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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NAME OF REGISTRANT:</B> Bunge Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NAME OF PERSON RELYING ON EXEMPTION:</B> Green
Century Capital Management</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ADDRESS OF PERSON RELYING ON EXEMPTION:</B>
114 State Street, Suite 200, Boston, MA 02109</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1A1A1A"><B>Written materials are submitted
pursuant to Rule 14a-6(g)(1) promulgated under the Securities Exchange Act of 1934.&nbsp;Submission is not required of this filer under
the terms of the Rule but is made voluntarily in the interest of public disclosure and consideration of these important issues.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-top: black 0.5pt solid; border-right: black 0.5pt solid; border-left: black 0.5pt solid"><B>Shareholder
Proposal No. 5 on Bunge Limited 2021 Proxy Statement:</B></P>

<DIV STYLE="padding: 0in 4pt 0in 0in; border-right: black 0.5pt solid; border-left: black 0.5pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SHAREHOLDER PROPOSAL REGARDING A REPORT ON THE
SOY SUPPLY CHAIN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Bunge Limited Symbol: BG</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-right: black 0.5pt solid; border-bottom: black 0.5pt solid; border-left: black 0.5pt solid">Filed
by: Green Century Capital Management</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Green Century Capital Management seeks your support for the deforestation-related
proposal filed at Bunge Limited (hereby referred to as &ldquo;Bunge&rdquo; or &ldquo;the Company&rdquo;) in the 2021 proxy statement asking
the Company to issue a report assessing if and how it could increase the scale, pace, and rigor of its efforts to eliminate native vegetation
conversion in its soy supply chain. The Proponent believes that taking such action would serve the long-term interests of the Company
by mitigating operational, market, competitive, reputational, and financial risks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Resolved</B>: Shareholders request Bunge issue a report assessing
if and how it could increase the scale, pace, and rigor of its efforts to eliminate native vegetation conversion in its soy supply chain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Supporting Statement</B>: Proponents defer to management&rsquo;s
discretion, but recommend assessment of the relative benefits and drawbacks of integrating the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Commitment to eliminate the conversion of all native vegetation in soy supply chains;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Cut-off dates in supply chains that perpetuate native vegetation conversion;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Participation in industry sourcing agreements seeking to curtail native vegetation conversion in the Cerrado;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Improved supplier management efforts, including engagement on supplier non-compliance, disclosing suspension criteria, and increased
use of third-party monitoring and verification.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>RATIONALE FOR A &ldquo;YES&rdquo; VOTE:</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Operational risks from continued clearance </B>&ndash; Deforestation and native vegetation conversion degrade the ecosystems upon
which agricultural productivity depends, which may negatively impact Bunge&rsquo;s operations and productivity in South America.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Potential market access loss and competitive risk</B> &ndash; More client companies are adopting no-deforestation policies and
committing to 2020 cut-off dates for soy sourcing in the Cerrado. Competitors are beginning to shift with the market; Bunge could become
a laggard in the space.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border: black 1pt solid"><B>This is not a solicitation
of authority to vote your proxy. Please DO NOT send us your proxy card; Green Century Capital Management is not able to vote your proxies,
nor does this communication contemplate such an event. Green Century Capital Management urges shareholders to vote for Item No. 5 following
the instruction provided on the management&rsquo;s proxy mailing.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Potential constrained access to capital</B> &ndash; An increasing number of financial institutions, including some of Bunge&rsquo;s
creditors, are adopting policies to align financing activities with net zero deforestation goals. Bunge may have difficulty accessing
capital until deforestation is eliminated from its supply chains.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Reputational risk</B> &ndash; Bunge has not responded to years of stakeholder and investor engagement on these issues. Additionally,
the Company is being targeted by escalating NGO campaigns over its continued links to deforestation and native vegetation conversion,
which could damage the Company&rsquo;s reputation.</TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Bunge&rsquo;s current policies fail to meet company&rsquo;s no-deforestation commitments</B> &ndash; Despite implementing a no-deforestation
policy, Bunge&rsquo;s current policies are insufficient, as clearance continues to be identified in the Company&rsquo;s supply chain.
Adopting best practice policies would address these gaps.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Shareholders are urged to vote&nbsp;<U>FOR&nbsp;</U>this proposal.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>INTRODUCTION:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">The Proponents are heartened
to learn that Bunge&rsquo;s Board of Directors is recommending a vote in favor of the deforestation-related shareholder proposal, as it
intends to release its 2021 Global Non-Deforestation Report later this year.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>i</SUP></FONT>
A report alone, however, does not constitute risk mitigation, and the Proponents encourage investors to consider the following gaps in
Bunge&rsquo;s no-deforestation policy when engaging with the Company prior to or following the 2021 proxy vote. Without substantive progress
on the following points, Bunge may continue to experience exposure to the deforestation-related risks outlined in this document.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>As of March 2020, Bunge has
NOT</B>:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="background-color: white">&#9679;</FONT></TD><TD><FONT STYLE="background-color: white"><B>Included native vegetation conversion in its no-deforestation policy.</B> In contrast, the
Archer-Daniels-Midland Company (ADM),<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>ii</SUP></FONT>
Cargill,<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>iii</SUP></FONT> and the Louis Dreyfus Company<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>iv</SUP></FONT>
do.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="background-color: white">&#9679;</FONT></TD><TD><FONT STYLE="background-color: white"><B>Committed to a cut-off date for native vegetation conversion in the Cerrado.</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="background-color: white">&#9679;</FONT></TD><TD><FONT STYLE="background-color: white"><B>Publicly demonstrated its support for industry-wide solutions in the Cerrado. </B>In Bunge&rsquo;s
Board of Directors Statement, the Company expresses concern that strengthening its current policies would jeopardize its influence in
multi-stakeholder groups, such as the GTC, and undermine industry-wide progress;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>v</SUP></FONT>
however, the Proponents believe this statement downplays Bunge&rsquo;s role in resisting progress in the GTC in November 2019.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>vi</SUP></FONT>
Establishing a 2020 cut-off date would position Bunge as a leader in the industry and encourage other traders to adopt the policy.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="background-color: white">&#9679;</FONT></TD><TD><FONT STYLE="background-color: white"><B>Developed a sufficient supplier non-compliance policy. </B>Bunge engages with suppliers only
once soy is planted on recently cleared land, not when the clearance first occurs.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>vii</SUP></FONT>
This approach does not address the systemic risks posed by clearance, is not aligned with Accountability Framework initiative (AFi) guidance,
and suggests that Bunge is continuing to source from farmers who are clearing land.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="background-color: white">&cir;</FONT></TD><TD><FONT STYLE="background-color: white">AFi is a collaborative effort developed by a broad coalition of civil society groups and backed
by major corporations like Bunge.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>viii ix</SUP></FONT>
It provides best practice guidance for sustainable agricultural and forestry supply chain management.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="background-color: white">&cir;</FONT></TD><TD><FONT STYLE="background-color: white">According to AFi guidance, the date of adoption of a no-deforestation policy should be a company&rsquo;s
effective cut-off date. If a company does not engage a supplier at the first incidence of clearance, then that company is not appropriately
enforcing the cut-off date.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>x</SUP></FONT> Since Bunge
adopted its no-deforestation policy in 2015,<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>xi</SUP></FONT>
its cut-off date should be 2015; however, Bunge delays supplier engagement until soy is actually planted, not when clearance first occurs,
suggesting that the Company is still willing to buy from suppliers that clear land.</FONT></TD></TR></TABLE>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="background-color: white">&cir;</FONT></TD><TD><FONT STYLE="background-color: white">Best practice for non-compliant supplier engagement on supply chain deforestation is called
a &ldquo;Suspend then Engage&rdquo; approach, pioneered by the largest palm oil trader in the world, Wilmar,<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>xii</SUP></FONT>
and recently adopted by ADM.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>xiii</SUP></FONT> Under this
model, suppliers are suspended from a trader&rsquo;s buying list while the trader works to help the non-compliant supplier come back into
compliance. Once back in compliance, the trader will resume purchasing from the supplier. If the supplier fails to remedy its violations
after a pre-determined timeline, the trader will not resume sourcing.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>xiv</SUP></FONT>
Since implementing the &ldquo;Suspend then Engage&rdquo; approach in January 2019, Wilmar&rsquo;s stock price has increased 66%, demonstrating
the economic viability of such a model.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>xv</SUP></FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="background-color: white">&#9679;</FONT></TD><TD><FONT STYLE="background-color: white"><B>Developed a sufficient indirect supplier traceability policy</B>. </FONT>In March 2021, <FONT STYLE="background-color: white">ADM
set a goal to achieve full indirect supplier traceability by the end of 2022 .<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>xvi xvii</SUP></FONT>
Bunge plans to achieve full indirect supplier traceability by 2025, though </FONT>it began its process in 2018. <FONT STYLE="background-color: white">The
reason behind this significantly longer timeline is unclear.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>BACKGROUND: </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Deforestation and native vegetation
conversion drive systemic risks, like climate change and biodiversity loss, and undermine agricultural productivity.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><U>Deforestation and native vegetation
conversion drive systemic risks</U>: </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">The US Commodity Futures Trading
Commission identifies climate change as a systemic risk that threatens the stability of financial markets;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>xviii</SUP></FONT>
the climate crisis will &ldquo;affect everything that businesses do.&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>xix</SUP></FONT>
Biodiversity loss is an equally impending systemic risk that threatens the stability of industries that depend on ecosystem services.
Depleted ecosystem services will impact financial returns as activities which rely on them take on punitive costs and become less profitable.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>xx</SUP></FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Deforestation is a leading driver
of climate change, accounting for about 12% of anthropogenic emissions<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>xxi</SUP></FONT>
according to the Intergovernmental Panel on Climate Change. Rising temperatures, increased drought, and changing precipitation patterns
resulting from climate change<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>xxii</SUP></FONT> pose material
financial risks to agricultural supply chains in the form of lower crop yields, reduced agricultural productivity,<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>xxiii</SUP></FONT>
and increased costs for irrigation and transportation.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>xxiv</SUP></FONT>
These impacts pose systemic risks to investors in the agricultural industry.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Similarly, habitat conversion
accelerates biodiversity loss. The Amazon rainforest, one of the most biodiverse ecosystems on earth, is home to 10% of the world&rsquo;s
biodiversity. Likewise, the Cerrado is home to 5% of the world&rsquo;s biodiversity, with almost 5,000 species found nowhere else in the
world.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>xxv</SUP></FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><U>Biomes like the Amazon and
Cerrado are key for mitigating these systemic risks:</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">The Amazon rainforest and Cerrado
grassland, the two largest biomes in Brazil, perform regional and global ecosystem services that are vital to maintaining agricultural
productivity and combating the climate crisis.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>xxvi</SUP></FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">The Amazon, for example, creates
local precipitation<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>xxvii</SUP></FONT> and influences
hemispheric rainfall patterns. Deforestation in the Amazon has been found to alter rainfall in Texas and the Gulf of Mexico,<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>xxviii</SUP></FONT>
and continued loss of vegetation in the Amazon is predicted to threaten food production as far as the U.S. Midwest.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>xxix</SUP></FONT>
Experts predict that if a further 3-8% of the Amazon is cleared, the region could reach a tipping point that may result in &ldquo;mega-drought,
forest death, and release of great amounts of stored carbon to the atmosphere.&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>xxx</SUP></FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">The Cerrado hosts the headwaters
for half of South America&rsquo;s watersheds,<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>xxxi</SUP></FONT>
contains the world&rsquo;s second-largest underground water reservoir, and the savannah&rsquo;s deep root system regulates the water table
and the region&rsquo;s hydrological cycle.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>xxxii</SUP></FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Both ecosystems are also important
carbon storage resources. The Cerrado&rsquo;s native vegetation stores 13.7 billion metric tons of carbon;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>xxxiii</SUP></FONT>
the Amazon&rsquo;s absorbs 5% of total annual carbon emissions.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>xxxiv</SUP></FONT>
However, clearance has led to about 20% of the Amazon becoming a net <I>source</I> of carbon dioxide in the past decade,<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>xxxv</SUP></FONT>
and clearance in the Cerrado over a five-year period released the same amount of carbon dioxide as the annual emissions of over 300 million
cars.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>xxxvi</SUP></FONT> In addition, these regions are
critical for renewable energy production: 90% of Brazilians use electricity generated by water originating in the Cerrado.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>xxxvii</SUP></FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Despite these </FONT>benefits,
<FONT STYLE="background-color: white">only around 7.5% of the Cerrado is protected as parks and preserves,<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>xxxviii</SUP></FONT>
and the Brazilian Forest Code requires the conservation of only 20-35% of native vegetation on private lands (compared to 80% in the Amazon
rainforest), leaving the majority of the ecosystem at risk of continued clearance.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>xxxix</SUP></FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Soy production is a leading
driver of deforestation and native vegetation conversion and can be expanded without contributing to more land clearance.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">The Amazon and Cerrado are the
breadbaskets of South America. Halting further clearance is critical to maintaining agricultural viability in these regions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">The amount of land dedicated
to soy farming in South America has almost tripled since 1990, and most of this expansion has occurred in regions like the Amazon and
Cerrado.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>xl</SUP></FONT> 90% of all agriculture in the
Cerrado is soy production.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>xli</SUP></FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Agricultural expansion has come
at expense of native vegetation. About half of the Cerrado has already been converted to farmland, and clearance rates have hovered around
2,500 square miles (6,500 square kilometers) annually from 2016 to 2019.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>xlii</SUP></FONT>
Land speculation is the leading driver of clearance in Brazil, whereby land speculators deforest an area, convert the land to pasture
or other crop production, and later sell the land to a soy producer at a much increased price.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>xliii</SUP></FONT>
Thus, there may be several years between clearance and the conversion to soy plantations, but soy production is the ultimate driver of
clearance in the region. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Halting deforestation and land
conversion does not have to prevent the growth of the Brazilian soy industry. There is about 147,000 square miles (380,000 square kilometers)
of already cleared land in the Cerrado that could be used to grow soy, which would allow soy production to almost triple from the 69,500
square miles (180,000 square kilometers) currently dedicated to soy farms.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>xliv</SUP></FONT>
Furthermore, zero conversion policies would impose minimal constraints on current soy farms because 83% have no remaining suitable areas
that could be legally cleared.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>xlv</SUP></FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Soy farm expansion in the Amazon
has given us a proven case study. From 2006 to 2010 following the adoption of the Amazon Soy Moratorium, an industry-wide agreement to
stop sourcing soy associated with deforestation that occurred after 2008, 91% of soy production expansion occurred on already cleared
land and researchers have found very little evidence of leakage into surrounding areas.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>xlvi</SUP></FONT></FONT>
Soy production in the Amazon also increased 400% following the Moratorium, indicating that economic expansion need not come at the expense
of native ecosystems.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>xlvii</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Cut-off dates are one of the most effective ways to reduce a company&rsquo;s
exposure to deforestation and related risks. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A cut-off date specifies a date after which a company or entire sector
will not purchase crops grown on land that has been cleared of forest or natural vegetation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Company exposure to deforestation in Brazil dropped most dramatically
across all of the grain traders after the establishment of the Amazon Soy Moratorium. <FONT STYLE="background-color: white">The Amazon
Soy Moratorium, which established an industry-wide cut-off date for soy in the Amazon, has been the single most successful mechanism for
reducing deforestation in the Amazon rainforest, resulting in an 86% decrease in clearance in the municipalities covered by the Moratorium,
while supply chain deforestation commitments alone have proven less effective.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>xlviii</SUP></FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Bunge&rsquo;<FONT STYLE="background-color: white">s soy deforestation
risk decreased in the Amazon following the adoption of the Amazon Soy Moratorium,<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>xlix</SUP></FONT>
but has stayed consistent in the Cerrado where the Moratorium does not apply.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>l</SUP></FONT>
This finding is also reflected in the Trase Finance data referenced above, as the Company&rsquo;s deforestation risk noticeably drops
following the 2008 cut-off date but appears relatively consistent before and after the Company&rsquo;s adoption of its no-deforestation
policy.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>li</SUP></FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">The Brazilian soy industry has
admitted that the Amazon Soy Moratorium has been extremely effective in preventing deforestation, and the success of jurisdictional agreements
elsewhere in the world also support this notion.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>lii</SUP></FONT>
According to a recent report from the Earth Innovation Institute, 28% of the world&rsquo;s tropical forests are located in 39 subnational
jurisdictions that have taken a similar holistic approach &ndash; and half of them have seen deforestation drop below projected levels,
resulting in up to 6.8 gigatonnes of avoided carbon emissions.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>liii</SUP></FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Unfortunately, the Cerrado Working
Group (GTC), the group working toward a similar agreement for the Cerrado of whic</FONT>h Bunge<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>liv</SUP></FONT>
is <FONT STYLE="background-color: white">a member, has not seen significant activity in over a year and a half. In November 2019 the GTC
and signatories of the Statement of Support for the Cerrado Manifesto (SOS), which include large multinational corporations like McDonald&rsquo;s
and Nestle, were closing in on a joint agreement for protecting the Cerrado from further clearance. The agreement would have included
sourcing practices, cut-off dates, and financial compensation for farmers across the region; however, members of the GTC, including </FONT>Bunge,
<FONT STYLE="background-color: white">pulled away from the agreement.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>lv</SUP></FONT>
Since no significant progress has been made since, it is critical that grain traders </FONT>like Bunge either <FONT STYLE="background-color: white">work
swiftly to resurrect the 2019 agreement or move forward with establishing their own cut-off dates to address deforestation risk as quickly
as possible.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>OPERATIONAL RISK:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Deforestation poses significant
setbacks to soy production, exportation, and pricing, impairing Bunge&rsquo;s operations. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">Continued deforestation and native vegetation clearance
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">undermine ecosystem benefits critical to agriculture, including precipitation
patterns, soil protection, and carbon storage. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD>Half of the Cerrado&rsquo;s native vegetation has been removed for agricultural purposes, contributing to an 8.4% decrease in rainfall
and more variable precipitation patterns.<SUP>lvi</SUP> Since soy grown in the Cerrado is largely rainfed, decreases in rainfall can
reduce yields as much as 40% during drought years<SUP>lvii</SUP> and may lead to producers turning toward irrigation, which is costly
and may rapidly deplete the Urucuia Aquifer.<SUP>lviii</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD>Increased precipitation pattern variability also disrupts and delays soy harvests. This past year, heavy rainfall decreased the amount
of soy harvested 50% compared with harvests during this time last year.<SUP>lix</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD>Soil is non-renewable over a human timescale, making erosion a significant threat to agricultural productivity.<SUP>lx</SUP> Deforestation
in the Cerrado has led to an increase in soil loss of 1.6 mg per hectare per year between 2000 and 2012, which was connected to a 5.5
million hectare loss in agricultural productivity.<SUP>lxi</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD>Native vegetation clearance reduces the Cerrado&rsquo;s carbon sequestration capacity, which contributes to climate change. Climate
changes is expected to bring higher temperatures and lower rainfall,<SUP>lxii</SUP> which is anticipated to cause an estimated economic
loss of $1.7 billion for the main crops in the Cerrado. <SUP>lxiii</SUP></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Weather uncertainty is the largest factor in soybean price volatility<SUP>lxiv</SUP>
and can impact the capacity of export routes, generating risk for grain traders like Bunge. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD>Bunge&rsquo;s increase in revenue in 2020 stems from a shift in the pattern of commodity trading because of the drought in Brazil.<SUP>lxv</SUP>
The drought caused a delay in planting of soy in Brazil, driving up its costs, and, in turn, favoring American-based producers.<SUP>lxvi</SUP>
Because weather changes year to year, this improvement will not continue, and can just as likely reverse.<SUP>lxvii</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD><FONT STYLE="background-color: white">The Parana River, home to the Rosario port that handles 95% of the region&rsquo;s soymeal and
soybean oil shipments,<SUP>lxviii</SUP> hit 50-year water level lows due to droughts upstream in the Cerrado.<SUP>lxix</SUP> The river&rsquo;s
low flows reduced the amount cargo ships could carry by 10,000 tons, incurring costs of $244 million to the industry over 4 months.<SUP>lxx</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>MARKET ACCESS LOSS AND COMPETITIVE
RISK </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Downstream companies, including
</B></FONT><B>Bunge<FONT STYLE="background-color: white">&rsquo;s clients, have no-deforestation commitments and are updating their terms
to reflect a 2020 cut-off date for deforestation in the Cerrado.</FONT> Bunge <FONT STYLE="background-color: white">risks losing market
access to competitors if it does not follow suit.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="background-color: white">&#9679;</FONT></TD><TD><FONT STYLE="background-color: white">Over 480 companies have made commitments to reduce their exposure to deforestation.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>lxxi</SUP></FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="background-color: white">&#9679;</FONT></TD><TD><FONT STYLE="background-color: white">The Consumer Goods Forum&rsquo;s Forest Positive Approach, which consists of 18 companies with
a combined market value of U.S. $1.8 trillion, published its first Soy Roadmap that reflects the need to adopt biome-specific cut-off
dates for both legal and illegal land conversion.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>lxxii</SUP></FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="background-color: white">&cir;</FONT></TD><TD><FONT STYLE="background-color: white">The roadmap states that &ldquo;the cut-off dates adopted for the different biomes must align
with sectoral cut-off dates where they exist (e.g. Amazon Soy Moratorium, legal cut-off dates) and be no later than 2020 for the rest.
The cut-off dates apply to both legal and illegal deforestation and conversion of natural ecosystems.&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>lxxiii</SUP></FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="background-color: white">&cir;</FONT></TD><TD><FONT STYLE="background-color: white">CGF members participating in the Forest Positive Approach include Nestle, PepsiCo, Procter &amp;
Gamble, Unilever, and Walmart.</FONT></TD></TR></TABLE>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="background-color: white">&#9679;</FONT></TD><TD><FONT STYLE="background-color: white">The majorit</FONT>y <FONT STYLE="background-color: white">of French supermarket chains made
a joint announcement in November 2020 that they would be adopting a 2020 deforestation and conversion free cut-off date.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>lxxiv</SUP></FONT></FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="background-color: white">&#9679;</FONT></TD><TD><FONT STYLE="background-color: white">Norwegian salmon producers Bremnes Seashore and the Norwegian Salmon Group, a buying cooperative
comprised of 44 salmon farmers, have announced they will no longer purchase Brazilian soy due to its links to deforestation.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>lxxv</SUP></FONT>
Grieg Seafood announced it would not allow purchases of Brazilian soy from </FONT>Bunge <FONT STYLE="background-color: white">competitor,
Cargill, because of the company&rsquo;s ties to deforestation. Nestle ceased purchasing Brazilian soy from Cargill as well in 2019.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>lxxvi</SUP></FONT></FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="background-color: white">&#9679;</FONT></TD><TD><FONT STYLE="background-color: white">In February 2021 the LDC Group, the largest French poultry producer, announced it would not
purchase soy grown in the Cerrado on land cleared after January 1, 2020.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>lxxvii</SUP></FONT></FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="background-color: white">&#9679;</FONT></TD><TD><FONT STYLE="background-color: white">The Cerrado Manifesto Statement of Support is being endorsed by a growing number of companies.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="background-color: white">&cir;</FONT></TD><TD><FONT STYLE="background-color: white">In 2017 a group of civil society organizations published the Cerrado Manifesto, which called
on companies active in the Cerrado to take action against deforestation and conversion in the biome. Shortly after, 23 major corporations,
including McDonald&rsquo;s and Walmart, announced their support.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>lxxviii</SUP></FONT></FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="background-color: white">&cir;</FONT></TD><TD><FONT STYLE="background-color: white">Support for the Cerrado Manifesto has grown to 164 companies and institutional investors. The
complete list includes companies like L&rsquo;Oreal, Nestle, and Unilever, and large asset managers like BNP Paribas Asset Management
and BMO Global Asset Management.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>lxxix</SUP></FONT></FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="background-color: white">&cir;</FONT></TD><TD><FONT STYLE="background-color: white">The group sent a letter to </FONT>Bung<FONT STYLE="background-color: white">e in December 2020
urging the Company to stop sourcing soy linked to deforestation in the Cerrado region.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>lxxx</SUP></FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Competing grain traders have
adopted stronger no-deforestation policies than Bunge, including key competitor ADM.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="background-color: white">&#9679;</FONT></TD><TD><FONT STYLE="background-color: white">The Archer-Daniels-Midland Company announced numerous updates to its no-deforestation policy
in March 2021 that surpass the rigor of Bunge&rsquo;s current commitments.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>lxxxi</SUP></FONT>
These include the adoption of a supplier non-compliance protocol that uses a best practice &ldquo;suspend then engage&rdquo; approach,<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>lxxxii</SUP></FONT>
a target date for full indirect supplier traceability,<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>lxxxiii</SUP></FONT></FONT>
expansion of the scope of its no-deforestation policy to eliminate native vegetation conversion in its supply <FONT STYLE="background-color: white">cha</FONT>in<FONT STYLE="background-color: white">,<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>lxxxiv</SUP></FONT>
and the intention to report on deforestation and conversion-free (DCF) soy volumes in the next year.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>lxxxv</SUP></FONT></FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="background-color: white">&#9679;</FONT></TD><TD><FONT STYLE="background-color: white">Three Brazilian soy traders, CJ Selecta, Caramuru, and Imcopa, have established an August 2020
cut-off date for all of their operations in Brazil.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>lxxxvi</SUP></FONT>
These traders are key suppliers to the salmon industry. </FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="background-color: white">&cir;</FONT></TD><TD><FONT STYLE="background-color: white">A large number of companies was involved in the move, including Tesco, Ahold Delhaize, Coop
UK, Marks and Spencer, as well as a number of salmon farmers and processors. <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>lxxxvii</SUP></FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Changing regulations and market
expectations in the U.S. and Europe pose risks to market access.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="background-color: white">&#9679;</FONT></TD><TD><FONT STYLE="background-color: white">Interest in demand-side regulation to prevent deforestation is growing in the U.S. and Europe.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="background-color: white">&cir;</FONT></TD><TD><FONT STYLE="background-color: white">The California Assembly introduced the CA Deforestation-Free Procurement Act in February 2021<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>lxxxviii</SUP></FONT>
and New York introduced similar legislation in 2019 and 2020.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>lxxxix</SUP></FONT></FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="background-color: white">&cir;</FONT></TD><TD><FONT STYLE="background-color: white">In 2020, the EU Parliament urged the European Commission to come forward with a law that tackles
both legal and illegal deforestation, as well as the conversion of savannahs, wetlands, and grasslands.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>xc</SUP></FONT></FONT></TD></TR></TABLE>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="background-color: white">&cir;</FONT></TD><TD><FONT STYLE="background-color: white">France has adopted a National Strategy to Combat Imported Deforestation, which aims to end deforestation
caused by importing unsustainable forest and agricultural products by 2030.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>xci</SUP></FONT></FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="background-color: white">&cir;</FONT></TD><TD><FONT STYLE="background-color: white">France also adopted a &ldquo;vigilance law&rdquo; in 2017 that makes companies legally responsible
for preventing adverse environmental impacts within their operations.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>xcii</SUP></FONT></FONT></TD></TR></TABLE>

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<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="background-color: white">&#9632;</FONT></TD><TD><FONT STYLE="background-color: white">Casino Group has been threatened with a lawsuit over its non-compliance with this law in connection
with its Brazilian subsidiary GPA.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>xciii</SUP></FONT></FONT></TD></TR></TABLE>

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<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="background-color: white">&#9632;</FONT></TD><TD><FONT STYLE="background-color: white">Similar legislation is also under consideration in Germany and the UK.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>xciv</SUP></FONT></FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><FONT STYLE="background-color: white">Europe is a high-value trade destination for Brazilian soy exports, indicating that a loss of
market access due to changing expectations could have a consequential impact on </FONT>Bunge<FONT STYLE="background-color: white">&rsquo;s
</FONT>profits.</TD></TR></TABLE>

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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="background-color: white">&cir;</FONT></TD><TD>Bunge <FONT STYLE="background-color: white">sells oil and feed-meal to European markets, which has an estimated value 40% higher than
the value of uncrushed beans sold to China.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>xcv</SUP></FONT></FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="background-color: white">&cir;</FONT></TD><TD>Bunge and its <FONT STYLE="background-color: white">competitors </FONT>ADM <FONT STYLE="background-color: white">and Cargill </FONT>control
80% of <FONT STYLE="background-color: white">the soy crushing capacity in the EU.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>xcvi</SUP></FONT></FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="background-color: white">&cir;</FONT></TD><TD><FONT STYLE="background-color: white">The shipping </FONT>route to China is farther than <FONT STYLE="background-color: white">to
the EU, likely resulting in higher transport costs and reduced profit margins.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>xcvii</SUP></FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>CONSTRAINED ACCESS TO CAPITAL</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Top American and European financial institutions have developed
policies to prevent the financing of activities that contribute to deforestation. Bunge <FONT STYLE="background-color: white">risks losing
access to capital as more companies adopt similar commitments.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="background-color: white">&#9679;</FONT></TD><TD><FONT STYLE="background-color: white">Five of Bunge&rsquo;s fifteen largest creditors,<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>xcviii</SUP></FONT>
which include JP Morgan,<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>xcix</SUP></FONT> BNP Paribas,<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>c</SUP></FONT>
and Deutsche Bank,<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>ci</SUP></FONT> have commitments in
place for achieving net zero deforestation through the Soft Commodities Compact and other related commitments.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>cii</SUP></FONT><SUP>,<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ciii</FONT></SUP></FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="background-color: white">&#9679;</FONT></TD><TD><FONT STYLE="background-color: white">37 financial institutions representing over EURO 4.8 trillion in assets have committed to protecting
and restoring biodiversity through their financing activities by signing onto the Finance for Biodiversity pledge.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>civ</SUP></FONT></FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="background-color: white">&#9679;</FONT></TD><TD><FONT STYLE="background-color: white">30 institutional investors representing $9 trillion in assets under management have joined the
Net-Zero Asset Managers initiative with the goal of aligning their portfolios with a 1.5 degree scenario, as outlined in the Paris Agreement.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>cv</SUP></FONT>
The initiative is expected to announce additional new signatories in the coming months.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>cvi</SUP></FONT>
As more asset managers follow suit, scrutiny of scope 3 emissions, including those associated with deforestation and natural vegetation
conversion, will deepen.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="background-color: white">&#9679;</FONT></TD><TD><FONT STYLE="background-color: white">In February 2021, Danske Bank announced it would exclude Bunge, ADM, and Cargill from two of
its investment funds due to the companies&rsquo; connection to deforestation in Brazil.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>cvii</SUP></FONT></FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="background-color: white">&#9679;</FONT></TD><TD><FONT STYLE="background-color: white">In June 2020, seven major European investors threatened to divest from companies driving deforestation
in Brazil, including grain traders, unless deforestation in the country is brought under control.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>cviii</SUP></FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>REPUTATIONAL RISK</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Companies that cause deforestation
experience negative attention from civil society and the media, damaging their reputations. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="background-color: white">Downstream companies have long been subject to advocacy campaigns due to their consumer-facing
nature;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>cix cx</SUP></FONT> however, civil society&rsquo;s
attention to the deforestation impacts of Bunge and other upstream companies is growing.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD><FONT STYLE="background-color: white">Mighty Earth is currently running a public pressure campaign against Bunge, with over 60,000
supporters, calling on the Company to take stronger action to prevent deforestation.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>cxi</SUP></FONT>
The group is directly targeting Bunge&rsquo;s Board of Directors.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>cxii</SUP></FONT>&nbsp;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD><FONT STYLE="background-color: white">After Mighty Earth launched a similar campaign against Cargill in July 2019,<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>cxiii</SUP></FONT>
Nestle announced it would cease purchasing soy from the company over concerns about its links to deforestation.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>cxiv</SUP></FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Investors&rsquo; expectations are shifting; they are increasingly recognizing risks stemming from deforestation and are pushing companies
to address them<FONT STYLE="background-color: white">.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD>After fires engulfed the Amazon rainforest in 2019, 251 investors, representing $17.7 trillion, called for no-deforestation commitments
across entire supply chains, transparent monitoring of supplier compliance, and full traceability.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>cxv</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD>In 2020, seven major European investment firms, holding $5 billion in investments, threatened divestment from grain traders and beef
producers, specifically mentioning Bunge, if progress towards curbing destruction of the Amazon is not made.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>cxvi</SUP></FONT>
Another group of 29 investors, representing $3.6 trillion, demanded stronger transparency in the soy and cattle supply chains in Brazil,
highlighting the lag in deforestation policy implementation compared with the timber and palm oil industries.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>cxvii</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Bunge&rsquo;s contribution to deforestation and inaction surrounding these issues has generated negative media attention in several
major outlets.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD>In December 2020, 163 large companies, including Walmart, McDonalds, Nestle, and Unilever, urged several major commodities traders
like Bunge to refuse the trade of soy linked to deforestation in the Cerrado. None of the traders agreed to the proposed measures, generating
news in mainstream outlets including Bloomberg,<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>cxviii</SUP></FONT>
Reuters,<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>cxix</SUP></FONT> and The Washington Post.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>cxx</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD>The New York Times<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>cxxi</SUP></FONT> and Forbes<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>cxxii</SUP></FONT>
have also published articles about economic risks posed to Bunge due to deforestation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>CLEARANCE CONTINUES AMID FAILURE
TO MEET OWN NO-DEFORESTATION COMMITMENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="background-color: white">According to Trase Finance, Bunge&rsquo;s deforestation risk in Brazil is 51% higher than that
of its closest competitor, listed at over 42.5 square miles (110 square kilometers) and concentrated mostly in the Cerrado.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>cxxiii</SUP></FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD><FONT STYLE="background-color: #FEFEFE">Trase Finance is </FONT><FONT STYLE="background-color: white">a supply chain mapping tool
that aggregates publicly available and vendor-procured data to measure the deforestation exposure of financial institutions and commodity
traders</FONT> and is funded by Norway&rsquo;s International Climate and Forest Initiative.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><SUP>cxxiv</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Though Trase Finance&rsquo;s data spans from 2006 to 2018, more recent numbers compiled by Mighty Earth demonstrate a continued pattern
of clearance. <FONT STYLE="background-color: white">Between 2019 and 2020, Bunge was linked to </FONT><FONT STYLE="background-color: #FEFEFE">150.5
square miles (389.8 square kilometers) of clearance, which include 19.4 square miles (50.3 square kilometers) of possible illegal clearance.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>cxxv</SUP></FONT>
Bunge also experienced 16,942 fire alerts in 2020.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>cxxvi</SUP></FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="background-color: #FEFEFE">Over the last few years, Bunge has been linked to numerous controversial farms that were non-compliant
with the Company&rsquo;s existing no-deforestation policy:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>A 2019 Greenpeace International investigation found that Bunge has silos located on the Agroneg&oacute;cio Estrondo estate in the
Cerrado and export soy that is grown there. Agroneg&oacute;cio Estrondo has been tied to illegal land clearance, land grabbing, and slave
labor.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>cxxvii</SUP></FONT> A separate investigation by
<FONT STYLE="background-color: #FEFEFE">Rainforest Foundation Norway corroborated these findings.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>cxxviii</SUP></FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD><FONT STYLE="background-color: #FEFEFE">A 2018 investigation team organized by Mighty Earth, Rainforest Foundation Norway, and Fern
visited numerous farms with evidence of recent deforestation, including illegal deforestation, that allegedly count Bunge as a major customer.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>cxxix</SUP></FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>CONCLUSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Continued exposure to deforestation
poses material financial risks </FONT>to Bunge. <FONT STYLE="background-color: white">The Company&rsquo;s current policies do not adequately
address its deforestation risk, particularly in the Cerrado region of Brazil. Such policies may impact the Company&rsquo;s long-term sustainability
by challenging its ability to meet changing market expectations toward deforestation and conversion-free soy and posing acute operational
risks that could diminish future agricultural productivity in Brazil. Strong action to mitigate deforestation and land conversion risk
</FONT>in Bunge&rsquo;s <FONT STYLE="background-color: white">Brazilian supply chain is needed to protect shareholder value. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Shareholders are urged to vote FOR the item No. 5 asking Bunge to
strengthen its forest policies.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>For questions regarding this proposal, please contact Annalisa Tarizzo,
Green Century Capital Management, (617) 482-0800, atarizzo@greencentury.com</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></I></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>i</SUP> <A HREF="https://www.sec.gov/Archives/edgar/data/1144519/000114451921000065/bg-12312020xdef14a.htm#ie8312662da2e4d45b6334d49cad4d0d1_3132">https://www.sec.gov/Archives/edgar/data/1144519/000114451921000065/bg-12312020xdef14a.htm#ie8312662da2e4d45b6334d49cad4d0d1_3132</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>ii</SUP> https://assets.adm.com/Sustainability/ADM-No-Deforestation-Policy_210323_141338.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>iii</SUP> https://www.cargill.com/doc/1432136544508/cargill-policy-on-south-american-soy.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>iv</SUP> https://www.ldc.com/py/wp-content/uploads/sites/14/SSP_EN_FINAL.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>v</SUP> <A HREF="https://www.sec.gov/Archives/edgar/data/1144519/000114451921000065/bg-12312020xdef14a.htm#ie8312662da2e4d45b6334d49cad4d0d1_3132">https://www.sec.gov/Archives/edgar/data/1144519/000114451921000065/bg-12312020xdef14a.htm#ie8312662da2e4d45b6334d49cad4d0d1_3132</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>vi</SUP> https://news.mongabay.com/2019/07/cargill-rejects-cerrado-soy-moratorium-pledges-30-million-search-for-ideas/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>vii</SUP> https://www.bunge.com/sites/default/files/sustainablevaluechains.go.11.18_0.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>viii</SUP> https://accountability-framework.org/about/about-the-initiative/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>ix</SUP> https://accountability-framework.org/about/whos-using-it/testimonials/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>x</SUP> https://accountability-framework.org/wp-content/uploads/2020/03/OG_Cutoff_Dates-Mar2020.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>xi</SUP> https://www.feednavigator.com/Article/2015/09/21/Investor-action-spurs-Bunge-to-commit-to-zero-deforestation-in-soy-corn-and-other-commodities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>xii</SUP> https://commoditytrading.guru/commodities/worlds-largest-palm-oil-traders/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>xiii</SUP> https://assets.adm.com/Sustainability/ADM-Managing-Supplier-Non-Compliance_210323_080356.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>xiv</SUP> https://www.wilmar-international.com/docs/default-source/default-document-library/sustainability/grievance/grievance-sop/grievance-procedure_final.pdf?sfvrsn=7670cea2_2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>xv</SUP>https://www.google.com/finance/quote/WLMIF:OTCMKTS?sa=X&amp;ved=2ahUKEwj6k8DZtLLvAhXnRTABHYv5CyEQ3ecFMAB6BAgDEBo&amp;window=5Y</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>xvi</SUP> https://www.bunge.com/news/bunge-increases-monitoring-high-risk-areas-deforestation-south-america</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>xvii</SUP> https://assets.adm.com/Sustainability/ADM-Soy-Action-Plan-2021.2022_210323_081400.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>xviii</SUP> https://www.theregreview.org/2020/11/04/ramani-climate-change-systemic-financial-risk/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>xix</SUP> https://hbr.org/2007/10/climate-business-_-business-climate</P>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>xx</SUP> https://realassets.axa-im.com/content/-/asset_publisher/x7LvZDsY05WX/content/biodiversity-crisis-the-role-of-investors-in-resolving-species-extinction-part-1/23818#4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>xxi</SUP> https://www.tsijournals.com/abstract/deforestation-causing-global-warming-and-climate-change-11492.html.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>xxii</SUP> https://climate.nasa.gov/effects/.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>xxiii</SUP> https://www.ucsusa.org/resources/climate-change-and-agriculture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>xxiv</SUP> https://19january2017snapshot.epa.gov/climate-impacts/climate-impacts-transportation_.html#:~:text=Climate%20change%20is%20likely%20to,and%20capacity%20of%20transportation%20systems.&amp;text=Climate%20change%20impacts%20will%20likely,of%20the%20nation's%20transportation%20systems.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>xxv</SUP> https://rainforests.mongabay.com/cerrado/#biodiversity</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>xxvi</SUP> http://nwf-soy.maxlefrancois.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>xxvii</SUP> http://nwf-soy.maxlefrancois.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>xxviii</SUP> https://www.nasa.gov/centers/goddard/news/topstory/2005/deforest_rainfall.html.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>xxix</SUP> https://www.nbcnews.com/news/world/how-amazon-s-fires-deforestation-affect-u-s-midwest-n1045886</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>xxx</SUP> https://news.mongabay.com/2021/02/as-amazon-forest-to-savanna-tipping-point-looms-solutions-remain-elusive/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>xxxi</SUP> https://www.worldwildlife.org/places/cerrado</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>xxxii</SUP> https://besjournals.onlinelibrary.wiley.com/doi/pdf/10.1111/j.1365-2435.2005.01003.x</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>xxxiii</SUP> https://advances.sciencemag.org/content/5/7/eaav7336.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>xxxiv</SUP>https://apnews.com/article/384fdb5ee7654667b53ddb49efce8023#:~:text=The%20Amazon%20absorbs%202%20billion,part%20of%20preventing%20climate%20change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>xxxv</SUP> https://www.bbc.com/news/science-environment-51464694</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>xxxvi</SUP> https://www.reutersevents.com/sustainability/deforestation-briefing-pressure-grows-expansion-amazon-soy-moratorium</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>xxxvii</SUP> https://www.worldwildlife.org/places/cerrado</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>xxxviii</SUP> https://rainforests.mongabay.com/cerrado/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>xxxix</SUP> https://news.mongabay.com/2017/07/is-brazils-forest-code-failing-to-reduce-deforestation/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>xl</SUP> https://www.reutersevents.com/sustainability/deforestation-briefing-pressure-grows-expansion-amazon-soy-moratorium.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>xli</SUP> https://earthobservatory.nasa.gov/images/92717/converting-savannahs-into-soybeans</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>xlii</SUP> http://nwf-soy.maxlefrancois.com/.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>xliii</SUP> https://news.mongabay.com/2019/03/brazils-key-deforestation-drivers-pasture-cropland-land-speculation/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>xliv</SUP> https://phys.org/news/2019-12-cerrado-area-size-london-months.html.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>xlv</SUP> https://www.researchgate.net/publication/335433977_Soy_expansion_in_Brazil's_Cerrado</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>xlvi</SUP> https://www.pnas.org/content/109/4/1341.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>xlvii</SUP> https://www.fairr.org/engagements/amazon-soy-moratorium/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>xlviii</SUP> https://www.reutersevents.com/sustainability/deforestation-briefing-pressure-grows-expansion-amazon-soy-moratorium.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>xlix</SUP> https://trase.finance/entities/b7c1989f-8a2f-34ea-80e8-d5baa06291fb#deforestation%20risk</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>l</SUP> https://iopscience.iop.org/article/10.1088/1748-9326/ab6497.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>li</SUP> https://trase.finance/entities/b7c1989f-8a2f-34ea-80e8-d5baa06291fb#deforestation%20risk</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>lii</SUP> https://abiove.org.br/en/relatorios/moratoria-da-soja-relatorio-12o-ano/.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>liii</SUP> https://earthinnovation.org/programs/state-of-jurisdictional-sustainability/.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>liv</SUP> <A HREF="https://www.sec.gov/Archives/edgar/data/1144519/000114451921000065/bg-12312020xdef14a.htm#ie8312662da2e4d45b6334d49cad4d0d1_3132">https://www.sec.gov/Archives/edgar/data/1144519/000114451921000065/bg-12312020xdef14a.htm#ie8312662da2e4d45b6334d49cad4d0d1_3132</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>lv</SUP> https://www.reuters.com/article/us-brazil-environment-soy/big-food-companies-urge-soy-traders-to-help-save-brazil-savanna-idUSKBN28P2I3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>lvi</SUP> https://news.mongabay.com/2020/05/soy-made-the-cerrado-a-breadbasket-climate-change-may-end-that/.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>lvii</SUP> https://chainreactionresearch.com/report/cerrado-deforestation-disrupts-water-systems-poses-business-risks-for-soy-producers/.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>lviii</SUP> https://news.mongabay.com/2020/05/soy-made-the-cerrado-a-breadbasket-climate-change-may-end-that/.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>lix</SUP> <FONT STYLE="background-color: white">https://www.agriculture.com/markets/newswire/corrected-rains-slow-brazil-soy-harvesting-push-back-second-corn-plantings.
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>lx</SUP> <FONT STYLE="background-color: white">https://www.mdpi.com/2073-445X/8/1/12/pdf-vor</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>lxi</SUP> <FONT STYLE="background-color: white">https://www.mdpi.com/2073-445X/8/1/12/pdf-vor</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>lxii</SUP> https://conbio.onlinelibrary.wiley.com/doi/10.1111/conl.12671.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>lxiii</SUP> https://chainreactionresearch.com/report/cerrado-deforestation-disrupts-water-systems-poses-business-risks-for-soy-producers/.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>lxiv</SUP> https://www.agriculture.com/markets/analysis/be-ready-for-soybean-price-volatility-analyst-warns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>lxv</SUP> https://seekingalpha.com/article/4385950-bunges-surging-results-weather-anything-else?utm_medium=email&amp;utm_source=seeking_alpha&amp;mail_subject=bg-bunge-s-surging-results-more-about-weather-than-anything-else&amp;utm_campaign=rta-stock-article&amp;utm_content=link-2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>lxvi</SUP> https://seekingalpha.com/article/4385950-bunges-surging-results-weather-anything-else?utm_medium=email&amp;utm_source=seeking_alpha&amp;mail_subject=bg-bunge-s-surging-results-more-about-weather-than-anything-else&amp;utm_campaign=rta-stock-article&amp;utm_content=link-2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>lxvii</SUP> https://seekingalpha.com/article/4385950-bunges-surging-results-weather-anything-else?utm_medium=email&amp;utm_source=seeking_alpha&amp;mail_subject=bg-bunge-s-surging-results-more-about-weather-than-anything-else&amp;utm_campaign=rta-stock-article&amp;utm_content=link-2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>lxviii</SUP> https://www.spglobal.com/platts/en/market-insights/latest-news/agriculture/052020-argentinas-soybean-trade-could-be-affected-for-months-on-river-dryness-sources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>lxix</SUP> https://www.reuters.com/article/us-argentina-grains-parana/argentinas-ebbing-parana-river-costs-grains-sector-244-million-exchange-idUSKCN2263B0.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>lxx</SUP> https://www.reuters.com/article/us-argentina-grains-parana/argentinas-ebbing-parana-river-costs-grains-sector-244-million-exchange-idUSKCN2263B0.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>lxxi</SUP> https://www.forest-trends.org/publications/targeting-zero-deforestation/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>lxxii</SUP> https://www.theconsumergoodsforum.com/wp-content/uploads/FP-Soy-Roadmap-v1.0-clean.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>lxxiii</SUP> https://www.theconsumergoodsforum.com/wp-content/uploads/FP-Soy-Roadmap-v1.0-clean.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>lxxiv</SUP> https://www.feednavigator.com/Article/2020/11/20/French-supermarkets-fighting-soy-driven-deforestation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>lxxv</SUP> https://www.fishfarmingexpert.com/article/norwegian-salmon-farming-co-op-ditches-brazilian-soy/</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>lxxvi</SUP> https://chainreactionresearch.com/the-chain-pressure-on-soy-traders-rises-as-norwegian-salmon-producer-cuts-off-brazilian-market-due-to-deforestation-concerns/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>lxxvii</SUP> https://www.feednavigator.com/Article/2021/02/24/French-poultry-player-LDC-sends-clear-signal-to-soy-traders-Brazil-s-Marfrig-gets-green-loan-to-decouple-beef-from-deforestation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>lxxviii</SUP> https://www.theconsumergoodsforum.com/environmental-sustainability/business-for-the-cerrado/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>lxxix</SUP> https://www.theconsumergoodsforum.com/environmental-sustainability/business-for-the-cerrado/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>lxxx</SUP> https://chainreactionresearch.com/chain-traders-see-increased-pressure-to-agree-to-cut-off-date-in-cerrado/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>lxxxi</SUP> http://www.adm.com/sustainability/responsible-sourcing/our-commitment</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>lxxxii</SUP> https://assets.adm.com/Sustainability/ADM-Managing-Supplier-Non-Compliance_210323_080356.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>lxxxiii</SUP> https://assets.adm.com/Sustainability/ADM-Soy-Action-Plan-2021.2022_210323_081400.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>lxxxiv</SUP> https://assets.adm.com/Sustainability/ADM-No-Deforestation-Policy_210323_141338.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>lxxxv</SUP> https://assets.adm.com/Sustainability/ADM-Soy-Action-Plan-2021.2022_210323_081400.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>lxxxvi</SUP> https://www.agriculture.com/markets/newswire/brazil-soy-firms-commit-to-zero-deforestation-from-2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>lxxxvii</SUP> https://www.feednavigator.com/Article/2021/01/14/Salmon-soy-suppliers-make-zero-deforestation-commitment</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>lxxxviii</SUP> https://a27.asmdc.org/press-releases/20210204-assemblymember-kalra-introduces-bill-make-california-leader-ending</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>lxxxix</SUP> https://www.nydfglobalplatform.org/momentum-is-growing-for-demand-side-regulations-on-deforestation/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>xc</SUP> https://www.europarl.europa.eu/news/en/press-room/20201016IPR89560/legislation-with-binding-measures-needed-to-stop-eu-driven-global-deforestation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>xci</SUP> https://news.mongabay.com/2019/02/france-pledges-to-stop-deforestation-imports-by-2030/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>xcii</SUP> https://corporatejustice.org/documents/publications/french-corporate-duty-of-vigilance-law-faq.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>xciii</SUP> https://chainreactionresearch.com/report/casino-groups-legal-and-financial-risks-accelerate-due-to-deforestation-in-brazilian-beef-supply-chain/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>xciv</SUP> https://www.feednavigator.com/Article/2020/11/20/French-supermarkets-fighting-soy-driven-deforestation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>xcv</SUP> National Wildlife Federation Soybean Market Analysis</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>xcvi</SUP> National Wildlife Federation Soybean Market Analysis</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>xcvii</SUP> National Wildlife Federation Soybean Market Analysis</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>xcviii</SUP> https://amazonwatch.org/assets/files/2019-complicity-in-destruction-2.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>xcix</SUP> https://www.jpmorganchase.com/impact/sustainability/soft-commodities-compact-report</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>c</SUP> https://group.bnpparibas/uploads/file/bnp_paribas_commitments_for_the_environment_oct_2017.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>ci</SUP> https://www.db.com/cr/en/concrete-banking_innovation_for_sustainable_supply_chains.htm</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>cii</SUP>https://www.commerzbank.de/en/nachhaltigkeit/nachhaltigkeitsstandards/mitgliedschaften_und_initiativen/road_to_paris/standardseitenvorlage_3.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>ciii</SUP> https://www.cisl.cam.ac.uk/business-action/sustainable-finance/banking-environment-initiative/news/j-p-morgan-and-societe-generale-join-10-other-banks-in-adopting-the-soft-commodities-compact</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>civ</SUP> https://www.financeforbiodiversity.org/wp-content/uploads/1.-Pledge-Finance-for-Biodiversity-Pledge_Dec2020.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>cv</SUP> https://www.netzeroassetmanagers.org/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>cvi</SUP> https://www.ceres.org/news-center/press-releases/leading-asset-managers-commit-net-zero-emissions-goal-launch-global</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>cvii</SUP> https://www1.folha.uol.com.br/mercado/2021/02/fundo-escandinavo-exclui-cargill-bunge-e-adm-por-desmatamento-no-brasil.shtml</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>cviii</SUP> https://www.reuters.com/article/brazil-environment-divestment-idINKBN23Q1NK</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>cix</SUP> https://actions.sumofus.org/a/burger-king-end-deforestation-in-your-supply-chain-now</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>cx</SUP> https://news.mongabay.com/2006/04/greenpeace-accuses-mcdonalds-of-destroying-the-amazon-rainforest/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>cxi</SUP></FONT>https://www.thepetitionsite.com/takeaction/851/799/970/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>cxii</SUP> https://www.mightyearth.org/2021/03/03/ramping-up-pressure-on-adm-bunges-board-to-cut-off-deforestation/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>cxiii</SUP> http://www.mightyearth.org/wp-content/uploads/Mighty-Earth-Report-Cargill-The-Worst-Company-in-the-World-July-2019.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>cxiv</SUP> https://www.feednavigator.com/Article/2020/01/08/Nestle-ceases-to-source-Brazil-soy-from-Cargill#:~:text=The%20Wall%20Street%20Journal%20(WSJ,about%20the%20link%20to%20deforestation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>cxv</SUP>https://d8g8t13e9vf2o.cloudfront.net/Uploads/r/q/s/investorstatementondeforestationandforestfiresintheamazon_29_oct_2019_665598.pdf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>cxvi</SUP> https://www.reuters.com/article/us-brazil-environment-divestment-exclusi/exclusive-european-investors-threaten-brazil-divestment-over-deforestation-idUSKBN23Q1MU.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>cxvii</SUP> https://international.nwf.org/wp-content/uploads/2020/08/CDP_NWF_Cattle_Soy_analysis2.pdf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>cxviii</SUP> https://www.bloomberg.com/news/articles/2020-12-15/consumer-giants-seek-ban-on-soy-from-deforested-brazil-region.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>cxix</SUP></FONT>
https://www.reuters.com/article/us-brazil-environment-soy/big-food-companies-urge-soy-traders-to-help-save-brazil-savanna-idUSKBN28P2I3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>cxx</SUP> https://www.washingtonpost.com/business/economy/more-us-homeowners-seek-to-delay-mortgage-payments-as-recovery-slows/2020/12/15/0270d23a-3ed2-11eb-8db8-395dedaaa036_story.html.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>cxxi</SUP> https://www.nytimes.com/2017/02/24/business/energy-environment/deforestation-brazil-bolivia-south-america.html.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>cxxii</SUP> https://www.forbes.com/sites/dinamedland/2016/12/05/deforestation-906b-at-risk-via-domino-effect-on-the-supply-chain/?sh=3bde281550be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>cxxiii</SUP> https://trase.finance/entities/3a0df9d8-f125-36a3-aa61-4be2fc4f63c7#deforestation%20risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>cxxiv</SUP> https://trase.finance/faq</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>cxxv</SUP> https://www.mightyearth.org/soy-and-cattle-tracker/.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>cxxvi</SUP> https://chainreactionresearch.com/the-chain-soy-traders-in-the-brazilian-cerrado-under-pressure-as-fires-continue-to-burn-in-the-vicinity-of-silos/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>cxxvii</SUP> https://www.greenpeace.org/international/press-release/27560/greenpeace-report-brazil-agronegocio-estrondo-fast-food-deforestation-violence/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>cxxviii</SUP> https://historier.regnskog.no/feeding-the-european-appetite-for-soy/index.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>cxxix</SUP> http://www.mightyearth.org/wp-content/uploads/2018/04/ME_DEFORESTATION_EU_English_R8.pdf</P>

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