As indicated in Note 1 - Basis of Presentation, Principles of Consolidation, And Significant Accounting Policies, on May 1, 2022, Bunge completed a transaction with Chevron Corporation ("Chevron") to create a joint venture, Bunge Chevron Ag Renewables LLC (the "Joint Venture"), leveraging Bunge’s expertise in oilseed processing and farmer relationships, and Chevron’s expertise in fuels manufacturing and marketing, to help meet the demand for renewable fuels and to develop lower carbon intensity feedstocks.

The Joint Venture is a variable interest entity ("VIE") in which Bunge is considered to be the primary beneficiary because it is responsible for the day-to-day operating decisions of the Joint Venture as well as the marketing of the principal products, primarily soybean meal and oil produced and sold by the Joint Venture, among other factors.

The Joint Venture's assets can only be used to settle the Joint Venture’s own obligations and the Joint Venture’s creditors have no recourse to Bunge’s assets beyond Bunge’s maximum exposure to loss associated with the Joint Venture at any given time. The following table presents the values of the assets and liabilities associated with the Joint Venture, which are

included in Bunge’s condensed consolidated balance sheet as of September 30, 2022. All amounts exclude intercompany balances, which have been eliminated upon consolidation.

For all other VIEs in which Bunge is considered the primary beneficiary, the entities meet the definition of a business, and the VIE's assets can be used other than for the settlement of the VIE’s obligations. As such these VIEs have been excluded from the below table:


(US$ in millions)	September 30, 2022
Current assets:
Cash and cash equivalents	$	509
Trade accounts receivable	5
Inventories	74
Other current assets	131
Total current assets	719
Property, plant and equipment, net	61




Total assets	$	780

Current liabilities:
Trade accounts payable and accrued liabilities	$	49


Other current liabilities	129
Total current liabilities	178




Total liabilities	$	178

On June 10, 2022, Bunge completed its acquisition of a 33% interest in Sinagro Produtos Agropecuários S.A. ("Sinagro"), a Brazilian distributor of agricultural inputs and originator of grains, in exchange for Brazilian real (R$) 280 million (approximately $53 million). As of September 30, 2022, the Company's maximum exposure to loss related to this unconsolidated VIE is limited to the investment balance of approximately $49 million. However, as part of the acquisition cost, Bunge has committed to provide certain future guarantees of Sinagro’s approximately R$329 million (approximately $61 million) third-party indebtedness in proportion to Bunge’s 33% equity holding, representing a maximum expected future guarantee of approximately R$110 million (approximately $20 million).