use their reasonable best efforts
to cause the Subsequent Shelf Registration Statement to become effective as
promptly as is practicable after such filing and to keep such Shelf
Registration Statement (or any Subsequent Shelf Registration Statement)
continuously effective until the end of the Shelf Registration Period.</font></h2>

<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;">&nbsp;</font></h2>

<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; Each
Holder of Transfer Restricted Securities agrees that if such Holder wishes to
sell Transfer Restricted Securities pursuant to a Shelf Registration Statement
and the related prospectus, it will do so only in accordance with this Section
1(d) and Section 2(d). Each Holder wishing to sell Transfer Restricted
Securities pursuant to a Shelf Registration Statement and the related
prospectus agrees to deliver a Notice and Questionnaire to the Company and the
Guarantor prior to any intended distribution of Transfer Restricted Securities
under the Shelf Registration Statement.&#160;
From and after the date on which the Initial Shelf Registration
Statement is declared effective, the Company and the Guarantor shall, as
promptly as practicable after the date a Notice and Questionnaire is delivered,
and in any event upon the later of 10 business days after such date and 10
business days after the expiration of any Suspension Period (as defined herein)
in effect when the Notice and Questionnaire is delivered, or put into effect
within 10 business days of such delivery date:</font></h2>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-autospace:none;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 .5in;punctuation-wrap:simple;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; if required by applicable law, file
with the SEC a post-effective amendment to the Shelf Registration Statement or
a Subsequent Shelf Registration</font></h3>

<h3 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></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;">3</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=3,EFW="2110009",CP="BUNGE LIMITED",DN="4",CHK=49278,FOLIO='3',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_3_4584.CHC",USER="ARUSS",CD='May  2 00:01 2003' -->
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</font>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Statement, or prepare and, if required by applicable
law, file a supplement to the related prospectus or a supplement or amendment
to any document incorporated therein by reference or file any other required
document so that the Holder delivering such Notice and Questionnaire is named
as a selling securityholder in the Shelf Registration Statement or such
Subsequent Shelf Registration Statement, as the case may be, and the related
prospectus in such a manner as to permit such Holder to deliver such prospectus
to purchasers of the Transfer Restricted Securities in accordance with
applicable law and, if the Company and the Guarantor shall file a
post-effective amendment to the Shelf Registration Statement or a Subsequent
Shelf Registration Statement, as the case may be, use their reasonable best
efforts to cause such post-effective amendment or such Subsequent Shelf
Registration Statement, as the case may be, to be declared effective under the
Securities Act as promptly as is practicable, but in any event by the date (the
&#147;<u>Amendment Effectiveness Date</u>&#148;) that is 45 days after the date such
post-effective amendment or such Subsequent Shelf Registration Statement, as
the case may be, is required by this Section 1(d)(i) to be filed;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-autospace:none;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 .5in;punctuation-wrap:simple;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; provide such Holder copies of any
documents filed pursuant to Section 1(d)(i) upon written request; and</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-autospace:none;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 .5in;punctuation-wrap:simple;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; notify such Holder as promptly as
practicable after the effectiveness under the Securities Act of any
post-effective amendment or Subsequent Shelf Registration Statement filed
pursuant to Section 1(d)(i); <i><font style="font-style:italic;">provided</font></i>,
that if such Notice and Questionnaire is delivered during a Suspension Period,
the Company and the Guarantor shall so inform the Holder delivering such Notice
and Questionnaire and shall take the actions set forth in clauses (i) and (ii)
above upon expiration of the Suspension Period in accordance with Section 2(d).</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>

<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, (i) the Company shall be under no
obligation to name any Holder that is not a Notice Holder as a selling
securityholder in any Shelf Registration Statement or related prospectus and
(ii) the Amendment Effectiveness Date shall be extended by up to 10 business
days from the expiration of a Suspension Period (and the Company shall incur no
obligation to pay additional interest pursuant to Section 2(a) hereof during
such extension) if such Suspension Period shall be in effect on the Amendment
Effectiveness Date.&#160; Notwithstanding the
provisions of Section 3 hereof, any amendment or supplement to the Shelf Registration
Statement pursuant to this Section 1(d) that solely lists additional selling
securityholders need not be submitted for review by other Notice Holders or the
Initial Purchasers.</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;">&nbsp;</font></h2>

<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; 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 SEC 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</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="2110009",CP="BUNGE LIMITED",DN="4",CHK=373351,FOLIO='4',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_3_4584.CHC",USER="ARUSS",CD='May  2 00:01 2003' -->
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;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;">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.&#160; Without limiting or
otherwise affecting the agreements set forth in this Section 1(e) of any other
provision of this Agreement, the Company and the Guarantor shall promptly file
with the SEC such amendments or supplements, and use their reasonable best
efforts to cause such amendments or supplements to become effective under the
Securities Act, as may be required or advisable to ensure that the Company and
the Guarantor comply with their agreements set forth in the first sentence of
this Section 1(e).</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; <u>Additional
Interest.</u>&#160; (a)&#160; If (i) the Initial Shelf Registration
Statement is not filed with the SEC on or before the Shelf Filing Date, (ii)
the Initial Shelf Registration Statement is not declared effective on or before
the Shelf Registration Effectiveness Date, (iii) the Company and the Guarantor
have failed to perform their obligations set forth in Section 1(d) hereof
within the time period required therein, or (iv) the Initial Shelf Registration
Statement is filed and declared effective on or before the Shelf Registration
Effective Date but (x) the Initial Shelf Registration Statement shall
thereafter cease to be effective (at any time that the Company and the
Guarantor are obligated to maintain the effectiveness thereof) and no
Subsequent Shelf Registration Statement is effective at such time or (y) use of
the Shelf Registration Statement or the related prospectus shall be suspended
for one or more periods longer than permitted pursuant to Section 2(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, at a
rate equal to 0.25% per annum of (A) in the case of outstanding Notes that are
Transfer Restricted Securities, the principal amount of such Notes held by the
Holder or (B) in the case of outstanding Underlying Common Shares that are
Transfer Restricted Securities, an amount equal to the product of the prevailing
Conversion Price (as defined in the Indenture) applicable to the Notes and the
number of such Underlying Common Shares held by the Holder, as applicable,
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 0.50% per annum, until each Registration Default has been cured; <i><font style="font-style:italic;">provided</font></i> that, in the case of a
Registration Default referred to in clause (iii) above, such additional
interest shall be paid only to Holders that have delivered a Notice and
Questionnaire that caused the Company and the Guarantor to incur the
obligations set forth in Section 1(d) hereof the non-performance of which is
the basis of such Registration Default; <i><font style="font-style:italic;">provided
further</font></i> that any additional interest accrued with respect to any
Note called for redemption or converted into Underlying Common Shares prior to
the payment of such additional interest shall be paid instead to the Holder who
submitted such Note for redemption or conversion.&#160; Additional interest shall not be payable under, or in respect of,
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.</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;">&nbsp;</font></h2>

<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</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>

<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;">5</font></h2>


<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;">

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

</font></h2>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=5,EFW="2110009",CP="BUNGE LIMITED",DN="4",CHK=850127,FOLIO='5',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_3_4584.CHC",USER="ARUSS",CD='May  2 00:01 2003' -->
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</font>

<h2 align="center" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;">&nbsp;</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;">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
2, 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></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;">&nbsp;</font></h2>

<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
2 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 Initial Shelf Registration Statement to be
filed or (ii) the Shelf Registration Statement to remain effective or available
for use in each case to the extent required by this Agreement.</font></h2>

<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;">&nbsp;</font></h2>

<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 9(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-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 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 2(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 Notice Holder of Transfer Restricted Securities that are the subject of
the Shelf Registration Statement at such time of such suspension pursuant to
this Section 2(d), and shall end when each such Notice 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 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;">3.&#160; <u>Registration
Procedures</u>.&#160; In connection with any
Shelf Registration Statement, the following provisions shall apply:</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;">&nbsp;</font></h2>

<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 or, failing which, the Guarantor shall furnish to each Initial
Purchaser, prior to the filing thereof with the SEC, a copy of the Shelf Registration
Statement and each amendment thereof and each supplement, if any, to the
prospectus included therein and shall use their reasonable best efforts to
reflect in each such document, when so filed with the SEC, such comments as the
Initial Purchasers may reasonably propose.</font></h2>

<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;">&nbsp;</font></h2>

<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 or, failing which, the Guarantor shall advise each Initial Purchaser
and the Notice Holders (if applicable) and, if requested by any such person,
confirm</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>

<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;">6</font></h2>


<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;">

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

</font></h2>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=6,EFW="2110009",CP="BUNGE LIMITED",DN="4",CHK=637903,FOLIO='6',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_3_4584.CHC",USER="ARUSS",CD='May  2 00:01 2003' -->
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</font>

<h2 align="center" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;">&nbsp;</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;">such advice in writing (which advice pursuant to clauses (ii) through
(v) of this Section 3(b) shall be accompanied by an instruction to suspend the
use of the prospectus until the requisite changes have been made):</font></p>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-autospace:none;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 .5in;punctuation-wrap:simple;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 Shelf Registration
Statement and any amendment thereto has been filed with the SEC and when such
Shelf Registration Statement or any post-effective amendment thereto has become
effective;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-autospace:none;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 .5in;punctuation-wrap:simple;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 SEC for
amendments or supplements to any Shelf Registration Statement or the prospectus
included therein or for additional information;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-autospace:none;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 .5in;punctuation-wrap:simple;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 SEC of any stop
order suspending the effectiveness of any Shelf Registration Statement or the
initiation of any proceedings for that purpose;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-autospace:none;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 .5in;punctuation-wrap:simple;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 or the
Guarantor of any notification with respect to the suspension of the
qualification of the Notes or the Underlying Common Shares for sale in any
jurisdiction or the initiation or threatening of any proceeding for such
purpose; and</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-autospace:none;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 .5in;punctuation-wrap:simple;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 Shelf 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 required 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>

<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;">&nbsp;</font></h2>

<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 Shelf Registration Statement.</font></h2>

<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;">&nbsp;</font></h2>

<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 SEC) 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-effective
amendment thereto including, if any such Holder so requests in writing, all
exhibits thereto (including those, if any, incorporated by reference).</font></h2>

<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;">&nbsp;</font></h2>

<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</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>

<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;">7</font></h2>


<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;">

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

</font></h2>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=7,EFW="2110009",CP="BUNGE LIMITED",DN="4",CHK=782523,FOLIO='7',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_3_4584.CHC",USER="ARUSS",CD='May  2 00:01 2003' -->
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</font>

<h2 align="center" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;">&nbsp;</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;">Transfer Restricted Securities covered by such prospectus or any
amendment or supplement thereto.</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>

<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; Prior
to the effective date of any Shelf 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 Underlying Common Shares included
therein and their respective counsel in connection with the registration or
qualification of, such Notes or Underlying Common Shares 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 Underlying Common Shares covered by such Shelf 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>

<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;">&nbsp;</font></h2>

<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 and the Guarantor will cooperate with the Holders of Notes or
Underlying Common Shares to facilitate the timely preparation and delivery of
certificates representing Notes or Underlying Common Shares to be sold pursuant
to any Shelf 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 Underlying Common Shares pursuant to such
Shelf Registration Statement.</font></h2>

<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;">&nbsp;</font></h2>

<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; If
any event contemplated by Section 3(b)(ii) through (v) occurs during the period
for which the Company and the Guarantor are required to maintain an effective
Shelf Registration Statement, the Company and the Guarantor will promptly
prepare and file with the SEC a post-effective amendment to the Shelf
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 Underlying Common Shares 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>

<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;">&nbsp;</font></h2>

<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 will provide a CUSIP number for the Notes, not later than the effective
date of the applicable Shelf Registration Statement, and will provide the
Trustee with global certificates for the Notes in a form eligible for deposit
with The Depository Trust Company.</font></h2>

<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;">&nbsp;</font></h2>

<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; The
Company and the Guarantor will make generally available to its security holders
promptly after the effective date of the applicable Shelf Registration
Statement an earning statement satisfying the provisions of Section 11(a) of
the Securities Act.</font></h2>

<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;">&nbsp;</font></h2>

<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 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>

<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;">&nbsp;</font></h2>

<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; Each
Holder of Transfer Restricted Securities to be sold pursuant to a Shelf
Registration Statement agrees by acquisition of such Transfer Restricted
Securities that, upon receipt of any notice from the Company or the Guarantor
pursuant to Section 3(b)(ii)</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>

<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;">8</font></h2>


<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;">

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

</font></h2>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=8,EFW="2110009",CP="BUNGE LIMITED",DN="4",CHK=22969,FOLIO='8',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_3_4584.CHC",USER="ARUSS",CD='May  2 00:01 2003' -->
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</font>

<h2 align="center" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;">&nbsp;</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;">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 3(h) or until advised in writing
by the Company or the Guarantor that the use of the applicable prospectus may
be resumed.</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;">&nbsp;</font></h2>

<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; 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 of the principal amount
of the Transfer Restricted Securities (determined based upon the principal
amount of Notes constituting Transfer Restricted Securities and, for the
purposes of such determination, the Holders of Underlying Common Shares
constituting Transfer Restricted Securities shall be deemed to hold Notes
having a principal amount equal to the product of the prevailing Conversion
Price applicable to the Notes and the number of such Underlying Common Shares
held by such Holder) (the &#147;<u>Majority Holders</u>&#148;) being sold or any managing
underwriters shall reasonably request in order to facilitate any disposition of
Notes and Underlying Common Shares pursuant to such Shelf Registration
Statement, including, without limitation, (i) causing its counsel to deliver an
opinion or opinions 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>

<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;">&nbsp;</font></h2>

<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; 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, Majority Holders and any
underwriter participating in any disposition of Notes or Underlying Common
Shares 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
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 3(n).&#160; Each such Holder of Transfer Restricted
Securities 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</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>

<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;">9</font></h2>


<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;">

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

</font></h2>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=9,EFW="2110009",CP="BUNGE LIMITED",DN="4",CHK=619119,FOLIO='9',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_3_4584.CHC",USER="ARUSS",CD='May  2 00:01 2003' -->
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<h2 align="center" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;">&nbsp;</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;">expense to undertake appropriate action to prevent disclosure of such
confidential information.&#160;
Notwithstanding any provision of this Section 3(n) 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></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;">&nbsp;</font></h2>

<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; Upon
(i) the filing of the Initial Shelf Registration Statement and (ii) the
effectiveness of the Initial Shelf Registration Statement, announce the same,
in each case by release to Reuters Economic Services and Bloomberg Business
News or other means of dissemination reasonably expected to make such
information known publicly.</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;">4.&#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 and 3 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 Underlying Common Shares) chosen by
the Majority Holders (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
Transfer Restricted Securities pursuant to a Shelf 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;">5.&#160; <u>Indemnification</u>.&#160; (a)&#160;
Each of the Company and the Guarantor shall jointly and severally indemnify
and hold harmless each Holder (including, without limitation, any Initial
Purchaser), 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 5 and Section 6 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 Underlying
Common Shares), 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 Shelf 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 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 Shelf Registration Statement or any prospectus
forming a part thereof or any amendment or supplement thereto in reliance upon</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 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=10,EFW="2110009",CP="BUNGE LIMITED",DN="4",CHK=309857,FOLIO='10',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_3_4584.CHC",USER="ARUSS",CD='May  2 00:01 2003' -->
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<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;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and in conformity with any Holders&#146; Information or information supplied
by any Initial Purchasers 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 5(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 Underlying
Common Shares 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 Underlying Common
Shares 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;3(d) or 3(e); and <i><font style="font-style:italic;">provided, further</font></i>, that the indemnity
agreement contained in this Section 5(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 Underlying Common Shares.&#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 Underlying Common Shares 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>

<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;">&nbsp;</font></h2>

<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; 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 5(b) and Section 6 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 Shelf 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 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>

<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;">&nbsp;</font></h2>

<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 5 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;5(a) or 5(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</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;">11</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=11,EFW="2110009",CP="BUNGE LIMITED",DN="4",CHK=307711,FOLIO='11',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_3_4584.CHC",USER="ARUSS",CD='May  2 00:01 2003' -->
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;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;">liability which it may have under this Section 5 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 5.&#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 5 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 5(a) and 5(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 and expenses of counsel as
contemplated by this Section 5(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</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;">&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;">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="2110009",CP="BUNGE LIMITED",DN="4",CHK=80330,FOLIO='12',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_3_4584.CHC",USER="ARUSS",CD='May  2 00:01 2003' -->
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<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;">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></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; <u>Contribution</u>.&#160; If the indemnification provided for in
Section 5 is unavailable or insufficient to hold harmless an indemnified party
under Section 5(a) or 5(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 Underlying Common
Shares, 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 Underlying Common Shares, on the
other hand, bear to the total gross proceeds from the sale of the Notes or
Underlying Common Shares.&#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 6 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, claim, damage or liability, or
action in respect thereof, referred to above in this Section 6 shall be deemed
to include, for purposes of this Section 6 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 6, an indemnifying party that is a Holder of
Notes or Underlying Common Shares shall not be required to contribute any
amount in excess of the amount by which the total price at which the Notes or
Underlying Common Shares sold by such</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>


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</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=13,EFW="2110009",CP="BUNGE LIMITED",DN="4",CHK=94767,FOLIO='13',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_3_4584.CHC",USER="ARUSS",CD='May  2 00:01 2003' -->
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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: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;">7.&#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, in the case of the
Notes, Rule 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 7
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;">8.&#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 Majority Holders 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;">9.&#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 given, unless the Company has obtained the written consent of
the Majority Holders.&#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 Underlying Common Shares are being sold pursuant to a Shelf
Registration Statement and that does not directly or indirectly affect the
rights of other Holders may be given by the Majority Holders of the Transfer
Restricted Securities being sold pursuant to such Shelf Registration Statement.</font></p>

<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>

<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;">14</font></h2>


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</font></h2>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=14,EFW="2110009",CP="BUNGE LIMITED",DN="4",CHK=78645,FOLIO='14',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_3_4584.CHC",USER="ARUSS",CD='May  2 00:01 2003' -->
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<h2 align="center" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;">&nbsp;</h2>

<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-delivery,
first-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>

<h4 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></h4>

<h4 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) if to a Holder, at the most current address given
by such Holder to the Company in accordance with the provisions of this Section
9(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></h4>

<h4 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></h4>

<h4 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) if to an Initial Purchaser, at the addresses set
forth in the Purchase Agreement;</font></h4>

<h4 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></h4>

<h4 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) if to the Company, at the address of the Company
set forth in the Purchase Agreement; and</font></h4>

<h4 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></h4>

<h4 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></h4>

<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;">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-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>

<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;">&nbsp;</font></h2>

<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.</font></h2>

<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;">&nbsp;</font></h2>

<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 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>

<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;">&nbsp;</font></h2>

<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>

<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;">&nbsp;</font></h2>

<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>

<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;">&nbsp;</font></h2>

<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>

<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;">&nbsp;</font></h2>

<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</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;">15</font></p>


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</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=15,EFW="2110009",CP="BUNGE LIMITED",DN="4",CHK=127144,FOLIO='15',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_3_4584.CHC",USER="ARUSS",CD='May  2 00:01 2003' -->
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;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;">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></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;">&nbsp;</font></h2>

<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 agrees that (i) process may be served upon it in
any suit, action or proceeding referred to in the first sentence of Section
9(h) hereof at its principal executive offices at 50 Main Street, White Plains,
New York 10606 and (ii) service of process upon it at that address and written
notice of said service to the Guarantor mailed or delivered to its Secretary at
its registered office at 2 Church Street, Hamilton, HM11, Bermuda, shall be
deemed in every respect effective service of process upon the Guarantor in any
such suit, action 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 acceptance of service of process upon it at that address or
another address in the United States in full force and effect so long as any of
the Notes shall be outstanding.</font></h2>

<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;">&nbsp;</font></h2>

<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>

<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;">&nbsp;</font></h2>

<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 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>

<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;">&nbsp;</font></h2>

<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</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>

<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;">16</font></h2>


<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;">

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

</font></h2>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=16,EFW="2110009",CP="BUNGE LIMITED",DN="4",CHK=261908,FOLIO='16',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_3_4584.CHC",USER="ARUSS",CD='May  2 00:01 2003' -->
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</font>

<h2 align="center" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;">&nbsp;</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;">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 Section 1 hereof for which additional interest has been paid pursuant to
Section 2 hereof), will be entitled to specific performance of its rights under
this Agreement.</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;">&nbsp;</font></h2>

<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 Majority Holders of the then outstanding Transfer Restricted
Securities, it shall not grant to any person the right to request the Company
to register any 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>

<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;">&nbsp;</font></h2>

<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>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, 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;">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;">

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</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=17,EFW="2110009",CP="BUNGE LIMITED",DN="4",CHK=448698,FOLIO='17',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_3_4584.CHC",USER="ARUSS",CD='May  2 00:01 2003' -->
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</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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.54%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="33%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:33.46%;">
  <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="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.54%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="33%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:33.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.54%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="33%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:33.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.54%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="33%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:33.46%;">
  <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="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.54%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="33%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:33.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.54%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="33%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:33.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.54%;">
  <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:3.8%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By </font></p>
  </td>
  <td width="29%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:29.66%;">
  <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/ Morris Kalef</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.54%;">
  <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:3.8%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.48%;">
  <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:</font></p>
  </td>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.18%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Morris Kalef</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.54%;">
  <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:3.8%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.48%;">
  <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:</font></p>
  </td>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.18%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.54%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="33%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:33.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.54%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="33%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:33.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.54%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="33%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:33.46%;">
  <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="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.54%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="33%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:33.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.54%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="33%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:33.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.54%;">
  <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:3.8%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By</font></p>
  </td>
  <td width="29%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:29.66%;">
  <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="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.54%;">
  <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:3.8%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.48%;">
  <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:</font></p>
  </td>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.18%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">William&nbsp;M. Wells</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.54%;">
  <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:3.8%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.48%;">
  <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:</font></p>
  </td>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.18%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Financial Officer</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.54%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="33%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:33.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.54%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="33%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:33.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.54%;">
  <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:3.8%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By</font></p>
  </td>
  <td width="29%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:29.66%;">
  <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="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.54%;">
  <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:3.8%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.48%;">
  <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:</font></p>
  </td>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.18%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Morris Kalef</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.54%;">
  <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:3.8%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.48%;">
  <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:</font></p>
  </td>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.18%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Treasurer</font></p>
  </td>
 </tr>
</table>

<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 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;">Accepted and Agreed:</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="100%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <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;">MORGAN
  STANLEY &amp; CO. INCORPORATED</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:31.5%;">
  <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="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.5%;">
  <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="31%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:31.5%;">
  <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="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.5%;">
  <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="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.78%;">
  <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="27%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:27.72%;">
  <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;">&#160;/s/ Joseph P. Coleman</font></p>
  </td>
  <td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.48%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt 40.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.02%;">
  <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="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="31%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:31.5%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.5%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="31%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:31.5%;">
  <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="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="31%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:31.5%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.5%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="31%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:31.5%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.5%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.78%;">
  <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="27%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:27.72%;">
  <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;">/s/
  Jaime Arrastia</font></p>
  </td>
  <td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.48%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.02%;">
  <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="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr height="0">
  <td width="27" style="border:none;"></td>
  <td width="27" style="border:none;"></td>
  <td width="173" style="border:none;"></td>
  <td width="494" style="border:none;"></td>
 </tr>
</table>

<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 style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On behalf of themselves
and the other several Initial Purchasers</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;">&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;">18</font></p>


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<DESCRIPTION>EX-4.4
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<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
4.4</font></b></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="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 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;">&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;">&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;">&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="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3 <sup>3</sup>/<sub>4</sub></font>%
Convertible Notes Due 2022</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;">&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 November 27, 2002</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>


<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;">

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<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;text-transform:none;">TABLE OF CONTENTS</font></b></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></p>

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

<table border="0" cellspacing="0" cellpadding="0" width="93%" style="border-collapse:collapse;margin-left:.5in;width:93.0%;">
 <tr>
  <td width="100%" colspan="3" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;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="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section1_1" title="Click to goto SECTION 1.1">SECTION 1.1</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section1_1" title="Click to goto SECTION 1.1">Definitions</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.88%;">
  <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;">1</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section1_2" title="Click to goto SECTION 1.2">SECTION 1.2</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section1_2" title="Click to goto SECTION 1.2">Incorporation by Reference of Trust Indenture Act</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.88%;">
  <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>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section1_3" title="Click to goto SECTION 1.3">SECTION 1.3</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section1_3" title="Click to goto SECTION 1.3">Rules of Construction</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.88%;">
  <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>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:100.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;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="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section2_1" title="Click to goto SECTION 2.1">Form, Dating and Terms</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.88%;">
  <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>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section2_2" title="Click to goto SECTION 2.2">Execution and Authentication</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.88%;">
  <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;">17</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section2_3" title="Click to goto SECTION 2.3">Registrar, Paying Agent and Conversion Agent</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.88%;">
  <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;">18</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section2_4" title="Click to goto SECTION 2.4">Paying Agent To Hold Money in Trust</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.88%;">
  <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>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section2_5" title="Click to goto SECTION 2.5">Noteholder Lists</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.88%;">
  <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>
  </td>
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  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section2_6" title="Click to goto SECTION 2.6">Transfer and Exchange</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.88%;">
  <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>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent: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</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section2_7" title="Click to goto SECTION 2.7">Form of Certificate to be Delivered in Connection with Transfers to
  Institutional Accredited Investors</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.88%;">
  <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;">22</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section2_8" title="Click to goto SECTION 2.8">Form of Certificate to be Delivered in Connection with Transfers
  Pursuant to Regulation S</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.88%;">
  <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;">22</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section2_9" title="Click to goto SECTION 2.9">Mutilated, Destroyed, Lost or Stolen Notes</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.88%;">
  <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;">22</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section2_10" title="Click to goto SECTION 2.10">Outstanding Notes</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.88%;">
  <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;">23</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section2_11" title="Click to goto SECTION 2.11">Temporary Notes</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.88%;">
  <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;">24</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section2_12" title="Click to goto SECTION 2.12">Cancellation</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.88%;">
  <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;">24</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section2_13" title="Click to goto SECTION 2.13">Payment of Interest; Defaulted Interest</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.88%;">
  <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;">24</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section2_14" title="Click to goto SECTION 2.14">Computation of Interest</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.88%;">
  <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;">25</font></p>
  </td>
 </tr>
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  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section2_15" title="Click to goto SECTION 2.15">CUSIP and ISIN Numbers</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.88%;">
  <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;">25</font></p>
  </td>
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  <td width="100%" colspan="3" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:100.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;">&nbsp;</p>
  </td>
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 <tr>
  <td width="100%" colspan="3" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;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="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section3_1" title="Click to goto SECTION 3.1">Payment of Notes</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.88%;">
  <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;">25</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section3_2" title="Click to goto SECTION 3.2">Limitation and Restrictions on Activities of the Company</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.88%;">
  <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>
  </td>
 </tr>
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  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section3_3" title="Click to goto SECTION 3.3">Maintenance of Office or Agency</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.88%;">
  <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;">27</font></p>
  </td>
 </tr>
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  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section3_4" title="Click to goto SECTION 3.4">Corporate Existence</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.88%;">
  <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;">27</font></p>
  </td>
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  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section3_5" title="Click to goto SECTION 3.5">Maintenance of Properties; Insurance</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.88%;">
  <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;">27</font></p>
  </td>
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 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section3_6" title="Click to goto SECTION 3.6">Payment of Taxes and Other Claims</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.88%;">
  <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;">28</font></p>
  </td>
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  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section3_7" title="Click to goto SECTION 3.7">Payments for Consent</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.88%;">
  <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;">28</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section3_8" title="Click to goto SECTION 3.8">Compliance Certificate</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.88%;">
  <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;">28</font></p>
  </td>
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  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section3_9" title="Click to goto SECTION 3.9">Further Instruments and Acts</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.88%;">
  <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;">28</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section3_10" title="Click to goto SECTION 3.10">Statement by Officers as to Default</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.88%;">
  <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;">28</font></p>
  </td>
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 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section3_11" title="Click to goto SECTION 3.11">Notice of Change in Bermuda Law, Debt
  Ratings</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.88%;">
  <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;">28</font></p>
  </td>
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  <td width="100%" colspan="3" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:100.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;">&nbsp;</p>
  </td>
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 <tr>
  <td width="100%" colspan="3" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;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="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section4_1" title="Click to goto SECTION 4.1">SECTION 4.1</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section4_1" title="Click to goto SECTION 4.1">Consolidation, Merger, Amalgamation and Sale of Assets by the
  Guarantor</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.88%;">
  <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;">29</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:100.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;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 REDEMPTION OF NOTES AT THE OPTION OF THE COMPANY</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_1" title="Click to goto SECTION 5.1">Redemption of Notes at the Option of the Company</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.86%;">
  <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;">30</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="2110009",CP="BUNGE LIMITED",DN="5",CHK=212169,FOLIO='i',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 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="93%" style="border-collapse:collapse;margin-left:.5in;width:93.0%;">
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_2" title="Click to goto SECTION 5.2">Applicability of Article</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.88%;">
  <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;">30</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_3" title="Click to goto SECTION 5.3">Election to Redeem; Notice to Trustee</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.88%;">
  <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;">30</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_4" title="Click to goto SECTION 5.4">Selection by Trustee of Notes to Be Redeemed</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.88%;">
  <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;">30</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_5" title="Click to goto SECTION 5.5">Notice of Redemption</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.88%;">
  <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;">31</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_6" title="Click to goto SECTION 5.6">SECTION 5.6</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_6" title="Click to goto SECTION 5.6">Deposit of Redemption Price</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.88%;">
  <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;">32</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_7" title="Click to goto SECTION 5.7">Notes Payable on Redemption Date</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.88%;">
  <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;">32</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section5_8" title="Click to goto SECTION 5.8">Notes Redeemed in Part</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.88%;">
  <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;">33</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="82%" colspan="2" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:82.12%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;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 PURCHASE OF NOTES AT THE OPTION OF HOLDERS</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section6_1" title="Click to goto SECTION 6.1">SECTION 6.1</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section6_1" title="Click to goto SECTION 6.1">Purchase of Notes at Option of Holders Upon Specified Purchase Dates</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.88%;">
  <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;">33</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section6_2" title="Click to goto SECTION 6.2">SECTION 6.2</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section6_2" title="Click to goto SECTION 6.2">Purchase of Notes at the Option of Holders Upon a Change of Control</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.88%;">
  <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;">36</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section6_3" title="Click to goto SECTION 6.3">SECTION 6.3</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section6_3" title="Click to goto SECTION 6.3">Terms of Purchase</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.88%;">
  <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;">38</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:100.0%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 60.0pt;page-break-after:avoid;text-align:left;text-indent:.35in;text-transform:uppercase;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;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="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section7_1" title="Click to goto SECTION 7.1">Events of Default</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.88%;">
  <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;">39</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section7_2" title="Click to goto SECTION 7.2">Acceleration</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.88%;">
  <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>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section7_3" title="Click to goto SECTION 7.3">SECTION 7.3</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section7_3" title="Click to goto SECTION 7.3">Other Remedies</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.88%;">
  <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;">42</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section7_4" title="Click to goto SECTION 7.4">Waiver of Past Defaults</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.88%;">
  <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;">42</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section7_5" title="Click to goto SECTION 7.5">SECTION 7.5</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section7_5" title="Click to goto SECTION 7.5">Control by Majority</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.88%;">
  <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;">42</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section7_6" title="Click to goto SECTION 7.6">Limitation on Suits</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.88%;">
  <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;">43</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section7_7" title="Click to goto SECTION 7.7">Rights of Holders to Receive Payment</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.88%;">
  <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;">43</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section7_8" title="Click to goto SECTION 7.8">Collection Suit by Trustee</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.88%;">
  <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;">43</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section7_9" title="Click to goto SECTION 7.9">Trustee May File Proofs of Claim</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.88%;">
  <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;">43</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section7_10" title="Click to goto SECTION 7.10">Priorities</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.88%;">
  <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;">44</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section7_11" title="Click to goto SECTION 7.11">Undertaking for Costs</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.88%;">
  <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;">44</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:100.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;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="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_1" title="Click to goto SECTION 8.1">SECTION 8.1</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_1" title="Click to goto SECTION 8.1">Duties of Trustee</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.88%;">
  <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;">44</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_2" title="Click to goto SECTION 8.2">Rights of Trustee</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.88%;">
  <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;">46</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_3" title="Click to goto SECTION 8.3">Individual Rights of Trustee</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.88%;">
  <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;">46</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_4" title="Click to goto SECTION 8.4">Trustee&#146;s Disclaimer</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.88%;">
  <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;">47</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_5" title="Click to goto SECTION 8.5">SECTION 8.5</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_5" title="Click to goto SECTION 8.5">Notice of Defaults</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.88%;">
  <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;">47</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_6" title="Click to goto SECTION 8.6">Reports by Trustee to Holders</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.88%;">
  <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;">47</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_7" title="Click to goto SECTION 8.7">Compensation and Indemnity</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.88%;">
  <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;">47</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_8" title="Click to goto SECTION 8.8">SECTION 8.8</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_8" title="Click to goto SECTION 8.8">Replacement of Trustee</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.88%;">
  <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;">48</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_9" title="Click to goto SECTION 8.9">SECTION 8.9</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_9" title="Click to goto SECTION 8.9">Successor Trustee by Merger</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.88%;">
  <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;">49</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_10" title="Click to goto SECTION 8.10">Eligibility; Disqualification</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.88%;">
  <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;">49</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_11" title="Click to goto SECTION 8.11">Preferential Collection of Claims Against
  Company</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.88%;">
  <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;">49</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section8_12" title="Click to goto SECTION 8.12">Trustee&#146;s Application for Instruction from
  the Company</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.88%;">
  <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;">49</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-transform:uppercase;">&nbsp;</p>
  </td>
  <td width="82%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:82.12%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-transform:uppercase;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;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 SATISFACTION AND DISCHARGE OF INDENTURE</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section9_1" title="Click to goto SECTION 9.1">Satisfaction and Discharge of Liability on Notes</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.86%;">
  <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;">50</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section9_2" title="Click to goto SECTION 9.2">SECTION 9.2</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section9_2" title="Click to goto SECTION 9.2">Application of Trust Money</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.86%;">
  <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;">50</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section9_3" title="Click to goto SECTION 9.3">SECTION 9.3</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section9_3" title="Click to goto SECTION 9.3">Repayment to Company</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.86%;">
  <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;">50</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section9_4" title="Click to goto SECTION 9.4">SECTION 9.4</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section9_4" title="Click to goto SECTION 9.4">Indemnity for U.S. Government Securities</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.86%;">
  <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;">51</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;">

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<p align="center" 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>

<table border="0" cellspacing="0" cellpadding="0" width="93%" style="border-collapse:collapse;margin-left:.5in;width:93.0%;">
 <tr>
  <td width="100%" colspan="3" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;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="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section10_1" title="Click to goto SECTION 10.1">SECTION 10.1</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section10_1" title="Click to goto SECTION 10.1">Without Consent of Holders</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.88%;">
  <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;">51</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section10_2" title="Click to goto SECTION 10.2">SECTION 10.2</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section10_2" title="Click to goto SECTION 10.2">With Consent of Holders</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.88%;">
  <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;">52</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section10_3" title="Click to goto SECTION 10.3">SECTION 10.3</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section10_3" title="Click to goto SECTION 10.3">Compliance with Trust Indenture Act</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.88%;">
  <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;">53</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section10_4" title="Click to goto SECTION 10.4">SECTION 10.4</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section10_4" title="Click to goto SECTION 10.4">Revocation and Effect of Consents and
  Waivers</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.88%;">
  <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;">53</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section10_5" title="Click to goto SECTION 10.5">SECTION 10.5</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section10_5" title="Click to goto SECTION 10.5">Notation on or Exchange of Notes</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.88%;">
  <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;">53</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section10_6" title="Click to goto SECTION 10.6">SECTION 10.6</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section10_6" title="Click to goto SECTION 10.6">Trustee To Sign Amendments</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.88%;">
  <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;">53</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-transform:uppercase;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;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="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section11_1" title="Click to goto SECTION 11.1">SECTION 11.1</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section11_1" title="Click to goto SECTION 11.1">Guarantee</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.88%;">
  <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;">54</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section11_2" title="Click to goto SECTION 11.2">SECTION 11.2</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section11_2" title="Click to goto SECTION 11.2">No Subrogation</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.88%;">
  <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;">55</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section11_3" title="Click to goto SECTION 11.3">SECTION 11.3</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section11_3" title="Click to goto SECTION 11.3">Consideration</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.88%;">
  <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;">55</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-transform:uppercase;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;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 CONVERSION OF NOTES</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_1" title="Click to goto SECTION 12.1">SECTION 12.1</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_1" title="Click to goto SECTION 12.1">Conversion Privilege</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.88%;">
  <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;">56</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_2" title="Click to goto SECTION 12.2">SECTION 12.2</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_2" title="Click to goto SECTION 12.2">Conversion Procedure</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.88%;">
  <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;">56</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_3" title="Click to goto SECTION 12.3">SECTION 12.3</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_3" title="Click to goto SECTION 12.3">Fractional Shares</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.88%;">
  <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;">57</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_4" title="Click to goto SECTION 12.4">SECTION 12.4</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_4" title="Click to goto SECTION 12.4">Taxes on Conversion</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.88%;">
  <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;">57</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_5" title="Click to goto SECTION 12.5">SECTION 12.5</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_5" title="Click to goto SECTION 12.5">Guarantor To Provide Common Shares</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.88%;">
  <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>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_6" title="Click to goto SECTION 12.6">SECTION 12.6</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_6" title="Click to goto SECTION 12.6">Adjustment for Change in Common Shares</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.88%;">
  <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>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_7" title="Click to goto SECTION 12.7">Adjustment for Rights Issue</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.88%;">
  <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>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_8" title="Click to goto SECTION 12.8">Adjustment for Certain Distributions</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.88%;">
  <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>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_9" title="Click to goto SECTION 12.9">SECTION 12.9</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_9" title="Click to goto SECTION 12.9">Adjustment for All Cash Distribution</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.88%;">
  <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>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_10" title="Click to goto SECTION 12.10">Adjustment for Self Tender Offers</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.88%;">
  <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;">63</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_11" title="Click to goto SECTION 12.11">Adjustment for Third Party Tender Offers</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.88%;">
  <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;">64</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_12" title="Click to goto SECTION 12.12">When Adjustment May Be Deferred</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.88%;">
  <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;">65</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_13" title="Click to goto SECTION 12.13">When No Adjustment Required</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.88%;">
  <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;">65</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_14" title="Click to goto SECTION 12.14">Notice of Adjustment</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.88%;">
  <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;">66</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_15" title="Click to goto SECTION 12.15">Voluntary Increase</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.88%;">
  <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;">66</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_16" title="Click to goto SECTION 12.16">Notice of Certain Transactions</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.88%;">
  <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;">66</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_17" title="Click to goto SECTION 12.17">Reorganization of Guarantor; Special
  Distributions</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.88%;">
  <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;">67</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_18" title="Click to goto SECTION 12.18">Guarantor Determination Final</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.88%;">
  <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;">67</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_19" title="Click to goto SECTION 12.19">Trustee&#146;s Adjustment Disclaimer</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.88%;">
  <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;">67</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><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</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_20" title="Click to goto SECTION 12.20">Simultaneous Adjustments</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.88%;">
  <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;">68</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_21" title="Click to goto SECTION 12.21">SECTION 12.21</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_21" title="Click to goto SECTION 12.21">Successive Adjustments</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.88%;">
  <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;">68</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_22" title="Click to goto SECTION 12.22">SECTION 12.22</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section12_22" title="Click to goto SECTION 12.22">Restriction on Common Shares Issuable upon
  Conversion</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.88%;">
  <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;">68</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:100.0%;">
  <p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-transform:uppercase;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleXiii" title="Click to goto ARTICLE XIII">ARTICLE
  XIII MISCELLANEOUS</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_1" title="Click to goto SECTION 13.1">SECTION 13.1</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_1" title="Click to goto SECTION 13.1">Trust Indenture Act Controls</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.86%;">
  <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;">69</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_2" title="Click to goto SECTION 13.2">SECTION 13.2</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_2" title="Click to goto SECTION 13.2">Notices</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.86%;">
  <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;">69</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_3" title="Click to goto SECTION 13.3">SECTION 13.3</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_3" title="Click to goto SECTION 13.3">Communication by Holders with other Holders</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.86%;">
  <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;">70</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_4" title="Click to goto SECTION 13.4">SECTION 13.4</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_4" title="Click to goto SECTION 13.4">Certificate and Opinion as to Conditions
  Precedent</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.86%;">
  <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;">71</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_5" title="Click to goto SECTION 13.5">SECTION 13.5</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_5" title="Click to goto SECTION 13.5">Statements Required in Certificate or
  Opinion</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.86%;">
  <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;">71</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_6" title="Click to goto SECTION 13.6">SECTION 13.6</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_6" title="Click to goto SECTION 13.6">When Notes Disregarded</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.86%;">
  <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;">71</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_7" title="Click to goto SECTION 13.7">SECTION 13.7</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_7" title="Click to goto SECTION 13.7">Rules by Trustee, Paying Agent, Conversion
  Agent and Registrar</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.86%;">
  <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;">71</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_8" title="Click to goto SECTION 13.8">SECTION 13.8</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_8" title="Click to goto SECTION 13.8">Legal Holidays</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.86%;">
  <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;">72</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#Section13_9" title="Click to goto SECTION 13.9">SECTION
  13.9.</a></font></b></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#Section13_9" title="Click to goto SECTION 13.9">GOVERNING
  LAW</a></font></b></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.86%;">
  <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;">72</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="2110009",CP="BUNGE LIMITED",DN="5",CHK=32793,FOLIO='iii',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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<p align="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="93%" style="border-collapse:collapse;margin-left:.5in;width:93.0%;">
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_10" title="Click to goto SECTION 13.10">SECTION 13.10</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_10" title="Click to goto SECTION 13.10">No Recourse Against Others</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.86%;">
  <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;">72</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_11" title="Click to goto SECTION 13.11">SECTION 13.11</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_11" title="Click to goto SECTION 13.11">Successors</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.86%;">
  <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;">72</font></p>
  </td>
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  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_12" title="Click to goto SECTION 13.12">SECTION 13.12</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_12" title="Click to goto SECTION 13.12">Consent to Jurisdiction</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.86%;">
  <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;">72</font></p>
  </td>
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 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_13" title="Click to goto SECTION 13.13">SECTION 13.13</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_13" title="Click to goto SECTION 13.13">Service of Process</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.86%;">
  <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;">72</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_14" title="Click to goto SECTION 13.14">SECTION 13.14</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_14" title="Click to goto SECTION 13.14">Waiver of Immunities</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.86%;">
  <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;">73</font></p>
  </td>
 </tr>
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  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_15" title="Click to goto SECTION 13.15">SECTION 13.15</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_15" title="Click to goto SECTION 13.15">Foreign Taxes</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.86%;">
  <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;">73</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_16" title="Click to goto SECTION 13.16">SECTION 13.16</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_16" title="Click to goto SECTION 13.16">Judgment Currency</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.86%;">
  <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;">73</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_17" title="Click to goto SECTION 13.17">SECTION 13.17</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_17" title="Click to goto SECTION 13.17">No Bankruptcy Petition Against the
  Borrower; Liability of the Borrower</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.86%;">
  <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;">74</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_18" title="Click to goto SECTION 13.18">SECTION 13.18</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_18" title="Click to goto SECTION 13.18">Multiple Originals</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.86%;">
  <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;">74</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_19" title="Click to goto SECTION 13.19">SECTION 13.19</a></font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_19" title="Click to goto SECTION 13.19">Qualification of Indenture</a></font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.86%;">
  <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;">74</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_20" title="Click to goto SECTION 13.20">SECTION 13.20</a></font></p>
  </td>
  <td width="75%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:75.24%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Section13_20" title="Click to goto SECTION 13.20">Table of Contents; Headings</a></font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.86%;">
  <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;">74</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt 1.75in;text-indent:-1.75in;"><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="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.4%;">
  <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="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.6%;">
  <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 Note</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.4%;">
  <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="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.6%;">
  <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 Certificate to be Delivered in Connection with Transfers to
  Institutional Accredited Investors</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.4%;">
  <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="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.6%;">
  <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
  Pursuant to Regulation S</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.4%;">
  <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="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.6%;">
  <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 Conversion Notice</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT E</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Certificate to be Delivered in
  Connection with Transfers of Restricted Common Shares</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.4%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.6%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE 1.1</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Designated Obligors and Material
  Subsidiaries</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE 4.1</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Full Member States of the European Union</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;">iv</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=5,EFW="2110009",CP="BUNGE LIMITED",DN="5",CHK=749879,FOLIO='iv',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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<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;">CROSS-REFERENCE TABLE</font></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="19%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:19.16%;">
  <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="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:15.84%;">
  <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<u><br>
  </u>Section</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:19.16%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.84%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">310(a)(1)</font></p>
  </td>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.10</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.16%;">
  <p style="margin:0in 0in .0001pt;text-indent:13.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(2)</font></p>
  </td>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.10</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.16%;">
  <p style="margin:0in 0in .0001pt;text-indent:13.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(3)</font></p>
  </td>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.84%;">
  <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="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.16%;">
  <p style="margin:0in 0in .0001pt;text-indent:13.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(4)</font></p>
  </td>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.84%;">
  <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="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.16%;">
  <p style="margin:0in 0in .0001pt;text-indent:13.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>
  </td>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.8; 8.10</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.16%;">
  <p style="margin:0in 0in .0001pt;text-indent:13.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font></p>
  </td>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.84%;">
  <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="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">311(a)</font></p>
  </td>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.11</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.16%;">
  <p style="margin:0in 0in .0001pt;text-indent:13.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>
  </td>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.11</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.16%;">
  <p style="margin:0in 0in .0001pt;text-indent:13.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font></p>
  </td>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.84%;">
  <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="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">312(a)</font></p>
  </td>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.5</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.16%;">
  <p style="margin:0in 0in .0001pt;text-indent:13.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>
  </td>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.3</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.16%;">
  <p style="margin:0in 0in .0001pt;text-indent:13.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font></p>
  </td>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.3</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">313(a)</font></p>
  </td>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.6</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.16%;">
  <p style="margin:0in 0in .0001pt;text-indent:13.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)(1)</font></p>
  </td>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.84%;">
  <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="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.16%;">
  <p style="margin:0in 0in .0001pt;text-indent:13.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)(2)</font></p>
  </td>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.6</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.16%;">
  <p style="margin:0in 0in .0001pt;text-indent:13.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font></p>
  </td>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.6</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.16%;">
  <p style="margin:0in 0in .0001pt;text-indent:13.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font></p>
  </td>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.6</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">314(a)</font></p>
  </td>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.11; 13.2; 13.5</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.16%;">
  <p style="margin:0in 0in .0001pt;text-indent:13.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>
  </td>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.84%;">
  <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="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.16%;">
  <p style="margin:0in 0in .0001pt;text-indent:13.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)(1)</font></p>
  </td>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.4</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.16%;">
  <p style="margin:0in 0in .0001pt;text-indent:13.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)(2)</font></p>
  </td>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.4</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.16%;">
  <p style="margin:0in 0in .0001pt;text-indent:13.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)(3)</font></p>
  </td>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.84%;">
  <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="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.16%;">
  <p style="margin:0in 0in .0001pt;text-indent:13.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font></p>
  </td>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.84%;">
  <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="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.16%;">
  <p style="margin:0in 0in .0001pt;text-indent:13.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font></p>
  </td>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.5</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">315(a)</font></p>
  </td>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.1</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.16%;">
  <p style="margin:0in 0in .0001pt;text-indent:13.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>
  </td>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.5; 13.2</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.16%;">
  <p style="margin:0in 0in .0001pt;text-indent:13.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font></p>
  </td>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.1</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.16%;">
  <p style="margin:0in 0in .0001pt;text-indent:13.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font></p>
  </td>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.1</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.16%;">
  <p style="margin:0in 0in .0001pt;text-indent:13.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font></p>
  </td>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.11</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">316(a)(last sentence)</font></p>
  </td>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.6</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.16%;">
  <p style="margin:0in 0in .0001pt;text-indent:13.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(1)(A)</font></p>
  </td>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.5</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.16%;">
  <p style="margin:0in 0in .0001pt;text-indent:13.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(1)(B)</font></p>
  </td>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.4</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.16%;">
  <p style="margin:0in 0in .0001pt;text-indent:13.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(2)</font></p>
  </td>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.84%;">
  <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="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.16%;">
  <p style="margin:0in 0in .0001pt;text-indent:13.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>
  </td>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.8</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">317(a)(1)</font></p>
  </td>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.8</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.16%;">
  <p style="margin:0in 0in .0001pt;text-indent:13.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(2)</font></p>
  </td>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.9</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.16%;">
  <p style="margin:0in 0in .0001pt;text-indent:13.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>
  </td>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.4</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">318(a)</font></p>
  </td>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.1</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:.2in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N.A. means Not Applicable.</font></p>

<p style="margin: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:&#160; 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;"><font size="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;">v</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=6,EFW="2110009",CP="BUNGE LIMITED",DN="5",CHK=427208,FOLIO='v',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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</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;">INDENTURE dated as of November 27, 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 3&#190;% Convertible Notes Due 2022 issued on the date hereof and
the guarantee thereof by the Guarantor (the &#147;<u>Initial Notes</u>&#148;) and (ii) if
and when issued, additional 3&#190;% Convertible Notes Due 2022 which may be offered
subsequent to the Issue Date and the guarantee thereof by the Guarantor (the &#147;<u>Subsequent
Notes</u>&#148; and together with the Initial Notes, the &#147;<u>Notes</u>&#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 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 style="margin:0in 0in .0001pt;"><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:avoid;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">DEFINITIONS AND INCORPORATION BY REFERENCE</font></h1>

<h2 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></h2>

<h2 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section1_1"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 1.1</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Definitions</u>.</h2>

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

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></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:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></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;Average Sale Price&#148; means the average of the
Sales Prices of the Common Shares for the shortest of:</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;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 30
consecutive trading days ending on the last full trading day prior to the Time
of Determination with respect to the rights, warrants or options or
distribution in respect of which the Average Sale Price is being calculated;</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)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
period (x) commencing on the date next succeeding the first public announcement
of (a) the issuance of rights, warrants or options or (b) the distribution, in
each case, in respect of which the Average Sale Price is being calculated and
(y) proceeding through the last full trading day prior to the Time of
Determination with respect to the rights, warrants or options or distribution
in respect of which the Average Sale Price is being calculated (excluding days
within such period, if any, which are not trading days); 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>


<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=7,EFW="2110009",CP="BUNGE LIMITED",DN="5",CHK=897041,FOLIO='',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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</font></b>

<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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
period, if any, (x) commencing on the date next succeeding the Ex-Dividend Time
with respect to the next preceding (a) issuance of rights, warrants or options
or (b) distribution, in each case, for which an adjustment is required by the
provisions of Section 12.7, 12.8 or 12.9 hereof and (y) proceeding through the
last full trading day prior to the Time of Determination with respect to the
rights, warrants or options or distribution in respect of which the Average
Sale Price is being calculated (excluding days within such period, if any,
which are not trading days).</font></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;">In the event that the Ex-Dividend Time (or in
the case of a consolidation, division, subdivision, combination or
reclassification, the effective date with respect thereto) with respect to a
dividend, consolidation, division, subdivision, combination or reclassification
to which Section 12.6(1), (2), (3) or (4) hereof applies occurs during the
period applicable for calculating &#147;Average Sale Price&#148; pursuant to this definition,
&#147;Average Sale Price&#148; shall be calculated for such period in a manner determined
by the Board of Directors of the Guarantor to reflect the effect of such
dividend, consolidation, division, subdivision, combination or reclassification
on the Sale Price of the Common Shares during such period.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></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 shares, common stock, preference shares, 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;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;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)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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</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)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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</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 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;"><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="2110009",CP="BUNGE LIMITED",DN="5",CHK=532162,FOLIO='2',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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</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 .5in;text-indent:-1.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">more than 50% of the combined
voting power of all classes of common shares of the Guarantor,</font></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 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</p>

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

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></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 6.2(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;Change of Control Payment&#148; has the meaning
ascribed to it in Section 6.2(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;Change of Control Payment Date&#148; has the
meaning ascribed to it in Section 6.2(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;Change of Control Purchase Notice&#148; has the
meaning ascribed to it in Section 6.2(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;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;Common Shares&#148; means common shares, par
value $0.01 per common share, of the Guarantor or any other Capital Stock of
the Guarantor into which such Common Shares shall be reclassified or changed.</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Common Shares Restrictive Legend&#148; has the
meaning ascribed to it in Section 12.22 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;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 Notice&#148; has the meaning ascribed to
it in Section 6.1(d) 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;Company Order&#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"><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 style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></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</font></p>

<p style="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;"><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="2110009",CP="BUNGE LIMITED",DN="5",CHK=868944,FOLIO='3',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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</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;">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;Conversion Agent&#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;Conversion Date&#148; has the meaning ascribed to
it in Section 12.2 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;Conversion Price&#148; has the meaning ascribed
to it in Section 12.1 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;Conversion Rate&#148; has the meaning ascribed to
it in Section 12.1 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;Corporate Trust Office&#148; has the meaning
ascribed to it in Section 3.3 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;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:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></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;Ex-Dividend Time&#148; means the time immediately
prior to the commencement of &#147;ex-dividend&#148; trading for rights, warrants or
options or a distribution to which Section 12.7, 12.8 or 12.9 applies on the
NYSE or, if the Common Shares are not listed on the NYSE, such other principal
U.S. securities exchange or market on which the Common Shares are then listed
or quoted.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></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;Expiration Time&#148; has the meaning ascribed to
it in Section 12.10 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;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;">&#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 align="center" style="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="2110009",CP="BUNGE LIMITED",DN="5",CHK=669873,FOLIO='4',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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</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 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 purchase assets, goods, securities or services,
to take-or-pay, or to maintain financial statement conditions or otherwise); or</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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></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</font></p>

<p style="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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</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=11,EFW="2110009",CP="BUNGE LIMITED",DN="5",CHK=180745,FOLIO='5',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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<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;">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 style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></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,
Morgan Stanley &amp; Co. Incorporated, Salomon Smith Barney Inc. and the other
several Initial Purchasers named in Schedule 1 to the Purchase 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;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;Interest Payment Date&#148; has the meaning
ascribed to it in the form of Note attached as 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;">&#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 Holiday&#148; has the meaning ascribed to it
in Section 13.8 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" style="font-size:10.0pt;">&#147;Market Price&#148; means, with respect to the
Common Shares, the average of the Sale Prices for the 20-trading-day period
ending on the third Business Day prior to the applicable Specified Purchase
Date, or, if such Business Day is not a trading day, then on the last trading
day prior to such Business Day</font></p>

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

<p style="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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>


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<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="2110009",CP="BUNGE LIMITED",DN="5",CHK=527641,FOLIO='6',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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<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;">(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" 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 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;Note Register&#148; means the register of Notes,
maintained by the 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;Note 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;Note Restrictive Legend&#148; means the Note
Private Placement Legend set forth in clause (1) of Section 2.1(c) hereof or
the Note 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;Notes&#148; means the collective reference to the
Initial Notes and the Subsequent 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;NYSE&#148; means The New York Stock Exchange.</font></p>

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


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<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="2110009",CP="BUNGE LIMITED",DN="5",CHK=330515,FOLIO='7',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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<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, company,
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:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Purchase Agreement&#148; means the Purchase
Agreement dated November 21, 2002 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;Purchase Price&#148; has the meaning ascribed to
it in Section 6.1(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;QIB&#148; means any &#147;qualified institutional
buyer&#148; (as defined in Rule 144A under the Securities 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>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Record Date&#148; has the meaning ascribed to it
on the front of the form of Note attached as 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;">&#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 Section 5.1 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" 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;Registration Rights Agreement&#148; means the
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;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 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;Rule 144A&#148; has the meaning ascribed to it in
Section 2.1(a) 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;">8</font></p>


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<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="2110009",CP="BUNGE LIMITED",DN="5",CHK=551425,FOLIO='8',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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</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;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 Price&#148; means, with respect to the
Common Shares on any date, the closing per share sale price (or, if no closing
sale price is reported, the average of the bid and ask prices or, if more than
one in either case, the average of the average bid and the average asked
prices) on such date as reported on the NYSE or, if the Common Shares are not
listed on the NYSE, as reported by the National Association of Securities
Dealers Automated Quotation system.&#160; In
the absence of such quotations, the Company and the Guarantor shall be entitled
to determine, in good faith, the sales price on the basis of such quotations as
it considers appropriate.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></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 style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></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" 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:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></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" style="font-size:10.0pt;">&#147;Shelf Registration Statement&#148; has the
meaning ascribed thereto in the Registration Rights 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;">9</font></p>


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<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="2110009",CP="BUNGE LIMITED",DN="5",CHK=454449,FOLIO='9',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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<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;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;Specified Purchase Date&#148; has the meaning
ascribed to it in Section 6.1(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;Spin-off&#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;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, company,
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&#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 any combination 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;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" style="font-size:10.0pt;">&#147;Time of Determination&#148; means the time and
date of the earlier of (i) the determination of shareholders entitled to
receive rights, warrants or options or a distribution, in each case, to which
Section 12.7, 12.8 or 12.9 hereof applies and (ii) the Ex-Dividend 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;trading day&#148; means a day during which
trading in securities generally occurs on the NYSE or, if the Common Shares are
not listed on the NYSE, on the principal U.S. securities exchange or market on
which the Common Shares then are listed or, if the Common Shares are not listed
on a U.S. securities exchange or market, on the National Association of
Securities Dealers Automated Quotation System or, if the Common Shares are not
quoted on the National Association of Securities Dealers Automated Quotation
System, on the principal other exchange or market on which the Common Shares
are then traded.</font></p>

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

<p style="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;"><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="2110009",CP="BUNGE LIMITED",DN="5",CHK=870517,FOLIO='10',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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</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;">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;">&#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 or the specific payment of principal of or interest on the U.S.
Government Securities evidenced by such depository receipt.</font></p>

<h2 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></h2>

<h2 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section1_2"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 1.2</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Incorporation by Reference of Trust
Indenture Act</u>.&#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:</h2>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></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 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="2110009",CP="BUNGE LIMITED",DN="5",CHK=698131,FOLIO='11',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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<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>

<h2 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section1_3"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 1.3</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Rules of Construction</u>.&#160; Unless the context otherwise requires:</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>

<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)&#160;&#160; a term has the meaning
assigned to it;</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)&#160;&#160; an accounting term not
otherwise defined has the meaning assigned to it in accordance with U.S. GAAP;</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)&#160;&#160; &#147;or&#148; is not exclusive;</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;">(4)&#160;&#160; &#147;including&#148; means including
without limitation;</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;">(5)&#160;&#160; words in the singular
include the plural and words in the plural include the singular; 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;">(6)&#160;&#160; 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.</font></h4>

<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:normal;line-height:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><a name="ArticleIi"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE II</font></a></h1>

<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:normal;line-height:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">THE NOTES</font></h1>

<h2 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></h2>

<h2 style="font-size:10.0pt;font-weight:normal;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>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Form, Dating and Terms</u>.&#160; (a)&#160;
The Initial Notes are being offered and sold by the Company pursuant to
the Purchase Agreement.&#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) Non-U.S. Persons in reliance upon
Regulation S under the Securities Act (&#147;<u>Regulation S</u>&#148;).&#160; Such Initial Notes may thereafter be
transferred to among others, QIBs, Non-U.S. Persons in reliance on Regulation S
and IAIs in accordance with Rule 501 of the Securities Act in reliance on the
procedure described herein.</h2>

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

<p style="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;">12</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=18,EFW="2110009",CP="BUNGE LIMITED",DN="5",CHK=640495,FOLIO='12',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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<p align="center" 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;">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 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;">The Rule 144A Global Note, the Regulation S
Global Note and the Institutional Accredited Investor 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 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 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>

<p align="center" style="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;"><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="2110009",CP="BUNGE LIMITED",DN="5",CHK=246987,FOLIO='13',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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<p align="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-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160; <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.</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>

<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;">(c)&#160;&#160; <u>Restrictive Legends</u>.&#160;
Unless and until an Initial Note is sold under an effective Shelf
Registration Statement pursuant to the Registration Rights Agreement or a
similar agreement,</font></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)&#160;&#160; The Rule 144A Global Note
and the Institutional Accredited Investor Global Note shall bear the following
legend (the &#147;<u>Note Private Placement Legend</u>&#148;) on the face thereof:</font></h4>

<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 AND
ANY COMMON SHARES ISSUABLE UPON CONVERSION OF THIS NOTE HAVE 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, ANY COMMON SHARES
ISSUABLE UPON CONVERSION OF THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN
OR THEREIN 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 THIS NOTE OR
ANY COMMON SHARES ISSUABLE UPON CONVERSION OF THIS 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 HEREOF), 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) IF 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 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 AND ANY
COMMON SHARES ISSUABLE UPON CONVERSION OF THIS NOTE FOR ITS OWN ACCOUNT, OR FOR
THE ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A</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 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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

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</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="2110009",CP="BUNGE LIMITED",DN="5",CHK=638237,FOLIO='14',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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<p align="center" 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;">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 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>

<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)&#160;&#160; The Regulation S Global Note
shall bear the following legend (the &#147;<u>Note Regulation S Legend</u>&#148;) on the
face thereof:</font></h4>

<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 AND ANY COMMON SHARES ISSUABLE UPON
CONVERSION OF THIS NOTE HAVE 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,
ANY COMMON SHARES ISSUABLE UPON CONVERSION OF THIS NOTE NOR ANY INTEREST OR
PARTICIPATION HEREIN OR THEREIN 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 OR ANY COMMON SHARES ISSUABLE UPON CONVERSION OF THIS NOTE 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>

<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)&#160;&#160; Each of the Global Notes,
whether or not an Initial Note, shall bear the following legend on the face
thereof:</font></h4>

<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</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 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="2110009",CP="BUNGE LIMITED",DN="5",CHK=82433,FOLIO='15',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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<p align="center" 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;">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>

<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;">(4)&#160;&#160; The Common Shares issued
upon conversion of the Notes shall, as applicable, bear the legend specified in
Section 12.22 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>

<h4 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:73.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160; <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.</font></h4>

<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-weight:normal;margin:0in 0in .0001pt;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; 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.</font></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-weight:normal;margin:0in 0in .0001pt;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; 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.</font></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-weight:normal;margin:0in 0in .0001pt;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; 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.</font></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-weight:normal;margin:0in 0in .0001pt;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; 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.</font></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-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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</font></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>

<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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

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</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="2110009",CP="BUNGE LIMITED",DN="5",CHK=448618,FOLIO='16',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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<p align="center" 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;">Agent Members, to take any
action which a Holder is entitled to take under this Indenture or the Notes.</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;">(e)&#160;&#160; <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 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></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-weight:normal;margin:0in 0in .0001pt;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; 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&#160;
bear the applicable legend regarding transfer restrictions applicable to
the Definitive Note set forth in Section 2.1(c) hereof.</font></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-weight:normal;margin:0in 0in .0001pt;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; 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.</font></h5>

<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;page-break-after:avoid;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>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <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.</h2>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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.$250,000,000; and (2) if
and when issued, the Subsequent Notes, 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 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.$250,000,000 outstanding (plus any
Subsequent Notes), except for 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 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;">

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</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="2110009",CP="BUNGE LIMITED",DN="5",CHK=788493,FOLIO='17',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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</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;">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.&#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;&#160;
Notwithstanding anything to the contrary contained in this Indenture,
the Initial Notes and any Subsequent 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 style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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>

<h2 style="font-size:10.0pt;font-weight:normal;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>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Registrar, Paying Agent and
Conversion 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;), an office or agency where
Notes may be presented for payment (the &#147;<u>Paying Agent</u>&#148;) and an office or
agency where Notes may be presented for conversion (the &#147;<u>Conversion Agent</u>&#148;).&#160; The Company shall cause each of the
Registrar, the Paying Agent and the Conversion 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, one or more additional paying agents and one or more additional
conversion agents.&#160; The term &#147;Paying
Agent&#148; includes any additional paying agent.&#160;
The term &#147;Conversion Agent&#148; includes any additional conversion agent.</h2>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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, Conversion 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, Paying Agent or
Conversion Agent, the Trustee shall act as such and shall be entitled to
appropriate compensation therefor pursuant to Section 8.7 hereof.&#160; The Company or any other Subsidiary of the
Guarantor may act as Paying Agent, Registrar, Conversion Agent, 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, Paying Agent and Conversion Agent for 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;">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;">

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</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="2110009",CP="BUNGE LIMITED",DN="5",CHK=204918,FOLIO='18',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><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;"><a name="Section2_4"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 2.4</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <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 and premium, if any, of 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, 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 or any other Subsidiary of the Guarantor 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.</h2>

<h2 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></h2>

<h2 style="font-size:10.0pt;font-weight:normal;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>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <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).</h2>

<h2 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></h2>

<h2 style="font-size:10.0pt;font-weight:normal;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>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <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;):</h2>

<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;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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;</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;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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</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 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;">

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</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="2110009",CP="BUNGE LIMITED",DN="5",CHK=710860,FOLIO='19',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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<p align="center" 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;">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</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;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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.</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>

<h4 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:73.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160; The following provisions shall apply with respect to any proposed
transfer of a Regulation S Note prior to the expiration of the Restricted
Period:</font></h4>

<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;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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 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="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; 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</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;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160; <u>Note Restrictive Legend</u>.&#160;
Upon the transfer, exchange or replacement of Notes not bearing a Note
Restrictive Legend, the Registrar shall deliver Notes that do not bear a Note
Restrictive Legend.&#160; Upon the transfer,
exchange or replacement of Notes bearing a Note Restrictive Legend, the
Registrar shall deliver only Notes that bear a Note Restrictive Legend unless
there is delivered to the Registrar an Opinion of Counsel to the effect that
neither such</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 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="2110009",CP="BUNGE LIMITED",DN="5",CHK=1047607,FOLIO='20',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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<p align="center" 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;">legend nor the related
restrictions on transfer are required in order to maintain compliance with the
provisions of the Securities Act.</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>

<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;">(d)&#160;&#160; 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.</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>

<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;">(e)&#160;&#160; <u>Obligations with Respect to Transfers and Exchanges of Notes</u>.</font></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="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 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.</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;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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 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="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 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.</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; 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.</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;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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.</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;">(vi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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.</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;">(f)&#160;&#160;&#160; <u>No Obligation of the Trustee</u>.&#160; (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</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 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="2110009",CP="BUNGE LIMITED",DN="5",CHK=499350,FOLIO='21',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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</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;">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.</font></p>

<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-weight:normal;margin:0in 0in .0001pt;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 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 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></h5>

<h2 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></h2>

<h2 style="font-size:10.0pt;font-weight:normal;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>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <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 B hereto.</h2>

<h2 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></h2>

<h2 style="font-size:10.0pt;font-weight:normal;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>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <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 C hereto.</h2>

<h2 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></h2>

<h2 style="font-size:10.0pt;font-weight:normal;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>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <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.</h2>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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 or is about to
be redeemed or purchased by the Company pursuant to Article III or Article IV
hereof, the Company in its discretion may, instead of issuing a new Note, pay
such 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;">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="2110009",CP="BUNGE LIMITED",DN="5",CHK=458206,FOLIO='22',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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</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;">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>

<h2 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></h2>

<h2 style="font-size:10.0pt;font-weight:normal;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>&#160;&#160;&#160;&#160;&#160;&#160; <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 and those described in this Section 2.10 as not
outstanding.&#160; A Note does not cease 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.</h2>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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, Specified
Purchase Date, Change of Control Payment 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, purchased 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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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 converted in accordance with
Article XII, then from and after the Conversion Date, such Note shall cease to
be outstanding and interest, if any, shall cease to accrue on such 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;">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="2110009",CP="BUNGE LIMITED",DN="5",CHK=893648,FOLIO='23',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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</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>

<h2 style="font-size:10.0pt;font-weight:normal;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>&#160;&#160;&#160;&#160;&#160;&#160; <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.</h2>

<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;"><a name="Section2_12"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 2.12</font></a>&#160;&#160;&#160;&#160;&#160;&#160; <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.</h2>

<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;"><a name="Section2_13"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 2.13</font></a>&#160;&#160;&#160;&#160;&#160;&#160; <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 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.</h2>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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 (a) or (b)
below:</font></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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160; 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</font></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;">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=30,EFW="2110009",CP="BUNGE LIMITED",DN="5",CHK=319067,FOLIO='24',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<h3 style="font-weight:normal;margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#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 13.2 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 (b).</font></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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160; 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.</font></h3>

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

<h2 style="font-size:10.0pt;font-weight:normal;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>&#160;&#160;&#160;&#160;&#160;&#160; <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.</h2>

<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;"><a name="Section2_15"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 2.15</font></a>&#160;&#160;&#160;&#160;&#160;&#160; <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.</h2>

<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:normal;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><a name="ArticleIii"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE III</font></a></h1>

<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:normal;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">COVENANTS</font></h1>

<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;"><a name="Section3_1"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 3.1</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <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</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;">25</font></p>


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</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<h2 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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.</font></h2>

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

<h2 style="font-size:10.0pt;font-weight:normal;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;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Limitation and Restrictions on
Activities of the Company</u>.&#160; (a)&#160; 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 make
intercompany loans to the Bunge Master Trust pursuant to the Series 2002-1 VFC.</h2>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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;">(b)&#160;&#160; 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.</font></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-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160; The Company shall not create, incur, assume or suffer to exist any
Indebtedness other than Permitted Indebtedness.</font></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-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160; 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;).</font></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-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160; 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.</font></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-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160; 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</font></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;">26</font></p>


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</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<h3 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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).</font></h3>

<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;"><a name="Section3_3"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 3.3</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <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 or conversion, 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;<u>Corporate Trust Office</u>&#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.</h2>

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

<h2 style="font-size:10.0pt;font-weight:normal;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>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <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> 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 consolidate, merge or amalgamate in accordance with Section
4.1 hereof.</h2>

<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;"><a name="Section3_5"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 3.5</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <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</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;">27</font></p>


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</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<h2 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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.</font></h2>

<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;"><a name="Section3_6"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 3.6</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <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.</h2>

<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;"><a name="Section3_7"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 3.7</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <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.</h2>

<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;"><a name="Section3_8"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 3.8</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <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
314(a)(4).</h2>

<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;"><a name="Section3_9"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 3.9</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Further Instruments and Acts</u>.&#160; Upon request of the Trustee or otherwise,
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.</h2>

<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;"><a name="Section3_10"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 3.10</font></a>&#160;&#160;&#160;&#160;&#160;&#160; <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 details of such Event of Default or
default and the action which the Company proposes to take with respect thereto.</h2>

<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;"><a name="Section3_11"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 3.11</font></a>&#160;&#160;&#160;&#160;&#160;&#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</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;">28</font></p>


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<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<h2 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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; </font><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).</h2>

<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:normal;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><a name="ArticleIv"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE IV</font></a></h1>

<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:normal;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">SUCCESSOR GUARANTOR</font></h1>

<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;"><a name="Section4_1"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 4.1</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Consolidation, Merger, Amalgamation
and Sale of Assets by the Guarantor</u>.&#160;
The Guarantor shall not consolidate with or merge or amalgamate with or
into, or sell, lease, or convey all or substantially all its assets to, any
Person, unless:</h2>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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;">(a)&#160;&#160; 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 (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</font></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-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160; 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.</font></h3>

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

<h1 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><a name="ArticleV"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE V</font></a></h1>

<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:normal;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">REDEMPTION OF NOTES AT THE OPTION
OF THE COMPANY</font></h1>

<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;"><a name="Section5_1"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 5.1</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Redemption of Notes at the Option of
the Company</u>.&#160; Prior to November 22,
2005, the Notes may not be redeemed by the Company.&#160; On or after November 22, 2005, the Notes may be redeemed for cash
at any time as a whole or from time to time in part, at the following
redemption prices (the &#147;<u>Redemption Price</u>&#148;), in each case, plus accrued and
unpaid interest, if any, to the Redemption Date:</h2>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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;">(a)&#160;&#160; if the Notes are redeemed during the period beginning on November
22, 2005 and ending on November 14, 2006, the Redemption Price will equal
U.S.$1,015 for each U.S.$1,000 principal amount of Notes;</font></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-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160; if the Notes are redeemed during the period beginning on November
15, 2006 and ending on November 14, 2007, the Redemption Price will equal
U.S.$1,007.50 for each U.S.$1,000 principal amount of Notes; and</font></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-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160; if the Notes are redeemed at any time on or after November 15,
2007, the Redemption Price will equal U.S.$1,000 for each U.S.$1,000 principal
amount of Notes.</font></h3>

<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;"><a name="Section5_2"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 5.2</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Applicability of Article</u>.&#160; Redemption of Notes at the election of the
Company, as permitted or required by any provision of this Indenture, shall be
made in accordance with such provision and this Article V.</h2>

<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;"><a name="Section5_3"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 5.3</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <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.</h2>

<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;"><a name="Section5_4"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 5.4</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <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</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;">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;">
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<h2 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 </font><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.</h2>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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 selected for partial redemption
is converted in part before termination of the conversion right with respect to
the portion of the Note so selected, the converted portion of such Note shall
be deemed, to the fullest extent practicable, to be the portion selected for
redemption.&#160; Notes which have been
converted during a selection of Notes to be redeemed, may be treated by the
Trustee as outstanding for the purpose of such selection.</font></p>

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

<h2 style="font-size:10.0pt;font-weight:normal;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>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Notice of Redemption</u>.&#160; Notice of redemption shall be given in the
manner provided for in Section 13.2 hereof not less than 30 days 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.</h2>

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

<p style="margin:0in 0in .0001pt;"><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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160; the Redemption Date,</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160; the Redemption Price (and
the amount of accrued and unpaid interest to the Redemption Date), the
Conversion Rate and the Conversion Price,</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160; that Notes called for
redemption may be converted at any time before the close of business on the
second Business Day immediately preceding the Redemption Date, unless the
Company defaults in making the payment due on the Redemption Date, in which
case the conversion right shall terminate at the close of business on the date
such default is cured and such payment is made,</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160;&#160; that Holders which want to
convert their Notes must satisfy the requirements set forth in Paragraph 8 of the
form of Notes set forth as Exhibit A hereto,</font></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>

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<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;">(5)&#160;&#160; 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,</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)&#160;&#160; 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,</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7)&#160;&#160; that on the Redemption Date
the Redemption Price (plus accrued and unpaid interest to the Redemption Date)
will become due and payable upon each such Note, or the portion thereof, to be
redeemed, and, unless the Company defaults in paying the Redemption Price, that
interest on Notes called for redemption (or the portion thereof) will cease to
accrue on and after said date,</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8)&#160;&#160; the place or places where
such Notes are to be surrendered for payment of the Redemption Price,</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(9)&#160;&#160; the name and address of the
Paying Agent,</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(10)&#160;&#160;&#160;&#160; that Notes called for
redemption must be surrendered to the Paying Agent to collect the Redemption
Price, and</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(11)&#160;&#160;&#160;&#160; 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.</font></h4>

<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;"><a name="Section5_6"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 5.6</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <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 all the Notes which are to be redeemed on that date.</h2>

<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;"><a name="Section5_7"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 5.7</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <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
and unpaid interest to the Redemption Date), and from and after such date
(unless the Company shall default in the payment of the Redemption Price or
accrued and unpaid interest to the Redemption Date) 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 and unpaid
interest 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).</h2>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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;">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=38,EFW="2110009",CP="BUNGE LIMITED",DN="5",CHK=103718,FOLIO='32',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<h2 style="font-size:10.0pt;font-weight:normal;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>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <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
3.3 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.</h2>

<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:normal;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><a name="ArticleVi"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE VI</font></a></h1>

<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:normal;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">PURCHASE OF NOTES AT THE OPTION
OF HOLDERS</font></h1>

<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;"><a name="Section6_1"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 6.1</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Purchase of Notes at Option of
Holders Upon Specified Purchase Dates</u>.&#160; (a)&#160;
Each Holder of Notes shall have the right to require the Company to
purchase all or any part (equal to $1,000 in principal amount or an integral
multiple thereof) of such Holder&#146;s Notes on November 15, 2007, November 15,
2012 and November 15, 2017 (each, a &#147;<u>Specified Purchase Date</u>&#148;), at 100%
of the principal amount thereof (the &#147;<u>Purchase Price</u>&#148;), plus accrued and
unpaid interest, if any, to such date of purchase.</h2>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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;">(b)&#160;&#160; The Company will have the option to pay the Purchase Price, in
whole or in part, for Notes delivered by Holders for purchase pursuant to this
Section 6.1 by delivering Common Shares in lieu of cash, subject to the
conditions set forth in Section 6.1(c) hereof.&#160;
Upon election to pay the Purchase Price, in whole or in part, of the
Notes, and the delivery of a Company Notice (as defined below) of such
election, the Company may not change the form of components or percentages of
components of the Purchase Price, unless the conditions to deliver Common
Shares set forth in Section 6.1(c) are not satisfied.&#160; In all cases, the Company will pay any accrued and unpaid
interest on the Notes purchased on any Specified Purchase Date in cash.</font></h3>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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 Company elects to pay
the Purchase Price, in whole or in part, by delivery of Common Shares pursuant
to this Section 6.1(b), the Company shall deliver to the Paying Agent on behalf
of the Holders a number of Common Shares equal to the portion of the Purchase
Price to be paid in Common Shares divided by 97.5% of the Market Price of the
Common Shares, as adjusted to take into account any occurrence which results in
an adjustment to the Conversion Price pursuant to Section 12.6, Section 12.7,
Section 12.8, Section 12.9 or Section 12.10 hereof.&#160; Fractional Common Shares will not be issued upon the purchase by
the Company of a Note.&#160; Instead, the
Company will, at its option, either (1) pay cash based on the then-current
Market Price for all fractional shares on the NYSE or other principal United
States securities exchange upon which the Common Shares are then listed or, if
not so listed, on Nasdaq or (2) deliver a whole Common Share in lieu of such
fractional share.</font></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-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;  The Company shall only have the right to pay the Purchase Price,
in whole or in part, in connection with any purchase of Notes pursuant to this
Section 6.1 by delivery of</font></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;">33</font></p>


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

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<h3 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Common Shares if, on the applicable Specified
Purchase Date, the Common Shares to be delivered as payment of the Purchase
Price:</font></h3>

<p style="margin:0in 0in .0001pt;"><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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160; are registered under the
Securities Act or the Exchange Act, if required by applicable law;</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160; are listed on the NYSE or
other principal United States securities exchange upon which the Common Shares
are then listed or, if not so listed, on Nasdaq; and</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160; are qualified or registered
as necessary under any applicable state or other securities law or are eligible
for an available exemption therefrom.</font></h4>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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, the Trustee shall have received,
no later than the Specified Purchase Date, an Officers&#146; Certificate and an
Opinion of Counsel each stating that (A) the terms of the issuance and delivery
of the Common Shares are in conformity with this Indenture, (B) Common Shares
to be issued by the Guarantor in payment of the Purchase Price in respect of
the Notes have been duly authorized and, when issued and delivered pursuant to
the terms of this Indenture in payment of the Purchase Price in respect of the
Notes, will be validly issued, fully paid and non-assessable and, solely in the
case of such Opinion of Counsel, to the best of such counsel&#146;s knowledge, will
be free from preemptive rights, (C) the conditions in clauses (1) through (3)
above have been satisfied and (D) in the case of such Officers&#146; Certificate,
that such Opinion of Counsel has been delivered to the Trustee.&#160; Such Officers&#146; Certificate shall also set
forth the number of Common Shares to be issued or delivered for each $1,000
principal amount of Notes and the Sale Price of a Common Share on each trading
day during the period commencing on the first trading day of the
period&nbsp;during which the calculation set forth in Section 6.1(b) is
calculated and ending on the third trading day prior to the applicable
Specified Purchase Date.&#160; The Company
may pay the Purchase Price, in whole or in part, by delivery of Common Shares
only if the information necessary to make the calculation set forth in Section
6.1(b) is published in a daily newspaper of national circulation.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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 foregoing conditions are not satisfied
with respect to a Holder prior to the close of Business on the applicable
Specified Purchase Date, the Company shall pay the Purchase Price of the Notes
of such Holder entirely in cash.</font></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-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160; In connection with any purchase of Notes pursuant to this Section
6.1, the Company shall give notice to each Holder of Notes in the manner
provided for in Section 13.2 hereof no fewer than 30 Business Days nor more
than 60 Business Days prior to any Specified Purchase Date to each Holder of
Notes.&#160; The Trustee shall give such
notice in the Company&#146;s name and at the Company&#146;s expense; <i><font style="font-style:italic;">provided</font></i>, <i><font style="font-style:italic;">however</font></i>,
that the Company shall deliver to the Trustee, not less than 45 Business Days
prior to the applicable Specified Purchase Date, an Officers&#146; Certificate
requesting that the Trustee give such notice (the &#147;<u>Company Notice</u>&#148;),&#160; and setting forth the information to be
stated in such Company Notice, including, among other things:</font></h3>

<p style="margin:0in 0in .0001pt;"><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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160; the Specified Purchase Date,
the Purchase Price (and the amount of accrued and unpaid interest to the
Specified Purchase Date), the Conversion Rate and the Conversion Price;</font></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;">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;">
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<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)&#160;&#160; whether the Company elects
to pay the Purchase Price of the Notes in cash or Common Shares, or any
combination thereof, specifying the percentages of each;</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160; if the Company elects to pay
any portion of the Purchase Price in Common Shares, a brief description of the
calculation of the number of Common Shares to be delivered in payment of the
Purchase Price;</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160;&#160; that any Notes (or portion
thereof) accepted for payment (and duly paid on the Specified Purchase Date)
shall cease to accrue interest on the Specified Purchase Date;</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)&#160;&#160; that any Notes (or portion
thereof) not properly submitted will continue to accrue interest;</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)&#160;&#160; that Notes must be
surrendered to the Paying Agent to collect payment;</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7)&#160;&#160; the name and address of the
Paying Agent and the Conversion Agent;</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8)&#160;&#160; that Notes as to which a
Purchase Notice has been given may be converted if they are otherwise
convertible only in accordance with Article XII hereof and Paragraph 8 of the
Notes if the applicable Purchase Notice has been withdrawn in accordance with
the terms of this Indenture;</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(9)&#160;&#160; that the Purchase Price for
(plus accrued and unpaid interest, if any, to the Specified Purchase Date) any
Note as to which a Purchase Notice has been given and not withdrawn will be
paid promptly following the later of the Specified Purchase Date and the time
of surrender of such Note as described in (6);</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(10)&#160;&#160;&#160;&#160; 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;</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(11)&#160;&#160;&#160;&#160; a brief description of
the conversion rights of the Notes;</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(12)&#160;&#160;&#160;&#160; the CUSIP and ISIN number
of the Notes; and</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(13)&#160;&#160;&#160;&#160; all other instructions
and materials necessary to enable Holders to submit Notes on the Specified
Purchase Date.</font></h4>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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;">(e)&#160;&#160; Purchases of Notes under this Section 6.1 shall be made, at the
option of the Holder thereof, upon:</font></h3>

<p style="margin:0in 0in .0001pt;"><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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160; delivery to the Paying Agent
by the Holder of a written notice of purchase (a &#147;<u>Purchase Notice</u>&#148;)
during the period beginning at any time from the opening of business on the
date that is 30 Business Days prior to the relevant Specified Purchase Date
until the close of business two Business Days prior to such Specified Purchase
Date stating:</font></h4>

<p style="margin: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;">(A)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; if
Definitive Notes have been issued, the certificate number of the Note which the
Holder will deliver to be purchased;</font></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;">
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p style="margin:0in 0in .0001pt 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
principal amount of the Note (or portion thereof) which the Holder will deliver
to be purchased (which must be in principal amounts of $1,000 or an integral
multiple thereof, if less than all of the Notes are being delivered);</font></p>

<p style="margin: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;">(C)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; that
such Note shall be purchased by the Company as of the Specified Purchase Date
pursuant to the terms and conditions specified herein; 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 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(D)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; whether,
in the event that the Company elects, pursuant to the Company Notice, to pay
the Purchase Price in Common Shares, in whole or in part, but the Purchase
Price is ultimately paid to the Holder entirely in cash because any of the
conditions to payment of the Purchase Price or portion thereof in Common Shares
is not satisfied prior to the close of business on the Specified Purchase Date
pursuant to Section 6.1(c), the Holder elects: (i) to withdraw the Purchase
Notice as to some or all of the Notes as to which such Purchase Notice relates
(stating the principal amount and certificate numbers, if any, of the Notes as
to which such withdrawal shall relate), or (ii) to receive cash in respect of
the entire Purchase Price for all Notes or portions of Notes subject to such
Purchase Notice; <i><font style="font-style:italic;">provided</font></i> that if
the Purchase Notice states no such election, the Holder will be deemed to have
made the election set forth in clause (ii) 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>

<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)&#160;&#160; delivery of such Note to the
Paying Agent prior to, on or after the Specified Purchase Date (together with
all necessary endorsements) at the offices of the Paying Agent, such delivery
being a condition to receipt by the Holder of the Purchase Price therefor; <i><font style="font-style:italic;">provided</font></i>, <i><font style="font-style:italic;">however</font></i>,
that such Purchase Price shall be so paid pursuant to this Section 6.1 only if
the Note so delivered to the Paying Agent shall conform in all respects to the
description thereof in the related Purchase Notice, as determined by the
Company.</font></h4>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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 purchase by the Company contemplated
pursuant to the provisions of this Section 6.1 shall be consummated by the
delivery of the cash or Common Shares or a combination thereof to be received
by the Holder promptly following the later of the Specified Purchase Date and
the time of delivery of the 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="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Paying Agent shall promptly notify the
Company of the receipt by it of any Purchase Notice or written notice of
withdrawal thereof.</font></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-weight:normal;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; For
purposes of this Section 6.1 and Section 6.3 hereof, the delivery of any Common
Shares shall include, without limitation, the issuance of such Common Shares by
the Guarantor.</font></h3>

<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;"><a name="Section6_2"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 6.2</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Purchase of Notes at the Option of
Holders Upon a Change of Control</u>.&#160;
(a)&#160; Upon the occurrence of a
Change of Control on or prior to November 15, 2007, each Holder of Notes shall
have the right to require the Company to purchase for cash 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 Purchase Price, plus
accrued and unpaid interest, if any, to the Change of Control Payment Date (as
defined below) (the &#147;<u>Change Of Control Payment</u>&#148;).</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;">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=42,EFW="2110009",CP="BUNGE LIMITED",DN="5",CHK=130057,FOLIO='36',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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</font>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</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;">(b)&#160;&#160; Notice of a Change of Control shall be given in the manner
provided for in Section 13.2 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:</font></h3>

<p style="margin:0in 0in .0001pt;"><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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160; 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></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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160; the Purchase Price (and the
amount of accrued and unpaid interest to the Change of Control Payment Date)
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></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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160; the Conversion Rate and the
Conversion Price;</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160;&#160; that the Notes which have
been tendered for payment may be converted if they are otherwise convertible
pursuant to Article XII hereof only if the election to tender has been properly
withdrawn in accordance with the terms of this Indenture;</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)&#160;&#160; 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></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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)&#160;&#160; that any Notes (or portions
thereof) not properly tendered will continue to accrue interest;</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7)&#160;&#160; that Notes must be
surrendered to the Paying Agent to collect payment;</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8)&#160;&#160; the name and address of the
Paying Agent and the Conversion Agent;</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(9)&#160;&#160; a brief description of the
transaction or transactions constituting the Change of Control;</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(10)&#160;&#160;&#160;&#160; 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;</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(11)&#160;&#160;&#160;&#160; a brief description of
the conversion rights of the Notes;</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(12)&#160;&#160;&#160;&#160; the CUSIP and ISIN number
of the Notes; and</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(13)&#160;&#160;&#160;&#160; all other instructions
and materials necessary to enable Holders to tender Notes pursuant to the
Change of Control Offer.</font></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;">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=43,EFW="2110009",CP="BUNGE LIMITED",DN="5",CHK=717895,FOLIO='37',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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<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;">(c)&#160;&#160; Purchases of Notes upon a Change of Control under this Section 6.2
shall be made upon:</font></h3>

<p style="margin:0in 0in .0001pt;"><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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160; delivery to the Paying Agent
by the Holder of a written notice of purchase (a &#147;<u>Change of Control Purchase
Notice</u>&#148;) at any time on or prior to the 30<sup>th</sup> day after the date
the Company delivers the Change of Control Notice stating:</font></h4>

<p style="margin: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;">(A)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; if
Definitive Notes have been issued, the certificate number of the Note which the
Holder will deliver to be purchased;</font></p>

<p style="margin: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;">(B)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
principal amount of the Note (or portion thereof) which the Holder will deliver
to be purchased, which must be in principal amounts of $1,000 or an integral
multiple thereof, if less than all of the Notes are being delivered; 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 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; that
such Note shall be purchased by the Company pursuant to the terms and
conditions specified herein; and</font></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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160; delivery of such Note to the
Paying Agent prior to, on or after the Change of Control Payment Date (together
with all necessary endorsements) at the offices of the Paying Agent, such
delivery being a condition to receipt by the Holder of the Change of Control
Payment therefor; <i><font style="font-style:italic;">provided</font></i>, <i><font style="font-style:italic;">however</font></i>, that such Change of Control
Payment shall be so paid pursuant to this Section 6.2 only if the Note so
delivered to the Paying Agent shall conform in all respects to the description
thereof in the related Change of Control Purchase Notice, as determined by the
Company.</font></h4>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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 purchase by the Company contemplated
pursuant to the provisions of this Section 6.2 shall be consummated by the
delivery of the cash to be received by the Holder promptly following the later
of the Change of Control Payment Date and the time of delivery of the Note.</font></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-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160; 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.</font></h3>

<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;"><a name="Section6_3"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 6.3</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Terms of Purchase</u>.&#160; (a)&#160;
Holders shall be entitled to withdraw their election if the Trustee
receives not later than one Business Day prior to the Specified Purchase Date
or Change of Control Payment Date, as applicable, 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 or withdrawal thereof.</h2>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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;">(b)&#160;&#160; On or prior to each Specified Purchase Date or the Change of
Control Payment Date, as applicable, 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 and/or arrange for the delivery of</font></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;">38</font></p>


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

</font></div>

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

<h3 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Common Shares to the Trustee or the Paying
Agent to be held on behalf of the Holders, as applicable, sufficient to pay the
aggregate Purchase Price, plus an amount of money sufficient to pay accrued and
unpaid interest, if any, payable to the Holders entitled thereto, to be held
for payment in accordance with this Section 6.3.&#160; In the event that Common Shares are delivered to the Trustee or
the Paying Agent as payment of the Purchase Price, the Trustee or the Paying
Agent shall transfer such Common Shares to the Holders on the Specified
Purchase Date or Change of Control Payment Date, as applicable.</font></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-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160; The Trustee or Paying Agent, as applicable, shall, on or promptly
after the Specified Purchase Date or Change of Control Payment Date, as
applicable, mail or deliver payment to each tendering Holder of the Purchase
Price of the Notes of such Holder delivered for purchase.&#160; In the event that the aggregate Purchase
Price (plus accrued and unpaid interest, if any, to the Specified Purchase Date
or Change of Control Payment Date, as applicable) 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 Specified
Purchase Date or Change of Control Payment Date, as applicable.</font></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-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160; 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 3.3 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.</font></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-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160; 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 Specified Purchase Date or Change of Control.&#160; To the extent that the provisions of any
securities laws or regulations conflict with the provisions relating to the
Specified Purchase Date or 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.</font></h3>

<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:normal;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><a name="ArticleVii"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE VII</font></a></h1>

<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:normal;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">DEFAULTS AND REMEDIES</font></h1>

<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;"><a name="Section7_1"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 7.1</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Events
of Default</u>.&#160; An &#147;Event of Default&#148;
occurs if:</h2>

<p style="margin:0in 0in .0001pt;"><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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160; the Company defaults in any
payment of interest or additional interest (as required by the Registration
Rights Agreement) on any Note when the same becomes due and payable, and such
default continues for a period of 30 days;</font></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;">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=45,EFW="2110009",CP="BUNGE LIMITED",DN="5",CHK=329770,FOLIO='39',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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<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)&#160;&#160; 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 redemption, upon purchase by the
Company at the option of the Holder, upon declaration of acceleration or
otherwise;</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160; the failure to issue and
deliver the Common Shares upon the due exercise of the conversion right in the
Notes by Holders of Notes to convert such Notes into Common Shares, and such
default continues for a period of 15 days;</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160;&#160; 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), (2) or (3) 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;</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)&#160;&#160; 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 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 (5) 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 (5) 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>

<p style="margin:0in 0in .0001pt;"><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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)&#160;&#160; (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&#150;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)</font></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;"><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="2110009",CP="BUNGE LIMITED",DN="5",CHK=593150,FOLIO='40',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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</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;">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;</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7)&#160;&#160; one or more judgments or
decrees shall be entered against the Guarantor or any Material Subsidiary
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</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8)&#160;&#160; 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.</font></h4>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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 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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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 (4),
(5), (6), (7) or (8) 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>

<h2 style="font-size:10.0pt;font-weight:normal;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>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <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 (6) 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.</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;">41</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="2110009",CP="BUNGE LIMITED",DN="5",CHK=540517,FOLIO='41',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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</font>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</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;">(b)&#160;&#160; In the event the principal of 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.</font></h3>

<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;"><a name="Section7_3"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 7.3</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <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.</h2>

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

<h2 style="font-size:10.0pt;font-weight:normal;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>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <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, 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.</h2>

<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;"><a name="Section7_5"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 7.5</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <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.</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;">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=48,EFW="2110009",CP="BUNGE LIMITED",DN="5",CHK=899061,FOLIO='42',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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</font>

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

<h2 style="font-size:10.0pt;font-weight:normal;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>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <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:</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>

<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)&#160;&#160; the Holder gives to the
Trustee written notice stating that an Event of Default is continuing;</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160; the Holders of at least 25%
in outstanding principal amount of the Notes make a request to the Trustee to
pursue the remedy;</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160; such Holder or Holders offer
to the Trustee reasonable security or indemnity satisfactory to the Trustee
against any loss, liability or expense;</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160;&#160; the Trustee does not comply
with the request within 60 days after receipt of the request and the offer of
security or indemnity; and</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)&#160;&#160; 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.</font></h4>

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

<h2 style="font-size:10.0pt;font-weight:normal;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>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <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 premium, if any, or interest on
the Notes held by such Holder, on or after the respective due dates expressed
in the Notes, and to convert the Notes in accordance with Article XII hereof 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.</h2>

<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;"><a name="Section7_8"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 7.8</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <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 and owing (together with interest on any unpaid interest
to the extent lawful) and the amounts provided for in Section 8.7 hereof.</h2>

<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;"><a name="Section7_9"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 7.9</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <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.</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;">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=49,EFW="2110009",CP="BUNGE LIMITED",DN="5",CHK=30930,FOLIO='43',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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</font>

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

<h2 style="font-size:10.0pt;font-weight:normal;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>&#160;&#160;&#160;&#160;&#160;&#160; <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:</h2>

<p style="margin: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;">FIRST:&#160; to the Trustee for
amounts due under 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="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 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;"><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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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>

<h2 style="font-size:10.0pt;font-weight:normal;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>&#160;&#160;&#160;&#160;&#160;&#160; <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.</h2>

<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:normal;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><a name="ArticleViii"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE
VIII</font></a></h1>

<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:normal;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">TRUSTEE</font></h1>

<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;"><a name="Section8_1"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 8.1</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Duties of Trustee</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.</h2>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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;">(b)&#160;&#160; Except during the continuance of an Event of Default:</font></h3>

<p style="margin:0in 0in .0001pt;"><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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160; 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>

<p style="margin:0in 0in .0001pt;"><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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160; 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</font></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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

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</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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;">(c)&#160;&#160; 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:</font></h3>

<p style="margin:0in 0in .0001pt;"><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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160; this paragraph does not
limit the effect of Section 8.1(b) hereof;</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160; 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>

<p style="margin:0in 0in .0001pt;"><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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160; 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>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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;">(d)&#160;&#160; &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.</font></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-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160; &nbsp;&nbsp;Money held in trust by the Trustee need not be
segregated from other funds except to the extent required by law.</font></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-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160; &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.</font></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-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160; &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.</font></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-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160; 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.</font></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-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160; 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.</font></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;">45</font></p>


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<h2 style="font-size:10.0pt;font-weight:normal;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>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Rights of Trustee</u>.&#160; Subject to Section 8.1 hereof:</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 style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;
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;</font></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-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160; 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;</font></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-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160; 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;</font></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-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160; 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;</font></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-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160; 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;</font></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-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160; 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;</font></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-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160; 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</font></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-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160; 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.</font></h3>

<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;"><a name="Section8_3"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 8.3</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <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.<b><font style="font-weight:bold;">&#160; </font></b>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</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>

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<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">acquiring such conflicting interest, (ii)
apply to the Commission for permission to continue acting as Trustee or (iii) resign.</font></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;"><a name="Section8_4"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 8.4</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <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.</h2>

<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;"><a name="Section8_5"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 8.5</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <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.</h2>

<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;"><a name="Section8_6"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 8.6</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <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 313(a).&#160; The Trustee also shall comply with Trust Indenture Act, Section
313(b).&#160; The Trustee shall also transmit
by mail all reports required by Trust Indenture Act, Section 313(c).</h2>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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 agrees to notify promptly the
Trustee whenever the Notes become listed on any stock exchange and of any
delisting thereof.</font></p>

<h2 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></h2>

<h2 style="font-size:10.0pt;font-weight:normal;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>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <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.</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;">47</font></p>


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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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 or the earlier
resignation or removal of the Trustee.&#160;
When the Trustee incurs expenses after the occurrence of a Default
specified in Section 7.1(6) hereof with respect to the Company, the expenses are
intended to constitute expenses of administration under any bankruptcy law.</font></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;"><a name="Section8_8"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 8.8</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <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:</h2>

<p style="margin:0in 0in .0001pt;"><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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160; the Trustee fails to comply
with Section 8.10 hereof;</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160; the Trustee is adjudged
bankrupt or insolvent;</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160; a receiver or other public
officer takes charge of the Trustee or its property; or</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160;&#160; the Trustee otherwise
becomes incapable of acting.</font></h4>

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


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

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<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;">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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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>

<h2 style="font-size:10.0pt;font-weight:normal;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</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <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.</h2>

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

<h2 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></h2>

<h2 style="font-size:10.0pt;font-weight:normal;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>&#160;&#160;&#160;&#160;&#160;&#160; <u>Eligibility; Disqualification</u>.&#160; The Trustee shall at all times satisfy the
requirements of Trust Indenture Act, Section 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 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
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 310(b)(1) are met.</h2>

<h2 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></h2>

<h2 style="font-size:10.0pt;font-weight:normal;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>&#160;&#160;&#160;&#160;&#160;&#160; <u>Preferential Collection of Claims
Against Company</u>.&#160; The Trustee shall
comply with Trust Indenture Act, Section 311(a), excluding any creditor
relationship listed in Trust Indenture Act, Section 311(b).&#160; A Trustee who has resigned or been removed
shall be subject to Trust Indenture Act, Section 311(a) to the extent
indicated.</h2>

<h2 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></h2>

<h2 style="font-size:10.0pt;font-weight:normal;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>&#160;&#160;&#160;&#160;&#160;&#160; <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</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;">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=55,EFW="2110009",CP="BUNGE LIMITED",DN="5",CHK=333175,FOLIO='49',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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.</font></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:normal;line-height:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><a name="ArticleIx"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE IX</font></a></h1>

<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:normal;line-height:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">SATISFACTION AND DISCHARGE OF INDENTURE</font></h1>

<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;"><a name="Section9_1"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 9.1</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Satisfaction and Discharge of
Liability on Notes</u>.&#160; (a)&#160; Subject to Section 9.1(b) 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 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 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; and (iii) the Company or the
Guarantor has paid or caused to be paid all sums payable by it under this
Indenture and the Notes, 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.</h2>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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;">(b)&#160;&#160; Notwithstanding the provisions of Section 9.1(a) hereof, the
Company&#146;s obligations in Section 2.3, Section 2.4, Section 2.5, Section 2.12,
Section 3.3, Section 7.7 and Section 8.7 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 9.3
and Section 9.4 hereof shall survive.</font></h3>

<h2 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></h2>

<h2 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section9_2"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 9.2</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Application of Trust Money</u>.&#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.</h2>

<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;"><a name="Section9_3"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 9.3</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Repayment to Company</u>.&#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.</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;">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;">
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<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;">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;text-indent:1.0in;"><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;"><a name="Section9_4"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 9.4</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Indemnity for U.S. Government
Securities</u>.&#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.</h2>

<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:normal;line-height:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><a name="ArticleX"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE X</font></a></h1>

<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:normal;line-height:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">AMENDMENTS</font></h1>

<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;"><a name="Section10_1"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 10.1</font></a>&#160;&#160;&#160;&#160;&#160;&#160; <u>Without Consent of Holders</u>.&#160; The Company, the Guarantor and the Trustee
may amend this Indenture or the Notes without notice to or consent of any
Noteholder:</h2>

<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)&#160;&#160; to cure any ambiguity,
omission, defect or inconsistency;</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160; to comply with Article IV or
Section 12.17 hereof in respect of the assumption by a Successor Guarantor of
an obligation of the Guarantor under this Indenture;</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160; 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;</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160;&#160; to add guarantees with
respect to the Notes;</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)&#160;&#160; to secure the Notes;</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)&#160;&#160; 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;</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7)&#160;&#160; to make provisions with
respect to the conversion rights in the Notes pursuant to Section 12.17 hereof;</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8)&#160;&#160; to make any change that does
not materially adversely affect the interests of any Noteholder;</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(9)&#160;&#160; to provide for the issuance
of any Subsequent Notes; or</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(10)&#160;&#160;&#160;&#160; to comply with any
requirement of the SEC in connection with the qualification of this Indenture
under the Trust Indenture Act.</font></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;">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=57,EFW="2110009",CP="BUNGE LIMITED",DN="5",CHK=788893,FOLIO='51',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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</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;">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>

<h2 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></h2>

<h2 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section10_2"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 10.2</font></a>&#160;&#160;&#160;&#160;&#160;&#160; <u>With Consent of Holders</u>.&#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:</h2>

<p style="margin:0in 0in .0001pt;"><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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160; reduce the amount of Notes
whose Holders must consent to an amendment of this Indenture or the Notes;</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160; 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;</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160; reduce the stated rate of or
extend the stated time for payment of interest on any Note;</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160;&#160; reduce the principal of, or
extend the Stated Maturity of, any Note;</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)&#160;&#160; reduce the Redemption Price
or Purchase Price 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;</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)&#160;&#160; 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;</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7)&#160;&#160; make any Note payable in
money other than that stated in the Note;</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8)&#160;&#160; make any change that
adversely affects the right of conversion in any Note in accordance with
Article XII hereof and Paragraph 8 of the Notes;</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(9)&#160;&#160; 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;</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(10)&#160;&#160;&#160;&#160; make any change to the
amendment provisions which require each Holder&#146;s consent or to the waiver
provisions; or</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(11)&#160;&#160;&#160;&#160; release the Guarantor or
modify the Guarantee other than in accordance with the provisions of this
Indenture.</font></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;">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=58,EFW="2110009",CP="BUNGE LIMITED",DN="5",CHK=524547,FOLIO='52',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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</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;">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 style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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 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>

<h2 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section10_3"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 10.3</font></a>&#160;&#160;&#160;&#160;&#160;&#160; <u>Compliance with Trust Indenture Act</u>.&#160; Every amendment to this Indenture or the
Notes shall comply with the Trust Indenture Act as then in effect.</h2>

<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;"><a name="Section10_4"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 10.4</font></a>&#160;&#160;&#160;&#160;&#160;&#160; <u>Revocation and Effect of Consents and
Waivers</u>.&#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.</h2>

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

<h2 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section10_5"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 10.5</font></a>&#160;&#160;&#160;&#160;&#160;&#160; <u>Notation on or Exchange of Notes</u>.&#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.</h2>

<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;"><a name="Section10_6"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 10.6</font></a>&#160;&#160;&#160;&#160;&#160;&#160; <u>Trustee To Sign Amendments</u>.&#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</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;">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=59,EFW="2110009",CP="BUNGE LIMITED",DN="5",CHK=43893,FOLIO='53',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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</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;">legal, valid and binding
obligation of the Company and the Guarantor, enforceable against them in
accordance with its terms, subject to customary exceptions and complies with
the provisions hereof (including Section 10.3 hereof).</font></p>

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

<h1 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><a name="ArticleXi"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE XI</font></a></h1>

<h1 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></h1>

<h1 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">GUARANTEE</font></h1>

<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;"><a name="Section11_1"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 11.1</font></a>&#160;&#160;&#160;&#160;&#160;&#160; <u>Guarantee</u>.&#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;<u>Obligations</u>&#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.</h2>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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 align="center" style="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=60,EFW="2110009",CP="BUNGE LIMITED",DN="5",CHK=237296,FOLIO='54',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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</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 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 and premium,
if any, of or interest on any of the Obligations is rescinded or must otherwise
be restored by any Holder upon the bankruptcy or reorganization of the Company
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;">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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.6in;"><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>

<h2 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section11_2"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 11.2</font></a>&#160;&#160;&#160;&#160;&#160;&#160; <u>No Subrogation</u>.&#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.</h2>

<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;"><a name="Section11_3"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 11.3</font></a>&#160;&#160;&#160;&#160;&#160;&#160; <u>Consideration</u>.&#160; The Guarantor has received, or will receive,
direct or indirect benefits from the making of the Guarantee.</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;">55</font></p>


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</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=61,EFW="2110009",CP="BUNGE LIMITED",DN="5",CHK=1047135,FOLIO='55',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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<h1 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><a name="ArticleXii"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE XII</font></a></h1>

<h1 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></h1>

<h1 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">CONVERSION OF NOTES</font></h1>

<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;"><a name="Section12_1"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 12.1</font></a>&#160;&#160;&#160;&#160;&#160;&#160; <u>Conversion Privilege</u>.&#160; Subject to and upon compliance with the
provisions of this Indenture, a Holder of a Note may convert such Note into
Common Shares, at any time prior to November 15, 2022, in accordance with the
terms of this Article XII and only in the circumstances set forth in Paragraph
8 of the Notes.&#160; The Company shall
notify the Trustee (which shall in turn notify the Holders promptly upon
receipt of such notification from the Company) of the date on which the Notes
first become convertible (and, if the Notes cease to be convertible at any time
or from time to time, of the first date thereafter on which the Notes again
become convertible), which notification shall set forth the calculations on
which such determination was made.</h2>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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 rate at which Common Shares shall be
issued by the Guarantor and delivered upon conversion (the &#147;<u>Conversion Rate</u>&#148;)
shall be initially 31.1137 Common Shares for each U.S.$1,000 principal amount
of Notes.&#160; The Conversion Rate shall be
adjusted in certain circumstances as provided in this Article XII.&#160; The price at which Common Shares shall be
issued and delivered upon conversion (the &#147;<u>Conversion Price</u>&#148;) shall at
any time be equal to U.S. $1,000 divided by the then applicable Conversion Rate
(and rounded to the nearest cent).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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 Holder may convert a portion of the
principal amount of a Note if the portion converted is in a $1,000 principal
amount or an integral multiple of $1,000.&#160;
Provisions of this Indenture or of the Note that apply to conversion of
all of a Note also apply to conversion of a portion of a 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="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For purposes of this Article XII, &#147;fair
market value&#148; means the fair market value, as determined in good faith by the
Board of Directors of the Guarantor (except as Section 12.8 otherwise provides
in the case of a Spin-off) and set forth in a certified resolution of the Board
of Directors of the Guarantor filed with 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>

<h2 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section12_2"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 12.2</font></a>&#160;&#160;&#160;&#160;&#160;&#160; <u>Conversion Procedure</u>.&#160; To convert a Note, a Holder must satisfy the
requirements in Paragraph 8 of the Notes. The first Business Day on which the
Holder satisfies all those requirements and submits such Holder&#146;s Notes for
conversion is hereinafter referred to as the &#147;<u>Conversion Date</u>&#148;.</h2>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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 soon as practicable after the Conversion
Date, the Company shall deliver to the Holder, through the transfer agent for
the Common Shares, a certificate for, or a beneficial interest in a global
certificate representing, the number of Common Shares issuable upon the
conversion or exchange and cash in lieu of any fractional share determined
pursuant to Section 12.3.&#160; The Company
and the Guarantor shall take all necessary actions to ensure that the Person in
whose name the certificate is registered is entered into the Guarantor&#146;s share
register as a shareholder of record as of the close of business on the
Conversion Date, or as soon thereafter as is possible.&#160; Upon conversion by a Holder of a Note in its
entirety, such person shall no longer be a Holder of such 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;">56</font></p>


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</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=62,EFW="2110009",CP="BUNGE LIMITED",DN="5",CHK=276468,FOLIO='56',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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<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;">No payment or adjustment will be made for
dividends on, or other distributions with respect to, any Common Shares except
as provided in this Article XII.&#160; Upon
conversion of a Note, except as provided below with respect to interest payable
on Notes or portions thereof converted after a Record Date, that portion of
accrued and unpaid interest on the converted Notes attributable to the period
from the most recent Interest Payment Date through the Conversion Date shall
not be cancelled, extinguished or forfeited, but rather shall be deemed to be
paid in full to the Holder thereof through issuance and delivery of the Common
Shares (together with the cash payment, if any, in lieu of fractional shares)
for the Note being converted pursuant to the provisions hereof.&#160; The Company will not adjust the Conversion
Rate to account for accrued interest, if any. If the Holder converts more than
one Note at the same time, the number of Common Shares issuable upon the
conversion shall be based on the total principal amount of the Notes converted.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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 or portions thereof surrendered for
conversion during the period from the close of business on any Record Date to
the opening of business on the date on which such interest is payable shall be
accompanied by payment to the Company or its order, in funds acceptable to the
Company, of an amount equal to the interest payable on such Interest Payment
Date on the principal amount of the Notes or portions thereof being surrendered
for 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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the last day on which a Note may be
converted is a Legal Holiday, the Note may be surrendered on the next
succeeding day that is not a 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="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon surrender of a Note that is converted in
part, the Company shall execute, and the Trustee shall authenticate and deliver
to the Holder, a new Note in an authorized denomination equal in principal
amount to the unconverted portion of the Note surrendered.</font></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;"><a name="Section12_3"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 12.3</font></a>&#160;&#160;&#160;&#160;&#160;&#160; <u>Fractional Shares</u>.&#160; The Guarantor will not issue fractional
Common Shares upon conversion of a Note.&#160;
Instead, either (a) the Company or the Guarantor will pay cash based on
the then-current market value for all fractional shares on the NYSE or other
principal United States securities exchange upon which the Common Shares are
then listed or, if not so listed, on Nasdaq or (b) the Guarantor will issue a
whole Common Share in lieu of such fractional share.&#160; The current market value of a fractional Common Share shall be
determined, to the nearest 1/1,000<sup>th</sup> of a share, by multiplying the
Sale Price on the last trading day immediately prior to the Conversion Date, of
a full share by the fractional amount and rounding the product to the nearest
whole cent.&#160; In the event that a Holder
elects to have more than one Note converted, the number of Common Shares shall
be based on the aggregate principal amount of Notes to be converted.</h2>

<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;"><a name="Section12_4"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 12.4</font></a>&#160;&#160;&#160;&#160;&#160;&#160; <u>Taxes on Conversion</u>.&#160; If a Holder submits a Note for conversion,
the Company shall pay all documentary, transfer or stamp taxes or duties and
all other taxes or duties, if any, which may be imposed by the United States or
any political subdivision thereof or taxing authority thereof or therein with
respect to the issuance of Common Shares upon the conversion.&#160; However, the Holder shall pay any such tax
which is due because the Holder requests the shares to be issued in a name
other than the Holder&#146;s name.&#160; The
Conversion Agent may refuse to deliver the certificates representing the Common
Shares being issued in a name other than the Holder&#146;s name until the Conversion
Agent receives a sum sufficient to pay any tax</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;">57</font></p>


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</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=63,EFW="2110009",CP="BUNGE LIMITED",DN="5",CHK=121671,FOLIO='57',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">which will be due because the
Common Shares are to be issued in a name other than the Holder&#146;s name.&#160; Nothing herein shall preclude any tax
withholding required by law or regulations.</font></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;"><a name="Section12_5"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 12.5</font></a>&#160;&#160;&#160;&#160;&#160;&#160; <u>Guarantor To Provide Common Shares</u>.&#160; The Guarantor shall, prior to issuance of
any Notes under this Article XII, and from time to time as may be necessary,
reserve out of its authorized but unissued Common Shares a sufficient number of
Common Shares to permit the conversion of the Notes in accordance with their
terms.</h2>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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
Common Shares issued and delivered upon conversion of the Notes shall be newly
issued shares, shall be duly and validly issued and fully paid and
nonassessable, and shall be free from preemptive rights and free of any lien or
adverse claim.&#160; The Company and the
Guarantor will endeavor promptly to comply with all Bermuda and U.S. federal
and state securities laws regulating the offer and the issuance and delivery of
Common Shares upon conversion of Notes, if any, and will list or cause to have
quoted such Common Shares on each national securities exchange or in the
over-the-counter market or such other market on which the Common Shares are
then listed or quoted.</font></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;"><a name="Section12_6"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 12.6</font></a>&#160;&#160;&#160;&#160;&#160;&#160; <u>Adjustment for Change in Common Shares</u>.&#160; If, after the Issue Date of the Notes, the
Guarantor:</h2>

<p style="margin:0in 0in .0001pt;"><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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160; pays a dividend or makes
another distribution to all holders of its Common Shares payable exclusively in
Common Shares;</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160; subdivides the outstanding
Common Shares into a greater number of Common Shares;</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160; combines or consolidates and
divides the issued and outstanding Common Shares into a smaller number of
Common Shares; or</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160;&#160; issues any Common Shares
pursuant to a reclassification of its Capital Stock (other than rights,
warrants or options for its Capital Stock),</font></h4>

<p style="margin: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;">then the Conversion Rate in effect
immediately prior to such action shall be adjusted so that the Holder of a Note
thereafter converted may receive the number of Common Shares which such Holder
would have owned immediately following such action if such Holder had converted
the Note immediately prior to the record date for 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;">The adjustment shall become effective
immediately after the record date in the case of a dividend or distribution and
immediately after the effective date in the case of a subdivision, combination,
consolidation and division or reclassification.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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 after an adjustment a Holder of a Note
upon conversion of such Note may receive shares of two or more classes of
Capital Stock of the Guarantor, the Conversion Rate shall thereafter be subject
to adjustment upon the occurrence of an action taken with respect to any such
class of Common Shares as is contemplated by this Article XII with respect to
the Common Shares, on terms comparable to those applicable to Common Shares in
this Article XII.</font></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>

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<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<h2 style="font-size:10.0pt;font-weight:normal;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>&#160;&#160;&#160;&#160;&#160;&#160; <u>Adjustment for Rights Issue</u>.&#160; If the Guarantor distributes any rights or
warrants to all holders of its Common Shares entitling them to purchase Common
Shares at a price per Common Share less than the Average Sale Price as of the
Time of Determination (except that no adjustment will be made if the Holders of
Notes may participate in the distribution without conversion on a basis and
with the notice that the Board of Directors of the Guarantor determines to be
fair and appropriate in light of the basis and notice on which holders of
Common Shares participate in the distribution), the Conversion Rate shall be adjusted
in accordance with the formula:</h2>

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

<p style="margin:0in 0in .0001pt;text-indent:2.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(O+N)</font></p>

<p style="margin:0in 0in .0001pt 2.0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">R&#146; = R x&#160; ---------------------</font></p>

<p style="margin:0in 0in .0001pt 189.6pt;text-indent:-.05in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(O + (N x P)/M)</font></p>

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

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

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

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">R&#146;&#160; =&#160;&#160;&#160;&#160;&#160;&#160;&#160; the adjusted Conversion Rate.</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">R&#160;&#160; =&#160;&#160;&#160;&#160;&#160;&#160;&#160; the current Conversion Rate.</font></p>

<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 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">O&#160;&#160; = </font><font size="1" 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>the number of
Common Shares issued and outstanding on the record date for the distribution to
which this Section 12.7 is being 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 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N&#160;&#160; =</font><font size="1" style="font-size: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>the number
of additional Common Shares offered pursuant to the distribution.</p>

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

<p style="margin:0in 0in .0001pt;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; the offering price per share of the
additional Common 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="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;">M&#160;&#160; =</font><font size="1" 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>the Average
Sale Price, minus, in the case of (i) a distribution to which Section 12.6(4)
applies or (ii) a distribution to which Section 12.8 or 12.9 applies, for
which, in each case, (x) the record date shall occur on or before the record
date for the distribution to which this Section 12.7 applies and (y) the
Ex-Dividend Time shall occur on or after the date of the Time of Determination
for the distribution to which this Section 12.7 applies, the fair market value
(on the record date for the distribution to which this Section 12.7 applies) of
the:</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 1.5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160; Common Shares of the
Guarantor distributed in respect of each Common Share in such Section 12.6(4)
distribution; 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 1.5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160; the Guarantor&#146;s debt,
securities or assets or certain rights, warrants or options to purchase
securities of the Guarantor distributed in respect of each Common Share in such
Section 12.8 or 12.9 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:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The adjustment shall become effective
immediately after the record date for the determination of shareholders
entitled to receive the rights, warrants or options to which this Section 12.7
applies.&#160; If all of the Common Shares
subject to such rights, warrants or options have not been issued when such
rights, warrants or options expire, then the Conversion Rate</font></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=65,EFW="2110009",CP="BUNGE LIMITED",DN="5",CHK=483600,FOLIO='59',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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</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;">shall promptly be readjusted to
the Conversion Rate which would then be in effect had the adjustment upon the
issuance of such rights, warrants or options been made on the basis of the
actual number of Common Shares issued upon the exercise of such rights, warrants
or options.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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 adjustment shall be made under this
Section 12.7 if the application of the formula stated above in this Section
12.7 would result in a value of R&#146; that is equal to or less than the value of
R.</font></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;"><a name="Section12_8"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 12.8</font></a>&#160;&#160;&#160;&#160;&#160;&#160; <u>Adjustment for Certain Distributions</u>.&#160; If the Guarantor distributes to all holders
of its Common Shares any of its debt, securities or assets or any rights,
warrants or options to purchase securities of the Guarantor (including
securities or cash, but excluding (x) distributions of Common Shares referred
to in Section 12.6, distributions of rights, warrants or options referred to in
Section 12.7 and cash distributions referred to in Section 12.9 and (y)
payments made to redeem rights issued under any present or future rights agreement
of the Guarantor) (except that no adjustment will be made if the Holders of
Notes may participate in the distribution without conversion on a basis and
with notice that the Board of Directors of the Guarantor determines to be fair
and appropriate in light of the basis and notice on which holders of the Common
Shares participate in the distribution), the Conversion Rate shall be adjusted,
subject to the provisions of the last paragraph of this Section 12.8, in
accordance with the formula:</h2>

<p style="margin: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:94.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">R x M</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;">R&#146; = ----------</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:94.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(M - F)</font></p>

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

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

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

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">R&#146;&#160; =&#160;&#160;&#160;&#160;&#160;&#160;&#160; the adjusted Conversion Rate.</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">R&#160;&#160; =&#160;&#160;&#160;&#160;&#160;&#160;&#160; the current Conversion Rate.</font></p>

<p style="margin: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:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">M&#160;&#160; =&#160;&#160;&#160;&#160;&#160;&#160; the Average Sale Price, minus, in the case of (i) a
distribution to&#160; which Section 12.6(4)
applies or (ii) a distribution to which Section 12.7 or 12.9 applies, for
which, in each case, (x) the record date shall occur on or before the record
date for the distribution to which this Section 12.8 applies and (y) the
Ex-Dividend Time shall occur on or after the date of the Time of Determination
for the distribution to which this Section 12.8 applies, the fair market value
(on the record date for the distribution to which this Section
12.8&nbsp;applies) of the:</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 1.5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160; Common Shares of the
Guarantor distributed in respect of each Common Share in such Section 12.6(4) distribution;
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 1.5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160; the Guarantor&#146;s debt,
securities or assets or certain rights, warrants or options to purchase
securities of the Guarantor distributed in respect of each Common Share in such
Section 12.7 or 12.9 distribution.</font></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=66,EFW="2110009",CP="BUNGE LIMITED",DN="5",CHK=63960,FOLIO='60',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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</font>

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

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">F&#160;&#160; =&#160;&#160;&#160;&#160;&#160;&#160;&#160; the fair market value (on the record date for the
distribution to which this Section 12.8 applies) of the assets, securities,
rights, warrants or options to be distributed in respect of each share of
Common Shares in the distribution to which this Section 12.8 is being applied
(including, in the case of cash dividends or other cash distributions giving
rise to an adjustment, all such cash distributed concurrently).</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the event the Guarantor distributes shares
of Capital Stock of a Subsidiary, the Conversion Rate will be adjusted, if at
all, based on the market value of the Subsidiary Capital Stock so distributed
relative to the market value of the Common Shares, as set forth below.&#160; The Board of Directors of the Guarantor
shall determine fair market values for the purposes of this Section 12.8,
except that in respect of a dividend or other distribution of shares of Capital
Stock of any class or series, or similar equity interests, of or relating to a
Subsidiary or other business unit of the Guarantor (a &#147;<u>Spin-off</u>&#148;), the
fair market value of the securities to be distributed shall equal the average
of the daily Sales Prices of those securities for the five consecutive trading
days commencing on and including the sixth day of trading of those securities
after the effectiveness of the Spin-off and the average of the Sales Prices
shall mean the average Sales Prices for the Common Shares for the same five
trading days.&#160; In the event, however,
that an underwritten initial public offering of the securities in the Spin-off
occurs simultaneously with the Spin-off, fair market value of the securities
distributed in the Spin-off shall mean the initial public offering price of
such securities and the Average Sale Price, for purposes of this sentence,
shall mean the Sales Price for the Common Shares on the same trading day.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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 adjustment shall become effective
immediately after the record date for the determination of shareholders
entitled to receive the distribution to which this Section 12.8 applies, except
that an adjustment related to a Spin-off shall become effective at the earlier
to occur of (i) 10 trading days after the effective date of the Spin-off and
(ii) the initial public offering of the securities distributed in 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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the event that, with respect to any
distribution to which this Section 12.8 would otherwise apply, the difference
&#147;M - F&#148; as defined in the above formula is less than $1.00 or &#147;F&#148; is equal to
or greater than &#147;M&#148;, then the adjustment provided by this Section 12.8 shall
not be made and in lieu thereof the provisions of Section 12.17 shall apply to
such distribution.</font></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;"><a name="Section12_9"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 12.9</font></a>&#160;&#160;&#160;&#160;&#160;&#160; <u>Adjustment for All Cash Distribution</u>.&#160; If the Guarantor shall pay or make a
dividend or other distribution consisting exclusively of cash to all holders of
its Common Shares (excluding any cash that is distributed (x) upon a merger,
amalgamation or consolidation to which Section 12.17 applies or (y) as part of
a distribution referred to in Section 12.8), in an aggregate amount that,
combined together with (1) the aggregate amount of any other such distributions
to all holders of Common Shares made exclusively in cash within the 12 months
preceding the date of payment of such distribution, and in respect of which no
Conversion Rate adjustment has been made, and (2) the aggregate amount of any
cash plus the fair market value of consideration payable in respect of any
tender or exchange offer by the Guarantor or any Subsidiary of the Guarantor
for all or any portion of the Common Shares concluded within the 12 months
preceding the date of payment of such distribution, and in respect of which no
Conversion Rate adjustment has been made, exceeds 10% of the product of the
Sale Price on the record date with respect to such distribution times the
number of shares of</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;">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=67,EFW="2110009",CP="BUNGE LIMITED",DN="5",CHK=446713,FOLIO='61',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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</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;">Common Shares outstanding on
such date, the Conversion Rate shall be adjusted, subject to the last paragraph
of this Section 12.9, in accordance with the following formula:</font></p>

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

<p style="margin:0in 0in .0001pt 2.0in;text-indent:58.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">R x M</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">R&#146; =
----------</font></p>

<p style="margin:0in 0in .0001pt;text-indent:202.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(M - 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;">where:</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">R&#146;&#160; =&#160;&#160;&#160;&#160;&#160;&#160;&#160; the adjusted Conversion Rate.</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">R&#160;&#160; =&#160;&#160;&#160;&#160;&#160;&#160;&#160; the current Conversion Rate.</font></p>

<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 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">M&#160;&#160; =</font><font size="1" 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>the Average
Sale Price, minus, in the case of (i) a distribution to which Section 12.6(4)
applies or (ii) a distribution to which Section 12.7 or 12.8 applies, for
which, in each case, (x) the record date shall occur on or before the record
date for the distribution to which this Section 12.9 applies and (y) the
Ex-Dividend Time shall occur on or after the date of the Time of Determination for
the distribution to which this Section 12.9 applies, the fair market value (on
the record date for the distribution to which this Section 12.9 applies) of
the:</p>

<p style="margin: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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160; Common Shares of the
Guarantor distributed in respect of each Common Share in such Section 12.6(4)
distribution; 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 1.5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160; the Guarantor&#146;s debt,
securities or assets or certain rights, warrants or options to purchase
securities of the Guarantor distributed in respect of each Common Share in such
Section 12.7 or 12.8 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:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C&#160;&#160; =&#160;&#160;&#160;&#160;&#160;&#160;&#160; the amount of (1) such cash dividend or
other distribution plus (2) the</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;">aggregate amount of any other such distributions to all holders of
Common Shares made exclusively in cash within the 12 months preceding the date
of payment of such distribution, and in respect of which no Conversion Rate
adjustment has been made, plus (3) the aggregate amount of any cash plus the
fair market value of consideration payable in respect of any tender or exchange
offer by the Guarantor or any Subsidiary of the Guarantor for all or any
portion of the Common Shares concluded within the 12 months preceding the date
of payment of such distribution, and in respect of which no Conversion Rate
adjustment has been made, applicable to one Common Share.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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 adjustment shall become effective
immediately prior to the opening of business on the day following the date
fixed for payment of such 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:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the event that, with respect to any
distribution to which this Section 12.9 would otherwise apply, the difference
&#147;M - C&#148; as defined in the above formula is less than $1.00 or &#147;C&#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;">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="2110009",CP="BUNGE LIMITED",DN="5",CHK=355623,FOLIO='62',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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</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;">is equal to or greater than
&#147;M&#148;, then the adjustment provided by this Section 12.9 shall not be made and in
lieu thereof the provisions of Section 12.17 shall apply to such distribution.</font></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;"><a name="Section12_10"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 12.10</font></a>&#160;&#160;&#160;&#160; <u>Adjustment
for Self Tender Offers</u>.&#160; If the
Guarantor or any Subsidiary of the Guarantor repurchases or acquires Common
Shares by way of a tender or exchange offer, other than an odd-lot offer by the
Guarantor or any of its Subsidiaries, for the Common Shares (excluding stock
options) to the extent that the offer involves aggregate consideration that,
together with (i) any cash and the fair market value of any other consideration
payable in respect of any tender or exchange offer by the Guarantor or any of
its Subsidiaries for Common Shares consummated within the 12 months preceding
the Expiration Time (as defined below), and in respect of which no Conversion
Rate adjustment has been made, and (ii) the aggregate amount of any all-cash
dividends or distributions to all holders of Common Shares made within the 12
months preceding the Expiration Time, and in respect of which no Conversion
Rate adjustment has been made, exceeds an amount equal to 10% of the Sale Price
of the Common Shares on the Business Day immediately preceding the Expiration
Time times the number of Common Shares outstanding on such day, the Conversion
Rate shall be adjusted in accordance with the formula:</h2>

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

<p style="margin:0in 0in .0001pt 2.0in;text-indent:1.05in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">F + (N x M)</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">R&#146; = R x
-----------------</font></p>

<p style="margin:0in 0in .0001pt 2.0in;text-indent:84.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(O x M)</font></p>

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

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

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

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">R&#146;&#160; =&#160;&#160;&#160;&#160;&#160;&#160;&#160; the adjusted Conversion Rate.</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">R&#160;&#160; =&#160;&#160;&#160;&#160;&#160;&#160;&#160; the current Conversion Rate.</font></p>

<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 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">O&#160;&#160; =</font><font size="1" style="font-size: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>the number
of Common Shares issued and outstanding (including any tendered or exchanged
shares) at the last time tenders of exchanges may be made pursuant to such tender
or exchange offer (the &#147;<u>Expiration Time</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 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">M&#160;&#160; =</font><font size="1" 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>the Sale Price
per Common Share on the trading day on the NYSE next succeeding the Expiration
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-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">F&#160;&#160; =</font><font size="1" style="font-size:3.0pt;">&#160;&#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 sum
of (1) the fair market value of the aggregate consideration payable to
shareholders based on the acceptance (up to any maximum specified in the terms
of the tender or exchange offer) of all Common Shares validly tendered or
exchanged and not withdrawn as of the Expiration Time (the shares deemed so
accepted, up to any such maximum, being referred to as the &#147;<u>Purchased Shares</u>&#148;)
plus (2) any cash and the fair market value of any other consideration payable
in respect of any tender or exchange offer by the Guarantor or any of its
Subsidiaries for Common Shares consummated within the 12 months preceding the
Expiration Time, and in respect of which no Conversion Rate adjustment has been
made, plus (3) the aggregate amount of any all-cash dividends or distributions
to all holders</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="2110009",CP="BUNGE LIMITED",DN="5",CHK=590583,FOLIO='63',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">of Common Shares made within the 12 months preceding the Expiration
Time, and in respect of which no Conversion Rate adjustment has 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="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;">N&#160;&#160; =</font><font size="1" style="font-size: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>the number
of Common Shares (less any Purchased Shares) at the Expiration 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="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The adjustment shall become effective immediately
prior to the opening of business on the day following the Expiration Time.</font></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;"><a name="Section12_11"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 12.11</font></a>&#160;&#160;&#160;&#160; <u>Adjustment
for Third Party Tender Offers</u>.&#160; If
any Person (the &#147;<u>Acquiror</u>&#148;) other than the Guarantor or any Subsidiary
of the Guarantor acquires Common Shares by way of a tender or exchange offer
for the Common Shares (excluding stock options), to the extent that the offer
involves aggregate consideration that, together with (i) any cash and the fair
market value of any other consideration payable in respect of any tender or
exchange offer by the Acquiror for Common Shares consummated within the 12
months preceding the Expiration Time (as defined below), and in respect of
which no Conversion Rate adjustment has been made, and (ii) the aggregate
amount of any all-cash dividends or distributions to all holders of Common
Shares made within the 12 months preceding the Expiration Time, and in respect
of which no a Conversion Rate adjustment has been made, exceeds an amount equal
to 10% of the Sale Price of the Common Shares on the Business Day immediately
preceding the Expiration Time times the number of Common Shares outstanding on
such day, the Conversion Rate shall be adjusted in accordance with the formula:</h2>

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

<p style="margin:0in 0in .0001pt 2.0in;text-indent:76.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">F + (N x M)</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">R&#146; = R x
-----------------</font></p>

<p style="margin:0in 0in .0001pt 2.0in;text-indent:85.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(O x M)</font></p>

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

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

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

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">R&#146;&#160; =&#160;&#160;&#160;&#160;&#160;&#160;&#160; the adjusted Conversion Rate.</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">R&#160;&#160; =&#160;&#160;&#160;&#160;&#160;&#160;&#160; the current Conversion Rate.</font></p>

<p style="margin: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;">O&#160;&#160; =&#160;&#160;&#160;&#160;&#160;&#160;&#160; the number of Common Shares issued and outstanding (including
any tendered or exchanged shares) at the Expiration 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 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">M&#160;&#160; =</font><font size="1" 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>the Sale Price
per Common Share on the trading day on the NYSE next succeeding the Expiration
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-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">F&#160;&#160; =</font><font size="1" style="font-size:3.0pt;">&#160;&#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 sum
of (1) the fair market value of the aggregate consideration payable to
shareholders based on the acceptance (up to any maximum specified in the terms
of the tender or exchange offer) of the Purchased Shares plus (2) any cash and
the fair market value of any other consideration payable in respect of any
tender or exchange offer by the Acquiror for Common Shares consummated within
the 12 months preceding the Expiration Time,</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="2110009",CP="BUNGE LIMITED",DN="5",CHK=62083,FOLIO='64',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and in respect of which no Conversion Rate adjustment has been made,
plus (3) the aggregate amount of any all-cash dividends or distributions to all
holders of Common Shares made within the 12 months preceding the Expiration
Time, and in respect of which no Conversion Rate adjustment has 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="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;">N&#160;&#160; =</font><font size="1" style="font-size: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>the number
of Common Shares (less any Purchased Shares) at the Expiration 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="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The adjustment shall become effective
immediately prior to the opening of business on the day following the
Expiration 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;">Notwithstanding the foregoing, the adjustment
set forth in this Section 12.12 shall not be made if (1) after taking into
account the Purchased Shares, less than 25% of the outstanding Common Shares
are owned by the Acquiror or its Affiliates, taken as a whole, or (2) as of the
Expiration Time, the offering documents in connection with the tender offer or
exchange offer disclose a plan or intention on the part of the Acquiror to
engage in a transaction as described under Article IV hereof.</font></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;"><a name="Section12_12"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 12.12</font></a>&#160;&#160;&#160;&#160; <u>When
Adjustment May Be Deferred</u>.&#160; No
adjustment in the Conversion Rate need be made unless the adjustment would
require an increase or decrease of at least 1% in the Conversion Rate.&#160; Any adjustments that are not made shall be
carried forward and taken into account in any subsequent adjustment.</h2>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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 calculations under this Article XII shall
be made to the nearest cent or to the nearest 1/1,000th of a share, 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>

<h2 style="font-size:10.0pt;font-weight:normal;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;&#160;&#160;&#160; <u>When
No Adjustment Required</u>.&#160; Notwithstanding
any provision of this Indenture to the contrary herein, no adjustment to the
Conversion Rate need be made as a result of:</h2>

<p style="margin:0in 0in .0001pt;"><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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160; (i) the issuance of the
rights; (ii) the distribution of separate certificates representing the rights;
(iii) the exercise or redemption of the rights in accordance with any rights
agreement; or (iv) the termination, expiration or invalidation of the rights,
in each case, pursuant to the Guarantor&#146;s existing shareholders rights plan, as
amended, modified, or supplemented from time to time or any newly adopted
shareholders rights plans;</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160; upon the issuance of any
Common Shares pursuant to any present or future plan providing for the
capitalization or reinvestment of dividends or interest payable on securities
of the Guarantor and the investment of additional optional amounts in Common
Shares under any plan;</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160; upon the issuance of any
Common Shares or options or rights to purchase those shares pursuant to any
present or future employee, director or consultant benefit plan or program of
or assumed by the Guarantor or any of its Subsidiaries; or</font></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;">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="2110009",CP="BUNGE LIMITED",DN="5",CHK=112520,FOLIO='65',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</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;">(4)&#160;&#160; upon the issuance of any
Common Shares pursuant to any option, warrant, right, or exercisable,
exchangeable or convertible security outstanding as of the date the Notes were
first issued.</font></h4>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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 adjustment need be made for a change in
the par value of the Common 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;">To the extent the Notes become convertible
pursuant to this Article XII in whole or in part into cash, no adjustment need
be made thereafter as to the cash. Interest will not accrue on the cash.</font></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;"><a name="Section12_14"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 12.14</font></a>&#160;&#160;&#160;&#160; <u>Notice
of Adjustment</u>.&#160; Whenever the
Conversion Rate is adjusted, the Company and the Guarantor shall promptly mail
to Holders a notice of the adjustment.&#160;
The Company and the Guarantor shall file with the Trustee and the
Conversion Agent such notice briefly stating the facts requiring the adjustment
and the manner of computing it.&#160; The
certificate shall be conclusive evidence that the adjustment is correct.&#160; Neither the Trustee nor any Conversion Agent
shall be under any duty or responsibility with respect to any such certificate
except to exhibit the same to any Holder desiring inspection thereof.</h2>

<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;"><a name="Section12_15"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 12.15</font></a>&#160;&#160;&#160;&#160; <u>Voluntary
Increase</u>.&#160; The Company and the Guarantor
from time to time may increase the Conversion Rate by any amount at any time
for at least 20 days, so long as the increase is irrevocable during such
period.&#160; Whenever the Conversion Rate is
increased, the Company and the Guarantor shall mail to Noteholders and file
with the Trustee and the Conversion Agent a notice of the increase.&#160; The Company and the Guarantor shall mail the
notice at least 15 days before the date the increased Conversion Rate takes
effect.&#160; The notice shall state the
increased Conversion Rate and the period it will be in effect. A voluntary
increase of the Conversion Rate does not change or adjust the Conversion Rate
otherwise in effect for purposes of Section 12.6, 12.7, 12.8, 12.9 or 12.10.</h2>

<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;"><a name="Section12_16"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 12.16</font></a>&#160;&#160;&#160;&#160; <u>Notice
of Certain Transactions</u>.&#160; If:</h2>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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;">(a)&#160;&#160; the Guarantor takes any action that would require an adjustment in
the Conversion Rate pursuant to Section 12.6, 12.7, 12.8, 12.9 or 12.10 (unless
no adjustment is to occur pursuant to Section 12.12); or</font></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-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160; the Guarantor takes any action that would require a supplemental
indenture pursuant to Section 12.17; or</font></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-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160; there is a liquidation or dissolution of the Guarantor;</font></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;">then the Company and the Guarantor shall,
subject to all applicable law, mail to Holders and file with the Trustee and
the Conversion Agent a notice stating the proposed record date for a dividend
or distribution or the proposed effective date of a combination, subdivision,
reclassification, consolidation, merger, amalgamation, binding share exchange,
transfer, liquidation or dissolution.&#160;
The Company and the Guarantor shall file and mail the notice at least 15
days before such date.&#160; Failure to file
or mail the notice or any defect in it shall not affect the validity of the
transaction.</font></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;">
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</font>

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

<h2 style="font-size:10.0pt;font-weight:normal;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;&#160;&#160;&#160; <u>Reorganization
of Guarantor; Special Distributions</u>.&#160;
If the Guarantor is a party to a transaction subject to Article IV
(other than a sale of all or substantially all of the properties and assets of
the Guarantor in a transaction in which the holders of Common Shares
immediately prior to such transaction do not receive securities, cash or other
assets of the Guarantor or any other person) or a merger or amalgamation which
reclassifies or changes its issued and outstanding Common Shares, the person
obligated to deliver securities, cash or other assets upon conversion of Notes
shall enter into a supplemental indenture.&#160;
If the issuer of securities deliverable upon conversion of Notes is an
Affiliate of the Successor Guarantor, that issuer shall join in the
supplemental indenture.</h2>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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 supplemental indenture shall provide that
the Holder of a Note may convert it into the kind and amount of securities,
cash or other assets which such Holder would have received immediately after the
consolidation, merger, amalgamation or transfer if such Holder had converted
the Note immediately before the effective date of the transaction, assuming (to
the extent applicable) that such Holder (i) was not a party or an Affiliate of
a party to such transaction; (ii) made no election with respect thereto; and
(iii) was treated alike with the plurality of non-electing Holders.&#160; The supplemental indenture shall provide for
adjustments which shall be as nearly equivalent as may be practical to the
adjustments provided for in this Article XII.&#160;
The Successor Guarantor shall mail to Noteholders a notice briefly
describing the supplemental 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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If this Section 12.17 applies, neither
Section 12.6 nor 12.7 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:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Guarantor makes a distribution to all
holders of its Common Shares of any of its debt, securities or assets or any
rights, warrants or options to purchase securities of the Guarantor or any cash
that, but for the provisions of the last paragraph of Section 12.8 or 12.9,
would otherwise result in an adjustment in the Conversion Rate pursuant to the
provisions of Section 12.8 or 12.9, then, from and after the record date for
determining the holders of Common Shares entitled to receive the distribution,
a Holder of a Note that converts such Note in accordance with the provisions of
this Indenture shall upon such conversion be entitled to receive, in addition
to the Common Shares into which the Note is convertible, the kind and amount of
securities, cash or other assets comprising the distribution that such Holder
would have received if such Holder had converted the Note immediately prior to
the record date for determining the holders of Common Shares entitled to
receive the distribution.</font></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;"><a name="Section12_18"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 12.18</font></a>&#160;&#160;&#160;&#160; <u>Guarantor
Determination Final</u>.&#160; Any determination
that the Guarantor or the Board of Directors of the Guarantor must make
pursuant to Section 12.3, 12.6, 12.7, 12.8, 12.9, 12.10, 12.11, 12.12, 12.13,
12.17 or 12.20 shall be conclusive and binding upon the Holders of the Notes,
absent manifest error.</h2>

<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;"><a name="Section12_19"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 12.19</font></a>&#160;&#160;&#160;&#160; <u>Trustee&#146;s
Adjustment Disclaimer</u>.&#160; The Trustee
has no duty to determine when an adjustment under this Article XII should be
made, how it should be made or what it should be.&#160; The Trustee has no duty to determine whether a supplemental indenture
under Section 12.17 need be entered into or whether any provisions of any
supplemental indenture are correct.&#160; The
Trustee shall not be accountable for and makes no representation as to the
validity or value of any securities or assets issued upon conversion of
Notes.&#160; The Trustee shall not be</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;">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="2110009",CP="BUNGE LIMITED",DN="5",CHK=175555,FOLIO='67',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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<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;">responsible for either the
Company&#146;s or Guarantor&#146;s failure to comply with this Article XII.&#160; Each Conversion Agent shall have the same
protection under this Section 12.19 as 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>

<h2 style="font-size:10.0pt;font-weight:normal;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>&#160;&#160;&#160;&#160; <u>Simultaneous
Adjustments</u>.&#160; In the event that this
Article XII requires adjustments to the Conversion Rate under more than one of
Sections 12.6(4), 12.7, 12.8 or 12.9, and the record dates for the distributions
giving rise to such adjustments shall occur on the same date, then such
adjustments shall be made by applying, first, the provisions of Section 12.6,
second, the provisions of Section 12.8, third, the provisions of Section 12.7
and, fourth, the provisions of Section 12.9.</h2>

<h2 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></h2>

<h2 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section12_21"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 12.21</font></a>&#160;&#160;&#160;&#160; <u>Successive
Adjustments</u>.&#160; After an adjustment to
the Conversion Rate under this Article XII, any subsequent event requiring an
adjustment under this Article XII shall cause an adjustment to the Conversion
Rate as so adjusted.</h2>

<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;"><a name="Section12_22"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 12.22</font></a>&#160;&#160;&#160;&#160; <u>Restriction
on Common Shares Issuable upon Conversion</u>.&#160;
(a)&#160; Common Shares to be issued
upon conversion of the Notes prior to the effectiveness of a Shelf Registration
Statement shall be represented by a certificate or in the form of beneficial
interests in book-entry Common Shares registered in the name of DTC or a
nominee thereof to the holders converting such Notes, and the certificate or
certificates representing such Common Shares shall bear the following legend
(the &#147;<u>Common Shares Restrictive Legend</u>&#148;) unless removed in accordance
with Section 12.22(c):</h2>

<p style="margin: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;">&#147;THIS SECURITY HAS NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE &#147;SECURITIES ACT&#148;).&#160; THE HOLDER HEREOF, BY PURCHASING THIS
SECURITY, AGREES FOR THE BENEFIT OF BUNGE LIMITED THAT THIS SECURITY MAY NOT BE
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED (X) PRIOR TO THE SECOND ANNIVERSARY OF
THE ISSUANCE HEREOF (OR ANY PREDECESSOR SECURITY HERETO, INCLUDING THE RELATED
NOTE) OR (Y) BY ANY HOLDER THAT WAS AN &#147;AFFILIATE&#148; (WITHIN THE MEANING OF RULE
144 UNDER THE SECURITIES ACT) OF THE COMPANY AT ANY TIME DURING THE THREE
MONTHS PRECEDING THE DATE OF SUCH TRANSFER, IN EITHER CASE OTHER THAN (1) TO
BUNGE LIMITED, (2) IF AND ONLY IF THIS SECURITY IS ELIGIBLE FOR RESALE PURSUANT
TO RULE 144A UNDER THE SECURITIES ACT (&#147;RULE 144A&#148;), TO A PERSON WHO THE SELLER
REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF
RULE 144A, PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE RESALE, PLEDGE OR OTHER
TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (3) IN AN OFFSHORE TRANSACTION
(AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) IN ACCORDANCE WITH
REGULATION S UNDER THE SECURITIES ACT, (4) PURSUANT TO AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 (IF APPLICABLE)
UNDER THE SECURITIES ACT OR (5) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING THIS
SECURITY, REPRESENTS AND AGREES FOR THE BENEFIT OF BUNGE LIMITED THAT IT IS (1)
A QUALIFIED</font></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;">
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<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;">INSTITUTIONAL BUYER OR (2) NOT A U.S. PERSON
AND IS OUTSIDE THE UNITED STATES WITHIN THE MEANING OF (OR AN ACCOUNT
SATISFYING THE REQUIREMENTS OF PARAGRAPH (k)(2) OF RULE 902 UNDER) REGULATION S
UNDER THE SECURITIES ACT.&#160; IN ANY CASE
THE HOLDER HEREOF WILL NOT, DIRECTLY OR INDIRECTLY, ENGAGE IN ANY HEDGING
TRANSACTION WITH REGARD TO THIS SECURITY EXCEPT AS PERMITTED BY THE SECURITIES
ACT.&#148;</font></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-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160; If (i) Common Shares to be issued upon conversion of a Note prior
to the effectiveness of a Shelf Registration Statement are to be registered in
a name other than that of the holder of such Note or (ii) Common Shares
represented by a certificate bearing the Common Shares Restrictive Legend are
transferred subsequently by such holder, then, unless the Shelf Registration
Statement has become effective and such shares are being transferred pursuant
to the Shelf Registration Statement, the holder must deliver to the transfer
agent for the Common Shares a certificate in substantially the form of Exhibit
E as to compliance with the restrictions on transfer applicable to such Common
Shares, and neither the transfer agent nor the registrar for the Common Shares
shall be required to register any transfer of such Common Shares not so
accompanied by a properly completed certificate.</font></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-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160; Except for transfers in connection with a Shelf Registration
Statement, if certificates representing Common Shares are issued upon the
registration of transfer, exchange or replacement of any other certificate
representing Common Shares bearing the Common Shares Restrictive Legend, or if
a request is made to remove such Common Shares Restrictive Legend from
certificates representing Common Shares, the certificates so issued shall bear
the Common Shares Restrictive Legend, or the Common Shares Restrictive Legend
shall not be removed, as the case may be, unless there is delivered to the
Guarantor such satisfactory evidence, which, in the case of a transfer made
pursuant to Rule 144 under the Securities Act, may include an opinion of
counsel as may be reasonably required by the Guarantor, that neither the legend
nor the restrictions on transfer set forth therein are required to ensure that
transfers thereof comply with the provisions of Rule 144A, Rule 144 or
Regulation S under the Securities Act or that such Common Shares are securities
that are not &#147;restricted&#148; within the meaning of Rule 144 under the Securities
Act.&#160; Upon provision to the Guarantor of
such reasonably satisfactory evidence, the Guarantor shall cause the transfer
agent for the Common Shares to countersign and deliver certificates
representing Common Shares that do not bear the legend.</font></h3>

<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:normal;line-height:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><a name="ArticleXiii"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE XIII</font></a></h1>

<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:normal;line-height:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">MISCELLANEOUS</font></h1>

<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;"><a name="Section13_1"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 13.1</font></a>&#160;&#160;&#160;&#160;&#160;&#160; <u>Trust Indenture Act Controls</u>.&#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.</h2>

<h2 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></h2>

<h2 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section13_2"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 13.2</font></a>&#160;&#160;&#160;&#160;&#160;&#160; <u>Notices</u>.&#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),</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;">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;">
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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:</font></p>

<p style="margin: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;page-break-after:avoid;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;"><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.<br>
11720 Borman Drive<br>
St. Louis, Missouri 63146<br>
Attention:&#160; Francis X. Marchiony<br>
Telephone:&#160;&#160; (314) 292-6538<br>
Telecopy:&#160;&#160;&#160;&#160; (314) 292-6530</font></p>

<p style="margin: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 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;"><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<br>
50 Main Street<br>
White Plains, New York&#160; 10606<br>
Attention:&#160; Morris M. Kalef / Carey
Dubois<br>
Telephone:&#160; (914) 684-3440/(914)
684-3365<br>
Telecopy:&#160;&#160;&#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;page-break-after:avoid;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;"><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<br>
Corporate Trust Administration<br>
101 Barclay Street, 21st Floor West<br>
New York, New York 10286<br>
Attention:&#160; Thomas E. Tabor<br>
Telephone:&#160; (212) 815-5381<br>
Telecopy:&#160;&#160;&#160; (212) 815-5802/5803</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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 style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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 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;"><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;"><a name="Section13_3"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 13.3</font></a>&#160;&#160;&#160;&#160;&#160;&#160; <u>Communication by Holders with other
Holders</u>.&#160; Noteholders may
communicate pursuant to Trust Indenture Act, Section&nbsp;312(b) with other
Noteholders with</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;">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;">
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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).</font></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;"><a name="Section13_4"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 13.4</font></a>&#160;&#160;&#160;&#160;&#160;&#160; <u>Certificate and Opinion as to
Conditions Precedent</u>.&#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:</h2>

<p style="margin:0in 0in .0001pt;"><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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160; 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</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160; 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.</font></h4>

<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;"><a name="Section13_5"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 13.5</font></a>&#160;&#160;&#160;&#160;&#160;&#160; <u>Statements Required in Certificate or
Opinion</u>.&#160; Each certificate or
opinion with respect to compliance with a covenant or condition provided for in
this Indenture shall include:</h2>

<p style="margin:0in 0in .0001pt;"><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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160; a statement that the
individual making such certificate or opinion has read such covenant or
condition;</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160; 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;</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160; 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</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-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160;&#160; a statement as to whether or
not, in the opinion of such individual, such covenant or condition has been
complied with.</font></h4>

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

<h2 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></h2>

<h2 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section13_6"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 13.6</font></a>&#160;&#160;&#160;&#160;&#160;&#160; <u>When Notes Disregarded</u>.&#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.</h2>

<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;"><a name="Section13_7"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 13.7</font></a>&#160;&#160;&#160;&#160;&#160;&#160; <u>Rules by Trustee, Paying Agent,
Conversion Agent and Registrar</u>.&#160; The
Trustee may make reasonable rules for action by, or a meeting of, Noteholders.</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;">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=77,EFW="2110009",CP="BUNGE LIMITED",DN="5",CHK=229196,FOLIO='71',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Registrar, the Paying Agent
and the Conversion Agent may make reasonable rules for their functions.</font></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;"><a name="Section13_8"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 13.8</font></a>&#160;&#160;&#160;&#160;&#160;&#160; <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.</h2>

<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;"><a name="Section13_9"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION
13.9</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 YORK.</font></b></h2>

<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;"><a name="Section13_10"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 13.10</font></a>&#160;&#160;&#160;&#160; <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.</h2>

<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;"><a name="Section13_11"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 13.11</font></a>&#160;&#160;&#160;&#160; <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.</h2>

<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;"><a name="Section13_12"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 13.12</font></a>&#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 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.</h2>

<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;"><a name="Section13_13"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 13.13</font></a>&#160;&#160;&#160;&#160; <u>Service
of Process</u>.&#160; The Guarantor hereby
agrees that (i) process may be served upon it in any suit, action or proceeding
referred to in the first sentence of Section 13.12 hereof at its principal
executive offices at 50 Main Street, White Plains, New York 10606 and (ii)
service of process upon it at that address and written notice of said service
to the Guarantor mailed or delivered to its Secretary at its registered office
at 2 Church Street, Hamilton, HM11, Bermuda, shall be deemed in every respect
effective service of process upon the Guarantor in any such suit, action 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 acceptance of service of
process upon it at that address or another address in the United States in full
force and effect so long as any of the Notes shall be outstanding.</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;">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;">
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<h2 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section13_14"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 13.14</font></a>&#160;&#160;&#160;&#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.</h2>

<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;"><a name="Section13_15"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 13.15</font></a>&#160;&#160;&#160;&#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;<u>Foreign Taxes</u>&#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.</h2>

<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;"><a name="Section13_16"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 13.16</font></a>&#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 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 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 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.</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;">73</font></p>


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

</font></div>

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

<h2 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section13_17"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 13.17</font></a>&#160;&#160;&#160;&#160; <u>No
Bankruptcy Petition 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.</h2>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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 13.17 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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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 13.17 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>

<h2 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><a name="Section13_18"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 13.18</font></a>&#160;&#160;&#160;&#160; <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.</h2>

<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;"><a name="Section13_19"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 13.19</font></a>&#160;&#160;&#160;&#160; <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 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.</h2>

<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;"><a name="Section13_20"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 13.20</font></a>&#160;&#160;&#160;&#160; <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.</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;">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;">
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</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;"><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="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.76%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="57%" colspan="9" valign="top" style="padding:0in 0in 0in 0in;width:57.24%;">
  <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="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.76%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="50%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:50.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:6.54%;">
  <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:42.76%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="50%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:50.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:6.54%;">
  <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:42.76%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:3.32%;">
  <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%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:23.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Morris
  Kalef</font></p>
  </td>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.72%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:6.54%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.76%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:3.32%;">
  <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:5.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="42%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:42.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Morris Kalef</font></p>
  </td>
  <td width="6%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:6.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.76%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:3.32%;">
  <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:5.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="42%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:42.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President</font></p>
  </td>
  <td width="6%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:6.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.76%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="50%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:50.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:6.54%;">
  <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:42.76%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="50%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:50.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:6.54%;">
  <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:42.76%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="50%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:50.7%;">
  <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>
  <td width="6%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:6.54%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.76%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="50%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:50.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:6.54%;">
  <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:42.76%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="50%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:50.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:6.54%;">
  <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:42.76%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:3.32%;">
  <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%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:23.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ William
  W. Wells</font></p>
  </td>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.72%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:6.54%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.76%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:3.32%;">
  <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:5.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="42%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:42.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">William W.
  Wells</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.38%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.76%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:3.32%;">
  <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:5.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="42%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:42.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief
  Financial Officer</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.38%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.76%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="50%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:50.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:6.54%;">
  <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:42.76%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="50%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:50.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:6.54%;">
  <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:42.76%;">
  <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:3.16%;">
  <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%" colspan="5" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:23.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Morris
  Kalef</font></p>
  </td>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.76%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:6.54%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.76%;">
  <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:3.16%;">
  <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:5.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="42%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:42.18%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Morris Kalef</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.38%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.76%;">
  <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:3.16%;">
  <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:5.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="42%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:42.18%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Treasurer</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.38%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.76%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="50%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:50.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:6.54%;">
  <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:42.76%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="50%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:50.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:6.54%;">
  <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:42.76%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="50%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:50.7%;">
  <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>
  <td width="6%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:6.54%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.76%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="50%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:50.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:6.54%;">
  <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:42.76%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="50%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:50.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:6.54%;">
  <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:42.76%;">
  <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:3.16%;">
  <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%" colspan="5" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:23.78%;">
  <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>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.76%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:6.54%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.76%;">
  <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:3.16%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="5%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:5.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="42%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:42.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Thomas E.
  Tabor</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.34%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.76%;">
  <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:3.16%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="5%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:5.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="42%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:42.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice
  President</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.34%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr height="0">
  <td width="308" style="border:none;"></td>
  <td width="23" style="border:none;"></td>
  <td width="1" style="border:none;"></td>
  <td width="38" style="border:none;"></td>
  <td width="1" style="border:none;"></td>
  <td width="2" style="border:none;"></td>
  <td width="130" style="border:none;"></td>
  <td width="172" style="border:none;"></td>
  <td width="1" style="border:none;"></td>
  <td width="46" 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;">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>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=81,EFW="2110009",CP="BUNGE LIMITED",DN="5",CHK=822665,FOLIO='75',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><a name="ExhibitA"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT A</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;"><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 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 align="center" style="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;">[Applicable Note Restrictive Legend]</font></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="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.06%;">
  <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;]</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.24%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><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>
</table>

<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 Note attached hereto</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="40%" valign="top" style="padding:0in .7pt 0in .7pt;width:40.86%;">
  <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. </font></p>
  </td>
  <td width="59%" valign="top" style="padding:0in .7pt 0in .7pt;width:59.14%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="top" style="padding:0in .7pt 0in .7pt;width:40.86%;">
  <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="59%" valign="top" style="padding:0in .7pt 0in .7pt;width:59.14%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</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;">3 &#190;% <font style="text-transform:uppercase;">Convertible Notes Due</font>
2022</font></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;]
U.S. Dollars, as revised by the Schedule of Increases and Decreases in Global
Note attached hereto, on November 15, 2022.</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 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interest
Payment Dates: May 15 and November 15</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Record Dates:
May 1 and November 1</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;">Additional
provisions of this Note are set forth on the reverse side hereof.</font></p>

<p align="center" style="margin:0in 0in .0001pt 1.0in;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-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=82,EFW="2110009",CP="BUNGE LIMITED",DN="5",CHK=32792,FOLIO='A-1',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 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;">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="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>
  <td width="40%" colspan="2" valign="top" style="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;">BUNGE
  LIMITED FINANCE CORP.</font></p>
  </td>
 </tr>
 <tr>
  <td width="59%" valign="top" style="padding:0in .7pt 0in .7pt;width:59.24%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="40%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:40.76%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="59%" valign="top" style="padding:0in .7pt 0in .7pt;width:59.24%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="40%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:40.76%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <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>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;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="37%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:37.36%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <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>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.4%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="37%" valign="top" style="padding:0in .7pt 0in .7pt;width:37.36%;">
  <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="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>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.4%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="37%" valign="top" style="padding:0in .7pt 0in .7pt;width:37.36%;">
  <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;"><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="99%" style="border-collapse:collapse;width:99.74%;">
 <tr>
  <td width="99%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:99.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TRUSTEE&#146;S
  CERTIFICATE OF<br>&#160; AUTHENTICATION</font></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>
  <td width="99%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:99.86%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="0%" style="border:none;font-size:10.0pt;padding:0in 0in 0in 0in;"><p style="margin:0in 0in .0001pt;">&nbsp;</p></td>
 </tr>
 <tr>
  <td width="99%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:99.86%;">
  <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="0%" style="border:none;font-size:1.0pt;padding:0in 0in 0in 0in;"><p style="margin:0in 0in .0001pt;">&nbsp;</p></td>
 </tr>
 <tr>
  <td width="99%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:99.86%;">
  <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<br>
  the Notes referred to in the Indenture.</font></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>
  <td width="99%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:99.86%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="0%" style="border:none;font-size:10.0pt;padding:0in 0in 0in 0in;"><p style="margin:0in 0in .0001pt;">&nbsp;</p></td>
 </tr>
 <tr>
  <td width="99%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:99.86%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="0%" style="border:none;font-size:10.0pt;padding:0in 0in 0in 0in;"><p style="margin:0in 0in .0001pt;">&nbsp;</p></td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="30%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:30.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="65%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:65.44%;">
  <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:3.88%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="95%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:95.98%;">
  <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="0%" style="border:none;font-size:1.0pt;padding:0in 0in 0in 0in;"><p style="margin:0in 0in .0001pt;">&nbsp;</p></td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.88%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="95%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:95.98%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="0%" style="border:none;font-size:10.0pt;padding:0in 0in 0in 0in;"><p style="margin:0in 0in .0001pt;">&nbsp;</p></td>
 </tr>
 <tr>
  <td width="99%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:99.86%;">
  <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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  , 2002</font></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="28" style="border:none;"></td>
  <td width="221" style="border:none;"></td>
  <td width="470" style="border:none;"></td>
  <td width="1" 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;">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=83,EFW="2110009",CP="BUNGE LIMITED",DN="5",CHK=774251,FOLIO='A-2',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 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;">[FORM OF REVERSE SIDE OF <br>
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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3&#190;% <font style="text-transform:uppercase;">Convertible Note Due</font>
2022</font></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;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>General</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;">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 November 27, 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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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 and unsubordinated obligations of the Company, including (a)
U.S.$250,000,000 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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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 and any Subsequent 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 certain limitations on
consolidations, mergers, amalgamations and sales of assets of the Guarantor.</font></p>

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

<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;">
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<p style="margin:0in 0in .0001pt;"><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; <u>Interest</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 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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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 May 15 and November 15 of each year
commencing May 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 November&nbsp;27, 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;"><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;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Method of Payment</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;">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 May
1 or November 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, if any, 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>

<p style="margin:0in 0in .0001pt;"><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; <u>Paying Agent, Conversion Agent
and Registrar</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;">Initially, The
Bank of New York (the &#147;Trustee&#148;), will act as Trustee, Paying Agent, Conversion
Agent and Registrar.&#160; The Company may
appoint and change any Paying Agent, Conversion Agent, Registrar or
co-registrar without notice to any Noteholder.&#160;
The Company or any other Subsidiary of the Guarantor may act as Paying
Agent, Registrar or co-registrar.</font></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-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;">
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<p style="margin:0in 0in .0001pt;"><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; <u>Optional Redemption by the
Company</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;">On or after
November 22, 2005, 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 the redemption prices set forth below, in each
case, plus 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;">If the Notes
are redeemed during the period beginning on November 22, 2005 and ending on
November 14, 2006, the redemption price will equal U.S.$1,015 for each
U.S.$1,000 principal amount of Notes.&#160;
If the Notes are redeemed during the period beginning on November 15,
2006 and ending on November 14, 2007, the redemption price will equal
U.S.$1,007.50 for each U.S.$1,000 principal amount of Notes.&#160; If the Notes are redeemed at any time on or after
November 15, 2007, the redemption price will equal U.S.$1,000 for each
U.S.$1,000 principal amount of 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 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>

<p style="margin:0in 0in .0001pt;"><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; <u>Purchase of Notes at Option of
Holders</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;">On each of
November 15, 2007, November 15, 2012 and November 15, 2017, any Holder of Notes
will have the right to cause the Company to purchase all or any part of the
Notes of such Holder at a price equal to 100% of their principal amount to be
purchased, plus accrued and unpaid interest, if any to the date of
purchase.&#160; The Company will have the
option to pay the purchase price, in whole or in part, by the issuance or other
delivery of Common Shares in lieu of cash.&#160;
The Company will in all cases pay any accrued and unpaid interest on the
Notes in cash.&#160; The Notes will be so
purchased by the Company in accordance with, and subject to, the provisions of
Article VI of 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;"><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; <u>Purchase of Notes at Option of
Holders Upon Change of Control</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;">Upon a Change
of Control on or prior to November 15, 2007, any Holder of Notes will have the
right to cause the Company to purchase all or any part of the Notes of such
Holder at a price equal to 100% of their principal amount to be purchased, plus
accrued and unpaid interest, if any to the date of purchase.&#160; The Notes will be so purchased by the
Company in accordance with, and subject to, the provisions of Article VI of the
Indenture.</font></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-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;">
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<p style="margin:0in 0in .0001pt;"><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; <u>Conversion</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;">Holders may
surrender any of their Notes for conversion into Common Shares, on the terms
and subject to the conditions of the Indenture and this Note, in only the
following circumstances:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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; A Holder may
surrender for conversion a Note during any calendar quarter commencing after
December 31, 2002, if the Sale Price of the Common Shares for at least 20
trading days in the 30 consecutive trading day period ending on the last
trading day of the immediately preceding calendar quarter (the &#147;Measurement
Date&#148;) exceeds 120% of the applicable Conversion Price per Common Share on the
Measurement Date</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">.</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; A Holder may
surrender for conversion a Note which has been called for redemption pursuant
to Paragraph 5 hereof, even if the Note would not otherwise be eligible for
conversion, at any time prior to the close of business on the second Business
Day immediately preceding the Redemption Date, unless the Company defaults in
making the payment due on the Redemption Date, in which case the conversion
right shall terminate at the close of business on the date such default is cured
and such payment is 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;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A Holder may
surrender for conversion a Note during any period after December 15, 2002, in
which the long-term credit rating assigned to the Notes by any of Standard
&amp; Poor&#146;s Ratings Group, Moody&#146;s Investor Services, Inc. or Fitch Ratings
(or any successor to these entities) is &#147;BB&#148;, &#147;Ba2&#148; or &#147;BB&#148;, respectively, or
lower, or if any of these rating agencies no longer rates the Notes, or if any
of these rating agencies suspends or withdraws the rating assigned to the Notes.
&#160;Following the occurrence of any event
that gives rise to or suspends a right of conversion pursuant to this clause
(c), the Company shall give notice to the Holders of such event not later than
15 days after the date on which the Company is notified of any such event by
the relevant rating 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="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; If the Guarantor (1)
distributes any rights or warrants to all or substantially all holders of
Common Shares entitling them to purchase Common Shares at less than the average
of the Sales Prices of a Common Share for the 10 consecutive trading days
ending on the trading day immediately preceding the date of declaration for
such distribution or (2) distributes to all holders of Common Shares any of its
debt, securities or assets or any rights, warrants or options to purchase
securities of the Guarantor, which distribution has a per share value exceeding
10% of the average of the Sales Prices for each of the 10 consecutive trading
days ending on the trading day immediately preceding the declaration date for
such distribution, unless the Holder may participate in this distribution
without conversion, the Notes may be surrendered for conversion beginning on
the date the Guarantor gives notice to the Holders of such right, which shall
be not less than 20 days prior to the Ex-Dividend Time for such dividend or
distribution, and the Notes may be surrendered for conversion at any time
thereafter until the close of business on the Business Day immediately
preceding the Ex-Dividend Time or until the Guarantor announces that such
distribution will not take place.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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; In the event the Guarantor is a party
to a consolidation, merger, amalgamation or sale or transfer of all or
substantially all its properties and assets pursuant to which the Common Shares
would be converted into cash, securities or other property, 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;">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=87,EFW="2110009",CP="BUNGE LIMITED",DN="5",CHK=360143,FOLIO='A-6',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">may be surrendered for
conversion at any time from and after the date which is 15 days prior to the
date the Guarantor announces as the anticipated effective time for such
transaction until 15 days after the date of the actual effective time of such
transaction.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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 in
respect of which a Holder has delivered a Purchase Notice or Change of Control
Purchase Notice exercising the option of such Holder to require the Company to
purchase such Note may be converted only if such notice of exercise is
withdrawn in accordance with the terms of 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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The initial
Conversion Rate is 31.1137 Common Shares per $1,000 principal amount of Notes,
subject to adjustment in certain events described in the Indenture.&#160; A Holder that surrenders Notes for
conversion will receive cash or a check, or, at the Guarantor&#146;s option, a whole
Common Share, in lieu of any fractional Common 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;">To surrender a
Note for conversion, a Holder must (1) complete and manually sign the
irrevocable conversion notice substantially in the form attached as an exhibit
to the Indenture (or complete and manually sign a facsimile of such notice) and
deliver such notice to the Conversion Agent, (2) surrender the Note to the
Conversion Agent, (3) furnish appropriate endorsements and transfer documents
and (4) pay any transfer or similar tax, if required.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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 Holder may
convert a portion of a Note if the principal amount of such portion is $1,000
or an integral multiple of $1,000.&#160; No
payment or adjustment will be made for dividends on the Common Shares except as
provided in the Indenture.&#160; On
conversion of a Note, the Holder will not receive any cash payment representing
accrued interest with respect to the converted Notes.&#160; Instead, upon conversion the Guarantor will issue and deliver to
the Holder a fixed number of Common Shares and any cash payment to account for
fractional shares.&#160; Accrued interest
will be deemed paid in full rather than canceled, extinguished or
forfeited.&#160; Neither the Company nor the
Guarantor will adjust the Conversion Rate to account for accrued 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:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Conversion
Rate will be adjusted as provided in Article XII of the Indenture.&#160; The Company or the Guarantor may increase
the Conversion Rate for any period of at least 20 days, upon at least 15 days&#146;
notice so long as the increase is irrevocable during such 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;">If the
Guarantor is a party to a consolidation, merger, amalgamation or sale or
transfer of all or substantially all its properties and assets, or upon certain
distributions described in the Indenture, then at the effective time of the
transaction the right to convert a Note into Common Shares may be changed into
a right to convert it into securities, cash or other assets of the Guarantor or
another 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;"><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; <u>Conversion Arrangement on Call
for Redemption</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 Notes
called for redemption, unless surrendered for conversion before the close of
business on the second Business Day immediately preceding the Redemption Date,
may be deemed to be purchased from the Holders of such Notes at an amount not
less than the Redemption Price, by one or more investment banks or other
purchasers who may agree with the Company and the Guarantor to purchase such
Notes from the Holders, to convert them into Common Shares and to make payment
for such Notes to the Trustee in trust for such Holders.</font></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=88,EFW="2110009",CP="BUNGE LIMITED",DN="5",CHK=263471,FOLIO='A-7',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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<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;">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Additional Amounts</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 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.&#160; The Guarantor will not be required, however, to make any payment
of additional amounts in connection with any such tax imposed by reason of any
Holder having some connection with any such jurisdiction other than its
participation as the Holder of a Note under 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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Denominations; Transfer; Exchange</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 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;"><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;">12&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Persons Deemed Owners</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 registered
Holder of this Note may be treated as the owner of it for all 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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Unclaimed Money</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 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;"><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;">14.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Amendment, Waiver</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;">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 Redemption Price or Purchase Price 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 </font></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=89,EFW="2110009",CP="BUNGE LIMITED",DN="5",CHK=200641,FOLIO='A-8',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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<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;">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)
adversely affect the terms of the conversion right in any Note, (ix) make any
change to the amendment provisions which require each Holder&#146;s consent or the
waiver provisions, or (x) release the Guarantor or modify the Guarantee.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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 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, to make provisions with respect to the conversion right in the
event of an occurrence pursuant to Article IV of the Indenture, or to make any
change that does not adversely affect the rights of any 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="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;"><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;">15.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Defaults and Remedies</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;">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) the failure for 15 days to issue and deliver Common Shares upon
the due exercise of the conversion right in the Notes by a Holder thereof to
convert such Notes into Common Shares;&#160;
(4)&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), (2) or (3)
above); (5)&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;&#160; (6)&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 (7) one or more judgments or
decrees shall have been entered against the Company, the Guarantor or a
Material Subsidiary 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 or a Material Subsidiary, U.S.$50,000,000
or more,</font></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=90,EFW="2110009",CP="BUNGE LIMITED",DN="5",CHK=516629,FOLIO='A-9',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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<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 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 (4) 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 (4) hereof after receipt
of such 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:1.0in;"><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
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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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;"><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;">16.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Trustee Dealings with the Company</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;">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;"><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;">17.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Calculations in Respect of Notes</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 Guarantor
will be responsible for making all calculations called for under Article XII of
the Indenture.&#160; These calculations
include, without limitation, determinations of the Sales Prices for the Common
Shares and the Conversion Rate of the Notes.&#160;
Any calculations made in good faith will be conclusive and binding on
Holders of the Notes, absent manifest error.&#160;
The Guarantor will be required to deliver to each of the Trustee and the
Conversion Agent a schedule of its calculations and each of the Trustee and the
Conversion Agent will be entitled to rely upon the accuracy of such
calculations without independent verification.&#160;
The Trustee will forward the Guarantor&#146;s calculations to any Holder of
the Notes upon the request of such Holder.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><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;">18.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Recourse Against Others</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;">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,</font></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-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=91,EFW="2110009",CP="BUNGE LIMITED",DN="5",CHK=991306,FOLIO='A-10',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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<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;">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>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Petition</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;">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>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Authentication</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;">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;"><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;">21&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Abbreviations</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;">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 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>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>CUSIP Numbers</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;">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;"><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;">23.&#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;">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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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;"><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;">Bunge Limited
Finance Corp.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">St. Louis,
Missouri 63146</font></p>

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

<p style="margin:0in 0in .0001pt 4.5in;"><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;">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=92,EFW="2110009",CP="BUNGE LIMITED",DN="5",CHK=103473,FOLIO='A-11',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 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 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 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;">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;"><font size="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;">(Print or type assignee&#146;s name, address and zip code)</font></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;">(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 1.0in;"><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="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>
  </td>
  <td width="33%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:33.1%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.14%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.38%;">
  <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="31%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:31.54%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="19%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:19.24%;">
  <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="80%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:80.76%;">
  <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 .7pt 0in .7pt;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 height="0">
  <td width="35" style="border:none;"></td>
  <td width="104" style="border:none;"></td>
  <td width="135" style="border:none;"></td>
  <td width="102" style="border:none;"></td>
  <td width="118" style="border:none;"></td>
  <td width="228" 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;">Sign exactly as your name <u>appears</u>
on the other side of this 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="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 .7pt 0in .7pt;width:5.7%;">
  <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="17%" valign="top" style="padding:0in .7pt 0in .7pt;width:17.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.2%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.6%;">
  <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 .7pt 0in .7pt;width:5.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="17%" valign="top" style="padding:0in .7pt 0in .7pt;width:17.5%;">
  <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:2.2%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.6%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.7%;">
  <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="17%" valign="top" style="padding:0in .7pt 0in .7pt;width:17.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.2%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.6%;">
  <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 .7pt 0in .7pt;width:5.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="17%" valign="top" style="padding:0in .7pt 0in .7pt;width:17.5%;">
  <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:2.2%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.6%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.7%;">
  <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="17%" valign="top" style="padding:0in .7pt 0in .7pt;width:17.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.2%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.6%;">
  <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 .7pt 0in .7pt;width:5.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="17%" valign="top" style="padding:0in .7pt 0in .7pt;width:17.5%;">
  <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:2.2%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.6%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.7%;">
  <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="17%" valign="top" style="padding:0in .7pt 0in .7pt;width:17.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.2%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.6%;">
  <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 .7pt 0in .7pt;width:5.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="17%" valign="top" style="padding:0in .7pt 0in .7pt;width:17.5%;">
  <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:2.2%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.6%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.7%;">
  <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="17%" valign="top" style="padding:0in .7pt 0in .7pt;width:17.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.2%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.6%;">
  <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>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="17%" valign="top" style="padding:0in .7pt 0in .7pt;width:17.5%;">
  <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:2.2%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.6%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.7%;">
  <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="17%" valign="top" style="padding:0in .7pt 0in .7pt;width:17.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.2%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.6%;">
  <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 .7pt 0in .7pt;width:5.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="17%" valign="top" style="padding:0in .7pt 0in .7pt;width:17.5%;">
  <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:2.2%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.6%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.7%;">
  <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="17%" valign="top" style="padding:0in .7pt 0in .7pt;width:17.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.2%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.6%;">
  <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 align="center" style="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=93,EFW="2110009",CP="BUNGE LIMITED",DN="5",CHK=233918,FOLIO='A-12',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 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;">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="68%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:68.54%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:31.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="68%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:68.54%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:31.46%;">
  <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="68%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:68.54%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" valign="top" style="padding:0in .7pt 0in .7pt;width:31.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="68%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:68.54%;">
  <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="31%" valign="top" style="padding:0in .7pt 0in .7pt;width:31.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="68%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:68.54%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" valign="top" style="padding:0in .7pt 0in .7pt;width:31.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:34.28%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.28%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="31%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:31.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="68%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:68.54%;">
  <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="31%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:31.46%;">
  <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="247" style="border:none;"></td>
  <td width="247" style="border:none;"></td>
  <td width="227" 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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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="43%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:43.36%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="56%" valign="top" style="padding:0in .7pt 0in .7pt;width:56.64%;">
  <p style="font-size:10.0pt;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;">Dated:</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=94,EFW="2110009",CP="BUNGE LIMITED",DN="5",CHK=1021482,FOLIO='A-13',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 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 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 align="center" 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 align="center" style="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 following increases or decreases in this Global Note have been 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>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.54%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;font-weight:bold;">Date of
  Exchange</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.48%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:21.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;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:1.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:21.34%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;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:1.18%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:20.58%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;font-weight:bold;">Principal Amount of this Global <br>
  Note following such decrease or increase</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.32%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="23%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:23.14%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;font-weight:bold;">Signature of authorized signatory<br>
  of Trustee or Securities Custodian</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.78%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:6.54%;">
  <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:1.48%;">
  <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:21.22%;">
  <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:1.42%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="21%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:21.34%;">
  <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:1.18%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="20%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:20.58%;">
  <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:1.32%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="23%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:23.14%;">
  <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:1.78%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.54%;">
  <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:1.48%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.22%;">
  <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:1.42%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.34%;">
  <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:1.18%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.58%;">
  <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:1.32%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="23%" valign="bottom" style="padding:0in 0in 0in 0in;width:23.14%;">
  <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:1.78%;">
  <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;">A-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=95,EFW="2110009",CP="BUNGE LIMITED",DN="5",CHK=588022,FOLIO='A-14',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 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"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT B</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 style="margin:0in 0in .0001pt 5.5in;"><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;">&nbsp;</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="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Re:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Bunge Limited Finance
Corp.<br>
<u>&#160;3&#190;% Convertible Notes Due 2022 (the
&#147;Notes&#148;)</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;"><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;
principal amount of the 3&#190;% Convertible Notes Due 2022 (the &#147;Notes&#148;) of Bunge
Limited Finance Corp. (the &#147;Company&#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;">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:</font></p>

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

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We understand that
the Notes and any Common Shares issuable upon conversion of 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 or any Common Shares issuable upon conversion of the Notes prior to the
date which is two years after the later of the date of original issue and the
last date 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;">B-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=96,EFW="2110009",CP="BUNGE LIMITED",DN="5",CHK=352982,FOLIO='B-1',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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</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;">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;) only (a) to the
Company or Bunge Limited, as guarantor, or, in the case of the Common Shares to
Bunge Limited, (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 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 or 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.</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="12%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:12.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TRANSFEREE:</font></p>
  </td>
  <td width="26%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:26.06%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <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:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BY:</font></p>
  </td>
  <td width="34%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:34.88%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr height="0">
  <td width="441" style="border:none;"></td>
  <td width="29" style="border:none;"></td>
  <td width="64" style="border:none;"></td>
  <td width="188" 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;">B-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=97,EFW="2110009",CP="BUNGE LIMITED",DN="5",CHK=266737,FOLIO='B-2',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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</font>

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

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><a name="ExhibitC"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT C</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 style="margin:0in 0in .0001pt 5.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Date]</font></p>

<p style="margin:0in 0in .0001pt 5.0in;"><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;">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;"><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;">Re:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Bunge Limited Finance
Corp.<br>
<u>3&#190;% Convertible Notes Due 2022 (the &#147;Notes&#148;)</u></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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and Gentlemen:</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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 offer of the
Notes was not made to a person in the 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;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; 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;</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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; the transaction is
not part of a plan or scheme to evade the registration requirements of the
Securities 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;">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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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 align="center" style="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;">C-1</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=98,EFW="2110009",CP="BUNGE LIMITED",DN="5",CHK=393616,FOLIO='C-1',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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</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="67%" valign="top" style="padding:0in .7pt 0in .7pt;width:67.54%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="32%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:32.46%;">
  <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="67%" valign="top" style="padding:0in .7pt 0in .7pt;width:67.54%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="32%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:32.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in .7pt 0in .7pt;width:67.54%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="32%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:32.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Name of
  Transferor]</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in .7pt 0in .7pt;width:67.54%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="32%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:32.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in .7pt 0in .7pt;width:67.54%;">
  <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:3.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="28%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:28.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in .7pt 0in .7pt;width:67.54%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="32%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:32.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in .7pt 0in .7pt;width:67.54%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="32%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:32.46%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in .7pt 0in .7pt;width:67.54%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="32%" colspan="2" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:32.46%;">
  <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>
 </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;">&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;"><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=99,EFW="2110009",CP="BUNGE LIMITED",DN="5",CHK=658748,FOLIO='C-2',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 2003' -->
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</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="right" style="margin:0in 0in .0001pt;text-align:right;"><a name="ExhibitD"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT D</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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FORM OF CONVERSION NOTICE</font></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;">[NOTICE PURSUANT TO SECTION 12.2 OF 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;">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;"><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;">Re:&#160; Bunge Limited Finance Corp. 3&#190;% Convertible
Notes Due 2022 (the &#147;Notes&#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;">Reference is
hereby made to the Indenture, dated as of November 27, 2002 (the &#147;Indenture&#148;),
among Bunge Limited Finance Corp., as Issuer, Bunge Limited, as Guarantor, and
The Bank of New York, as Trustee.&#160;
Capitalized terms used but not defined herein shall have the meanings
given to them 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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This letter
relates to the Notes specified below, which are registered in the name of the
undersigned (the &#147;Holder&#148;).&#160; The Holder
hereby irrevocably exercises its right to convert such Notes, or the portion
thereof, if any, specified below, into Common Shares and, except to the extent
specified or required as described below, directs that certificates
representing such Common Shares, together with any check in payment for a
fractional share and any Note representing any unconverted principal amount, be
issued and delivered through the facilities of DTC, for credit to the
account(s) of the Person(s) indicated 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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Holder
acknowledges and agrees that no Common Shares will be issued and delivered on
conversion until any amount payable by the Holder on account of interest is
paid, any certificates evidencing specified Notes not held in book-entry form
are duly endorsed or assigned to the Company or in blank and surrendered and
any taxes or other charges or documents required in connection with a transfer
on conversion, and any other required items, are delivered to the Conversion
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:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Holder
acknowledges and agrees that, notwithstanding this request for conversion, the
Company may require that the Common Shares issued and delivered on conversion
of the specified Notes be issued and delivered in certificated form subject to
a restrictive legend, or that additional certifications be delivered on behalf
of the relevant beneficial owner(s), if it determines that doing so is
necessary to comply with the requirements of the Securities Act or otherwise,
as provided 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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Conversion of
the specified Notes is subject to the requirements established by the Company
as well as to the procedures of the Depositary, all as in effect from time to
time.&#160; The specified Securities will be
converted as of the close of business on the Business Day on 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;">D-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=100,EFW="2110009",CP="BUNGE LIMITED",DN="5",CHK=278111,FOLIO='D-1',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 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;">this conversion notice and all
other required items have been delivered to the Conversion Agent as provided
above and, upon such conversion, shall cease to accrue interest or be
outstanding (subject to the Holder&#146;s right to receive the Common Shares as
provided in the Indenture).&#160; Prior to
such conversion, the Holder will have no rights in the Common 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;">Please provide
the information requested below, as applicable.</font></p>

<p style="margin: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;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; PLEASE SPECIFY THE
SECURITIES HELD AND THE PORTION THEREOF TO BE CONVERTED:</font></p>

<p style="margin: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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Principal
amount held:&#160; U.S.$ </font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CUSIP number(s): </font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Depositary (DTC) account where held: </font></p>

<p style="margin: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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Principal
amount being converted (if less than all):</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;">U.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="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;&#160;&#160;&#160;&#160;&#160; </font>UNLESS AND TO
THE EXTENT OTHERWISE SPECIFIED BELOW, all Securities (together with any
unconverted Securities) will be delivered in book-entry form to the DTC account
specified in Item 1 above.</p>

<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;">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>IF OTHER
ARRANGEMENTS ARE DESIRED, please (a) specify the type, number and form of
securities to be delivered on conversion and the name(s) of the account
holder(s) or registered owner(s), by checking the appropriate boxes and
providing the information requested and (b) complete Item (4) below:</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="107%" style="border-collapse:collapse;width:107.38%;">
 <tr>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.32%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <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="87%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:87.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Common
  Shares</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.32%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="87%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:87.5%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.32%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <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="87%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:87.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Book-Entry</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.32%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="87%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:87.5%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.32%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="87%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:87.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Number of
  Common Shares:</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.32%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="87%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:87.5%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.32%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="87%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:87.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DTC Account:</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.32%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="87%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:87.5%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.32%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <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="87%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:87.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certificates</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.32%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="87%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:87.5%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.32%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="87%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:87.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Number of
  Common Shares:</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.32%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="87%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:87.5%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.32%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="87%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:87.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registered
  Owner:</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.32%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="87%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:87.5%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.32%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <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="87%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:87.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unconverted
  Notes</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.32%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="87%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:87.5%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.32%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.2%;">
  <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="81%" valign="top" style="padding:0in .7pt 0in .7pt;width:81.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certificates(1)</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.32%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.2%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="81%" valign="top" style="padding:0in .7pt 0in .7pt;width:81.3%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.32%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.2%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="81%" valign="top" style="padding:0in .7pt 0in .7pt;width:81.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Principal
  Amount:&#160; U.S.$</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="1" width="25%" noshade color="black" align="left">

</font></div>


<p style="margin:0in 0in .0001pt .5in;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; Aggregate principal
amount of each certificate must equal U.S.$1,000 or any amount in excess
thereof in integral multiples of U.S. $1,000.</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;">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=101,EFW="2110009",CP="BUNGE LIMITED",DN="5",CHK=325450,FOLIO='D-2',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 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="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:6.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" style="padding:0in .7pt 0in .7pt;width:79.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registered
  Owner:</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.42%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:6.64%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" style="padding:0in .7pt 0in .7pt;width:79.92%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:6.64%;">
  <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="79%" valign="top" style="padding:0in .7pt 0in .7pt;width:79.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Book-Entry</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.42%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:6.64%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" style="padding:0in .7pt 0in .7pt;width:79.92%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:6.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" style="padding:0in .7pt 0in .7pt;width:79.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Principal
  Amount:&#160; U.S.$</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.42%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:6.64%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" style="padding:0in .7pt 0in .7pt;width:79.92%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:6.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="79%" valign="top" style="padding:0in .7pt 0in .7pt;width:79.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DTC Account:</font></p>
  </td>
 </tr>
</table>

<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 .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;&#160;&#160;&#160;&#160;&#160; </font>[TO BE COMPLETED
ONLY IF UNCONVERTED NOTES OR COMMON SHARES ARE TO BE ISSUED OTHER THAN TO THE
HOLDER PURSUANT TO ITEM (3) ABOVE.]&#160; The
undersigned confirms that such unconverted Notes or Common Shares are being
transferred:</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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CHECK ON BOX
BELOW</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 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a) </font><font face="Wingdings" style="font-family:Wingdings;">o</font>
to the Company or the Guarantor, or in the case of Common Shares, to the
Company; 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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b) </font><font face="Wingdings" style="font-family:Wingdings;">o</font>
pursuant to and in compliance with Rule 144A under the Securities Act of 1933;
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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c) </font><font face="Wingdings" style="font-family:Wingdings;">o</font>
pursuant to and in compliance with Regulation S under the Securities Act of
1933; 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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d) </font><font face="Wingdings" style="font-family:Wingdings;">o</font>
pursuant to an exemption from registration under the Securities Act of 1933
provided by Rule 144 thereunder.</p>

<p style="margin: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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless one of
the boxes is checked, the transfer agent will refuse to register any of the
Common Shares evidenced by this certificate in the name of any person other
than the registered holder thereof; provided, however, that if box (c) or (d)
is checked, the transfer agent may require, prior to registering any such
transfer of the Common Shares such certifications and other information, and if
box (d) is checked such legal opinions, as the Company has reasonably requested
in writing, by delivery to the transfer agent of a standing letter of
instruction, 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.</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;">Please sign
and date this notice in the space provided below.</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>

<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 0in .7pt;width:59.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DATE:</font></p>
  </td>
  <td width="40%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:40.86%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="59%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:59.14%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="40%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:40.86%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name of Holder</font></p>
  </td>
 </tr>
 <tr>
  <td width="59%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:59.14%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="40%" valign="top" style="padding:0in .7pt 0in .7pt;width:40.86%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="59%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:59.14%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="40%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:40.86%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="59%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:59.14%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="40%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:40.86%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Signature(s) of Holder</font></p>
  </td>
 </tr>
 <tr>
  <td width="59%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:59.14%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="40%" valign="top" style="padding:0in .7pt 0in .7pt;width:40.86%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title(s):</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="top" style="padding:0in .7pt 0in .7pt;width:40.2%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="59%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:59.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(If the
  Holder is a corporation, partnership or fiduciary, the title of the Person
  signing on behalf of the Holder must be stated.)</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="290" style="border:none;"></td>
  <td width="137" style="border:none;"></td>
  <td width="295" 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;">D-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=102,EFW="2110009",CP="BUNGE LIMITED",DN="5",CHK=996510,FOLIO='D-3',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_4_4584.CHC",USER="ARUSS",CD='May  2 17:53 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;">Notice:&#160; 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>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="54%" valign="top" style="padding:0in .7pt 0in .7pt;width:54.22%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="45%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:45.78%;">
  <p style="font-size:10.0pt;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 190.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Signature Guarantor</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;">D-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>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.5
<SEQUENCE>7
<FILENAME>a2110009zex-4_5.htm
<DESCRIPTION>EX-4.5
<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
4.5</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 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 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 align="center" style="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;">[Applicable Note
Restrictive Legend]</font></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="55%" valign="top" style="padding:0in .7pt 0in .7pt;width:55.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No.</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in .7pt 0in .7pt;width:44.46%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
  </font></p>
  </td>
 </tr>
</table>

<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 Note
attached hereto</font></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="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.16%;">
  <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.</font></p>
  </td>
  <td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.84%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.16%;">
  <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="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.84%;">
  <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="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3<sup>3</sup>/<sub>4</sub></font><font size="2" style="font-size:11.0pt;">  </font>%
CONVERTIBLE NOTES DUE 2022</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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;,
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 November 15, 2022.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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: May 15 and November 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: May 1 and November 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;"><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="2110009",CP="BUNGE LIMITED",DN="6",CHK=522238,FOLIO='',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_5_4584.CHC",USER="ARUSS",CD='May  2 01:06 2003' -->
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<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;">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="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="3" 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 FINANCE CORP.</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="3" 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:3.08%;">
  <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%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:32.9%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
  <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="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.08%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.92%;">
  <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="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:3.08%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.92%;">
  <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;"><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="38%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:38.9%;">
  <p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TRUSTEE&#146;S CERTIFICATE OF<br>
  AUTHENTICATION</font></p>
  </td>
  <td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.1%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="38%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:38.9%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.1%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="38%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:38.9%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.1%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="38%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:38.9%;">
  <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>
  </td>
  <td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.1%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="38%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:38.9%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.1%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="31%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:31.2%;">
  <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:4.88%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.1%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.82%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="36%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:36.08%;">
  <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="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.1%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="38%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:38.9%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.1%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="4%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:4.24%;">
  <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 0in 0in 0in;width:14.96%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="19%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:19.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">, 2002</font></p>
  </td>
  <td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.1%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr height="0">
  <td width="20" style="border:none;"></td>
  <td width="10" style="border:none;"></td>
  <td width="108" style="border:none;"></td>
  <td width="107" style="border:none;"></td>
  <td width="35" style="border:none;"></td>
  <td width="441" 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;">&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="2110009",CP="BUNGE LIMITED",DN="6",CHK=812339,FOLIO='2',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_5_4584.CHC",USER="ARUSS",CD='May  2 01:06 2003' -->
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</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;">[FORM OF REVERSE SIDE OF</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:uppercase;">3<sup>3</sup>/<sub>4</sub>%
Convertible Note Due 2022</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160; <u>General</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;">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 November 27, 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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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 and unsubordinated
obligations of the Company, including (a) U.S.$250,000,000 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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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 and any Subsequent 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 certain limitations on consolidations, mergers, amalgamations and sales
of assets of the Guarantor.</font></p>

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

<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="2110009",CP="BUNGE LIMITED",DN="6",CHK=33156,FOLIO='3',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_5_4584.CHC",USER="ARUSS",CD='May  2 01:06 2003' -->
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</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;">2.&#160; <u>Interest</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 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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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 May 15
and November 15 of each year commencing May 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 November&nbsp;27, 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;"><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;">3.&#160; <u>Method of Payment</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;">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 May 1 or November 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, if any, 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;"><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;">4.&#160; <u>Paying Agent, Conversion
Agent and Registrar</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;">Initially, The Bank of New York (the &#147;Trustee&#148;), will
act as Trustee, Paying Agent, Conversion Agent and Registrar.&#160; The Company may appoint and change any
Paying Agent, Conversion Agent, Registrar or co-registrar without notice to any
Noteholder.&#160; The Company or any other
Subsidiary of the Guarantor may act as Paying Agent, Registrar or co-registrar.</font></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;">
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<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;">5.&#160; <u>Optional Redemption by
the Company</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;">On or after November 22, 2005, 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
the redemption prices set forth below, in each case, plus accrued and unpaid
interest, if any, to the date of redemption.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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 Notes are redeemed during the period beginning
on November 22, 2005 and ending on November 14, 2006, the redemption price will
equal U.S.$1,015 for each U.S.$1,000 principal amount of Notes.&#160; If the Notes are redeemed during the period
beginning on November 15, 2006 and ending on November 14, 2007, the redemption
price will equal U.S.$1,007.50 for each U.S.$1,000 principal amount of
Notes.&#160; If the Notes are redeemed at any
time on or after November 15, 2007, the redemption price will equal U.S.$1,000
for each U.S.$1,000 principal amount of 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="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;"><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;">6.&#160; <u>Purchase of Notes at
Option of Holders</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;">On each of November 15, 2007, November 15, 2012 and
November 15, 2017, any Holder of Notes will have the right to cause the Company
to purchase all or any part of the Notes of such Holder at a price equal to
100% of their principal amount to be purchased, plus accrued and unpaid
interest, if any to the date of purchase.&#160;
The Company will have the option to pay the purchase price, in whole or
in part, by the issuance or other delivery of Common Shares in lieu of
cash.&#160; The Company will in all cases pay
any accrued and unpaid interest on the Notes in cash.&#160; The Notes will be so purchased by the Company in accordance with,
and subject to, the provisions of Article VI of 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;">7.&#160; <u>Purchase of Notes at
Option of Holders Upon Change of Control</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;">Upon a Change of Control on or prior to November 15,
2007, any Holder of Notes will have the right to cause the Company to purchase
all or any part of the Notes of such Holder at a price equal to 100% of their
principal amount to be purchased, plus accrued and unpaid interest, if any to
the date of purchase.&#160; The Notes will be
so purchased by the Company in accordance with, and subject to, the provisions
of Article VI of the Indenture.</font></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>


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

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.&#160; <u>Conversion</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;">Holders may surrender any of their Notes for
conversion into Common Shares, on the terms and subject to the conditions of
the Indenture and this Note, in only the following circumstances:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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; A
Holder may surrender for conversion a Note during any calendar quarter
commencing after December 31, 2002, if the Sale Price of the Common Shares for
at least 20 trading days in the 30 consecutive trading day period ending on the
last trading day of the immediately preceding calendar quarter (the
&#147;Measurement Date&#148;) exceeds 120% of the applicable Conversion Price per Common
Share on the Measurement 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" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A
Holder may surrender for conversion a Note which has been called for redemption
pursuant to Paragraph 5 hereof, even if the Note would not otherwise be
eligible for conversion, at any time prior to the close of business on the
second Business Day immediately preceding the Redemption Date, unless the
Company defaults in making the payment due on the Redemption Date, in which
case the conversion right shall terminate at the close of business on the date
such default is cured and such payment is 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;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A
Holder may surrender for conversion a Note during any period after December 15,
2002, in which the long-term credit rating assigned to the Notes by any of
Standard &amp; Poor&#146;s Ratings Group, Moody&#146;s Investor Services, Inc. or Fitch
Ratings (or any successor to these entities) is &#147;BB&#148;, &#147;Ba2&#148; or &#147;BB&#148;,
respectively, or lower, or if any of these rating agencies no longer rates the
Notes, or if any of these rating agencies suspends or withdraws the rating
assigned to the Notes.&#160; Following the
occurrence of any event that gives rise to or suspends a right of conversion
pursuant to this clause (c), the Company shall give notice to the Holders of
such event not later than 15 days after the date on which the Company is
notified of any such event by the relevant rating 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="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; If
the Guarantor (1) distributes any rights or warrants to all or substantially
all holders of Common Shares entitling them to purchase Common Shares at less
than the average of the Sales Prices of a Common Share for the 10 consecutive
trading days ending on the trading day immediately preceding the date of declaration
for such distribution or (2) distributes to all holders of Common Shares any of
its debt, securities or assets or any rights, warrants or options to purchase
securities of the Guarantor, which distribution has a per share value exceeding
10% of the average of the Sales Prices for each of the 10 consecutive trading
days ending on the trading day immediately preceding the declaration date for
such distribution, unless the Holder may participate in this distribution
without conversion, the Notes may be surrendered for conversion beginning on
the date the Guarantor gives notice to the Holders of such right, which shall
be not less than 20 days prior to the Ex-Dividend Time for such dividend or
distribution, and the Notes may be surrendered for conversion at any time
thereafter until the close of business on the Business Day immediately
preceding the Ex-Dividend Time or until the Guarantor announces that such
distribution will not take place.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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; In
the event the Guarantor is a party to a consolidation, merger, amalgamation or
sale or transfer of all or substantially all its properties and assets pursuant
to which the Common Shares would be converted into cash, securities or other
property, 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;">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="2110009",CP="BUNGE LIMITED",DN="6",CHK=344824,FOLIO='6',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_5_4584.CHC",USER="ARUSS",CD='May  2 01:06 2003' -->
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">may be surrendered for conversion at any time from and after the date
which is 15 days prior to the date the Guarantor announces as the anticipated
effective time for such transaction until 15 days after the date of the actual
effective time of such transaction.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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 in respect of which a Holder has delivered a
Purchase Notice or Change of Control Purchase Notice exercising the option of
such Holder to require the Company to purchase such Note may be converted only
if such notice of exercise is withdrawn in accordance with the terms of 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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The initial Conversion Rate is 31.1137 Common Shares
per $1,000 principal amount of Notes, subject to adjustment in certain events
described in the Indenture.&#160; A Holder
that surrenders Notes for conversion will receive cash or a check, or, at the
Guarantor&#146;s option, a whole Common Share, in lieu of any fractional Common
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;">To surrender a Note for conversion, a Holder must (1)
complete and manually sign the irrevocable conversion notice substantially in
the form attached as an exhibit to the Indenture (or complete and manually sign
a facsimile of such notice) and deliver such notice to the Conversion Agent,
(2) surrender the Note to the Conversion Agent, (3) furnish appropriate
endorsements and transfer documents and (4) pay any transfer or similar tax, if
required.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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 Holder may convert a portion of a Note if the
principal amount of such portion is $1,000 or an integral multiple of
$1,000.&#160; No payment or adjustment will
be made for dividends on the Common Shares except as provided in the
Indenture.&#160; On conversion of a Note, the
Holder will not receive any cash payment representing accrued interest with
respect to the converted Notes.&#160;
Instead, upon conversion the Guarantor will issue and deliver to the
Holder a fixed number of Common Shares and any cash payment to account for
fractional shares.&#160; Accrued interest
will be deemed paid in full rather than canceled, extinguished or forfeited.&#160; Neither the Company nor the Guarantor will
adjust the Conversion Rate to account for accrued 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:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Conversion Rate will be adjusted as provided in
Article XII of the Indenture.&#160; The
Company or the Guarantor may increase the Conversion Rate for any period of at
least 20 days, upon at least 15 days&#146; notice so long as the increase is
irrevocable during such 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;">If the Guarantor is a party to a consolidation,
merger, amalgamation or sale or transfer of all or substantially all its
properties and assets, or upon certain distributions described in the
Indenture, then at the effective time of the transaction the right to convert a
Note into Common Shares may be changed into a right to convert it into
securities, cash or other assets of the Guarantor or another 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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.&#160; <u>Conversion Arrangement on
Call for Redemption</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 Notes called for redemption, unless surrendered
for conversion before the close of business on the second Business Day
immediately preceding the Redemption Date, may be deemed to be purchased from
the Holders of such Notes at an amount not less than the Redemption Price, by
one or more investment banks or other purchasers who may agree with the Company
and the Guarantor to purchase such Notes from the Holders, to convert them into
Common Shares and to make payment for such Notes to the Trustee in trust for
such Holders.</font></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;">
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10. <u>Additional Amounts</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 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.&#160; The Guarantor will not
be required, however, to make any payment of additional amounts in connection
with any such tax imposed by reason of any Holder having some connection with
any such jurisdiction other than its participation as the Holder of a Note
under the Indenture.</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>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11. <u>Denominations; Transfer; Exchange</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 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;"><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;">12. <u>Persons Deemed Owners</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 registered Holder of this Note may be treated as
the owner of it for all 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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13. <u>Unclaimed Money</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 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;"><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;">14. <u>Amendment, Waiver</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 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
Redemption Price or Purchase Price 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</font></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>


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</font></div>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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) adversely affect the terms of the conversion right in
any Note, (ix) make any change to the amendment provisions which require each
Holder&#146;s consent or the waiver provisions, or (x) release the Guarantor or
modify the Guarantee.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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 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, to make provisions with
respect to the conversion right in the event of an occurrence pursuant to
Article IV of the Indenture, or to make any change that does not adversely
affect the rights of any 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="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;"><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;">15. <u>Defaults and Remedies</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;">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) the failure for 15 days to issue
and deliver Common Shares upon the due exercise of the conversion right in the
Notes by a Holder thereof to convert such Notes into Common Shares;&#160; (4)&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), (2) or (3) above); (5)&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;&#160; (6)&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 (7) one or more judgments or
decrees shall have been entered against the Company, the Guarantor or a
Material Subsidiary 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 or a Material Subsidiary, U.S.$50,000,000
or more,</font></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=9,EFW="2110009",CP="BUNGE LIMITED",DN="6",CHK=916664,FOLIO='9',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_5_4584.CHC",USER="ARUSS",CD='May  2 01:06 2003' -->
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</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 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 (4) 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 (4) hereof after receipt of such 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:1.0in;"><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 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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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;"><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;">16. <u>Trustee Dealings with the Company</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;">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;"><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;">17. <u>Calculations in Respect of Notes</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 Guarantor will be responsible for making all
calculations called for under Article XII of the Indenture.&#160; These calculations include, without
limitation, determinations of the Sales Prices for the Common Shares and the
Conversion Rate of the Notes.&#160; Any
calculations made in good faith will be conclusive and binding on Holders of
the Notes, absent manifest error.&#160; The
Guarantor will be required to deliver to each of the Trustee and the Conversion
Agent a schedule of its calculations and each of the Trustee and the Conversion
Agent will be entitled to rely upon the accuracy of such calculations without
independent verification.&#160; The Trustee
will forward the Guarantor&#146;s calculations to any Holder of the Notes upon the
request of such Holder.</font></p>

<p style="margin: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;">18. <u>No Recourse Against Others</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;">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,</font></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="2110009",CP="BUNGE LIMITED",DN="6",CHK=725291,FOLIO='10',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_5_4584.CHC",USER="ARUSS",CD='May  2 01:06 2003' -->
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</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;">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;"><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;">19. <u>No Petition</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;">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;"><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;">20. <u>Authentication</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;">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;"><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;">21. <u>Abbreviations</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;">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 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;"><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;">22. <u>CUSIP Numbers</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;">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;"><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;">23. <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;">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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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;"><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="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.98%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.0%;">
  <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>
  <td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.98%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11720 Borman Drive</font></p>
  </td>
  <td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.98%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">St. Louis, Missouri
  63146</font></p>
  </td>
  <td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="37%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:37.98%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:&#160;
  Francis X. Marchiony, Treasurer</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;">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="2110009",CP="BUNGE LIMITED",DN="6",CHK=118555,FOLIO='11',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_5_4584.CHC",USER="ARUSS",CD='May  2 01:06 2003' -->
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</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 style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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;"><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 .7pt 0in .7pt;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 .7pt 0in .7pt;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;">(Print or type
  assignee&#146;s name, address and zip code)</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in .7pt 0in .7pt;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 .7pt 0in .7pt;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;">(Insert assignee&#146;s soc.
  sec. or tax I.D. No.)</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 1.0in;"><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;
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>

<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="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="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>
  </td>
  <td width="27%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:27.3%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.24%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.28%;">
  <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="33%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:33.94%;">
  <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="16%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:16.96%;">
  <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="83%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:83.04%;">
  <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="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 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 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 style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sign exactly
  as your name <u>appears</u> on the other side of this Note.</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="31" style="border:none;"></td>
  <td width="92" style="border:none;"></td>
  <td width="105" style="border:none;"></td>
  <td width="153" style="border:none;"></td>
  <td width="96" style="border:none;"></td>
  <td width="245" 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:5.66%;">
  <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="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.56%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.82%;">
  <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:5.66%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.96%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.56%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.82%;">
  <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:5.66%;">
  <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="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.56%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.82%;">
  <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:5.66%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.96%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.56%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.82%;">
  <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:5.66%;">
  <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="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.56%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.82%;">
  <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:5.66%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.96%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.56%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.82%;">
  <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:5.66%;">
  <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="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.56%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.82%;">
  <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:5.66%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.96%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.56%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.82%;">
  <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:5.66%;">
  <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="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.56%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.82%;">
  <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;">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=12,EFW="2110009",CP="BUNGE LIMITED",DN="6",CHK=642070,FOLIO='12',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_5_4584.CHC",USER="ARUSS",CD='May  2 01:06 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:5.66%;">
  <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="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.56%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.82%;">
  <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:5.66%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.96%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.56%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.82%;">
  <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:5.66%;">
  <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="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.56%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.82%;">
  <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>

<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:56.52%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="32%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:32.54%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.94%;">
  <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:56.52%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="43%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:43.48%;">
  <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:56.52%;">
  <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%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:43.48%;">
  <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:56.52%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="43%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:43.48%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:25.96%;">
  <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:30.56%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="32%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:32.54%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.94%;">
  <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:56.52%;">
  <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%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:43.48%;">
  <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="187" style="border:none;"></td>
  <td width="220" style="border:none;"></td>
  <td width="235" style="border:none;"></td>
  <td width="79" 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;">TO BE COMPLETED BY PURCHASER IF (1) OR (3) ABOVE IS CHECKED.</font></p>

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

<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="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.0%;">
  <p style="font-size:10.0pt;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:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="2" 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;">Dated:</font></p>
  </td>
  <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>
 </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;">13</font></p>


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<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="2110009",CP="BUNGE LIMITED",DN="6",CHK=709302,FOLIO='13',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_4_5_4584.CHC",USER="ARUSS",CD='May  2 01:06 2003' -->
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<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 align="center" 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 align="center" style="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 following increases
or decreases in this Global Note have been 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>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.56%;">
  <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:1.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:21.38%;">
  <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 0in 0in 0in;width:.7%;">
  <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:21.84%;">
  <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 0in 0in 0in;width:.58%;">
  <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 0in 0in 0in;width:22.08%;">
  <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 0in 0in 0in;width:.84%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="24%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:24.02%;">
  <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 signatory<br>
  of Trustee or Securities Custodian</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="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="6%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:6.56%;">
  <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:1.0%;">
  <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:21.38%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <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:21.84%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="22%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:22.08%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.84%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="24%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:24.02%;">
  <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:1.0%;">
  <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="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.56%;">
  <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:1.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.38%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.84%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.08%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.84%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="24%" valign="bottom" style="padding:0in 0in 0in 0in;width:24.02%;">
  <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:1.0%;">
  <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;">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>

</div>


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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>8
<FILENAME>a2110009zex-5_1.htm
<DESCRIPTION>EX-5.1
<TEXT>
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<div style="font-family:'Times New Roman';">

<p align="right" style="margin:0in 0in .0001pt 373.35pt;text-align:right;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 5.1</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 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 36.85pt;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 36.85pt;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 36.85pt;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="76%" style="border-collapse:collapse;margin-left:109.0pt;width:76.22%;">
 <tr>
  <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.18%;">
  <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="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="89%" valign="top" style="padding:0in .7pt 0in .7pt;width:89.36%;">
  <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 F-3 relating to 3-3/4%
  Convertible Notes due 2022</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt 36.85pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 36.85pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 36.85pt;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 36.85pt;text-autospace:none;text-indent:72.25pt;"><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-3 (the &#147;Registration Statement&#148;) relating to
the registration under the Securities Act of 1933, as amended (the &#147;Act&#148;), for
the resale by certain selling securityholders identified in the Registration
Statement of $206,276,000 original principal amount of 3-3/4% Convertible Notes
due 2022 (the &#147;Notes&#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 36.85pt;text-autospace:none;text-indent:72.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Notes were issued pursuant to an Indenture, dated as of November
27, 2002 (the &#147;Indenture&#148;), among Bunge Limited Finance Corp., a Delaware
corporation (the &#147;Company&#148;), Bunge Limited, a company formed with limited
liability under the laws of Bermuda, as guarantor (the &#147;Guarantor&#148;), and The
Bank of New York, as trustee (the &#147;Trustee&#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 36.85pt;text-autospace:none;text-indent:72.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have acted as United States counsel for the Company in connection
with the issuance by the Company of the Notes. We have examined signed copies
of the Registration Statement. We have also examined and relied upon 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.</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 36.85pt;text-autospace:none;text-indent:72.25pt;"><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</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>

<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="2110009",CP="BUNGE LIMITED",DN="7",CHK=19835,FOLIO='',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_5_1_4584.CHC",USER="ARUSS",CD='May  2 13:01 2003' -->
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<p style="font-size:12.0pt;margin:0in 0in .0001pt;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;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 36.85pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 36.85pt;text-autospace:none;text-indent:72.25pt;"><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 36.85pt;text-autospace:none;text-indent:72.25pt;"><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 36.85pt;text-autospace:none;text-indent:72.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a) The enforceability of the Notes and the obligations of the Company
thereunder and the availability of certain rights and remedial provisions
provided for in the Notes 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)&nbsp;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)&nbsp;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)&nbsp;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)&nbsp;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 36.85pt;text-autospace:none;text-indent:72.25pt;"><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 Notes.</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 36.85pt;text-autospace:none;text-indent:72.25pt;"><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
Notes have been duly authorized by the Company, and have been duly executed and
delivered by the Company. The Notes constitute the 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.</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 36.85pt;text-autospace:none;text-indent:72.25pt;"><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>


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<!-- ZEQ.=1,SEQ=2,EFW="2110009",CP="BUNGE LIMITED",DN="7",CHK=123069,FOLIO='',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_5_1_4584.CHC",USER="ARUSS",CD='May  2 13:01 2003' -->
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<p style="font-size:12.0pt;margin:0in 0in .0001pt;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;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 109.1pt;text-autospace:none;"><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</font></p>

<p style="margin:0in 0in .0001pt 36.85pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Securities
and Exchange Commission (the &#147;Commission&#148;) as an exhibit to the Registration</font></p>

<p style="margin:0in 0in .0001pt 36.85pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Statement
in accordance with the requirements of Item 601 (b)(5) of Regulation S-K under
the</font></p>

<p style="margin:0in 0in .0001pt 36.85pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Act
and to the use of our name therein and in the related Prospectus under the
caption &#147;Legal</font></p>

<p style="margin:0in 0in .0001pt 36.85pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Matters&#148;.
In giving such consent, we do not hereby admit that we are in the category of
persons</font></p>

<p style="margin:0in 0in .0001pt 36.85pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">whose
consent is required under Section 7 of the Act or the rules and regulations of
the</font></p>

<p style="margin:0in 0in .0001pt 36.85pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Commission.</font></p>

<p style="margin:0in 0in .0001pt 36.85pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 36.85pt;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%;">
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  <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.76%;">
  <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:50.24%;">
  <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>
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  <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.76%;">
  <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:50.24%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
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  <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.76%;">
  <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:50.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ WINSTON
  &amp; STRAWN</font></p>
  </td>
 </tr>
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  <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.76%;">
  <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:50.24%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.76%;">
  <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:50.24%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
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  <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.76%;">
  <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:50.24%;">
  <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>
</table>

<p style="margin:0in 0in .0001pt 36.85pt;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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<DESCRIPTION>EX-5.2
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;5.2</font></b></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 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;">[SHEARMAN &amp; STERLING LETTERHEAD]</font></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;">May 2, 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;"><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;">&nbsp;</font></p>

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

<p style="margin:0in 0in .0001pt;"><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;">50 Main Street</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">White Plains, New
York 10606</font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registration Statement on Form F-3</font></u></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:0in;"><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:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have acted as counsel for Bunge Limited Finance Corp., a Delaware
corporation (the &#147;Company&#148;), and special United States counsel for Bunge
Limited, a Bermuda company (the &#147;Guarantor&#148;), in connection with the
preparation and filing of a Registration Statement on Form F-3 (the
&#147;Registration Statement&#148;) by the Company and the Guarantor with the Securities
and Exchange Commission under the Securities Act of 1933, as amended, with
respect to </font><font size="2" style="font-size:10.0pt;">(i) $206,276,000 aggregate principal amount of 3.75% </font><font size="2" style="font-size:10.0pt;">convertible</font><font size="2" style="font-size:10.0pt;"> notes due 2022 of
the Company (the &#147;Notes&#148;); (ii) the Guarantor&#146;s full and unconditional
guarantee thereof (the &#147;Guarantee&#148;); (iii) 6,418,010 common shares, par value
US$0.01 per share, of the Guarantor issuable upon conversion of the Notes, and
such additional number of common shares as may become issuable upon conversion
of the Notes to prevent dilution (the &#147;Common Shares&#148;); and (iv) the Series A
Preference Share rights attached to the Common Shares to be offered for sale
from time to time by the selling securityholders identified in the prospectus
forming part of the Registration Statement.</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;">In this capacity, we have examined the Registration Statement, the
Indenture dated as of November 27, 2002 (the &#147;Indenture&#148;) among the Company,
the Guarantor and The Bank of New York, as trustee (the &#147;Trustee&#148;) (including
the Guarantee set forth therein) and originals, or copies identified to our
satisfaction, of such corporate records of the Company and the Guarantor,
certificates of public officials, officers of the Company and the Guarantor and
other persons, and such other documents, agreements and instruments as we have
deemed necessary for the opinions hereinafter expressed.</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;">In our examination, we have assumed the legal capacity of all natural
persons, the genuineness of all signatures, the authenticity of all documents
submitted to us as originals, the conformity to originals of all documents
submitted to us as certified, conformed or photostatic</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;">1</font></p>


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</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=1,EFW="2110009",CP="BUNGE LIMITED",DN="8",CHK=463321,FOLIO='1',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_5_2_4584.CHC",USER="ARUSS",CD='May  2 17:10 2003' -->
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<p align="center" style="font-size:12.0pt;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;">copies
and the authenticity of the originals of such latter documents.&#160; As to any facts material to the opinions
expressed herein which were not independently established or verified, we have
relied upon oral or written statements and representations of officers and other
representatives of the Company and the Guarantor and others.</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;">Our opinion set forth below is limited to the laws of the United
States, the laws of the State of New York (other than securities laws and blue
sky laws of the State of New York) and the General Corporation Law of the State
of Delaware, and we do not express any opinion concerning any other laws.&#160; We are not admitted to practice in Bermuda
and have not made any independent investigation of Bermuda laws.</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;">Based upon the foregoing, we are of the opinion that:</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: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
Indenture has been duly executed and delivered by the Guarantor (to the extent
execution and delivery by the Guarantor are governed by the laws of the State
of New York), and, assuming the due authorization, execution and delivery thereof
by the Trustee, constitutes a valid and legally binding agreement of the
Guarantor <font style="letter-spacing:-.15pt;">enforceable against the Guarantor
in accordance with its terms</font>, except as enforceability may be limited by
applicable bankruptcy, insolvency (including, without limitation, all laws
relating to fraudulent transfers), reorganization, moratorium or similar laws
affecting the enforceability of creditors&#146; rights generally or by general
principles of equity (regardless of whether enforceability is considered in a
proceeding at law or in equity); and</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: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; assuming
due authorization, execution and delivery of the Indenture by the Guarantor
under Bermuda law, the Guarantee is a valid and legally binding obligation of
the Guarantor enforceable against the Guarantor in accordance with its terms,
except as enforceability may be limited by <font style="letter-spacing:-.15pt;">applicable</font>
bankruptcy, insolvency (including, without limitation, all laws relating to
fraudulent transfers), reorganization, moratorium or similar laws affecting the
enforceability of creditors&#146; rights generally or by general principles of
equity (regardless of whether enforceability is considered in a proceeding at
law or in 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" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">We express no opinion as to the
enforceability of provisions of the Guarantee providing for the indemnity by one
party to any other party thereto against any loss in obtaining the currency due
to such party under such Guarantee from a court judgment in another country. </font><font size="2" style="font-size:10.0pt;">We hereby consent to the use of this
opinion as an exhibit to the Registration Statement and to the used of our name
under the heading &#147;Legal Matters.&#148;&#160; By
giving our consent, we do not admit that we are in the category of persons
whose consent is required under Section 7 of the Securities Act or the rules
and regulations issued or promulgated thereunder.</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%;">
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  <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.76%;">
  <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:50.24%;">
  <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="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.76%;">
  <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:50.24%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
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  <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:50.24%;">
  <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>
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<p align="center" style="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>


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<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;5.3</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 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>

<h1 align="left" style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2 May 2003</font></h1>

<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</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-3 filed by Bunge Limited Finance Corp.
(&#147;BLFC&#148;) and the Company 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
$206,276,000 aggregate principal amount of 3.75% convertible notes due 2022 of
BLFC (the &#147;Notes&#148;) fully and unconditionally guaranteed by the Company,
6,418,010 common shares, par value US$0.01 per share, of the Company issuable
upon conversion of the Notes, and such additional number of common shares as
may become issuable upon conversion of the Notes to prevent dilution (the
&#147;Common Shares&#148;), and&#160; series A
preference share purchase rights attached to the Common Shares to be offered
for sale from time to time by the selling securityholders identified in the
prospectus forming part of the Registration Statement.</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 27
November 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, certified extracts of resolutions passed at a meeting of the
directors of the Company held on 28 and 29 October 2002, certified extracts of
resolutions passed at a meeting of the Finance and Risk Management Committee of
the directors of the Company held on 21 November 2002 (collectively, the
&#147;Minutes&#148;), a copy of a letter to the Company from the Bermuda Monetary
Authority dated 10 July 2001 granting permission for the issue and
transferability of the Company&#146;s shares, subject to the conditions set out
therein, 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 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="2110009",CP="BUNGE LIMITED",DN="9",CHK=571951,FOLIO='',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_5_3_4584.CHC",USER="ARUSS",CD='May  2 12:46 2003' -->
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</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;">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 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, (k) that upon the issue of Common Shares at the
time of conversion of the Notes, the Company will receive or will have received
money or money&#146;s worth for such Common Shares at least equal to the aggregate
par value of the Common Shares issued, (l) that at the time the Common Shares
are issued, shares of the Company will be listed on an &#147;appointed stock
exchange&#148; as defined in the Companies Act 1981.</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 and the Common Shares
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 .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 .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;&#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 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="2110009",CP="BUNGE LIMITED",DN="9",CHK=163734,FOLIO='',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_5_3_4584.CHC",USER="ARUSS",CD='May  2 12:46 2003' -->
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<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>

<p style="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;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">When issued on
conversion of the Notes as contemplated by the Registration Statement, the
Common Shares will be validly issued, fully paid and non-assessable (which
expression means that no further sums are required to be paid by the holders
thereof in connection with the issue of such Common Shares).</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 .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;&#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 captions &#147;Enforcement of
Civil Liabilities&#148; and &#147;Legal Matters&#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>


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

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>11
<FILENAME>a2110009zex-8_1.htm
<DESCRIPTION>EX-8.1
<TEXT>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;8.1</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 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>

<h1 align="left" style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2 May 2003</font></h1>

<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</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-align:justify;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-3 filed by Bunge Limited Finance Corp.
(&#147;BLFC&#148;) and the Company 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
$206,276,000 aggregate principal amount of 3.75% convertible notes due 2022 of
BLFC (the &#147;Notes&#148;) fully and unconditionally guaranteed by the Company,
6,418,010 common shares, par value US$0.01 per share, of the Company issuable
upon conversion of the Notes, and such additional number of common shares as
may become issuable upon conversion of the Notes to prevent dilution (the
&#147;Common Shares&#148;), and series A preference share purchase rights attached to the
Common Shares to be offered for sale from time to time by the selling
securityholders identified in the prospectus forming part of the Registration
Statement.</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 27
November 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, certified extracts of resolutions passed at a meeting of the
directors of the Company held on 28 and 29 October 2002, certified extracts of
resolutions passed at a meeting of the Finance and Risk Management Committee of
the directors of the Company held on 21 November 2002 (collectively, 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 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="2110009",CP="BUNGE LIMITED",DN="10",CHK=217208,FOLIO='',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_8_1_4584.CHC",USER="ARUSS",CD='May  2 12:44 2003' -->
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<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;">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 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 Documents
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: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&#160; and the purpose of the
registration of the Notes and the Common Shares 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 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: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 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: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>


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<TYPE>EX-8.2
<SEQUENCE>12
<FILENAME>a2110009zex-8_2.htm
<DESCRIPTION>EX-8.2
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<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&nbsp;8.2</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;">[SHEARMAN
&amp; STERLING LETTERHEAD]</font></p>

<p style="margin: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;">&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;">&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;">May
2, 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;"><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;">Bunge Limited</font></p>

<p style="margin:0in 0in .0001pt;"><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;">50 Main Street</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">White Plains, New York 10606</font></p>

<p style="margin: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;">&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;">&nbsp;</font></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;"><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;text-autospace:none;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-3, (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 .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';margin:0in 0in .0001pt;text-autospace:none;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 registering $206,276,000 of the Issuer&#146;s </font><font size="2" style="font-size:10.0pt;">3.75%
Convertible Notes (&#147;Notes&#148;) </font><font size="2" style="font-size:10.0pt;">and the common shares of the Guarantor issuable upon conversion of the
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 style="font-family:'Times New Roman';margin:0in 0in .0001pt;text-autospace:none;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 </font><font size="2" style="font-size:10.0pt;">&#147;Taxation &#151; Certain U.S. Federal Income Tax Considerations,&#148; insofar as
such discussion represents legal conclusions or statements of United States
federal income tax law, </font><font size="2" style="font-size:10.0pt;">subject to the limitations and conditions set forth
therein, and except for the specific discussion regarding the Issuer&#146;s possible
U.S. federal income tax characterization as a passive foreign </font><font size="2" style="font-size:10.0pt;">investment</font><font size="2" style="font-size:10.0pt;"> company under the caption
&#147;Passive Foreign Investment Company Status,&#148; constitutes our opinion as to the
material United States federal income tax consequences relevant to </font><font size="2" style="font-size:10.0pt;">the purchase, ownership and disposition
of the Notes, and the ownership and disposition of the Issuer&#146;s common shares
acquired upon the conversion of the 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 style="margin:0in 0in .0001pt;text-autospace:none;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</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>

<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;">1</font></p>


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</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=1,EFW="2110009",CP="BUNGE LIMITED",DN="11",CHK=540753,FOLIO='1',FILE="DISK014:[03NYC4.03NYC4584.EDGAR]F-3_EX_8_2_4584.CHC",USER="ARUSS",CD='May  2 12:45 2003' -->
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<p align="center" style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="font-family:'Times New Roman';margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 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 caption </font><font size="2" style="font-size:10.0pt;">&#147;</font><font size="2" style="font-size:10.0pt;">Legal Matters.</font><font size="2" style="font-size:10.0pt;">&#148;</font><font size="2" style="font-size:10.0pt;">&#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>

<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="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.76%;">
  <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:50.24%;">
  <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="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.76%;">
  <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:50.24%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.76%;">
  <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:50.24%;">
  <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 align="center" style="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>


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<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>13
<FILENAME>a2110009zex-12_1.htm
<DESCRIPTION>EX-12.1
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<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&nbsp;12.1</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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Statement Regarding Computation of Ratios of Earnings to Fixed Charges</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="43%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:43.08%;">
  <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="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="52%" colspan="9" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:52.78%;">
  <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="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="43%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:43.08%;">
  <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="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:8.84%;">
  <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="2%" valign="bottom" style="border:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="8%" 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:8.84%;">
  <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="2%" valign="bottom" style="border:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="8%" 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:8.84%;">
  <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="2%" valign="bottom" style="border:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="8%" 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:8.84%;">
  <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:2.12%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="8%" 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:8.94%;">
  <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;">1998</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="43%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:43.08%;">
  <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="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="52%" colspan="9" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:52.78%;">
  <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="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="43%" colspan="2" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:43.08%;">
  <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="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:8.84%;">
  <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;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:8.84%;">
  <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;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:8.84%;">
  <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;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:8.84%;">
  <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;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:8.94%;">
  <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;padding:0in .7pt 0in .7pt;width:2.02%;">
  <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="43%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:43.08%;">
  <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="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:8.84%;">
  <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="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:8.84%;">
  <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="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:8.84%;">
  <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="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:8.84%;">
  <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="padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:8.94%;">
  <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="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.02%;">
  <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="5%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:5.78%;">
  <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:</font></u></p>
  </td>
  <td width="37%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:37.3%;">
  <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="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:8.84%;">
  <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="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:8.84%;">
  <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="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:8.84%;">
  <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="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:8.84%;">
  <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;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:8.94%;">
  <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="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.02%;">
  <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="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.78%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="37%" valign="top" style="padding:0in .7pt 0in .7pt;width:37.3%;">
  <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="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:8.84%;">
  <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" style="padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:8.84%;">
  <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="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:8.84%;">
  <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="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:8.84%;">
  <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="padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:8.94%;">
  <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="padding:0in .7pt 0in .7pt;width:2.02%;">
  <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="5%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:5.78%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="37%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:37.3%;">
  <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="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:8.84%;">
  <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;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:8.84%;">
  <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;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:8.84%;">
  <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;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:8.84%;">
  <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;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:8.94%;">
  <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;padding:0in .7pt 0in .7pt;width:2.02%;">
  <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="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.78%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="37%" valign="top" style="padding:0in .7pt 0in .7pt;width:37.3%;">
  <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="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:8.84%;">
  <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="padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:8.84%;">
  <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="padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:8.84%;">
  <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="padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:8.84%;">
  <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="padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:8.94%;">
  <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="padding:0in .7pt 0in .7pt;width:2.02%;">
  <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="5%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:5.78%;">
  <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;">less:</font></u></p>
  </td>
  <td width="37%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:37.3%;">
  <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="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:8.84%;">
  <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;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:8.84%;">
  <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="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:8.84%;">
  <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="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:8.84%;">
  <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;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:8.94%;">
  <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" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.02%;">
  <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="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.78%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="37%" valign="top" style="padding:0in .7pt 0in .7pt;width:37.3%;">
  <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="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:8.84%;">
  <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="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:8.84%;">
  <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="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:8.84%;">
  <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="padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:8.84%;">
  <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="padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:8.94%;">
  <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="padding:0in .7pt 0in .7pt;width:2.02%;">
  <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="5%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:5.78%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="37%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:37.3%;">
  <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="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:8.84%;">
  <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;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:8.84%;">
  <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;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:8.84%;">
  <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;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:8.84%;">
  <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;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:8.94%;">
  <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;padding:0in .7pt 0in .7pt;width:2.02%;">
  <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="43%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:43.08%;">
  <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="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:8.84%;">
  <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="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:8.84%;">
  <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="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:8.84%;">
  <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="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:8.84%;">
  <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="padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:8.94%;">
  <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="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.02%;">
  <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="43%" colspan="2" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:43.08%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:8.84%;">
  <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;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:8.84%;">
  <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;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:8.84%;">
  <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;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:8.84%;">
  <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;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:8.94%;">
  <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;padding:0in .7pt 0in .7pt;width:2.02%;">
  <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="43%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:43.08%;">
  <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="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:8.84%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:8.84%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:8.84%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:8.84%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:8.94%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.02%;">
  <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="43%" colspan="2" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:43.08%;">
  <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="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:8.84%;">
  <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;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:8.84%;">
  <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="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:8.84%;">
  <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="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:8.84%;">
  <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;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:8.94%;">
  <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" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.02%;">
  <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="43%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:43.08%;">
  <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="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:8.84%;">
  <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="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:8.84%;">
  <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="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:8.84%;">
  <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="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:8.84%;">
  <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="padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:8.94%;">
  <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="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.02%;">
  <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="5%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:5.78%;">
  <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:</font></u></p>
  </td>
  <td width="37%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:37.3%;">
  <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="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:8.84%;">
  <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="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:8.84%;">
  <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;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:8.84%;">
  <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;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:8.84%;">
  <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;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:8.94%;">
  <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;padding:0in .7pt 0in .7pt;width:2.02%;">
  <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="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.78%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="37%" valign="top" style="padding:0in .7pt 0in .7pt;width:37.3%;">
  <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="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:8.84%;">
  <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="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:8.84%;">
  <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="padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:8.84%;">
  <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="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:8.84%;">
  <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="padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:8.94%;">
  <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" style="padding:0in .7pt 0in .7pt;width:2.02%;">
  <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="5%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:5.78%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="37%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:37.3%;">
  <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="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:8.84%;">
  <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="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:8.84%;">
  <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="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:8.84%;">
  <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;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:8.84%;">
  <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;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:8.94%;">
  <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;padding:0in .7pt 0in .7pt;width:2.02%;">
  <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="43%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:43.08%;">
  <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="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:8.84%;">
  <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="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:8.84%;">
  <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="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:8.84%;">
  <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="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:8.84%;">
  <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="padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:8.94%;">
  <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="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.02%;">
  <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="43%" colspan="2" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:43.08%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:8.84%;">
  <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;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:8.84%;">
  <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;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:8.84%;">
  <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;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:8.84%;">
  <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;padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:8.94%;">
  <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;padding:0in .7pt 0in .7pt;width:2.02%;">
  <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="43%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:43.08%;">
  <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="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:8.84%;">
  <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="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.12%;">
  <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="8%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:8.84%;">
  <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="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.12%;">
  <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="8%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:8.84%;">
  <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="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.12%;">
  <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="8%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:8.84%;">
  <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" style="padding:0in .7pt 0in .7pt;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:8.94%;">
  <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="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</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="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;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 .0001pt .25in;text-indent:-.25in;"><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><font size="2" style="font-size:10.0pt;">Earnings were inadequate to cover fixed charges by $19
million.</font></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;">
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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>14
<FILENAME>a2110009zex-23_1.htm
<DESCRIPTION>EX-23.1
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NAME="eo4582_exhibit_23.1"> </A>
<A NAME="toc_eo4582_1"> </A>
<BR></FONT><FONT SIZE=2><B>Exhibit 23.1    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="eo4582_independent_auditors__consent"> </A>
<A NAME="toc_eo4582_2"> </A>
<BR></FONT><FONT SIZE=2><B>INDEPENDENT AUDITORS' CONSENT    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We consent to the incorporation by reference in this Registration Statement of Bunge Limited on Form&nbsp;F-3 of our reports dated
February&nbsp;21, 2003 (except Note&nbsp;29, dated March&nbsp;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&nbsp;20-F of Bunge Limited for the year ended December&nbsp;31, 2002 and to
the reference to us under the heading "Experts" in the Prospectus, which is part of this Registration Statement. </FONT></P>

<P><FONT SIZE=2>/s/
DELOITTE&nbsp;&amp; TOUCHE LLP<BR>
New York, New York<BR>
May&nbsp;1, 2003 </FONT></P>

<HR NOSHADE>
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<FONT SIZE=2><A HREF="#toc_eo4582_1">Exhibit 23.1</A></FONT><BR>
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<FONT SIZE=2><A HREF="#toc_eo4582_2">INDEPENDENT AUDITORS' CONSENT</A></FONT><BR>
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<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>15
<FILENAME>a2110009zex-23_2.htm
<DESCRIPTION>EX-23.2
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NAME="ep4582_exhibit_23.2"> </A>
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<BR></FONT><FONT SIZE=2><B>Exhibit 23.2    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ep4582_independent_auditors__consent"> </A>
<A NAME="toc_ep4582_2"> </A>
<BR></FONT><FONT SIZE=2><B>INDEPENDENT AUDITORS' CONSENT    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We consent to the incorporation by reference in this Registration Statement of Bunge Limited on Form&nbsp;F-3 of our report dated
February&nbsp;14, 2003 on the consolidated financial statements of Cereol S.A. at September&nbsp;30, 2002 and at December&nbsp;31, 2001 and for the nine months ended September&nbsp;30, 2002
and the year ended December&nbsp;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&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), appearing in the Annual Report on Form&nbsp;20-F of Bunge Limited for the year ended December&nbsp;31, 2002 and to the reference to us under the heading "Experts" in the
Prospectus, which is part of this Registration Statement. </FONT></P>

<P><FONT SIZE=2>/s/
DELOITTE TOUCHE TOHMATSU<BR>
Paris, France<BR>
April&nbsp;30, 2003 </FONT></P>

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<FONT SIZE=2><A HREF="#toc_ep4582_1">Exhibit 23.2</A></FONT><BR>
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<FONT SIZE=2><A HREF="#toc_ep4582_2">INDEPENDENT AUDITORS' CONSENT</A></FONT><BR>
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<DOCUMENT>
<TYPE>EX-25.1
<SEQUENCE>16
<FILENAME>a2110009zex-25_1.htm
<DESCRIPTION>EX-25.1
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NAME="er4582_exhibit_25.1"> </A>
<A NAME="toc_er4582_1"> </A>
<BR></FONT><FONT SIZE=2><B>Exhibit&nbsp;25.1    <BR>  </B></FONT></P>

<HR NOSHADE>
<HR NOSHADE>
<P ALIGN="CENTER"><FONT SIZE=5><B>FORM T-1<BR>  </B></FONT><FONT SIZE=3><B>SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549  </B></FONT></P>

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

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<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2><B>New York</B></FONT><FONT SIZE=2><BR>
(State of incorporation if not a U.S. national bank)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2><B>13-5160382</B></FONT><FONT SIZE=2><BR>
(I.R.S. employer identification no.)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%" ALIGN="CENTER"><BR><FONT SIZE=2><B>One Wall Street, New York, N.Y.</B></FONT><FONT SIZE=2><BR>
(Address of principal executive offices)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" ALIGN="CENTER"><BR><FONT SIZE=2><B>10286</B></FONT><FONT SIZE=2><BR>
(Zip code)</FONT></TD>
</TR>
</TABLE>
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<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=5><B>Bunge Limited Finance Corp.<BR>  </B></FONT><FONT SIZE=2>(Exact name of obligor as specified in its charter) </FONT></P>

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<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2><B>Delaware</B></FONT><FONT SIZE=2><BR>
(State or other jurisdiction of incorporation or organization)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2><B>26-002-1554</B></FONT><FONT SIZE=2><BR>
(I.R.S. employer identification no.)</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=5><B>Bunge Limited<BR>  </B></FONT><FONT SIZE=2>(Exact name of obligor as specified in its charter) </FONT></P>

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<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2><B>Bermuda</B></FONT><FONT SIZE=2><BR>
(State or other jurisdiction of incorporation or organization)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2><B>N/A</B></FONT><FONT SIZE=2><BR>
(I.R.S. employer identification no.)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%" ALIGN="CENTER"><BR><FONT SIZE=2><B>50 Main Street, White Plains, New York</B></FONT><FONT SIZE=2><BR>
(Address of principal executive offices)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" ALIGN="CENTER"><BR><FONT SIZE=2><B>10606</B></FONT><FONT SIZE=2><BR>
(Zip code)</FONT></TD>
</TR>
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<P ALIGN="CENTER"><FONT SIZE=2>3.75%
Convertible Notes due 2022<BR>
(Title of the indenture securities) </FONT></P>

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<HR NOSHADE>
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<P><FONT SIZE=2><A
NAME="page_et4582_1_1"> </A> </FONT> <FONT SIZE=2><B>1.&nbsp;&nbsp;&nbsp;&nbsp;General information. Furnish the following information as to the Trustee:  </B></FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(a)</B></FONT></DT><DD><FONT SIZE=2><B>Name and address of each examining or supervising authority to which it is subject.  </B></FONT></DD></DL>
</UL>
<BR>

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<TH WIDTH="49%" ALIGN="CENTER"><FONT SIZE=1><B>Name</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="49%" ALIGN="CENTER"><FONT SIZE=1><B>Address</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2>Superintendent of Banks of the State of New York</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2>2 Rector Street, New York, N.Y. 10006, and Albany, N.Y. 12203</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><BR>
Federal Reserve Bank of New York</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
33 Liberty Plaza, New York, N.Y. 10045</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><BR>
Federal Deposit Insurance Corporation</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
Washington, D.C. 20429</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><BR>
New York Clearing House Association</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
New York, New York 10005</FONT></TD>
</TR>
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<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(b)</B></FONT></DT><DD><FONT SIZE=2><B>Whether it is authorized to exercise corporate trust powers.</B></FONT></DD></DL>
</UL>
<UL>

<P><FONT SIZE=2>Yes.
</FONT></P>

</UL>

<P><FONT SIZE=2><B>2.&nbsp;&nbsp;&nbsp;&nbsp;Affiliations with Obligor.  </B></FONT></P>

<UL>

<P><FONT SIZE=2><B> If the obligor is an affiliate of the trustee, describe each such affiliation.  </B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None. </FONT></P>

<P><FONT SIZE=2><B>16.&nbsp;&nbsp;List of Exhibits.  </B></FONT></P>

<UL>

<P><FONT SIZE=2><B> Exhibits identified in parentheses below, on file with the Commission, are incorporated herein by reference as an exhibit hereto, pursuant to Rule&nbsp;7a-29 under the Trust Indenture
Act of 1939 (the "Act") and 17 C.F.R. 229.10(d).  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD><FONT SIZE=2>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. (Exhibit&nbsp;1 to Amendment No.&nbsp;1 to Form&nbsp;T-1 filed with Registration Statement No.&nbsp;33-6215, Exhibits 1a and 1b to
Form&nbsp;T-1 filed with Registration Statement No.&nbsp;33-21672 and Exhibit&nbsp;1 to Form&nbsp;T-1 filed with Registration Statement
No.&nbsp;33-29637.)
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>4.</FONT></DT><DD><FONT SIZE=2>A
copy of the existing By-laws of the Trustee. (Exhibit&nbsp;4 to Form&nbsp;T-1 filed with Registration Statement No.&nbsp;33-31019.)
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>6.</FONT></DT><DD><FONT SIZE=2>The
consent of the Trustee required by Section&nbsp;321(b) of the Act. (Exhibit&nbsp;6 to Form&nbsp;T-1 filed with Registration Statement
No.&nbsp;33-44051.)
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>7.</FONT></DT><DD><FONT SIZE=2>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></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>1</FONT></P>

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</UL>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_ev4582_1_2"> </A> </FONT> <FONT SIZE=2><B>SIGNATURE  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>

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<TD WIDTH="39%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>THE BANK OF NEW YORK</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="54%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>VAN K. BROWN</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Van K. Brown<BR></FONT> <FONT SIZE=2><I>Vice President</I></FONT></TD>
</TR>
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<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

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<UL>
<FONT SIZE=2><A HREF="#toc_er4582_1">Exhibit 25.1</A></FONT><BR>
</UL>
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<SEQUENCE>17
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end

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