<SUBMISSION>
<ACCESSION-NUMBER>0001387131-22-004761
<TYPE>PX14A6G
<PUBLIC-DOCUMENT-COUNT>2
<FILING-DATE>20220412
<DATE-OF-FILING-DATE-CHANGE>20220412
<EFFECTIVENESS-DATE>20220412
<SUBJECT-COMPANY>
<COMPANY-DATA>
<CONFORMED-NAME>BUNGELTD
<CIK>0001144519
<ASSIGNED-SIC>2070
<IRS-NUMBER>000000000
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>PX14A6G
<ACT>34
<FILE-NUMBER>001-16625
<FILM-NUMBER>22821407
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>1391 TIMBERLAKE MANOR PARKWAY
<CITY>CHESTERFIELD
<STATE>MO
<ZIP>63017
<PHONE>314-292-2000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>1391 TIMBERLAKE MANOR PARKWAY
<CITY>CHESTERFIELD
<STATE>MO
<ZIP>63017
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>Bunge LTD
<DATE-CHANGED>20050405
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>BUNGE LTD
<DATE-CHANGED>20010710
</FORMER-COMPANY>
</SUBJECT-COMPANY>
<FILED-BY>
<COMPANY-DATA>
<CONFORMED-NAME>Majority Action, LLC
<CIK>0001738314
<IRS-NUMBER>825260248
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>PX14A6G
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>1885 MISSION ST.
<CITY>SAN FRANCISCO
<STATE>CA
<ZIP>94103
<PHONE>2022152895
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>1885 MISSION ST.
<CITY>SAN FRANCISCO
<STATE>CA
<ZIP>94103
</MAIL-ADDRESS>
</FILED-BY>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>bg-px14a6g_041222.htm
<DESCRIPTION>NOTICE OF EXEMPT SOLICITATION
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 7pt Franklin Gothic; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 71%; padding: 5pt">
    <P STYLE="font: 7pt Franklin Gothic; margin: 0">Notice Of Exempt Solicitation: (VOLUNTARY SUBMISSION)</P>
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Franklin Gothic">NAME OF REGISTRANT: </FONT>Bunge
    Limited</P>
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Franklin Gothic">NAME OF PERSON RELYING ON EXEMPTION:
    </FONT>Majority Action</P>
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Franklin Gothic">ADDRESS OF PERSON RELYING ON EXEMPTION:
    </FONT>PO Box 4831, Silver Spring, MD 20914</P>
    <P STYLE="font: 7pt Franklin Gothic; margin: 0">&nbsp;</P>
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0">Written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated
    under the Securities Exchange Act of 1934. Submission is not required of this filer under the terms of the Rule but is made voluntarily.</P></TD>
    <TD STYLE="width: 29%; padding: 5pt; font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: black"><IMG SRC="mj-001.jpg" ALT=""></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>


<HR ALIGN="CENTER" STYLE="width: 100%">

<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 18pt Georgia, Times, Serif; margin: 0 0 3pt; color: #0072BD"><B><A NAME="a_keoel2q4kxrz"></A>Bunge Limited [NYSE:BG]:
Due to the Company&rsquo;s Failure to Set a Net Zero by 2050 Target, Adopt and Implement an Ambitious No-Deforestation Commitment, and
Ensure Compliance and Resolution through Robust Monitoring and Verification:</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 16pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><A NAME="a_h1ks475v9x6i"></A><FONT STYLE="font-family: Franklin Gothic">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Franklin Gothic"><B>Vote AGAINST Chair Kathleen Hyle (Item 1.g)</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Franklin Gothic; margin: 0"><FONT STYLE="font-size: 12pt; color: #0072BD"><B><I>The physical and financial risks
posed by climate change to long-term investors are systemic, portfolio-wide, unhedgeable and undiversifiable.</I></B></FONT><I> <FONT STYLE="font-size: 10pt">Therefore,
the actions of companies that fail to align to limiting warming to </FONT><FONT STYLE="font-size: 10.5pt; background-color: white">1.5&deg;C</FONT>
<FONT STYLE="font-size: 10pt">pose risks to the financial system as a whole, and to investors&rsquo; entire portfolios, in addition to
specific risks to those companies. See <B>Appendix A</B> for more information regarding Majority Action&rsquo;s Proxy Voting for a 1.5</FONT><FONT STYLE="font-size: 10.5pt; background-color: white">&deg;C</FONT>
<FONT STYLE="font-size: 10pt">World initiative and the transformation required in key industries. </FONT></I></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">Bunge Limited is one of the world&rsquo;s largest agribusiness traders, processing oilseeds
for sale to the food and beverage industries. It is one of the largest soy processors in Brazil and one of the major market leaders in
the South American soy industry<SUP>1</SUP>, and is also
a player in the global palm oil market.<SUP>2</SUP> It
is among the 167 focus companies named by Climate Action 100+ as the largest global emitters and &ldquo;key to driving the global net
zero emissions transition.&rdquo;<SUP>3</SUP></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">Ninety-five percent of Bunge&rsquo;s deforestation risk is concentrated in the Brazilian
Cerrado,<SUP>4</SUP> a biome adjacent to the Amazon and
a frontier for conversion of native vegetation to soy agriculture.<SUP>5</SUP>
According to Trase Finance, Bunge&rsquo;s absolute deforestation risk was higher than any other trader in 2018.<SUP>6</SUP></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">In addition to the range of benefits that forests offer, healthy forests are critical
and necessary for achieving the Paris Agreement&rsquo;s goal of limiting planetary warming to 1.5&deg;C or well below 2.0&deg;C above
pre-industrial levels.<SUP>7</SUP> At the COP26 in 2021,
over 100 world leaders agreed to collectively halt and reverse forest loss and land degradation by 2030,<SUP>8</SUP>
and Principles for Responsible Investment&rsquo;s (PRI&rsquo;s) Required Policy Scenario to close the gap to 1.5&deg;C calls for ending
deforestation globally even earlier, by 2025.<SUP>9</SUP>
Deforestation is also linked to human rights violations such as land-grabbing<SUP>10</SUP>
as well as documented forced labor<SUP>11</SUP> in the
resulting agricultural operations such as palm oil plantations and cattle farms.<SUP>12</SUP>
Companies need to take urgent and meaningful action to eliminate deforestation and conversion of native vegetation from their supply chains,
and lead the transition to lower-carbon agricultural production.</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Georgia, Times, Serif; color: #0072BD"><B>Failure
to set ambitious decarbonization targets in line with 1.5&deg;C pathways, and align companies&rsquo; business plans and policy influence
to those targets, is a failure of strategy and corporate governance, for which long-term investors should hold directors accountable.
At companies where the production, processing, sale, and/or consumption of products linked to deforestation is central to their core business,
and greenhouse gas (GHG) emissions reductions&ndash;particularly those related to land-use change &ndash; have profound strategic implications,
the board chair, and lead independent director where the position exists, should be held accountabl</B></FONT><B><FONT STYLE="color: #0072BD">e</FONT></B>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; padding-top: 6pt; padding-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 17pt Georgia, Times, Serif; margin: 0.25in 0 6pt; color: #0072BD"><B><A NAME="a_i4860tnel70d"></A>Net zero target setting</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 85%; border: white 2.25pt solid; font: 11pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: #F8F8F8"><B>Net zero by 2050 commitment that covers all relevant emissions sources, including Scope 3 emissions embedded in purchased goods from land use and land-use change&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: white 2.25pt solid; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; font: 11pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Franklin Gothic; font-size: 17pt; color: white"><B>X</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; border-left: white 2.25pt solid; font: 11pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: #F8F8F8"><B>Limited use of offsets, carbon credits, carbon removals and other unproven or uncommercialized negative carbon technologies to meet net zero commitment </B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; font: 11pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Franklin Gothic; font-size: 17pt; color: white"><B>X</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; border-left: white 2.25pt solid; font: 11pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: #F8F8F8"><B>Robust interim targets for 2030 that ensure the company is on track for net zero commitment</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; font: 11pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Franklin Gothic; font-size: 17pt; color: white"><B>X</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">Bunge does not have a net zero by 2050 ambition.<SUP>13</SUP>
In November 2021, Bunge announced a commitment to reduce GHG emissions in its value chain by 2030;<SUP>14</SUP>
while this does cover absolute reductions and all scopes (25% reduction of scopes 1 and 2, and a 12% reduction of scope 3 emissions, from
a 2020 baseline), it is a &ldquo;well below 2C&rdquo; target rather than a 1.5&deg;C aligned target.<SUP>15</SUP></P>

<P STYLE="font: 18pt Georgia, Times, Serif; margin: 0.25in 0 6pt; color: #0072BD"><B><A NAME="a_cblbdm81ptg4"></A>Adoption and Implementation
of a No-Deforestation Commitment </B></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 90%; border: white 2.25pt solid; font: 11pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: #F8F8F8"><B>Company has adopted and is implementing a no-deforestation policy that is comprehensive, covering all geographies and commodities,&nbsp;&nbsp;and that is&nbsp;&nbsp;implemented immediately rather than at some future time. </B></FONT></TD>
    <TD STYLE="width: 10%; border-top: white 2.25pt solid; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; font: 11pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #F1C232; text-align: center"><FONT STYLE="font-family: Franklin Gothic; font-size: 17pt; color: white"><B>~</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; border-left: white 2.25pt solid; font: 11pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white"><B>The policy and associated implementation plans have cut-off dates after which deforestation signals non-compliance with the policy.</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; font: 11pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Franklin Gothic; font-size: 17pt; color: white"><B>X</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Bunge does have a &ldquo;Non-Deforestation Commitment&rdquo; which is global
in scope and includes specifics to soy, its most material commodity.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>16</SUP></FONT>
Bunge has some cut-off dates for certain biomes where they are no longer active,<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>17</SUP></FONT>
but in practice does not have ambitious cut-off dates harmonized to sector-wide recommendations.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>18</SUP></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Bunge&rsquo;s 2021 sustainability reporting shows that the company is likely
still exposed to deforestation: over 95% of its <I>monitored</I> directly-purchased soy volume is verified to be free of deforestation
and conversion, so as much as 5% of its monitored volumes could be associated with land clearance.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>19</SUP></FONT>
The company only monitors 30% of its indirectly-purchased soy supply in the Cerrado (4% of its total volumes in the region<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>20</SUP></FONT>),
so clearance could be occurring in that remaining 70% as well.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>21</SUP></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">As recently as February 2022, real-time deforestation monitoring by Dutch
NGO AidEnvironment shows multiple new cases of deforestation in the Cerrado, with five of the six case studies occurring in Bunge&rsquo;s
supply chain.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>22</SUP></FONT>
In December 2021, the French government named Bunge as one of two leading importers of soybeans from areas at risk of deforestation.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>23</SUP></FONT>
As recently as November 2021 &ndash; just days after the COP26 &ndash; Bunge, and other large agribusiness firms, were found to be lobbying
to weaken EU laws banning food imports linked to deforestation.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>24</SUP></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>&nbsp;</SUP></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP></SUP></FONT></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt; padding-top: 6pt; padding-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>&nbsp;</SUP></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 18pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B>Traceability, Monitoring, and Verification</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 90%; border: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: #F8F8F8"><B>The company should be implementing a monitoring system and UNDP-aligned grievance mechanisms and procedures governing the company&rsquo;s response to non-compliant suppliers, including thresholds for contract cancellations and steps to remediate deforestation and human rights abuses in their direct and indirect supply chains </B></FONT></TD>
    <TD STYLE="width: 10%; border-top: white 2.25pt solid; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #F1C232; text-align: center"><FONT STYLE="font-family: Franklin Gothic; font-size: 17pt; color: white"><B>~</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; border-left: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: #F8F8F8"><B>The company should be independently verifying the volumes of its suppliers that are deforestation- and conversion-free (DCF), and disclosing the results</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: #F8F8F8"><B>X</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; border-left: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: #F8F8F8"><B>The company should report publicly on grievances filed and resulting actions taken.</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: #F8F8F8"><B>X</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Franklin Gothic; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0"><FONT STYLE="background-color: white">While Bunge reports on the proportion of their
indirect suppliers traceable to farm level in Brazil,<SUP>25</SUP>
it does not clarify if the geospatial monitoring utilizes farm-level boundaries (GPS polygons) rather than single collection points,<SUP>26</SUP>
which may not provide full transparency into the potential deforestation within a sourcing radius. Bunge does not yet report on the percentage
of total volumes that have been independently verified to be deforestation-free, as its reporting on percentages of volumes that are deforestation-free
are for high-risk regions only.<SUP>27</SUP></FONT></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0"><FONT STYLE="background-color: white">While Bunge has adopted grievance mechanisms for
both its palm<SUP>28</SUP> and soy supply chains,<SUP>29</SUP>
and the company discloses general procedures,<SUP>30</SUP>
it does not have a public log of grievances, or their resolution, specific to the soy supply chain. This does not allow stakeholders to
properly assess progress towards resolving known cases of deforestation, conversion or human rights violations in Bunge&rsquo;s soy supply
chain.<SUP>31</SUP></FONT></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">Examples of the above cases of deforestation raise questions about the extent of Bunge&rsquo;s
monitoring system, and without additional public transparency, it is difficult for stakeholders to assess what challenges the company
is facing in implementing its no-deforestation policy.</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Georgia, Times, Serif; color: #0072BD"><B>Conclusion</B></FONT><FONT STYLE="font-family: Franklin Gothic">:
</FONT><FONT STYLE="font-family: Georgia, Times, Serif; color: #0072BD"><B>Bunge has failed to set adequate net zero targets or make significant
progress towards implementing its No Deforestation Policy. Therefore, we recommend that shareholders vote AGAINST Chair Kathleen Hyle
(Item 1.g) at the company&rsquo;s annual meeting on May 12, 2022.</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Georgia, Times, Serif; color: #0072BD"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Georgia, Times, Serif; color: #0072BD"><B></B></FONT></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-bottom: 6pt; padding-top: 6pt; padding-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Georgia, Times, Serif; color: #0072BD"><B></B></FONT></P>

<P STYLE="font: 18pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B>&nbsp;</B></P>

<P STYLE="font: 21pt Georgia, Times, Serif; margin: 20pt 0 6pt; color: #0072BD"><A NAME="a_99p1srn6ega"></A><A NAME="a_bx66vx1n7no"></A>Appendix
A: Proxy Voting for a 1.5&deg;C World</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 12pt; color: #0072BD"><B>The
world is currently on track to reach disastrous levels of warming, driving massive harm and threatening the lives and livelihoods of millions.</B></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">Corporate leaders in the industries responsible for this crisis have failed
to take up the leadership required to change course.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B>&ldquo;Climate risk&rdquo; is systemic, escalating and irreversible
- and corporate boards urgently need to take responsibility for averting and mitigating this risk. </B></P>

<P STYLE="font: 12pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">The UN Intergovernmental Panel on Climate Change (IPCC) in 2018 made clear that in order
to have at least a 50% chance of limiting warming to 1.5&deg;C and avoiding the most catastrophic effects of the climate crisis, we must
bring global, economy-wide carbon emissions down to net zero by 2050 at the latest.<SUP>32</SUP>
According to the International Energy Agency (IEA), in order to achieve net zero emissions globally by 2050, the electricity sector must
reach net zero emissions in OECD countries no later than 2035 and there can be no investment in new fossil fuel production.<SUP>33</SUP>
The IPCC also recognizes that reducing rates of deforestation and forest degradation represents one of the most effective and robust options
for climate change mitigation.<SUP>34</SUP></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">This means that corporate directors must ensure that companies set ambitious decarbonization
targets in line with 1.5&deg;C pathways, and align companies&rsquo; business plans, capital expenditures, and policy influence to those
targets. Despite the escalating climate crisis, systemically important U.S. companies continue to invest in the expansion and continued
use of fossil fuels, further accelerating global warming.<SUP>35</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 12pt; color: #0072BD"><B>The
physical and financial risks posed by climate change to long-term investors are systemic, portfolio-wide, unhedgeable and undiversifiable.</B></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">Therefore, the actions of companies that directly or indirectly impact climate
outcomes pose risks to the financial system as a whole and to investors&rsquo; entire portfolios. In order to manage this systemic portfolio
risk, investors must move beyond disclosure and company-specific climate risk management frameworks and focus on holding accountable the
relatively small number of large companies whose actions are a significant driver of climate change. </FONT></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">When directors fail to transform corporate business practices in line with 1.5&deg;C
pathways, responsible investors must use their most powerful tool &ndash; their proxy voting power &ndash; to vote against directors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B>Bold and unprecedented action by investors is a prerequisite
to averting further global economic and financial catastrophe. While past shareholder efforts at standard setting, disclosure and engagement
have laid important groundwork, company commitments won thus far have been far too incremental, far too hard fought, and collectively
insufficient to the scale of the crisis. </B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 12pt; color: #0072BD"><B>Business-as-usual
proxy voting will not suffice to address the seriousness of the crisis at hand.</B></FONT> <FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">We
urge investors to vote against directors at companies failing to implement plans consistent with limiting global warming to 1.5&ordm;C.
</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 18pt Georgia, Times, Serif; margin: 0.25in 0 6pt; color: #0072BD"><A NAME="a_ctzn9crebqff"></A>Key Sectors Are Critical
to Curbing the Climate Crisis</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">The electric power, finance, transportation, and oil and gas sectors are key drivers
of the production and consumption of fossil fuels and must all make dramatic transformations to curb the worst of catastrophic climate
change and protect long-term investors. Similarly, companies driving deforestation &ndash; including companies that source key deforestation-linked
agricultural commodities, driving market demand for one of the greatest threats to the world&rsquo;s forests &ndash; must adopt comprehensive
climate policies and end deforestation.</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-bottom: 6pt; padding-top: 6pt; padding-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">Substantial votes against board members at these companies could help encourage ambitious
target-setting, realign business and investment plans to the goals of the Paris Agreement, and hold companies accountable for lobbying
and policy influence practices that obstruct climate action.</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">While each industry and company will need to chart its own path in pursuing decarbonization
consistent with limiting warming to 1.5&ordm;C, setting a target to reach net zero emissions by no later than 2050 is a critical first
step. In the absence of such a target, investors can have no confidence that the company will be able to transform its business consistent
with limiting warming to 1.5&ordm;C.</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 18pt Georgia, Times, Serif; margin: 0.25in 0 6pt; color: #0072BD"><A NAME="a_mzolrcmmzj1h"></A>Voting Guide: Companies
Driving Deforestation</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">In addition to the range of benefits that forests offer, healthy forests are critical
and necessary for achieving the Paris Agreement&rsquo;s goal of limiting planetary warming to 1.5&deg;C or well below 2.0&deg;C above
pre-industrial levels.<SUP>36</SUP> All four IPCC emissions
reductions pathways consistent with limiting warming to 1.5 1.5&ordm;C assume a halt in deforestation and significant forest restoration,
with no further deforestation occurring from 2030 onwards.<SUP>37</SUP>
At the COP26, over 100 world leaders agreed to collectively halt and reverse forest loss and land degradation by 2030<SUP>38</SUP>,
and PRI&rsquo;s Required Policy Scenario to close the gap to 1.5&deg;C calls for ending deforestation globally even earlier, by 2025.<SUP>39</SUP>
<FONT STYLE="color: #211D1E">Annual net emissions caused by deforestation for conversion to agriculture and tree plantations in tropical
countries alone averaged 2.6 gigatonnes of CO2 between 2010 and 2014<SUP>40</SUP>
&ndash; the equivalent of the combined total emissions of Japan, Germany and the UK.<SUP>41</SUP></FONT>
Deforestation is not only responsible for direct emissions but eliminates the ability of forests and land to store more carbon in the
future. Deforestation is also linked to human rights violations such as land-grabbing<SUP>42</SUP>
as well as documented forced labor<SUP>43</SUP> in the
resulting agricultural operations such as palm oil plantations and cattle farms.<SUP>44</SUP></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0; color: #211D1E">&nbsp;</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">Despite these known risks, global deforestation has increased 43% since 2014,<SUP>45</SUP>
primarily driven by demand for agricultural commodities<SUP>46</SUP>
such as soybeans and palm oil.<SUP>47</SUP> It is estimated
that since 2015, 10 million hectares of forest have been lost annually, an area the size of Iceland.<SUP>48</SUP>
Agriculture, forestry and other land use are responsible for nearly a quarter of global GHG emissions,<SUP>49</SUP>
and emissions from the food system are responsible for a third of anthropogenic GHG emissions,<SUP>50</SUP>
with the largest contributions from agriculture and land use change, and so to align with the goals of the Paris Agreement, land-based
emissions must be reduced by 85% by 2050 compared to a business as usual scenario.<SUP>51</SUP></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">Responsibility for these transformative changes lies with the agribusiness traders that
produce and sell these commodities, and the consumer-facing brands that purchase them to make products such as food and beverages, personal
care products, clothing, and packaging. Major traders and consumer goods companies alike have acknowledged this responsibility for years,
but sectoral voluntary pledges have still failed to slow deforestation. Examples of these sectoral pledges include the New York Declaration
on Forests (a 2014 voluntary pledge to end forest loss by 2020)<SUP>52</SUP>
and the Consumer Goods Forum&rsquo;s (CGF&rsquo;s) commitment to end deforestation by 2020, a deadline which has been extended by the
CGF.<SUP>53</SUP> Companies need to take urgent and
meaningful action to eliminate deforestation from their supply chains, and lead the transition to lower-carbon agricultural production.</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="color: #0072BD; font: 13pt Franklin Gothic; margin: 0.25in 0 6pt"><B>KEY DATA SOURCES</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Franklin Gothic; font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Franklin Gothic; font-size: 12pt">Rainforest Action Network, Banking on Climate Chaos<SUP>54</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Franklin Gothic; font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Franklin Gothic; font-size: 12pt">Carbon Tracker, Fault Lines (2020)<SUP>55</SUP>
and Adapt to Survive (2021)<SUP>56</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Franklin Gothic; font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Franklin Gothic; font-size: 12pt">Carbon Tracker, Company Profiles: Oil &amp; Gas Companies<SUP>57</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Franklin Gothic; font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Franklin Gothic; font-size: 12pt">Climate Action 100+, Climate Action 100+ Net-Zero Company Benchmark: Company
assessments, see Disclosure Indicator 6<SUP>58</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Franklin Gothic; margin: 0.25in 0 6pt">&nbsp;</P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-bottom: 6pt; padding-top: 6pt; padding-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Franklin Gothic; margin: 0.25in 0 6pt"></P>

<P STYLE="font: 16pt Georgia, Times, Serif; margin: 0.25in 0 6pt; color: #0072BD"><FONT STYLE="background-color: #F8F8F8"><B>Net
Zero Target Setting</B></FONT></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">Companies whose business models are linked to deforestation and the global agriculture
trade need to adopt comprehensive net zero by 2050 commitments. Such commitments should include absolute reductions in upstream scope
3 emissions&ndash;emissions generated by land use and land-use change&ndash;as the emissions for many of these companies are concentrated
upstream, as opposed to downstream processing and manufacturing activities.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 13pt Franklin Gothic; margin: 0; color: #0072BD"><B>Key Data Sources:</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">Climate Action 100+, Disclosure Indicators 1-4<SUP>59</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">Climate Action 100+ and PRI, Global Sector Strategies: Recommended Investor
Expectations for Food and Beverage<U><SUP>60</SUP></U></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">Science-Based Targets Initiative<SUP>61</SUP>,
Companies list<SUP>62</SUP> and Sector Guidance<SUP>63</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">CDP (formerly Carbon Disclosure Project), search company survey responses<SUP>64</SUP>
(companies can submit a climate questionnaire and a forests questionnaire).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">Global Canopy/Forest 500, company rankings<SUP>65</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Franklin Gothic; margin: 0; color: #0072BD">&nbsp;</P>

<P STYLE="font: 16pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B>No-Deforestation Policy and Implementation</B></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">Any company whose business model is associated with deforestation must adopt and implement
a no-deforestation policy that covers all geographies and commodities.<SUP>66</SUP>
The policy and associated implementation plans must have cut-off dates after which deforestation signals non-compliance with the policy.<SUP>67</SUP>
Given past failures of voluntary pledges, implementation of this policy should occur immediately and include independent verification
of full compliance for all forest-risk commodities.</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 13pt Franklin Gothic; margin: 0; color: #0072BD"><B>Key Data Sources:</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Franklin Gothic; font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Franklin Gothic; font-size: 12pt">Global Canopy/Forest 500, company rankings<SUP>68</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Franklin Gothic; font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Franklin Gothic; font-size: 12pt">Rainforest Action Network, Keep Forests Standing (2021), report<SUP>69</SUP>
and methodology<SUP>70</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Franklin Gothic; font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Franklin Gothic; font-size: 12pt">TraseFinance, company profiles<SUP>71</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Franklin Gothic; font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Franklin Gothic; font-size: 12pt">Company websites and sustainability &lsquo;dashboards&rsquo;</FONT></TD></TR></TABLE>

<P STYLE="font: 16pt Georgia, Times, Serif; margin: 0.25in 0 6pt; color: #0072BD"><B>Traceability, Monitoring
and Verification</B></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">Traders should be implementing a monitoring system and UNDP-aligned grievance mechanisms
and procedures governing the company&rsquo;s response to non-compliant suppliers, including thresholds for contract cancellations and
steps to remediate deforestation and human rights abuses in their direct and indirect supply chains (all upstream producers of the commodities).<SUP>72</SUP></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">To monitor and report on supplier compliance with deforestation-free policies and practices,
agribusiness traders need to be able to trace all of their supply base to the farm level, including all direct and indirect suppliers.<SUP>73</SUP>
<SUP>74</SUP> A prerequisite for a comprehensive deforestation
monitoring system is geospatial information of their suppliers, including accurate boundaries (GPS polygons) of farms and/or supply sheds
(sourcing radius of collection or aggregate points such as crushers or silos).<SUP>75</SUP>
With this information, agribusiness traders should monitor these areas for instances of real-time deforestation or conversion, and disclose
the methodology as well as results of this monitoring, including specific actions taken to resolve non-compliance, and percentage of volumes
that have been independently verified to be free of deforestation and conversion.</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 13pt Franklin Gothic; margin: 0; color: #0072BD"><B>Key Data Sources:</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Franklin Gothic; font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Franklin Gothic; font-size: 12pt">Rainforest Foundation Norway, <I>The State of the Soy Industry</I><SUP>76</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Franklin Gothic; font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Franklin Gothic; font-size: 12pt">Carbon Disclosure Project (CDP), search company survey responses ( companies
can submit a climate questionnaire and a forests questionnaire)<SUP>77</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Franklin Gothic; font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Franklin Gothic; font-size: 12pt">Global Canopy/Forest 500, company rankings<SUP>78</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Franklin Gothic; font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Franklin Gothic; font-size: 12pt">TraseFinance, company profiles<SUP>79</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Franklin Gothic; font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Franklin Gothic; font-size: 12pt">Company websites and sustainability &lsquo;dashboards&rsquo;</FONT></TD></TR></TABLE>

<P STYLE="font: 16pt Georgia, Times, Serif; margin: 0.25in 0 6pt; color: #0072BD"></P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-bottom: 6pt; padding-top: 6pt; padding-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 16pt Georgia, Times, Serif; margin: 0.25in 0 6pt; color: #0072BD"><B>Summary table</B></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="3" STYLE="width: 26%; border: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 9pt; color: white"><B>TARGET SETTING </B></FONT></TD>
    <TD STYLE="width: 11%; border-top: white 2.25pt solid; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white"><B>1.1</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 63%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 5pt"><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">Net zero by 2050 commitment that covers all relevant emissions sources, including Scope 3 emissions embedded in purchased goods from land use and land-use change</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white"><B>1.2</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 5pt"><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">Limited use of offsets, carbon credits, carbon removals and other unproven or uncommercialized negative carbon technologies to meet net zero commitment</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white"><B>1.3</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 5pt"><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">Robust interim targets for 2030 that ensure the company is on track for net zero commitment</FONT></TD></TR>
  <TR>
    <TD ROWSPAN="2" STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; border-left: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD">
    <P STYLE="font: 9pt Georgia, Times, Serif; margin: 0; color: white"><B>NO-DEFORESTATION </B></P>
    <P STYLE="font: 9pt Georgia, Times, Serif; margin: 0; color: white"><B>&nbsp;</B></P>
    <P STYLE="font: 9pt Georgia, Times, Serif; margin: 0; color: white"><B>COMMITMENT</B></P></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white"><B>2.1</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 5pt"><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">Company has adopted and is implementing a no-deforestation policy that is comprehensive, covering all geographies and commodities,&nbsp;&nbsp;and that is implemented immediately rather than at some future time. </FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white"><B>2.2</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 5pt"><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">The policy and associated implementation plans have cut-off dates after which deforestation signals non-compliance with the policy.</FONT></TD></TR>
  <TR>
    <TD ROWSPAN="3" STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; border-left: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 9pt; color: white"><B>TRACEABILITY, MONITORING AND VERIFICATION</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white"><B>3.1</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 5pt"><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">The company should be implementing a monitoring system and UNDP-aligned grievance mechanisms and procedures governing the company&rsquo;s response to non-compliant suppliers, including thresholds for contract cancellations and steps to remediate deforestation and human rights abuses in their direct and indirect supply chains </FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: center; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #F25025"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white"><B>3.2</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 5pt"><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">The company should be independently verifying the volumes of its suppliers that are deforestation- and conversion-free (DCF), and disclosing the results</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white"><B>3.3</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 5pt"><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt">The company should report publicly on grievances filed and resulting actions taken.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0"></P>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-bottom: 6pt; padding-top: 6pt; padding-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>





<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>1</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Forests 500, &ldquo;Bunge Ltd&rdquo; (profile)&rsquo; </FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://forest500.org/rankings/companies/bunge-ltd</FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">,
Accessed March 1, 2022 ; Bunge Ltd, <I>2021 Global Sustainability Report, </I></FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://www.bunge.com/sites/default/files/2021_global_sustainability_report.pdf</FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">p. 30</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>2</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Bunge Ltd, &ldquo;Palm OIl&rdquo; (website) </FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://bungeloders.com/en/material/palm</FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">,
accessed March 6. 2022</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>3</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://www.climateaction100.org/whos-involved/companies/page/4</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>4</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Trase Finance, &lsquo;Bunge Ltd. profile,&rsquo; </FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://trase.finance/entities/b7c1989f-8a2f-34ea-80e8-d5baa06291fb#deforestation%20risk</FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Accessed March 1, 2022</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>5</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">World Wildlife Fund (WWF), &ldquo;Cerrado destruction increases by 13%, and
biome loses 7.3 thousand km&sup2; of native vegetation,&rdquo; December 23, 2020. </FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://www.wwf.org.br/?77611/cerrado-prodes-destruction-deforestation-increase-123</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>6</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Trase Finance, &lsquo;Bunge Ltd. profile,&rsquo; </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>7</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Climate, Land, Ambition and Rights Alliance (CLARA), &ldquo;Climate Action
in the Land Sector,&rdquo; </FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://www.boell.de/sites/default/files/clara_action_in_the_land_sector_final.pdf</FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">accessed March 5, 2022 </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>8</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://ukcop26.org/glasgow-leaders-declaration-on-forests-and-land-use/</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>9</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Principles for Responsible Investment (PRI), &ldquo;The Inevitable Policy Response
2021: Forecast Policy Scenario and 1.5C Required Policy Scenario,&rdquo; October 17, 2021.</FONT></P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0">https://www.unpri.org/inevitable-policy-response/the-inevitable-policy-response-2021-forecast-policy-scenario-and-15c-required-policy-scenario/8726.article,
p.12.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>10</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">, &ldquo;Ensuring Respect for Human Rights in the Context of Economic Diplomacy,&rdquo;
March 12, 2018. https://www.ohchr.org/Documents/Issues/Business/2018Survey/Bothe_ends_and_forest_people_programme.pdf</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>11</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Brown, et al. &ldquo;Modern slavery, environmental degradation and climate
change: Fisheries, field, forests and factories,&rdquo; <I>Nature and Space. </I>November 2019.</FONT></P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0">https://journals.sagepub.com/doi/full/10.1177/2514848619887156</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>12</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Verite, &ldquo;Reports on Forestry&rdquo; (website), </FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://www.verite.org/resources/verite-reports-on-forestry/</FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">,
accessed 6 March 2022</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>13</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Climate Action 100+ Net-Zero Company Benchmark, &lsquo;Bunge Company Assessment,&rsquo;
published March 30, 2022. https://www.climateaction100.org/company/bunge-limited/</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>14</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Bunge Limited, press release, November 18, 2021 </FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://investors.bunge.com/investors/news-and-events/press-releases/year/2021/11-18-2021</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>15</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Science-Based Targets Initiative (SBTi), &lsquo;Target Dashboard.&rsquo; </FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://sciencebasedtargets.org/companies-taking-action#table</FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">, accessed March 6, 2022</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>16</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Bunge Ltd, <I>Non-Deforestation Commitment,</I></FONT> <FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://www.bunge.com/sites/default/files/2021_non_deforestation_report.pdf</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>17</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">World Wildlife Fund, <I>Soy Traders Scorecard, </I>2021, </FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://soyscorecard.panda.org/traders/</FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">and &lsquo;Bunge&rsquo; (profile) </FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://soyscorecard.panda.org/traders/scores/summary/full-report/79880</FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">,
accessed March 24, 2022</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>18</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Rainforest Foundation Norway, <I>the State of the Soy Industry, </I>February
2022, </FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://d5i6is0eze552.cloudfront.net/documents/TheStateOfTheSoyIndustry_0222-1.pdf?mtime=20220323113017</FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">p. 10</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>19</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Bunge Ltd, <I>2021 Global Sustainability Report, </I></FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://www.bunge.com/sites/default/files/2021_global_sustainability_report.pdf</FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">p. 39</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>20</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Bunge Ltd, &ldquo;Bunge Launches Unprecedented Program to Monitor Soybean Crops
from its Indirect Supply Chain in the Brazilian Cerrado&rdquo; (press release) , March 3, 2021, https://investors.bunge.com/investors/news-and-events/press-releases/year/2021/03-03-2021</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>21</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Bunge Ltd, <I>2021 Global Sustainability Report, </I>p. 11</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>22</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">AidEnvironment, <I>Realtime Deforestation Map Monitoring Report, February 2022.
</I></FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://www.aidenvironment.org/wp-content/uploads/2022/02/Realtime-Deforestation-Monitoring-Report-February-2022.pdf</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>23</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Terazono, Emiko and Hodgson, Camilla, &ldquo;Bunge and Cargill linked to soya
supply chains with deforestation risk,&rdquo; <I>Financial Times,</I> December 13, 2021, </FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://www.ft.com/content/5c44969c-b3a4-4a47-963a-b0b8300ffb2a</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>24</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Neslen, Arthur, &ldquo;Agribusiness Giants to Thwart EU Deforestation Plan
After COP26 Pledge,&rdquo; <I>the Guardian, </I>March 4, 2022, https://www.theguardian.com/environment/2022/mar/04/agribusiness-giants-tried-to-thwart-eu-deforestation-plan-after-cop26-pledge</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>25</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Bunge, &lsquo;2021 Global Sustainability Report&rsquo; p. 32</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>26</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Rainforest Foundation Norway, &lsquo;State of the Soy Supply Chain,&rsquo;
p. 11</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>27</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Rainforest Foundation Norway, &lsquo;State of the Soy Supply Chain,&rsquo;
p. 12</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>28</SUP></FONT>
<FONT STYLE="font-size: 7pt">Bunge Loders Croklaan, &ldquo;Palm Oil,&rdquo; </FONT><FONT STYLE="font-size: 7pt; color: #1155CC">https://europe.bungeloders.com/en/material/palm</FONT><FONT STYLE="font-size: 7pt">,
accessd April 5, 2022</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>29</SUP></FONT>
<FONT STYLE="font-size: 7pt">Bunge Ltd, &ldquo;Report a concern&rdquo; (website), </FONT><FONT STYLE="font-size: 7pt; color: #1155CC">https://investors.bunge.com/investors/ir-resources/report-a-concern</FONT><FONT STYLE="font-size: 7pt">,
accessed March 24, 2022</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>30</SUP></FONT>
<FONT STYLE="font-size: 7pt">Bunge Ltd, &lsquo;Non-Deforestation Commitment,&rsquo; p. 33</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>31</SUP></FONT>
<FONT STYLE="font-size: 7pt">Rainforest Foundation Norway, &lsquo;State of the Soy Supply Chain,&rsquo; p. 14</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>32</SUP></FONT>
<FONT STYLE="font-size: 7pt">IPCC, <I>Special Report on Global Warming of 1.5&deg;C., </I>2018<I>, </I></FONT><FONT STYLE="font-size: 7pt">https://www.ipcc.ch/site/assets/uploads/sites/2/2019/06/SR15_Full_Report_Low_Res.pdf</FONT>
<FONT STYLE="font-size: 7pt">, pp. v, 5, 7-10, 95-97 and 116</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>33</SUP></FONT>
<FONT STYLE="font-size: 7pt">International Energy Agency (IEA), <I>Net Zero by 2050: A Roadmap for the Global Energy Sector, </I>May 2021.
https://www.iea.org/reports/net-zero-by-2050, Slide 8. </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>34</SUP></FONT>
<FONT STYLE="font-size: 7pt">IPCC. <I>Special Report on Climate Change and Land, Summary for Policy Makers</I>, January 2020, </FONT><FONT STYLE="font-size: 7pt">https://www.ipcc.ch/site/assets/uploads/sites/4/2020/02/SPM_Updated-Jan20.pdf</FONT><FONT STYLE="font-size: 7pt">,
pp 23-24 and 26. </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>35</SUP></FONT>
<FONT STYLE="font-size: 7pt">Climate Action 100+: Net-Zero Company Benchmark Company Assessments https://www.climateaction100.org/progress/net-zero-company-benchmark/</FONT></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>36</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Climate, Land, Ambition and Rights Alliance (CLARA), &ldquo;Climate Action
in the Land Sector,&rdquo; https://www.boell.de/sites/default/files/clara_action_in_the_land_sector_final.pdfaccessed March 5, 2022 </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>37</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">IPCC, &lsquo;Special Report: Global Warming of <I>1.5&deg;C</I>&rsquo;, Chapter
4.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>38</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt; color: #24292E">Glasgow Leaders&rsquo; Declaration on Forests and Land Use,
November 2, 2021, </FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://ukcop26.org/glasgow-leaders-declaration-on-forests-and-land-use/</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"></FONT></P>

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-bottom: 6pt; padding-top: 6pt; padding-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">&nbsp;</FONT></P>
<HR ALIGN="LEFT" SIZE="1" STYLE="width: 100%">
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>39</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Principles for Responsible Investment (PRI), &ldquo;The Inevitable Policy Response
2021: Forecast Policy Scenario and 1.5C Required Policy Scenario,&rdquo; October 17, 2021.</FONT></P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0">https://www.unpri.org/inevitable-policy-response/the-inevitable-policy-response-2021-forecast-policy-scenario-and-15c-required-policy-scenario/8726.article,
p.12</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>40</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Pendrill, et al. &ldquo;Agricultural and Forestry Trade Drives Large Share
of Tropical Deforestation Emissions,&rdquo; </FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><I>Global
Environmental Change</I></FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><I>, </I>May 2019, https://www.sciencedirect.com/science/article/pii/S0959378018314365</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>41</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Greenpeace International, <I>Countdown to Extinction, </I>September 2019. </FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt; color: #1155CC">ttps://www.greenpeace.org/static/planet4-international-stateless/2019/09/98db6c73-gp_cte_report_lowres.pdf</FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">,
p. 15</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>42</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Both ENDS and the Forest Peoples Programme, &ldquo;Ensuring Respect for Human
Rights in the Context of Economic Diplomacy,&rdquo; March 12, 2018, https://www.ohchr.org/Documents/Issues/Business/2018Survey/Bothe_ends_and_forest_people_programme.pdf</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>43</SUP></FONT>
<FONT STYLE="font-size: 7pt">Brown, et al. &ldquo;Modern slavery, environmental degradation and climate change: Fisheries, field, forests
and factories,&rdquo; <I>Nature and Space. </I>November 2019, https://journals.sagepub.com/doi/full/10.1177/2514848619887156</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>44</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Verite, &ldquo;Reports on Forestry&rdquo; (website), </FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt; color: #1155CC">https://www.verite.org/resources/verite-reports-on-forestry/</FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">,
accessed March 6 2022</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>45</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">DaSilva, Gabriel, &ldquo;Deforestation Surges Despite Global Pledge to Cut
it In Half,&rdquo; <I>Ecosystem Marketplace, </I>September 13, 2019, https://www.ecosystemmarketplace.com/articles/deforestation-surges-43-percent-despite-global-pledge-to-cut-it-in-half/</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>46</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services
(IPBES), &ldquo;Summary for Policymakers of the IPBES Global Assessment Report on Biodiversity and Ecosystem Services,&rdquo; 2019. https://ipbes.net/sites/default/files/inline/files/ipbes_global_assessment_report_summary_for_policymakers.pdf</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>47</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Rainforest Action Network, <I>Keep Forests Standing: Evaluating the Brands
and Banks Driving Deforestation and Human Rights Abuses, </I>2021 </FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt; color: #1155CC">https://www.ran.org/wp-content/uploads/2021/04/RAN_KFS_Scorecard_vENG.pdf</FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">p. 2</FONT><FONT STYLE="font-size: 10pt">.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>48</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Food and Agriculture Organization of the United Nations, &ldquo;Global Forest
Resources Assessment 2020: Key Findings,&rdquo; </FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt; color: #1155CC">https://www.fao.org/3/CA8753EN/CA8753EN.pdf</FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">p. 4</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>49</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">IPCC, IPCC, &lsquo;Special Report: Global Warming of <I>1.5&deg;C</I>&rsquo;,
Chapter 11, https://www.ipcc.ch/site/assets/uploads/2018/02/ipcc_wg3_ar5_chapter11.pdf</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>50</SUP></FONT>
<FONT STYLE="font-size: 10pt"></FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Baj&zcaron;elj,
B., et al. &ldquo;Importance of food-demand management for climate mitigation.&rdquo; <I>Nature Clim Change, </I>August 21, 2014, </FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt; color: #1155CC">https://www.nature.com/articles/nclimate2353</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>51</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Ceres and PRI, </FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt; color: #1155CC"><I>Global
Sector Strategies: Recommended Investor Expectations for Food and Beverage</I></FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><I><U>,</U></I>
August 2021, </FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt; color: #1155CC">https://www.climateaction100.org/wp-content/uploads/2021/08/Global-Sector-Strategies-Food-and-Beverage-Ceres-PRI-August-2021.pdf</FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">p. 5 </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>52</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Climate Focus, &ldquo;New York Declaration on Forests Progress Assessment,&rdquo;
</FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt; color: #1155CC">https://www.climatefocus.com/projects/new-york-declaration-forests-nydf-progress-assessment</FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">,
accessed March 6, 2022</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>53</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Askew, Katy, &ldquo;Food Giants Launch New Deforestation Pledge After Missing
2020 Objective,&rdquo; <I>Food Navigator, </I>September 2020, https://www.foodnavigator.com/Article/2020/09/24/Food-giants-launch-new-deforestation-pledge-after-missing-2020-objectives-Our-approach-was-not-agile-enough</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>54</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Rainforest Action Network, <I>Banking on Climate Chaos. </I>March 2021. https://www.ran.org/wp-content/uploads/2021/03/Banking-on-Climate-Chaos-2021.pdf</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>55</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Carbon Tracker, <I>Fault Lines: How Diverging Oil and Gas Company Strategies
link to Stranded Asset Risk, </I>October 2020, </FONT></P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0">https://carbontracker.org/reports/fault-lines-stranded-asset/</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>56</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Carbon Tracker. &lsquo;Adapt to Survive.&rsquo;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>57</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://carbontracker.org/company-profiles/</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>58</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://www.climateaction100.org/progress/net-zero-company-benchmark/</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>59</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://www.climateaction100.org/whos-involved/companies/</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>60</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://www.climateaction100.org/approach/global-sector-strategies/food-and-beverage/</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>61</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://sciencebasedtargets.org/</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>62</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://sciencebasedtargets.org/companies-taking-action</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>63</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://sciencebasedtargets.org/sectors</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>64</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://www.cdp.net/en/responses?queries%5Bname%5D=&amp;utf8=%E2%9C%93</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>65</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://forest500.org/</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>66</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Rainforest Action Network, <I>Keep Forests Standing: </I></FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt; color: #211D1E"><I>Methodology
for the Evaluation of Performance of Brands profiled in the Keep Forest Standing Campaign</I></FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">,
April 2021 </FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt; color: #1155CC">https://www.ran.org/wp-content/uploads/2021/04/FINAL-KFS-Scorecard-Methodology.pdf</FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">pp. 6-7</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>67</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Ceres, </FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt; color: #1155CC"><I>The
Investor Guide to Deforestation and Climate Change</I></FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">, June 2020,
</FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt; color: #1155CC">https://www.ceres.org/sites/default/files/reports/2020-06/Ceres%20Investor%20Guide%20FINAL%20June%2029.pdf</FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">p. 13 </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>68</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://forest500.org/</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>69</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://www.ran.org/wp-content/uploads/2021/04/RAN_KFS_Scorecard_vENG.pdf</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>70</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://www.ran.org/wp-content/uploads/2021/04/FINAL-KFS-Scorecard-Methodology.pdf</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>71</SUP></FONT>
<FONT STYLE="font-size: 7pt">https://trase.finance/</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>72</SUP></FONT>
<FONT STYLE="font-size: 7pt">Rainforest Action Network, &ldquo;<I>Keep Forests Standing: </I></FONT><FONT STYLE="font-size: 7pt; color: #211D1E"><I>Methodology&hellip;&rsquo;
</I></FONT><FONT STYLE="font-size: 7pt">p. 11 </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>73</SUP></FONT>
<FONT STYLE="font-size: 7pt">Rainforest Foundation Norway, <I>the State of the Soy Industry, </I>February 2022, </FONT><FONT STYLE="font-size: 7pt; color: #1155CC">https://d5i6is0eze552.cloudfront.net/documents/TheStateOfTheSoyIndustry_0222-1.pdf?mtime=20220323113017</FONT>
<FONT STYLE="font-size: 7pt">pp. 10-12</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>74</SUP></FONT>
<FONT STYLE="font-size: 7pt">UNPRI, &ldquo;Investor expectations on deforestation in soybean supply chains,&rdquo; </FONT><FONT STYLE="font-size: 7pt; color: #1155CC">https://www.unpri.org/download?ac=10610</FONT><FONT STYLE="font-size: 7pt">,
accessed March 18, 2022</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>75</SUP></FONT>
<FONT STYLE="font-size: 7pt">Rainforest Foundation Norway, <I>the State of the Soy Industry, </I>February 2022, </FONT><FONT STYLE="font-size: 7pt; color: #1155CC">https://d5i6is0eze552.cloudfront.net/documents/TheStateOfTheSoyIndustry_0222-1.pdf?mtime=20220323113017</FONT>
<FONT STYLE="font-size: 7pt">p. 11</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>76</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">Rainforest Foundation Norway, <I>the State of the Soy Industry, </I>February
2022, </FONT><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt; color: #1155CC">https://d5i6is0eze552.cloudfront.net/documents/TheStateOfTheSoyIndustry_0222-1.pdf?mtime=20220323113017</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>77</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://www.cdp.net/en/responses?queries%5Bname%5D=&amp;utf8=%E2%9C%93</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>78</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://forest500.org/</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>79</SUP></FONT>
<FONT STYLE="font-family: Franklin Gothic; font-size: 7pt">https://trase.finance/</FONT></P>

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

<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-bottom: 6pt; padding-top: 6pt; padding-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>mj-001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 mj-001.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    /   _^X #D%D
M;V)E &3      ?_; (0 !@0$! 4$!@4%!@D&!08)"P@&!@@+# H*"PH*#! ,
M# P,# P0# X/$ \.#!,3%!03$QP;&QL<'Q\?'Q\?'Q\?'P$'!P<-# T8$! 8
M&A41%1H?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?
M'Q\?'Q\?'Q\?_\  $0@ &P!X P$1  (1 0,1 ?_$ (X   (" P$!
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<70!Z@]R^2Z /4'N7R70'J?GZI_V3^_X:F@/_V0$!

end
</TEXT>
</DOCUMENT>
</SUBMISSION>
