DeliveringCargill at work in the global food system

2014 Annual Report

The global food system is increasingly under scrutiny for issues ranging from persistent hunger to obesity and the health and well-being of people, the care of animals, and the impact on the environment and biodiversity. Yet modern agriculture has accomplished a great deal in meeting the increasing and diversifying demands of our growing world. Cargill plays an important role in helping make food more abundant, accessible, safe and nutritious, and in supporting sustainable and responsible practices. We believe the global food system is working, but it could work even better. We know there is more to do.

How does the global food system measure up?Over the last 50 years, food has become more plentiful, available and affordable for people around the world due to increasing agricultural productivity and higher yields.

Food flows to meet demand.

Only about 16 percent of the world’s food production crosses borders, but it is a vital link in times of local production shortfalls or for countries not blessed with abundant agricultural resources.

SOURCE: UNITED NATIONS FOOD AND AGRICULTURE ORGANIZATION, USDA, CARGILL

220

180

140

100

Yield and harvested area Index (1975=100) PRODUCTION YIELD AREA

Land used for crops is more productive.

The global food system has met rising demand by increasing yields through improved plant genetics, both conventionally bred and genetically engineered, and more intense use of fertilizer – without taking much new land into production.

SOURCE: USDA

16%

Food is more affordable.

As countries and the global food system have developed, spending on food as a share of total household consumption expenditures has declined markedly in many countries.

Food is more plentiful.

Production of the 16 crops that form the building blocks of the global food system has more than doubled since 1975, delivering enough calories to outpace the rise in consumption.

Global production and consumption of grain, rice and oilseeds Million Metric Tons

PRODUCTION CONSUMPTION 1980 – 2003 TREND

Food as a percent of total household consumption expenditures

U.S. FRANCE U.K. KOREA SOUTH AFRICA CHINA INDIA ETHIOPIA NIGERIA

3000

2500

2000

1500

60%

45%

30%

15%

SOURCE: U.S. DEPARTMENT OF AGRICULTURE SOURCE: UNITED NATIONS, USDA1975 1980 1985 1990 1995 2000 2005 2010

1975 1980 1985 1990 1995 2000 2005 2010

2014

2014

1975 1980 1985 1990 1995 2000 2005 2010 2012

What are the challenges ahead?The global food system will need to feed a world that is more urban, affluent and populous by increasing production in a sustainable and responsible way.

Obesity is more pervasive.

The increase in global obesity since 1980 has been substantial and widespread. Today, 2.1 billion people – nearly 30 percent of the world’s population – are either obese or overweight, and 62 percent of the obese live in developing countries.

More efficiency, resiliency required.

The global food system must:

deliver more calories and better nutrition

at even higher levels of efficiency

while conserving land, water and energy resources

and adapting to a changing climate.

SOURCE: CARGILL

World population overweight and obese DEVELOPED COUNTRIES DEVELOPING COUNTRIES

2.1b857m

SOURCE: GLOBAL BURDEN OF DISEASE STUDY 2013,

PUBLISHED IN THE LANCET

1980 2013

403m 700m

454m1.4b

Hunger persists.Despite progress, 842 million people – about one in eight people in the world – suffer from chronic hunger, not having enough food regularly for an active and healthy life.

Demand is increasing.

The world’s need for agricultural production – for food, feed and fuel – will continue to grow along with increasing population, urbanization and incomes.

SOURCE: FAO (ALL FIGURES ARE ROUNDED)

Southern Asia 295 35Sub-Saharan Africa 223 26Eastern Asia 167 20Southeastern Asia 65 8Latin America and the Carribbean 47 5Western Asia and Northern Africa 24 3Developed regions 16 2Caucasus and Central Asia 6 1Oceania 1 <1

World population undernourished in 2011-2013

Southern AsiaSub-Saharan AfricaEastern AsiaSoutheasteLatin AmWes

CO

Dev

MILLIONS PERCENT

Growing population 9.6b people by 2050

(from 7.2 billion in 2013)SOURCE: UN WORLD POPULATION PROSPECTS, 2012 REVISION

66%Increasing urbanization %

urban by 2050(from 54% in 2014)SOURCE: UN WORLD URBANIZATION PROSPECTS, 2014 REVISION

4.8bRising incomes

middle-class by 2030(from about 1.8 billion in 2009)SOURCE: THE BROOKINGS INSTITUTION (GLOBAL MIDDLE CLASS DEFINED AS HOUSEHOLDS WITH DAILY EXPENDITURES OF $10 - $100 PER PERSON)

Cargill 2014 Annual Report | 1

Several Cargill businesses delivered record earnings or significantly improved results in fiscal 2014, but performance overall did not meet expecta-tions. The company earned $1.87 billion, down 19 percent from the prior year. Sales and other revenues decreased 1 percent to $134.9 billion. Cash flow from operations equaled $3.77 billion.

In discussing the year and outlook, we begin by recog-nizing global animal nutrition, grain and oilseeds in Brazil, Canadian farm services, texturizing food ingredients, egg products, and trade and structured finance. All of these businesses put their expertise to work on behalf of customers and generated record operat-ing results.

After two difficult years, our global beef business rebound-ed strongly, with an added boost from its Australian joint venture. Poultry processing in Europe turned around, and U.S. pork improved measurably, while also managing the onset of a swine virus in the U.S. The deicing business overcame logistical hurdles to meet enor-mous demand for road salt dur-ing the harsh North American winter. Strong gains were made in global ocean transportation,

European grain and oilseeds, staple foods in Argentina and Russia, and subsidiary CarVal Investors. At the same time, we managed through dif-ficult operating environments in Argentina, Egypt, Russia, Ukraine and Venezuela.

We undertook structural changes that should serve Cargill well:

We completed the formation of joint venture Ardent Mills, which is now poised to lead in innovative flour and grain products and services in North America.

Our agreed joint venture with Brazil’s Copersucar will benefit from added depth and breadth in sugar origination, trading and marketing.

We sold the food texturizing compounds business.

Steps were taken to make our supply chains more transparent:

We issued a global progress report on our efforts to support cocoa farmers and their communities, and the development of a sustainable cocoa supply chain.

In Brazil, we hosted 80 stakeholders from six countries on a “learning journey” across our sustainable soy supply chain.

Our U.S. pork business made an industry-leading move to group housing for all Cargill-owned sows by the end of 2017.

The company was recognized for innovation:

The ViaTech™ line of stevia-based sweeteners was selected as the best new beverage ingredient at an international tradeshow.

Our soy-based Envirotemp® FR3® transformer oil received the 2013 U.S. Presidential Green Chemistry Challenge Award.

Several areas account for the overall underperformance. After four record years, earn-ings in food ingredients fell under the weight of the weak economic recovery, integration costs in malt and a distressed market in China for starches and sweeteners.

As a group, the agricultural supply chain businesses trailed last year’s results. The big crops that followed the 2012 drought reduced market volatility and presented fewer significant trading opportunities. Economic conditions and governmental actions in several countries also impeded earnings.

To our stakeholders

Greg PageExecutive Chairman

David MacLennanPresident and CEO

Cargill plays an important role in helping feed a growing world. Our performance needs to be at its best. Though we look back on a year that fell short of expectations, we move forward with confidence. Our focus is steady: invest, innovate, bring a smarter, more efficient approach to how we operate and be the partner that helps customers and stakeholders thrive.

Financial highlights(DOLLARS IN BILLIONS)

Sales and other revenues $ 134.9

Net earnings $ 1.87

Cash flow from operations $ 3.77

Our companyWith 143,000 employees in 67 countries, we connect globally to serve the distinctive needs of customers locally.

Energy results were poor. As part of a strategic review, we recast parts of the busi-ness, and ceased trading in coal and European power and gas markets.

A good deal of the earnings shortfall was driven by events:

China’s rejection of certain U.S. corn shipments saddled grain origination and trading with significant costs.

Extreme winter weather set the stage for unprecedented volatility in U.S. power mar-kets and large trading losses.

The brutal cold in North America also disrupted rail transportation, slowing shipments and increasing costs.

In its first year of operation, our integrated poultry business in China dealt with challenges on its farms and soft consumer demand.

Adjustments to Cargill’s balance sheet to account for Venezuela’s effective currency exchange rates resulted in a loss.

Improving performanceSignificant work is underway to strengthen profitability while building the company’s competitiveness. The effort is inspired by Cargill’s higher purpose: our commitment to nourishing people. The strate-gic direction it provides is more relevant than ever, for a growing world needs what we make and do. It requires us to be our very best.

As articulated through thrive, Cargill’s new brand expression, we are engaging customers and other stakeholders in a dis-tinctive way. The intent is to first understand how they define success and then deliver solu-tions that help them achieve their goals in tangible, mea-surable ways. What it means to thrive is different for every customer. By making their chal-lenges our own, we know we can accomplish more together than we can apart.

Internally, we are taking advan-tage of Cargill’s size and scale to run the business more ef-ficiently. This includes creating a shared services function that will provide human resources, finance, information technology and other services to our busi-ness units. Six Cargill-staffed and -operated centers will be

up and running in fiscal 2015, with one area, IT infrastructure, shifted to an outside part-ner. We have accelerated the deployment of SAP, our chosen enterprise resource planning technology. These “back of the house” changes, which will continue to unfold over the next few years, are part of the broader plan for growth.

Investing globallyCargill invested more than $3 billion in fiscal 2014, with about half directed to new and expanded facilities, and about 20 percent to acquisitions and joint ventures. The remainder went to base-level expendi-tures that help keep our plants safe, energy efficient and envi-ronmentally sound.

In Asia Pacific, we bid success-fully for Joe White Maltings, Australia’s largest malt pro-ducer and exporter, with key assets for serving brewers in high-growth Asian markets. We also bought a shrimp feed manufacturer in Thailand. The cocoa processing plant in Indonesia is starting up, while construction continues on the portside feed mill in Korea and on poultry operations in China. In India, we broke ground on

a corn wet mill in the state of Karnataka and a dairy feed mill in Punjab.

Capital spending in Latin America was concentrated in Brazil. We opened our new corn wet mill in Castro; it is destined to become one of Cargill’s largest campuses. The sugar ethanol refinery in Goiás state came on line. Plans to enlarge port facilities in Santarém are underway.

Food processing was the focus in Europe. We are doubling chocolate-making capacity in Mouscron, Belgium, and, with expertise gained from a recent acquisition, expanding in Barby, Germany, to pro-duce wheat-based ethanol for high-value applications. Our premier research and devel-opment center in Vilvoorde, Belgium, was expanded to help customers accelerate prod-uct development.

Looking eastward, we bought a fats and oils company in Turkey. Construction began on a sunflower seed crush plant in the Volgograd region of Russia, our first crush facility in that country. We also purchased a minority stake in a modern port terminal on the Black Sea, a critical region for grain exports.

Cargill employees by geography Fiscal 2014 NORTH AMERICA ASIA PACIFIC LATIN AMERICA EUROPE SUB-SAHARAN AFRICA NORTH AFRICA/MIDDLE EAST

Invests globallyFrom Argentina and Australia to Zambia and Zimbabwe, we are reaching farther to bring our company closer to customers.

37% North America

31% Asia Pacific

19% Europe/Middle East/Africa

13% Latin America

Capital expenditures Fiscal 2014NORTH AMERICA ASIA PACIFIC EUROPE/MIDDLE EAST/AFRICA LATIN AMERICA

36% North America

29% Asia Pacific

19% Latin America

14% Europe

1% Sub-Saharan Africa

1% North Africa/Middle East

2 | Cargill 2014 Annual Report

Given the world’s growing appetite for healthier oils, we are expanding considerably in canola. The new oil refinery in Clavet, Saskatchewan, will be Cargill’s largest in North America; the crush facility in Camrose, Alberta, is expected to nearly double our Canadian market presence.

In support of U.S. and Canadian farmer customers, we increased grain and rail car handling, grain storage and export capacities in numerous locations. We also opened the corn-based biorefinery in Fort Dodge, Iowa, our third in the U.S. Midwest.

Bolstered by the shale oil boom, we are building our eighth U.S. steel processing center. And we purchased two specialty chemical companies in the U.S. and Turkey that give a boost to biobased indus-trial products.

Constancy amid changeWhile Cargill changes to meet the challenges ahead, we remain steadfast to the essen-tials: our Guiding Principles for ethical business conduct, safe workplaces, an inclusive and diverse team, and the operation of responsible supply chains.

A special word about safety: Our workplaces reduced the company’s rate of reportable injuries to 1.8 per 200,000 hours worked, our best result ever. And 70.3 percent of 1,324 locations were injury-free. Yet we had six fatalities. From research conducted with other companies, we know a declin-ing rate for less serious injuries does not portend a proportion-ate reduction in serious injuries and fatalities, known as SIFs. We are intensifying efforts to educate employees about the causal factors of SIFs and to learn from every incident so action can be taken. We are determined to achieve our goal of zero fatalities.

The challenge aheadIn this year’s annual report, we take a look at the global food system, which has achieved much over the past 50 years and faces an even greater chal-lenge ahead: by 2050, to feed 9 billion or more people – who are increasingly urban and pros-perous, but also affected by hunger, malnutrition and obe-sity – and to do so sustainably.

This is an enormously complex problem, given the interde-pendencies in a global food system that is reliant on soil, precipitation and climate, yet is influenced by trade, urbaniza-tion, changing demographics, and energy, water and land use policies.

Cargill operates at the intersec-tions of all of these industries, issues and markets. We advo-cate for policies and practices to ensure the world can feed itself. And we collaborate with many nongovernmental organi-zations to find solutions.

In closingTogether as executive chair-man and as Cargill’s ninth chief executive, we are privileged to lead Cargill, especially as this great company gets ready to celebrate its 150th year in business.

The perspective gained from Cargill’s history of breaking new ground, taking chances, man-aging setbacks and connecting customers with markets makes us optimistic about the com-pany’s ability to excel in a world of rising expectations.

We thank our talented team, who strive every day to be the partner that helps customers and stakeholders thrive. All of us are proud to be a part of a company that aspires to be the global leader in nourishing people.

Sincerely,

Gregory R. Page Executive Chairman

David W. MacLennan President and Chief Executive Officer

Aug. 20, 2014

Serves customers worldwideServing customers in more than 125 countries, we strive to make their challenges our own and deliver solutions that help them thrive.

Cargill sales and other revenues by destination Fiscal 2014 NORTH AMERICA ASIA PACIFIC LATIN AMERICA EUROPE NORTH AFRICA/MIDDLE EAST SUB-SAHARAN AFRICA

37% North America

27% Asia Pacific

18% Europe

13% Latin America

4% North Africa/Middle East

1% Sub-Saharan Africa

Cargill 2014 Annual Report | 3

Delivering

abundance

At Cargill, we are optimistic that the world’s producers can grow enough food for everyone. We are pursuing innovations that enable producers of all sizes to raise their outputs.

Cargill has a record

of major food and agricultural facilities under construction in 13 countries.

Belgium Brazil Canada China Germany India Indonesia Korea Malaysia Russia Saudi Arabia U.S. Venezuela

Decisions 60’ x 60’How does Cargill help U.S. farmers achieve their highest yield per dollar of inputs, without depleting the soil? By investing in technology and services that support ever more refined agronomic decisions. Our NextField™ precision agriculture system uses geo-referenced soil sampling to map a field’s nutrient profile. Then our agronomists work with farmer customers to create crop plans, delineate management zones, and develop prescriptions for seeding and fertilizing at rates tagged to the land’s variability. By “micromanaging” their fields, our customers realize higher yields, lower expenses, less waste and more environmental protection. They can even choose to benchmark their results against similar soils in the area.

Right feed, right timeAnimal producers have diverse needs for nutritional know-how. For a backyard farmer in Vietnam, pinker pigs fetch a higher price. For a dairy producer in Italy, less heat stress means more milk. For a Malaysian poultry producer, a highly digestible feed nourishes newly hatched chicks. To support what is important to each customer, Cargill uses its patented MAX™ system, a biological modeling and decision-making tool, to integrate a wealth of data about their animals and farms with all we know about animal nutrition and production. Then we formulate customized feeds that help optimize the health and growth of their livestock and their business.

Higher energy, more valueHigh-oil corn is attractive to poultry producers because its higher energy and protein content improves feed efficiency and animal growth rates. In Argentina, Cargill provides farmers with a full-service offering: our Proave® high-oil corn seed, financing, crop inputs, logistics, risk management and a premium price at harvest. We sell some of the corn in South America; most is exported to Asia and the Middle East. Our poultry customers prefer this identity-preserved grain because it adds consistency to their feed formulations, reduces outlays for micronutrients and results in higher yields at slaughter. It’s how we connect farmers and feeders in value-creating ways.

+45%Increase in R&D investment since 2007 to boost yields and disease resistance in Cargill’s VICTORY® canola hybrids

400kMetric tons of Proave® high-oil corn grown in Argentina, with plans to increase by 50% By 2020

Achieve ambitious goals for bringing nutritional expertise to aqua farmers in Asia and Latin America

$3.3b

4 | Cargill 2014 Annual Report

Yield t SupplyTo meet the world’s appetite for healthier oils, we develop high-oleic canola hybrids that provide farmers with higher yields and food makers with supply assurance.

+4%Good nutrition in early life is key to raising healthy, productive animals. Using our specialty feeds for lactating sows, a customer with a 650-sow farm in the Philippines increased piglet liv-ability by 4 percent, substantially boost-ing production.

Demand is up With oceans overfished, aquaculture can satisfy global demand for sea-food. Cargill invests in farmed fish and shrimp nutrition, including plant-based aqua feeds.

x2By 2020, we will double NextField™ acreage to more than 1 million acres of U.S. farmland optimized for maximal productivity with minimal environmental impact.

Cargill 2014 Annual Report | 5

Delivering

access

In an interdependent world, Cargill reduces costs and conserves resources by connecting producers and consumers efficiently. Our market insights and logistical expertise help empower our partners to contribute their unique advantages to the global food system.

Buying smallholder soyIn the far reaches of rural Brazil, small family farmers can have difficulty establishing and growing their operations on former cattle pastures and abandoned crop land. Cargill is helping these farmers prosper by purchasing their soy for our biodiesel refinery at Três Lagoas in Mato Grosso do Sul. Contracts with Cargill enable the farmers to get bank financing; we also offer them free agronomic advice and premium payments on the soy they deliver. “When we arrived here, there was nothing,” said Carolina Balbino, a farmer in Mato Grosso do Sul. “We have a house now. We’re not afraid to invest money to increase our production.”

Bringing beef to AsiaDemand for beef is rising in markets like China and Korea; the former has seen a nearly 35-fold increase in imports since 2000. A few years ago, Cargill joined forces with Australia’s Teys Bros to export high-quality beef from Down Under across Asia and beyond. The venture combines Teys’ production assets and deep expertise in the Australian market with Cargill’s global sales network, linking cattle producers to

customers in both emerging and mature geographies, while giving consumers access to safe, affordable beef products.

A world of knowledgeWeather in Europe; logistics in Latin America; animal disease in Asia: How do these impact a corn farmer in Iowa? ProPricing®, Cargill’s flagship grain marketing product, puts the company’s global on-the-ground insights regarding supply and demand to work for farmer customers, trading their crops on futures exchanges to help them get the best possible price. Ahead of the upcoming harvest, farmers in the U.S. have marketed more than 300 million bushels of their corn, soy and wheat through this product. Cargill is expanding it to Canada, Brazil and South Africa.

The breadbasket of Eastern Europe sends most of its surplus to regional neighbors like Egypt, the largest wheat importer in the world. Cargill is investing in the Black Sea region to support these trade flows and strengthen food security.

Flows of wheat and corn from the Black Sea region to the Middle East and North Africa Million Metric Tons

300mBushels marketed by U.S. farmers through ProPricing® contracts ahead of the upcoming harvest

1,950Smallholder farmers in Brazil that sell soy to Cargill for biodiesel

$1.6bOur annual spend on truck transportation in the U.S.

20

16

12

8

4

2003 2008 2013

6 | Cargill 2014 Annual Report

98Number of different commodities our U.S. barge group carried this year—everything from aluminum to northern spring wheat to zinc sulfate.

6,000Our ocean transportation group makes more than 6,000 port calls per year, shuttling vital commodities to every corner of the earth.

Cargill sends ocean containers on 1,245 routes, reaching 145 countries and every continent but Antarctica.

1,245

Supply, meet demandCargill arranged $25 billion in financing for our partners this year to help them grow their businesses, including a substantial volume of prepayments to commodity suppliers and deferred financing to buyers.

Cargill 2014 Annual Report | 7

Delivering

safety and nutrition

Nourishing people is at the core of Cargill’s business. We safeguard the wholesomeness and integrity of the food we produce around the world and improve the nutritional quality of food through innovation.

Public-private collaborationFood safety is a shared priority for public health inspectors and food businesses alike. In 2011, Cargill food safety experts in the Netherlands approached that country’s Food and Consumer Product Safety Authority about collaborating to increase efficiency. Together, they developed a pilot program in 2012 enabling the Netherlands to leverage information collected through accredited third-party food safety audits that meet Global Food Safety Initiative standards. As a result, the Netherlands is able to redirect its resources to higher risk areas of the food supply chain. Now a similar effort is underway with the Canadian Food Inspection Agency.

A better source of omega-3Fish oil containing omega-3 fatty acids delivers essential nutrients linked to heart health and brain development. It also has a short shelf life, which affects smell and taste, especially when used as a food ingredient. More shelf-stable options exist, but at much higher prices. Cargill’s food scientists have developed a blend of high-oleic canola oil, fish oil and antioxidants that provides the nutritional benefits of omega-3s with good shelf stability at a lower cost. Named IngreVita™ EPA/DHA omega-3 oil, the product can be incorporated into bread, crackers, dairy products, protein beverages and salad dressings, making it easier for consumers to meet daily nutritional requirements.

Lowering saturated fatHow do you make a snack healthier without losing the delectable tastes and textures that grab consumers’ interest? In Brazil, we teamed up with Campinas University to help a large consumer-packaged-goods company lower the saturated fat content of its cream-filled cookies by 23 percent. Our scientists created a patented blend of oils to produce a filling that melts in the mouth but stays stable on the warm shelves of Brazilian padarias and convenience stores. Building on the success of this innovation, we are developing similar solutions for a variety of applications.

AllCargill turkey flocks free of antibiotics used for growth promotion by year-end 2015

70%Of Cargill’s 1,908 patents are directed to food innovation -25%

Our VerSyra™ reduced-sugar corn syrup delivers sweetness with 25 percent less sugar

“Cargill is one of the companies involved in an ongoing pilot program to extend food safety surveil-lance based on third-party auditing, sharing information and mutual trust. The aim is to reduce du-plication and redirect capacity. Findings will be used to define the Authority’s new surveillance tool.”

Hans Beuger Food Safety Manager, Netherlands Food and Consumer Product Safety Authority

8 | Cargill 2014 Annual Report

Consumers desire sweet taste with fewer calories. Cargill’s ViaTech™ stevia-based sweeteners help food and beverage manufacturers achieve optimal sweetness and significant sugar reduction.

All Cargill food production facilities will achieve food safety certification (FSSC 22000) in 2014. Relevant grain handling and animal feed facilities will be certified by 2015.

50% lessOur FlakeSelect® solution can help food manufacturers lower sodium by up to 50 percent without sacrificing taste.

145 scientistsScaling up innovationAt Cargill’s newly expanded R&D center in Vilvoorde, Belgium, 145 scientists work with customers in a state-of-the-art pilot plant with enhanced food safety capabilities to develop and test product formulations in real-life manufacturing environments. Vilvoorde is part of our global network of innovation and applications facilities.

Cargill 2014 Annual Report | 9

Improving cocoa yields and incomesMost of the world’s cocoa is grown by smallholder farmers. Many of them have aging trees and limited access to infrastructure and resources. Yet global demand for cocoa is growing. Through the Cargill Cocoa Promise, we are developing a sustainable supply by improving the livelihoods of farmers and their families and communities. So far, we have trained more than 115,000 farmers and established nearly 2,550 farmer field schools in six countries teaching good agricultural practices. Yields and farmer incomes are rising, including $25 million of premiums paid to farmer cooperatives for certified sustainable cocoa.

Sustainable soy solutionsCargill and The Nature Conservancy have worked together since 2004 to help farmers grow soy more sustainably and protect the Brazilian rainforest. We helped map private lands using satellite-based monitoring, which enabled precise evaluation of compliance with the Brazilian Forest Code and influenced the design of the country’s environmental registry. These efforts helped reduce deforestation rates significantly. In 2013, we convened a “learning journey” of industry and nonprofit leaders from six countries to experience our soy supply chain firsthand and identify what more can be done to improve sustainability. Now we are exploring the next milestones.

Operating responsiblyOperating responsibly is a key aspect of sustainability. Our commitment to the welfare of animals in the food supply chain is one example. We ensure the livestock and poultry under our care are raised in a way that satisfies their physical, nutritional and health requirements, and minimizes stress. This year, we established targets for completing our transition from individual sow stalls to group housing at our U.S. pork operations by year-end 2015 and at all contract farms raising Cargill-owned sows by the end of 2017. Through significant investments in facility improvements, we are meeting changing expectations for animal care.

Delivering

sustainability

Consumers want to know where their food comes from and how it has been produced. Cargill acts responsibly to address environmental, economic and social challenges across the food supply chain.

Using our Responsible Supply Chains assess-ment tool with a bakery customer in North America, we identified eight potential efficiency areas, including transportation. One result: carbon dioxide equivalents (CO2e) were reduced through improved logistics and energy efficiency.

950t CO2

11mHectares of private Brazilian land mapped to reduce soy-related deforestation

1mAdditional metric tons of cocoa required to meet projected demand in next 10 years

77,000Cocoa farmers and 342,209 hectares certified sustainable

10 | Cargill 2014 Annual Report

Partnering with CARE, we have helped improve the livelihoods of more than 100,000 people from rural farming communi-ties in Brazil, Côte d’Ivoire, Egypt, Ghana, Guatemala, Honduras, India and Nicaragua during the past five years.

+20%In Songyuan, China, our work with smallholder farmers, The Coca-Cola Company, the local government and World Wildlife Fund has raised average yields for corn on demonstration farms by 20 percent.

Palm oil from Cargill refineries in Malaysia is 100 percent traceable to the mill. We can trace 80 percent to the plan-tation and dealers.

100%

4.6%5%

14.3%12.5%

5.1%5%

8%

We met three of four energy and resource efficiency goals for fiscal 2015 in fiscal 2014.

* Reported as the percentage improvement over the fiscal 2010 baseline.

Improvement in energy efficiency2014 Progress

2015 Goal*

Renewable sources in energy portfolio2014 Progress

2015 Goal

Improvement in greenhouse gas intensity2014 Progress

2015 Goal*

Improvement in freshwater efficiency2014 Progress

2015 Goal* 5%

On pace

Cargill 2014 Annual Report | 11

Honor comparative advantageThe world raises the most food in the most eco-nomical and sustainable way when farmers plant crops best suited to the local climate and soils using the right technology, and then countries trade with each other for the benefit of all.

Allow food to moveMarkets play an important role in achieving food security. When agricultural commodities flow freely from places of surplus to places of deficit, the world can better fight poverty and hunger, and provide access to safe, affordable and nutri-tious food for all.

Enable farmer successTo increase food security, the world needs farm-ers – at every level and scale of production – to be successful.

Smallholder farmers need support to fulfill their expanding commercial role in reducing hunger and malnutrition:

Practical assistance, including training and access to credit, crop inputs, storage and technology, so they can boost production sustainably.

Looking ahead

“If you want to go fast, go alone. But if you want to go far, go together.”

African proverb

How will our global food system satisfy the world’s growing demand in the decades to come? Cargill believes the following actions are essential for continuing to increase food security in a sustainable manner.

The world can feed itselfCargill believes the world will be able to feed its growing population. Advances in modern agriculture are boosting productivity and efficiency across the supply chain. Our company is optimistic the global food system will continue to meet the needs of a more populous, urban and affluent world, and will do so in a sustainable and responsible way.

Farmers are resilientOur optimism is rooted in the ingenuity of the world’s farmers. They adapt to meet changing market demands and consumer preferences, always taking into account supply and demand, growing conditions and input costs, evolving technologies, and risk and returns. Their resilience is the greatest asset in the effort to achieve global food security.

The world can feed itselfCargill believes the world will be able to

Our perspective

12 | Cargill 2014 Annual Report

Access to reliable markets so they can earn an adequate price and gain the means to continue farming the following year.

Access to risk management tools so they can withstand fluctuations in growing seasons or recover from a crop shortfall.

Well-defined property rights so they can pledge their land as collateral, which allows them to reinvest and raise their productivity over time.

Advance African agricultureSome 60 percent of the world’s potential cropland is in Africa, but the continent today is a net importer of food and agricultural goods. Raising productivity on existing farmland and allowing suitable acreage to come into production can help Africa realize its agricul-tural potential.

Embrace scienceApplying science and technology enables com-mercial agriculture to produce more abundant, affordable and nutritious food, with greater resource efficiency and less waste, while also protecting the environment and biodiversity. In the face of a changing climate, innovation and technology will become even more important to food production.

Foster investmentInvestment by the public and private sectors is necessary to sustain progress. Key areas for funding include agricultural research and development, education and training in best practices, and transportation, distribution and storage infrastructure. Effective systems of law and governance encourage private sector investment.

Strengthen food safetyConsumers expect the foods they consume to be safe. Through collaboration among industry, government, academia and international orga-nizations, food safety science can be shared and standards harmonized. This strengthens risk management and increases transparency and accountability in food safety manage-ment systems.

Improve nutritionCollaboration among the public, private and nonprofit sectors is needed to ensure people receive adequate nutrition. Undernutrition often accompanies obesity, which is rising in every part of the world. Solutions are needed that improve diet and health for people across the food security spectrum.

Photo: Cargill’s newly opened wet corn mill outside Castro in Brazil’s state of Paraná, amid fields of soy about to be harvested.

Cargill is committed to the essential work of nourishing people. It is the work we do every day, in every corner of our changing world.

Cargill is

143kpeople in 67 countries

Working across

69diverse yet connected business units

Serving customers in more than

125countries and touching lives around the world

Responsible supply chains are keyAs we work to feed this changing world, we need to do it responsibly through agricultural supply chains that lessen environmental impact, respect human rights, treat animals humanely, and produce safe and wholesome food.

Policies must favor food securitySustaining progress requires government policies that let markets work, food move and farmers thrive; support agricultural productivity and risk management; expand access to nutritious food; utilize partnerships to end hunger; and help protect the environment.

Collaboration is vitalTaking a holistic and collaborative approach will help all of us meet the challenge of creating a more food-secure world. Cargill is committed to learning, listening and engaging in the debate, and putting forward solutions that are economically and environmentally sound.

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Cargill is committed to operating responsibly as we pursue our purpose to be the global leader in nourishing people. Our 2014 Corporate Responsibility Report is available online at www.cargill.com.

Cargill provides food, agriculture, financial and industrial products and services to the world. Together with farmers, customers, governments and communities, we help people thrive by applying our insights and nearly 150 years of experience. We have 143,000 employees in 67 countries who are committed to feeding the world in a responsible way, reducing environmental impact and improving the communities where we live and work. For more information, visit Cargill.com and our News Center.