Table Of ContentADM to Acquire Neovia and
Probiotics International Limited
July 2, 2018
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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.
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.
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ADM Value Creation Strategy
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Five Growth Platforms at ADM
Taste Human Animal Health & Carbohydrates
Nutrition Nutrition Wellness
Focus of Today’s
Discussion
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Building the Nutrition Business Leader
Enablers/Platforms Bolt-ons Organic Growth Projects
Human
WILD Flavors Amazon Flavors Tianjin Fibersol
(natural systems) SCI Berlin Colors
Nutrition
EatemFoods Campo Grande Specialty Proteins
Caterina Foods Innovation Centers
(WFSI)
Harvest Innovations Pea Protein
Crosswind Industries China Premix
Animal
(pet treats) China Aquaculture
Effingham/Columbus Premix
Nutrition (global capabilities)
Biopolis Mayo Clinic Collaboration
Health & (world-class bioactivesR&D) VlandBiotech Collaboration
Davis, CA Biotech Lab
Wellness
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Overview of Neovia and Protexin
Protexin: Important Expansion of
Neovia: A Transformative Step for ADM
Health & Wellness Platform
Animal Nutrition
• Largest ADM acquisition • Strong commercial
since WILD presence complements
ADM’s existing research
• Would create a global leader
and development
in specialty animal nutrition,
capabilities
with estimated 2018 revenue
of $3.5 billion • Creates fully integrated
probiotics and
• Would significantly scale
nutraceuticals business
ADM’s Nutrition division as
part of ADM’s stated strategy
to expand the company’s
capabilities in specialty and
value-added products
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Neovia: A Leading Global Provider of Value-added
Animal Nutrition Products and Solutions
• Robust business model based on a multi-activity, multi-species and multi-
FY 2018E EBITDA Breakdown
region approach supplying innovative solutions for animal nutrition
By Business Line • Leading positions and strong brand portfolio focused on expansion in
Petcare attractive and high growth value-added segments (e.g., additives and
22% ingredients, pet care and aquaculture)
Premix
Aquaculture & Services and
11% Complete Feed • Geographically diversified revenue and EBITDA base, with strong positions in
53%
Western Europe as well as in key growth markets (e.g., Brazil, Mexico,
Additives
& Ingredients Southeast Asia, Africa)
14%
• Strong innovation, along with R&D capabilities coupled with deep technical
By Geography and industry expertise
Global Western
• Global innovation center in St. Nolff, France
Additives Europe
15% 20%
• 11 global research centers with 140 dedicated scientists
Asia EEMEA
10% 6%
• 40+ partnerships with universities in 17 countries
Central South
America America • Headquartered in France, with ~8,200 employees, 72 production sites and
26% 23%
presence in 25 countries (serving 90+ countries with export activity)
• Strong management team with extensive global industry expertise
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ADM + Neovia Creates a Global Leader in Animal
Nutrition and a Strong Platform for Continued Growth
Product Lines Species Combined Capabilities and Expertise
• Differentiated portfolio of
attractive and fast-growing
product lines across a
Premix
broad range of species
‒ Fills major gaps in
Poultry
ADM’s current animal
Complete Feed
Swine nutrition portfolio
• Complementary
Ingredients Presence geographic presence
Cattle creates global footprint
Sales
and distribution network
Pet Care Horse Neovia R&D across key mature and
growth markets
Global Presence and Reach
• Global innovation and R&D
Aquaculture Dog capabilities
‒ Ability to cross-leverage
$3.5B
Cat expertise in animal and
Additives human nutrition
• Enhanced ability to offer
Fish
Estimated CY 2018 Strong Innovation value-added solutions to a
Amino Acids Total Sales Capabilities global customer base
Shrimp
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Neovia: Significant Synergy Opportunities
Significant EBITDA Synergies Other Value Levers
Annual Run-rate • Additional revenue synergies via
Synergies By development of value-added
€50M
systems and integrated solutions
Fourth Full Year
leveraging the broader ADM
Following Closing Nutrition platform
• Ability to deliver premier
products to animal and human
nutrition
• Innovation and R&D synergies with our other Nutrition businesses
• Opportunities to combine existing and new products and expertise • “Platform synergies,” including
to create both human and animal systems and solutions enhanced ability to drive
further value creation through
• Cross-selling and expansion opportunities across products and
future bolt-on M&A
geographies
• Streamlining of direct and indirect purchasing spend and other
expenses via integration into ADM’s broader Nutrition operations
Combined Capabilities,
• Optimization of global footprint Expertise and Experience to
• Implementation of ADM Operational Excellence standards Drive Shareholder Value
• Leveraging of ADM’s global scale, transportation and logistics
infrastructure, and processing footprint
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Building a World Class, Fully Integrated Probiotics and
Nutraceutical Platform
• Probiotics International Limited (PIL), based in the U.K., is a
leader in both human healthcare and animal probiotics, with
a focus on the human health, veterinary (including
companion animal), equine, and agriculture markets
• With its leading Protexin brand and other sub-brands, the
acquisition will enable ADM to expand into business-to-
consumer supplements in the human nutrition space
• Value creation through a combination of cost and revenue
synergies:
• Complements ADM’s recent expansion of its H&W business
• Strong commercial capabilities in sales and distribution, consumer
marketing, regulatory affairs and dietary supplements applications
development will also complement Biopolis’ R&D capabilities
Description:ADM to Acquire Neovia and. Probiotics International Limited . Implementation of ADM Operational Excellence standards. • Leveraging of ADM's
