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Vital to the World

CLSA AsiaUSA Forum


March 3, 2010

John Rice Steve Mills Dwight Grimestad


EVP, Commercial & Production EVP & CFO VP, Investor Relations
Safe Harbor Statement

Some of our comments constitute forward-looking statements that


reflect management’s current views and estimates of future
economic circumstances, industry conditions, Company
performance and financial results.

The statements
Th t t t are based
b d on many assumptions
ti andd ffactors,
t
including availability and prices of raw materials, market
conditions, operating efficiencies, access to capital and actions of
governments. Any changes in such assumptions or factors could
produce significantly different results. To the extent permitted
under applicable law
law, the Company assumes no obligation to
update any forward-looking statements as a result of new
information or future events.

2
Table of Contents
Page

9 Global Trends 4

9 ADM Assets 5

9 ADM’s Value Chain 6–9

9 Origination and Transportation 10 – 13

9Oilseeds 14 – 21

9 Corn Processing 22 – 30

9 Cocoa and Wheat 31 – 34

9 Profitable Growth 35 – 41

9 Appendix
pp 42 – 54

3
Global Trends Signal Growth Opportunity

Population Growth

Need for Energy Security


and Diversity

Growing Interest
in Environmental
Improvement

4
ADM’s Assets are Positioned for Global Growth

Sourcing facilities
Oilseed processing
Corn processing
Cocoa & wheat processing
Wilmar
Sourcing distribution
Processing distribution

5
We are Leveraging our Value Chain and
Executingg our Strategy
gy
Expand the Size and Global Reach of our Core Model

CROPS VALUE‐ADDED 
SOURCE TRANSPORT PROCESS TRANSFORM DISTRIBUTE MARKET & PRODUCTS
SELL
Oilseeds
Corn Food
Cocoa Feed
Wheat Fuel
Palm Industrials
Sugar

Our Financial Strength and Industry Acumen Underpin the Chain and Drive Value

6
We are Expanding Volumes and Diversifying
Feedstocks
Expand the Size and Global Reach of our Core Model

CROPS VALUE‐ADDED 
SOURCE TRANSPORT PROCESS TRANSFORM DISTRIBUTE MARKET & PRODUCTS
SELL
Oilseeds
Corn Food
Cocoa Feed
Wheat Fuel
Palm Industrials
Sugar

Our Financial Strength and Industry Acumen Underpin the Chain and Drive Value

Expand Volumes and


Diversify Crops
• Palm
• Sugar
• Biomass

7
We are Growing the Size and Geographic
Reach of our Footprint
p
Expand the Size and Global Reach of our Core Model

CROPS VALUE‐ADDED 
SOURCE TRANSPORT PROCESS TRANSFORM DISTRIBUTE MARKET & PRODUCTS
SELL
Oilseeds
Corn Food
Cocoa Feed
Wheat Fuel
Palm Industrials
Sugar

Our Financial Strength and Industry Acumen Underpin the Chain and Drive Value

Expand Expand Size and Geographic Reach


Volumes and • Origination, transportation • Cocoa plants in U.S. and
Diversify Crops network in U.S. and Brazil Ghana; acquired Schokinag
• Palm
• Sugar
• Five oceangoing vessels • Began production at Brazil
• Biomass • Oilseeds in Central Europe sugar ethanol plant
• South American bottling and • Began operations at
fertilizer blending Columbus ethanol plant

8
We are Expanding Volumes and Diversifying our
Product Portfolio
Expand the Size and Global Reach of our Core Model

CROPS VALUE‐ADDED 
SOURCE TRANSPORT PROCESS TRANSFORM DISTRIBUTE MARKET & PRODUCTS
SELL
Oilseeds
Corn Food
Cocoa Feed
Wheat Fuel
Palm Industrials
Sugar

Our Financial Strength and Industry Acumen Underpin the Chain and Drive Value

Expand Expand Size and Geographic Reach Expand Volumes and


Volumes and • Origination, transportation • Cocoa plants in U.S. and
Diversify Crops network in U.S. and Brazil Ghana; acquired
Diversify Product Portfolio
• Palm • Five oceangoing vessels Schokinag • Bioenergy
• Sugar • Oilseeds in Central • Began production at • Industrial Products
• Biomass Europe Brazil sugar ethanol plant
• South American bottling • Began operations at
• Food Ingredients
and fertilizer blending Columbus ethanol plant • Feed Ingredients

9
Growing Origination and
Transportation Capabilities

10
Our People use Industry Acumen and our Asset
Network to Create Value

1111
Our Strategy is to Expand our Crop Origination and
Transportation Network; Grow Destination Business

• Build on leadership position in the U.S. and South America


• Selectively add elevators
• Improve elevator throughput
• Add port and river capabilities
• Grow origination footprint in Canada and Europe
• E
Expanddddestination
ti ti market
k t opportunities
t iti iin Middl
Middle E
East,
t
Asia and Africa

12
We are Executing our Origination and
p
Transportation Strategy
gy
• Purchased five
oceangoing vessels
• Modernizing North
American barge fleet
• Adding barges and
tugboats in South
America
•E
Expanding
di S Southth
American origination

13
Oilseeds:
E
Expanding
di Processing
P i
Capabilities

14
Our Oilseeds Asset Base is Positioned to Meet
Growingg Global Demand

Fertilizer
g
Origination
Biodiesel
Refining/Packing
Processing
Wilmar

1515
In North America, Diverse Inputs and Broad
Product Portfolio Create Value
Lecithin
Raw
Material Gums Refine Sterols
Soybean Vit i E
Vitamin
Sunflower
Canola Crude Transesterification Biodiesel
Flax Refine
Oil Interesterification Shortening
Cottonseed
Peanut Hydrogenation Margarine
Palm Oil Oil

Oil

Protein Protein

Process Soy Flour/


Refine
Cotton Flour
Soy
Concentrate
Soy Isolate
Texturize TVP / TVC
Cotton
Refine Cellulose
Lint
1616
We serve Europe using Local Softseeds as well as
p
Imported Soybeans
y and Processed Products

Gums Refine Lecithin

Raw
Material Transesterification Biodiesel
Refine
Sunflower Glycerin
Rapeseed Oil
Soybean Crude
Palm Oil Interesterification Shortening
Oil
Hydrogenation Margarine

Process Oil

P t i
Protein

Refine

Soy
S
Concentrate

1717
Using South American Harvests, we serve
both Local and Global Markets

Crop O
C Origination/
i i ti /
Merchandising

R fi
Refine Oil
Crop
Prefinancing
Seed
Crop Nutrients
Crop Protection Crude Oil Transesterification Biodiesel

Raw Material
Soybean Process Protein
Sunflower

1818
We Participate in Growing Asian Markets
g our Strategic
through g Partner

• 16% eq
equity
it stake in Asia’s
largest agricultural processor
• Seat
S t on board
b d off directors
di t
• Supply and sales agreements

19
Oilseeds Strategies are Regionally Focused
• North America
- Grow value-added business
- Expand destination feed business
• South America
- Grow origination and logistics capabilities
- Expand
p p
processing
g capacities
p
• Europe and India
- Grow origination and logistics capabilities
- Increase processing capacities and flexibility
- Grow value
value-added
added business

20
We are Increasing Processing Capacity and
Efficiencyy for Long-Term
g Demand
• North America
- Expanding crushing capacities,
refining, low-trans production
• South America
- Added fertilizer blending capacity
- Acquired vegetable oil bottling facility
- Expanding biodiesel capacity
• Europe
- Acquired processing plants in Czech
Republic and southern Germany

21
Corn Processing:
Expanding Processing/
Transforming Capabilities

22
ADM has a Competitive Advantage in Corn Processing

Dry Mill
Wet Mill
Sugarcane Ethanol
Corn Joint Ventures

2323
Corn Processing Production Flexibility Enhances Value
CORN SYRUP
SYRUP, HIGH FRUCTOSE CORN SYRUP

Dextrose (Liquid and Crystalline), Maltodextrin


Starch
Xanthan Gum,
Gum Citric Acid
Acid, Lactic Acid
Acid, Yeast
Sorbitol (Liquid and Crystalline)

Propylene Glycol, Ethylene Glycol


Isosorbide – Pilot Scale
Lysine, Threonine, Astaxanthin
Corn Oil
FUEL ALCOHOL
Gluten Feed
Food and Industrial Starches
Gluten Meal Ethyl Lactate

PHA (bioplastic) – Q1CY10

Additional Products

24
Our Broad Product Line Serves a Wide
Range of Markets

2525
We are Well-Positioned to Serve the Growing Ethanol Market

ADM Plants
Terminals

2626
Ethanol Demand Exceeds RFS Requirements
16

14
Actual
12
RFS

10
ons
Billion Gallo

0
1H07 2H07 1H08 2H08 1H09 2H09 2010 2015

Calendar Year

Source: EIA

27
HFCS Remains an Important Product and an
g
Attractive Alternative to Sugar

• HFCS has broader functionality than sucrose


• Relative to sugar, HFCS saves the food industry
billions of dollars each year
• Nutritionally, HFCS is the same as sugar or honey

• Nielsen data show that


flagging brands generally
have not benefitted from
“no-HFCS” marketing

28
Our Strategy is to Leverage our Processing
p
Expertise and Diversifyy Feedstocks

• Increase the diversity of our product


portfolio
tf li
‐ Industrial chemicals

‐ Advanced biofuels

•O
Optimize
ti i the
th flexibility
fl ibilit off our processing
i D t
Dextrose

operations

• Build or acquire carbohydrate processing


in key regions around the world

29
We are Increasing Processing Capacity
and Efficiencyy
Corn
• Operating
p g Columbus dry
y mill
• Expanding Decatur swing capacity
between ethanol and corn syrups
• Completed construction of Clinton
and Columbus co-gen plants
• Growing
G i product
d t portfolio
tf li
• Reducing plant production costs
Sugar
• Producing ethanol at first Brazilian mill

30
Cocoa and Wheat:
Expanding Processing /
Transforming Capabilities

31
We are a Leader in Cocoa Processing

Processing Plant
Buying Station

3232
We are the Leading Flour Miller in North America,
and a Leader in the UK

Wheat & Durum Milling


Dry Corn Milling
Milo & Sorghum Milling
B l
Bulgur Milli
Milling
Rice Milling
Dry Sweeteners

3333
Cocoa and Milling Strategies Target Profit Growth

• Cocoa: Gain efficiencies from the integration of


Schokinag, Ghana and Hazelton, PA.

• Milling: Improve efficiencies of existing facilities

34
Focusing on Profitable Growth

35
Our Diversified Portfolio Drives Earnings Growth

FY08 FY09* 6 mo FY10

Oilseed Processing
g g
Corn Processing Ag
g Services Other

* Other results in FY09 were a loss of $6M

36
A Decade of Earnings Growth
(A t iin millions)
(Amounts illi )

$2,500

$2 000
$2,000

$1,500

2,291
2,156
$1,000

1,305 1,385
973 1,049 $500

512 569
383 460
301
$0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
6 months
(1)
Earnings, as reported

(1)Adjusted for LIFO

37
ADM is Committed to Profitable Growth

• We will target opportunities that leverage the value


chain and enhance shareholder returns
• We will grow through:
- Selective acquisitions
- Expanding current facilities
- Building new assets in targeted markets

• Investments must support


pp long-term
g strategy
gy and
internal goals

38
Financial Returns
$20 20%

$16 16%
Net Asset Base ($B)

$12 12%

$8 8%

$4 4%

$0 (2) (2) (2)


0%
Q209 Q309 Q409 Q110 Q210
(1) (1)
Fixed Investment Working Capital/Other Liabilities Trailing 4 quarter RONA %
(1)
Trailing 4 quarter ROE % Annualized quarterly RONA % Annualized quarterly ROE %
Trailing 4 quarter ROIC %

(1)Adjusted for LIFO


(2)FY2009 restated - see notes on page 54

39
ADM: Vital to the World

• Global trends offer


opportunity for growth

• Our global asset base is


positioned to capture value

• Our p
people
p enhance the
value of our global assets

•O
Our business
b i portfolio
tf li iis
diverse and strong

40
Vital to the World
A
Appendix
di

42
Financial Highlights
(Amounts in millions, except per share data and percentages)

Quarter Ended Six Months Ended


December 31 December 31
2009 2008 Change 2009 2008 Change
Segment operating profit(1) $ 970 $ 815 19% $1,744 $1,991 (12%)
Net earnings attributable to ADM(2) $ 567 $ 578 (2%) $1,063 $1,623 (35%)
Earnings per share(2) $ 0.88 $ 0.90 (2%) $ 1.65 $ 2.52 (35%)
Effective tax rate 28.4% 29.1% 29.5% 29.4%

LIFO impact per share (net of tax)(1) $ (0.05) $ 0.12 $ (0.17) $ 0.02 $ 0.56 $ (0.54)

Q2FY10 Net Earnings and Earnings Per Share Analysis FY10 Year-to-Date Net Earnings and Earnings Per Share Analysis

$1,063 $(14) $1,049

$567 $34 $601

As reported LIFO Adjusted for As reported LIFO Adjusted for


specified items(1) specified items(1)
EPS $0.88 $0.05 $0.93 EPS $1.65 ( )
$(0.02) $1.63

(1) Non-GAAP measure; (2) FY2009 restated - see notes on page 54

43
Statement of Earnings Summary
(Amounts in millions, except per share data and percentages) Quarter Ended Six Months Ended
December 31 December 31
(1) (1)
2009 2008 Change 2009 2008 Change
Net sales and other
$ 15,913 $ 16,673 (5%) $ 30,834 $ 37,833 (18%)
operating income
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Gross p
profit 1,053 1,212 ((13%)) 2,026 3,079 ((34%))

Selling, general and


358 337 6% 712 746 (5%)
administrative expenses

Other (income) expense - net (89) 58 (253%) (187) 30 (723%)

Earnings before taxes 784 817 (4%) 1,501 2,303 (35%)

Income taxes 223 238 (6%) 443 678 (35%)

Net earnings including noncontrolling interests 561 579 (3%) $ 1,058 $ 1,625 (35%)

Less: Net earnings (losses) attributable


(6) 1 - (5) 2 -
to noncontrolling interests

Net earnings attributable


$ 567 $ 578 (2%) 1,063 1,623 (35%)
to ADM

Earnings per share $ 0.88 $ 0.90 (2%) $ 1.65 $ 2.52 (35%)

(1)FY2009 restated - see notes on page 54

44
Segment Operating Profit Summary
(A
(Amounts
t iin millions)
illi ) Quarter Ended Six Months Ended
December 31 December 31
2009 2008 Change 2009 2008 Change
Oilseeds Processing
Crushing & Origination $ 193 $ 187 $ 328 $ 526
Refining Packaging
Refining, Packaging, Biodiesel & Other 76 86 146 192
Asia 83 46 162 111
352 319 $ 33 636 829 $ (193)

Corn Processing
Sweeteners & Starches 171 140 365 205
Bioproducts 119 (111) 113 (58)
290 29 261 478 147 331

Agricultural Services
Merchandising & Handling 103 385 260 770
Transportation 47 77 65 120
150 462 (312) 325 890 (565)

Other
Processing 159 51 266 154
Financial 19 (46) 39 (29)
178 5 173 305 125 180
(1)
Total Segment Operating Profit $ 970 $ 815 $ 155 $ 1,744 $ 1,991 $ (247)

(1)Non-GAAP measure - see notes on page 54

45
Our Balance Sheet is Strong
(Amounts in millions)

December 31 June 30
2009 2009
Cash(1) $ 1,634 $ 1,555
Net property, plant and equipment 8,636 7,950

Operating working capital(2) 9,621 9,372


- Total inventories 9,126 7,782

Total debt 7,865 7,996


- CP outstanding 0 0

Shareholders' equity 14,795 13,653

(1)Cash = cash and cash equivalents and short-term marketable securities


(2)Current assets (excluding cash and cash equivalents and short-term marketable securities) less current
liabilities (excluding short-term debt and current maturities of long-term debt)
(3)FY2009 restated - see notes on page 54

46
Cash Flow Summary
(Amounts in millions) Six Months Ended
December 31
2009 2008(1)
Cash from operations before working capital changes $ 1,660 $ 1,572
Changes in working capital (280) 4,293
Purchases of property, plant and equipment (939) (1,069)
Business acquisitions (57) (24)
Business disposals - 237
Marketable securities 198 (737)
Debt increase/(decrease) - net (166) (2,612)
Dividends (180) (167)
Stock buyback - (100)
Other 26 45

Increase in cash and cash equivalents


q $ 262 $ 1,438
,
(1)FY2009 restated - see notes on page 54

47
Summary of Specified Items
((Amounts in millions))

Oilseeds Corn Ag Impact Impact


Processing Processing Services Other Corporate Before Tax After Tax

Quarter ended
December 31, 2009
LIFO charge $ - $ - $ - $ - $ (54) $ (54) $ (34)

Quarter ended
December 31, 2008
LIFO credit $ - $ - $ - $ - $ 123 $ 123 $ 77
Asset impairments - - - (9) - (9) (6)
Gain on asset and business disposal - - - - 7 7 4

48
Oilseeds Processing is Globally Balanced
and Positioned to Grow
• 93,000 MT/day oilseeds capacity
- 52% North America (78% soybean
soybean, 22% softseed)

- 34% Europe (54% soybean, 46% softseed)

- 14% South America (96% soybean)

• Asia
Asia-Wilmar
Wilmar ownership (16% equity ownership)
• 22 MM MT/yr protein meal capacity
• 7.7 MM MT/yr vegetable oil capacity
• 1.6 MM MT/yr biodiesel capacity

49
Corn Processing’s Diversified Product
Portfolio Enhances Value
• 60,000 MT/day capacity in North America
- 5 wet mills,
mills 3 dry mills

• Leading positions in
- corn sweeteners
- ethanol
- starches and amino acids

• JV growth opportunities
- Eastern Europe
- Mexican HFCS
50
We are a Leading Flour Miller in the U.S. and U.K.
and a Leading Global Cocoa Processor

• 27,000 MT/day Flour Milling capacity

- North America/Caribbean

- Europe

• 3,000 MT/day Chocolate and Cocoa Bean


P
Processing
i capacity
it

- NA, SA, Europe, Africa, and Asia

51
LIFO Adjusted RONA Assets – FY2010
((Amounts in millions))

Quarter Ended Four Quarter


(1) (1)
Mar 31, 2009 Jun 30, 2009 Sep 30, 2009 Dec 31, 2009 Average

Investment in affiliates $ 2 369


2,369 $ 2 459
2,459 $ 2 559
2,559 $ 2 693
2,693 2 520
2,520
Goodwill 493 532 531 524 520
Net PP&E 7,583 7,950 8,366 8,636 8,134
Fixed Investment 10,445 10,941 11,456 11,853 11,174

Receivables 7,236 7,311 6,600 7,075 7,055


Inventories 7,840 7,782 7,139 9,126 7,972
LIFO adjustment (net of tax) 133 166 119 153 143
Prepaid expenses 430 330 313 366 360
Other assets 594 607 606 637 611
Accounts payable (6,450) (5,786) (5,812) (6,832) (6,220)
Accrued expenses (2,663) (2,695) (2,431) (2,301) (2,523)
Other liabilities (1,466) (1,478) (1,534) (1,766) (1,561)
Working Capital/Other Liabilities 5,654 6,237 5,000 6,458 5,837

Total LIFO adjusted RONA Assets $ 16,099 $ 17,178 $ 16,456 $ 18,311 $ 17,011

(1)FY2009 restated - see notes on page 54

52
LIFO Adjusted RONA Earnings – FY2010
((Amounts in millions))
Four Quarters
Quarter Ended Ended
(1) (1)
Mar 31, 2009 Jun 30, 2009 Sep 30, 2009 Dec 31, 2009 Dec 31, 2009
Net earnings attributable to ADM $ 2 $ 58 $ 496 $ 567 $ 1,123

Adjustments

Investment Income (43) (36) (30) (36) (145)

Interest Expense 103 98 98 105 404


Net (Gain)/Loss on Marketable
- 15 (1) (6) 8
Securities Transactions
LIFO 5 54 (76) 54 37

Total Adjustments 65 131 (9) 117 304

Tax on Adjustments (24) (49) 3 (44) (114)

Net Adjustments 41 82 (6) 73 190

Total LIFO Adjusted RONA Earnings $ 43 $ 140 $ 490 $ 640 $ 1,313

(1)FY2009 restated - see notes on page 54

53
Notes: Non-GAAP Reconciliation and
Restatement Information
(1) The Company uses certain “Non-GAAP” financial measures as defined by the Securities and Exchange Commission. These are
measures of performance not defined by accounting principles generally accepted in the United States, and should be considered
in addition to, not in lieu of, GAAP reported measures.

Earnings adjusted for specified items


Earnings adjusted for specified items is ADM’s
ADM s net earnings after removal of the effect on earnings of certain specified items
items.
Management believes that earnings adjusted for specified items represents a useful measure of ADM’s performance. Earnings
adjusted for specified items is a non-GAAP financial measure and is not intended to replace net earnings, the most directly
comparable GAAP financial measure, and should not be considered as an alternative to net earnings or any other measure of
operating results under GAAP.

Total segment operating profit


Total segment operating profit, which is the consolidated segment operating profit of all of ADM’s operating segments, is ADM’s
consolidated income from operations before income tax that includes interest income and expense of each segment relating to
financing operating working capital. Total segment operating profit is a non-GAAP financial measure and is not intended to
replace earnings before income tax, the most directly comparable GAAP financial measure. Total segment operating profit is not
a measure of consolidated operating results under U.S. GAAP and should not be considered as an alternative to income from
operations before income tax or any other measure of consolidated operating results under U.S. GAAP.

LIFO impact per share (net of tax) and Earnings (ex LIFO)
The Company values certain inventories using the lower of cost, determined by either the first-in, first-out (FIFO) or last-in, first-
out (LIFO) methods, or market. This document contains non-GAAP financial measures, including the after tax impact of LIFO on
dil t d earnings
diluted i per share
h and
d LIFO adjusted
dj t d return
t on nett assets.
t W We b
believe
li th
the iinclusion
l i off th
the iimpactt off changes
h iin th
the LIFO
reserve, net of tax, in this document helps investors gain a meaningful understanding of operating results, and is consistent with
how management measures the Company's performance, especially when comparing such results to prior periods.

((2)) Earnings
g for FY2009 have been restated following g the adoption
p of ASC Topic
p 470-20 - Debt with Conversion and Other Options,
p ,
and ASC Topic 810 – Consolidation. Effective July 1, 2009, the Company adopted this amended guidance which required
retrospective application to all periods presented.

54

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