cargill annual report 2013

2013 Annual Report

Results across many dimensions

In the future, the companies best positioned to lead will be those that deliver results across many dimensions. At Cargill, what matters most is not just what we accomplish, but how. The how is critical because the world faces big challenges, interconnections are more pronounced, and expectations are higher than ever before. At Cargill, we aim to make a difference and deliver results for all of our stakeholders: customers, employees, shareholders and communities. We want to achieve results that contribute in multiple ways to a better world.

Cargill earned $2.31 billion in fiscal 2013, up from $1.17 billion a year ago. Sales and other revenues rose 2 percent to $136.7 billion. Cash flow from operations equaled $4.18 billion.

Our companys improved results were achieved during a year of deceleration in the global economic recovery. The eurozone contracted, Brazils growth nearly stalled in the first half, the U.S. grew at a modest 2 percent, and Chinas expansion slipped below 8 percent. Still, the fiscal turbulence and political ambiguity that permeated markets in the prior fiscal year dispersed enough to allow economic fundamentals to come to the fore.

In agriculture, weather was the story all year. The drought in North America, which came on the heels of smaller crops in South America, reduced expected production of corn and soybeans in the Americas in 2012 by nearly 20 percent. The shortfall sent grain prices to new highs. In 2013, when it became evident that South America would harvest big crops, prices retreated but

only to historically elevated levels. The effects of the drought lingered, with tight stocks, alterations in trade flows and pressure on input costs. Meanwhile, exports of the long-awaited new crop in Brazil were held up by rain delays. We tapped into Cargills global breadth and strengths in market analytics, logistics and risk management to serve customers with enterprise and reliability.

PerformanceCargills financial performance in fiscal 2013 was broadly based. Sixty of our 69 business units were profitable; more than two-thirds exceeded last years earnings, and 12 were at a record level. We also held costs in line.

Among the six platforms: b The agricultural supply chain was the largest contributor to Cargills earnings, with an improved performance in grain handling, trading and oilseed processing, and turnarounds in cotton and sugar. Drought-affected crops reduced results in U.S. farm services.

b In a challenging environment for volume and margin growth, the 26-unit food ingredients platform generated a breadth of earnings that collectively surpassed last years record. Two product lines were sold: juice blends and compounds, and cultures and enzymes.

b The integration of Provimi, acquired last year, accelerated results in animal nutrition. The platforms combined expertise in nutrition, technology, premixes and compound feeds made it possible to reach new customer segments with solutions that helped address difficult feeding economics in many countries.

b Poultry processing in developing markets set the pace in animal protein, but North American beef had another very difficult year, with drought, high feed costs and the tightest cattle supply in 60 years factors that led to the idling of our beef processing plant in Plainview, Texas. High feed costs also impacted pork processing.

To our stakeholders

Cargill 2013 Annual Report | 1

Greg PageChairman and CEO

David MacLennanPresident and COO

Cargill regained its momentum in fiscal 2013. We increased earnings, made investments that reach further to bring us closer to customers, built responsible supply chains and delivered value-creating innovations and solutions. These actions support Cargills strategic intent to be the partner of choice to our customers. They advance our commitment to creating a food-secure world with access to safe, nutritious and affordable food for all.

Financial highlightsDollars in billions

Sales and other revenues $ 136.7

Net earnings $ 2.31

Cash flow from operations $ 4.18

b Performance in metals and ocean shipping was boosted by active risk management in volatile iron ore markets and by increased operating efficiency in ocean freight markets weighed down by excess industry capacity. Energy results decreased sharply from the prior year.

b Financial services continued to perform steadily.

b Cargills asset management subsidiaries rebounded from last year. They outperformed industry peers in several asset classes and attracted significant new capital from institutional investors.

Growth Cargill invested $3.4 billion in fiscal 2013, with the largest share directed to a global round of new and expanded facilities that bring us closer to customers. Perhaps the biggest milestone was the startup of primary processing at our integrated poultry complex in Chinas Anhui province. We opened a poultry further-processing facility in Russia and added significant capacity in Thailand. China was the site of several investments in liquid sweeteners and specialty fats. Construction has begun in South Korea on our largest-ever feed mill. In cocoa, we expanded processing capacity in the Netherlands and broke ground on a new facility in Indonesia. We opened a farm service center in Alberta, Canada, and completed plans to build a canola crush plant in the province. Our second wet

corn mill in Brazil is nearing completion. In the U.S., a biorefinery campus in Iowa and a modernized multiseed processing plant in North Dakota will open later this calendar year. Several other projects with multiyear builds are underway.

In North America, we are forming Ardent Mills, a joint venture that will join Horizon Milling (itself a successful venture between Cargill and CHS) with ConAgra Foods flour milling business. Together,

we intend to serve bakery and food company customers even better than today.

Cargill purchased a ground beef processing plant in Texas and a U.S.-based renewable industrial fluid business. Acquisitions typically make up about a third of Cargills growth, but this years ultralow interest rates led to lofty valuations that were out of line with our desired returns on investment. Still, we are ready to move with discipline on attractive opportunities.

Changing how we workCargill operates today in an interconnected world in which events reverberate quickly. We expect this new normal to play to Cargills strengths, but it requires us to be nimble. Access to information, for example, has become ubiquitous, but the advantage lies in how quickly we can capture, interpret and gain insight from our global view. We are placing greater reliance on business operating principles to increase our agility. The

2 | Cargill 2013 Annual Report

Serving customers worldwideCargill sales and other revenues by destination

Cargill serves customers in more than 125 countries, creating a balanced and diverse revenue base.

37% North America

23% Asia Pacific

18% Europe

14% Latin America

6% North Africa/Middle East

2% Sub-Saharan Africa

Our global teamCargill employees by geography

With 140,000 employees in 65 countries, Cargill connects globally to serve the distinctive needs of customers locally.

38% North America53,000 employees

27% Asia Pacific38,000 employees

19% Latin America26,000 employees

14% Europe20,000 employees

1% Sub-Saharan Africa2,000 employees

1% North Africa/Middle East1,000 employees

intent is to set expectations, empower business units and functions to apply the right amount of process and take appropriate risks, and leverage the enterprise to create value for our customers.

We refreshed Cargills enterprise resource planning strategy. Instead of implementing one solution across Cargill, we will utilize a handful of instances that match our various business models. Horizon Milling in Canada successfully deployed the commodity handling and trading instance and animal nutrition in Canada adopted the variation that came with Provimi. Business units with common processes will begin migrating to these instances in the year ahead. The goal is to put similar parts of Cargill on a common footing of processes, data and technology.

Partner of choiceMore customers are choosing Cargill as their partner of choice. We are earning their confidence through our companys innovation, our risk management in volatile times, our willingness to invest to support their growth, and our commitment to operating responsibly.

We also provide transparency. For example, we take food customers and other stakeholders to our oil palm plantations in Indonesia to give them a firsthand look at how we produce palm oil ethically and sustainably. We share the science- and risk-based approach to food safety that

we use in our plants to ensure safe products. And we strive to be dynamic. Within weeks of the onset of the 2012 drought, Cargill offered U.S. farmers a new hedging product that addressed the commodity price risk related to their grain marketing plans and crop insurance payments.

Fundamentals Safety unites Cargill. Our workplaces reduced the companys rate of reportable injuries to 2 per 200,000 hours worked meeting our 2015 goal in 2013. Seventy-one percent of 1,215 locations worked injury-free. Yet we had 11 fatalities, three employees and eight contractors. Research commissioned by Cargill and six other companies showed that the factors leading to serious injury or death differ from those resulting in less serious accidents. A focus on injury reduction alone may not be enough to achieve our goal of zero fatalities by the end of 2015. We developed Focus on LIFE, a program that is building the capacity of all Cargill facilities to identify and mitigate life-threatening dangers in our workplace procedures. We are confident the program will yield benefits because the safety goals Cargill sets every five years have proven to be drivers of extraordinary progress. The same is true for our environmental goals, which we share later in this report.

A notable 96 percent of employees participated in this years Global Voices survey. The assessment found engagement across Cargill is

high, lifted in part by a culture that values individual growth and development, business integrity and community responsibility. Our employees are proud of the work they do, and we know we can do more to enlist them in how Cargill addresses the big challenges reshaping our world.

ResponsibilityCargill has been in the business of nourishing people for nearly 150 years. In the coming decades, we are optimistic about the worlds ability to feed an increasingly urban population with a rapidly growing emerging-market middle class. To meet the challenge, we advocate for policies that let markets work and enable farmers to thrive. We invest our human and capital resources in increasing agricultural productivity and incomes while ensuring responsible land use. And we work to expand access to food and better nutrition. To advance these aims, we partner with nongovernmental organizations that focus on food security and are entering new partnerships in the year ahead. Follow Cargills efforts on Twitter at @foodsecureworld.

In fiscal 2013, Cargill contributed $69 million to communities in 53 countries in support of food security, education and the environment. The value of these resources was multiplied by our employees and retirees, who volunteered more than 250,000 hours worldwide. Cargills full commitment

to corporate responsibility is available online and in our companion report, Responsibility across many dimensions.

In closingIn May, we welcomed Marcel Smits to Cargills board of directors, following his election in April as executive vice president and chief financial officer.

We thank our employees for their dedication to helping customers succeed and for connecting their work to the evolving needs of people, partnerships and communities around the world. We are a company with countless opportunities to contribute to a better world, and we hold ourselves accountable for delivering results across many dimensions.

Sincerely,

Gregory R. PageChairman and Chief Executive Officer

David W. MacLennanPresident and Chief Operating Officer

Aug. 20, 2013


Cargill delivers results across many dimensions:

b Financial performance that provides oxygen to grow.

b Ethical business conduct that makes us a trustworthy partner.

b Meaningful work that enables employees to make lasting contributions.

b A predisposition for innovation that creates solutions for customers.

b Responsible operations and supply chains that help protect the planet.

b Partnerships that nourish people and enrich communities.

Results that contribute to helping the world thrive.


Investing globally, delivering locally

About 1.3 billion people are expected to enter the global middle class in the next 10 years, mostly in emerging economies and urbanizing areas. We are investing to support the improvements and challenges the new growth will bring.

Setting a new standard in poultry production

As incomes rise, more people can add meat to their diets. In Chinas Anhui province, Cargill is undertaking one of our most ambitious projects: a fully integrated poultry business that spans the entire supply chain, from raising the birds to processing the poultry and distributing products to customers with modern food safety practices every step of the way. When we reach full production in 2015, the complex will employ more than 3,500 people. In a country that consumes about a third of the worlds animal protein, we believe the product quality and integrity made possible through this model operation will help build confidence in Chinas food supply.

Expanding sustainably in cocoa

Cargill has broken ground on our first cocoa processing facility in Asia, in Indonesias East Java province. The plant will produce cocoa powders from locally sourced beans for confectioners and other food customers in Asia, with expertise in cocoa applications available through our innovation centers in Beijing and Kuala Lumpur. In advance of the facilitys 2014 opening, we are working with smallholder farmers on the island of Sulawesi, Indonesias main cocoa-producing region, to improve bean quality and yield, raise farm productivity and income, and support their communities. These efforts are part of Cargills Cocoa Promise, our global commitment to cocoa farmers and sustainable cocoa production.

Keeping pace with growth

In Brazils southern state of Paran, we are building a wet corn mill that will significantly boost our processing capacity. Similar to the 2010 expansion of our corn mill in Uberlndia, our investment responds to growth in Brazils domestic market. The facility will produce starches and sweeteners for foods and beverages, ingredients for animal feeds and pet foods, and coatings for paper and packaging. We also are developing the mill as a biorefinery, similar to those in Iowa and Nebraska, where we provide feedstock, water, steam and services to neighboring manufacturers of biobased products. As we grow the business, we also contribute to the regions vitality with Cargills volunteerism and community support.

The backing plates and brake shoes used in vehicle brake systems must be able to withstand harsh weather conditions and significant physical stress. Our customer, a global manufacturer, relies on Cargills metals team to supply it with high-quality hot-rolled steel, which it forms to exacting specifications. We provide its production plant in southern China with a stable supply of consistently high-quality steel as well as the cost-management services that support a growing relationship.


Cargill opened a major farm service center in northern Alberta, Canada an underserved region where wheat and canola farmers depend on export opportunities for their grain. In addition to doubling our local grain-handling capacity, we provide crop inputs and our full portfolio of agronomic, grain marketing and risk management solutions. The goal? To support our customers business success by moving their production from a place of surplus to places of need.

From planting to marketing, farmers manage a diverse set of considerations. To meet their needs, we pioneered our Helping Farmers Prosper services in North America. Now we are adapting our efforts to help grain farmers in places like Hungary, Romania and most recently, Russias southwestern grain belt. Their crops nourish their own communities and support import markets in the Middle East and Africa. Trust is the reason we work with Cargill, says Hungarian farmer Karl Baumuhlner.

Cargill has a record

$2.6 billionof agricultural, food and energy projects under construction in

14 countries. Australia, Brazil, Canada, China, Germany, Indonesia, Malaysia, Mexico, Netherlands, Russia, South Korea, Thailand, United States, Venezuela

Capital investment 2009-2013 In the past five years, Cargill has invested about $15 billion in acquisitions and assets that expand our global reach and capabilities, and that help keep our plants safe, energy efficient and environmentally sound.

New and expanded facilities

Acquisitions and investments

Base spending


Meaningful work, lasting contributions

Our commitment to nourishing people connects Cargill to global trends putting our employees at the forefront of changing economic flows, growing markets, new supply chain demands and rising consumer expectations.

Guiding ethical decisions

Since our founding in 1865, Cargill has acted on the belief that doing the right thing sets the foundation for long-term success. Our Guiding Principles articulate our shared values and expectations, providing direction for ethical decision making. Employees are proud of Cargills commitment to operating with integrity. After graduating from university, I never thought I would spend my career with one company. But during my 30 years with Cargill, the companys integrity has been a pillar. I cherish how Cargill balances its humble but competitive and high-performing culture while never compromising its ethics, said Robert Aspell, business unit leader for Cargill Grain & Oilseed Supply Chain in China and South Korea.

Engaging employees for worldwide leadership

Every Cargill employee has global impact: the ideas, products and services we deliver locally touch lives in every corner of the world. We strive for high levels of employee engagement aligning what inspires our employees with our business strategies, ensuring opportunities for development, and driving results. In 2013, we redesigned our employee engagement survey for greater relevance, simplicity and accuracy. With 96 percent of employees participating, Cargills engagement score rose six points to 77 percent. While we have more opportunity to improve, its a meaningful gain that tells us Cargill is a great place to work.

Building an inclusive, diverse workforce

As we expand worldwide, our differences from our cultures, talents and experiences to communication styles and personal preferences play an important role in Cargills ability to connect locally and globally. We want to ensure a work environment where everyone feels respected and valued, and can contribute to reaching their full potential. In 2013, we refreshed our corporate strategy to better leverage and retain the talents of a more diverse workforce. We began inclusion training to boost our cultural competency and are transitioning some of our employee groups into global resource networks that better align business plans with inclusion and diversity.

Sarena Lin, Strategy and Business Development

We are expanding groups like the Cargill Womens Network and leveraging the newly formed Corporate Diversity Council to raise awareness and improve inclusion so we tap into the best talent possible. Having people with different backgrounds, life experiences and thought processes helps us make better decisions. By understanding our customers distinct markets and challenges, we can create solutions that reflect their communities preferences and values.


Memo Perez, Cargill Food Distribution

Cargill has a truly global view of business. This global reach is an opportunity to be part of something big and make a difference for many. Since I joined Cargill 18 years ago, I have not even once thought about leaving. Cargill has given me the opportunity to do what I love in sync with my own ethics. When you work for Cargill, you are not a number, but part of a big family.

Jon Badiola, Cargill Foods Venezuela

In Venezuela, we are strengthening our culture of inclusion through the Engranados program, which provides training to people with intellectual, physical or sensory disabilities. Workshops also build awareness, understanding and acceptance with colleagues. Since 2008, the number of Cargill Venezuela employees with disabilities has increased from 0.4 to 3.4 percent of our workforce. Now we are sharing best practices to expand the Disability Awareness Network across Cargill.

bGrowth and career development b Inclusion and feeling valued bTrust in leadership bEthics and values

Driving employee engagement

Nurturing employee talentMore than 4,000 employees have completed leadership, trading, marketing and sales academies. We opened a Tropical Palm Learning Academy in 2013.

Cargills rating in the Human Rights Campaigns Corporate Equality Index for the 9th consecutive year

100%


Exciting ideas, inspiring solutions

Bold, brighter and better for everyone: Expectations for food continue to rise. Cargill works with customers to help deliver inspiring products that meet the changing expectations of consumers around the world.

Partnering for longer-lasting fresh taste

When Japans Sapporo Breweries set out to find the compound in barley, water, hops or yeast that can make aging beer taste stale, Prairie Malt, a Cargill joint venture, and the University of Saskatchewan joined the effort. Together, the team found the solution: barley freed of a particular enzyme called lipoxygenase. Fast forward to CDC PolarStar barley, a traditionally bred, new variety that maintains fresh flavor over longer periods of time. Prairie Malt now provides Sapporo with malt for one of its famous beers made from 100 percent CDC PolarStar barley grown in Canada. Says Sapporo, We will change beer. Its kind of a revolution.

Adapting solutions for new markets

In Inner Mongolia, the heart of Chinas booming dairy industry, Cargill is helping Mengniu, one of Chinas largest dairy companies, enhance its top-line growth by offering consumers an array of new products. Drawing on our knowledge from other markets, we identify solutions and then work closely with customers to adapt them to the expectations of Asian consumers. This year, as Mengniu redirected its strategy toward product innovation, Cargill met the companys challenge to develop two new frozen yogurt products in just months. Cargill really understands the trends of this market and consumer behavior in China, said Ying Bai, Mengnius executive director and vice president of operations.

Improving nutrition for kids

Many food companies have set goals related to childhood nutrition, including decreasing the sugar in foods that appeal to kids. Cargill developed a reduced-sugar corn syrup that is ideal for use in fruit snacks and cereal bars. Because the syrups viscosity and functionality is similar to traditional corn syrups, it doesnt require manufacturers to make costly changes in production processes, nor does it affect the taste, texture or appearance of their products. The patented ingredient offers customers a simple way to help meet their sugar reduction goals. Were also exploring additional products for improving nutrition through reduced sugar and calories.

Spotting an opportunity based on consumer trends, Cargill joined with McDonalds to pursue a new twist on an iconic product, the Egg McMuffin. The collaborative development process between the two companies produced the Egg White Delight McMuffin, a 250-calorie breakfast sandwich featuring egg whites supplied by Cargill that are grilled fresh in McDonalds restaurants. Launched in April, the product has fast become a popular choice on the McDonalds breakfast menu.


In China, milk tea is a signature drink. When a leading Chinese beverage brand decided to introduce a ready-to-drink version, it asked Cargills Innovation Center in Beijing for help in developing a rich texture and smooth mouth feel. Working collaboratively, our applications specialists created a unique blend of ingredients that gave the drink the desired creaminess. Our customers new drink quickly became popular, making its product launch a resounding success.

Cargill opened our newest food applications center in Delhi the first of its kind in Indias food industry. Catering to local and global food companies, the center provides a state-of-the-art space for our customers to try Cargill ingredients and collaborate with our specialists to perfect the taste, texture, nutrition or cost of their food products. The center also supports the regional importance of flatbreads with expertise in artisan bakery.

Patents filed in fiscal 2013

Cargill innovation

Patents granted in fiscal 2013

Current patents owned by Cargill

Belgium, Brazil, China, France, India, Malaysia, Mexico, Spain, United States

16 Cargill food applications centers in nine countries


Responsible operations, boundless innovation

Innovation brings new possibilities to the balancing of resource consumption and sustainability. By embedding more knowledge into our processes and products, we improve our own resource efficiency and help our customers achieve sustainable results.

High performing, environmentally appealing

CPFL Energia, Brazils largest non-state-owned electric energy company, is switching to Cargills Envirotemp FR3 fluid as the coolant in its transformers. Our vegetable oil-based product, which replaces petroleum-derived mineral oil, is less flammable, nontoxic, biodegradable and nearly carbon neutral. And its higher performing, with greater operating efficiency and reliability, less downtime and longer insulation life. Because CPFLs distribution network is substantial, the changeover will take some time, but more than 5,000 units are installed. For its leadership in sustainable innovation, CPFL received Brazils prestigious FINEP Award.

Fueled by waste

Cargills High River beef processing facility is the largest such plant in Canada. Handling 4,500 head of cattle a day presents environmental challenges, including the energy it takes to run the plant and the waste materials produced in the process. Cargill installed a waste-to-fuel system the first of its kind in North America that converts the organic waste into electrical power and steam. Combined with the plants methane capture system, almost 80 percent of the facilitys energy requirements will soon come from renewable sources. It will make High River the most environmentally friendly beef plant in the world.

Sweating the small stuff

Spot a leak in a steam pipe? Tag it for repair. Notice a trickling water hose? Turn it off. Freezer door ajar? Close it up. Equipment running just in case? Determine whats needed when. These are some of the small energy management steps that, over time, have reaped big returns for Cargill. Because it takes ongoing attention to sustain the savings, we created a behavior-based program that helps employees integrate energy management into their daily actions. Their watchfulness helps keep Cargill on track to meet our energy efficiency goals.

Cargill and innovation partners, BASF and Novozymes, reached a milestone in their effort to produce acrylic acid from renewable raw materials. The joint teams produced a renewable building block, known as 3-HP, in pilot scale an important step in the commercialization process. Today, acrylic acid is a product of crude oil refining, and its used to make a variety of products such as the superabsorbent polymers found in baby diapers and hygiene products. A change to biobased acrylic acid could be a groundbreaking offering to the market.


For the third year, Cargill participated in the Carbon Disclosure Project, an independent organization through which companies self-report their greenhouse gas emissions, water usage and climate change-related strategies and processes. In addition to reporting the companys total emissions, our response highlights the sustainability actions and innovations we integrate into our operations, products and services. Cargill was one of the first in global agribusiness to participate in the CDP.

Cargill is one of the worlds largest charterers of dry bulk freight. At any one time, we have more than 500 vessels underway, transporting 200 million metric tons of cargo a year. In 2012, we began factoring greenhouse gas emissions into our ship selection process. Utilizing indices developed by RightShip, a ship vetting specialist, we compare vessels relative energy efficiency. Our pledge to charter only the more efficient vessels was a first in the shipping industry.

In fiscal 2013, Cargill made continued progress toward all four of its 2015 energy and resource efficiency goals.

Cargills five-year environmental goals are reported as the percentage improvement over the fiscal 2010 baseline.

Improvement in energy efficiency

3.3%5.0%

Renewables in our energy portfolio

14.2%12.5%

Improvement in greenhouse gas intensity

3.9%5.0%

Improvement in freshwater efficiency

4.1%5.0%


Nourishing people, enriching communities

Cargills goal is to conduct business with integrity across the agriculture, food, industrial and financial markets we serve. We operate responsible supply chains, work to help feed the world and support the communities where we live and work.

Responsible supply chainsCargill is working to address the complex economic, environmental and social challenges in our supply chains. We promote responsible agricultural practices, conserve resources through innovation, use renewable raw materials and reduce impacts to help protect the environment. We take a comprehensive, science-based approach to ensure the safety and integrity of our food products. We handle animals humanely. Across our businesses, we provide safe, secure and healthy work environments.

Food securityAt Cargill, we believe that access to safe, nutritious and affordable food provides the foundation for an active and healthy life. Yet nearly 1 billion people around the world are undernourished. It is an immense challenge, and one that Cargill is working hard to address. We are boosting agricultural productivity and advocating for open trade policies. Through our work with millions of farmers, we are helping them raise more food more sustainably, reach new markets, receive fair pricing and improve their standards of living. To increase the availability of food, we move it from areas of surplus to areas of need. We are developing more nutritious foods and collaborating with partners in the public and private sectors

to address hunger. As we pursue these aims, we also encourage the responsible use of natural resources.

CommunitiesCargill helps build vibrant and stable communities by supporting programs that provide long-term solutions. Through 350 Cargill Cares Councils in 47 countries, our employees give thousands of volunteer hours that have a significant local impact.

We focus on solutions to reduce hunger, increase health education, and improve youth nutrition and wellness. Our support helps expand access to education and schooling in science, technology, engineering and math. Through programs around the world, we promote sustainable agricultural practices, provide environmental conservation education and protect water resources.

Cargill is committed to operating responsibly as we pursue our purpose to be the global leader in nourishing people. Our 2013 corporate responsibility report, Responsibility across many dimensions, highlights our efforts across each of the four pillars that guide our approach: conducting business with integrity, operating responsible supply chains, working to feed the world and enriching our communities. The report is available online at www.cargill.com.

Our company:

b Provides agricultural producers with crop inputs, animal nutrition and access to global markets.

b Connects markets by moving food and agricultural products from places of surplus to places of need.

b Builds sustainable supply chains and manages commodity price risk.

b Supplies food companies with products and services that help them respond to consumer demand.

b Offers expertise and services in energy, metals, ocean transport, risk management and finance.

b Develops environmentally friendly products and technologies.

b Partners with others to help solve societal challenges.

Cargill aspires to be the global leader in nourishing people. We deliver results that contribute in multiple ways to a better world.

Cargill is 140,000 peopleacross 69 business units serving customers in more than 125 countries.

P.O. Box 9300Minneapolis, MN 55440www.cargill.com

Cargill is an international producer and marketer of food, agricultural, financial and

industrial products and services. Founded in 1865, the privately held company employs

140,000 people in 65 countries. Cargill helps customers succeed through collaboration and

innovation, and is committed to applying its global knowledge and experience to help meet

economic, environmental and social challenges wherever it does business.

CCA-111A-13

2013 Cargill, Incorporated. All rights reserved.

cargill annual report 2013

Documents

difficult year

prior fiscal year

year of deceleration

accelerated results

companys improved results

south america

big crops

breadth of earnings