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TABLE OF CONTENTS

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Report of Independent Registered Public Accounting Firm						1


Financial Statements

Statements of Net Assets Available for Benefits as of December 31, 2019 and 2018						2

Statements of Changes in Net Assets Available for Benefits for the Years ended December 31, 2019 and 2018						3

Notes to Financial Statements						4


Exhibits

Signature						12

Exhibit 23.1 Consent of Independent Registered Public Accounting Firm						13

We have audited the accompanying statements of net assets available for benefits of the Bunge Savings Plan (the “Plan”) as of December 31, 2019 and 2018, and the related statements of changes in net assets available for benefits for the years then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2019 and 2018, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.


BUNGE SAVINGS PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 2019 AND 2018


	2019		2018

INVESTMENTS, at fair value:
Mutual funds	$	22,703,598	$	8,612,515
Bunge Limited common shares	319,496		291,957
Collective trust fund	2,604,757		—
Common stock	399,640		252,204
Non interest bearing cash	435		—
Interest bearing cash	120,777		41,110

Total Plan interest in Bunge Defined Contribution Master Trust	26,148,703		9,197,786

RECEIVABLES:
Notes receivable from participants	740,254		—
Employer contributions	5,199		—

Total receivables	745,453		—

NET ASSETS AVAILABLE FOR BENEFITS	$	26,894,156	$	9,197,786


See notes to financial statements.


BUNGE SAVINGS PLAN

STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018


	2019		2018

ADDITIONS:
Participants’ contributions	$	631,734	$	604,639
Employer contributions	204,303		160,403
Rollover contributions	—		2,543

Plan interest in Bunge Defined Contribution Master Trust:
Investment income — dividends	417,203		471,204
Investment income — interest	1,170		837
Net appreciation (depreciation) in value of investments	1,969,888		(997,280)

Net appreciation (depreciation) of Plan interest in Bunge Defined Contribution Master Trust	2,388,261		(525,239)

Total Additions	3,224,298		242,346

DEDUCTIONS:
Benefits paid to participants	556,415		829,484
Administrative expenses	29,146		24,941

Total Deductions	585,561		854,425

INCREASE (DECREASE) IN NET ASSETS	2,638,737		(612,079)

Plan transfers	15,057,633		(9,218)

NET ASSETS AVAILABLE FOR BENEFITS — Beginning of year	9,197,786		9,819,083

NET ASSETS AVAILABLE FOR BENEFITS — End of year	$	26,894,156	$	9,197,786

See notes to financial statements

The Bunge Savings Plan (the “Plan”) was established on April 1, 1996. On January 1, 2004, the Plan was amended to change the Plan name to the Bunge Savings Plan, transfer assets attributable to non-union participants in the Plan to the Bunge Retirement Savings Plan and transfer the assets of the Central Soya 401(k) Plan for Hourly Employees (“CSY Plan”) to the Plan. The Plan was further amended to provide that Plan provisions applicable to participants in the CSY Plan are set forth in a separate subplan known as Supplement A to the Plan. Effective January 1, 2005, the assets attributable to Supplement A participants were transferred to the Bunge Savings Plan – Supplement A. Plan assets attributable to the subplan covering Supplement A participants may only be used to pay benefits for Supplement A participants, and trust assets attributable to the subplan covering the remaining participants may only be used to pay benefits for such participants. Significant accounting policies followed by the Plan are as follows.

Investment Valuation and Income (Loss) Recognition — The Plan’s investment in the Bunge Defined Contribution Master Trust (the “Trust”) is presented at fair value, which has been determined based on the fair value of the underlying investments of the Trust. The Trust’s investments include mutual funds, Bunge Limited common shares, interest bearing cash, non interest bearing cash, and other common stock holdings that are stated at estimated fair value based on quoted market prices.

The Collective trust fund is a stable value fund that is composed primarily of fully benefit-responsive investment contracts that are valued at the net asset value of units of the bank collective trust. The net asset value is used as a practical expedient to estimate fair value.

Sales and purchases of investments are accounted for on a trade date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Earnings (losses) on investments are allocated to participants based on daily account balances. See Note 9 for discussion of fair value measurements.

Administrative Expenses — Administrative expenses of the Plan are paid by the participants as provided in the plan document. Certain expenses of maintaining the Plan are paid directly by the Company and are excluded from these financial statements.

Use of Estimates — The preparation of financial statements in conformity with GAAP requires the Plan's management to make estimates and assumptions that affect the reported amounts of assets, liabilities, accompanying notes of the Plan financial statements, and changes therein and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.

Risks and Uncertainties — The Plan invests in the Trust which holds various securities, including mutual funds, Bunge Limited common shares, a collective trust fund, interest bearing cash, non interest bearing cash and other common stock holdings. Investment securities, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities may occur in the near term and that such changes could materially affect the amounts reported in the financial statements.

Change in Accounting Policy — On January 1, 2019 the Plan adopted Accounting Standards Update No. 2017-06, Plan Accounting Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965), Employee Benefit Plan Master Trust Reporting (“ASU 2017-06”). The amendments in this update require a plan’s interest in that master trust and any change in that interest to be presented in separate line items in the statements of net assets available for benefits and in the statement of changes in net assets available for benefits, respectively. Additionally, ASU 2017-06 removed the requirement to disclose the percentage interest in the master trust for plans with divided interests and requires that all plans disclose the dollar amount of their interest in each of those general types of investments, which supplements the existing requirement to disclose the master trust’s balances in each general type of investments. The adoption of ASU 2017-06 did not have an impact on the Plan's net assets available for benefits or change in net assets available for benefits. See Note 8 - Interest in Bunge Defined Contribution Master Trust.

The Plan is a defined contribution plan designed to qualify under Section 401(k) of the Internal Revenue Code (“IRC”) and is administered by the Investment Committee (the “Committee”) appointed by the Board of Directors of Bunge North America, Inc. (the "Company"). The Company has appointed Fidelity Management Trust Company (“Fidelity”) to serve as record keeper, administrator, and trustee of both the Plan and the Trust. The descriptions of Plan terms in the following notes to financial statements are provided for general information purposes only and are qualified in their entirety by reference to the Plan document. Participants should refer to the Plan document for a more complete description of the applicable provisions of the Plan. All regular hourly employees, except those regular hourly employees of Bunge North America (East), L.L.C. (collectively “Employer Group”) whose terms and conditions of employment are subject to a collective bargaining agreement that bargained to participate in the Plan, are eligible Plan participants. Individual accounts are maintained for each Plan participant. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).

Contribution limits for participants are based on their respective collective bargaining agreements. As determined by the IRC’s qualified retirement plan limits, the total amount which a participant could elect to contribute to the Plan on a pre-tax basis could not exceed $19,000. However, if a participant reached age 50 by December 31, they are able to contribute an additional $6,000 in “catch up” contributions to the Plan on a pre-tax basis.

The employer match in cash for participant contributions, if any, is subject to participant collective bargaining agreements. Such matching contributions are credited to individual participants’ accounts, and vest at a rate of 20% per year and all matching contributions become 100% vested following five years of continuous service. Participants will forfeit any non-vested portion of their account balance upon leaving the Company’s employment for any reason other than normal retirement. Any such forfeited amounts are redistributed to continuing participants in the manner specified in the Plan.

Plan participants may select from a number of investment alternatives for their contributions. Investment choices include various mutual funds, common stock, and the Bunge Common Stock Fund (subject to certain limits) (the "Bunge Fund”). The Bunge Fund pools a participant’s money with that of other employees to buy common shares of Bunge Limited as well as short-term investments designed to allow participants to buy or sell without the usual trade settlement period for individual stock transactions. The value of the participant investment in the Bunge Fund will vary depending on the performance of Bunge Limited, the overall stock market, and the performance and amount of short-term investments held by the Bunge Fund, less any expenses accrued against the Bunge Fund. All dividends and interest earned in the Bunge Fund are reinvested in the Bunge Fund. Participant’s ownership in the Bunge Fund is measured in units of the Bunge Fund instead of common shares.

Employer Group matching contributions are allocated to participants based upon the current contribution allocation among investment alternatives elected by the individual participant. Thereafter, employee and employer contributions may be reallocated by the participant among all investment alternatives.

Participants may not withdraw pre-tax contributions except as provided for hardship withdrawals or age 59½ withdrawals permitted by the Plan. Following normal retirement or termination of employment, participants must withdraw their entire account balances in a lump sum or any other form of payment allowed by the Plan prior to April 1 following the calendar year in which the participant attains age 70½. Participants with account balances less than or equal to $5,000 upon retirement or termination must withdraw their entire account balances in a lump sum or any other form of payment allowed by the Plan on the date the participant terminates employment. Withdrawals by participants are recorded upon distribution. A participant may withdraw all or any portion of their rollover contribution account, including earnings, at any time.

The Plan was amended effective December 31, 2019 to allow the transfer of outstanding loans from the Loders Croklaan Savings Plan in to the Plan. The loans are secured by the balance in the participant's account. Loan payments, including interest due, are paid ratably through payroll deductions. As of December 31, 2019, participant loans bear interest rates of 5.25% and mature through December 2029. No allowance for credit losses has been recorded as of December 31, 2019. Notes receivable from participants are measured at their unpaid principal balance plus any accrued, but unpaid interest. Fees related to the administration of notes receivable from participants are charged directly to the participant's account and are included in the administrative expense.

Although it has not expressed any intention to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions set forth in ERISA. In the event the Plan is terminated, participants will become 100% vested in their employer contributions.

The Plan obtained its latest determination letter from the Internal Revenue Service on March 31, 2016, stating that the Plan and related trust was designed and in compliance with the applicable sections of the IRC. Although the Plan has been amended since receiving the determination letter, the plan administrator believes that the Plan is currently designed and being operated in compliance with the applicable requirements of the IRC and the Plan and related trust continue to be tax exempt. Accordingly, no provision for income taxes has been recorded in the Plan’s financial statements.

GAAP requires plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the state and federal taxing authorities. The plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2019, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

Certain of the Trust’s investments are in shares of funds offered by Fidelity. Therefore, these transactions qualify as exempt party-in-interest transactions under ERISA. Fees paid by the Plan were $29,146 and $24,941 for the years ended December 31, 2019 and 2018, respectively.

The Plan allows for participants to invest in the Bunge Fund (subject to certain limits) which holds Bunge Limited common shares, as well as, short-term investments. Bunge Limited is the parent company of the sponsoring Company. The Bunge Fund held 148,260 and 142,967 common shares of Bunge Limited at December 31, 2019 and 2018, respectively of which 5,552 and 5,463 shares were allocated to the Plan at December 31, 2019 and 2018, respectively. During 2019 and 2018, the Plan recorded dividend income of $11,105 and $10,215, respectively, and net appreciation (depreciation) in fair value of $22,387 and $(73,176), respectively, from Bunge Limited common shares.

The Plan’s investment assets are held in the Trust which was established for the investment of the combined assets of the Plan and other defined contribution plans sponsored by the Company. The assets of the Trust are held, managed, and administered by Fidelity pursuant to the terms of the Bunge Defined Contribution Master Trust. Investment income and administrative expenses relating to the Trust are allocated to the individual participants in the plans based upon individual participant activity. Each participating retirement plan has a divided interest in the Trust.

The Trust is required to maintain separate accounts reflecting the equitable share of each participating plan in the Trust. The Plan’s equitable share of the Trust cannot be used for the payments of expenses or benefits allocable to any other participating plan.


	2019						2018
	Bunge Defined Contribution Master Trust	Plan's Interest in Master Trust				Bunge Defined Contribution Master Trust	Plan's Interest in Master Trust

Cash		$	3,101,597	$	121,212		$	3,035,359	$	41,110

Investments – at fair value:
Mutual funds		354,602,032		22,703,598			259,757,462		8,612,515
Bunge Limited common shares		8,532,363		319,496			7,640,156		291,957
Collective trust fund		4,894,989		2,604,757			—		—
Common stock		3,943,210		399,640			2,765,113		252,204

Total investment at fair value		371,972,594		26,027,491			270,162,731		9,156,676

Receivables
Notes receivable from participants		5,415,969		740,254			4,479,181		—
Employer contributions		390,017		5,199			334,953		—

Total receivables		5,805,986		745,453			4,814,134		—

Total		$	380,880,177	$	26,894,156		$	278,012,224	$	9,197,786

The various inputs that may be used to determine the value of the Plan’s and Trust’s investments are summarized in three broad levels. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. There have been no changes in methodologies or investment levels during the years ended December 31, 2019 and 2018.

The following tables set forth by level within the fair value hierarchy a summary by category of equity securities held by the Trust measured at fair value on a recurring basis at December 31, 2019 and 2018. The tables do not include the Trust’s cash of $3,101,597 and $3,035,359, respectively, in accordance with the disclosure requirements of ASC 820, or the Collective trust fund value of $4,894,989 at December 31, 2019, in accordance with the disclosure requirements of ASC 820-10 for certain investments measured at net asset value per share (or its equivalent).


	Fair Value Measurements at December 31, 2019, Using

	Quoted Prices
	in Active		Significant
	Markets for		Other		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total

Mutual funds	$	354,602,032	$	—	$	—	$	354,602,032
Bunge Limited common shares	8,532,363		—		—		8,532,363
Common stock	3,943,210		—		—		3,943,210

Total	$	367,077,605	$	—	$	—	$	367,077,605

	Fair Value Measurements at December 31, 2018, Using

	Quoted Prices
	in Active		Significant
	Markets for		Other		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total

Mutual funds	$	259,757,462	$	—	$	—	$	259,757,462
Bunge Limited common shares	7,640,156		—		—		7,640,156
Common stock	2,765,113		—		—		2,765,113

Total	$	270,162,731	$	—	$	—	$	270,162,731

Certain Plan participants also had accounts in another defined contribution plan sponsored by the Company or a company within the same control group. Plan transfers included in the statements of changes in net assets available for benefits reflect transfers made to combine multiple participant accounts into each participant’s active account. In addition, if a change in a participant’s employment classification occurs during a plan year (for example, transfer from union to non-union classification), the assets related to such

participant would be transferred to the applicable plan within the control group for such participant’s new employment status. Such transfer will be made within a reasonable period of time following the change in employment classification. Timing of those transfers may from time-to-time result in plan payables or receivables in the respective plans.

Effective December 31, 2019 the Plan was amended to merge the employees who were participants of the Loders Croklaan Savings Plan for Salaried Employees ("Loders Plan") in regards to accounts, years of service, and vested benefits. Total assets transferred into the Plan were $15,057,633.

The following table summarizes investments for which fair value is measured using the net asset value per share practical expedient as of December 31, 2019. There were no investments measured using the net asset value per share as of December 31, 2018. There are no participant redemption restrictions for these investments; the redemption notice period is applicable only to the Plan.

(1) Withdrawals made on the collective trust can be initiated daily. Plan Sponsor terminations of the contracts can be initiated daily. Disbursements of the funds for Plan Sponsor terminations will be provided as soon as practicable within twelve months following written notice.


	2019		2018
Net assets available for benefits per the financial statements	$	26,894,156	$	9,197,786
Adjustment from contract value to fair value for fully benefit-responsive investment contracts	35,119		—
Net assets available for benefits per Form 5500	$	26,929,275	$	9,197,786


	2019
Net increase in net assets available for benefits per the financial statements	$	2,638,737
Change in adjustment from contract value to fair value for fully benefit-responsive investment contracts	35,119
Net increase in net assets available for benefits per the Form 5500	$	2,673,856

The Plan is in the process of operationally being amended to implement certain changes permitted by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act). Provisions in this legislation allow certain eligible participants to receive coronavirus-related distributions, temporarily suspend repayment of outstanding loans, and suspend required minimum distributions.

We consent to incorporation by reference in the Registration Statement (Form S-8 No. 333-75762) of our report dated June 26, 2020, relating to the statements of net assets available for benefits of the Bunge Savings Plan as of December 31, 2019 and 2018, and the related statements of changes in net assets available for benefits for the years then ended, which appears in the December 31, 2019 Annual Report on Form 11-K of the Bunge Savings Plan.


	2019		2018

Net appreciation (depreciation) in fair value of investments	$	53,249,106	$	(27,903,620)
Investment income	12,010,935		13,624,244
Total	$	65,260,041	$	(14,279,376)


BUNGE SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS
AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018