President's Update - November 18, 2011

As I reported in the November 1st Presidents Update, ADMIS has always had – and continues to have – great financial strength and stability. You can view this letter, along with all the latest developments on the MF Global situation, in the special information section of our website www.admis.com/mfglobal.

The most significant event of this past week is the second phase of a disbursement process; the Trustee filed an expedited motion requesting the Court to approve an interim distribution to MF Global's "cash-only" customers equal to 60% of those customers' cash balances. The court approved this interim distribution on November 17, 2011. This means that approximately $520 million will be released to the 23,000 customers who had money – but no positions – in their accounts at MF Global. We expect the distribution of money to begin on November 21st, and recognize this as an important step toward the goal of returning the customer property that has been frozen during the bankruptcy process.

In addition to these recent developments, our industry is stepping up efforts to verify compliance with the regulations that are in place to protect investors, and thereby strengthen confidence in the futures industry and its systems. To that end, the CFTC is conducting unannounced audits of clearing firms to ensure that they are in full compliance with their requirement to segregate customer's funds. As I write this, CFTC auditors are in our offices performing one of these "spot checks" of ADMIS' accounts. We welcome this independent review of our books, and are confident they will find that our customer funds are properly segregated and our equity capital is secure.

While the industry focuses on these important audit measures, ADMIS' continues to provide our clients with the same high levels of customer service, financial strength and business integrity they have always received from us. Our clients know:

• We are a firm that specializes in executing and clearing trades, and provided clients with market information and related services.  ADMIS does not engage in proprietary trading, nor do our employees personally trade.  Our business activities remain squarely focused on supporting the success of our clients.
• As a wholly owned subsidiary of the Archer Daniels Midland Company (NYSE:ADM), we are part of a Fortune 50 company with 30,000 employees around the globe.  The relationship with our parent company not only supports our firm's financial strength and stability, it extends beyond finances to include our vision and integrity.  The vision of our parent company permeates through all of ADM's people and business entities around the globe.  It is "To be the most admired agribusiness company in the world by creating value, growing responsibly and serving vital needs."

That vision calls each of us to earn and keep the admiration of investors, colleagues, peers, partners, clients and everyone with whom we do business.  It is "The ADM Way."   I am privileged to be part of an organization whose vision and core values steer its people to act with integrity and honor, and to serve its clients well, no matter how challenging the times.

President's Update - November 1, 2011

As events surrounding the MF Global financial crisis continue to unfold, I would like to provide an update on the situation, and once again reassure clients about the strength, financial stability and business focus of ADM Investor Services (ADMIS).

Over the last week, the MF Global (MFG) bankruptcy trustee directed positions and a portion of the corresponding margin balances that were at MFG to be transferred to other futures brokerage firms, including ADMIS. Our staff has worked diligently to ensure that the transfer of accounts to ADMIS has been handled as smoothly as possible, and we welcome these clients and look forward to providing them with excellent services and great financial strength. These clients have many questions and concerns about the transfer of their assets, and we are doing all we can to assist them through this difficult situation. While the events of the past two weeks are deeply troubling and unprecedented, we remain confident that in time all matters related to MFG's bankruptcy will be resolved and customer confidence in the futures industry will be restored. Information on the MFG situation is changing daily, so we have created a page on our website that contains updated information, links to related sites, and Frequently Asked Questions and Answers. Please check www.admis.com/mfglobal regularly for factual information.

As we wait for more facts to emerge, please allow me to provide some big picture perspective on the world of financial services. Many of the events that are happening in financial markets, both at home and around the globe, are not within our control. There are, however, some things you – and any investor in these uncertain times – can do right now to help bring clarity to your own situation. First and foremost, be sure that the financial partners you choose are strong, stable and have the staying power to walk with you long into the future. The checkpoints below can help you better understand those with whom you do business and build confidence for the steps ahead:

Know the firm with whom you are dealing. How long have they been in business? What is the ownership and financial backing of the firm?

Understand their business activities, such as whether or not they engage in proprietary trading of their own money, which could put the firm's finances at risk.

Understand the firm's balance sheet and capital. Selected financial data for all major FCM's is available on the CFTC's website www.cftc.gov/MarketReports/FinancialDataforFCMs/index.htm

I welcome you to explore these questions, and any others you may have, with ADMIS. You will learn we do not engage in proprietary trading, and that we are the wholly owned subsidiary of the Archer Daniels Midland Company (NYSE:ADM) a Fortune 50 agricultural processing giant. Our financial strength was described in detail in my letter of November 1, 2011, which is available below. The focus of ADMIS business is squarely on helping our clients be successful. We remain steadfast in our commitment to our clients, and to operating a financially secure and stable brokerage firm that they can rely on long into the future. Please feel free to explore our website, or contact us.

Latest Financial Figures Updates

Tom Kadlec

President, ADM Investor Services