Accelerating

Archer Daniels Midland Company

November 2016
 2

Safe Harbor Statement

Some of our statements constitute forward-looking statements that reflect
managements current views and estimates of future economic
circumstances, industry conditions, Company performance and financial
results.
These statements are based on many assumptions and factors that are
subject to risk and uncertainties. ADM has provided additional information
in its reports on file with the SEC concerning assumptions and factors that
could cause actual results to differ materially from those in this
presentation, and you should carefully review the assumptions and factors
in our SEC reports.
To the extent permitted under applicable law, ADM assumes no obligation to
update any forward-looking statements as a result of new information or
future events.
 3

WILD FLAVORS
AGRICULTURAL OILSEEDS CORN
& SPECIALTY
SERVICES PROCESSING PROCESSING
INGREDIENTS
 4

ADM: What We DoSimply Explained

Origination Processing Specialties

Ag Services Meal
Division Oilseeds
Oil
Processing
Origination of Division Other Oilseed WFSI
Crops Products Division
Customers &
For Internal Use
Sweeteners Specialized End Users
For External Sale & Starches Ingredients &
Corn Flavors
Milling Feed
Processing
Transportation Division Fuel

Other Corn
Products
Export &
Regional Export to
Deliver to
Sales Port
Customer
 5

ADM: Key Drivers of Profitability

Primary Business
Capacity Conditions Driver
Utilization Corn Processing
21%

Percent of Milling & Other

FY15 Adjusted Global Supply

Oilseeds Processing Ag Services & Demand
Operating 44%
23% Grain Balances and
Profit Merchandising
Fleet Utilization
Transportation
Wild
Flavors &
Specialty
Ingredients
10%

Innovation
Other
1Non-GAAP measure see appendix
 6

Worlds Most Diversified Assets

Oilseeds Processing
Corn Processing
Wild Flavors & Specialty Ing.
Ag Services
Wilmar International
Sourcing distribution
Processing distribution
 7

ADM: Profitable and Evolving Growth

Key Financial Statistics
CY15 revenue: $68B Facilities: 700+ Market cap (12/31/2015): ~$23B NYSE: ADM
CY15 Adjusted Segment Operating Profit
FY04 Adjusted Segment Operating Profit
$1.6 Billion1
$2.9 Billion1
Corn
Processing
Corn
Processing 21%
Oilseeds
32% Processing
43%

40% 44%
Oilseeds 28% 23% 23% Ag
Processing Services
Ag Services

Other
10%

2% Wild Flavors &

1Non-GAAP measure - see appendix
Other Specialty Ingredients
 8

ADMs History of Growth

 9

ADMs Proven Core Model

Source Transport Process Transform Distribute Market

Corn & Sell Food

Oilseeds Feed

Wheat Fuel

Financial strength and industry acumen underpin the chain and drive value Industrial

Setting the competitive standard Capture value across the chain

 10

Our Value Creation Framework

Align Operating Metrics
with Key Drivers of Shareholder Value
Drive Operational Expand
Optimize the Core
Efficiencies Strategically
Increase destination Technology for Geographic expansion
marketing competitive advantage Grow market-facing units
Portfolio management Standardization for scale Create new ingredients
Rejuvenate product mix 1ADM for productivity business

Enhance Talent & Capabilities

Build talent base around the world
Selective marketing and application development
Add customer-centric capabilities
 11

2014-16: Most Significant Portfolio Transformation

in ADM History
Divested Acquisitions and Investments
Cocoa business

Chocolate businesses

South American fertilizer

Lactic acid business

Brazilian sugarcane ethanol* Eaststarch C.V.

**
 12

Expanding Strategically

Geographic Diversity and Enhanced Portfolio

Black Sea export Eatem Foods

Barcarena port CA Gold Almonds
Santa Fe port Harvest Innovations
Medsofts (Egypt) Non-GMO lecithin
Eaststarch C.V. Tianjin fiber
Morocco sweetener Campo Grande protein
AOR
 13

Driving Value Creation

Strengthen our Existing Managing Costs to Fueling Future

Operations Grow Margins Growth
Golden Peanut and $250M in new run-rate Continued WFSI bolt-
Tree Nuts streamlined cost savings in 2016, ons with Caterina
operations on track to exceed Foods acquisition
$275M year-end target
Progressed dry mill Stratas Foods JV
strategic review, 'Go Live' of 1ADM in acquires Supreme Oil
expect final proposals North American grain
by end of 2016 elevators
 14

Ag Services:
ADM is the Premier Global Ag Services Company

Merchandising and
Handling
Transportation
Milling
 15

ADM is the Premier Global Ag Services Company

Efficiently buy, store, clean and transport agricultural commodities

Ag Services Adjusted Operating Profit

1,500
1,245 2011/2012
1,196 1,230
US drought impact
1,002
$ Million

858 950
750 684
535

0
FY08 FY09 FY10 FY11 CY12* CY13* CY14 CY15

Merchandising & Handling Transportation Milling & Other

Prior periods have been restated to conform to current year presentation, except for the elimination of the allocation of working capital interest in fiscal 2007, 2008, and 2009. See appendix
In January 2013, ADM converted to a calendar year ending fiscal year. CY12 represents 12-months ending December 31, 2012. Prior FYs represent 12-months ending June 30th

Beginning in FY15, certain Foods & Wellness businesses that contributed $49 million of adjusted OP to Ag Services in FY14 began reporting results in the WFSI segment
 16

Ag Services Links Crops to Global Markets

US &
Canada Eastern Europe
Rail Barge

China Ocean Going

Vessel

SE
Asia

Middle
East &
Container South Africa
Former Toepfer
Grain Elevators America
Truck
Wheat Milling
Australia
Other Processing
Note: Origination Trucking
Assets in South
America and part NZ ARTCO
of Europe are Sales Office
reported within the
Oilseeds segment.
 17

Ag Services: Sources of Profitability

Milling & Other 26%

54% Merchandising &

Handling
Transportation 20%

Origination Assets in the majority of South America and part of Europe are reported within the Oilseed segment
Percentages based on FY15 Adjusted Operating Profit
 18

Ag Services: Grain & Transportation Sources of

Profitability
Physical Grain Assets Intellectual Capital Transportation
Physical Grain Assets

Operating Expertise Risk Management Operating Efficiency

Elevation Capacity Market Intelligence Centralized Negotiations
Volume ArbitrageGrain & Freight Trade Knowledge/Relationships
Discounts Spreads/Options Round Trip Optimization
Carry Charges Diversified Product Portfolio Competitive Advantage
Blending/Drying/Storage Value Added Services 3rd Party Logistics
Connection to Farmers Inland Port/Intermodal Ramp
Multi-modal Flexibility
 19

Transportation: Core Competency & Competitive

Advantage
Efficiency

Technology

1,400 Semi Trailers Fleet Optimization 2,500 Barges

Asset Utilization 10 Owned Bulk Carriers

28,000 Railcars
150 on Time Charters
Leverage

Ship 160,000 (teu) ocean

containers annually
 20

Ag Services: Growing Destination Marketing &

Distribution
Destination
Margin $8 -
FOB to CIF Margin $2 - $3 per MT
$12 per MT
From Origin to Port
From Port to
End Customer

Strategic
Domestic River Ocean Destination Destination
Grain Export
Origination Logistics Freight Ports Distribution
Assets
 21

Ag Services Vision: Build on Being the Premier

End-to-End Global Ag Services Company

Grow Origination Grow in Leverage Global

Platform Destination Markets Transportation
& Distribution Network
 22

Corn Processing:
Worlds Largest Corn Processor

~30 Different Products

14 corn processing plants

in 7 countries
37 feed and premix
facilities in 6 countries
Grind capacity of 3.0
million bushels per day
 23

Worlds Largest Corn Processor

Accelerating diversification of products and global footprint
Corn Processing Adjusted Operating Profit
1500
1,173 1,178
1000 961 900
845
$ Million

606
179
500 297

-500
FY08 FY09 FY10 FY11 CY12 CY13 CY14 CY15
Sweeteners & Starches Bioproducts

Prior periods have been restated to conform to current year presentation, except for the elimination of the allocation of working capital interest in fiscal 2007, 2008, and 2009. See appendix.
In January 2013, ADM converted to a calendar year ending fiscal year. CY12 represents 12-months ending December 31, 2012. Prior FYs represent 12-months ending June 30th

Beginning in FY15, certain Foods & Wellness businesses that contributed $37 million of adjusted OP to Corn Processing in FY14 began reporting results in the WFSI segment
 24

Corn Processing: Unparalleled Global Footprint

Corn Processing Plant

Other Processing Plant

14 corn processing plants in 7 countries
and 8 other processing plants Sweetener Terminal

38 feed and premix facilities in 6 countries Ethanol Terminal

3 of 5 largest corn mills in the world Animal Nutrition

Processing Plant
Daily grind capacity of 3.0 million bushels
Export Flow
 25
Corn Processing: NA Footprint is Strategically
Positioned for Efficient Origination and Distribution

Corn Belt
Corn Processing Plant
ADM Elevator
Sweetener Terminal
Ethanol Terminal
ADM Export Facility
 26

Corn Processing: Market Leading Positions

Across a Diverse Product Portfolio
Products Key Applications Market Position

Soft Drinks Bakery

Sweeteners
Confectionery Brewery U.S.: #1

Paper making
Starches Food U.S.: #2
Corrugating

Fuel (E-10/15/85) Personal Care

Alcohol
Beverage Solvent U.S.: #1

Amino Acid
Animal nutrition U.S.: #1
(Lysine)

Bio-based Food & beverage Personal care

Propylene Glycol (PG) De-icing Home care U.S.: #1
 27

Corn Processing: Optimizing Margins through

the Fight for the Grind
Fibersol Soluble ingredient used to increase dietary fiber

Soluble ingredient used to increase non-dietary fiber and

Polydextrose reduce sugar and calories

Rare Sugar Ultralow-calorie sugar with taste similar to fructose

Sustainable alternative to fish oil with widely recognized

Omega-3 DHA health benefits for both humans and animals

Renewable Exploring technology to produce adipic acid and other

Chemicals base ingredients for products such as nylon
Key production input for various ADM products; could
Enzymes also be sold directly for food and feed applications

Polyols Used in food and personal care products

Over-the-fence Long-term agreements to supply ADMs low-cost raw

Opportunities materials to co-located 3rd parties
 28

Ethanol Dynamics
Growing domestic and U.S. Gasoline Demand Estimate
export demand Continues to Increase
Continue to build on
logistics advantage 2016 EIA U.S. Gasoline Annual Demand Estimate

Promoting E-15 143.1 143.1

Implementation
141.9
Strong Cash Flow
Generator 140.1 140.2
Industry production Current 2016 U.S. Gasoline
Consumption estimate is over 2%
capacity continued to higher than predicted one-year ago

increase in 2015 limiting

margins Sep-15 Dec-15 Mar-16 Jun-16 Sep-16
Source: U.S. Energy Information Administration Short-Term Energy Outlooks (billions of gallons)
 29

Ethanol: A Low Cost Octane Enhancer

Mandates and octane economics Incremental opportunity from global
drive export demand replacement of MTBE

Net Exports
Required % to Current Millions of Gallons
Octane
Product Achieve 87 Price
Content 756 730
Octane (11/2/2016)
166 213
Corn Ethanol 113 10% ~$1.65
2012 2013 2014 2015

Alkalytes 90 - 98 13% ~$1.57 Select Export Destinations

Destination 2014 2015 Change
MTBE 110 11% ~$1.67 China 3 70 67
Korea 37 61 24
Oman 0 33 33
Sugarcane
113 10% ~$2.31 Peru 15 28 13
Ethanol
(Anhydrous) Netherlands 21 34 13
Brazil 112 116 4
 30

Corn Processing: Global S&S Growth Market

Perspectives
2013-2018 expected growth 2013-2018 expected growth
per region (%) per product (%) Keys Insights
27.4
14.7
15.9 China is the # 1
12.6
starch & derivatives
11.5 market since the
14 14.2 early 2010s
11
Developed regions
are growing below
4.3
3.6 1% per year
Emerging markets
are growing

HFCS 55
Glucose

Starch

Polyols
Europe

South-East
Africa
US

America

Native
China
Latin

between 1x and 2x
Asia

GDP growth rate

Source: LMC International 2014

 31

Corn Processing: Growing Our Global

Footprint with China Plants

Premix Feed Plants

Tianjin Plant Complex
China Corn Belt
Tianjin Premix Feed Plant
Dalian Premix Feed Plant

Tianjin 320K MT Fructose Plant

Tianjin 18K MT Fibersol Plant
Nanjing Premix Feed Plant
 32

Oilseeds Processing:
Worlds Most Diversified Oilseeds Business

~60 Different Products

Meal
Oil
Other

Processing Assets in
16 Countries

Wilmar Equity
Investment
 33
Adjusted for Unusual Items, Oilseeds Recent Operating Profit
Has Been Largely Consistent in Varied Market Conditions
*Beginning in FY 2015, legacy Food & Wellness businesses, which contributed $165 million to Oilseeds OP in 2014, began
reporting in WFSI. Full-year 2015 results also reflected the sale of our cocoa, chocolate and fertilizer businesses.

Oilseeds Processing Adjusted Operating Profit

1,554 1,619 1,620

1,486 1,499
1,500 1,350 1,289*
1,065
$ Million

700

-100
FY08 FY09 FY10 FY11 CY12 CY13 CY14 CY15
Crushing & Origination Asia Refining, Packaging, Biodiesel & Other Cocoa & Other

Prior periods have been restated to conform to current year presentation, except for the elimination of the allocation of working capital interest in fiscal 2007, 2008, and 2009. See appendix.
In January 2013, ADM converted to a calendar year ending fiscal year. CY12 represents 12-months ending December 31, 2012. Prior FYs represent 12-months ending June 30th
 34

Geographic Reach, Broad Range of Feedstocks Make Ours the

Worlds Most Diversified Oilseeds Business

Crush Refinery
Biodiesel
Elevator
Port
Packaging
Value Added
Golden Peanut
Golden Peanut Buying Point
Sales Office
Wilmar

Soybean Canola/Rapeseed Sunflower Flax Cottonseed Peanut Palm

 35

ADM Oilseeds at a Glance

We originate, transport, merchandise,

crush, and further process soybeans,
softseeds and other oilseeds

Meals and oils used in food, animal

feeds, renewable fuels, industrial
products

120+ production facilities

170+ procurement facilities w/storage

capacity of ~3.8M MTs

Czernin, Poland, crush complex Processing capacity: 150M+ MTs/day

Employees: ~10,000

Source: ADM 2015 Form 10-K

 36

Key Competitive Advantages

Global Footprint
Scale
Strategic presence in key regions
Investing to grow globally
Diversification
Geographic footprint
Maximizing margins with switch plants
Product mix
Operations
Integrated facilities
Global transport/logistics network provides
significant efficiencies
Barcarena, Brazil Experienced team
Risk-Management Focus
Centralized hedge-desk operations
Global market intelligence
 37

Growth in Meat Consumption Continues to Drive Meal

Demand
Global poultry consumption projected to rise 257% Global protein meal consumption projected to
from 1990 levels; pork up 93% rise 260% from 1990 levels
(in 1000 MTs) (in 1000 MTs)

140,000 350,000
120,000 300,000
100,000 250,000
80,000 200,000
60,000 150,000
40,000 100,000
20,000 50,000
0 0
1990 2000 2010 2020

Sources: USDA, OECD

 38
Our Scale Enables Production of Broad Product Portfolio, Serving Variety
of Markets with the Best Route to Market
Lecithin

WFSI
Soybean Gums Further Processing Sterols

To
Vitamin E
Crude Oil Refine
Canola/Rapeseed Transesterify Biodiesel/Glycerin

Interesterify Shortening

Sunflower Hydrogenate Margarine

Oil
Oil
Flax
Protein Meal Protein Meal

Soy Flour/Cotton Flour

Cottonseed
Further Processing Soy Concentrate

WFSI
Soy Isolate

To
Peanut
Texturize TVP/TVC

Cotton Lint Further Processing Cellulose

Palm
 39

2015 Accomplishments Attest to Strategys Effectiveness

Optimizing the Portfolio; Investing in Businesses that Meet our Returns Objectives

Record global crush rates

Achieved record returns
Completed sale of Cocoa and Chocolate businesses
Sold 50% of Barcarena port to Glencore
Completed acquisition of Belgian oil bottler AOR
Reached agreement with Wilmar to change Olenex into a full-fledged JV
Completed cost savings projects w/run-rate savings of >$60M
Addressed underperforming businesses; rationalized assets and structure in
India and Paraguay, and in Golden Peanut and Tree Nuts
 40

WILD Flavors and Specialty Ingredients:

World-Class Specialty Ingredient Business

Industrys Broadest Portfolio of On-Trend

Ingredients Addressing:
Nutrition
Function
Texture
Taste
Specialty Ingredients Market = $50B
$30B Ingredients
$20B Flavors
Market Growing 5-6%
 41

WILD Flavors and Specialty Ingredients (WFSI) Extends ADMs

Advantaged Portfolio into $50B Specialty Ingredients Space

WILD FLAVORS
AGRICULTURAL OILSEEDS CORN
& SPECIALTY
SERVICES PROCESSING PROCESSING
INGREDIENTS
 42

WFSI Combines Legacy ADM Specialty Ingredients and

Acquired Capabilities
 43
WFSI: A Premier Specialty Ingredients Provider With Global Reach
 44

WILD Flavors and Specialty Ingredients: Creating

Ingredient Solutions for our Global Customers

Processing (30+)
ADM Specialty Ingredients
Specialty Commodities
WILD Flavors

Sales Locations (50+)

ADM Specialty Ingredients
Specialty Commodities
WILD Flavors

R&D and Applications (30+)

ADM Specialty Ingredients R&D
WILD Center of Excellence
WILD Product Dev & App
 45

WFSI: Industrys Broadest Portfolio of On-Trend Ingredients

Addressing nutrition, function, texture and taste

Specialty Nuts, Seeds, &

Flavors & Extracts Ancient Grains
Proteins

Edible Beans Nutritional Polyols

& Peas Supplements

Colors Fiber Mint

Ingredient
Emulsifiers Hydrocolloids
Systems
 46

Ingredient Systems: A Key WFSI Differentiator

 47

WFSI: We Serve as an Extension of Our Customers Resources

A single partner for all needs, from individual ingredients to turnkey, customized solutions

Consumer/Market Insights Product Development Commercialization Supply Management

Capabilities in new-product innovation, cost-optimization create

value for customers outsourcing their R&D needs.
 48

WFSI: Supporting a Range of Products for Our Customers Who Sell

Through a Variety of Channels

Channel partners include:

Beverages Personal Care
Entrepreneurs/startups
Regional CPG accounts
Baked Goods Dairy & Ice Cream
Direct Sales accounts
Private-label
Health & Nutrition Confections Foodservice
Multinational CPG

Snacks Meats & Meals

 49
WFSI: Excellent Results in First Year as a Combined Organization

Earnings and synergies

Achieved $0.10 accretion target
More than $40M in cost synergiesahead of schedule
Active pipeline of >750 revenue-synergy projects
Global and cross-business unit wins

Organic Growth, M&A

Completion of non-GMO lecithin in Germany, India
Customer Innovation Center in Cranbury, N.J.
Savory flavorsEatem Foods
Additional specialty commodities capabilitiesCalifornia Gold Almonds
Non-GMO, gluten-free, organic ingredientsHarvest Innovations
 50

WFSI: Summary

A premier global ingredient company with

exceptional capabilities, talent and value
propositions

Supporting customer and consumer needs

in a dynamic marketplace

First year as a combined organization

delivered strong results
 51

Innovation & Improvement Initiatives

 52

Significant Opportunity for Additional

Improvement
A Systematic Approach to Cost Savings
Corn &
Data Advanced
Maintenance Oilseeds Operational
Infrastructure &
Initiatives Energy
Process
Reliability
Pipeline >$1 Billion
Analytics Controls
Efficiencies
By 2019
2013-2014 Operational Excellence $350 M
$240 M Process Improvements Additional
Savings
Corn & Membrane
Fermentation
Advanced Catalysis $550
Oilseeds
Processing
Technology Separations + = Million
Technology $200 M
Yield Improvements
Additional
2013-2014 Procurement Savings Procurement
$160 M Savings

Executed on projects that will deliver >$200 million in run-rate savings in 2015
Targeting $275 million in run-rate savings in 2016
 53

Strategic Innovation Enables New Products

Diversifying Corn Grind & Expanding Oilseeds Product Portfolio

Super
Absorbent Industrial Oils Specialty Alternative
Polymers (Coatings) Proteins Sweeteners

Feedstocks: Target:
Corn Industrials Project Pipeline Food and Feed >$1B in New
Oilseeds Product Sales

Packaging Home and Specialty Omega-3

and Personal Oils
Fibers Care
 54

Adjusted Segment Operating Profit

4.1
2011/2012 3.7
3.4 3.4 U.S. drought impact

2.8 3.0 2.9

2.7
2.5
$ Billions

2.1

FY06 FY07 FY08 FY09 FY10 FY11 CY12 CY13 CY14 CY15

Oilseeds Processing Corn Processing Agricultural Services WILD Flavors & Specialty Ingredients Other

Prior periods have been restated to conform to current year presentation, except for the elimination of the allocation of working capital interest in fiscal 2007, 2008, and 2009.
In January 2013, ADM converted to a calendar year ending fiscal year. CY12 represents 12-months ending December 31, 2012. Prior FYs represent 12-months ending June 30th
 55

Earnings Trend History

$4.00 2-Year Moving Average EPS (adj)
2011/2012
US drought impact
$3.50

$2.90
$3.00

$2.50

$2.00

$1.65
$1.50
FY06 FY07 FY08 FY09 FY10 FY11 CY12 CY13 CY14 CY15

Earnings and EPS net of specified items (including LIFO)

In January 2013, ADM converted to a calendar year ending fiscal year. CY12 represents 12-months ending December 31, 2012. Prior FYs represent 12-months ending June 30th
 56

Driving Earnings Growth over the Medium-Term

$1.00
to
$1.50

Operational Execution of Key WILD Flavors Share Repurchases Total Earnings

Excellence Projects Acquisition & Growth Potential
Synergies
 57
ROIC versus Long-Term WACC
ROIC Objective: 200 BPS over WACC Q3 CY16
Trailing 4Q Average Adjusted ROIC(1) 5.8%
Annual WACC 6.6%
Trailing 4Q Average Adjusted EVA ($196M)
Trailing 4Q Average ROIC (1)(3) 7.2%

(1)

For periods prior to Q1 CY14, Trailing 4Q average WACC is displayed

1Non-GAAP measure - see appendix
 58

Balanced Capital Allocation Framework

% of Operating Cash Flow Spend:
80%
60%-70% in
strategic M&A or
60% return of capital to
shareholders
40%
30%-40%
reinvested in
20% Capex

0%
Historical Medium-Term
 59

CapEx Discipline

$1.9

$1.6

$1.2 $1.2
$1.1
Billions

$1.0
$0.9 $0.9

FY09 FY10 FY11 CY12 CY13 CY14 CY15 CY16*

(Projected)
 60

Steadily Increasing Dividends

Annual Dividends per Share
$1.20
$1.12
96
76
65.5 70
60
56

CY09 CY10 CY11 CY12 CY13 CY14 CY15 CY16

(Q1 Annualized)
 61

Dividend Payout Range to Increase with

Stronger and More Stable Earnings
Dividend Payout Ratios Ranges
Medium-Term Range
30%-40%
Historical Range
20%-30%
 62

Balance Sheet Strength

Net Debt/Total Capital Available Liquidity ($Billions)
50% 15.0

10.0

7.1
25%
25%

5.0

0.0
Q1 2011 Q2 2016
0%
Q1 2011 Q2 2016 Total Liquidity with RMI Liquidity Available

Net debt is calculated as short-term debt plus long-term debt, including Liquidity available includes commercial paper and other
current maturities less cash and cash equivalents and short-term marketable sources of available credit capacity
securities. Total capital excludes cash from L/T debt
 63

2016 Priorities:
With Current Headwinds Increased Focus on Areas in our Control

>$200M Savings in 2015 Address Lower Returning

$275M target in 2016 Assets
Dry Mill Strategic Review
Operational Portfolio
Excellence Management

Reduce
Targeted
Invested
Growth
Capital
Bolt-ons Reduce Asset Intensity
Opportunistic M&A $1B Multi-Year Program
 64

ADM Earnings and

EVA Growth
Disciplined
Capital Allocation
Framework

Balance Sheet
Strength

Portfolio and
Footprint
 65

Appendix
 66

Historical Segment Operating Profit

Segment 2008 2009 2010 2011 CY 2012 CY 2013 CY 2014 CY 2015
Operating As As As As As As As As As As As As As As As As
Profit Reported Adj Adjusted Reported Adj Adjusted Reported Adj Adjusted Reported Adj Adjusted Reported Adj Adjusted Reported Adj Adjusted Reported Adj Adjusted Reported Adj Adjusted
Oilseeds Processing 1,065 1,065 1,350 1,350 1,551 110 1,554 1,690 (71) 1,619 1,620 1,620 1,473 13 1,486 1,605 (106) 1,499 1,574 (285) 1,289
Crushing & Origination 685 685 733 733 834 834 925 925 931 931 835 835 868 -124 (a,b) 744 842 793
(71)
Refining, Packaging, Biodiesel, & Other 181 181 265 265 300 300 342 (f) 271 241 241 454 454 478 1 (b) 479 265 270
Cocoa & Other 67 67 104 104 126 3 (d) 129 240 240 276 276 (33) 13 (i) (20) 92 17 (i) 109 303 38

Asia 132 132 248 248 291 291 183 183 172 172 217 217 167 167 164 188
Corn Processing 961 961 179 179 738 845 1,079 94 1,173 278 19 297 814 86 900 1,188 -10 1,178 648 (42) 606
Sweeteners & Starches 557 557 500 500 538 538 330 330 421 9 (i) 430 492 17 (b), 11 (i) 520 484 -3 (b, i) 481 634 457
107 94
Bioproducts 404 404 (321) (321) 200 (d) 307 749 (d) 843 (143) 10 (b) (133) 322 54 (b), 4 (i) 380 704 -7 (b, i) 697 14 149
Agricultural Services 1,196 1,196 955 275 1,230 1,002 1,002 1,323 (78) 1,245 779 79 858 380 155 535 1,089 -139 950 714 (30) 684
-142 (a,
Merchandising & Handling 829 829 797 797 562 562 807 807 477 (62) (a) 415 33 155 (b) 188 653 b) 511 334 305
Transportation 144 144 162 162 96 96 117 117 111 111 77 77 187 187 136 135
275 (78) 146 (b) (5)
Milling and Other 223 223 (4) (c) 271 344 344 399 (e) 321 191 (a) 332 270 270 249 3 (b) 252 244 244
Wild Flavors and Specialty Ingredients 280 9 289
Wild Flavors 87 95
Specialty Ingredients 193 194
Other 219 219 (31) (31) 46 46 39 7 46 91 (33) 58 41 41 33 33 66 56 0 56
Processing 13 13 26 26 0 0 0 0 0 0 0 0 -46 33 (j) -13 0 0
Financial 206 206 (57) (57) 46 46 39 7 (g) 46 91 (33) (a) 58 41 41 79 79 56 56
Total 3,441 0 3,441 2,453 275 2,728 3,337 110 3,447 4,131 (48) 4,083 2,768 65 2,833 2,708 254 2,962 3,915 (222) 3,693 3,272 (348) 2,924

(a) Gain on asset and business disposal

(b) Loss on asset and business disposal
(c) Gruma foreign exhange losses
(d) Start-up costs
(e) Gain on sale of Gruma assets
(f) Gain on Golden Peanut acquisition
(g) Debt buyback costs
(h) Gain on vitamin antitrust litigation settlement
(i) Timing effects
(j) Restructuring costs
 67
Summary of Specified Items Excluded in Adjusted Earnings
FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 CY12 CY13 CY14 CY15
Earnings as Reported 301 383 511 451 495 1,044 1,312 2,154 1,780 1,684 1,930 2,036 1,223 1,375 1,342 2,248 1,849
Specified Items:
LIFO Credit/(Charge) 1 (1) (9) (74) 71 7 (129) (354) 322 26 (229) 6 2 140 152 1
FX gain/(loss) (25) (63)
GrainCorp-related items (164)
FCPA charge (37)
Start-up Costs (68) (59) 0
Debt Buyback/Exchange Costs (47) (9) (7) (118)
Golden Peanut Gain 44 0
Gruma Bank Disposal 49 0

Gain/(Loss) on Interest Rate Swaps (37) 19 0

Asset abandonment/impairment and exit
costs (274) (161) (88) (67) (172)
Valuation allowance (82) 66
Bioblenders' credit 55 0
Interest exp adj related to If-converted
method (13)
Tax on remeasurement (change in fiscal
year) (14) (61)
Pension settlement (44)
Gain on GrainCorp 49
Gain on sale or revaluation of assets 24 6 457
Quarterly ETR adjustment 0 0
Wilmar Tax (158)
Gruma Derivatives (171)
Wimar Restructure 286
Tyson/OSG shares 225
Agricore/Arkady Disposals 132
T& L Shares 119
Vitamin Settlement 91 17
Fertilizer gain 83
Kalama Gain 97
CIP Gain 59
HFCS Litigation (252)
Total Specified Items 1 59 90 8 (326) 190 7 514 (354) (7) (126) (198) (275) (144) (201) 147 234

Earnings Excluding Specified Items 300 324 421 443 821 854 1,305 1,640 2,134 1,691 2,056 2,234 1,498 1,519 1,543 2,101 1,615

EPS Adjusted for Specified Items 0.45 0.49 0.64 0.68 1.26 1.30 1.99 2.50 3.30 2.63 3.19 3.41 2.25 2.29 2.33 3.20 2.60

(1) Non-GAAP measure - see notes on page 64

 68
Notes: Non-GAAP Reconciliation
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.

(1) Adjusted earnings per share (EPS) and adjusted EPS excluding timing effects
Adjusted EPS and adjusted EPS excluding timing effects reflect ADMs fully diluted EPS after removal of the effect on Reported EPS of certain specified items and timing effects as
more fully described above. Management believes that these are useful measures of ADMs performance because they provide investors additional information about ADMs
operations allowing better evaluation of ongoing business performance. These non-GAAP financial measures are not intended to replace or be an alternative to Reported EPS, the
most directly comparable GAAP financial measure, or any other measures of operating results under GAAP. Earnings amounts in the tables above have been divided by the
companys diluted shares outstanding for each respective quarter in order to arrive at an adjusted EPS amount for each specified item and timing effect.

(2) Segment operating profit and adjusted segment operating profit

Segment operating profit is ADMs consolidated income from operations before income tax excluding corporate items. Adjusted segment operating profit is segment operating
profit adjusted, where applicable, for specified items and timing effects. Timing effects relate to hedge ineffectiveness and mark-to-market hedge timing effects. Management
believes that segment operating profit and adjusted segment operating profit are useful measures of ADMs performance because they provide investors information about ADMs
business unit performance excluding corporate overhead costs, and specified items and timing effects. Segment operating profit and adjusted segment operating profit are non-
GAAP financial measures and are not intended to replace earnings before income tax, the most directly comparable GAAP financial measure. Segment operating profit and
adjusted segment operating profit are not measures of consolidated operating results under U.S. GAAP and should not be considered as alternatives to income before income
taxes or any other measure of consolidated operating results under U.S. GAAP.

(3) Adjusted Return on Invested Capital (ROIC)

Adjusted ROIC is Adjusted ROIC earnings divided by adjusted invested capital. Adjusted ROIC earnings is ADMs net earnings adjusted for the after tax effects of interest
expense, changes in the LIFO reserve and other specified items. Adjusted ROIC invested capital is the sum of ADMs equity (excluding noncontrolling interests) and interest-
bearing liabilities adjusted for the after tax effect of the LIFO reserve, and other specified items. Management believes Adjusted ROIC is a useful financial measure because it
provides investors information about ADMs returns excluding the impacts of LIFO inventory reserves and other specified items. Management uses Adjusted ROIC to measure
ADMs performance by comparing Adjusted ROIC to its weighted average cost of capital (WACC). Adjusted ROIC, Adjusted ROIC earnings and Adjusted invested capital are non-
GAAP financial measures and are not intended to replace or be alternatives to GAAP financial measures.

(4) Average ROIC

Average ROIC is ADMs trailing 4-quarter net earnings adjusted for the after-tax effects of interest expense and changes in the LIFO reserve divided by the sum of ADMs equity
(excluding non-controlling interests) and interest-bearing liabilities adjusted for the after-tax effect of the LIFO reserve. Management uses average ROIC for investors as additional
information about ADMs returns. Average ROIC is a non-GAAP financial measure and is not intended to replace or be an alternative to GAAP financial measures.

(5) Adjusted Economic Value Added

Adjusted economic value added is ADMs trailing 4-quarter economic value added adjusted for LIFO and other specified items. The Company calculates economic value added by
comparing ADMs trailing 4-quarter adjusted returns to its Annual WACC multiplied by adjusted invested capital. Adjusted economic value added is a non-GAAP financial measure
and is not intended to replace or be an alternative to GAAP financial measures.