ADM CAGNY Presentation

Serving Vital NeedsCAGNY Annual ConferenceFebruary 21, 2012

Safe Harbor StatementSome of our comments constitute forward-looking statementsthat reflect management’s current views and estimates of futureeconomic circumstances, industry conditions, Companyperformance and financial results.The statements are based on many assumptions and factors,including availability and prices of raw materials, marketconditions, operating efficiencies, access to capital and actionsof governments. Any changes in such assumptions or factorscould produce significantly different results. To the extentpermitted under applicable law, the Company assumes noobligation to update any forward-looking statements as a resultof new information or future events.ARCHER DANIELS MIDLAND COMPANY 2

Today’s Agenda• Overview and strategy• Delivering financial returns• Driving operationalimprovementNaviera Chaco Operations, Paraguay River• Looking aheadARCHER DANIELS MIDLAND COMPANY 3

Premier Player in Global AgribusinessServing Vital Needs throughout the WorldKey FactsFY11 net sales $81 BEmployees 30,000Facilities 665+Country sales 160+Market cap ~$20 BNYSE: ADMOilseedsProcessingFY11 Segment Operating Profit$4.0 Billion38%26%Corn Processing23%Ag Services13%OtherARCHER DANIELS MIDLAND COMPANY 4

Positioned for the FutureOilseeds Processing, Hamburg, GermanyTrends• Demand: population, incomes• Supply: increasing productivityScale• Processing and transportation• Investing to grow in key regionsOperations• Excellent team• Effective risk managementBalance Sheet• Strength to capitalize on opportunitiesARCHER DANIELS MIDLAND COMPANY 5

ADM’s Proven Core ModelCornOilseedsWheatCocoa• Expand the Size and Global Reach of our Core ModelSource Transport Process Transform Distribute Market& SellFinancial Strength and Industry Acumen Underpin the Chain and Drive ValueFoodFeedFuelIndustrial• Expand Volumesand DiversifyCrops• Expand Volumesand DiversifyProduct PortfoliosARCHER DANIELS MIDLAND COMPANY 6

Global Scale in Origination, Transportationand ProcessingSourcing facilitiesOilseeds ProcessingSourcing distributionProcessing distributionCorn ProcessingCocoa and wheat processingARCHER DANIELS MIDLAND COMPANY 7

Global Scale in Origination, Transportationand ProcessingSourcing distributionProcessing distributionARCHER DANIELS MIDLAND COMPANY 8

Global Scale in Origination, Transportationand ProcessingInvestments supporting exports:• Pacific Northwest to Asia• New Orleans to global markets• Black Sea to MENA• South America to Europe, AsiaARCHER DANIELS MIDLAND COMPANY 9

Globally Balanced Sourcing to MeetGrowing Demand from Emerging MarketsGrain Origination, Mendota, ILGrowing Deliveries• Asia• Middle East, North AfricaExpanding Crop Origination• North America• South America• Eastern EuropeImproving Transportation Efficiency• Ocean freight capability• Barge fleet outside U.S.• Port facilities as neededARCHER DANIELS MIDLAND COMPANY 11

Region-Specific Strategies in OilseedsSouth America• Acquire capacity• Increase existingcapacityARCHER DANIELS MIDLAND COMPANY 12

Region-Specific Strategies in OilseedsNorth America• Optimize existing assets• Grow protein specialties• Seek opportunities torationalize assetsARCHER DANIELS MIDLAND COMPANY 13

Region-Specific Strategies in OilseedsEastern Europe• Acquire capacity• Increase existing capacityWestern Europe• Opportunistic consolidation• Improve flexibility of existing assetsARCHER DANIELS MIDLAND COMPANY 14

Region-Specific Strategies in OilseedsChina• Grow through Wilmarequity partnershipIndia• Acquire inland processingassetsARCHER DANIELS MIDLAND COMPANY 15

Optimizing Corn Processing AssetsCorn Processing, Decatur, IL• Maintain competitive ethanoland sweetener positions• Improve baseImproved throughputEnergy efficiency• Enhance marginsOptimize wet mill portfolio• Assess international growthopportunitiesARCHER DANIELS MIDLAND COMPANY 16

Optimizing Cocoa and Milling AssetsCocoa• Optimize performance ofnew facilities• Further consolidate baseCocoa Processing, Anyama, Cote d’IvoireWheat milling• Consolidate existing assetbaseARCHER DANIELS MIDLAND COMPANY 17

Delivering Financial Returns• Earnings trend• Capital returns• Balance sheet strength• Returning capital toshareholdersMerchandising Operations, Decatur, ILARCHER DANIELS MIDLAND COMPANY 18

Annual Adjusted Earnings Have ExhibitedLess Volatility4.0EPS (adjusted) – YOY, 2Y moving averages3.53.02.52.01.51.00.50.02000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011YOY EPS (adj)2Y moving Avg.(adj)* Earnings and EPS net of specified items (including LIFO) – see AppendixARCHER DANIELS MIDLAND COMPANY 19

Measuring Capital ReturnsPrimary MetricReturn on Invested Capital(ROIC)• Four-quarter trailingaverage adjusted for LIFO• Objective:200 bps above WACCSecondary MetricReturn on Equity(ROE)• Four-quarter trailingaverage adjusted for LIFO• Objective :12% – 14%ARCHER DANIELS MIDLAND COMPANY 20

Value Created as ROIC Exceeded WACC14%12%Q2 FY12Trailing 4Q LIFO Adjusted ROIC Earnings (1)$1.7BTrailing 4Q LIFO Adjusted Average Invested Capital (1) $29.0BTrailing 4Q Adjusted ROIC (1) 7.0%Trailing 4Q Average WACC 6.3%10%8%6%4%2%0%FY07 FY08 FY09 FY10 FY11 FY12Trailing 4Q Adjusted ROIC(1)Trailing 4Q Average WACC(1)Adjusted for LIFO and Specified ItemsARCHER DANIELS MIDLAND COMPANY 21

Creating Shareholder Value – Positive EVA3,000$ millions2,5002,0001,5001,0003281,09757128498716500-FY2006 FY2007 FY2008 FY2009 FY2010 FY2011Capital ChargeValue Economic Created Value AddedARCHER DANIELS MIDLAND COMPANY 22

Proactively Reducing Cost of CapitalWACC components and weighted costsEquity5.96%ST Debt0.03%LT Debt0.74%ADM Cost of Equity about 9%• CAPM used to calculate Cost ofEquity• Beta and historical market riskpremium relatively stable overtimeADM Cost of Debt about 2%• Shift to heavier mix of long termdebt has locked in historical lowinterest rates in order tomaintain a low WACC4Q Rolling Average WACC 6.5%* As of June 30, 2011ARCHER DANIELS MIDLAND COMPANY 23

Strong Balance Sheet Gives ADM FlexibilityBalance sheet as of June 30, 2011100%80%6% ST Debt29% LT Debt56%Net WorkingCapital60%40%65%Equity11% Other LT Assets20%44%33%PP&E0%ARCHER DANIELS MIDLAND COMPANY 24

Driving ROICROICAdjusted EarningsAdjusted Invested Capital• Operational excellence andproductivity• Optimizing margin opportunities• Disciplined risk management• Share repurchase• Working capital management• Business portfolio managementFocus on capital disciplineARCHER DANIELS MIDLAND COMPANY 25

Strong Cash Flows and Earnings SupportDividend GrowthAnnual Dividend per Share$0.80$0.70$0.60$0.50$0.40$0.34$0.43$0.49$0.54$0.58$0.62$0.70$0.30$0.20$0.10$0.00FY2006 FY2007 Fy2008 FY2009 FY2010 FY2011 FYTD2012AnnualizedARCHER DANIELS MIDLAND COMPANY 26

Driving Operating Improvement• Operational excellence• Capital allocation• Managing business portfolioADM Trucking, Decatur, ILARCHER DANIELS MIDLAND COMPANY 27

Committed to Operational ExcellenceOilseeds Processing, Rondonópolis, BrazilEnergy• Target 15% reduction by 2020Maintenance• Driving scale throughstandardizationContinuous improvement• Driving organizationaleffectivenessARCHER DANIELS MIDLAND COMPANY 28

Effective Capital Allocation• Institutionalize project lookbacks and incorporatelearnings• Focused strategies drive investment allocation• Rigorous review processARCHER DANIELS MIDLAND COMPANY 29

Projected FY2012 Spend AllocationMaintenance,Safety andComplianceBaseImprovementM&ATargeting 50% growth spendoutside U.S.• Exclude Maintenance,Safety and Compliance• 70% of spend inAg Services and OilseedsOrganicARCHER DANIELS MIDLAND COMPANY 30

Managing Business PortfolioTerminated Telles JVSeeking options for Brazilianethanol assetRationalizing asset base• Galesburg, IL, soybean• Plainview, TX, sorghum• Walhalla, ND, ethanolPropylene glycol aircraft deicerBiobased propylene glycol• Launched first USP grade• Broad market interestARCHER DANIELS MIDLAND COMPANY 31

Expanding Strategic Partnershipswith WilmarFertilizer• Purchasing and distribution• Leverages origination and distribution strengthsOcean Freight• Initially contributing two ships each• Improved grain haul and fertilizer backhaul opportunities• Savings in fleet managementOil Refining in Europe• Tropical oils• Optimize refining capacity utilizationARCHER DANIELS MIDLAND COMPANY 32

Looking Ahead• Organizational Productivity• Positioned for Long-TermGrowthOilseeds Processing, Hamburg, GermanyARCHER DANIELS MIDLAND COMPANY 33

Organizational Productivity Update• A leaner, more productive organization• Reduced levels of management• Maintained exceptional risk management• Stronger focus on results that driveshareholder valueARCHER DANIELS MIDLAND COMPANY 34

Positioned for Long-Term GrowthExport Operations, Constanta, Romania• Selectively Growing CoreModel• Strong Balance Sheet, CashFlows• Driving OperationalImprovements• Expanding WilmarPartnership• Focused on ShareholderValueARCHER DANIELS MIDLAND COMPANY 35

Q&AARCHER DANIELS MIDLAND COMPANY 36

Upcoming WebcastsADM Global Oilseeds BusinessReview• Hamburg, Germany,March 28, 2012Oilseeds Processing, Hamburg, GermanyARCHER DANIELS MIDLAND COMPANY 37

AppendixARCHER DANIELS MIDLAND COMPANY 38

Q2 2012 Financial HighlightsChallenging Margin Environment Impacted Results(Amounts in millions, except per share data and percentages)Quarter Ended Dec 312011 2010 ChangeSegment operating profit (1) $ 309 $ 1,362 (77%)Segment operating profit (excluding PHA charges) $ 648 $ 1,362 (52%)Net earnings attributable to ADM $ 80 $ 732 (89%)Effective tax rate 31% 27%Earnings per share, fully diluted $ 0.12 $ 1.14 $ (1.02)LIFO charge per share, net of tax $ 0.06 $ 0.25 $ (0.19)Adjusted earnings per share (1),(2) $ 0.51 $ 1.20 $ (0.69)Trailing 4Q average ROIC (1) 6.0% 10.0%Average shares outstanding 667 641(1)Non-GAAP measure - see notes on page 43(2)For reconciliation of adjusted earnings per share, see page 41ARCHER DANIELS MIDLAND COMPANY 39

Segment Operating Profit and Corporate ResultsQuarter Ended Dec 31(Amounts in millions)2011 2010 ChangeOilseeds Processing $ 253 $ 325 $ (72)Crushing & Origination 139 200Refining, Packaging, Biodiesel & Other 74 78Asia 40 47Corn Processing $ (133) $ 399 $ (532)Sweeteners & Starches 73 119Bioproducts (excluding PHA charges) 133 280PHA Charges (339) -Agricultural Services $ 158 $ 426 $ (268)Merchandising & Handling 109 376Transportation 49 50Other $ 31 $ 212 $ (181)Processing 10 160Financial 21 52Total Segment Operating Profit (1) $ 309 $ 1,362 $ (1,053)Memo : Segment operating profit excluding PHA charges $ 648 $ 1,362 $ (714)Corporate $ (188) $ (364) $ 176LIFO credit (charge) (59) (254) 195Interest expense - net (66) (83) 17Unallocated corporate costs (71) (66) (5)Gains on interest rate swaps - 55 (55)Other 8 (16) 24Earnings Before Income Taxes $ 121 $ 998 $ (877)(1)Non-GAAP measure - see notes on page 43ARCHER DANIELS MIDLAND COMPANY 40

Adjusted Earnings Per ShareQuarter EndedDecember 312011 2010Reported Earnings Per Share (fully diluted) $ 0.12 $ 1.14Adjustments:LIFO (credit)/charge 0.06 0.25PHA-related charges 0.33 -Gains on interest rate swaps - (0.05)Start-up costs - 0.02Gain on Golden Peanut revaluation - (0.07)Adjust quarterly effective tax rate to fiscal year average - (0.09)Sub-total adjustments 0.39 0.06Adjusted earnings per share (non-GAAP) (1) $ 0.51 $ 1.20(1)Non-GAAP measure - see notes on page 43ARCHER DANIELS MIDLAND COMPANY 41

Summary of Specified Items Excluded inAdjusted EarningsAll amounts in millions except EPS2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011Earnings as Reported 301 363 511 451 495 1,044 1,312 2,154 1,780 1,684 1,930 2,036Specified Items (after-tax):LIFO Credit/(Charge) 1 (1) (9) (74) 71 7 (129) (354) 322 26 (229)Start-up Costs (68) (59)Debt Buyback/Exchange Costs (47) (9)Golden Peanut Gain 44Gruma Bank Disposal 49Gain/(Loss) on Interest Rate Swaps (37) 19Asset abandonment/impairment andexit costs(67) (52) (8) (32) (26) (54) (13) (20) (19) (15) (1)Interest exp adj related to Ifconvertedmethod(13)Wilmar Tax (158)Gruma Derivatives (171)Wilmar Restructure 286Tyson/OSG shares 225Agricore/Arkady Disposals 132T& L Shares 119Vitamin Settlement 91 18CIP Gain 59HFCS Litigation (252)Total Specified Items (66) 59 38 1 (358) 164 (47) 501 (374) (26) (141) (199)Earnings Excluding Specified Items 367 324 473 450 853 880 1,359 1,653 2,154 1,710 2,071 2,235Adjusted EPS (1) 0.55 0.49 0.72 0.70 1.31 1.34 2.07 2.52 3.33 2.66 3.22 3.46(1)Non-GAAP measure - see notes on page 43ARCHER DANIELS MIDLAND COMPANY 42

Notes: Non-GAAP ReconciliationThe Company uses certain “Non-GAAP” financial measures as defined by the Securities and Exchange Commission. These are measures of performance notdefined 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)Adjusted EPS is ADM’s fully diluted EPS after removal of the effect on EPS of certain specified items. Management believes that adjusted EPS is a useful measureof ADM’s performance because it provides investors information about ADM’s operations allowing better evaluation of ongoing business performance. AdjustedEPS is a non-GAAP financial measure and is not intended to replace or be an alternative to EPS, the most directly comparable GAAP financial measure, or anyother measures of operating results under GAAP.(2) Total segment operating profitTotal segment operating profit is ADM’s consolidated income from operations before income tax that includes interest expense of each segment relating tofinancing operating working capital. Management believes that segment operating profit is a useful measure of ADM’s performance because it providesinvestors information about ADM’s business unit performance excluding certain corporate overhead and impacts of its capital structure. Total segmentoperating profit is a non-GAAP financial measure and is not intended to replace earnings before income tax, the most directly comparable GAAP financialmeasure. Total segment operating profit is not a measure of consolidated operating results under U.S. GAAP and should not be considered as an alternative toincome before income taxes or any other measure of consolidated operating results under U.S. GAAP.(3) LIFO per share (net of tax)The Company values certain inventories using the lower of cost, determined by the last-in, first-out method or market. LIFO per share is the impact of changes inthe LIFO reserve on diluted earnings per share and is a non-GAAP financial measure. We believe the inclusion of LIFO per share in this document helps investorsgain a meaningful understanding of operating results, and is consistent with how management measures the Company’s performance, especially whencomparing such results to prior periods.(4) Adjusted Return on Invested Capital (ROIC)Adjusted ROIC is LIFO adjusted ROIC earnings divided by LIFO adjusted invested capital. LIFO adjusted ROIC earnings* is ADM’s net earnings adjusted for theafter tax effects of interest expense and changes in the LIFO reserve. LIFO adjusted ROIC invested capital* is the sum of ADM’s equity (excluding noncontrollinginterests) and interest-bearing liabilities adjusted for the after tax effect of the LIFO reserve. Management believes adjusted ROIC is a useful financial measurebecause it provides investors information about ADM’s returns excluding the impact of LIFO inventory reserves. Management uses adjusted ROIC to measureADM’s performance by comparing adjusted ROIC to its weighted average cost of capital (WACC). Adjusted ROIC, LIFO adjusted ROIC earnings and LIFO adjustedinvested capital are non-GAAP financial measures and are not intended to replace or be alternatives to GAAP financial measures.* Prior to September 30, 2011, interest expense and interest-bearing liabilities of the Company’s financial business units were excluded from the calculation of LIFOadjusted ROIC earnings and LIFO adjusted ROIC invested capital, respectively.ARCHER DANIELS MIDLAND COMPANY 43