Sugar and Bioenergy segment—Bunge participates in the sugar and sugarcane-based ethanol industries through its sugar trading and merchandising business, headquartered in London, and its sugarcane milling operations in Brazil. In addition, Bunge has investments in entities that produce corn-based ethanol in the United States. Bunge wholly-owns or has majority interests in seven sugarcane mills in Brazil, five of which were acquired in the Moema acquisition in February 2010 (see Note 2 of the notes to the consolidated financial statements). Bunge also has an 80% stake in a greenfield mill, which commenced commercial operations in the fourth quarter of 2010. Most of the mills allow Bunge to adjust production, within certain capacity limits, between sugar (raw and crystal) and sugarcane-based ethanol (hydrous and anhydrous), allowing Bunge to readily respond to changes in customer demand and market prices within each of these product lines. Bunge also has cogeneration facilities at all mills, which produce energy through the burning of sugarcane bagasse in boilers, enabling these mills to be self-sufficient for their energy needs and, in most cases, to sell surplus energy to third parties such as local utilities.

In the first quarter of 2010, Bunge began reporting the results of its sugar and bioenergy businesses as a reportable segment. Prior to 2010, sugar and bioenergy results and assets were included in the agribusiness segment. Accordingly, amounts for prior years presented have been reclassified to conform to the current year segment presentation.

As a result, Bunge has five reportable segments—agribusiness, sugar and bioenergy, edible oil products, milling products and fertilizer—which are organized based upon similar economic characteristics and are similar in nature of products and services offered, the nature of production processes, the type and class of customer and distribution methods. The agribusiness segment is characterized by both inputs and outputs being agricultural commodities and thus high volume and low margin. The sugar and bioenergy segment involves sugar origination, milling, trading and merchandising businesses, as well as sugar and sugarcane-based ethanol production and corn-based ethanol investments and activities. Following the completion of the sale of Bunge's Brazilian fertilizer nutrients assets in May 2010, the activities of the fertilizer segment include its blending and distribution business in Brazil as well as its operations in Argentina and the United States (see Note 3 of the notes to the condensed consolidated financial statements). Additionally, Bunge has retained its 50% interest in its fertilizer joint venture in Morocco. The edible oil products segment involves the manufacturing and marketing of products derived from vegetable oils. The milling products segment involves the manufacturing and marketing of products derived primarily from wheat and corn.

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

(US$ in millions)	Agribusiness			Sugar and Bioenergy			Edible Oil Products			Milling Products			Fertilizer			Unallocated			Total

2010
Net sales to external customers	$	30,138		$	4,455		$	6,783		$	1,605		$	2,726		$	—		$	45,707
Inter-segment revenues		3,902			24			96			41			115			(4,178	)		—
Gross profit(1)		1,660			101			427			168			155			—			2,511
Foreign exchange gain (loss)		(4	)		30			—			(1	)		(23	)		—			2
Equity in earnings of affiliates		18			(6	)		—			3			12			—			27
Noncontrolling interest(2)		(47	)		9			(5	)		—			(35	)		44			(34	)
Other income (expense)		2			(8	)		(10	)		5			(15	)		—			(26	)
Segment EBIT(3)		840			(13	)		80			67			2,344			(90	)		3,228
Depreciation, depletion and amortization expense		(179	)		(116	)		(78	)		(27	)		(43	)		—			(443	)
Investments in affiliates		509			20			15			13			52			—			609
Total assets		16,100			4,679			2,243			771			2,208			—			26,001
Capital expenditures		409			365			66			23			182			27			1,072
2009
Net sales to external customers	$	27,934			2,577		$	6,184		$	1,527		$	3,704		$	—		$	41,926
Inter-segment revenues		3,462			77			131			17			18			(3,705	)		—
Gross profit(1)		1,330			49			412			152			(739	)		—			1,204
Foreign exchange gain (loss)		216			2			(4	)		(1	)		256			—			469
Equity in earnings of affiliates		15			(12	)		86			4			(13	)		—			80
Noncontrolling interest(2)		(26	)		6			(10	)		—			87			(31	)		26
Other income (expense)		(4	)		2			(7	)		(1	)		(15	)		—			(25	)
Segment EBIT		812			8			181			58			(616	)		—			443
Depreciation, depletion and amortization expense		(179	)		(15	)		(73	)		(27	)		(149	)		—			(443	)
Investments in affiliates		506			20			15			14			67			—			622
Total assets		11,172			2,691			2,030			670			4,683			40			21,286
Capital expenditures		222			257			55			24			329			31			918
2008
Net sales to external customers	$	35,670			1,018		$	8,216		$	1,810		$	5,860		$	—		$	52,574
Inter-segment revenues		7,871			289			112			6			173			(8,451	)		—
Gross profit(1)		2,009			20			356			202			1,449			—			4,036
Foreign exchange gain (loss)		(196	)		(2	)		(22	)		1			(530	)		—			(749	)
Equity in earnings of affiliates		12			(6	)		17			4			7			—			34
Noncontrolling interest(2)		(26	)		2			(8	)		—			(323	)		93			(262	)
Other income (expense)		(21	)		15			14			—			2			—			10
Segment EBIT		959			(10	)		(11	)		104			321			—			1,363
Depreciation, depletion and amortization expense		(178	)		(8	)		(74	)		(18	)		(161	)		—			(439	)
Investments in affiliates		484			41			155			12			69			—			761
Total assets		11,404			795			2,093			597			5,030			311			20,230
Capital expenditures		286			177			101			70			230			32			896

(1)

In 2010, Bunge recorded pretax impairment charges of $77 million in cost of goods sold related to its operations in Europe, Brazil and the U.S. Of these pretax impairment charges $35 million of these charges was allocated to the agribusiness segment, $28 million to the edible oil products segment and $14 million to the milling products segment. In addition, Bunge recorded pretax restructuring charges of $19 million in cost of goods sold, related primarily to termination benefit costs of its U.S. and Brazil operations, which it allocated $10 million, $1 million, $4 million and $4 million to its agribusiness, sugar and bioenergy, edible oil products and fertilizer segment, respectively. Bunge also recorded $10 million in selling, general and administrative expenses, related to its Brazilian operations, which it allocated $3 million, $3 million, $3 million and $1 million to its agribusiness, sugar and bioenergy, edible oil products and milling products segment, respectively, in its consolidated statements of income (see Note 9 of the notes to the consolidated financial statements).

In 2009, Bunge recorded pretax impairment charges of $5 million in cost of goods sold, relating to the permanent closure of a smaller, older and less efficient oilseed processing and refining facility, in its agribusiness segment. In addition, Bunge recorded pretax impairment charges of $26 million in selling, general and administrative expenses, relating to the write-down of certain real estate assets and a biodiesel equity investment, in its agribusiness segment.

In 2008, Bunge recorded pretax asset impairment and restructuring charges of $23 million in the agribusiness segment and $3 million in the edible oil products segment. The impairment and restructuring charges related to permanent closure of older less efficient facilities and related employee termination costs, and environmental expenses. These impairment and restructuring charges are recorded in cost of goods sold in Bunge's consolidated statements of income (see Note 9 of the notes to the consolidated financial statements).

(2)

Includes noncontrolling interest share of interest and tax to reconcile to consolidated net income attributable to noncontrolling interest and other amounts not attributable to Bunge's operating segments.

(3)

In 2010, Bunge sold its Brazilian fertilizer nutrients assets, including its interest in Fertilizantes Fosfatados S.A. (Fosfertil). Bunge recognized a pretax gain of $2,440 million on this transaction which is included in segment EBIT (see Note 3 of the notes to the consolidated financial statements). Also, included in segment EBIT for 2010 is an unallocated loss of $90 million related to loss on extinguishment of debt (see Note 17 of the notes to the consolidated financial statements).

Total segment earnings before interest and taxes (EBIT) is an operating performance measure used by Bunge's management to evaluate segment operating activities. Bunge's management believes total segment EBIT is a useful measure of operating profitability, since the measure allows for an evaluation of the performance of its segments without regard to its financing methods or capital structure. In addition, EBIT is a financial measure that is widely used by analysts and investors in Bunge's industries.

A reconciliation of total segment EBIT to net income attributable to Bunge follows:

Geographic area information for net sales to external customers, determined based on the location of the subsidiary making the sale, and long-lived assets follows:

	Year Ended December 31,

(US$ in millions)	2010		2009		2008
Net sales to external customers:
Europe	$	15,490	$	13,815	$	18,189
United States		10,441		10,267		12,153
Brazil		9,027		9,203		11,998
Asia		6,136		5,385		5,524
Argentina		2,918		1,836		2,730
Canada		1,658		1,388		1,954
Rest of world		37		32		26

Total	$	45,707	$	41,926	$	52,574