St. Louis, MO - October 28, 2020 - Bunge Limited (NYSE:BG) today reported third quarter 2020 results.
• Q3 GAAP EPS of $1.84 vs. $(10.57) in the prior year; $2.47 vs. $1.28 on an adjusted basis excluding certain gains/charges and mark-to-market timing differences
• Strong results driven by outstanding execution across Bunge’s global platform
• Exceptional Agribusiness performance driven by oilseed processing, which benefited from higher margins and volumes
• Edible Oils results better than expected; year to date results higher than prior year despite COVID-19 impacts
• Increasing full-year adjusted EPS outlook to between $6.25 and $6.75 based on strong Q3 results and improving market trends

Ø Overview
Greg Heckman, Bunge's Chief Executive Officer, commented, “Our team delivered a strong third quarter with outstanding execution across our global platform, leveraging improving market trends. We achieved record crush utilization and captured exceptionally strong margins while supporting our customers and maintaining measures to protect the health of our employees. These results, and our performance over the past few quarters, reflect the meaningful changes we’ve made to our operating model, portfolio and financial approach.
"Looking into next year, we expect many of the favorable trends to continue with demand for our products remaining strong. We also expect additional global demand for vegetable oil from the growth of biofuels.
With our strength in oilseed processing, in addition to our global origination and distribution capabilities, we believe we are well positioned to meet market demands and capitalize on this growth."
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Ø Financial Highlights
Quarter Ended September 30, Nine Months Ended September 30,
US$ in millions, except per share data 2020 2019 2020 2019
Net income attributable to Bunge $ 262 $ (1,488) $ 594 $ (1,229)
Net income per common share-diluted $ 1.84 $ (10.57) $ 3.98 $ (8.87)
Mark-to-market timing difference (a) $ 0.85 $ (0.13) $ 0.97 $ (0.25)
Certain (gains) and charges (b) $ (0.14) $ 11.30 $ 0.32 $ 11.50
Dilutive share basis difference - GAAP vs Adjusted (c) $ — $ 0.68 $ — $ 0.69
Adjustment of redeemable noncontrolling interest (d) $ (0.08) $ — $ (0.01) $ —
Adjusted Net income per common share-diluted (e) $ 2.47 $ 1.28 $ 5.26 $ 3.07
Core Segment EBIT (e) (f) $ 420 $ 202 $ 1,305 $ 709
Mark-to-market timing difference (a) 161 (25) 186 (47)
Certain (gains) & charges (b) — 110 — 123
Adjusted Core Segment EBIT (e) $ 581 $ 287 $ 1,491 $ 785
Corporate and Other EBIT (e) $ (92) $ (99) $ (274) $ (77)
Certain (gains) & charges (b) — 30 71 45
Adjusted Corporate and Other EBIT (e) $ (92) $ (69) $ (203) $ (32)
Non-core Segment EBIT (e) (g) $ 23 $ (1,543) $ (112) $ (1,567)
Certain (gains) & charges (b) — 1,604 — 1,607
Adjusted Non-core Segment EBIT (e) $ 23 $ 61 $ (112) $ 40
Total Segment EBIT (e) $ 351 $ (1,440) $ 919 $ (935)
Mark-to-market timing difference (a) 161 $ (25) $ 186 $ (47)
Total Certain (gains) & charges (b) — $ 1,744 $ 71 $ 1,775
Adjusted Total Segment EBIT (e) $ 512 $ 279 $ 1,176 $ 793
(a) Mark-to-market timing impact of certain commodity and freight contracts, readily marketable inventories, and related hedges associated with
committed future operating capacity. See note 3 in the Additional Financial information section of this release for details.
(b) Certain (gains) & charges included in Total Segment EBIT. See Additional Financial Information for details.
(c) Dilutive share basis difference - GAAP vs. Adjusted represents the impact of using different weighted-average common shares outstanding in
the denominators of the respective GAAP and Adjusted EPS calculations. See note 4 in the Additional Financial information section of this
release for for details.
(d) Retained earnings impact associated with an adjustment to the carrying amount of the redeemable noncontrolling interest recorded in respect
of our 70% ownership interest in Loders. See note 5 in the Additional Financial information section of this release for for details.
(e) Core Segment EBIT, Adjusted Core Segment EBIT, Corporate and Other EBIT, Adjusted Corporate and Other EBIT, Non-core Segment
EBIT, Adjusted Non-core Segment EBIT, Total Segment EBIT, Adjusted Total Segment EBIT, and Adjusted Net income per common sharediluted
are non-GAAP financial measures. Reconciliations to the most directly comparable U.S. GAAP measures are included in the tables
attached to this press release and the accompanying slide presentation posted on Bunge's website.
(f) Core Segment earnings before interest and tax ("Core Segment EBIT") comprises the aggregate earnings before interest and tax (“EBIT”) of
Bunge’s Agribusiness, Edible Oils Products, Milling Products and Fertilizer reportable segments, and excludes Bunge's Sugar & Bioenergy
reportable segment and Corporate and Other activities.
(g) Non-core Segment EBIT comprises Bunge’s Sugar & Bioenergy reportable segment EBIT, which reflects Bunge's share of the results of its
50/50 joint venture with BP p.l.c.

Third Quarter Results
Core Segments Agribusiness Quarter Ended Nine Months Ended
US$ in millions, except per share data Sep 30, 2020 Sep 30, 2019 Sep 30, 2020 Sep 30, 2019
Volumes (in thousand metric tons) 35,887 36,554 107,222 104,992
Net Sales $ 7,108 $ 7,008 $ 20,247 $ 20,995
Gross Profit $ 355 $ 249 $ 1,229 $ 791
Selling, general and administrative
expense $ (147) $ (113) $ (367) $ (351)
Foreign exchange gains (losses) $ 59 $ (57) $ 76 $ (76)
Income (loss) from affiliates $ 18 $ 10 $ 43 $ 24
Segment EBIT $ 299 $ 107 $ 1,015 $ 457
Mark-to-market timing difference 168 (25) 175 (47)
Certain (gains) & charges — 92 — 102
Adjusted Segment EBIT $ 467 $ 174 $ 1,190 $ 512
Certain (gains) & charges, Net Income (Loss)
Attributable to Bunge $ — $ 85 $ — $ 95
Certain (gains) & charges, Earnings Per
Share $ — $ 0.56 $ — $ 0.63
Oilseeds (2)
Quarter Ended Nine Months Ended
US$ in millions, except per share data Sep 30, 2020 Sep 30, 2019 Sep 30, 2020 Sep 30, 2019
Oilseeds EBIT $ 230 $ 69 $ 622 $ 349
Mark-to-market timing difference 162 (25) 154 (47)
Certain (gains) & charges — 68 — 77
Adjusted Oilseed EBIT $ 392 $ 112 $ 776 $ 379
In Oilseeds, soy processing results were higher in South America, Europe and Asia, where margins increased from strong meal and vegetable oil demand, partially offset by slightly lower results in the U.S.
Softseed processing results increased in all regions. Lower variable per unit costs also contributed to improved performance. Higher results in trading and distribution operations were due to increased margins and favorable positioning.
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Grains (2)
Quarter Ended Nine Months Ended
US$ in millions, except per share data Sep 30, 2020 Sep 30, 2019 Sep 30, 2020 Sep 30, 2019
Grains EBIT $ 69 $ 38 $ 393 $ 108
Mark-to-market timing difference 6 — 21 —
Certain (gains) & charges — 24 — 25
Adjusted Grains EBIT $ 75 $ 62 $ 414 $ 133
In Grains, higher results were primarily driven by origination in South America, which benefited from
strong execution and farmer selling as crop prices in local currency increased during the quarter.

Edible Oil Products
Quarter Ended Nine Months Ended
US$ in millions, except per share data Sep 30, 2020 Sep 30, 2019 Sep 30, 2020 Sep 30, 2019
Volumes (in thousand metric tons) 2,473 2,462 7,101 7,099
Net Sales $ 2,434 $ 2,319 $ 6,886 $ 6,764
Gross Profit $ 177 $ 160 $ 451 $ 450
Selling, general and administrative
expense $ (96) $ (86) $ (278) $ (262)
Foreign exchange gains (losses) $ (3) $ 5 $ — $ 4
Income (loss) from affiliates $ — $ — $ — $ —
Segment EBIT $ 76 $ 59 $ 173 $ 161
Mark-to-market timing difference (9) — 8 —
Certain (gains) & charges — 13 — 14
Adjusted Segment EBIT $ 67 $ 72 $ 181 $ 175
Certain (gains) & charges, Net Income (Loss)
Attributable to Bunge $ — $ 13 $ — $ 14
Certain (gains) & charges, Earnings Per
Share $ — $ 0.08 $ — $ 0.09
Edible Oil Products Summary
Results improved significantly from the second quarter, but were down from a strong prior year. Higher
earnings in Brazil and Asia from improved demand in food processor and consumer retail channels were
more than offset by lower earnings in North America and Europe.
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Milling Products
Quarter Ended Nine Months Ended
US$ in millions, except per share data Sep 30, 2020 Sep 30, 2019 Sep 30, 2020 Sep 30, 2019
Volumes (in thousand metric tons) 1,180 1,131 3,455 3,349
Net Sales $ 416 $ 437 $ 1,213 $ 1,293
Gross Profit $ 38 $ 41 $ 135 $ 130
Selling, general and administrative
expense $ (22) $ (24) $ (70) $ (75)
Foreign exchange gains (losses) $ 1 $ — $ 1 $ 3
Income (loss) from affiliates $ (1) $ — $ (1) $ —
Segment EBIT $ 16 $ 14 $ 64 $ 61
Mark-to-market timing difference 2 — 3 —
Certain (gains) & charges — 5 — 7
Adjusted Segment EBIT $ 18 $ 19 $ 67 $ 68
Certain (gains) & charges, Net Income (Loss)
Attributable to Bunge $ — $ 4 $ — $ 5
Certain (gains) & charges, Earnings Per
Share $ — $ 0.03 $ — $ 0.04
Milling Products Summary
Higher results in Brazil, which were primarily driven by increased volumes, were slightly offset by lower
margins in Mexico. Results in the U.S. were comparable to last year.
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Fertilizer
Quarter Ended Nine Months Ended
US$ in millions, except per share data Sep 30, 2020 Sep 30, 2019 Sep 30, 2020 Sep 30, 2019
Volumes (in thousand metric tons) 485 512 1,036 1,013
Net Sales $ 153 $ 178 $ 324 $ 355
Gross Profit $ 30 $ 28 $ 61 $ 44
Selling, general and administrative
expense $ — $ (5) $ (7) $ (12)
Foreign exchange gains (losses) $ 1 $ — $ 1 $ —
Income (loss) from affiliates $ — $ — $ — $ —
Segment EBIT $ 29 $ 22 $ 53 $ 30
Certain (gains) & charges — $ — $ — $ —
Adjusted Segment EBIT $ 29 $ 22 $ 53 $ 30
Certain (gains) & charges, Net Income (Loss)
Attributable to Bunge $ — $ — $ — $ —
Certain (gains) & charges, Earnings Per
Share $ — $ — $ — $ —

Fertilizer Summary
Higher segment results reflected improved performance in our Argentine operation driven by higher margins, partially offset by lower volumes.

Corporate and Other
Quarter Ended Nine Months Ended
US$ in millions, except per share data Sep 30, 2020 Sep 30, 2019 Sep 30, 2020 Sep 30, 2019
Gross Profit $ (3) $ (1) $ (2) $ 10
Selling, general and administrative
expense $ (87) $ (91) $ (270) $ (239)
Foreign exchange gains (losses) $ (4) $ 1 $ (3) $ 2
Other income (expense) - net $ 2 $ (8) $ 1 $ 150
Segment EBIT (a) $ (92) $ (99) $ (274) $ (77)
Certain (gains) & charges — 30 71 45
Adjusted Segment EBIT $ (92) $ (69) $ (203) $ (32)
Certain (gains) & charges, Net Income (Loss)
Attributable to Bunge $ (21) $ (6) $ 48 $ 6
Certain (gains) & charges, Earnings Per
Share $ (0.14) $ (0.04) $ 0.32 $ 0.05
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Corporate
Quarter Ended Nine Months Ended
US$ in millions, except per share Sep 30, 2020 Sep 30, 2019 Sep 30, 2020 Sep 30, 2019
Corporate EBIT $ (94) $ (95) $ (220) $ (235)
Certain (gains) & charges — 30 5 45
Adjusted Corporate EBIT $ (94) $ (65) $ (215) $ (190)

Other
Quarter Ended Nine Months Ended
US$ in millions, except per share Sep 30, 2020 Sep 30, 2019 Sep 30, 2020 Sep 30, 2019
Other EBIT $ 2 $ (4) $ (54) $ 158
Certain (gains) & charges — — 66 —
Adjusted Other EBIT $ 2 $ (4) $ 12 $ 158

Corporate and Other Summary
Corporate includes salaries and overhead for corporate functions, and Other comprises the results of Bunge Ventures and the Company's securitization, captive insurance and other activities. Total adjusted segment EBIT for Corporate and Other was comprised of $(94) million from Corporate and $2 million from Other for the quarter ended September 30, 2020. This compares to $(65) million from Corporate and $(4) million from Other for the prior year period. The increase in Corporate expenses during the quarter primarily related to higher performance-based compensation driven by strong financial performance.
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Non-core Segments
Sugar & Bioenergy
Quarter Ended Nine Months Ended
US$ in millions, except per share data Sep 30, 2020 Sep 30, 2019 Sep 30, 2020 Sep 30, 2019
Volumes (in thousand metric tons) 96 1,083 244 2,727
Net Sales $ 48 $ 381 $ 124 $ 950
Gross Profit $ 5 $ (1,455) $ 7 $ (1,454)
Selling, general and administrative
expense $ — $ (10) $ (1) $ (30)
Foreign exchange gains (losses) $ — $ (78) $ — $ (80)
Income (loss) from affiliates $ 18 $ (2) $ (118) $ (3)
Segment EBIT $ 23 $ (1,543) $ (112) $ (1,567)
Certain (gains) & charges — 1,604 — 1,607
Adjusted Segment EBIT $ 23 $ 61 $ (112) $ 40
Certain (gains) & charges, Net Income (Loss)
Attributable to Bunge $ — $ 1,604 $ — $ 1,607
Certain (gains) & charges, Earnings Per
Share $ — $ 10.67 $ — $ 10.69

Sugar & Bioenergy Summary
Segment results for this quarter reflected our share of the results of the 50/50 joint venture with BP. By contrast, third quarter 2019 reflected our 100 percent ownership of the Brazilian sugar and bioenergy operations that we contributed to the joint venture in December 2019. Additionally, results of the joint venture are reported on a one-month lag.
Results in the quarter benefited from higher year-over-year average sugar and ethanol prices in local currency, as well as improved industrial efficiency and costs. Earnings in the third quarter of last year benefited from $32 million of lower depreciation due to our Brazilian sugar and bioenergy operations being classified as held for sale.
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Cash Flow
Nine Months Ended Sep 30, 2020 Sep 30, 2019
Cash used for operating activities $ (2,128) $ (1,313)
Proceeds from beneficial interest in securitized trade receivables 1,164 800
Cash used for operating activities, adjusted $ (964) $ (513)
Cash used for operations in the nine months ended September 30, 2020 was $2,128 million compared to cash used of $1,313 million in the same period last year. Adjusting for the proceeds from beneficial interest in securitized trade receivables, cash used by operating activities was $964 million compared with cash used for operating activities of $513 million in the prior year. This increase in cash used for operations was primarily driven by higher working capital levels, reflecting higher commodity prices and increased purchases of readily marketable inventory.

Income Taxes
For the three and nine months ended September 30, 2020, income tax expense was $38 million and $151 million, respectively, compared to $(28) million and $70 million, respectively, for the three and nine months ended September 30, 2019. The increase in income tax expense during 2020 is primarily due to higher pre-tax income in 2020.

Ø COVID-19 Update
Bunge continues to take proactive steps to protect the health and safety of its employees, their families and the communities in which it operates. Through an internal task force, the Company closely monitors developments related to the pandemic and provides guidance to its facilities worldwide. Each of Bunge’s facilities around the globe is taking steps to respond to COVID-19 based on the nature of its operations and the actions being taken by local governments. The Company has continued to restrict travel, follow upgraded cleaning practices at its facilities and offices, require remote work arrangements for teammates wherever possible, reduce staffing in its production facilities and keep social distancing and other safety related measures in place.
Numerous countries around the globe, including places where Bunge operates production facilities or maintains offices, have continued to impose quarantines and significant restrictions, including shelter-inplace or stay-at-home orders. Additionally, the rise in the number of observed COVID-19 cases in many parts of the world may lead to governments re-imposing travel and work restrictions or imposing additional restrictions. In locations where such restrictions are in place, Bunge has been deemed an essential or life-sustaining operation. To date, the Company has not seen a significant disruption in its supply chain, has been able to mitigate logistics and distribution issues that have arisen, and substantially all of its facilities around the world have continued to operate at or near normal levels.
Bunge continues to monitor local, regional and national governmental actions that could limit or restrict the movement of agricultural commodities or products or otherwise disrupt physical product flows or its ability to operate in the future.

9
Ø Outlook
Excluding notable items and mark-to-market timing differences, we now expect full-year adjusted earnings of between $6.25 and $6.75 per share.
In Agribusiness, our improved outlook reflects our third quarter year-to-date results, the current market environment and forward curves.

In Edible Oils, we now expect adjusted results to be up compared to last year due to the strong performance of our consumer businesses and growing biofuel demand. Expected full-year adjusted results in Milling continue to be in line with last year.
In Fertilizer, we now expect full-year adjusted results to be slightly higher than last year.

Corporate and Other is expected to be comparable to last year, excluding Bunge Ventures.
For 2020, the Company expects an adjusted annual effective tax rate in the range of 20% to 22%; net interest expense of approximately $230 million; capital expenditures in the range of $375 to $400 million; and depreciation and amortization of approximately $430 million.

Ø Conference Call and Webcast Details Bunge Limited’s management will host a conference call at 8:00 a.m. Eastern (7:00 a.m. Central) on Wednesday, October 28, 2020 to discuss the company’s results.
Additionally, a slide presentation to accompany the discussion of results will be posted on www.bunge.com.

To listen to the call, please dial 1 (844) 735-3666. If you are located outside the United States or Canada, dial +1 (412) 317-5706. Please dial in five to 10 minutes before the scheduled start time. The call will also be webcast live at www.bunge.com.
To access the webcast, go to “Events and presentations” in the “Investors” section of the company’s website. Select “Q3 2020 Bunge Limited Conference Call” and follow the prompts. Please go to the website at least 15 minutes prior to the call to register and download any necessary audio software.
A replay of the call will be available later in the day on October 28, 2020, continuing through November 28, 2020. To listen to it, please dial 1 (877) 344-7529 in the United States, 1 (855) 669-9658 in Canada, or +1 (412) 317-0088 in other locations. When prompted, enter confirmation code 10148043. A replay will also be available in "Past events" at "Events and presentations" in the "Investors" section of the company's website.

Ø About Bunge Limited
see & read more on
https://www.bunge.com/sites/default/files/attachments/3q_2020_epr.pdf