Unlocking Nature.

Enriching Life.
Third Quarter 2020
 2

Safe Harbor Statement

Some of our comments and materials in this presentation constitute forward-looking statements that reflect
management’s current views and estimates of future economic circumstances, industry conditions, Company
performance and financial results.

These statements and materials 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

Table of Contents

Unlock Enrich Invest

The ADM Vision What We Do Financial Results
Why Invest in ADM? How We Do It Why Invest in ADM?
The ADM Edge Corporate Responsibility
The ADM Plan
 4

Unlock
The ADM Vision
Why Invest in ADM?
The ADM Edge
The ADM Plan
 5

The ADM Vision

Food is It sustains us, fulfills us and fuels our well-being. It’s the
most basic need with the most critical impact. ADM is
Fundamental. devoted to that impact every single day.

We believe…

Everyone has the right to Food derived from nature is Access to nutrition has the
the food they need to an important driver of power to solve many of
sustain their lives. health and wellness. the world’s challenges.

This is why we exist…

To unlock the power of nature to enrich the quality of life.

 6

Why Invest in ADM?

Why Invest in ADM?

From the seed of the idea to ADM Advantage
the outcome of the solution, Unparalleled Industry-leading Leading-edge Focused on Unwavering
ADM provides access to global portfolio of technical returns/EVA commitment
nutrition worldwide. footprint ingredients and ingenuity to corporate
solutions responsibility
• We are a global leader in nutrition, serving the
needs of emerging and developed markets. Uniquely capable of Perfectly Ability to innovate Focused on Dedicated to
managing and positioned to relevant, science- ROIC/EVA and creating positive
• We are the world’s most diversified oilseeds adding value at capture growth as based solutions balanced capital impact in the
company and largest corn processor. every point of the the world’s for, and with, allocation world
value chain nutrition and customers program,
• We are the world’s premier agricultural supply health needs supported by
chain company. evolve strong balance
sheet
 7

The ADM Edge

ADM by the Numbers

FUNDAMENTALS FINANCIALS CREDENTIALS

800+ 50+ $65B ~$26B 1902

Facilities Innovation CY19 Revenue Market Cap Founded
Centers as of 12/31/2019

347 200 ~$3.1B 88 ADM

Food & Feed Countries Served CY19 Adjusted Consecutive NYSE Since 1924
Processing Locations Segment OP Years of Dividends

482 38,100 $3.5B $3.24 A

Crop Procurement Employees CY19 Adjusted CY19 Adjusted EPS Credit Rating
Locations EBITDA

The ADM Plan
Long-Term Strategy
Increase the financial strength of
each business
Divest those that don't meet
returns expectations
8
Reduce costs Innovate new specialty and
ingredient products
Implement 1ADM
Enhance our talent, capabilities
Leverage technology to and geographic footprint’
streamline and drive
effectiveness Implement new business models
 9

The ADM Plan

Tailored Strategy Focused on Targeted Growth, Returns and EVA

Adjusted ROIC Adjusted EVA @ 7% WACC

2013: Pre-Wild 6.6% $(110M)

2020 Q2: Trailing 4 Qtr Avg 8.1% $305M Delivered $10.0B to shareholders through
dividends and share repurchases since 2014

2023: Post Harvest Target >10% >$1.0B

Tailored Strategies for Core Businesses vs. Nutrition Businesses, with a Single-Minded Focus on EVA Growth
Industry Growth Strategic Direction EVA Focus

AS&O and Carbohydrate GDP Growth Rates Maintain Market Leadership

Boosting ROIC
Solutions Businesses Driving Efficiencies in Costs and Capital

Revenue Growth from Harvesting Existing Investments

Nutrition Businesses 2x GDP Growth Rates Become Nutrition Market Leader
Driving EBITDA Margin Expansion
 10

The ADM Plan

Transforming the Portfolio

Gleadell
Acquisitions and JVs

Morocco

Eaststarch

SA
Groundnut Texoma
Peanut Co

2014 2015 2016 2017 2018 2019 2020

Divestitures

Lactic Acid Brazil Crop Risk

Cocoa Sugar GrainCorp Bolivia Oilseeds CIP
Services

Fertilizer Chocolate New Hope Ag Fund Sale

 11

The ADM Plan

Readiness is Transforming How We Operate

Run Rate Savings
Target
$815M $1.2B Readiness is a reinvention of our business
from the bottom up.
Achieved
It provides a structure for ongoing
Through
continuous improvement that will give us
Q2 2020
the tools to deliver an excellent customer
$1.0B experience at the lowest cost.

It incorporates digitization, automation and

simplification into our day-to-day operations.
 12

Enrich
What We Do
How We Do It
Corporate Responsibility
 13

What We Do

Serve Customers Across the Value Chain with

Unmatched Products & Services
Origination of Crops Processing Specialties
Ag Services Oilseeds Nutrition
Oilseeds

Procure/Store Grain Vegetable Other

Meal
Oil Products Human Nutrition
Ingredients
Carbohydrate Solutions

Animal Nutrition
Local Destination Ingredients
Exports Fuel & Other
Sales Marketing Starches & Other
Flour Industrial
Sweeteners Products
Products

Transportation
Customer Health & Wellness
Ingredients
Customer
Food • Feed • Fuel • Industrial
 14

What We Do

ADM Global Trends Program

Consumption Contemporary
We’re tracking large, transformative global macro trends as Identity Wellness
to understand their impact on consumer culture and
behaviors, market opportunities and, ultimately, spaces for
category growth. Our focus on trends has been a guiding
influence on our acquisition and divestiture strategy.

Shifting Conscious
Lifestyles Consumption

Technology-Enabled
 15

Ag Services and Oilseeds

 16

How We Do It: Ag Services and Oilseeds

Ag Services and Oilseeds Overview

Ag Services
Drivers of Profitability
Procure, store, dry/blend, transport and
export grains and oilseeds
Value-added services (Destination
Marketing, Stevedoring, Structured
Trade Finance, Fertilizer)
Markets
Refined Products
Crushing & Other
Drivers of Profitability Drivers of Profitability
Crush a diverse set of oilseeds to Refine and distribute bulk and
produce meal and oil products packaged food oils and biodiesel
Markets Blend specialty oils for food and
industrial uses
Animal feed producers
Peanut and tree nut procurement,
Alternative protein producers shelling and specialty products
Wilmar
Drivers of Profitability
24.8% ownership stake in Wilmar
International, a leading agricultural
company with a strong presence in
Asia and Africa
Diversified portfolio
Reported under equity method

Internal processing Crude vegetable oil processors Markets Markets

Export destinations Food processing, bakery and Grains, oilseeds, sugar, palm oil, food
industrial customers processing and consumer products
Grain & oilseeds processors
Renewable fuels
Livestock industry

ADM ADVANTAGE

Risk management Arbitrage grain and freight Diversified product portfolio Facility scale Operational expertise and efficiency
Market intelligence Farmer relationships Diversified regional footprint Integrated facilities Supply chain transparency
 17

How We Do It: Ag Services and Oilseeds

Ag Services & Oilseeds

Footprint Daily Grain Storage
451 19.1 MMT
Capacity (MMT)
GERMANY Procurement and Global
12 Processing UKRAINE Storage Facilities Storage Capacity
POLAND
NETHERLANDS
2 Processing
3 Procurement
7 Processing
1 Processing
6 Procurement
RUSSIAN
EMEAI
2 42
2 Procurement
7 Procurement
FEDERATION SA Owned & Leased Port
CZECH
12 Procurement
3 Facilities
CANADA REPUBLIC
7 Processing BELGIUM
1 Processing
2 Processing
19
6 Procurement

UNITED
11,900 1,300
NA Owned Railcars Owned Semi-Trailers
KINGDOM 14

7
4 Processing
3 Procurement
Owned Oceangoing
1,900
UNITED Owned River Barges
STATES
IRELAND Vessels
3 Procurement Annual Crush
60 Processing
249 Procurement
Capacity (MMT)
SPAIN
4 Procurement
KOREA 47 41.7 MMT
HUNGARY 1 Procurement Oilseed Crush Oilseeds Crushing
MEXICO TURKEY
DOMINICAN 7 Procurement Facilities Capacity
1 Processing 1 Procurement CHINA EMEAI
REPUBLIC 13
1 Procurement ROMANIA
1 Procurement
128
COLOMBIA
14 Procurement 42 NA
22
Processing Facilities
9 Procurement BRAZIL INDIA
3 Processing
SA
ECUADOR
PERU
20 Processing
41 Procurement 51 Procurement
7
~60
2 Procurement
1 Processing
Different Products Used in Food, Animal Feed,
Renewable Fuels and Industrial Products
2 Procurement
PARAGUAY AUSTRALIA ~75% soy, 25% softseeds

ARGENTINA
1 Processing SOUTH
1 Processing Processing Facilities in17Countries and
1 Processing
URUGUAY
15 Procurement AFRICA
4 Processing
Procurement/Storage Locations in 24
4 Procurement 7 Procurement
 18

How We Do It: Ag Services and Oilseeds

Adjusted Operating Profit

$2,500
$2,016 $1,723 $1,215 $1,229 $2,020 $1,935 $835

$2,000
$183
$343
$267
$376 $200
$1,500 $370
Millions

$274 $586

$664 $154
$329
$1,000 $650
$652 $298
$244 $580 $158
$298 $159 Wilmar
$500 $204
$792 $183 RP&O
$597 $657
$464 $451 $502 Crushing
$335
Ag Services
$0
CY14 CY15 CY16 CY17 CY18 CY19 CY20 (YTD Q2)

Note: Adjusted Operating Profit is a Non-GAAP measure – see notes in appendix

Prior periods have been restated to conform to current-year presentation.
 19

Carbohydrate Solutions
 20

How We Do It: Carbohydrate Solutions

Carbohydrate Solutions Overview

Starches & Sweeteners Vantage Corn Processors
Starches Sweeteners Flours Corn Dry Mills
Drivers of Profitability Drivers of Profitability Drivers of Profitability Drivers of Profitability
Industrial starches Glucose, high fructose corn syrup, corn syrups, Wheat flours—bulk and packaged for Ethanol and byproduct (DDGs)
crystalline dextrose, maltodextrin and other bakery
Food starches sweeteners Beverage grade alcohol
Other specialty flours and bakery
Markets Feedstock for distillers, brewers and other mixes De-natured alcohol
fermentation companies
Food and beverage customers Markets Markets
Sustainable materials
Paper products and other Food processing and bakery Fuel companies
industrial uses Markets customers Livestock industry
Food and beverage customers Beverage companies
Industrial uses Industrial uses

ADM ADVANTAGE
Risk management Product optionality at wet mills Facility scale
Market intelligence Diversified regional footprint Integrated facilities
Arbitrage grain and freight Operational expertise and efficiency
 21

How We Do It: Carbohydrate Solutions

Footprint Annual Corn

Grind (MMT)
Carbohydrate Solutions
~30
Different Products

EMEAI
1 Owned Processing
CANADA Plants
8 Processing UNITED 23
2 Procurement KINGDOM
7 Processing
11 45
4 Procurement NA Corn Wheat
22
Additional Joint Venture Facilities in
BULGARIA TURKEY Mexico, Hungary, Russia and U.S.
1 Processing 1 Processing
Annual Wheat Milling
Capacity (MMT)
UNITED
STATES
FRANCE
1 Processing
Corn Grind Capacity
38 Processing
5 Procurement
CHINA
1 Processing
~2.9M
International Bushels per Day
1
BARBADOS
MOROCCO
BELIZE 1 Processing
Wheat Milling Capacity
2 Processing
1 Processing
7
JAMAICA
2 Processing
GRENADA ~800,000
1 Processing
Americas Bushels per Day
6

12 3 of 5
Countries with Largest Corn Mills
Processing Plants in the World
 22

How We Do It: Carbohydrate Solutions

Adjusted Operating Profit

$1,340 $823 $1,000 $1,083 $945 $644 $263
$1,400

$1,000 $719 $155

$129 $51
Millions

$136

$600

$871 $928 $894

$753
$621 $686
Bioproducts/
$200
Vantage Corn Processors (VCP)
$276
Starches & Sweeteners
$0
($109) ($13)
($200)
CY14 CY15 CY16 CY17 CY18 CY19 CY20 (YTD Q2)

Note: Adjusted Operating Profit is a Non-GAAP measure – see notes in appendix

CY19 and CY20 presented under VCP segmentation, CY14 - CY18 presented under prior segmentation.
 23

Nutrition
 24

How We Do It: Nutrition

Nutrition Overview
Human Nutrition Animal Nutrition
Flavors & Colors Specialty Ingredients Health & Wellness
Drivers of Profitability Drivers of Profitability Drivers of Profitability Drivers of Profitability
Natural flavors portfolio Specialty soy and pea proteins Nutritional supplements—probiotics, prebiotics, Complete feed and premix solutions
enzymes, vitamins, DHA, and other nutritional ingredients
Naturally derived color portfolio Edible beans, peas, nuts, seeds and Amino acids
ancient grains Fiber
Vertical integration in mint, vanilla and Specialty nutritional ingredients
citrus Polyols, hydrocolloids and emulsifiers Fermentation technology and capacity
Markets
Markets Markets Markets
Livestock industry
Food and beverage customers Food and beverage customers Food and beverage customers
Pet food industry
Personal care customers Industrial customers Animal nutrition customers
Aquaculture
Supplement customers Personal care customers Supplement customers
Animal nutrition customers Direct-to-Consumer products

ADM ADVANTAGE
Consumer insights Systems-based approach Global footprint Deep technical expertise Vertical integration of key
raw materials
Unrivaled portfolio of flavors Turnkey product development Innovation centers on Supply management
and ingredients all continents expertise
 25

How We Do It: Nutrition

Fulfilling Nutritional Needs with Innovative Solutions

Systems

Customized blend of
ingredients designed for
specific food or animal
nutrition applications
Manufacturer
Specialty Hydrocolloids Polyols Streamlines customer’s
Proteins
Nutritional Probiotics & ordering, testing, inventory
Edible Beans Supplements Enzymes
& Peas and manufacturing
Fiber Nuts, Seeds
Flavors
Emulsifiers
& Ancient operations
Grains
Colors Ingredient
Vegetable
Flavors and
Extracts from
Systems Meals Other ADM
Amino Acids
Mint, Vanilla
and Citrus Specialty Feed Ingredients
Ingredients
 26

How We Do It: Nutrition

Footprint Nutrition

Human Nutrition
CANADA
5 Processing
UNITED
KINGDOM NETHERLANDS 20
1 Processing 3 Processing Procurement Centers

BELGIUM
1 Processing
GERMANY
8 Processing
POLAND 50+
FRANCE 2 Processing Customer Innovation Centers
14 Processing

SPAIN
30+
SWITZERLAND Research, Design and
3 Processing
UNITED 1 Processing Development Centers
STATES CHINA
56 Processing 9 Processing
PORTUGAL
20 Procurement
PUERTO RICO 1 Processing

3 Processing
ITALY
1 Processing
TURKEY Animal Nutrition
1 Processing VIETNAM

MEXICO
TRINIDAD
AND TOBAGO
4 Processing
65+
12 Processing
1 Processing
ALGERIA Processing Facilities
1 Processing PHILIPPINES
COLOMBIA
1 Processing NIGERIA
INDIA 2 Processing 55+
1 Processing
2 Processing Distribution Centers

ECUADOR BRAZIL
INDONESIA
2 Processing 10+
1 Processing
16 Processing
Research, Design and
MADAGASCAR Development Centers
1 Processing

SOUTH
AFRICA
2 Processing
 27

How We Do It: Nutrition

Revenue and Adjusted Operating Profit

Revenue Adjusted Operating Profit
$7,000 $500

$2,660 $3,590 $3,520 $3,520 $3,790 $5,680 $2,908 $258 $323 $273 $311 $339 $418 $300

$5,600 $400 $42

$21
$4,200 $2,930 $300 $27
$33
Millions

Millions
$1 $56
$15
$1,220
$1,140 $1,060 $1,160
$2,800 $200
$376
$1,466 $318
$1,233 $296
$272 $278
$243 $244
$1,400 $2,750 $100
$2,450 $2,470 $2,370 $2,570

$1,427 $1,442

$0 $0
CY14 CY15 CY16 CY17 CY18 CY19 CY20 (YTD Q2) CY14 CY15 CY16 CY17 CY18 CY19 CY20 (YTD Q2)

Human Nutrition Animal Nutrition Human Nutrition Animal Nutrition

Note: Adjusted Operating Profit is a Non-GAAP measure – see notes in appendix
Prior periods have been restated to conform to current-year presentation.
 28

Corporate Responsibility
 29

Corporate Responsibility

ADM’s Independent and Diverse Board

Juan Luciano Donald Felsinger Michael Burke Terrell Crews
Age 58 Age 72 Age 56 Age 64
Appointed 2014 Appointed 2009 Appointed 2018 Appointed 2011
Chairman, President & CEO, ADM Fmr. Chairman, President & CEO, Chairman & CEO, AECOM Fmr. CFO & Divisional CEO, Monsanto
Exec. Committee Sempra Energy C/S, N/CG Committees Audit (Chair), Exec., N/CG Committees
Other Boards: Eli Lilly Exec. Committee Other Boards: AECOM Other Boards: WestRock, Hormel Foods
Other Boards: Northrop Grumann,
Gannett

Pierre Dufour Suzan Harrison Patrick Moore Francisco Sanchez

Age 64
Appointed 2010
Fmr. Senior EVP, Air Liquide Group
Audit, S/CR Committees
Other Boards: Air Liquide
Age 62
Appointed 2017
Fmr. Divisional President, Colgate
S/CR (Chair), Exec., C/S Committees
Other Boards: WestRock Company
Age 65
Appointed 2003
President & CEO, PJM Advisors
N/CG (Chair), Exec. Audit Committees
Other Boards: Energizer
Age 60
Appointed 2014
Senior MD, Pt. Capital and
Chairman of CNS Global Advisors
Audit, S/CR Committees

Debra Sandler Lei Zhang Schlitz Kelvin Westbrook

Legend
Age 59 Age 53 Age 64
N/CG
Appointed 2016 Appointed 2019 Appointed 2003 Nominating & Corporate Governance
President & CEO, LaGrenade Group Divisional EVP, Illinois Tool Works President & CEO, KRW Advisors C/S
Audit, S/CR Committees Compensation & Succession
Audit, N/CG Committees C/S (Chair), Exec., N/CG
S/CR
Other Boards: Gannett Other Boards: T-Mobile, Mosaic, Sustainability & Corporate Responsibility
Camden Property

Corporate Responsibility
ADM’s Independent and Diverse Board
Statistics Responsibilities
Nominating &
Corporate Governance
• Authority to assign
55% 91% oversight of specific areas
Overall Diversity Independent of risk to other committees
• Recommends Director
nominees who appear
capable to assess and
monitor risks
Audit
62 7 Years • Oversees Enterprise Risk
Average Age Average Tenure Management process
• Discusses management
efforts to monitor and
5 3 control risk
are African American, are • Regularly reports regarding
any significant risk issues
Asian or Hispanic Female
30
Compensation &
Succession
• Assesses potential risks
associated with
compensation decisions
• Engages independent
consultants to assess
compensation programs
Sustainability &
Corporate Responsibility
• Oversight responsibility
for sustainability and
corporate responsibility
matters
• Reviews sustainability-
related risks quarterly
through the Enterprise
Risk Management
process
 31

Corporate Responsibility

Environmental and Sustainability Highlights

Our sustainability efforts are led by our Chief Sustainability Officer, who is guided by the
Sustainability & Corporate Responsibility Board committee and by an ADM Executive Council
Living up to our commitments
committee. By 2035, ADM will:
We address climate change through three main pathways: renewable product and process
innovations, supply chain commitments, and enhancing the efficiency of our operations.
25% Reduce absolute greenhouse gas
emissions by 25 percent
We aim to conserve water and improve water quality through: sustainable supply chain
commitments; water reduction efforts and efficiency improvements; and the Ceres and
World Wildlife Fund AgWater Challenge.
15% Reduce energy intensity
by 15 percent

Reduce water intensity

GHG Intensity Reduction Energy Intensity Reduction Water Intensity Reduction by 10 percent
20%

15%
30%
25%
20%
30%
25%
20%
10% Develop global strategy to improve
community wellbeing in priority
10% 15% 15% watersheds by 2025.
10% 10%
5%
5% 5%
0% 0% 0%
2010 2012 2014 2016 2018 2020 2010 2012 2014 2016 2018 2020 2008 2010 2012 2014 2016 2018 2019
Achieve a 90 percent
90% landfill diversion rate
Achieved Target
 32

Corporate Responsibility

Social Initiatives
ADM continuously works to improve the lives of our stakeholders, including the communities in which we operate as well as our vast
and diverse employee base.

Helping Communities Promoting Ensuring

Through ADM Cares
ADM Cares is our corporate social investment program that aligns ADM’s
corporate giving with our business strategies and sustainability objectives.
Through the program, ADM works to sustain and strengthen our commitment
to communities where ADM colleagues work, live and operate by directing
funding to initiatives and organizations driving meaningful social, economic
and environmental progress.
Employee Diversity
We believe an inclusive culture spurs experimentation,
which results in innovative solutions to business
challenges.
In 2018, ADM affirmed a commitment to achieve gender
parity within the company’s senior leadership structure
by 2030.
Employee Safety
ADM is committed to providing a safe work environment
for all of our employees and contractors.
In 2019, ADM posted a 10% year-over-year reduction in
lost workday injuries, while 94% of sites had no lost
workday injuries and 80% of sites had zero recordable
incidents at all.

ADM Cares grants target three focus areas that align with ADM’s mission of Last year, we increased the percentage of women
enriching the quality of life around the globe. among both our senior leadership and salaried
colleagues by 1% and 2%, respectively.
Advancing Sustainable Agriculture
Working with nearly 150,000 farmers in Africa and Asia to grow more with
less input and less impact.

Increasing Food Security

Last year, ADM provided more than 9 million pounds of food to those in need.

Investing in Education
ADM Cares supported more than 7 million students who participated in
agricultural and STEM learning opportunities.
 33

Invest
Financial Results
Why Invest in ADM?
 34

Financial Results

Adjusted Segment Operating Profit Adjusted Earnings Per Share

$4.0
$3.7 $2.9 $2.6 $2.7 $3.4 $3.1 $1.4 $4.00
$0.1
$0.3
$0.1 $3.50
$3.50
$3.0 $0.3
$0.1
$0.1 $3.23
$0.4
$1.3 $0.3 $0.1
$0.1 $3.24
$0.3 $0.9
$0.3 $3.00
$0.6
$0.8
$2.0
$2.61
Billions

$1.0 $1.1
$2.50
$0.0
$0.3 $2.16 $2.43
$1.0 $2.0 $2.0 $1.9 $0.3
$1.7 $2.00
$1.2 $1.2
$0.8

$0.0 $1.50
CY14 CY15 CY16 CY17 CY18 CY19 CY20 (YTD Q2) CY14 CY15 CY16 CY17 CY18 CY19

Ag Services & Oilseeds Carbohydrate Solutions Nutrition Other

 35

Financial Results

Adjusted Segment Operating Profit

Adjusted Operating Profit CY14 CY15 CY16 CY17 CY18 CY19 CY20
(Q2 YTD)
Total (in millions) 3,693 2,925 2,621 2,674 3,362 3,082 1,447
Ag Services & Oilseeds 2,016 1,723 1,215 1,229 2,020 1,935 835
Ag Services 792 597 464 451 657 502 335
Crushing 664 652 298 204 650 580 183
RP&O 376 274 298 244 370 586 159
Asia 183 200 154 329 343 267 158
Carbohydrate Solutions 1,340 823 1,000 1,083 945 644 263
Starches & Sweeteners 621 686 871 928 894 753 276
VCP 719 136 129 155 51 (109) (13)
Nutrition 258 323 273 311 339 418 300
Human Nutrition 243 296 272 278 318 376 244
Animal Nutrition 15 27 1 33 21 42 56
Other 79 56 134 52 58 85 49
 36

Financial Results

Adjusted EBITDA
Adjusted Segment EBITDA CY17 CY18 CY19 CY20
(Q2 YTD)
Total (in millions) 3,064 3,634 3,482 1,616
Ag Services & Oilseeds 1,620 2,410 2,311 1,016
Carbohydrate Solutions 1,415 1,282 974 422
Nutrition 450 486 642 416
Other 69 92 117 54
Corporate (490) (636) (562) (292)
 37

Financial Results

Processed Volumes
By Year 2014 2015 2016 2017 2018 2019
Total (000’s of metric tons) 55,876 56,943 56,061 57,433 58,651 58,350
Oilseeds 32,208 33,817 33,788 34,733 36,308 36,271
Corn 23,668 23,126 22,273 22,700 22,343 22,079

By Quarter CY19 CY20

Q1 Q2 Q3 Q4 Q1 Q2
Total (000’s of metric tons) 14,299 14,319 14,681 15,051 14,697 13,202
Oilseeds 9,167 8,773 9,062 9,269 9,163 9,103
Corn 5,132 5,546 5,619 5,782 5,534 4,099
 38

Financial Results

ROIC vs WACC
LT ROIC Objective: 10%
11%

10% Q2 CY20

9% Trailing 4Q Average 8.1%

Adjusted ROIC
8%
8.1%
Trailing 4Q 6.9%
7% 6.9% Average ROIC
6%
Annual WACC 5.75%
5%
Trailing 4Q Average $683M
4%
Adjusted EVA
Q2'15 Q2'16 Q2'17 Q2'18 Q2'19 Q2'20
Long-Term WACC 7.0%

Trailing 4Q Average ROIC Trailing 4Q Adjusted ROIC Long-term WAAC Long-term ROIC Target
 39

Financial Results

Strong Balance Sheet

Balance Sheet Highlights (in millions) Dec 31 Dec 31 Jun 30 Other Key Data
2018 2019 2020
Net Investment In:
Book Value
Cash & Cash Equivalents $1,997 $852 $1,203 $19.3B $34.73
Book Value Book Value Per Share
Operating Working Capital $7,505 $7,970 $8,540 as of 6/30/20 as of 6/30/20
Property, Plant, & Equipment $9,953 $10,106 $9,833
Investments in and Advances to Affiliates $5,317 $5,132 $5,239 Credit Ratings
Goodwill and Other Intangibles $4,041 $5,476 $5,212 A A2 A
Other Non-Current Assets $934 $1,936 $2,046 S&P Global Moody’s Fitch

$29,747 $31,472 $32,073

Wilmar Investment
Financed By:
$3.9B $4.8B
Short-Term Debt $108 $1,202 $531 Equity Investment Market Value of Shares
Balance as of 12/31/19 as of 12/31/19
Long-Term Debt, Incl. Current Maturities $8,280 $7,679 $8,642
Deferred Liabilities $2,314 $3,308 $3,504 Credit Capacity
Temporary Equity $49 $58 $85
Shareholder’s Equity $18,996 $19,225 $19,311 $9.7B $4.6B
Available Credit Capacity Readily Marketable Inventory
$29,747 $31,472 $32,073 as of 6/30/20 as of 6/30/20
 40

Financial Results

Cash from Operations Before Balanced Capital

Working Capital Changes Allocation Framework
$3.0 70%
60–70%
60% in strategic M&A
$2.4 or return of capital
to shareholders
50%

$1.8
Billions

40%
30–40%
$2.7 $2.7 30% reinvested Capex
$1.2 $2.3
$2.2 $2.1 2.3
$1.9 20%
$1.6
$0.6
10%

$0.0 0%
2014 2015 2016 2017 2018 2019 Q2 2020 Historical Medium Term

Capex M&A / Capital Return to Shareholders

 41

Financial Results

Capital Expenditures and M&A

$2.0 Capex and D&A M&A
$3.0
$2.8

$1.5 $2.5

$2.0
$2.0

Billions
$1.0
Billions

$1.0 $0.9 $0.9 $0.9

$0.9 $0.9 $0.9 $0.9 $0.9
$0.8 $0.8 $1.5

$0.5
$1.0
$0.5

$1.9 $1.6 $1.2 $1.5 $0.9 $0.9 $1.1 $0.9 $1 $0.8 $0.8 $0.4 $0.5 $0.5
$0.5
$0.2 $0.2 $0.2 $0.2
$0.1
$0.1 $0.0 $0.0
$0.0 $0.0
FY09 FY10 FY11 FY12 CY13 CY14 CY15 CY16 CY17 CY18 CY19 CY20 FY09 FY10 FY11 FY12 CY13 CY14 CY15 CY16 CY17 CY18 CY19 CY20
YTD Q2 YTD Q2
Capex D&A
 42

Financial Results

Steadily Increasing Dividends

Annual Dividends Per Share Dividends & Share Repurchases
$2.5
Dividend Payout Ratio:
Historical: 20-30%
Medium Term: 30-40% $2.0
$2.0

$1.5

$1.2

Billions USD
$1.40 $1.44
$1.34 $1.0
$1.28 $1.0
$1.20
$1.12 $0.8
$0.96 $0.7 $0.7 $0.7 $0.8 $0.8
$0.6
$0.76 $0.5
$0.66 $0.70 $0.5
$0.60 $0.5 $0.4 $0.4
$0.4
$0.3
$0.2
$0.1 $0.1 $0.1 $0.1 $0.1

$0.0
CY10 CY11 CY12 CY13 CY14 CY15 CY16 CY17 CY18 CY19 CY20* CY10 CY11 CY12 CY13 CY14 CY15 CY16 CY17 CY18 CY19 CY20
YTD Q2
Dividends Paid Share Repurchases
 43

Financial Results

Balance Sheet Strength-Solid Investment Grade

Debt Metrics Available Liquidity (Billions)
50% 5.0 $20.0

15.5
4.0

29%
10.9
25% 3.0 $10.0

2.13

2.0

0% 1.0 $0.0
Q2'12 Q2'13 Q2'14 Q2'15 Q2'16 Q2'17 Q2'18 Q2'19 Q2'20 Q2'12 Q2'13 Q2'14 Q2'15 Q2'16 Q2'17 Q2'18 Q2'19 Q2'20

Net Debt / Total Capital Net Debt to EBITDA Total Liquidity with RMI Liquidity Available
 44

Why Invest in ADM?

Why Invest in ADM?

From the seed of the idea to ADM Advantage
the outcome of the solution, Unparalleled Industry-leading Leading-edge Focused on Unwavering
ADM provides access to global portfolio of technical returns/EVA commitment
nutrition worldwide. footprint ingredients and ingenuity to corporate
solutions responsibility
• We are a global leader in nutrition, serving the
needs of emerging and developed markets. Uniquely capable of Perfectly Ability to innovate Focused on Dedicated to
managing and positioned to relevant, science- ROIC/EVA and creating positive
• We are the world’s most diversified oilseeds adding value at capture growth as based solutions balanced capital impact in the
company and largest corn processor. every point of the the world’s for, and with, allocation world
value chain nutrition and customers program,
• We are the world’s premier agricultural supply health needs supported by
chain company. evolve strong balance
sheet
 45

Appendix
 46

Financial Results

Summary of Specified Items Excluded in Adjusted Earnings 1

Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended CY CY CY CY CY CY CY CY Q1 Q2
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2012 2013 2014 2015 2016 2017 2018 2019 2020 2020
Earnings as Reported 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 1,279 1,595 1,810 1,379 391 469
Specified Items:
LIFO Credit/(Charge) (1) (9) (74) 71 7 (129) (354) 322 26 (229) 6 2 140 152 1 (12) 1 14 (28) 69
FX gain/(loss) (25) (63) 0 0 (3) 0
Neovia acquisition expenses (3) (11)
GrainCorp-related items (164)
FCPA charge (37)
Start-up Costs (68) (59) 0
Debt Buyback/Exchange Costs (47) (9) (7) (118) 0 (7) 0 0 (11)
Golden Peanut Gain 44 0
Gruma Bank Disposal 49 0
Gain/(Loss) on Interest Rate Swaps (37) 19 0
Legal settlement - Gieseker (39)
Asset impairment, exit, restructuring and settlement charges (274) (161) (88) (67) (172) (38) (144) (137) (249) (32) (12)
Out of period discretes (82) (15) 60 (24) 739 33 (39) (7) (1)
Repat tax (373) 0 0
Bioblenders' credit 55 0 0 0
Interest exp adj related to If-converted method (13)
Tax on remeasurement (change in fiscal year) (14) (61) 0 0
Pension settlement (44) (89) 0
U.S. Retiree medical curtailment 24
Gain on GrainCorp 49
Gain on sale/revaluation of assets 24 6 514 92 (10) 13 (124) 18
Quarterly ETR adjustment 0 0 0 0
Wilmar Tax (158)
Gruma Derivatives (171)
GP Inventory writedown (4) 0
Sugar contingent losses (45) 0
Wimar Restructure 286
Tyson/OSG shares 225
Agricore/Arkady Disposals 132
T& L Shares 119
Vitamin Settlement 91 17
HFCS settlement (9) 0
Fertilizer gain 83 0 0
Kalama Gain 97 0 0
CIP Gain 59
HFCS Litigation (252)
Total Specified Items 59 90 8 (326) 190 7 514 (354) (7) (126) (198) (275) (144) (201) 132 227 3 206 (172) (451) 30 (6)
Earnings Excluding Specified Items 324 421 443 821 854 1,305 1,640 2,134 1,691 2,056 2,234 1,498 1,519 1,543 2,116 1,622 1,276 1,389 1,982 1,830 361 475

EPS Adjusted for Specified Items 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 3.23 2.61 2.16 2.43 3.50 3.24 0.64 0.85
Early Debt Remarketing Dilution Impact 0.04
Adjusted EPS - YOY 0.49 0.64 0.68 1.26 1.30 1.99 2.50 3.30 2.63 3.19 3.45 2.25 2.29 2.33 3.23 2.61 2.16 2.43 3.50 3.24

Shares Outstanding 665 657 647 650 656 656 656 646 644 644 654 666 662 663 656 621 591 572 567 565 564 562

Financial Results
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 net earnings and Adjusted
earnings per share (EPS)
Adjusted net earnings reflects ADM’s
reported net earnings after removal of the
effect on net earnings of specified items as
more fully described above. Adjusted EPS
reflects ADM’s fully diluted EPS after
removal of the effect on EPS as reported of
specified items as more fully described
above. Management believes that Adjusted
net earnings and Adjusted EPS are useful
measures of ADM’s performance because
they provide investors additional
information about ADM’s operations
allowing better evaluation of underlying
business performance and better period-
to-period comparability. These non-GAAP
financial measures are not intended to
replace or be alternatives to net earnings
and EPS as reported, the most directly
comparable GAAP financial measures, or
any other measures of operating results
under GAAP. Earnings amounts described
above have been divided by the company’s
diluted shares outstanding for each
respective period in order to arrive at an
adjusted EPS amount for each specified
item..
(2) Segment operating profit and
adjusted segment operating profit
Segment operating profit is ADM’s
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 ADM’s performance because
they provide investors information about
ADM’s 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 ADM’s
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 ADM’s 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 ADM’s returns excluding the impacts
of LIFO inventory reserves and other
specified items. Management uses
Adjusted ROIC to measure ADM’s
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 ADM’s 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
ADM’s 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 ADM’s 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 ADM’s
trailing 4-quarter economic value added
adjusted for LIFO and other specified
items. The Company calculates economic
value added by comparing ADM’s 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.
47
(6) Adjusted EBITDA and Adjusted
Segment EBITDA
Adjusted EBITDA and Adjusted Segment
EBITDA are defined as earnings before
taxes, interest, and depreciation and
amortization, adjusted for specified items.
The Company calculates adjusted EBITDA
by removing the impact of specified items
and adding back the amounts of interest
expense and depreciation and amortization
to earnings before income taxes.
Management believes that adjusted
EBITDA is a useful measure of the
Company’s performance because it
provides investors additional information
about the Company's operations allowing
better evaluation of underlying business
performance and better period-to-period
comparability. Adjusted EBITDA is not
intended to replace or be an alternative to
earnings before income taxes, the most
directly comparable amount reported
under GAAP.
Thank You