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<SEC-DOCUMENT>0000950134-04-013982.txt : 20040922
<SEC-HEADER>0000950134-04-013982.hdr.sgml : 20040922
<ACCEPTANCE-DATETIME>20040922093056
ACCESSION NUMBER:		0000950134-04-013982
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20041104
FILED AS OF DATE:		20040922
DATE AS OF CHANGE:		20040922
EFFECTIVENESS DATE:		20040922

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARCHER DANIELS MIDLAND CO
		CENTRAL INDEX KEY:			0000007084
		STANDARD INDUSTRIAL CLASSIFICATION:	FATS & OILS [2070]
		IRS NUMBER:				410129150
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-00044
		FILM NUMBER:		041040314

	BUSINESS ADDRESS:	
		STREET 1:		4666 FARIES PKWY
		CITY:			DECATUR
		STATE:			IL
		ZIP:			62526
		BUSINESS PHONE:		2174244798

	MAIL ADDRESS:	
		STREET 1:		4666 FARIES PKWY
		CITY:			DECATUR
		STATE:			IL
		ZIP:			62526
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>c86849ddef14a.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>def14a</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="70%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="13%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="15%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3" nowrap align="center"><FONT size="2">OMB APPROVAL</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3" nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
OMB Number:
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">3235-0059</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Expires:
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>

<TD nowrap align="right" valign="top"><FONT size="2">February&nbsp;28, 2006</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="2" nowrap align="left" valign="top"><FONT size="2">Estimated average burden<br>hours per

response</FONT></TD>

        <TD align="right" valign="bottom"><FONT size="2">12.75</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><font size="2"><B>UNITED STATES<BR>SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B>
</font>

<P align="center"><FONT size="2"><B>SCHEDULE 14A</B>
</FONT>


<P align="center"><FONT size="2">Proxy Statement Pursuant to Section 14(a) of the Securities<BR>
Exchange Act of 1934 (Amendment No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">Filed by the Registrant
&nbsp;&nbsp;<FONT face="wingdings">&#120;</FONT></FONT></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">Filed by a Party other than the Registrant &nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT></FONT></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">Check the appropriate box:</FONT></TD>
</TR>
</TABLE>
<p>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

<TD><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Preliminary Proxy Statement</FONT></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

<TD><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;
<B>Confidential, for Use of the Commission Only (as permitted by
Rule&nbsp;14a-6(e)(2))</B></FONT></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

<TD><FONT size="2"><FONT face="wingdings">&#120;</FONT>&nbsp;&nbsp; Definitive Proxy Statement</FONT></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Definitive Additional Materials</FONT></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

<TD><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;
Soliciting Material Pursuant to &#167;240.14a-12</FONT></TD>
</TR>
</TABLE>


<P align="center"><FONT size="2"></FONT>
<center>
<P align="center"><FONT size="2">ARCHER-DANIELS-MIDLAND COMPANY<HR size="1" noshade>
(Name of Registrant as Specified In Its Charter)
</FONT>
</center>
<p>
<center>
<P align="center"><FONT size="2"><HR size="1" noshade>(Name of Person(s) Filing Proxy
Statement, if other than the Registrant)
</FONT>
</center>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of Filing Fee (Check the appropriate box):
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

<TD><FONT size="2"><FONT face="wingdings">&#120;</FONT>&nbsp;&nbsp; No fee required.</FONT></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

<TD><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;
Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(4) and
0-11.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1)&nbsp;Title of each class of securities to which transaction applies:</FONT></TD>
</TR>
</TABLE>
<HR size="1" noshade>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2)&nbsp;Aggregate number of securities to which transaction applies:</FONT></TD>
</TR>
</TABLE>
<HR size="1" noshade>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3)&nbsp;Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule&nbsp;0-11 (set forth the amount on which the
filing fee is calculated and state how it was determined):</FONT></TD>
</TR>
</TABLE>
<HR size="1" noshade>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4)&nbsp;Proposed maximum aggregate value of transaction:</FONT></TD>
</TR>
</TABLE>
<HR size="1" noshade>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5)&nbsp;Total fee paid:</FONT></TD>
</TR>
</TABLE>
<HR size="1" noshade>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Fee paid previously with preliminary materials.</FONT></TD>
</TR>
</TABLE>
<HR size="1" noshade>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Check box if any part of the fee is offset as provided by Exchange Act
Rule&nbsp;0-11(a)(2) and identify the filing for which the offsetting fee
was paid previously. Identify the previous filing by registration
statement number, or the Form or Schedule and the date of its filing.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1)&nbsp;Amount Previously Paid:</FONT></TD>
</TR>
</TABLE>
<HR size="1" noshade>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2)&nbsp;Form, Schedule or Registration Statement No.:</FONT></TD>
</TR>
</TABLE>
<HR size="1" noshade>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3)&nbsp;Filing Party:</FONT></TD>
</TR>
</TABLE>
<HR size="1" noshade>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4)&nbsp;Date Filed:</FONT></TD>
</TR>
</TABLE>
<HR size="1" noshade>

<p>
<center>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="20%"></TD>
        <TD width="80%"></TD>
</TR>
<TR valign="top">
        <TD valign="bottom"><font size="2">SEC 1913 (02-02)</font></TD>
        <TD><font size="2"><b>Persons who are to respond to the collection of information
contained in this form are not required to respond unless the form displays a currently valid
OMB control number.</b></font></TD>
</TR>
</TABLE>
</center>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center">
<B><FONT size="4">ARCHER-DANIELS-MIDLAND COMPANY</FONT></B>

<DIV align="center">
<B><FONT size="2">4666 Faries Parkway, Decatur, Illinois
62526-5666</FONT></B>
</DIV>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<DIV>&nbsp;</DIV>

<!-- link1 "NOTICE OF ANNUAL MEETING" -->

<DIV align="center">
<B>NOTICE OF ANNUAL MEETING</B>
</DIV>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<P align="left">
<FONT size="2">To All Stockholders:
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">NOTICE IS HEREBY GIVEN that the Annual Meeting of
Stockholders of Archer-Daniels-Midland Company, a Delaware
corporation, will be held at the JAMES&nbsp;R. RANDALL RESEARCH
CENTER, 1001 BRUSH COLLEGE ROAD, DECATUR, ILLINOIS, on Thursday,
November&nbsp;4, 2004, at 11:00&nbsp;A.M., for the following
purposes:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;To elect Directors to hold office until
    the next Annual Meeting of Stockholders and until their
    successors are duly elected and qualified;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;To consider and take action respecting
    the adoption of an amendment to the Archer-Daniels-Midland
    Company 2002 Incentive Compensation Plan, recommended by the
    Board of Directors of the Company;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;To consider and take action respecting
    the adoption of the ADM International Limited Savings-Related
    Share Option Scheme, recommended by the Board of Directors of
    the Company;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(4)&nbsp;If properly presented, to consider and
    act upon the Stockholders&#146; proposal set forth in the
    accompanying Proxy Statement;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(5)&nbsp;To transact such other business as may
    properly come before the meeting.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">By Order of the Board of Directors
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">D.&nbsp;J. SMITH, SECRETARY
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">September&nbsp;22, 2004
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center">
<B><FONT size="4">ARCHER-DANIELS-MIDLAND COMPANY</FONT></B>

<DIV align="center">
<B><FONT size="2">4666 Faries Parkway, Decatur, Illinois
62526-5666</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">September&nbsp;22, 2004</FONT></B>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<DIV>&nbsp;</DIV>

<!-- link1 "PROXY STATEMENT" -->

<DIV align="center">
<B>PROXY STATEMENT</B>
</DIV>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<P align="left">
<B><FONT size="2">General Matters</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The accompanying proxy is SOLICITED BY THE BOARD
OF DIRECTORS of Archer-Daniels-Midland Company (the
&#147;Company&#148;) for the Annual Meeting of Stockholders of
the Company to be held at the JAMES R. RANDALL RESEARCH CENTER,
1001 BRUSH COLLEGE ROAD, DECATUR, ILLINOIS, on Thursday,
November&nbsp;4, 2004 at 11:00&nbsp;A.M. This Proxy Statement
and the enclosed form of proxy are first being mailed to
Stockholders on or about September&nbsp;22, 2004.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The cost of solicitation of proxies will be borne
by the Company. Georgeson Shareholder Communications Inc. has
been retained by the Company to assist in solicitation of
proxies at a fee of $21,000, plus reasonable out-of-pocket
expenses. Solicitation other than by mail may be made by
officers or by other employees of the Company or by employees of
Georgeson Shareholder Communications Inc. by personal,
telephone, mail or internet solicitation, the cost of which is
expected to be nominal. The Company will reimburse brokerage
firms and other securities custodians for their reasonable
expenses in forwarding proxy materials to their principals.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As a matter of policy, the Company keeps
confidential proxies, ballots and voting tabulations that
identify individual Stockholders. Such documents are available
for examination only by the inspectors of election, the
Company&#146;s transfer agent and certain employees who are
associated with processing proxy cards and tabulating the vote.
The vote of any Stockholder is not disclosed except in a
contested proxy solicitation or as may be necessary to meet
legal requirements.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Only holders of shares of Common Stock of record
at the close of business on September&nbsp;15, 2004 will be
entitled to notice of and to vote at the meeting and at all
adjournments thereof. At the close of business on
September&nbsp;15, 2004, the Company had 653,967,695 outstanding
shares of Common Stock, each share being entitled to one vote.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Admittance to the Annual Meeting will be limited
to Stockholders. If you are a Stockholder of record and plan to
attend, please detach the admission ticket from the top of your
proxy card and bring it with you to the Annual Meeting. The
number of people admitted will be determined by how the shares
are registered, as indicated on the admission ticket. If you are
a Stockholder whose shares are held by a broker, bank or other
nominee, please request an admission ticket by writing to our
principal executive offices at: Archer-Daniels-Midland Company,
Shareholder Relations, 4666&nbsp;Faries Parkway, Decatur, IL
62526-5666. Evidence of your stock ownership, which you can
obtain from your broker, bank or nominee, must accompany your
letter. Stockholders who are not pre-registered will only be
admitted to the meeting upon verification of stock ownership.
The number of tickets sent will be determined by the manner in
which shares are registered. If your request is received by
October&nbsp;21, 2004, an admission ticket will be mailed to
you. All other admission tickets can be obtained at the
registration table located at the James R. Randall Research
Center lobby beginning at 9:30&nbsp;A.M. on the day of the
Annual Meeting.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Shares represented by proxies in the form
enclosed, properly executed, will be voted. Proxies may be
revoked at any time prior to being voted by delivering written
notice or a proxy bearing a later date to the Secretary of the
Company or by attending the Annual Meeting and voting in person.
Attendance at the Annual Meeting will not, by itself, revoke a
proxy.
</FONT>

<P align="center">

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">With the exception of the election of directors,
the affirmative vote of the holders of a majority of the
outstanding shares of Common Stock present in person or
represented by proxy at the meeting and entitled to vote is
required for approval of each proposal presented in the Proxy
Statement. A plurality of the votes of outstanding shares of
Common Stock of the Company present in person or represented by
proxy at the meeting and entitled to vote on the election of
directors is required for the election of directors. For the
election of directors, withheld votes do not affect whether a
nominee has received sufficient votes to be elected. For
purposes of determining whether the Stockholders have approved
matters other than the election of directors, abstentions are
treated as shares present or represented and voting and have the
same effect as negative votes. Broker non-votes are counted
toward a quorum, but are not counted for any purpose in
determining whether a matter has been approved.
</FONT>

<P align="left">
<B><FONT size="2">Principal Holders of Voting
Securities</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following Stockholder is known to the Company
to be the beneficial owner of more than 5% of the outstanding
Common Stock of the Company (based upon filings with the
Securities and Exchange Commission):
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="64%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Name and Address of Beneficial Owner</FONT></B></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Amount</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Percent of Class</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">State Farm Mutual Automobile Insurance
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">56,634,723</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(1)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8.66</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <FONT size="2">Company and Related Entities<BR>
    One State Farm Plaza<BR>
    Bloomington, Illinois 61701
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Based on a Schedule&nbsp;13G filed with the
    Securities and Exchange Commission on February&nbsp;2, 2004.
    State Farm Mutual Automobile Insurance Company and related
    entities have shared dispositive power with respect to
    237,831&nbsp;shares, sole dispositive power with respect to
    56,396,892&nbsp;shares, shared voting power with respect to
    23,898&nbsp;shares and sole voting power with respect to
    56,396,892&nbsp;shares.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">Election of Directors</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Board of Directors has fixed the size of the
Board at nine&nbsp;(9). It is intended that proxies solicited by
the Board of Directors will, unless otherwise directed, be voted
to elect the nominees named below.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Seven of the nine nominees proposed for election
to the Board of Directors are presently members of the Board.
Messrs.&nbsp;D.&nbsp;J. Mimran and J.&nbsp;K. Vanier are not
nominees for re-election. The new nominees for election are
Mr.&nbsp;Alan L. Boeckmann and Mr.&nbsp;Thomas F. O&#146;Neill.
Mr.&nbsp;Boeckmann was recommended by the Nominating/ Corporate
Governance Committee after having been identified by Spencer
Stuart&nbsp;&#38; Associates, an executive search firm engaged
by the Nominating/ Corporate Governance Committee to assist it
in identifying and evaluating individuals qualified to become
members of the Board of Directors. Mr.&nbsp;O&#146;Neill was
recommended by the Nominating/ Corporate Governance Committee
after having been identified by an executive officer of the
Company.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The proxies (unless otherwise directed) will be
voted for the election of the nominees named herein as Directors
to hold office until the next Annual Meeting of Stockholders and
until their successors are duly elected and qualified. In the
event any nominee for Director becomes unable to serve as a
Director, it is intended that the persons named in the proxy may
vote for a substitute who will be designated by the Board of
Directors. The Board has no reason to believe that any nominee
will be unable to serve as a Director. All present members of
the Board have served continuously as Directors from the year
stated in the table below.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The nominees, their age, position with the
Company, principal occupation, directorships of other
publicly-owned companies, the year in which each first became a
Director, and the number of shares of Common Stock of the
Company beneficially owned as of September&nbsp;1, 2004,
directly or indirectly, by each are shown in the following
table. Unless otherwise indicated in the footnotes to the
following table, and subject to community property laws where
applicable, the Company believes that each of the
</FONT>

<P align="center"><FONT size="2">2
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left">
<FONT size="2">nominees named in the following table has sole
voting and investment power with respect to the shares indicated
as beneficially owned. Unless otherwise indicated, all of the
nominees have been executive officers of their respective
companies or employed as otherwise specified below for at least
the last five years.
</FONT>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="56%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Year First</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Name, Age, Principal Occupation or</FONT></B></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Elected</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Common</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Percent</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Position, Directorships of Other</FONT></B></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">as</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Stock</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">of</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Publicly-Owned Companies</FONT></B></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Director</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Owned</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Class</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">G. Allen Andreas, 61
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1997</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,095,433</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(1)(3)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Chairman of the Board and Chief Executive of the
    Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Alan L. Boeckmann, 56
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Chairman and Chief Executive Officer of Fluor
    Corporation since February, 2002, Chief Operating Officer of
    Fluor Corporation from December, 2000&nbsp;- February, 2002,
    Chief Executive Officer of Fluor Daniel Engineers&nbsp;&#38;
    Constructors from March, 1999&nbsp;- December, 2000, Director of
    Burlington Northern Santa&nbsp;Fe Corporation
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Mollie Hale Carter, 42
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1996</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,677,435</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(2)(4)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1.79</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Chairman, Sunflower Bank and Vice President,
    Star&nbsp;A, Inc. (a farming and ranching operation), Director
    of Westar Energy
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Roger S. Joslin, 68
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">28,747</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(2)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Former Vice Chairman of the Board of State Farm
    Mutual Automobile Insurance Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Patrick J. Moore, 50
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,213</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(2)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Chairman, President and Chief Executive Officer
    of Smurfit-Stone Container Corporation (a producer of paperboard
    and paper-based packaging products)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">M. Brian Mulroney, 65
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1993</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">61,035</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(2)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Senior Partner in the law firm of Ogilvy Renault,
    Director of Barrick Gold Corporation, TrizecHahn Corporation,
    Cendant Corporation, AOL Latin America, Inc., Quebecor Inc. and
    Quebecor World, Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Thomas F. O&#146;Neill, 57
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Principal, Sandler O&#146;Neill&nbsp;&#38;
    Partners, L.P. (an investment banking firm), Director of The
    Nasdaq Stock Market, Inc. and Misonix, Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">O. G. Webb, 68
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1991</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">35,796</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(2)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Farmer. Former Chairman of the Board and
    President, GROWMARK, Inc. (a farmer-owned cooperative)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Kelvin R. Westbrook, 49
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,160</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(2)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">President and Chief Executive Officer of
    Millennium Digital Media, L.L.C. (a broadband services company),
    Director of Angelica Corporation
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="4%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">*</FONT></TD>
    <TD align="left">
    <FONT size="2">Less than 1% of outstanding shares
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes shares allocated as a beneficiary under
    the Company&#146;s Tax Reduction Act Stock Ownership Plan
    (TRASOP)&nbsp;and ADM Employee Stock Ownership Plan (ESOP).
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes stock units allocated under the
    Company&#146;s Stock Unit Plan for Nonemployee Directors that
    are deemed to be the equivalent of outstanding shares of Common
    Stock for accounting and valuation purposes.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(3)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes 2,999,807&nbsp;shares, in which
    Mr.&nbsp;Andreas disclaims any beneficial interest, in trust for
    members of his family of which he is a trustee or has sole or
    shared voting power. Includes 917,504&nbsp;shares that are
    unissued but are subject to stock options exercisable within
    60&nbsp;days from the date of this Proxy Statement.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">3
</FONT>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(4)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes 4,869,347&nbsp;shares owned by or in
    trust for members of Ms.&nbsp;Carter&#146;s family in which
    Ms.&nbsp;Carter disclaims beneficial interest in
    1,026,834&nbsp;shares. Includes 6,645,883&nbsp;shares held in
    family corporations with respect to which Ms.&nbsp;Carter
    disclaims any beneficial interest in 598,129&nbsp;shares.
    Ms.&nbsp;Carter is a niece of Mr.&nbsp;Vanier.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Mr.&nbsp;Mimran beneficially owns
46,569&nbsp;shares of Common Stock of the Company, constituting
less than 1% of the outstanding shares of Common Stock, which
number includes stock units allocated under the Company&#146;s
Stock Unit Plan for Nonemployee Directors that are deemed to be
the equivalent of outstanding shares of Common Stock for
accounting and valuation purposes. Mr.&nbsp;Vanier beneficially
owns 10,888,847&nbsp;shares of Common Stock of the Company,
constituting 1.67% of the outstanding shares of Common Stock,
which number includes stock units allocated under the
Company&#146;s Stock Unit Plan for Nonemployee Directors that
are deemed to be the equivalent of outstanding shares of Common
Stock for accounting and valuation purposes. Such number also
includes 2,735,216&nbsp;shares held in family limited liability
companies with respect to which Mr.&nbsp;Vanier disclaims any
beneficial interest.
</FONT>

<P align="left">
<B><FONT size="2">Executive Officer Stock Ownership</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table shows the number of shares of
Common Stock of the Company beneficially owned as of
September&nbsp;1, 2004, directly or indirectly, by each of the
Executive Officers, other than the Chief Executive, named in the
Summary Compensation Table on page&nbsp;8.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="54%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Options</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Common Stock</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Exercisable</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Percent</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Name</FONT></B></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Owned(1)</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Within 60&nbsp;Days</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">of&nbsp;Class</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">P. B. Mulhollem
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">589,039</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">132,009</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">D. J. Smith
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">231,845</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">148,587</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">W. H. Camp
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">231,428</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">112,958</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">J. D. Rice
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">236,834</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">127,210</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="4%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">*</FONT></TD>
    <TD align="left">
    <FONT size="2">Less than 1% of outstanding shares
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes shares allocated under the
    Company&#146;s ESOP and 401(k).
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Common Stock beneficially owned by all Directors
and Executive Officers as a group, numbering 34&nbsp;persons
including those listed above, is 32,752,067&nbsp;shares
representing 5.01% of the outstanding shares, of which
2,394,604&nbsp;shares are unissued but are subject to stock
options exercisable within 60&nbsp;days from the date of this
Proxy Statement.
</FONT>

<P align="left">
<B><FONT size="2">Independence of Directors</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The listing standards of the New&nbsp;York Stock
Exchange (&#147;NYSE&#148;) require companies listed on the NYSE
to have a majority of &#147;independent&#148; directors. Subject
to certain exceptions and transition provisions, the NYSE
standards generally provide that a director will not be
independent if (1)&nbsp;the director or a member of the
director&#146;s immediate family is, or in the past three years
has been, an executive officer of the Company; (2)&nbsp;the
director or a member of the director&#146;s immediate family has
received more than $100,000&nbsp;per year in direct compensation
from the Company other than for service as a director;
(3)&nbsp;the director or a member of the director&#146;s
immediate family is, or in the past three years has been,
employed in a professional capacity by the Company&#146;s
independent auditors; (4)&nbsp;the director or a member of the
director&#146;s immediate family is, or in the past three years
has been, employed as an executive officer of a company where an
executive officer of the Company serves on the compensation
committee; or (5)&nbsp;the director or a member of the
director&#146;s immediate family is an executive officer of a
company that makes payments to, or receives payments from, the
Company in an amount which, in any twelve-month period during
the past three&nbsp;years, exceeds the greater of
$1&nbsp;million or two percent of such other company&#146;s
consolidated gross revenues.
</FONT>

<P align="center"><FONT size="2">4
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company&#146;s Bylaws also provide that a
majority of the Board of Directors be comprised of independent
directors. Under the Company&#146;s Bylaws, an &#147;independent
director&#148; means a director who (a)&nbsp;is not a current
employee or a former member of senior management of the Company
or an affiliate of the Company, (b)&nbsp;is not employed by a
provider of professional services to the Company, (c)&nbsp;does
not have any business relationship with the Company, either
personally or through a company of which the director is an
officer or a controlling shareholder, that is material to the
Company or to the director, (d)&nbsp;does not have a close
family relationship, by blood, marriage or otherwise with any
member of senior management of the Company or an affiliate of
the Company, (e)&nbsp;is not an officer of a company of which
the Company&#146;s chairman or chief executive is also a board
member, (f)&nbsp;is not personally receiving compensation from
the Company in any capacity other than as a director, and
(g)&nbsp;does not personally receive or is not an employee of a
foundation, university, or other institution that receives
grants or endowments from the Company, that are material to the
Company or to either the recipient and/or the foundation,
university or institution.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Board of Directors has reviewed business and
charitable relationships between the Company and each
non-employee Director and Director nominee to determine
compliance with the NYSE and Bylaw standards described above and
to evaluate where there are any other facts or circumstances
that might impair a Director&#146;s or nominee&#146;s
independence. Based on that review, the Board has determined
that seven of its nine&nbsp;current members and both of the new
Director nominees are independent. Mr.&nbsp;Andreas is not
independent under the NYSE or Bylaw standards because of his
employment with the Company. Mr.&nbsp;Mulroney is not
independent under the Company&#146;s Bylaw standards because he
is the senior partner of a law firm that provides professional
services to the Company.
</FONT>

<P align="left">
<B><FONT size="2">Corporate Governance Guidelines</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Board has adopted Corporate Governance
Guidelines that govern the structure and functioning of the
Board and set out the Board&#146;s policies on governance
issues. The Guidelines, along with the written charters of each
of the committees of the Board, are posted on the Company&#146;s
internet site, <I>www.admworld.com,</I> and are available free
of charge on written request to Secretary,
Archer-Daniels-Midland Company, 4666&nbsp;Faries Parkway,
Decatur, Illinois, 62526-5666.
</FONT>

<P align="left">
<B><FONT size="2">Executive Sessions</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In accordance with the Company&#146;s Corporate
Governance Guidelines, the non-management Directors meet in
executive session at least annually. If the non-management
Directors include any Directors who are not independent pursuant
to the Board&#146;s determination of independence, at least one
executive session will include only independent Directors. The
Vice Chairman of the Board, or in his or her absence, the
Chairman of the Nominating/ Corporate Governance Committee,
presides at such meetings.
</FONT>

<P align="left">
<B><FONT size="2">Board Meetings and Attendance at Annual
Meetings of Stockholders</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During the last fiscal year, the Board of
Directors of the Company held five regularly scheduled meetings
and four special meetings. All incumbent Directors attended 75%
or more of the combined total meetings of the Board and the
committees on which they served during the last fiscal year. The
Company expects all nominees to serve as a Director to attend
the Annual Meeting of Stockholders. All Director nominees
standing for election at the Company&#146;s last Annual Meeting
of Stockholders held on November&nbsp;6, 2003 attended that
meeting.
</FONT>

<P align="left">
<B><FONT size="2">Information Concerning Committees and
Meetings</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Board&#146;s committee structure consists of
Audit, Compensation/ Succession, Nominating/ Corporate
Governance, and Executive Committees. Each of such Committees
operates pursuant to a written charter adopted by the Board.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Audit Committee consists of Mr.&nbsp;Joslin,
Chairperson, Messrs.&nbsp;Mimran, Moore and Westbrook, and
Ms.&nbsp;Carter. The Audit Committee met four times during the
fiscal year. All of the members of the
</FONT>

<P align="center"><FONT size="2">5
</FONT>

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<DIV align="left">
<FONT size="2">Audit Committee were determined by the Board to
be independent directors, as that term is defined in the
Company&#146;s Bylaws and in the applicable listing standards of
the NYSE. No Director may serve as a member of the Audit
Committee if such Director serves on the audit committees of
more than two other public companies unless the Board determines
that such service would not impair such Director&#146;s ability
to serve effectively on the Audit Committee. The Audit Committee
reviews the (1)&nbsp;overall plan of the annual independent
audit, (2)&nbsp;financial statements, (3)&nbsp;scope of audit
procedures, (4)&nbsp;performance of the Company&#146;s
independent auditors and internal auditors,
(5)&nbsp;auditors&#146; evaluation of internal controls, and
(6)&nbsp;matters of legal compliance. A copy of the ADM Audit
Committee Charter is attached as Exhibit&nbsp;&#147;A&#148; to
this Proxy Statement.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Compensation/ Succession Committee consists
of Mr.&nbsp;Webb, Chairperson, Ms.&nbsp;Carter, and
Messrs.&nbsp;Vanier and Moore. The Compensation/ Succession
Committee met six times during the fiscal year. All of the
members of the Compensation/ Succession Committee were
determined by the Board to be independent directors, as that
term is defined in the Company&#146;s Bylaws and in the
applicable listing standards of the NYSE. The Compensation/
Succession Committee (1)&nbsp;establishes and administers a
compensation policy for senior management, (2)&nbsp;reviews and
approves the compensation policy for all employees of the
Company and its subsidiaries other than senior management,
(3)&nbsp;reviews and monitors the Company&#146;s financial
performance as it affects the compensation policies of the
Company or the administration of such policies,
(4)&nbsp;establishes and reviews a compensation policy for
non-employee Directors, and (5)&nbsp;reviews and monitors the
Company&#146;s succession plans. All of its actions are either
reported to the Board or submitted to the Board for ratification.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Nominating/ Corporate Governance Committee
consists of Ms.&nbsp;Carter, Chairperson, and
Messrs.&nbsp;Joslin, Vanier, Webb and Westbrook. The Nominating/
Corporate Governance Committee met four times during the fiscal
year. All of the members of the Nominating/ Corporate Governance
Committee were determined by the Board to be independent
directors, as that term is defined in the Company&#146;s Bylaws
and in the applicable listing standards of the NYSE. The
Nominating/ Corporate Governance Committee (1)&nbsp;identifies
individuals qualified to become members of the Board, including
evaluating individuals appropriately suggested by Stockholders
in accordance with the Bylaws of the Company,
(2)&nbsp;recommends individuals to the Board for nomination as
members of the Board and Board committees, (3)&nbsp;develops and
recommends to the Board a set of corporate governance principles
applicable to the Company, and (4)&nbsp;leads the evaluation of
the Directors, the Board and Board Committees. In assessing an
individual&#146;s qualifications to become a member of the
Board, the Nominating/ Corporate Governance Committee may
consider various factors including education, experience,
judgment, independence, integrity, availability and such other
factors as the Nominating/ Corporate Governance Committee deems
appropriate. The Nominating/ Corporate Governance Committee
strives to recommend candidates that compliment the current
members of the Board and other proposed nominees so as to
further the objective of having a Board that reflects a
diversity of background and experience with the necessary skills
to effectively perform the functions of the Board and its
committees. The Nominating/ Corporate Governance Committee will
consider nominees recommended by a Stockholder provided the
Stockholder submits the nominee&#146;s name in a written notice
delivered to the Secretary of the Company at the principal
executive offices of the Company not less than sixty nor more
than ninety days prior to the anniversary date of the
immediately preceding Annual Meeting of Stockholders; provided
that, in the event that the Annual Meeting is called for a date
that is not within thirty days before or after such anniversary
date, the notice must be so received not later than the close of
business on the tenth day following the day on which such notice
of the date of the Annual Meeting was mailed or public
disclosure of the date of the Annual Meeting was made, whichever
first occurs (different notice delivery requirements may apply
if the number of Directors to be elected at an Annual Meeting is
being increased, and there is no public announcement by the
Company naming all of the nominees or specifying the size of the
increased Board at least one hundred days prior to the first
anniversary of the preceding year&#146;s Annual Meeting). Any
such notice must set forth the information required by
Section&nbsp;1.4(c) of the Company&#146;s Bylaws, and must be
accompanied by the written consent of the proposed nominee to
being named as a nominee and to serve as a Director if elected.
All candidates, regardless of the source of their
recommendation, are evaluated using the same criteria.
</FONT>

<P align="center"><FONT size="2">6
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Executive Committee consists of
Mr.&nbsp;Andreas, Chairperson, and Messrs.&nbsp;Mulroney, Vanier
and Webb. The Executive Committee met once during the fiscal
year. The Executive Committee acts on behalf of the Board to
determine matters which, in the judgment of the Chairman of the
Board, do not warrant convening a special meeting of the Board
but should not be postponed until the next scheduled meeting of
the Board. The Executive Committee exercises all the power and
authority of the Board in the management and direction of the
business and affairs of the Company except for those matters
which are expressly delegated to another Committee of the Board
and matters which, under applicable law, or the Company&#146;s
Certificate of Incorporation or Bylaws, cannot be delegated by
the Board.
</FONT>

<P align="left">
<B><FONT size="2">Communications with Directors</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company has approved procedures for
Stockholders to send communications to individual Directors or
the non-employee Directors as a group. All such communications
should be in writing and addressed to the applicable Director or
Directors in care of the Secretary, Archer-Daniels-Midland
Company, P.O.&nbsp;Box&nbsp;1470, Decatur, Illinois, 62525-1820.
All correspondence will be forwarded to the intended
recipient(s).
</FONT>

<P align="left">
<B><FONT size="2">Code of Conduct</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Board of Directors has adopted a Business
Code of Conduct and Ethics that sets forth standards regarding,
among other things, honest and ethical conduct, full and timely
disclosure and compliance with law. The Business Code of Conduct
and Ethics applies to all employees, officers and directors of
the Company, including the Company&#146;s principal executive
officer, principal financial officer and principal accounting
officer. The Business Code of Conduct and Ethics is available on
the Company&#146;s internet site, <I>www.admworld.com.</I> Any
amendments to certain provisions of the Business Code of Conduct
and Ethics or waivers of such provisions granted to certain
executive officers will be promptly disclosed on this internet
site.
</FONT>

<P align="center"><FONT size="2">7
</FONT>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left">
<B><FONT size="2">Executive Compensation</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table sets forth information
concerning the Company&#146;s Chief Executive and the four other
most highly-compensated Executive Officers of the Company.
</FONT>

<P align="center">
<B><FONT size="2">Summary Compensation Table</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="22%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="15"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="14" align="center" nowrap><B><FONT size="1">Annual Compensation</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="6" align="center" nowrap><B><FONT size="1">Long Term Compensation</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="14" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="6" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="15"></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Restricted</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Securities</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="11"></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Other Annual</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Stock</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Underlying</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">All Other</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Fiscal</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Bonus</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Compensation</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Awards</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Options</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Compensation</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Name and Principal Position</FONT></B></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Year</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Salary ($)</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">($)</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">($)</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">($)</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">(#)(1)</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">($)(2)</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">G. A. Andreas
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2004</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,901,667</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#150;0&#150;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">119,658</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(3)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,749,219</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(4)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">290,650</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Chairman and Chief
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,795,833</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#150;0&#150;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">153,909</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(3)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,314,761</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(5)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">288,866</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Executive
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,557,833</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#150;0&#150;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">142,704</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(3)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#150;0&#150;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">525,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">P. B. Mulhollem
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2004</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,593,227</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#150;0&#150;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,499,575</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(4)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">158,537</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">President and Chief
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,528,206</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#150;0&#150;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,262,595</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(5)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">157,563</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,226</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(6)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Operating Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,129,576</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#150;0&#150;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#150;0&#150;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">157,499</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">D. J. Smith
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2004</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">770,833</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#150;0&#150;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">540,717</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(4)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">57,165</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Executive Vice President,
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">691,667</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#150;0&#150;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">410,339</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(5)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">51,208</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Secretary and General
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">573,333</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#150;0&#150;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#150;0&#150;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">94,499</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Counsel
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">W. H. Camp
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2004</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">720,833</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#150;0&#150;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">504,668</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(4)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">53,354</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Senior Vice President
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">670,833</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#150;0&#150;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">410,339</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(5)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">51,208</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">528,910</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#150;0&#150;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#150;0&#150;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">62,999</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,217</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(7)</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">J. D. Rice
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2004</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">697,583</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#150;0&#150;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">488,807</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(4)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">51,677</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Senior Vice President
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">661,667</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#150;0&#150;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">410,339</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(5)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">51,208</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">638,300</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#150;0&#150;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#150;0&#150;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">104,999</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Number of options granted in fiscal year
    indicated and adjusted for all stock dividends paid and stock
    splits effected to date.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Except with respect to Mr.&nbsp;Mulhollem in
    2003, and Mr.&nbsp;Camp in 2002, these amounts represent only
    the Company&#146;s matching contribution under the
    Company&#146;s Employee Stock Ownership and 401(k)&nbsp;plans in
    calendar years 2004, 2003 and 2002.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(3)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes $58,533, $92,473 and $51,433 for
    personal use of company-owned aircraft in 2004, 2003 and 2002,
    respectively; $35,513 for personal use of company-owned vehicle
    in 2004; and $46,623 for personal use of company-owned security
    system in 2002. Amounts for Other Annual Compensation are
    reported on a calendar year basis.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(4)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">On October&nbsp;14, 2003, Mr.&nbsp;Andreas was
    granted a restricted stock award in the amount of
    201,408&nbsp;shares valued at $2,749,219 on the date of grant;
    Mr.&nbsp;Mulhollem was granted a restricted stock award in the
    amount of 109,859&nbsp;shares valued at $1,499,575 on the date
    of grant; Mr.&nbsp;Smith was granted a restricted stock award in
    the amount of 39,613&nbsp;shares valued at $540,717 on the date
    of grant; Mr.&nbsp;Camp was granted a restricted stock award in
    the amount of 36,972&nbsp;shares valued at $504,668 on the date
    of the grant; and Mr.&nbsp;Rice was granted a restricted stock
    award in the amount of 35,810&nbsp;shares valued at $488,807 on
    the date of grant. Such restricted stock vests on
    October&nbsp;14, 2006. Each of such grantees is entitled to
    vote, and to receive all dividends paid with respect to, such
    restricted stock.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">8
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">The number and value of holdings of restricted
    stock at the end of the Company&#146;s fiscal year (based on the
    closing price of the Company&#146;s Common Stock on
    June&nbsp;30, 2004) were as follows:
    </FONT></TD>
</TR>

</TABLE>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="73%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Name</FONT></B></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Number</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Value</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">G. A. Andreas
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">403,218</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,765,998</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">P. B. Mulhollem
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">219,937</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,690,543</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">D. J. Smith
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">75,388</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,265,011</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">W. H. Camp
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">72,747</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,220,695</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">J. D. Rice
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">71,585</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,201,196</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(5)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">On August&nbsp;8, 2002, Mr.&nbsp;Andreas was
    granted a restricted stock award in the amount of
    201,810&nbsp;shares valued at $2,314,761 on the date of grant;
    Mr.&nbsp;Mulhollem was granted a restricted stock award in the
    amount of 110,078&nbsp;shares valued at $1,262,595 on the date
    of grant; and Messrs.&nbsp;Smith, Camp and Rice were each
    granted a restricted stock award in the amount of
    35,775&nbsp;shares valued at $410,339 on the date of grant. Such
    restricted stock vests on August&nbsp;8, 2005. Each of such
    grantees is entitled to vote, and to receive all dividends paid
    with respect to, such restricted stock.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(6)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes $2,226 paid pursuant to the
    Company&#146;s program for expatriates relating primarily to
    reimbursement of amounts paid with respect to foreign taxes;
    also includes $10,000 for the Company&#146;s matching
    contribution under the Company&#146;s Employee Stock Ownership
    and 401(k)&nbsp;plans.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(7)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes $1,217 paid pursuant to Company&#146;s
    program for expatriates relating primarily to reimbursement of
    amounts paid with respect to foreign taxes; also includes
    $10,000 for the Company&#146;s matching contribution under the
    Company&#146;s Employee Stock Ownership and 401(k)&nbsp;plans.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During the last fiscal year, compensation for
nonemployee Directors consisted of an annual retainer of
$200,000, at least one-half of which is paid in stock units
pursuant to the Company&#146;s Stock Unit Plan for Nonemployee
Directors. The remaining one-half of such retainer is paid in
cash, stock units or a combination of cash and stock units, at
the election of each nonemployee Director.
</FONT>

<P align="center">
<B><FONT size="2">Stock Option Grants in Last Fiscal
Year</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="30%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="6" align="center" nowrap><B><FONT size="1">Individual Grants</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="6" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="6" align="center" nowrap><B><FONT size="1">Potential Realizable</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Number of</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="6" align="center" nowrap><B><FONT size="1">Value at Assumed Annual</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Securities</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Percent of</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="6" align="center" nowrap><B><FONT size="1">Rates of Stock Price</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Underlying</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Total Options</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Exercise</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="6" align="center" nowrap><B><FONT size="1">Appreciation for</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Options</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Granted to</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">or Base</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="6" align="center" nowrap><B><FONT size="1">Option Term</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Granted</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Employees in</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Price</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Expiration</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="6" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Name</FONT></B></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">(#)(1)</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Fiscal Year</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">($/Sh)</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Date</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">5%($)(2)</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">10%($)(2)</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">G. A. Andreas
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">290,650</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20.17</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13.65</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10/14/2013</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,431,145</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,221,197</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">P. B. Mulhollem
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">158,537</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13.65</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10/14/2013</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,326,084</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,393,394</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">D. J. Smith
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">57,165</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3.97</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13.65</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10/14/2013</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">478,157</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,223,584</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">W. H. Camp
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">53,354</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3.70</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13.65</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10/14/2013</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">446,280</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,142,012</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">J. D. Rice
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">51,677</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3.59</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13.65</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10/14/2013</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">432,253</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,106,117</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">For the period July&nbsp;1, 2003 through
    June&nbsp;30, 2004 the Executive Officers named above were
    granted incentive and non-qualified stock options which become
    exercisable in nine equal annual installments commencing on the
    first anniversary of the grant date of such options.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The hypothetical potential appreciation shown in
    these columns reflects the required calculations at annual rates
    of 5% and 10% set by the Securities and Exchange Commission, and
    is not intended to represent either historical appreciation or
    anticipated future appreciation of the Company&#146;s Common
    Stock price.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">9
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center">
<B><FONT size="2">Aggregated Option Exercises in Fiscal Year and
Fiscal Year-End Option Values(1)</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="22%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="6" align="center" nowrap><B><FONT size="1">Number of Securities</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="6" align="center" nowrap><B><FONT size="1">Underlying Unexercised</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="6" align="center" nowrap><B><FONT size="1">Value of Unexercised</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="6" align="center" nowrap><B><FONT size="1">Options at Fiscal</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="6" align="center" nowrap><B><FONT size="1">In-the-Money Options at</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="6" align="center" nowrap><B><FONT size="1">Year-End(#)</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="6" align="center" nowrap><B><FONT size="1">Fiscal Year-End($)</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Shares Acquired</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Value</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="6" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="6" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Name</FONT></B></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">on Exercise(#)</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Realized($)</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Exercisable</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Unexercisable</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Exercisable</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Unexercisable</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">G. A. Andreas
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">-0-</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">-0-</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">715,119</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,240,704</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,428,698</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,929,566</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">P. B. Mulhollem
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">123,959</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">658,272</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">57,517</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">459,384</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">267,308</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,367,560</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">D. J. Smith
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">21,103</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">110,096</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">112,923</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">225,081</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">562,088</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">894,417</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">W. H. Camp
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">27,332</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">118,226</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100,468</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">179,377</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">461,038</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">838,205</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">J. D. Rice
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">79,943</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">283,603</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">89,530</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">233,152</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">504,307</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,055,405</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Table reflects adjustments for stock dividends
    paid and stock splits effected to date.
    </FONT></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">Equity Compensation Plan Information</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="36%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Number of Securities</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Number of Securities</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Remaining Available for</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">to be Issued Upon</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Weighted-average</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Future Issuance Under</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Exercise of</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Exercise Price of</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Equity Compensation</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Outstanding Options,</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Outstanding Options,</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Plans (Excluding</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Warrants and</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Warrants and</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Securities Reflected in</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Plan Category</FONT></B></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Rights(a)</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Rights(b)</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Column (a))(c)</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Equity Compensation Plans Approved by Security
    Holders
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,101,529</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11.73</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">24,078,659</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(1)</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Equity Compensation Plans Not Approved by
    Security Holders(2)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">244,100</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11.37</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Consists of 592,344&nbsp;shares available for
    issuance pursuant to the Company&#146;s 1999 Incentive
    Compensation Plan; 23,150,939&nbsp;shares available for issuance
    pursuant to the Company&#146;s 2002 Incentive Compensation Plan;
    and 335,376&nbsp;shares available for issuance pursuant to the
    Company&#146;s 1996 Stock Option Plan, all as of June&nbsp;30,
    2004. Benefits which may be granted under the 1999 Incentive
    Compensation Plan and 2002 Incentive Compensation Plan are
    options, stock appreciation rights, restricted stock,
    performance shares, performance units and cash-based awards.
    Only options can currently be granted under the 1996 Stock
    Option Plan.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Shares may be issued under the ADM International
    Limited Savings-Related Share Option Scheme (the &#147;Share
    Option Scheme&#148;). Although the Share Option Scheme was not
    previously required to be approved by the Stockholders, under
    the listing standards of the NYSE as amended effective
    June&nbsp;30, 2003, Stockholder approval is required in order
    for the Share Option Scheme to continue to be used as a part of
    the compensation program for employees of ADM International
    Limited and companies it controls, after the Annual Meeting of
    Stockholders to be held November&nbsp;4, 2004. A description of
    the material terms of the Share Option Scheme may be found
    beginning on page&nbsp;23 under &#147;Approval of the ADM
    International Limited Savings-Related Share Option Scheme&#148;.
    </FONT></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">Pension Plan Table</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company has a Retirement Plan for Salaried
Employees (the &#147;Retirement Plan&#148;). The Company made a
contribution to the Retirement Plan for calendar and Retirement
Plan year 2003 in excess of the required minimum ERISA
contribution. The following table shows the estimated annual
</FONT>

<P align="center"><FONT size="2">10
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left">
<FONT size="2">benefits payable as a life annuity, upon normal
retirement, to persons in specified salary and years-of-service
classifications:
</FONT>
</DIV>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="32%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="23"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="22" align="center" nowrap><B><FONT size="1">For Years of Credited Service Shown Below</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="22" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">5 Year Average Base Compensation</FONT></B></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">10</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">15</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">20</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">25</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">30</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">35</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">$&nbsp;&nbsp;400,000
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">67,454</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">101,182</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">134,909</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">168,636</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">202,363</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">212,363</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    &nbsp;&nbsp;&nbsp;<FONT size="2">&nbsp;600,000
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">102,454</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">153,682</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">204,909</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">256,136</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">307,363</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">322,363</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    &nbsp;&nbsp;&nbsp;<FONT size="2">&nbsp;800,000
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">137,454</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">206,182</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">274,909</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">343,636</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">412,363</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">432,363</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    &nbsp;<FONT size="2">1,000,000
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">172,454</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">258,682</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">344,909</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">431,136</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">517,363</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">542,363</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    &nbsp;<FONT size="2">1,200,000
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">207,454</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">311,182</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">414,909</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">518,636</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">622,363</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">652,363</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    &nbsp;<FONT size="2">1,400,000
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">242,454</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">363,382</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">484,909</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">606,136</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">727,363</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">762,363</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    &nbsp;<FONT size="2">1,600,000
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">277,454</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">416,182</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">554,909</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">693,636</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">832,363</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">872,363</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    &nbsp;<FONT size="2">1,800,000
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">312,454</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">468,682</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">624,909</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">781,136</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">937,363</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">982,363</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    &nbsp;<FONT size="2">2,000,000
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">347,454</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">521,182</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">694,909</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">868,636</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,042,363</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,092,363</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    &nbsp;<FONT size="2">2,200,000
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">382,454</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">573,682</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">764,909</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">956,136</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,147,363</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,202,363</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    &nbsp;<FONT size="2">2,400,000
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">417,454</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">626,182</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">834,909</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,043,636</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,252,363</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,312,363</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    &nbsp;<FONT size="2">2,600,000
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">452,454</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">678,682</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">904,909</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,131,136</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,357,363</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,422,363</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    &nbsp;<FONT size="2">2,800,000
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">487,454</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">731,182</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">974,909</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,218,636</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,462,363</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,532,363</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    &nbsp;<FONT size="2">3,000,000
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">522,454</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">783,682</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,044,909</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,306,136</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,567,363</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,642,363</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    &nbsp;<FONT size="2">3,200,000
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">557,454</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">836,182</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,114,909</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,393,636</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,672,363</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,752,363</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    &nbsp;<FONT size="2">3,400,000
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">592,454</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">888,682</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,184,909</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,481,136</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,777,363</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,862,363</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    &nbsp;<FONT size="2">3,600,000
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">627,454</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">941,182</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,254,909</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,568,636</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,882,363</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,972,363</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The pension amount is based on the final average
monthly compensation (average of the 60 consecutive months of
the last 180&nbsp;months which produce the highest average). For
purposes of the Retirement Plan, the term
&#147;compensation&#148; is defined as base compensation
(&#147;Salary&#148; as shown in the Summary Compensation Table)
paid during the Retirement Plan year. The pension amount is
calculated as follows: final average monthly compensation times
36% plus 16.5% of final average compensation in excess of Social
Security covered compensation for the first 30&nbsp;years of
service plus 0.5% of final average compensation for each year in
excess of 30&nbsp;years of service and additional early
retirement reduction when the pension commences prior to
age&nbsp;65. The Retirement Plan does not include a Social
Security offset. The normal retirement age under the Retirement
Plan is age&nbsp;65 with 5&nbsp;years of service. The
5&nbsp;year average compensation for purposes of the Retirement
Plan of each of the five highest paid Executive Officers of the
Company and the number of years of service rounded to the
nearest year and credited to each of them under the Retirement
Plan was as follows: G. A. Andreas $2,608,667 (31&nbsp;years);
P.B.&nbsp;Mulhollem $1,084,206 (12&nbsp;years); D. J. Smith
$591,046 (23&nbsp;years); W. H. Camp $547,584 (27&nbsp;years);
and J. D. Rice $614,360 (28&nbsp;years).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Various provisions of the Internal Revenue Code
of 1986, as amended, limit the amount of benefits payable under
a qualified pension plan. When these limits operate to reduce a
pension benefit payable under the Retirement Plan, the Company
will provide additional amounts so that the total annual pension
will be as provided in the Retirement Plan.
</FONT>

<P align="left">
<B><FONT size="2">Report of the Compensation/ Succession
Committee</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Committee reviews and establishes the
compensation of the officers of the Company, approves annual
compensation to any employee in the amount of $250,000 or more,
approves awards to employees pursuant to the incentive
compensation plans of the Company, and approves modifications in
the employee benefit plans with respect to the benefits salaried
employees receive under such plans. The Committee is comprised
of four independent directors. The actions of the Committee are
reported to the Board of Directors and, where appropriate,
submitted to the Board of Directors for ratification.
</FONT>

<P align="center"><FONT size="2">11
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The objective of the Company&#146;s compensation
program is to provide annual and long-term incentive
compensation to the officers and other employees of the Company
that is competitive with that for comparable employment,
responsibilities and performance. The Committee defines
competitiveness as the fiftieth percentile level of compensation
offered by a peer group of companies selected by the Committee.
The Committee, whose members are investors and business leaders,
familiarize themselves with these compensation packages through
periodic consultations with compensation experts from
nationally-recognized firms and by reviewing publicly-filed
documents. In addition, in the case of all individuals except
the Chief Executive, the Committee considers the recommendations
of management and the individual&#146;s supervisor(s) in
establishing each such person&#146;s compensation. The
Nominating/ Corporate Governance Committee, comprised of five
independent directors, evaluates the performance of the Chief
Executive. The evaluation of the Nominating/ Corporate
Governance Committee is then forwarded to the Committee which
establishes the compensation for the Chief Executive.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The compensation program of the Company has
historically consisted principally of salary and from
time-to-time, not necessarily annually, an award of stock
options or other form of long-term incentive compensation. The
Company does not pay cash bonuses except in limited situations.
No officer of the Company receives a cash bonus. Stock options
have been granted at the market price on the date granted and
are exercisable in increments over a five or ten year term and
awards of restricted stock have had time-based restrictions for
a period of three years. The reportable compensation of all
employees is adjusted to reflect the personal use, if any, of
Company property.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The compensation for the Chief Executive was
established by the Committee considering all of the factors
previously described in this Report. The Committee proposed and
the Board of Directors approved an increase in the annual salary
for the Chief Executive to $2,960,000 and granted stock options
to him for 290,650&nbsp;shares of Company stock, exercisable in
increments between 2004 and 2013, and awarded
201,408&nbsp;shares of restricted stock. The strike price for
these stock options was at the market price on the date of grant
and they will vest over ten years. The term of restriction
relative to the award of restricted stock is three years from
the date of the award. Future grants to the Chief Executive of
stock options and restricted stock will be based on the new
long-term incentive compensation program discussed below.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During fiscal year 2004, the Committee conducted
a study of its compensation program with the assistance of an
outside compensation expert. Based on that study, the Committee
determined that the annual cash compensation paid to Company
employees was generally competitive (as defined above), but
found that long-term incentive compensation was significantly
below that of the peer group companies. Based on the
recommendation of the outside compensation expert retained by
the Committee, the Committee adopted a new long-term incentive
compensation program designed to address this deficiency and
better align the interests of the officers and participating
employees with the shareholders by linking awards largely to the
future performance of the Company.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under the new program, officers and certain
employees of the Company have the opportunity to receive annual
incentive compensation awards in the form of stock options and
restricted stock. The stock option awards will be based upon
each participant reaching annual individual performance
objectives as determined by the person&#146;s supervisor(s) or,
in the case of the Chief Executive, by the Nominating/ Corporate
Governance Committee. The restricted stock awards will be based
on the Company achieving target levels of total business return,
based on change in equity value calculated as a multiple of
EBITDA (earnings before interest, taxes, depreciation and
amortization) less debt, plus dividends, measured on a
three-year rolling average. The amount of these awards will be
based on a combination of the participant&#146;s position within
the Company and base salary. The first awards granted under this
program were made in August 2004 based on fiscal year 2004
results. The stock options were granted at the market price on
the date granted, vest over five years and are exercisable over
a period of ten years. The awards of restricted stock have
time-based restrictions for a period of three years.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Section&nbsp;162(m) of the Internal Revenue Code
generally disallows a tax deduction to public corporations for
compensation paid in excess of $1,000,000 annually to each of
the Company&#146;s Chief Executive and four other most
highly-compensated executive officers except for qualifying
&#147;performance-
</FONT>

<P align="center"><FONT size="2">12
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left">
<FONT size="2">based&#148; compensation. A portion of the
compensation paid to certain of the Company&#146;s executive
officers will be subject to the deduction limitation. In order
to retain the flexibility to compensate its executive officers
in a competitive environment in accordance with the principles
discussed above, the Committee believes that it would be
inadvisable to adopt a strict policy of compliance with the
performance-based compensation exception to Section&nbsp;162(m).
The Company is submitting to shareholders elsewhere in the proxy
a proposal to amend the 2002 Incentive Compensation Plan to
include the performance measure used in the new long-term
incentive compensation program in order to permit the restricted
stock delivered under the new protocol to be fully-deductible.
The Committee will continue to consider future opportunities for
compliance with this exception to Section&nbsp;162(m) that it
feels are in the best interests of the Company and its
stockholders. The Committee believes that the amount of any
expected loss of a tax deduction under Section&nbsp;162(m) will
be insignificant to the Company&#146;s overall tax position.
</FONT>
</DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">O. G. Webb, <I>Chairman</I>
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">M. H. Carter
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">P. J. Moore
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">J. K. Vanier
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">13
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<!-- link1 "COMPARISON OF FIVE YEAR CUMULATIVE TOTAL RETURN* AMONG ARCHER-DANIELS-MIDLAND COMPANY (ADM), THE S&#38;P PACKAGED FOODS &#38; MEATS INDEX AND THE S&#38;P 500 INDEX" -->

<P align="center">
<B><FONT size="2">COMPARISON OF FIVE YEAR CUMULATIVE TOTAL
RETURN*</FONT></B>

<DIV align="center">
<B><FONT size="2">AMONG ARCHER-DANIELS-MIDLAND COMPANY
(ADM),</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">THE S&#38;P PACKAGED FOODS&nbsp;&#38; MEATS
INDEX</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND THE S&#38;P 500 INDEX</FONT></B>
</DIV>

<P align="center">
<IMG src="c86849dc8684977.gif" alt="(PERFORMANCE GRAPH)">
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">*&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">$100 invested on 06/30/99 in stock or index
    including reinvestment of dividends. Fiscal year ended
    June&nbsp;30.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">Graph produced in accordance with SEC regulations
by Research Data Group, Inc.
</FONT>

<P align="left">
<B><FONT size="2">Certain Relationships and Related
Transactions</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During the fiscal year ended June&nbsp;30, 2004,
the Company retained the services of the law firm of Ogilvy
Renault of which M. Brian Mulroney, a director of the Company,
is the senior partner. The Company may continue to retain the
services of, and refer specific matters to, this firm during the
next fiscal year.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During the last fiscal year, two trusts in which
G. Allen Andreas, Chairman and Chief Executive of the Company is
one of three trustees, were indebted to Hickory Point
Bank&nbsp;&#38; Trust fsb (&#147;HPB&#148;). The largest
aggregate amount outstanding during such fiscal year was
$1,183,106. HPB is a wholly-owned subsidiary of the Company.
Such indebtedness arose from guaranties by such trusts of
HPB&#146;s loans to a company owned by two stepsons of a
deceased first cousin of Mr.&nbsp;Andreas, each the beneficiary
of one of the trusts. Mr.&nbsp;Andreas had no involvement in or
knowledge of the loans or the guaranties by the trusts at the
time of the transaction. Such loans were made in the ordinary
course of HPB&#146;s business on substantially the same terms as
those prevailing at the time for comparable transactions with
wholly-unrelated parties and did not involve an unacceptable
risk of collectibility. This indebtedness bore interest at a
variable rate per annum equal to the prime rate of interest
plus &nbsp;1/2% with a default rate equal to the prime rate of
interest plus 2.5%. Such indebtedness including principal,
interest, fees and expenses, was repaid in full on June&nbsp;18,
2004.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During the last fiscal year, a member of the
immediate family of O.&nbsp;G. Webb, a Director of the Company,
was indebted to HPB pursuant to a home loan, bearing interest at
a rate of 6.5%&nbsp;per annum, and a home equity line of credit,
bearing interest at a rate of 4.5%&nbsp;per annum. The largest
amounts outstanding during such fiscal year were $220,949 and
$28,296, respectively, and the amounts outstanding as of
August&nbsp;16, 2004, were $210,068 and $25,512, respectively.
Such loans were made in the ordinary course of HPB&#146;s
business on substantially the same terms, including interest
rates and collateral, as those prevailing at the time for
comparable transactions with wholly-unrelated parties and did
not involve an unacceptable risk of collectibility.
</FONT>

<P align="center"><FONT size="2">14
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During the last fiscal year, HPB retained the
services of the investment banking firm of Sandler
O&#146;Neill&nbsp;&#38; Partners, L.P. of which Thomas F.
O&#146;Neill, a director nominee, is a principal. The Company
does not expect that HPB will retain the services of this firm
for periods beginning after October&nbsp;31, 2004.
</FONT>

<P align="left">
<B><FONT size="2">Report of the Audit Committee</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Audit Committee provides assistance to the
Board of Directors in fulfilling its oversight responsibility to
the stockholders relating to the Company&#146;s financial
statements and the financial reporting process, preparation of
the financial reports and other financial information provided
by the Company to any governmental or regulatory body, the
systems of internal accounting and financial controls, the
internal audit function, the annual independent audit of the
Company&#146;s financial statements, and the legal compliance
and ethics programs as established by management and the Board.
The Audit Committee assures that the corporate information
gathering and reporting systems developed by management
represent a good faith attempt to provide senior management and
the Board of Directors with information regarding material acts,
events and conditions within the Company. In addition, the Audit
Committee is directly responsible for the appointment,
compensation and oversight of the independent auditors. The
Audit Committee is comprised of five (5)&nbsp;independent
directors, all of whom are financially literate and two of whom,
R.S.&nbsp;Joslin, the Chairman of the Audit Committee, and
P.J.&nbsp;Moore, have been determined by the Board of Directors
to be &#147;financial experts&#148; as that term has been
defined by the Securities and Exchange Commission.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Management has the primary responsibility for the
financial statements and the reporting process including the
systems of internal controls. In fulfilling its oversight
responsibilities, the Audit Committee reviewed the audited
financial statements in the Annual Report with management
including a discussion of the quality, not just the
acceptability, of the accounting principles, the reasonableness
of significant judgments, the development and selection of the
critical accounting estimates, and the clarity of disclosures in
the financial statements. Also, the Audit Committee discussed
with management education regarding compliance with the policies
and procedures of the Company as well as federal and state laws.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Audit Committee reviewed with the independent
auditors, who are responsible for expressing an opinion on the
conformity of those audited financial statements with generally
accepted accounting principles, their judgment as to the
quality, not just the acceptability, of the Company&#146;s
accounting principles and such other matters as are required to
be discussed with the Audit Committee under generally accepted
auditing standards. In addition, the Audit Committee has
discussed with the independent auditors the auditors&#146;
independence from management and the Company including the
matters in the written disclosures required by Independence
Standards Board Standard No.&nbsp;1. The Audit Committee adopted
an Audit and Non-audit Services Pre-Approval Policy and
considered the compatibility of non-audit services with the
independent auditors&#146; independence. The Audit Committee
recommended to the Board of Directors (and the Board has
approved) a hiring policy related to current and former
employees of the independent auditor. The Audit Committee
appointed Ernst&nbsp;&#38; Young LLP as independent auditor for
the fiscal year ending June&nbsp;30, 2005.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Audit Committee discussed with the
Company&#146;s internal and independent auditors the overall
scope and plans for their respective audits. The Audit Committee
meets with the internal and independent auditors, with and
without management present, to discuss the results of their
examinations, their evaluations of the Company&#146;s accounting
and financial controls, and the overall quality of the
Company&#146;s financial reporting. The Audit Committee held
four meetings during fiscal year 2004.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In reliance on the reviews and discussions
referred to above, the Committee recommended to the Board of
Directors (and the Board has approved) that the audited
financial statements be included in the
</FONT>

<P align="center"><FONT size="2">15
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left">
<FONT size="2">Annual Report on Form&nbsp;10-K for the year
ended June&nbsp;30, 2004 for filing with the Securities and
Exchange Commission.
</FONT>
</DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">R. S. Joslin, <I>Chairman</I>
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">M.H. Carter
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">D. J. Mimran
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">P. J. Moore
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">K. R. Westbrook
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">Auditors</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Audit Committee has engaged the services of
Ernst&nbsp;&#38; Young LLP, independent registered public
accounting firm, for the fiscal year ending June&nbsp;30, 2005.
Under the Sarbanes-Oxley Act of 2002 and related rulemaking, the
Audit Committee is required to appoint and directly oversee the
Company&#146;s independent auditors. In light of these
requirements, the Audit Committee has determined not to submit
the appointment of Ernst&nbsp;&#38; Young LLP to the
Stockholders for ratification. Representatives of
Ernst&nbsp;&#38; Young LLP will attend the Annual Meeting, will
have the opportunity to make a statement if they desire to do
so, and will be available to respond to appropriate questions.
</FONT>

<P align="left">
<B><FONT size="2">Fees Paid to Independent Auditors</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table shows the aggregate fees
billed to the Company by Ernst&nbsp;&#38; Young LLP for services
rendered during the fiscal years ended June&nbsp;30, 2004 and
2003:
</FONT>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="70%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="6" align="center" nowrap><B><FONT size="1">Amount($)</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="6" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Description of Fees</FONT></B></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">2004</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Audit Fees(1)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,309,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,800,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Audit-Related Fees(2)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">204,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">265,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Tax Fees(3)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,945,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,705,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">All Other Fees
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,458,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,770,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes fees for audit of annual financial
    statements, reviews of the related quarterly financial
    statements, certain statutory audits, SEC filings and assistance
    related to compliance with Section&nbsp;404 of the
    Sarbanes-Oxley Act of 2002.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes fees for accounting and reporting
    assistance and audit-related work in connection with employee
    benefit plans of the Company.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(3)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes fees related to tax planning advice, tax
    return preparation, and expatriate tax services.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">Audit Committee Pre-Approval
Policies</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Audit Committee has adopted an Audit and
Non-Audit Services Pre-Approval Policy. This policy provides
that audit services engagement terms and fees, and any changes
in such terms or fees, are subject to the specific pre-approval
of the Audit Committee. The policy further provides that all
other audit services, audit-related services, tax services and
permitted non-audit services are subject to pre-approval by the
Audit Committee. All of the services performed by
Ernst&nbsp;&#38; Young LLP for the Company during the last
fiscal year were pre-approved by the Audit Committee.
</FONT>

<P align="center"><FONT size="2">16
</FONT>

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<P align="left">
<B><FONT size="2">Section&nbsp;16(a) Beneficial Ownership
Reporting Compliance</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Based solely upon a review of copies of reports
furnished to the Company during the fiscal year ended
June&nbsp;30, 2004, the following persons filed the number of
late reports or failed to file reports representing the number
of transactions set forth after his or her name:.
G.&nbsp;A.&nbsp;Andreas, 1&nbsp;report/1 transaction (relating
to an inadvertent omission from indirect holdings of shares, in
which Mr.&nbsp;Andreas disclaims any beneficial interest, held
by a trust for his mother&#146;s benefit); W.&nbsp;H.&nbsp;Camp,
1&nbsp;report/1 transaction (relating to a report of a stock
option exercise and sale which was inadvertently filed late);
M.&nbsp;H.&nbsp;Carter, 1&nbsp;report/ 1&nbsp;transaction
(relating to an inadvertent omission from indirect holdings of
shares held by a corporation in which Ms.&nbsp;Carter is a
director, officer and shareholder); and S.&nbsp;R.&nbsp;Mills,
1&nbsp;report/1&nbsp;transaction (relating to an inadvertent
omission from indirect holdings of shares held by
Mr.&nbsp;Mills&#146; children).
</FONT>

<P align="left">
<B><FONT size="2">APPROVAL OF AMENDMENT TO THE 2002 INCENTIVE
COMPENSATION PLAN</FONT></B>

<P align="left">
<B><FONT size="2">Introduction</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company&#146;s Board of Directors, following
approval by the Compensation Committee of the Board, authorized
the adoption of the Archer-Daniels-Midland Company 2002
Incentive Compensation Plan (the &#147;Plan&#148;), effective as
of December&nbsp;1, 2002, to provide employees with an incentive
to put forth maximum efforts for the Company&#146;s success and
to provide a valuable means of retaining key personnel as well
as attracting new management personnel when needed for future
operations and growth. The Company&#146;s Stockholders approved
the Plan on November&nbsp;7, 2002.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company&#146;s Board of Directors, following
approval by the Compensation Committee, authorized that an
amendment to the Plan (the &#147;Amendment&#148;), which adds an
additional performance measure, be submitted to the
Company&#146;s Stockholders for approval. The new performance
measure relates to total business return based on change in
equity value. The Company is submitting the Amendment relating
to the new performance measure to the Stockholders to permit
awards based on the new performance measure to receive favorable
tax treatment in accordance with Section&nbsp;162(m) of the
Internal Revenue Code of 1986, as amended (the
&#147;Code&#148;). If the Company&#146;s Stockholders fail to
approve the Amendment, the Plan will remain in effect as it
existed immediately prior to the proposed Amendment.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Plan and the Amendment have been designed to
meet the requirements of Section&nbsp;162(m) of the Code,
regarding deductibility of executive compensation, discussed
below. The basic features of the Plan as proposed to be amended
by the Amendment are summarized below. A copy of the Plan as
proposed to be amended by the Amendment has been provided to the
Securities and Exchange Commission.
</FONT>

<P align="left">
<B><FONT size="2">Administration</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Plan is administered by the
Compensation/Succession Committee (the &#147;Committee&#148;),
which consists of two or more directors who are
&#147;non-employee directors&#148; within the meaning of
Rule&nbsp;16b-3 under the Securities Exchange Act of 1934, as
amended, and/or &#147;outside directors&#148; for purposes of
Section&nbsp;162(m) of the Code. Subject to the provisions of
the Plan, the Committee has the power to make awards under the
Plan and to determine when and to whom awards will be granted,
and the form, amount, and other terms and conditions of each
award. The Committee has the authority to interpret the Plan and
any award or agreement made under the Plan, to establish, amend,
waive, and rescind any rules and regulations relating to the
administration of the Plan, to determine the terms and
provisions of any agreements entered into under the Plan (not
inconsistent with the Plan), and to make all other
determinations necessary or advisable for the administration of
the Plan. In addition, the Board of Directors of the Company may
delegate authority to officers of the Company to grant and
administer option grants under the Plan; provided, however, that
such officers may not grant options to themselves or to any
employee of the Company who is subject to the requirements of
Section&nbsp;16 of the Securities Exchange Act of 1934.
</FONT>

<P align="center"><FONT size="2">17
</FONT>

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<P align="left">
<B><FONT size="2">Eligibility and Number of Shares</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">All employees of the Company and its affiliates
are eligible to receive awards under the Plan at the discretion
of the Committee. The Company and its affiliates currently have
approximately 26,317&nbsp;employees.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The total number of shares of the Common Stock of
the Company available for distribution under the Plan is
25,000,000, no more than 10,000,000 of which may be granted in
the form of restricted stock (subject to adjustment for future
stock splits, stock dividends, and similar changes in the
capitalization of the Company). As of September&nbsp;15, 2004,
7,443,103&nbsp;shares have been issued or are reserved for
issuance pursuant to outstanding awards and
17,556,897&nbsp;shares are available for future awards. No
participant may receive in any fiscal year of the Company awards
under the Plan that exceed the following limitations: no
participant may receive an award of more than
1,000,000&nbsp;shares subject to stock options; no participant
may receive an award of more than 1,000,000&nbsp;shares subject
to stock appreciation rights; no participant may receive an
award of more than 500,000&nbsp;shares of restricted stock; no
participant may receive an award of more than 500,000
performance shares; no participant may receive a maximum
aggregate pay-out with respect to performance units in excess of
$2,000,000; and no participant may receive a maximum aggregate
pay-out with respect to cash-based awards in excess of
$2,000,000.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Awards under the Plan are to be evidenced by
written agreements containing the terms and conditions of the
awards. Such agreements are subject to amendment, including
unilateral amendment by the Company (with the approval of the
Committee) unless such amendments adversely affect the
participant. To the extent that an award payable in shares of
the Common Stock of the Company is forfeited, cancelled,
returned to the Company for failure to satisfy vesting
requirements or upon the occurrence of other forfeiture events,
or otherwise terminates without payment being made thereunder,
the shares of the Common Stock of the Company covered thereby
will no longer be charged against the maximum 25,000,000 and
10,000,000&nbsp;share limitations described above and may again
be subject to awards under the Plan.
</FONT>

<P align="left">
<B><FONT size="2">Types of Awards</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The types of awards that may be granted under the
Plan include incentive and nonqualified stock options, stock
appreciation rights, restricted stock, performance shares,
performance units, and cash-based awards. Subject to certain
restrictions applicable to incentive stock options, awards will
be exercisable by the recipients at such times as are determined
by the Committee, but in no event may the term of an award be
longer than ten years after the date of grant.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition to the general characteristics of all
of the awards described in this Proxy Statement, the basic
characteristics of awards that may be granted under the Plan are
as follows:
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Incentive and Nonqualified Stock
Options.</FONT></I><FONT size="2"> Both incentive and
nonqualified stock options may be granted to participants at
such exercise prices as the Committee, or the officers delegated
authority to grant and administer options by the Board of
Directors, may determine, but the exercise price for any option
may not be less than 100% of the fair market value (as defined
in the Plan) of a share of the Common Stock of the Company as of
the date the option is granted. Stock options may be granted and
exercised at such times as the Committee, or the officers
delegated authority to grant and administer options by the Board
of Directors, may determine, except that, unless applicable
federal tax laws are modified, (a)&nbsp;no incentive stock
options may be granted more than ten years after the effective
date of the Plan; (b)&nbsp;an option shall not be exercisable
more than ten years after the date of grant; and (c)&nbsp;the
aggregate fair market value of the shares of the Common Stock of
the Company with respect to which incentive stock options
granted under the Plan or any other plan of the Company may
first become exercisable in any calendar year for any employee
may not exceed the maximum amount permitted under Code
Section&nbsp;422(d). Additional restrictions apply to an
incentive stock option granted to an individual who beneficially
owns more than 10% of the combined voting power of all classes
of stock of the Company.
</FONT>

<P align="center"><FONT size="2">18
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The purchase price payable upon exercise of
options may be paid in cash, or, if the Committee permits, by
delivering stock already owned by the participant (the fair
market value of the shares delivered on the date of exercise
being equal to the option price of the stock being purchased),
or by a combination of cash and such stock, unless otherwise
provided in the related agreement. The Committee may also allow
payment in the form of an authorization to the Company to
withhold from the total number of shares of Common Stock as to
which the option is being exercised the number of shares having
a fair market value on the date of exercise equal to the
aggregate option price for the total number of shares as to
which the option is being exercised, an irrevocable
authorization to a third party with whom the participant has a
brokerage or similar relationship to sell the shares acquired
upon exercise of the option and use the sale proceeds to pay the
purchase price, or by any other means which the Committee
determines to be consistent with the Plan&#146;s purpose and
applicable law.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Stock Appreciation Rights, Performance Shares/
Units and Cash-Based Awards.</FONT></I><FONT size="2"> The value
of a stock appreciation right granted to a recipient is
determined by the appreciation in the Common Stock of the
Company, subject to any limitations upon the amount or
percentage of total appreciation that the Committee may
determine at the time the right is granted. The recipient
receives all or a portion of the amount by which the fair market
value of a specified number of shares, as of the date the stock
appreciation right is exercised, exceeds a price specified by
the Committee at the time the right is granted. The price
specified by the Committee must be at least 100% of the fair
market value of the specified number of shares of the Common
Stock of the Company to which the right relates determined as of
the date the stock appreciation right is granted. A stock
appreciation right may be granted in connection with a
previously or contemporaneously granted option, or independent
of any option.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Performance shares and units and cash-based
awards entitle the recipient to payment in amounts determined by
the Committee based upon the achievement of specified
performance targets during a specified term. With respect to
awards intended to comply with the requirements of
Section&nbsp;162(m) of the Code, such performance targets will
be based on one or any combination of two or more of the
following criteria: earnings per share, net income before or
after taxes, return on assets or return on equity, cash flow
return on investments (net cash flows divided by owners&#146;
equity), earnings before or after taxes, gross revenues, and
share price (including, but not limited to, growth measures and
total stockholder return). If approved by the Company&#146;s
Stockholders, the Amendment will add total business return as a
new performance measure under the Plan. Total business return
will be based on change in equity value calculated as a multiple
of EBITDA (earnings before interest, taxes, depreciation and
amortization) less debt plus dividends. The performance targets
may be applied on an absolute or comparative basis. Any such
targets may relate to one or any combination of two or more of
company, subsidiary, affiliate, division or business unit
performance. Awards that are not intended to comply with
Section&nbsp;162(m) of the Code may be based on these or other
performance criteria, as determined by the Committee. The value
in dollars of any award denominated in shares or units is
determined when the award is earned based on the fair market
value of a share of the Common Stock of the Company on the last
day of the performance period.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Payments with respect to stock appreciation
rights, performance shares and units and cash-based awards may
be paid in cash, shares of the Common Stock of the Company or a
combination of cash and shares as determined by the Committee.
The Committee may require or permit participants to defer the
issuance of shares or the settlement of awards in cash under
such rules and procedures as it may establish under the Plan.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Restricted Stock Awards.
</FONT></I><FONT size="2">The Common Stock of the Company
granted to recipients may contain such restrictions as the
Committee may determine, including provisions requiring
forfeiture and imposing restrictions upon stock transfer. Awards
of restricted stock may, in the discretion of the Committee,
provide the participant with dividends and voting rights prior
to vesting.
</FONT>

<P align="center"><FONT size="2">19
</FONT>

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<P align="left">
<B><FONT size="2">Transferability</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During the lifetime of a participant to whom an
award is granted, only such participant (or, if so provided in
the applicable agreement in the case of a nonqualified stock
option, a permitted transferee as hereafter described) may
exercise an option or stock appreciation right or receive
payment with respect to performance shares or any other award.
No award of restricted stock (prior to the expiration of the
restrictions), options, stock appreciation rights, performance
shares or units, or cash-based award (other than an award of
stock without restrictions) may be sold, assigned, transferred,
exchanged, or otherwise encumbered, and any attempt to do so
will not be effective, except that an agreement may provide
that: (a)&nbsp;an award may be transferable to a successor in
the event of a participant&#146;s death, (b)&nbsp;a nonqualified
stock option may be transferable pursuant to a qualified
domestic relations order and (c)&nbsp;a nonqualified stock
option may be transferable to members of the participant&#146;s
immediate family (as such term is defined in the award
agreement, in a manner consistent with the definition contained
in the instructions to the Form&nbsp;S-8 Registration Statement
under the Securities Act of 1933, as amended) or to one or more
trusts for the benefit of such family members or partnerships in
which such family members are the only partners, provided that
the participant receives no consideration for the transfer. The
transfer of a nonqualified stock option may be subject to such
other terms and conditions as the Committee may determine.
</FONT>

<P align="left">
<B><FONT size="2">Duration, Adjustments, Modifications,
Terminations</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Plan will remain in effect until all shares
of the Common Stock of the Company subject to the Plan are
distributed, or the Plan is terminated as described below.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In the event of a recapitalization, stock
dividend, stock split, or other relevant change, the Committee
has the discretion to adjust the number and type of securities
available for awards or the number and type of securities and
amount of cash subject to outstanding awards, the option
exercise price of outstanding options, and provisions regarding
payment with respect to outstanding awards. Adjustments in
performance targets and payments on performance shares and units
and cash-based awards are also permitted upon the occurrence of
such events as may be specified in the related agreements.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Plan also gives the Board the right to amend,
modify, terminate or suspend the Plan, except that no amendment
shall be effective without Stockholder approval if such
amendment would (i)&nbsp;change the class of persons eligible to
participate under the Plan, (ii)&nbsp;increase the number of
shares of the Common Stock of the Company reserved for issuance
under the Plan or the maximum number of shares subject to awards
under the Plan, or (iii)&nbsp;allow the grant of options at an
exercise price below the fair market value of a share of the
Common Stock of the Company at the date of grant. In addition,
the Board may seek Stockholder approval of any amendment to the
extent the Board deems such approval necessary or advisable for
purposes of compliance with provisions of the Code, the listing
requirements of the New&nbsp;York Stock Exchange or for any
other purpose. No amendment or modification of the Plan shall
adversely affect any award previously granted without the
consent of the participant.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In the event of a proposed dissolution or
liquidation of the Company, a proposed sale of substantially all
of the assets of the Company, a proposed merger or consolidation
of the Company with or into any other corporation, or a proposed
statutory share exchange involving capital stock of the Company,
the Committee has the discretion, but not the obligation, to
replace or cancel in exchange for payment outstanding options
and stock appreciation rights in accordance with the terms of
the Plan.
</FONT>

<P align="left">
<B><FONT size="2">Federal Tax Considerations</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company has been advised by its counsel that
awards made under the Plan generally will result in the
following tax events for United States citizens under current
United States federal income tax laws.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Incentive Stock
Options.</FONT></I><FONT size="2"> A recipient will realize no
taxable income, and the Company will not be entitled to any
related deduction, at the time an incentive stock option is
granted under the Plan. If certain statutory employment and
holding period conditions are satisfied before the recipient
disposes of shares
</FONT>

<P align="center"><FONT size="2">20
</FONT>

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<DIV align="left">
<FONT size="2">acquired pursuant to the exercise of such an
option, then no taxable income will result upon the exercise of
such option, and the Company will not be entitled to any
deduction in connection with such exercise. Upon disposition of
the shares after expiration of the statutory holding periods,
any gain or loss realized by a recipient will be a capital gain
or loss. The Company will not be entitled to a deduction with
respect to a disposition of the shares by a recipient after the
expiration of the statutory holding periods.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Except in the event of death, if shares acquired
by a recipient upon the exercise of an incentive stock option
are disposed of by such recipient before the expiration of the
statutory holding periods (a &#147;disqualifying
disposition&#148;), such recipient will be considered to have
realized as compensation, taxable as ordinary income in the year
of disposition, an amount, not exceeding the gain realized on
such disposition, equal to the difference between the exercise
price and the fair market value of the shares on the date of
exercise of the option. The Company will be entitled to a
deduction at the same time and in the same amount as the
recipient is deemed to have realized ordinary income. Any gain
realized on the disposition in excess of the amount treated as
compensation or any loss realized on the disposition will
constitute capital gain or loss, respectively. If the recipient
pays the option price with shares that were originally acquired
pursuant to the exercise of an incentive stock option and the
statutory holding periods for such shares have not been met, the
recipient will be treated as having made a disqualifying
disposition of such shares, and the tax consequence of such
disqualifying disposition will be as described above.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The foregoing discussion applies only for regular
tax purposes. For alternative minimum tax purposes, an incentive
stock option will be treated as if it were a nonqualified stock
option, the tax consequences of which are discussed below.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Nonqualified Stock
Options.</FONT></I><FONT size="2"> A recipient will realize no
taxable income, and the Company will not be entitled to any
related deduction, at the time a nonqualified stock option is
granted under the Plan. At the time of exercise of a
nonqualified stock option, the recipient will realize ordinary
income, and the Company will be entitled to a deduction, equal
to the excess of the fair market value of the stock on the date
of exercise over the option price. Upon disposition of the
shares, any additional gain or loss realized by the recipient
will be taxed as a capital gain or loss.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Stock Appreciation Rights and Units,
Performance Shares and Cash-Based
Awards.</FONT></I><FONT size="2"> Generally: (a)&nbsp;the
recipient will not realize income upon the grant of a stock
appreciation right, a performance share award or unit or a
cash-based award; (b)&nbsp;the recipient will realize ordinary
income, and the Company will be entitled to a corresponding
deduction, in the year cash, shares of Common Stock, or a
combination of cash and shares are delivered to the recipient
upon exercise of a stock appreciation right or in payment of the
performance share award or unit or a cash-based award; and
(c)&nbsp;the amount of such ordinary income and deduction will
be the amount of cash received plus the fair market value of the
shares of Common Stock received on the date of issuance. Upon
disposition of shares received by a recipient upon exercise of a
stock appreciation right or in payment of a performance share or
unit or cash-based award, the recipient will recognize capital
gain or loss equal to the difference between the amount received
upon such disposition and the fair market value of the shares on
the date they were originally received by the recipient.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Restricted Stock.</FONT></I><FONT size="2">
Unless the recipient files an election to be taxed under
Section&nbsp;83(b) of the Code: (a)&nbsp;the recipient will not
realize income upon the grant of restricted stock; (b)&nbsp;the
recipient will realize ordinary income, and the Company will be
entitled to a corresponding deduction, when the restrictions
have been removed or expire; and (c)&nbsp;the amount of such
ordinary income and deduction will be the fair market value of
the restricted stock on the date the restrictions are removed or
expire. If the recipient files an election to be taxed under
Section&nbsp;83(b) of the Code, the tax consequences to the
recipient and the Company will be determined as of the date of
the grant of the restricted stock rather than as of the date of
the removal or expiration of the restrictions.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">When the recipient disposes of restricted stock,
the difference between the amount received upon such disposition
and the fair market value of such shares on the date the
recipient realizes ordinary income will be treated as a capital
gain or loss.
</FONT>

<P align="center"><FONT size="2">21
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Compensation of the Company&#146;s Chief
Executive and four other most highly-compensated Executive
Officers is subject to the tax deduction limits of
Section&nbsp;162(m) of the Code. Awards that qualify as
&#147;performance-based compensation&#148; will be exempt from
Section&nbsp;162(m), thus allowing the Company the full tax
deduction otherwise permitted for such awards. If approved by
the Company&#146;s Stockholders, the Amendment will enable the
Committee to grant awards using the new performance measure,
which will be exempt from the deduction limits of
Section&nbsp;162(m) of the Code.
</FONT>

<P align="left">
<B><FONT size="2">Forfeiture</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Plan permits the Committee to provide in the
award agreements conditions of forfeiture of a
participant&#146;s rights with regard to such award in the event
of the termination of employment of the participant &#147;for
cause&#148;, the participant&#146;s breach of restrictive
covenants or the participant having engaged in an activity
detrimental to the Company. Such conditions of forfeiture may
include suspension or cancellation of the participant&#146;s
right to exercise an option or stock appreciation right,
suspension or cancellation of the participant&#146;s pending
right to receive an issuance of shares or cash payment in
settlement of any award, forfeiture of any shares of restricted
stock held by the participant or, following the issuance of
shares or payment of cash upon exercise, vesting or payment of
an award, either canceling the shares so issued or requiring the
participant to pay the Company in cash an amount equal to the
gain realized by the participant from such award.
</FONT>

<P align="left">
<B><FONT size="2">Withholding</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Plan permits the Company to withhold from
awards an amount sufficient to cover any required withholding
taxes. In lieu of cash, the Committee may permit a participant
to cover withholding obligations through a reduction in the
number of shares to be delivered to such participant or by
delivery of shares already owned by the participant.
</FONT>

<P align="left">
<B><FONT size="2">New Plan Benefits</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In May 2004, the Compensation Committee adopted a
new long-term compensation program which is described in the
&#147;Report of the Compensation/ Succession Committee&#148;
contained in this Proxy Statement. In August 2004, the Committee
made grants of stock options and restricted stock under the new
program related to fiscal 2004 results in the following amounts:
474,430 options and 500,000&nbsp;shares of restricted stock to
G. A. Andreas; 127,665 options and 296,818&nbsp;shares of
restricted stock to P.B.&nbsp;Mulhollem; 65,228 options and
110,581&nbsp;shares of restricted stock to D. J. Smith; 49,680
options and 103,657&nbsp;shares of restricted stock to W. H.
Camp; 55,416 options and 100,209&nbsp;shares of restricted stock
to J. D. Rice; 1,293,026 options and 1,776,246&nbsp;shares of
restricted stock to all current executive officers, as a group;
and 1,763,893 options and 760,877&nbsp;shares of restricted
stock to all current employees who are not executive officers,
as a group (includes officers who are not executive officers).
No grants were made to directors of the Company.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Approval of the Amendment by the Stockholders is
required for future grants made in connection with the new
long-term compensation program under this Plan to be deductible
under Section&nbsp;162(m) of the Code. The performance targets
for fiscal 2005 that have been established by the Compensation/
Succession Committee for the Chief Executive and four other most
highly-compensated Executive Officers based upon the total
business return performance measure described above are
conditioned upon receiving Stockholder approval of the
Amendment. The amounts of the awards for fiscal 2005 under the
new long-term incentive program are not determinable at this
time. The closing sale price of a share of the Common Stock of
the Company on the New York Stock Exchange on September&nbsp;15,
2004 was $16.43&nbsp;per share.
</FONT>

<P align="center"><FONT size="2">22
</FONT>

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<P align="left">
<B><FONT size="2">Recommendation</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Board of Directors recommends a vote&nbsp;FOR
approval of the Amendment.
</FONT>

<P align="left">
<B><FONT size="2">APPROVAL OF THE ADM INTERNATIONAL LIMITED
SAVINGS-RELATED SHARE OPTION SCHEME</FONT></B>

<P align="left">
<B><FONT size="2">Introduction</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Stockholders are being asked to approve the
ADM International Limited Savings-Related Share Option Scheme
(the &#147;Share Option Scheme&#148;), which provides for the
grant of options to acquire shares of Common Stock of the
Company. Because the Share Option Scheme provides for equity
compensation based on shares of Common Stock of the Company,
under the listing standards of the NYSE as amended effective
June&nbsp;30, 2003, Stockholder approval is required in order
for the Share Option Scheme to continue to be used as part of
the compensation program for employees of ADM International
Limited (&#147;ADM International&#148;) and any companies it
controls after the Annual Meeting of Stockholders to be held
November&nbsp;4, 2004.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The discussion below contains summaries of the
key terms of the Share Option Scheme. A copy of the Share Option
Scheme has been provided to the Securities and Exchange
Commission.
</FONT>

<P align="left">
<B><FONT size="2">Eligibility and Number of Shares</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The persons eligible to receive options under the
Share Option Scheme are employees of ADM International and any
company it controls (as defined in Section&nbsp;840 of the
Income and Corporation Taxes Act 1988). These eligible employees
are generally employed in the United Kingdom. Currently, there
are approximately 1,600 eligible employees.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The maximum number of shares of Common Stock of
the Company that may be acquired pursuant to options granted
under the Share Option Scheme on or after May&nbsp;7, 2004 is
5,000,000, subject to adjustment and amendment as described
under &#147;Adjustments and Amendments&#148; below. If an option
is granted on or after May&nbsp;7, 2004 but lapses without
having been exercised, the shares subject to that option will
become available for re-grant under the Share Option Scheme.
</FONT>

<P align="left">
<B><FONT size="2">Administration</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Board of ADM International has authority to
make grants under the Share Option Scheme. It may delegate the
authority to make grants to a duly authorized committee, but it
has not done so. Options granted under the Share Option Scheme
are not transferable or assignable (other than by operation of
law on a participant&#146;s death).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under the Share Option Scheme, the Board of ADM
International, or a duly authorized committee, may offer to
eligible employees options to purchase shares of Common Stock of
the Company for cash, at a price not less than the higher of the
par value of a share of Common Stock of the Company and
80&nbsp;percent of the average of the middle market quotations
of a share of Common Stock of the Company on the NYSE on the
three trading days before the offer date (such average is
referred to as the market value). ADM International&#146;s
Board, or a duly authorized committee if applicable, determines
the maximum permitted aggregate monthly savings contribution and
whether options are to be exercisable after five years or seven
years from the date of grant. Offers to apply for options remain
open for a period of 14&nbsp;days. In the past, options have
been offered annually at exercise prices equal to
80&nbsp;percent of the market value, and it is expected that
this practice will continue if the Company&#146;s Stockholders
approve the Share Option Scheme.
</FONT>

<P align="left">
<B><FONT size="2">Participation and Purchase of Stock</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Any eligible employee who applies for an option
under the Share Option Scheme must enter into a United Kingdom
Inland Revenue approved &#147;save as you earn&#148; contract
(the &#147;Savings Contract&#148;) with an
</FONT>

<P align="center"><FONT size="2">23
</FONT>

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<DIV align="left">
<FONT size="2">authorized financial institution. The option
holder agrees to make monthly savings by payroll deduction of a
fixed amount, currently not less than &#163;5 or more than
&#163;250&nbsp;per month, and chooses either a five-year or a
seven-year savings period.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Upon expiration of the Savings Contract, the
option holder will be entitled to interest in the form of a
tax-free bonus in addition to repayment of the savings
contributions. This bonus is the equivalent of further monthly
contributions. The number of additional contributions is fixed
by reference to a formula established by the United Kingdom
Treasury.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Options are normally only exercisable within six
months from the end of the Savings Contract. Options can only be
exercised using the proceeds of the Savings Contract, including
the tax-free bonus. If an option holder does not wish to
exercise, he or she may still benefit from the proceeds of the
Savings Contract including the tax-free bonus.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Options granted under the Share Option Scheme
also become exercisable upon the following events:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">termination of the option holder&#146;s
    employment as a result of death, retirement, injury, disability,
    or redundancy;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">termination of the option holder&#146;s
    employment more than three years after the date of grant of the
    relevant option for any reason;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">if the option holder is a director or employed by
    ADM International or a company it controls, upon that
    entity&#146;s ceasing to be controlled by the Company;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the option holder&#146;s reaching age&nbsp;65;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the acquisition of control of the Company
    pursuant to a tender offer, reconstruction or
    amalgamation;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">if the option holder is a director or employed by
    ADM International or a company it controls, upon a business or
    part of a business of such entity being transferred to a person
    who is neither associated with nor controlled by the Company.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Options generally lapse six months after becoming
exercisable. However, if a participant dies before an option
becomes exercisable, the option will be exercisable for one year
after such participant&#146;s death, and if a participant dies
during the six months after an option becomes exercisable, the
option will be exercisable for one year after the date on which
it became exercisable. Options also lapse upon the option
holder&#146;s being adjudicated bankrupt. If an option holder
does not retire at age&nbsp;65, he or she may exercise any
option within six months following the date such holder attained
that age.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The maximum amount of the option that may be
exercised is the number of shares of Common Stock of the Company
that can be acquired using the proceeds of the Savings Contract
at that time. When an option is exercised only in part, it will
lapse to the extent of the unexercised balance.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If the Company is acquired by another company by
tender offer, reconstruction or amalgamation, that other company
may agree to allow option holders to exchange options granted
under the Share Option Scheme for new options for shares in that
other company or one of its affiliates, so long as the new
options meet certain requirements intended to ensure that they
are equivalent to the old options. The United Kingdom Inland
Revenue must approve such an exchange.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If a resolution for the voluntary winding-up of
the Company is passed, a participant may by written notice to
the Company within six months after the commencement of the
winding-up and on payment of the Savings Contract elect that any
option outstanding on the date of such notice be treated as if
it had been wholly or partly exercised immediately before the
commencement of the winding-up. That participant will then be
entitled to receive a sum equal to the amount he or she would
have received in the winding-up as the holder of such shares of
Common Stock of the Company. Subject to the foregoing, all
options will lapse on the passing of a resolution or making of
an order for the winding-up of the Company.
</FONT>

<P align="center"><FONT size="2">24
</FONT>

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<P align="left">
<B><FONT size="2">Adjustments and Amendments</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Share Option Scheme permits ADM
International&#146;s Board to make appropriate adjustments to
the number of shares of Common Stock of the Company subject to
options under the Share Option Scheme, the exercise price of
options, and the overall limits on shares of Common Stock of the
Company available under the Share Option Scheme, to reflect
stock splits, stock dividends, and other similar events
affecting the shares of the Common Stock of the Company. The
United Kingdom Inland Revenue must approve such adjustment.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Share Option Scheme may be amended by ADM
International&#146;s Board at any time, including in ways that
may increase the costs of the Share Option Scheme to the
Company. However, any &#147;material revision,&#148; as defined
by the NYSE listing standards, or any increase in the number of
shares of Common Stock of the Company available under the plan,
except pursuant to an adjustment described in the preceding
paragraph, must be approved by the Stockholders of the Company.
No amendment to a key feature of the Share Option Scheme
(affecting tax approval) will take effect unless and until
approved by the United Kingdom Inland Revenue. No amendment that
adversely affects participants&#146; rights under options
already granted may take effect without the written consent of
the holders of at least 75% of the outstanding options or the
affirmative vote of a majority of the outstanding options
represented at a meeting of participants, provided that at least
one-third of the outstanding options must be represented at such
meeting in order for the meeting to have a quorum.
</FONT>

<P align="left">
<B><FONT size="2">Tax Consequences</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Share Option Scheme is designed to enable
option holders to receive favorable tax treatment under the tax
laws of the United Kingdom. The following paragraphs provide a
brief summary of these tax benefits for a United Kingdom tax
resident option holder and the employer company respectively.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">For the option holder the principal tax
consequences of the Share Option Scheme are that:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any bonus received under the Savings Contract is
    free of United Kingdom tax;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">no income tax (or social security contributions)
    applies on the grant of an option;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">no income tax (or social security contributions)
    normally arises upon the exercise of an option, provided that
    the exercise takes place within the statutory time limits;
    however, capital gains tax would normally apply to the entire
    gain(the difference between the sales price and exercise price).
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The employer company will be able to claim United
Kingdom corporation tax relief for the difference between the
amount paid by the option holder on the exercise of options and
the market value of the option shares of Common Stock of the
Company on acquisition. This relief is given for the tax period
in which the option holder acquires the shares of Common Stock.
</FONT>

<P align="left">
<B><FONT size="2">New Plan Benefits</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Executive officers, directors, nominees for
election as directors of the Company, or non-ADM International
employees who satisfy the eligibility conditions are eligible to
apply for options under the Share Option Scheme. No person has
received, or is expected to receive, five percent or more of the
options available under the Share Option Scheme. The number of
options granted to all employees as a group under the Share
Option Scheme was 248,511 as of May&nbsp;7, 2004. The number of
options that will be granted to all employees as a group under
the Share Option Scheme on or after May&nbsp;7, 2004 is not
determinable, as such grants are within the discretion of ADM
International&#146;s Board or a committee appointed by it.
However, as noted above, the maximum number of shares of Common
Stock of the Company that may be issued pursuant to options
granted to all employees as a group under the Share Option
Scheme on or after May&nbsp;7, 2004 is 5,000,000, subject to
adjustment and amendment as described above under
&#147;Adjustments and Amendments.&#148;
</FONT>

<P align="center"><FONT size="2">25
</FONT>

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<P align="left">
<B><FONT size="2">Termination</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">No invitations to employees to join the Share
Option Scheme may be issued after November&nbsp;1, 2011, the
twentieth anniversary of its original approval. The Share Option
Scheme may be terminated at any earlier time as may be
determined by ADM International&#146;s Board or a duly
authorized committee. Termination of the Share Option Scheme
will not affect grants made prior to termination. No further
grants will be made after termination. ADM International may
apply for extension of the term of the Share Option Scheme.
</FONT>

<P align="left">
<B><FONT size="2">Voting Requirements</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The affirmative vote of the holders of a majority
of the outstanding shares of Common Stock of the Company present
in person or by proxy and entitled to vote on this item at the
meeting is required for approval of the Share Option Scheme.
Proxies solicited by the Board of Directors will be voted for
approval of the Share Option Scheme unless Stockholders specify
otherwise in their proxies. For this purpose, a Stockholder
voting through a Proxy who abstains with respect to approval of
the Share Option Scheme is considered to be present and entitled
to vote on the approval of the Share Option Scheme at the
meeting, and is casting in effect a negative vote, but a
Stockholder (including a broker) who does not give authority to
a Proxy to vote or withholds authority to vote on the approval
of the Share Option Scheme shall not be considered present and
entitled to vote on the proposal.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If a Stockholder holds its shares in &#147;street
name&#148; through a broker or other nominee, the broker of
nominee may not be permitted to exercise voting discretion with
respect to the Share Option Scheme. Thus, if a Stockholder does
not give its broker or nominee specific instructions, its shares
will not be voted on the Share Option Scheme and will not be
counted in the number of shares necessary for approval.
</FONT>

<P align="left">
<B><FONT size="2">Recommendation</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Board of Directors recommends a vote&nbsp;FOR
approval of the Share Option Scheme.
</FONT>

<P align="left">
<B><FONT size="2">STOCKHOLDER&#146;S PROPOSAL
NO.&nbsp;1</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Community of the Sisters of St. Dominic of
Caldwell, New Jersey, 52 Old Swartswood Station Road, Newton,
New Jersey&nbsp;07860, beneficial owners of 2,293&nbsp;shares of
Common Stock of the Company, as primary filers, in conjunction
with The Sisters of Saint Ursula, 50 Linwood Road, Rhinebeck,
New York 12572, beneficial owners of 5,200&nbsp;shares of Common
Stock of the Company, The Maryknoll Sisters of St. Dominic,
Inc., P.O. Box&nbsp;311, Maryknoll, New York 10545, beneficial
owners of 100&nbsp;shares of Common Stock of the Company, The
School Sisters of Notre Dame Cooperative Investment Fund, 336
East Ripa Avenue, St.&nbsp;Louis, Missouri&nbsp;63125,
beneficial owner of 207&nbsp;shares of Common Stock of the
Company, The Ursuline Sisters of the Eastern Province of the
U.S.&nbsp;Inc, 323 East 198th Street, Bronx, New York 10458,
beneficial owners of 3,600&nbsp;shares of Common Stock of the
Company and The General Board of Pension and Health Benefits of
The United Methodist Church, 1201 Davis Street, Evanston,
Illinois 60201, beneficial owner of 85,498&nbsp;shares of Common
Stock of the Company have notified the Company that they intend
to present the following resolution at the annual meeting. The
Board of Directors and the Company accept no responsibility for
the proposed resolution and supporting statement. <B>The Board
of Directors recommends a vote&nbsp;AGAINST this stockholder
proposal. As required by Securities and Exchange Commission
rules, the resolution and supporting statement are printed
below.</B>
</FONT>

<P align="center">
<B><FONT size="2">Report on Impacts of Genetically Engineered
Food</FONT></B>

<DIV align="center">
<B><FONT size="2">Archer Daniels Midland 2004</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">RESOLVED:</FONT></I><FONT size="2">
Shareholders request that our Board review the Company&#146;s
policies for food products containing genetically engineered
(GE)&nbsp;ingredients and report (at reasonable cost and
omitting proprietary
</FONT>

<P align="center"><FONT size="2">26
</FONT>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left">
<FONT size="2">information) to shareholders within six months of
the annual meeting on the results of the review, including
</FONT>
</DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(i)&nbsp;the extent that the Company&#146;s food
    products are derived from or contain GE ingredients;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(ii)&nbsp;the environmental impacts of continued
    use of GE ingredients in food products sold or manufactured by
    the company.]
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(iii)&nbsp;any contingency plan for sourcing
    non-GE food ingredients should circumstances so require;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(iv)&nbsp;any issues of competitive advantage
    and/or brand name loyalty from use or non-use of GE ingredients.
    </FONT></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">Supporting Statement</FONT></B>

<P align="left">
<I><FONT size="2">Concerns about the impact of genetically
engineered food on humans or the environment include:</FONT></I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The National Academy of Sciences report
<I>Biological Confinement of Genetically Engineered Organisms
(1/ 2004) </I>states that &#147;It is possible that some
engineered genes that confer pest resistance or otherwise
improve a crop plant might contribute to the evolution of
increased weediness in wild relatives&nbsp;&#151; especially if
the genes escape to an organism that already is considered a
weed.&#148;... &#147;Other concerns about transgenic organisms
include their effects on nontarget populations&nbsp;&#151;
including humans&nbsp;&#151; and the potential for transgenes to
disperse and spread before becoming deregulated in particular
regions or nations.&#148; (p.&nbsp;2-3)
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Gone to Seed,</FONT></I><FONT size="2"> a
study by the Union of Concerned Scientists (3/ 2004) found that
genetically engineered DNA is contaminating
U.S.&nbsp;traditional seeds of corn, soybeans and canola and
that if left unchecked could disrupt agricultural trade,
unfairly burden the organic foods industry, and allow hazardous
materials into the food supply.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">FDA does not require safety testing of GE food
products; the producers of GE-products merely have voluntary
safety consultations. It is the developer&#146;s responsibility
to assure that the food is safe.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Weed resistance to the herbicide used widely by
farmers who plant genetically engineered herbicide resistant
crops, is increasing. (Penn State College of Agricultural
Sciences News 5/30/03).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The testing protocol recommended in 2002 by the
Joint UN FAO/ WHO Expert Consultation on Allergenicity of Foods
Derived from Biotechnology has not been used for assessing
GE-crops on the U.S.&nbsp;market.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In December 2002, StarLink corn, not approved for
human consumption, was detected in a U.S.&nbsp;corn shipment to
Japan. StarLink first contaminated U.S.&nbsp;corn supplies in
September 2000, triggering a recall of 300 products.
</FONT>

<P align="left">
<I><FONT size="2">Indicators of market resistance to
GE-foods:</FONT></I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A USDA survey of global attitudes toward GE-wheat
indicated opposition or uncertainty. USDA Foreign Agricultural
Service offices in 17 countries responded negatively, 32
responded with uncertainty, and only&nbsp;4 responded
positively. (Reuters, 03/15/04)
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A Pew Global Attitudes survey (6/2003) indicates
that Western Europeans and Japanese overwhelmingly oppose
GE-foods for health and environmental reasons. In the United
States 55% are opposed according to this survey.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Many of Europe&#146;s larger food retailers
[J.&nbsp;Sainsbury (UK), Carrefour (France&#146;s largest
retailer), Migros (Switzerland&#146;s largest food chain),
Delhaize (Belgium), Marks and Spencer (UK), Superquinn (Ireland)
and Effelunga (Italy)] have committed to removing GE ingredients
from their proprietary products.
</FONT>

<P align="center"><FONT size="2">27
</FONT>

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<P align="left">
<B><FONT size="2">Recommendation of the Board of Directors
Against the Proposal</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The United States Food and Drug Administration
(the &#147;FDA&#148;) is the federal agency primarily
responsible for insuring the safety of food and food
ingredients. These products are also regulated by the United
States Department of Agriculture (&#147;USDA&#148;) and the
Environmental Protection Agency (&#147;EPA&#148;). The FDA, USDA
and EPA have subjected biotechnology products to analysis based
upon sound scientific principles. The Board is not aware that
the FDA, USDA, EPA or any other regulatory agency has found or
believes that food and food ingredients developed by these
techniques, as a class, present any different or greater safety
concerns than food and food ingredients developed from
traditional sources.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Board does not believe the report requested
by the Stockholder proposal can be accurately prepared, given
the current practices of multi-vendor sourcing prevalent in the
United States food distribution system. The Company produces and
markets thousands of different products, and uses large volumes
of various raw materials. We believe it would be difficult and
costly, if not impossible in the absence of federal laws and
regulations, for the Company to require its numerous suppliers
to identify crops and raw materials derived from modern
biotechnology. The Company also believes that the report would
necessarily include confidential information about its products,
and the publication of the information would put the Company at
a competitive disadvantage. Further, while the Company is able
to obtain limited quantities of non-genetically engineered
crops, we believe it would be impractical and financially
irresponsible for a company of Archer-Daniels-Midland
Company&#146;s size and complexity to discontinue merchandising
and processing genetically modified crops.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Archer-Daniels-Midland Company believes that
issues relating to biotechnology should be resolved uniformly by
the FDA, USDA and other appropriate governmental regulatory
agencies. These regulatory agencies can evaluate all aspects of
the issues in a balanced and fully-informed manner, and on the
basis of sound science.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Accordingly, the Board of Directors recommends
that Stockholders vote&nbsp;AGAINST this Stockholder proposal.
Proxies solicited by the Board of Directors will be so voted
unless Stockholders specify a different choice.
</FONT>

<P align="left">
<B><FONT size="2">Deadline for Submission of Stockholder
Proposals</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Proposals of Stockholders intended to be
presented at the next Annual Meeting and desired to be included
in the Company&#146;s Proxy Statement for that meeting must be
received by the Secretary, Archer-Daniels-Midland Company, 4666
Faries Parkway, Decatur, Illinois, 62526-5666, no later than
May&nbsp;25, 2005, in order to be included in such Proxy
Statement. Generally, if written notice of any Stockholder
proposal intended to be presented at the next Annual Meeting,
and not included in the Company&#146;s Proxy Statement for that
meeting, is not delivered to the Secretary at the above address
between August&nbsp;6, 2005 and September&nbsp;5, 2005 (or, if
the next Annual Meeting is called for a date that is not within
the period from October&nbsp;5, 2005 to December&nbsp;4, 2005,
if such notice is not so delivered by the close of business on
the tenth day following the earlier of the date on which notice
of the date of such Annual Meeting is mailed or public
disclosure of the date of such Annual Meeting is made), or if
such notice does not contain the information required by
Section&nbsp;1.4(c) of the Company&#146;s Bylaws, the chair of
the Annual Meeting may declare that such Stockholder proposal be
disregarded.
</FONT>

<P align="center"><FONT size="2">28
</FONT>

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<P align="left">
<B><FONT size="2">Other Matters</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">It is not contemplated or expected that any
business other than that pertaining to the subjects referred to
in this Proxy Statement will be brought up for action at the
meeting, but in the event that other business does properly come
before the meeting calling for a Stockholders&#146; vote, the
named proxies will vote thereon according to their best judgment
in the interest of the Company.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">By Order of the Board of Directors
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">ARCHER-DANIELS-MIDLAND COMPANY
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">D. J. Smith, <I>Secretary</I>
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">September&nbsp;22, 2004
</FONT>

<P align="center"><FONT size="2">29
</FONT>

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<P align="center">
<B><FONT size="2">EXHIBIT &#147;A&#148;</FONT></B>

<P align="center">
<B><FONT size="2">AUDIT COMMITTEE CHARTER</FONT></B>

<P align="left">
<B><FONT size="2">Purpose</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Audit Committee (&#147;Committee&#148;) shall
assist the Board of Directors (the &#147;Board&#148;) in the
oversight of (1)&nbsp;the integrity of the financial statements
of the Company, (2)&nbsp;the independent auditor&#146;s
qualifications and independence, and (3)&nbsp;the performance of
the Company&#146;s internal audit function and independent
auditors, and (4)&nbsp;the Company&#146;s compliance with legal
and regulatory requirements.
</FONT>

<P align="left">
<B><FONT size="2">Organization and Membership</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Committee shall be appointed by the Board and
consist of at least three Directors, each of whom are
independent of management and the Company as defined by the
Bylaws of the Company, the SEC and the New York Stock Exchange
(the &#147;NYSE&#148;). All Committee members shall be
financially literate, or shall become financially literate
within a reasonable period of time after appointment to the
Committee. The Committee shall aspire to have at least one
member who is an &#147;audit committee financial expert&#148; as
such term is defined by the SEC. No Director may serve as a
member of the Committee if such Director serves on the audit
committees of more than two other public companies unless the
Board determines that such simultaneous service would not impair
such Director&#146;s ability to serve effectively on the
Committee. The Board shall designate one member of the Committee
as its Chairman. Directors will serve the Committee at the
pleasure of the Board and for such terms as the Board may
determine. The Committee shall meet at least quarterly and
otherwise as the members of the Committee deem appropriate.
Minutes shall be kept of each meeting of the Committee.
</FONT>

<P align="left">
<B><FONT size="2">Authority and Responsibilities</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Committee shall provide assistance to the
Board in fulfilling its oversight responsibility to the
shareholders relating to the Company&#146;s financial statements
and the financial reporting process, preparation of the
financial reports and other financial information provided by
the Company to any governmental or regulatory body, the systems
of internal accounting and financial controls, the internal
audit function, the annual independent audit of the
Company&#146;s financial statements, and the legal compliance
and ethics programs as established by management and the Board.
The Committee shall assure that the corporate information
gathering and reporting systems developed by management
represent a good faith attempt to provide senior management and
the Board with information regarding material acts, events and
conditions within the Company. The Committee shall be directly
responsible for the appointment, compensation, retention and
oversight of the outside auditors, including the resolution of
any disagreements between management and the outside auditors
regarding financial reporting, and each outside auditor shall
report directly to the Committee. The Committee shall maintain
free and open communication with the outside auditors, the
internal auditors and management of the Company in fulfilling
these responsibilities. In discharging its oversight role, the
Committee is empowered to investigate any matter brought to its
attention with full access to all books, records, facilities,
and personnel of the Company and the power to retain external
counsel or other experts or advisers for this purpose. The
Committee shall approve the fees and other retention terms
related to any such external counsel, experts and advisors
retained by the Committee. In addition, the Committee will
promulgate, and have the authority to assure adherence to,
policies and procedures regarding compliance with the law, the
Company&#146;s procedures for circulating these policies and for
educating employees regarding compliance with these policies.
The Committee shall establish and maintain procedures for the
receipt, retention and treatment of complaints received by the
issuer regarding accounting, internal accounting controls or
auditing matters and the confidential, anonymous submission by
employees of concerns regarding accounting or auditing matters.
The Committee shall perform such other duties and
responsibilities as may be assigned to the Committee by the
Board.
</FONT>

<P align="center"><FONT size="2">A-1
</FONT>

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<P align="left">
<B><FONT size="2">Statement of Processes</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following shall be the principal recurring
processes of the Committee in fulfilling its responsibilities.
These processes are set forth as a guide with the understanding
that the Committee may amend or supplement them as appropriate
and as permitted or required by applicable laws.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">1.&nbsp;The Committee shall have a clear
understanding with management and the outside auditors that the
outside auditors are ultimately accountable to the Committee, as
representatives of the Company&#146;s Board and shareholders.
The Committee shall be responsible for ensuring that the outside
auditors submit on a periodic basis to the Committee a formal
written statement delineating all relationships between the
outside auditors (and its affiliated auditors) and the Company
consistent with Independence Standards Board Standard
No.&nbsp;1. The Committee shall engage in a dialogue with the
outside auditors with respect to any disclosed relationships or
services that may impact the objectivity and independence of the
outside auditors and shall take appropriate action in response
to the outside auditors&#146; report to satisfy itself of the
outside auditors&#146; independence. The Committee shall also be
responsible for obtaining from the outside auditors any reports
required of outside auditors under NYSE listing standards and
for reviewing such reports.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.&nbsp;The Committee shall approve in advance
all audit and non-audit services proposed to be provided by the
outside auditors and, with respect to non-audit services, shall
only approve those services that do not meet the definition of
prohibited non-audit services under applicable laws and
regulations. This pre-approval requirement shall be subject to
applicable <I>de&nbsp;minimus </I>exceptions and shall permit
the Committee to delegate the power to grant pre-approvals to
subcommittees consisting of one or more members of the
Committee; provided that such subcommittee pre-approvals are
presented to the full Committee at its next scheduled meeting.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">3.&nbsp;The Committee shall recommend to the
Board clear hiring policies for employees or former employees of
the Company&#146;s outside auditors and shall assure regular
rotation of partners involved in the audit of the Company&#146;s
financial statements as required by applicable laws and
regulations.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">4.&nbsp;The Committee shall have the ultimate
authority and responsibility to evaluate and, where appropriate,
replace the outside auditors. Annually, the Committee shall
review and make the selection of the Company&#146;s outside
auditors.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">5.&nbsp;The Committee shall discuss with the
internal auditors and the outside auditors the overall scope and
plans for their respective audits including the adequacy of
staffing and compensation. Also, the Committee shall discuss
with management, the internal auditors, and the outside auditors
the adequacy and effectiveness of the accounting and financial
controls, including the Company&#146;s system to monitor and
manage business risk, and legal and ethical compliance programs.
The Committee shall review with the outside auditors any audit
problems or difficulties and management&#146;s response thereto.
Further, the Committee shall meet separately with the internal
auditors and the outside auditors, with and without management
present, to discuss the results of their examinations.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">6.&nbsp;The Committee will require senior
corporate officers to report to the Committee on a regular basis
regarding education concerning, and compliance with, the
Company&#146;s policies and procedures and all federal and
state&nbsp;laws.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">7.&nbsp;The Committee will report regularly to
the Board regarding the effectiveness of the Company&#146;s
policies and procedures.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">8.&nbsp;The Committee shall review the interim
financial statements, including the Company&#146;s disclosures
under &#147;Management&#146;s Discussion and Analysis of
Financial Condition and Results of Operations&#148;, with
management and the outside auditors, both separately and
together, prior to the filing of the Company&#146;s Quarterly
Report on Form&nbsp;10-Q in accordance with SAS No.&nbsp;61 and
on a general basis. The Committee shall discuss the results of
the quarterly review and any other matters required to be
communicated to the Committee by the outside auditors under SAS
No.&nbsp;61, and shall also discuss with the outside auditors the
</FONT>

<P align="center"><FONT size="2">A-2
</FONT>

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<DIV align="left">
<FONT size="2">sufficiency of the Company&#146;s internal
controls. The Committee shall receive information from
management about any significant deficiencies or material
weaknesses in the design or operation of internal controls.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">9.&nbsp;The Committee shall review with
management and the outside auditors, both separately and
together, the financial statements, including the Company&#146;s
disclosures under &#147;Management&#146;s Discussion and
Analysis of Financial Condition and Results of Operations&#148;,
to be included in the Company&#146;s Annual Report on
Form&nbsp;10-K (or the annual report to shareholders if
distributed prior to the filing of Form&nbsp;10-K), including
their judgment about the quality, not just acceptability, of all
critical accounting principles and practices, the reasonableness
of significant judgments, any alternative treatments discussed
with management and the impact of such alternative treatments,
the clarity of the disclosures in the financial statements, and
approve if appropriate major changes to the Company&#146;s
internal auditing and accounting principles and practices. Also,
the Committee shall discuss the results of the annual audit, the
sufficiency of the Company&#146;s internal controls and any
other matters required to be communicated to the Committee by
the outside auditors under generally accepted auditing standards.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">10.&nbsp;The Committee shall review and discuss
generally with management the Company&#146;s policies regarding
earnings press releases, including the use of any non-GAAP
financial measures.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">11.&nbsp;The Committee shall prepare the report
to be included in the Company&#146;s annual proxy statement as
required by the rules of the Securities and Exchange Commission
(the&nbsp;&#147;SEC&#148;).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">12.&nbsp;The Committee shall annually review its
own performance.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">13.&nbsp;All actions of the Committee shall be
regularly reported to the Board or submitted to the Board for
ratification.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">14.&nbsp;The Committee shall review and reassess
the adequacy of this Charter at least annually and recommend any
proposed changes to the Board for approval. Decisions by the
Board regarding the content and application of these
requirements shall be&nbsp;final.
</FONT>

<P align="center"><FONT size="2">A-3
</FONT>

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<P align="center">
<B><FONT size="2">ARCHER-DANIELS-MIDLAND COMPANY</FONT></B>

<DIV align="center">
<B><FONT size="2">2002 INCENTIVE COMPENSATION PLAN</FONT></B>
</DIV>

<P align="left">
<B><FONT size="2">Article&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Establishment,
Objectives, and Duration</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">1.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Establishment
of the Plan</I>. Archer-Daniels-Midland Company, a Delaware
corporation (hereinafter referred to as the
&#147;Company&#148;), hereby establishes an incentive
compensation plan to be known as the
&#147;Archer-Daniels-Midland Company 2002 Incentive Compensation
Plan&#148; (hereinafter referred to as the &#147;Plan&#148;), as
set forth in this document. The Plan permits the grant of
Nonqualified Stock Options, Incentive Stock Options, Stock
Appreciation Rights, Restricted Stock, Performance Shares,
Performance Units, and Cash-Based Awards. Subject to approval by
the Company&#146;s Stockholders, the Plan shall become effective
as of December&nbsp;1, 2002 (the &#147;Effective Date&#148;) and
shall remain in effect as provided in Section&nbsp;1.3 hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">1.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Objectives
of the Plan</I>. The objectives of the Plan are to optimize the
profitability and growth of the Company through annual and
long-term incentives which are consistent with the
Company&#146;s goals and which link the personal interests of
Participants to those of the Company&#146;s Stockholders; to
provide Participants with an incentive for excellence in
individual performance; and to promote teamwork among
Participants. The Plan is further intended to provide
flexibility to the Company in its ability to motivate, attract,
and retain the services of Participants who make significant
contributions to the Company&#146;s success and to allow
Participants to share in the success of the Company.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">1.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Duration of
the Plan</I>. The Plan shall commence on the Effective Date, as
described in Section&nbsp;1.1 hereof, and shall remain in
effect, subject to the right of the Board of Directors to amend
or terminate the Plan at any time pursuant to Article&nbsp;15
hereof, until all Shares subject to it shall have been
distributed according to the Plan&#146;s provisions. However, in
no event may an ISO be granted under the Plan more than ten
years after the Effective Date.
</FONT>

<P align="left">
<B><FONT size="2">Article&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definitions</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Whenever used in the Plan, the following terms
shall have the meanings set forth below, and when the meaning is
intended, the initial letter of the word shall be capitalized:
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Affiliate&#148;
shall mean an &#147;affiliate&#148; of the Company, within the
meaning of such term under Rule&nbsp;12b-2 of the General Rules
and Regulations of the Exchange Act.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Award&#148;
means, individually or collectively, a grant under this Plan of
Nonqualified Stock Options, Incentive Stock Options, Stock
Appreciation Rights, Restricted Stock, Performance Shares,
Performance Units, or a Cash-Based Award.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Award
Agreement&#148; means an agreement entered into by the Company
and each Participant setting forth the terms and provisions
applicable to an Award granted under this Plan.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Beneficial
Owner&#148; or &#147;Beneficial Ownership&#148; shall have the
meaning ascribed to such term in Rule&nbsp;13d-3 of the General
Rules and Regulations under the Exchange Act.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Board&#148;
or &#147;Board of Directors&#148; means the Board of Directors
of the Company.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Cash-Based
Award&#148; means an Award granted to a Participant, as
described in Article&nbsp;9 herein.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Change of
Control&#148; means either:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;A Person other than the Company or a
    Subsidiary of the Company acquires Beneficial Ownership,
    directly or indirectly, of thirty-percent (30%) or more of
    either (i)&nbsp;the then outstanding shares of Company common
    stock, or (ii)&nbsp;the combined voting power of the
    Company&#146;s then
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">1
</FONT>

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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">outstanding securities entitled to vote generally
    in the election of directors (&#147;Voting Securities&#148;),
    provided that the following will not constitute a Change of
    Control under this subsection&nbsp;(a):
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(i)&nbsp;Any acquisition directly from the
    Company (excluding any acquisition resulting from the exercise
    of a conversion or exchange privilege with respect to
    outstanding convertible or exchangeable securities unless such
    convertible or exchangeable securities were acquired directly
    from the Company);
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(ii)&nbsp;Any acquisition by any employee benefit
    plan (or related trust) sponsored or maintained by the Company
    or one or more of its Subsidiaries;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(iii)&nbsp;Any acquisition by any corporation
    with respect to which, immediately following such acquisition,
    more than 60% of, respectively, the then outstanding shares of
    common stock of such corporation and the combined voting power
    of the then outstanding voting securities of such corporation
    entitled to vote generally in the election of directors is then
    Beneficially Owned, directly or indirectly, by all or
    substantially all of the persons who were the Beneficial Owners,
    respectively, of the outstanding Company common stock and Voting
    Securities immediately prior to such acquisition in
    substantially the same proportions as their ownership,
    immediately prior to such acquisition, of the outstanding
    Company common stock and Voting Securities, as the case may be;
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;Approval by the stockholders of the
    Company of (i)&nbsp;the complete dissolution or liquidation of
    the Company, or (ii)&nbsp;the sale or other disposition of all
    or substantially all of the assets of the Company (in one or a
    series of transactions), other than to a corporation with
    respect to which, immediately following such sale or other
    disposition, more than 60% of, respectively, the then
    outstanding shares of common stock of such corporation and the
    combined voting power of the then outstanding voting securities
    of such corporation entitled to vote generally in the election
    of directors is then Beneficially Owned, directly or indirectly,
    by all or substantially all of the persons who were the
    Beneficial Owners, respectively, of the outstanding Company
    common stock and Voting Securities immediately prior to such
    sale or other disposition in substantially the same proportions
    as their ownership, immediately prior to such sale or other
    disposition, of the outstanding Company common stock and Voting
    Securities, as the case may be;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)&nbsp;The consummation of a reorganization,
    merger or consolidation of the Company (other than a merger or
    consolidation with a subsidiary of the Company) or a statutory
    exchange of outstanding Voting Securities of the Company, unless
    immediately following such reorganization, merger, consolidation
    or exchange, all or substantially all of the persons who were
    the beneficial owners, respectively, of the outstanding Company
    common stock and Voting Securities immediately prior to such
    reorganization, merger, consolidation or exchange Beneficially
    Own, directly or indirectly, more than 60% of, respectively, the
    then outstanding shares of common stock and the combined voting
    power of the then outstanding voting securities entitled to vote
    generally in the election of directors, as the case may be, of
    the corporation resulting from such reorganization, merger,
    consolidation or exchange in substantially the same proportions
    as their ownership, immediately prior to such reorganization,
    merger, consolidation or exchange, of the outstanding Company
    common stock and Voting Securities, as the case may be;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(d)&nbsp;A majority of the members of the Board
    of Directors of the Company are not Continuing Directors, with
    the term &#147;Continuing Directors&#148; meaning (i)&nbsp;the
    members of the Board as of the Effective Date, and (ii)&nbsp;any
    individual who becomes a member of the Board after such date
    whose election, or nomination for election by the shareholders
    of the Company, was approved by the vote of at least two-thirds
    of the then Continuing Directors, but excluding any individual
    whose initial assumption of office as a director of the Company
    occurs as a result of an actual or threatened election contest
    with respect to the election or removal of directors or other
    actual or threatened solicitation of proxies or consents by or
    on behalf of any person other than the Board; or
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">2
</FONT>

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<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(e)&nbsp;Adoption by the Board of a resolution to
    the effect that any Person has acquired effective control of the
    business and affairs of the Company.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Code&#148;
means the Internal Revenue Code of 1986, as amended from time to
time.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Committee&#148;
means the Compensation Committee of the Board of Directors,
which shall consist of two or more directors all of whom shall
satisfy the requirements for an &#147;outside director&#148;
under Code Section&nbsp;162(m) and/or a &#147;non-employee
director&#148; within the meaning of Rule&nbsp;16b-3 of the
Exchange Act; provided, however, that as to any
Section&nbsp;162(m) Award, if any member of the Compensation
Committee shall not satisfy such &#147;outside director&#148;
requirements, &#147;Committee&#148; means a subcommittee (of two
or more persons) of the Compensation Committee consisting of all
members thereof who satisfy such &#147;outside director&#148;
requirement. Notwithstanding the foregoing, for purposes of
making and administering all Option grants made by an officer or
officers of the Company pursuant to the delegation provided for
in paragraph 6.1 below, the Committee shall consist of the
officer or officers to whom such delegation has been made,
acting together or individually, unless otherwise specified by
the Board of Directors.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Company&#148;
means Archer-Daniels-Midland Company, a Delaware corporation,
and any successor thereto as provided in Article&nbsp;18 herein.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Covered
Employee&#148; means a Participant who, in the sole judgement of
the Committee, may be treated as a &#147;covered employee&#148;
under Code Section&nbsp;162(m) at the time income is recognized
by such Participant in connection with an Award that is intended
to qualify for the Performance-Based Exception.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Date of
Grant&#148; shall mean the date on which an Award under the Plan
is approved by the Committee or such later effective date for
such Award as the Committee may specify.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Disability&#148;
shall have the meaning ascribed to such term in the
Participant&#146;s governing long-term disability plan or, if no
such plan exists, at the discretion of the Committee.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Effective
Date&#148; shall have the meaning ascribed to such term in
Section&nbsp;1.1 hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Employee&#148;
means any person who is an employee of the Company, any
Affiliate or any Subsidiary; provided, however, that with
respect to ISOs, &#147;Employee&#148; means any person who is
considered an employee of the Company or any Subsidiary for
purposes of Treasury Regulation&nbsp;1.421-7(h).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Exchange
Act&#148; means the Securities Exchange Act of 1934, as amended
from time to time, or any successor act thereto.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Fair
Market Value&#148; on any date shall be determined on the basis
of the closing sale price on the trading date immediately prior
to such date on the principal securities exchange on which the
Shares are traded or, if there is no such sale on the relevant
date, then on the last previous day on which a sale was reported.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Freestanding
SAR&#148; means a SAR that is granted independently of any
Options, as described in Article&nbsp;7 herein.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Incentive
Stock Option&#148; or &#147;ISO&#148; means an option to
purchase Shares granted under Article&nbsp;6 herein and which is
designated as an Incentive Stock Option and which is intended to
meet the requirements of Code Section&nbsp;422.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Nonqualified
Stock Option&#148; or &#147;NQSO&#148; means an option to
purchase Shares granted under Article&nbsp;6 herein and which is
not intended to meet the requirements of Code Section&nbsp;422.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Option&#148;
means an Incentive Stock Option or a Nonqualified Stock Option,
as described in Article&nbsp;6 herein.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.22.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Option
Price&#148; means the price at which a Share may be purchased by
a Participant pursuant to an Option.
</FONT>

<P align="center"><FONT size="2">3
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.23.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Participant&#148;
means an Employee who has been selected to receive an Award or
who has outstanding an Award granted under the Plan.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.24.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Performance-Based
Exception&#148; means the performance-based exception from the
tax deductibility limitations of Code Section&nbsp;162(m).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.25.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Performance
Share&#148; means an Award granted to a Participant, as
described in Article&nbsp;9 herein.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.26.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Performance
Unit&#148; means an Award granted to a Participant, as described
in Article&nbsp;9 herein.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.27.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Period
of Restriction&#148; means the period during which the transfer
of Shares of Restricted Stock is limited in some way and the
Shares are subject to a risk of forfeiture, as provided in
Article&nbsp;8 herein.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.28.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Person&#148;
shall have the meaning ascribed to such term in
Section&nbsp;3(a)(9) of the Exchange Act and used in
Sections&nbsp;13(d) and 14(d) thereof, including a
&#147;group&#148; as defined in Section&nbsp;13(d) thereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.29.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Restricted
Stock&#148; means an Award granted to a Participant pursuant to
Article&nbsp;8 herein.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.30.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Retirement&#148;
shall mean &#147;early retirement&#148; or &#147;normal
retirement&#148; within the meaning of such terms under the ADM
Retirement Plan.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.31.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Section&nbsp;162(m)
Award&#148; means an Award to a Covered Employee intended to
qualify for the Performance-Based Exception.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.32.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Shares&#148;
means the shares of common stock of the Company, without par
value.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.33.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Stock
Appreciation Right&#148; or &#147;SAR&#148; means an Award,
granted alone or in connection with a related Option, designated
as a SAR, pursuant to the terms of Article&nbsp;7 herein.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.34.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Subsidiary&#148;
means any corporation, partnership, joint venture, or other
entity in which the Company has a majority voting interest;
provided, however, that with respect to ISOs, the term
&#147;Subsidiary&#148; shall include only an entity that
qualifies under Code Section&nbsp;424(f) as a &#147;subsidiary
corporation&#148; with respect to the Company.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.35.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Tandem
SAR&#148; means a SAR that is granted in connection with a
related Option pursuant to Article&nbsp;7 herein, the exercise
of which shall require forfeiture of the right to purchase a
Share under the related Option (with a similar cancellation of
the Tandem SAR when a Share is purchased under the Option).
</FONT>

<P align="left">
<B><FONT size="2">Article&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">3.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Committee
Members</I>. The Plan shall be administered by the Committee.
The members of the Committee shall be appointed by and serve at
the pleasure of the Board. The Committee shall have such powers
and authority as may be necessary or appropriate for the
Committee to carry out its functions as described in the Plan.
No member of the Committee shall be liable for any action or
determination made in good faith by the Committee with respect
to the Plan or any Award thereunder.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">3.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Discretionary
Authority.</I> Subject to the express limitations of the Plan,
the Committee shall have authority in its discretion to
determine the Employees to whom, and the time or times at which,
Awards may be granted, the number of Shares, units or other
rights subject to each Award, the Option Price or purchase price
of an Award (if any), the time or times at which an Award will
become vested, exercisable or payable, the performance measure,
performance goals and other conditions of an Award, the duration
of the Award, and all other terms of an Award. The Committee
shall also have discretionary authority to interpret the Plan,
to make all factual determinations under the Plan, and to make
all other determinations necessary or advisable for Plan
administration. The Committee may prescribe, amend, and rescind
rules and regulations relating to the Plan. All interpretations,
determinations, and actions by the Committee shall be final,
conclusive, and binding upon all parties.
</FONT>

<P align="center"><FONT size="2">4
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">3.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Action by
the Committee. </I>A majority of the members of the Committee
shall constitute a quorum for any meeting of the Committee, and
the act of a majority of the members present at any meeting at
which a quorum is present or the act approved in writing by a
majority of all the members of the Committee shall be the act of
the Committee. In the performance of their duties under this
Plan, the Committee members shall be entitled to rely upon
information and advice furnished by the Company&#146;s officers,
employees, accountants or counsel, or any executive compensation
consultant or other professional retained by the Company or the
Committee to assist in the administration of this Plan.
</FONT>

<P align="left">
<B><FONT size="2">Article&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares
Subject to the Plan and Maximum Awards</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">4.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Number of
Shares Available for Grants.</I> Subject to adjustment as
provided in Section&nbsp;4.2 herein, the number of Shares hereby
reserved for issuance to Participants under the Plan shall be
twenty-five million (25,000,000), no more than ten million
(10,000,000) of which may be granted in the form of Restricted
Stock. The Shares to be delivered under the Plan will be made
available from authorized but unissued Shares or issued Shares
that are held in the Company&#146;s treasury. To the extent that
any Award payable in Shares is forfeited, cancelled, returned to
the Company for failure to satisfy vesting requirements or upon
the occurrence of other forfeiture events, or otherwise
terminates without payment being made thereunder, Shares covered
thereby will no longer be charged against the foregoing maximum
Share limitations and may again be made subject to Awards under
the Plan pursuant to such limitations. If a Tandem SAR is
granted, then the Tandem SAR and the related Option shall be
counted as covering only the number of Shares subject to the
related Option for purposes of applying the limitations of this
Section&nbsp;4.1.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Subject to adjustments as provided in
Section&nbsp;4.2 herein, the following rules shall apply to
grants of such Awards under the Plan:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;<I>Stock Options:</I> The maximum
    aggregate number of Shares that may be covered by Stock Options,
    pursuant to Awards granted in any one fiscal year to any one
    single Participant, shall be one million (1,000,000).
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;<I>SARs:</I> The maximum aggregate
    number of Shares that may be covered by Stock Appreciation
    Rights, pursuant to Awards granted in any one fiscal year to any
    one single Participant, shall be one million (1,000,000).
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)&nbsp;<I>Restricted Stock:</I> The maximum
    aggregate number of Shares that may be covered by Awards of
    Restricted Stock granted in any one fiscal year to any
    Participant shall be Five Hundred Thousand (500,000).
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(d)&nbsp;<I>Performance Shares:</I> The maximum
    aggregate number of Shares that may be covered by Awards of
    Performance Shares granted in any one fiscal year to any
    Participant shall be Five Hundred Thousand (500,000).
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(e)&nbsp;<I>Performance Units:</I> The maximum
    aggregate payout (determined as of the end of the applicable
    performance period) with respect to Performance Units granted in
    any one fiscal year to any one Participant shall be Two Million
    Dollars ($2,000,000).
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(f)&nbsp;<I>Cash-Based Awards:</I> The maximum
    aggregate payout (determined as of the end of the applicable
    performance period) with respect to Cash-Based Awards granted in
    any one fiscal year to any one Participant shall be Two Million
    Dollars ($2,000,000).
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">4.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Adjustments
in Shares.</I> If there shall occur any recapitalization,
reclassification, stock dividend, stock split, reverse stock
split, or other distribution with respect to the Shares, or any
merger, consolidation, reorganization or other change in
corporate structure affecting the Shares, the Committee may, in
the manner and to the extent that it deems appropriate and
equitable to the Participants and consistent with the terms of
this Plan, and subject to Article&nbsp;19 hereof, cause an
adjustment to be made in (i)&nbsp;the maximum number and kind of
securities subject to and available for Awards as provided in
Section&nbsp;4.1 hereof, (ii)&nbsp;the number and kind of
securities, units, cash or other rights subject to then
</FONT>

<P align="center"><FONT size="2">5
</FONT>

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<DIV align="left">
<FONT size="2">outstanding Awards, (iii)&nbsp;the Option Price
or purchase price applicable to then outstanding Awards,
(iv)&nbsp;the performance targets or goals applicable to any
outstanding Awards, or (v)&nbsp;any other terms of an Award that
are affected by the event. Notwithstanding the foregoing, in the
case of ISOs, any such adjustments shall be made in a manner
consistent with the requirements of Code Section&nbsp;424(a)
and, in the case of a Section&nbsp;162(m) Award, in a manner
consistent with the requirements of Code Section&nbsp;162(m).
</FONT>
</DIV>

<P align="left">
<B><FONT size="2">Article&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eligibility
and Participation</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">5.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Eligibility.</I>
Persons eligible to participate in this Plan include all
Employees.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">5.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Participation.</I>
Subject to the provisions of the Plan, the Committee may, from
time to time, select from all eligible Employees, those to whom
Awards shall be granted and shall determine the nature and
amount of each Award.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Award
Agreements.</I> Each Award will be evidenced by an Award
Agreement setting forth the terms, conditions and restrictions,
as determined by the Committee, which will apply to such Award,
in addition to the terms and conditions specified in this Plan.
Acceleration of the vesting or exercisability schedule of an
Award and of the expiration of the applicable term of the Award
is permitted upon such terms and conditions as shall be set
forth in the Award Agreement, which may include acceleration
resulting from the occurrence of a Change of Control.
</FONT>

<P align="left">
<B><FONT size="2">Article&nbsp;6. Stock Options</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">6.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Grant of
Options.</I> Subject to the terms and provisions of the Plan,
Options may be granted to Participants in such number, and upon
such terms, and at any time and from time to time as shall be
determined by the Committee and such officer or officers of the
Company who have been delegated the authority to grant and
administer Options by the Board of Directors. Notwithstanding
the foregoing, officers delegated the authority to grant Options
pursuant to this Plan shall not have authority to grant Options
to themselves or to any employee of the Company who is subject
to the requirements of Section&nbsp;16 of the Exchange Act.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">6.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Award
Agreement.</I> Each Option grant shall be evidenced by an Award
Agreement that shall specify the Option Price, the duration of
the Option, the number of Shares to which the Option pertains,
provisions for vesting and exercisability, and such other
provisions as the Committee shall determine. The Award Agreement
also shall specify whether the Option is intended to be an ISO
or a NQSO.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">6.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Option
Price.</I> The Option Price for each grant of an Option under
this Plan shall be at least equal to one hundred percent (100%)
of the Fair Market Value of a Share on the Date of Grant.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">6.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Duration of
Options.</I> Each Option granted to a Participant shall expire
at such time as the Committee shall determine at the time of
grant; provided, however, that no Option shall be exercisable
later than one day prior to the tenth (10th) anniversary date of
its grant.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">6.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Exercise of
Options.</I> Options granted under this Article&nbsp;6 shall be
exercisable at such times and be subject to such restrictions
and conditions as the Committee shall in each instance approve,
which need not be the same for each grant or for each
Participant. Notwithstanding the foregoing, the Committee may at
any time, or upon the occurrence of any events specified by the
Committee in an Award Agreement, accelerate a Participant&#146;s
right to exercise an Option.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">6.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Payment.</I>
Options granted under this Article&nbsp;6 shall be exercised by
the delivery of a written notice of exercise to the Company,
setting forth the number of Shares with respect to which the
Option is to be exercised, accompanied by full payment for the
Shares. The Option Price upon exercise of any Option shall be
payable to the Company in full either: (a)&nbsp;in cash or its
equivalent, or (b)&nbsp;by tendering, either by actual delivery
of Shares or by attestation, previously acquired Shares having
an aggregate Fair Market Value at the time of exercise equal to
the total Option Price (provided that the Shares which are
tendered must have been held by the Participant for at least six
(6)&nbsp;months prior to their tender to satisfy
</FONT>

<P align="center"><FONT size="2">6
</FONT>

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<DIV align="left">
<FONT size="2">the Option Price), or (c)&nbsp;by a combination
of&nbsp;(a) and&nbsp;(b). The Committee also may allow payment
of the Option Price in the form of an authorization to the
Company to withhold from the total number of Shares as to which
the Option is being exercised the number of Shares having a Fair
Market Value on the date of exercise equal to the aggregate
Option Price for the total number of Shares as to which the
Option is being exercised, an irrevocable authorization to a
third party with which the Participant has a brokerage or
similar relationship to sell the Shares (or a sufficient portion
of such Shares) acquired upon the exercise of the Option and
remit to the Company a portion of the sale proceeds sufficient
to pay the entire Option Price to the Company, or by any other
means which the Committee determines to be consistent with the
Plan&#146;s purpose and applicable law. Subject to any governing
rules or regulations, as soon as practicable after receipt of a
written notification of exercise and full payment, the Company
shall deliver to the Participant, in the Participant&#146;s
name, Share certificates in an appropriate amount based upon the
number of Shares purchased under the Option(s).
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">6.7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Additional
Rules for Incentive Stock Options.</I>
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;No ISO shall be granted to a Participant
    as a result of which the aggregate Fair Market Value (determined
    as of the Date of the Grant) of the stock with respect to which
    ISOs are exercisable for the first time in any calendar year
    under the Plan and any other stock option plans of the Company,
    any Subsidiary, or any parent corporation, would exceed the
    maximum amount permitted under Code Section&nbsp;422(d). This
    limitation shall be applied by taking Options into account in
    the order in which granted.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;If Shares acquired by exercise of an ISO
    are disposed of within two years following the Date of Grant or
    one year following the transfer of such Shares to the
    Participant upon exercise, the Participant shall, promptly
    following such disposition, notify the Company in writing of the
    date and terms of such disposition and provide such other
    information regarding the disposition as the Committee may
    reasonably require.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)&nbsp;Any ISO granted hereunder shall contain
    such additional terms and conditions, not inconsistent with the
    terms of this Plan, as are deemed necessary or desirable by the
    Committee, which terms, together with the terms of this Plan,
    shall be intended and interpreted to cause such ISO to qualify
    as an &#147;incentive stock option&#148; under Code
    Section&nbsp;422. Such terms shall include, if applicable,
    limitations on ISOs granted to ten-percent owners of the
    Company. An Award Agreement for an ISO may provide that such
    Option shall be treated as a NQSO to the extent that certain
    requirements applicable to &#147;incentive stock options&#148;
    under the Code shall not be satisfied.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">6.8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Restrictions
on Share Transferability.</I> The Committee may impose such
restrictions on any Shares acquired pursuant to the exercise of
an Option granted under this Article&nbsp;6 as it may deem
advisable, including, without limitation, restrictions under
applicable federal securities laws, under the requirements of
any stock exchange or market upon which such Shares are then
listed and/or traded, and under any blue sky or state securities
laws applicable to such Shares.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">6.9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Termination
of Employment.</I> The Participant shall have the right to
exercise the vested portion of an Option only while such
Participant is an Employee, or within three months after such
Participant ceases to be an Employee; provided, however, that in
the event the employment of the Participant is terminated on
account of the Participant&#146;s death, the Participant&#146;s
personal representatives, heirs or legatees shall have the right
to exercise the vested portion of any Option held by the
Participant at the time of his or her death for one year
following the date of death.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">6.10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Nontransferability
of Options.</I>
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;<I>Incentive Stock Options.</I> No ISO
    granted under the Plan may be sold, transferred, pledged,
    assigned, or otherwise alienated or hypothecated, other than by
    will or by the laws of descent and distribution. Further, all
    ISOs granted to a Participant under the Plan shall be
    exercisable during his or her lifetime only by such Participant.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">7
</FONT>

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<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;<I>Nonqualified Stock Options.</I>
    Except as otherwise provided in a Participant&#146;s Award
    Agreement in accordance with the terms provided below, no NQSO
    granted under this Article&nbsp;6 may be sold, transferred,
    pledged, assigned, or otherwise alienated or hypothecated, other
    than by will or by the laws of descent and distribution or
    pursuant to a qualified domestic relations order as defined in
    the Code or Title&nbsp;1 of the Employee Retirement Income
    Security Act or the rules thereunder. No NQSOs granted to a
    Participant under this Article&nbsp;6 shall be exercisable
    during his or her lifetime by anyone other than such
    Participant. Notwithstanding the foregoing, an Award Agreement
    for a NQSO may provide that the Participant shall be permitted,
    during his or her lifetime and subject to the prior approval of
    the Committee at the time of proposed transfer, to transfer all
    or part of the Option to a member or members of his or her
    immediate family (as defined in the Award Agreement in a manner
    consistent with the requirements for the Form&nbsp;S-8
    registration statement) or to one or more trusts for the benefit
    of such family members or partnerships in which such family
    members are the only partners. Any such transfer shall be
    subject to the condition that it is made by the Participant for
    estate planning, tax planning, or donative purposes, and no
    consideration (other than interests in family-related entities
    to which the transfer is made) is received by the Participant
    therefore. The transfer of a NQSO may be subject to such other
    terms and conditions as the Committee may in its discretion
    impose from time to time, including a condition that the portion
    of the Option to be transferred be vested and exercisable by the
    Participant at the time of the transfer. Subsequent transfers of
    an Option shall be prohibited other than by will or the laws of
    descent and distribution upon the death of the transferee.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">Article&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock
Appreciation Rights</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">7.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Grant of
SARs.</I> Subject to the terms and conditions of the Plan, SARs
may be granted to Participants at any time and from time to time
as shall be determined by the Committee. The Committee may grant
Freestanding SARs, Tandem SARs, or any combination of these
forms of SAR. The Committee shall have complete discretion in
determining the number of SARs granted to each Participant
(subject to Article&nbsp;4 herein) and, consistent with the
provisions of the Plan, in determining the terms and conditions
pertaining to such SARs. The base price of a Freestanding SAR
shall equal the Fair Market Value of a Share on the Date of
Grant of the SAR. The base price of Tandem SARs shall equal the
Option Price of the related Option.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">7.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Exercise of
Tandem SARs.</I> Tandem SARs may be exercised for all or part of
the Shares subject to the related Option upon the surrender of
the right to exercise the equivalent portion of the related
Option. A Tandem SAR may be exercised only with respect to
Shares for which its related Option is then exercisable.
Notwithstanding any other provision of this Plan to the
contrary, with respect to a Tandem SAR granted in connection
with an ISO: (i)&nbsp;the Tandem SAR will expire no later than
the expiration of the underlying ISO; (ii)&nbsp;the value of the
payout with respect to the Tandem SAR may be for no more than
one hundred percent (100%) of the difference between the Option
Price of the underlying ISO and the Fair Market Value of the
Shares subject to the underlying ISO at the time the Tandem SAR
is exercised; and (iii)&nbsp;the Tandem SAR may be exercised
only when the Fair Market Value of the Shares subject to the ISO
exceeds the Option Price of the ISO.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">7.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Exercise of
Freestanding SARs.</I> Freestanding SARs may be exercised upon
whatever terms and conditions the Committee, in its sole
discretion, imposes upon them.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">7.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>SAR
Agreement.</I> Each SAR grant shall be evidenced by an Award
Agreement that shall specify the base price, the term of the
SAR, and such other provisions as the Committee shall determine.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">7.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Term of
SARs.</I> The term of a SAR granted under the Plan shall be
determined by the Committee, in its sole discretion; provided,
however, that such term shall not exceed ten&nbsp;(10) years.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">7.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Payment of
SAR Amount.</I> Upon exercise of a SAR, a Participant shall be
entitled to receive payment from the Company in an amount
determined by multiplying: (i)&nbsp;the difference between the
Fair Market Value of a Share on the date of exercise over the
base price; by (ii)&nbsp;the number of Shares with respect to
which the SAR is exercised. At the discretion of the Committee,
the payment upon SAR
</FONT>

<P align="center"><FONT size="2">8
</FONT>

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<DIV align="left">
<FONT size="2">exercise may be in cash, in Shares of equivalent
value, or in some combination thereof. The Committee&#146;s
determination regarding the form of SAR pay out shall be set
forth in the Award Agreement pertaining to the grant of the SAR.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">7.7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Termination
of Employment.</I> The Participant shall have the right to
exercise the vested portion of a SAR only while such Participant
is an Employee, or within three months after such Participant
ceases to be an Employee; provided, however, that in the event
the employment of the Participant is terminated on account of
the Participant&#146;s death, the Participant&#146;s personal
representatives, heirs or legatees shall have the right to
exercise the vested portion of any SAR held by the Participant
at the time of his or her death for one year following the date
of death.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">7.8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Nontransferability
of SARs.</I> Except as otherwise provided in a
Participant&#146;s Award Agreement, no SAR granted under the
Plan may be sold, transferred, pledged, assigned, or otherwise
alienated or hypothecated, other than by will or by the laws of
descent and distribution. Further, except as otherwise provided
in a Participant&#146;s Award Agreement, all SARs granted to a
Participant under the Plan shall be exercisable during his or
her lifetime only by such Participant.
</FONT>

<P align="left">
<B><FONT size="2">Article&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted
Stock</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">8.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Grant of
Restricted Stock.</I> Subject to the terms and provisions of the
Plan, the Committee, at any time and from time to time, may
grant Shares of Restricted Stock to Participants in such amounts
as the Committee shall determine.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">8.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Restricted
Stock Agreement.</I> Each Restricted Stock grant shall be
evidenced by a Restricted Stock Award Agreement that shall
specify the Period(s) of Restriction, the number of Shares of
Restricted Stock granted, and such other provisions as the
Committee shall determine.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">8.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Transferability.</I>
Except as provided in this Article&nbsp;8, the Shares of
Restricted Stock granted herein may not be sold, transferred,
pledged, assigned, or otherwise alienated or hypothecated until
the end of the applicable Period of Restriction established by
the Committee and specified in the Restricted Stock Award
Agreement. The end of such Period of Restriction may be
conditioned upon the satisfaction of such conditions as are
specified by the Committee in its sole discretion and set forth
in the Restricted Stock Award Agreement. All rights with respect
to the Restricted Stock granted to a Participant under the Plan
shall be available during his or her lifetime only to such
Participant.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">8.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other
Restrictions.</I> The Committee shall impose such other
conditions and/or restrictions on any Shares of Restricted Stock
granted pursuant to the Plan as it may deem advisable including,
without limitation, a requirement that Participants pay a
stipulated purchase price for each Share of Restricted Stock,
restrictions based upon the continued employment of the
Participant, the achievement of specific performance goals
(Company-wide, divisional, and/or individual), time-based
restrictions on vesting following the attainment of the
performance goals, and/or restrictions under applicable federal
or state securities laws. Until such time as all conditions
and/or restrictions applicable to Shares of Restricted Stock
have been satisfied and the Shares vest at the end of the
applicable Period of Restriction, they shall be evidenced by a
certificate deposited with the Company or its designee, or by a
book-entry notation on the records of the Company&#146;s
transfer agent. Except as otherwise provided in this
Article&nbsp;8, Shares of Restricted Stock covered by a
Restricted Stock grant made under the Plan shall become freely
transferable by the Participant after the last day of the
applicable Period of Restriction.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">8.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Voting
Rights.</I> Participants holding Shares of Restricted Stock
granted hereunder may be granted the right to exercise full
voting rights with respect to those Shares during the Period of
Restriction.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">8.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Cash
Dividends.</I> During the Period of Restriction, Participants
holding Shares of Restricted Stock granted hereunder shall be
credited with regular cash dividends paid with respect to the
underlying Shares while they are so held. The Committee may
apply any restrictions on the Participant&#146;s receipt of the
dividends that the Committee deems appropriate. Without limiting
the generality of the preceding sentence, if the grant or
vesting of Shares of Restricted Stock is intended to be a
Section&nbsp;162(m) Award,
</FONT>

<P align="center"><FONT size="2">9
</FONT>

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<DIV align="left">
<FONT size="2">the Committee may apply any restrictions it deems
appropriate to the payment of dividends declared with respect to
such Shares of Restricted Stock, such that the dividends and/or
the Shares of Restricted Stock maintain eligibility for the
Performance-Based Exception.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">8.7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Termination
of Employment.</I> Each Restricted Stock Award Agreement shall
set forth the extent to which the Participant shall have the
right to receive unvested Shares of Restricted Stock following
termination of the Participant&#146;s employment with the
Company. Such provisions shall be determined in the sole
discretion of the Committee, shall be included in the Award
Agreement entered into with each Participant, need not be
uniform among all Shares of Restricted Stock issued pursuant to
the Plan, and may reflect distinctions based on the reasons for
termination.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">8.8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;83(b)
Election.</I> If a Participant makes an election pursuant to
Code Section&nbsp;83(b) with respect to a Restricted Stock
Award, the Participant shall be required to promptly file a copy
of such election with the Company.
</FONT>

<P align="left">
<B><FONT size="2">Article&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance
Units, Performance Shares, and Cash-Based Awards</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">9.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Grant of
Performance Units/ Shares and Cash-Based Awards.</I> Subject to
the terms of the Plan, Performance Units, Performance Shares,
and/or Cash-Based Awards may be granted to Participants in such
amounts and upon such terms, and at any time and from time to
time, as shall be determined by the Committee.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">9.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Value of
Performance Units/ Shares and Cash-Based Awards.</I> At the time
Performance Units, Performance Shares, and/or Cash-Based Awards
are granted, the Committee shall determine, in its sole
discretion, one or more performance periods (the
&#147;Performance Periods&#148;) and the performance goals to be
achieved during the applicable Performance Periods, as well as
such other restrictions and conditions as the Committee deems
appropriate. Performance goals for Performance Units,
Performance Shares, and/or Cash-Based Awards shall be set using
the performance measures set forth in Section&nbsp;10. In the
case of Performance Units, the Committee shall also determine a
target unit value or a range of unit values for each Award. Each
Performance Share shall have an initial value equal to the Fair
Market Value of a Share on the Date of Grant. Each Cash-Based
Award shall have such value as may be determined by the
Committee.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">9.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Earning of
Performance Units/ Shares and Cash-Based Awards.</I> Subject to
the terms of this Plan, after each applicable Performance Period
has ended, the Committee shall determine the extent to which
performance goals have been attained or a degree of achievement
between minimum and maximum levels with respect to Awards of
Performance Units/ Shares and Cash-Based Awards in order to
establish the level of payment to be made, if any, and shall
certify the results in writing prior to payment of an Award.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">9.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Form and
Timing of Payment of Performance Units/ Shares and Cash-Based
Awards.</I> Payment of earned Performance Units/ Shares and
Cash-Based Awards shall be made in a single lump sum following
the close of the applicable Performance Period. Subject to the
terms of this Plan, the Committee, in its sole discretion, may
pay earned Performance Units/ Shares and Cash-Based Awards in
the form of cash or in Shares (or in a combination thereof)
which have an aggregate Fair Market Value determined as of the
end of the applicable Performance Period equal to the value of
the earned Performance Units/ Shares and Cash-Based Awards. Such
Shares may be granted subject to any restrictions deemed
appropriate by the Committee. The determination of the Committee
with respect to the form of payout of such Awards shall be set
forth in the Award Agreement pertaining to the grant of the
Award.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">9.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Compliance
with Code Section&nbsp;162(m).</I> In the case of Performance
Units, Performance Shares, and/or Cash-Based Awards granted to
Covered Employees that are intended to be Section&nbsp;162(m)
Awards, the Committee shall make all determinations necessary to
establish the terms of such Section&nbsp;162(m) Awards within
90&nbsp;days of the beginning of the applicable Performance
Period (or such other time period required under Code
Section&nbsp;162(m)), including, without limitation, the
</FONT>

<P align="center"><FONT size="2">10
</FONT>

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<DIV align="left">
<FONT size="2">designation of the Covered Employees to whom such
Section&nbsp;162(m) Awards are made, the performance measures
applicable to the Awards and the performance goals that relate
to such measures, and the dollar amounts or number of Shares
payable upon achieving the applicable performance goals. As and
to the extent required by Code Section&nbsp;162(m), the
provisions of such Section&nbsp;162(m) Awards must state, in
terms of an objective formula or standard, the method of
computing the amount of compensation payable to the Covered
Employee, and must preclude discretion to increase the amount of
compensation payable under the Award (but may permit
discretionary decreases in the amount of compensation payable.)
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">9.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Termination
of Employment Due to Death, Disability, or Retirement.</I>
Unless determined otherwise by the Committee and set forth in
the Participant&#146;s Award Agreement, and except in the case
of Section&nbsp;162(m) Awards, in the event the employment of a
Participant is terminated by reason of death, Disability, or
Retirement during a Performance Period, the Participant shall
receive a pro-rata payout of the Performance Units/ Shares or
Cash-Based Awards based on the applicable performance goals
which have been achieved for such Awards, if any, as determined
by the Committee. Payment of earned Performance Units/ Shares or
Cash-Based Awards shall be made at a time specified by the
Committee in its sole discretion and set forth in the
Participant&#146;s Award Agreement. With respect to any
Performance Units/ Shares or Cash-Based Awards that were
intended to be Section&nbsp;162(m) Awards, in the event the
employment of a Participant is terminated by reason of death or
Disability, the Committee may waive the requirement under such
Awards held by the Participant that one or more performance
goals be achieved as a condition of any payment under such
Awards; provided, however, that after such waiver any such Award
will no longer qualify for the Performance-Based Exception.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">9.7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Termination
of Employment for Other Reasons.</I> In the event that a
Participant&#146;s employment terminates for any reason other
than those reasons set forth in Section&nbsp;9.6 herein, all
Performance Units/ Shares and Cash-Based Awards shall be
forfeited by the Participant to the Company unless determined
otherwise by the Committee, as set forth in the
Participant&#146;s Award Agreement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">9.8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Nontransferability</I>.
Except as otherwise provided in a Participant&#146;s Award
Agreement, Performance Units/ Shares and Cash-Based Awards may
not be sold, transferred, pledged, assigned, or otherwise
alienated or hypothecated, other than by will or by the laws of
descent and distribution. Further, except as otherwise provided
in a Participant&#146;s Award Agreement, a Participant&#146;s
rights under the Plan shall be exercisable during the
Participant&#146;s lifetime only by the Participant.
</FONT>

<P align="left">
<B><FONT size="2">Article&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance
Measures</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The performance measure(s) that may be used for
purposes of determining the degree of payout and/or vesting with
respect to Section&nbsp;162(m) Awards shall be chosen from among
the following (these performance measures may be applied on an
absolute or comparative basis, and may be applied to the
Company, any Subsidiary or Affiliate, or any division or
business unit thereof):
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="4%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(a)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Earnings per share;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(b)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Net income (before or after taxes);
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(c)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Return on assets or return on equity;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(d)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Cash flow return on investments, which equals net
    cash flows divided by owners equity;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(e)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Earnings before or after taxes;
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="3%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(f)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Gross revenues;
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="4%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(g)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Share price (including, but not limited to,
    growth measures and total stockholder return); and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(h)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Total business return (calculated as a multiple
    of EBITDA (earnings before interest, taxes, depreciation and
    amortization) less debt plus dividends).
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">11
</FONT>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left">
<FONT size="2">In the case of Awards that are not
Section&nbsp;162(m) Awards, the Committee shall designate
performance measures from among the foregoing or such other
business criteria as it shall determine in its sole discretion.
The Committee shall have the discretion to adjust the
determinations of the degree of attainment of the preestablished
performance goals; provided, however, that in the case of
Section&nbsp;162(m) Awards, no such adjustment may increase the
amount payable under the Award.
</FONT>

<P align="left">
<B><FONT size="2">Article&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forfeiture
Conditions</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Committee may provide in an Award Agreement
for conditions of forfeiture of a Participant&#146;s rights with
respect to such Award in the event of: (i)&nbsp;the termination
of employment of the Participant for &#147;cause&#148; (as
defined in an Award Agreement), (ii)&nbsp;the Participant&#146;s
breach of such restrictive covenants (e.g., non-competition and
confidentiality restrictions) as may apply to the Participant,
or (iii)&nbsp;the Participant&#146;s having engaged in an
activity that is detrimental to the Company (including, without
limitation, criminal activity or accepting employment with a
competitor of the Company). Such conditions of forfeiture may
include, in the discretion of the Committee, (a)&nbsp;suspension
or cancellation of the Participant&#146;s right to exercise an
Option or SAR (whether or not then otherwise exercisable),
(b)&nbsp;suspension or cancellation of the Participant&#146;s
pending right to receive an issuance of Shares or cash payment
in settlement of any Award, (c)&nbsp;the forfeiture of any
Shares of Restricted Stock held by the Participant or
(d)&nbsp;following the issuance of Shares or payment of cash
upon exercise, vesting or payment of an Award, either
(1)&nbsp;cancellation of the Shares so issued (and repayment to
the Participant of the full purchase price, if any, paid for
such shares) or (2)&nbsp;requiring the Participant to pay to the
Company in cash an amount equal to the gain realized by the
Participant from such Award (measured by the value (on the date
of receipt) of any property and/or amount of cash received by
the Participant under the Award, to the extent in excess of any
amount paid by the Participant). The Company may deduct from any
amounts the Company may owe a Participant from time to time any
amounts the Participant may owe the Company under this
Article&nbsp;11 and any related Award Agreements.
</FONT>

<P align="left">
<B><FONT size="2">Article&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beneficiary
Designation</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Each Participant under the Plan may, from time to
time, name any beneficiary or beneficiaries (who may be named
contingently or successively) to whom any benefit under the Plan
is to be paid in case of his or her death before he or she
receives any or all of such benefit. Each such designation shall
revoke all prior designations by the same Participant, shall be
in a form prescribed by the Company, and will be effective only
when filed by the Participant in writing with the Company during
the Participant&#146;s lifetime. In the absence of any such
designation, benefits remaining unpaid at the Participant&#146;s
death shall be paid to the Participant&#146;s estate.
</FONT>

<P align="left">
<B><FONT size="2">Article&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferrals</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Committee may permit (upon timely election by
the Participant) or require a Participant to defer such
Participant&#146;s receipt of the payment of cash or the
delivery of Shares that would otherwise be due to such
Participant by virtue of the exercise of an Option or SAR, the
lapse or waiver of restrictions with respect to Restricted
Stock, or the satisfaction of any requirements or goals with
respect to Performance Units/ Shares. If any such deferral
election is required or permitted, the Committee shall, in its
sole discretion, establish rules and procedures for such payment
deferrals.
</FONT>

<P align="left">
<B><FONT size="2">Article&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rights
of Employees</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">14.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Employment</I>.
Nothing in the Plan shall interfere with or limit in any way the
right of the Company or any affiliate to terminate any
Participant&#146;s employment at any time, nor confer upon any
Participant any right to continue in the employ of the Company
or any Affiliate.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">14.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Participation</I>.
No Employee shall have the right to be selected to receive an
Award under this Plan, or, having been so selected, to be
selected to receive a future Award.
</FONT>

<P align="center"><FONT size="2">12
</FONT>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">14.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Shareholders</I>.
A Participant shall have no rights as a shareholder with respect
to any Shares covered by an Award until the date the Participant
becomes the holder of record of the Shares, if any, to which the
Award relates.
</FONT>

<P align="left">
<B><FONT size="2">Article&nbsp;15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendment,
Modification, and Termination</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">15.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Amendment,
Modification, and Termination</I>. Subject to the terms of the
Plan, the Board may at any time and from time to time, alter,
amend, suspend or terminate the Plan in whole or in part;
provided, however, that no amendment or modification of the Plan
shall be effective without the consent of the Company&#146;s
stockholders that would (i)&nbsp;change the class of persons
eligible to participate under the Plan, (ii)&nbsp;increase the
number of Shares reserved for issuance under the Plan or the
maximum number of shares subject to Awards under Article&nbsp;4,
hereof, or (iii)&nbsp;allow the grant of Options at an exercise
price below Fair Market Value. In addition, the Board may seek
the approval of any amendment or modification by the
Company&#146;s stockholders to the extent it deems necessary or
advisable in its sole discretion for purposes of compliance with
Code Section&nbsp;162(m) or Code Section&nbsp;422, the listing
requirements of the New York Stock Exchange or for any other
purpose. No amendment or modification of the Plan shall
adversely affect any Award theretofore granted without the
consent of the Participant.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">15.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Adjustment
of Awards Upon the Occurrence of Certain Unusual or Nonrecurring
Events</I>. The Committee may make adjustments in the terms and
conditions of, and the criteria included in, Awards in
recognition of unusual or nonrecurring events (including,
without limitation, the events described in Section&nbsp;4.2
hereof) affecting the Company or the financial statements of the
Company or of changes in applicable laws, regulations, or
accounting principles, whenever the Committee determines that
such adjustments are appropriate in order to prevent dilution or
enlargement of the benefits or potential benefits intended to be
made available under the Plan; provided that no such adjustment
shall be authorized to the extent that it would be inconsistent
with a Section&nbsp;162(m) Award&#146;s meeting the requirements
of Code Section&nbsp;162(m).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">15.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Compliance
with Code Section&nbsp;162(m).</I> The Committee shall have the
discretion to grant Awards under the Plan which are
Section&nbsp;162(m) Awards and Awards which are not
Section&nbsp;162(m) Awards. Section&nbsp;162(m) Awards granted
under the Plan shall comply with the Performance-Based Exception
from the tax deductibility limitations of Code
Section&nbsp;162(m).
</FONT>

<P align="left">
<B><FONT size="2">Article&nbsp;16. Withholding</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">16.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Tax
Withholding.</I> The Company shall have the power and the right
to deduct or withhold, or require a Participant to remit to the
Company, an amount sufficient to satisfy Federal, state, and
local taxes, domestic or foreign, required by law or regulation
to be withheld with respect to any taxable event arising as a
result of this Plan.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">16.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Share
Withholding.</I> With respect to withholding required upon the
exercise of Options or SARs, upon the lapse of restrictions on
Restricted Stock, or upon any other taxable event arising as a
result of Awards granted hereunder, Participants may elect,
subject to the approval of the Committee, to satisfy the
withholding requirement, in whole or in part, by having the
Company withhold Shares having a Fair Market Value on the date
the tax is to be determined equal to the minimum statutory total
tax which could be imposed on the transaction. All such
elections shall be irrevocable, made in writing, signed by the
Participant, and shall be subject to any restrictions or
limitations that the Committee, in its sole discretion, deems
appropriate.
</FONT>

<P align="left">
<B><FONT size="2">Article&nbsp;17. Indemnification</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Each person who is or shall have been a member of
the Committee, or of the Board, shall be indemnified and held
harmless by the Company against and from any loss, cost,
liability, or expense that may be imposed upon or reasonably
incurred by him or her in connection with or resulting from any
claim, action, suit, or proceeding to which he or she may be a
party or in which he or she may be involved by reason of any
action taken or failure to act under or in connection with the
Plan and against and from
</FONT>

<P align="center"><FONT size="2">13
</FONT>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left">
<FONT size="2">any and all amounts paid by him or her in
settlement thereof, with the Company&#146;s approval, or paid by
him or her in satisfaction of any judgement in any such action,
suit, or proceeding against him or her, provided he or she shall
give the Company an opportunity, at its own expense, to handle
and defend the same before he or she undertakes to handle and
defend it on his or her own behalf. The foregoing right of
indemnification shall not be exclusive of any other rights of
indemnification to which such persons may be entitled under the
Company&#146;s Articles of Incorporation or Bylaws, as a matter
of law, or otherwise, or any power that the Company may have to
indemnify them or hold them harmless.
</FONT>
</DIV>

<P align="left">
<B><FONT size="2">Article&nbsp;18. Successors</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">All obligations of the Company under the Plan
with respect to Awards granted hereunder shall be binding on any
successor to the Company.
</FONT>

<P align="left">
<B><FONT size="2">Article&nbsp;19. Fundamental Change</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In the event of a proposed dissolution or
liquidation of the Company, a proposed sale of substantially all
of the assets of the Company, a proposed merger or consolidation
of the Company with or into any other corporation, regardless of
whether the Company is the surviving corporation, or a proposed
statutory share exchange involving capital stock of the Company
(any of the foregoing referred to as a &#147;Fundamental
Change&#148;), the Committee may, but shall not be obligated to
do any of the following:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;<I>Replacement of Options or SARs.
    </I>If the Fundamental Change is a merger or consolidation or
    statutory share exchange, the Committee may make appropriate
    provision for the protection of the outstanding Options and SARs
    by the substitution of options, stock appreciation rights and
    appropriate voting common stock of the corporation surviving any
    merger or consolidation or, if appropriate, the parent
    corporation of the Company or such surviving corporation, in
    lieu of Options, SARs and capital stock of the Company.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;<I>Cancellation of Options or SARs.
    </I>At least 30&nbsp;days prior to the occurrence of the
    Fundamental Change, declare, and provide written notice to each
    holder of an Option or SAR of the declaration, that each
    outstanding Option and SAR, whether or not then exercisable,
    shall be canceled at the time of, or immediately prior to the
    occurrence of the Fundamental Change in exchange for payment to
    each holder of an Option or SAR, within ten days after the
    Fundamental Change, of cash equal to the product of (i)&nbsp;the
    amount, if any, by which the Event Proceeds per Share (as
    defined below) exceeds, in the case of an Option, the exercise
    price per share of such Option or, in the case of an SAR, the
    base price per share as of the date of grant, and (ii)&nbsp;the
    number of Shares subject to such Option or SAR. At the time of
    such a declaration, each SAR and each Option shall immediately
    become exercisable in full and each person holding an Option or
    a SAR shall have the right, during the period preceding the time
    of cancellation of the Option or SAR, to exercise the Option as
    to all or any part of the Shares covered thereby or the SAR in
    whole or in part, as the case may be. If such a declaration
    occurs, each outstanding Option and SAR that has not been
    exercised prior to the Fundamental Change shall be canceled at
    the time of, or immediately prior to, the Fundamental Change. No
    person holding an Option or a SAR shall be entitled to any
    payment under this Article&nbsp;19 if the scheduled term of such
    Option or SAR expires before the Fundamental Change. For
    purposes of this Article&nbsp;19, &#147;Event Proceeds per
    Share&#148; shall mean the cash plus the fair market value, as
    determined in good faith by the Committee, of the non-cash
    consideration to be received for each Share by the shareholders
    of the Company upon the occurrence of the Fundamental Change.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">Article&nbsp;20. Legal Construction</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">20.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Severability.</I>
In the event any provision of the Plan shall be held illegal or
invalid for any reason, the illegality or invalidity shall not
affect the remaining parts of the Plan, and the Plan shall be
construed and enforced as if the illegal or invalid provision
had not been included.
</FONT>

<P align="center"><FONT size="2">14
</FONT>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">20.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Requirements
of Law.</I> The granting of Awards and the issuance of Shares
under the Plan shall be subject to all applicable laws, rules,
and regulations, and to such approvals by any governmental
agencies or national securities exchanges as may be required.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">20.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Securities
Law Compliance.</I> With respect to Participants subject to
Section&nbsp;16 of the Exchange Act, transactions under this
Plan are intended to comply with all applicable conditions of
Rule&nbsp;16b-3 or its successors under the Exchange Act. If any
provision of this Plan or of any Award Agreement would otherwise
frustrate or conflict with the intent expressed in the preceding
sentence, that provision to the extent possible shall be
interpreted and deemed amended in the manner determined by the
Committee so as to avoid the conflict. To the extent of any
remaining irreconcilable conflict with this intent, the
provision shall be deemed void as applicable to Participants who
are then subject to Section&nbsp;16 of the Exchange Act. In
addition, no Shares will be issued or transferred pursuant to an
Award unless and until all then applicable requirements imposed
by federal and state securities and other laws, rules and
regulations and by any regulatory agencies having jurisdiction,
and by any stock exchanges upon which the Shares may be listed,
have been fully met. As a condition precedent to the issuance of
Shares pursuant to the grant or exercise of an Award, the
Company may require the Participant to take any reasonable
action to meet such requirements. The Committee may impose such
conditions on any Shares issuable under the Plan as it may deem
advisable, including, without limitation, restrictions under the
Securities Act of 1933, as amended, under the requirements of
any stock exchange upon which such Shares of the same class are
then listed, and under any blue sky or other securities laws
applicable to such Shares.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">20.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Governing
Law.</I> To the extent not preempted by federal law, the Plan,
and all agreements hereunder, shall be construed in accordance
with and governed by the laws of the state of Illinois.
</FONT>

<P align="center"><FONT size="2">15
</FONT>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center">
<B><FONT size="4">RULES OF</FONT></B>

<DIV align="center">
<B><FONT size="4">THE ADM INTERNATIONAL LIMITED</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="4">SAVINGS-RELATED SHARE OPTION SCHEME</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">Approved by the Inland Revenue under reference
SRS1126/GRP</FONT></B>

<P align="center">
<FONT size="2">Amended by the Board of Directors and further
approved by
</FONT>

<DIV align="center">
<FONT size="2">the Inland Revenue on 27 February 2003
</FONT>
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center">
<B><FONT size="2">INDEX</FONT></B>

<P align="center">
<B><FONT size="2">Rules of the ADM International
Limited</FONT></B>

<DIV align="center">
<B><FONT size="2">Savings-Related Share Option Scheme</FONT></B>
</DIV>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="81%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <FONT size="2">Definitions
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top">
    <FONT size="2">Page 1
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">1.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Invitations to apply for Grants of Options
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top">
    <FONT size="2">Page 3
    </FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Scaling Down
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top">
    <FONT size="2">Page 4
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">3.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Grant of Options
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top">
    <FONT size="2">Page 4
    </FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">4.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Limitations on Grant
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top">
    <FONT size="2">Page 4
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">5.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Exercise and Lapse of Options
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top">
    <FONT size="2">Page 5
    </FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">6.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Manner of Exercise of Options
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top">
    <FONT size="2">Page 6
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">7.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Take-over, Reconstruction or Winding-up of the
    Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top">
    <FONT size="2">Page 6
    </FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">8.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Substitution of Options
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top">
    <FONT size="2">Page 7
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">9.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Variation of Capital
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top">
    <FONT size="2">Page 8
    </FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">10.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Administration and Amendment of the Scheme
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top">
    <FONT size="2">Page 8
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">11.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Termination
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top">
    <FONT size="2">Page 9
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center">
<B><FONT size="2">RULES OF THE ADM INTERNATIONAL
LIMITED</FONT></B>

<DIV align="center">
<B><FONT size="2">SAVINGS-RELATED SHARE OPTION SCHEME</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">DEFINITIONS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In these rules, the following words and
expressions shall have the following meanings:
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="28%"></TD>
    <TD width="1%"></TD>
    <TD width="71%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">&#147;The Act&#148;
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The Income and Corporation Taxes Act 1988.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">&#147;Adoption Date&#148;
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The date on which the Scheme is adopted by the
    company in general meeting.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">&#147;Announcement Date&#148;
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The date on which Archer Daniels Midland Company
    announces its annual or half-yearly results in any year whilst
    the Scheme exists.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">&#147;Auditors&#148;
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The auditors of the Company for the time being
    who shall in any matter in which they are required to act for
    the purposes of these Rules act as experts and not as
    arbitrators.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">&#147;Board&#148;
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The directors present at a duly convened meeting
    of the board of directors of the Company or a duly authorised
    committee of the Board at which a quorum is present.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">&#147;Bonus Date&#148;
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The earliest date on which a Standard Bonus or
    Maximum Bonus is payable under a Related Savings Contract.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">&#147;Company&#148;
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">ADM International Limited (registered in England
    No. 1090901).
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">&#147;Control&#148;
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The meaning given to it by Section&nbsp;840 of
    The Act and &#147;Controlling&#148; shall be construed
    accordingly.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">&#147;Date of Grant&#148;
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The date on which an Option is granted under
    Rule&nbsp;3.1.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">&#147;Eligible Employee&#148;
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Any employee or director of a Participating
    Company who is chargeable to tax in respect of his office or
    employment under Case I of Schedule&nbsp;E.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">&#147;Invitation Date&#148;
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The date on which the Board invites Eligible
    Employees to apply for a grant of Options.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">&#147;Market Value&#148;
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">On any day the average of the middle market
    quotations of a Share as derived from the New York Stock
    Exchange for the three immediately preceding dealing days.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">For the purposes of these Rules, the Market Value
    shall be converted into Pounds Sterling at the noon buying rate
    in New York City USA for cable transfers payable in foreign
    currencies as certified for customs purposes by the Federal
    Reserve Bank of New York for the dealing day preceding the
    relevant Invitation Date.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">&#147;Maximum Bonus&#148;
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The sum of the bonus payable on or after the
    seventh anniversary of the date of commencement of the Related
    Savings Contract plus the Standard Bonus.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">&#147;Option&#148;
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">A right to subscribe for Shares to be granted in
    accordance with these Rules or which has been so granted and is
    still subsisting.
    </FONT></TD>
</TR>

</TABLE>

<P align="center">

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="28%"></TD>
    <TD width="1%"></TD>
    <TD width="71%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">&#147;Participant&#148;
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">An Eligible Employee who has been granted an
    Option under the Scheme. Reference to a Participant shall
    include, when the context so admits or requires, the personal
    representatives of a Participant.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">&#147;Participating Company&#148;
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The Company and any other company of which the
    Company has Control and which is for the time being nominated by
    the Board to be a Participating Company.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">&#147;Redundancy&#148;
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The meaning given to it by the Employment
    Protection (Consolidation) Act 1978.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">&#147;Related Savings Contract&#148;
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The Savings Contract entered into (or, as the
    context may require, to be entered into) by an Eligible Employee
    in connection with an Option.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">&#147;Retirement&#148;
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Retirement on reaching the age of 65&nbsp;years.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">&#147;Rules&#148;
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">These Rules (as amended from time to time in
    accordance with Rule&nbsp;10.1).
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">&#147;Savings Contract&#148;
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">A contract under a certified contractual savings
    scheme, within the meaning given to that term by
    Section&nbsp;326 (2)&nbsp;or Section&nbsp;326 (3)&nbsp;of The
    Act.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">&#147;The Schedule&#148;
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Schedule&nbsp;9 to The Act (as amended from time
    to time).
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">&#147;Scheme&#148;
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The ADM International Limited Sharesave Scheme as
    constituted in accordance with and subject to any amendments
    effected in accordance with these Rules.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">&#147;Shares&#148;
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Fully paid ordinary shares in the capital of
    Archer Daniels Midland, Company which satisfy the conditions of
    paragraphs 10 to 14 inclusive of The Schedule.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">&#147;Standard Bonus&#148;
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The bonus payable on or after the fifth
    anniversary of the date of commencement of the Related Savings
    Contract.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">&#147;Subscription Price&#148;
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The price (in pounds Sterling) at which the Board
    may determine that each Share subject to an Option may be
    acquired on the exercise of that Option being, subject to
    Rule&nbsp;9 (Variation of Capital), the higher of:
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">(i)&nbsp;the nominal value of a Share, and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">(ii)&nbsp;an amount not less than 80% of the
    Market Value of a Share on the day before the invitation to
    apply for that Option was issued pursuant to Rule&nbsp;1.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">&#147;Subsisting Options&#148;
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">An Option which has neither lapsed nor been
    exercised.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Where the context so admits or requires, words in
the singular shall include the plural and vice versa and words
in the masculine shall include the feminine.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Any reference to a statutory provision shall be
deemed to include that provision as it may from time to time be
amended, extended or re-enacted.
</FONT>

<P align="center"><FONT size="2">2
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left">
<B><FONT size="2">RULE
1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INVITATIONS TO APPLY FOR GRANTS
OR OPTIONS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board may
invite every Eligible Employee to apply for the grant of an
Option to acquire Shares at any time provided that no invitation
may be made after the twentieth anniversary of the Adoption Date.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each invitation
shall specify:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;the date, being 14&nbsp;days after the
    Invitation Date, by which an application must be made; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;the method by which the Subscription
    Price at which Shares may be acquired on the exercise of any
    Option granted in response to the application is to be
    communicated to Participants; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)&nbsp;the maximum permitted aggregate monthly
    savings contribution, being the lesser of the maximum specified
    in paragraph 24 (2)&nbsp;of The Schedule and such sum (being a
    multiple of &#163;l and not less than &#163;5) as the Board
    decides shall apply in respect of that invitation; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(d)&nbsp;whether Options are to be exercisable
    after five years or after seven years from the Date of Grant.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event
that the Board is prevented by statute, order or regulation from
inviting applications for Options within any period referred to
in Rule&nbsp;1.1, the Board may invite applications for options
within the period of 42&nbsp;days after the lifting of such
restrictions.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each invitation
shall be accompanied by or there shall be made available to each
Eligible Employee a proposal form for a Savings Contract and an
application form which shall provide for the applicant to state:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;the monthly savings contribution (being
    a multiple of &#163;l and not less than &#163;5) which he wishes
    to make under the Related Savings Contract; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;that his proposed monthly savings
    contributions then being made under any other Savings Contract
    linked to an Option granted under the Scheme or any other scheme
    approved under The Schedule, will not exceed the maximum
    permitted aggregate monthly savings contribution specified in
    the invitation: and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)&nbsp;whether, for the purposes of determining
    the number of Shares over which an Option is to be granted (and
    taking into account the Option period specified by the Company
    pursuant to Rule&nbsp;1.2 (d)), the repayment under the Related
    Savings Contract is to be taken as including the Maximum Bonus
    or the Standard Bonus.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">and to authorise the Board to enter (if
necessary) on the Related Savings Contract Proposal form such
monthly savings contribution, not exceeding the maximum stated
on the application form, as shall be determined pursuant to
Rule&nbsp;2 (Scaling Down).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each application
shall be deemed to be for an Option over the largest whole
number of Shares which can be bought at the Subscription Price
with the expected repayment under the Related Savings Contract
at the appropriate date.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The forms
referred to in Rule&nbsp;1.4 must be returned to the Company
duly completed no later than the date specified in Rule&nbsp;1.2
(a), failing which the invitation shall be deemed to be declined.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invitations to
apply for Options may be issued by means of notices on the
Company&#146;s notice boards, circular to departmental managers
or by such other methods as the Board may determine.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Should a
Participant cease making contributions to a Related Savings
Contract before 60 contributions have been made then, for the
purposes of calculating the maximum contribution which can be
made under any new Related Savings Contract linked to any new
grant of Options, the Participant shall
</FONT>

<P align="center"><FONT size="2">3
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left">
<FONT size="2">despite the cessation of contributions be deemed
still to be contributing to those Related Savings Contracts at
the appropriate rate until the balance of the 60-month period
has expired.
</FONT>
</DIV>

<P align="left">
<B><FONT size="2">RULE 2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCALING
DOWN</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Board
receives valid applications for Options over an aggregate number
of Shares which exceeds the limit determined under Rule&nbsp;4.2
in respect of that invitation, then the following steps shall be
taken successively to the extent necessary to eliminate the
excess:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <I><FONT size="2">First,</FONT></I><FONT size="2"> each election
    for a bonus to be included in the repayment under the Related
    Savings Contract shall be deemed to be an election for no bonus
    to be so included
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <I><FONT size="2">Secondly,</FONT></I><FONT size="2"> the excess
    over &#163;10 of the monthly savings contribution chosen by each
    applicant under the Related Savings Contract shall be reduced
    pro-rata to the extent necessary
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <I><FONT size="2">Thirdly,</FONT></I><FONT size="2">
    applications will be selected by lot, each based on a monthly
    savings contribution of &#163;10 and the inclusion of no bonus
    in the repayment under the Related Savings Contract.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.2 Each application shall be deemed to have been
modified or withdrawn in accordance with the application of the
foregoing provisions of this Rule&nbsp;2 and the Board shall
arrange for the completion of each Related Savings Contract
proposal form to reflect any reduction in monthly savings
contributions as a result of scaling down.
</FONT>

<P align="left">
<B><FONT size="2">RULE 3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GRANT OF
OPTIONS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No later than
30&nbsp;days following the earliest of the three dealing days
referred to in the definition of Market Value the Board shall
grant to each applicant who is still an Eligible Employee and is
not precluded from participation in the Scheme by virtue of
paragraph 8 of The Schedule (Material Interest in a Close
Company) an Option over the number of Shares for which, pursuant
to Rule&nbsp;1.5 and subject to Rule&nbsp;2, he is deemed to
have applied.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As soon as
practicable after the relevant Date of Grant and in any event
within 30&nbsp;days the Board shall procure to be issued an
option certificate in respect of each Option in such form, not
inconsistent with these Rules, as the Board may determine.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Option may be
transferred or assigned (other than by operation of law on a
participant&#146;s death) or charged and any purported transfer,
assignment or charge shall cause the Option to lapse forthwith.
Each Option certificate shall carry a statement to this effect.
</FONT>

<P align="left">
<B><FONT size="2">RULE 4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIMITATION
ON GRANT</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the
provisions of Rule&nbsp;9 (Variation of Capital) no Option shall
be granted if such grant would result in the aggregate of:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;the number of Shares over which
    Subsisting Options have been granted under the Scheme; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;the number of Shares which have been
    issued on the exercise of Options granted under the Scheme; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)&nbsp;the number of Shares over which
    Subsisting Options have been granted under any other share
    option scheme during the period of 10 years ending on the
    relevant Date of Grant; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(d)&nbsp;the number of Shares which have been
    issued pursuant to any other employee share scheme (including a
    share option scheme) during the period of 10&nbsp;years ending
    on the relevant Date of Grant
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">exceeding 5% of the number of Shares then in
issue. The maximum number of Shares represented by that
percentage, but not the percentage, may be adjusted as the Board
of Directors of Archer Daniels Midland Company may with the
written confirmation of its auditors consider appropriate upon
the occurrence of an issue or reorganisation of shares.
</FONT>

<P align="center"><FONT size="2">4
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board may,
before issuing invitations on any occasion and in consultation
with Archer Daniels Midland Company, determine a limit on the
number of Shares which are to be available in respect of that
invitation in order to ensure that Shares remain available for
subsequent invitations.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Option shall
be granted to an Eligible Employee if the monthly savings
contribution under the Related Savings Contract, when added to
the monthly savings contributions then being made under any
other Savings Contract would exceed the maximum specified in
paragraph 24 (2)&nbsp;of The Schedule.
</FONT>

<P align="left">
<B><FONT size="2">RULE 5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXERCISE
AND LAPSE OF OPTIONS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to
Rules&nbsp;6 (Manner of Exercise of Options), 7 (Takeover etc.
of the Company) and 8 (Substitution of Options), any Subsisting
Option way be exercised by a Participant in whole or in part at
any time following the earliest of the following events:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;the relevant Bonus Date; or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;the death of the Participant; or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)&nbsp;the Participant ceasing to be a director
    or employee of any Participating Company by reason of injury,
    disability, Retirement or Redundancy; or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(d)&nbsp;the Participant ceasing to be a director
    or employee of any Participating Company by reason only that the
    office or employment
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(i)&nbsp;is in a company of which Archer Daniels
    Midland Company ceases to have Control; or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(ii)&nbsp;relates to a business or part of a
    business which is transferred to a person who is neither an
    associated company of Archer Daniels Midland Company (as defined
    in Section&nbsp;416 of The Act) nor a company of which Archer
    Daniels Midland Company has Control.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(e)&nbsp;the Participant ceasing to be a director
    and/or employee of any Participating Company for any other
    reason, more than three years after the date of Grant of the
    relevant Option.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An Option shall
lapse on the earliest of the following events:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;except where the Participant has died,
    the expiry of six months following the Bonus date; or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;where the Participant has died during
    the six months following the Bonus Date, the first anniversary
    of the Bonus Date; or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)&nbsp;where the Participant has died before
    the Bonus date, the first anniversary of his death; or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(d)&nbsp;unless the Participant has died, the
    expiry of six months after the Option has become exercisable by
    virtue of rule 5.1 (c); or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(e)&nbsp;the expiry of six months after the
    Option has become exercisable by virtue of Rule&nbsp;5.1
    (d)&nbsp;or in accordance with Rule&nbsp;7 (Takeover etc. of the
    Company); or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(f)&nbsp;the expiry of six months after the
    Option has become exercisable by virtue of Rule&nbsp;5.1 (e); or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(g)&nbsp;the Participant ceasing to be a director
    or employee of any Participating Company in circumstances in
    which the Option does not become exercisable or remains a
    Subsisting Option in accordance with Rule&nbsp;8 (Substitution
    of Options); or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(h)&nbsp;the Participant being adjudicated
    bankrupt.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any
Participant continues to be employed by a Participating Company
after the date of which he reaches the age specified in the
definition of Retirement for the purposes of these Rules, he may
exercise any Subsisting Option within six months following that
date.
</FONT>

<P align="center"><FONT size="2">5
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No person shall
be treated for the purpose of this Rule&nbsp;5 as ceasing to be
employed by any Participating Company until he is no longer
employed by Archer Daniels Midland Company, any Associated
Company or company of which the Company has Control.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contributions
under the Related Savings Contract shall cease when the
employee&#146;s employment ceases, for whatever reason. No
contributions made after the cessation of employment shall be
available for application to the purchase of Shares over which
Options are held.
</FONT>

<P align="left">
<B><FONT size="2">RULE 6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MANNER OF
EXERCISE OF OPTIONS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Option may be
exercised by a Participant at any time when he is, or by the
personal representatives of a Participant who at the date of his
death was, precluded by paragraph 8 of The Schedule from
participating in the Scheme.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except pursuant
to Rule&nbsp;8 (Substitution of Options), no Option may be
exercised at any time when the Shares which may be acquired by
exercise of that Option are not Shares as defined in these Rules.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An Option may
only be exercised over the number of Shares which may be
purchased with the sum obtained by way of repayment under the
Related Savings Contract.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An Option shall
be exercised by the Participant giving notice to the Company in
writing of the number of Shares in respect of which he wishes to
exercise the Option accompanied by the appropriate payment
(which shall not exceed the sum obtained by way of repayment
under the Related Savings Contract) and the relevant Option
certificate and shall be effective on the date of its receipt by
the Company.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">6.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company
shall procure Shares to be allotted and issued pursuant to a
notice of exercise within 30&nbsp;days of the date of exercise.
Save for the rights determined by reference to a date preceding
the date of allotment, such Shares shall rank pari passu with
the other Shares of the same class in issue at the date of
allotment.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When an Option
is exercised only in part, it shall lapse to the extent of the
unexercised balance.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">6.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the purposes
of Rules&nbsp;6.3 and 6.4 above, any repayment under the Related
Savings Contract shall exclude the repayment of any contribution
the due date for payment of which falls more than one month
after the date of which repayment is made.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">RULE 7</FONT></B></TD>
    <TD>
    <B><FONT size="2">TAKEOVER, RECONSTRUCTION OR WINDING-UP OF
    ARCHER DANIELS MIDLAND COMPANY</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any person
obtains Control of Archer Daniels Midland Company as a result of
making:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;a general offer to acquire the whole of
    the issued ordinary share capital of Archer Daniels Midland
    Company which is made on a condition such that if it is
    satisfied the person making the offer will have Control of
    Archer Daniels Midland Company; or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;a general offer to acquire all the
    shares in Archer Daniels Midland Company which are of the same
    class as the Shares
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">then subject to Rule&nbsp;8 (Substitution of
Options), any Subsisting Option may be exercised within six
months of the time when the person making the offer has obtained
Control of Archer Daniels Midland Company and any condition
subject to which. the offer is made has been satisfied, provided
that no such exercise shall be permitted later than
10&nbsp;years from the Date of Grant.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If under
Section&nbsp;425 of the Companies Act 1985 the Court sanctions a
compromise or arrangement proposed for the purposes of or in
connection with a scheme for the reconstruction of Archer
Daniels Midland Company or its amalgamation with any other
company or companies then, subject to
</FONT>

<P align="center"><FONT size="2">6
</FONT>

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<DIV align="left">
<FONT size="2">Rule 8 (Substitution of options) any Subsisting
Option may be exercised within six months of the Court
sanctioning the compromise or arrangement.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If under
Sections&nbsp;428 to 430 inclusive of the Companies Act 1985 any
person becomes bound or entitled to acquire Shares then, subject
to Rule&nbsp;8 (Substitution of options), any Subsisting Option
may be exercised at any time when that person remains so bound
or entitled.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">7.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event
that a resolution for the voluntary winding-up of Archer Daniels
Midland Company (except for the purpose of reconstruction or
amalgamation) is passed, a Participant may by notice in writing
to Archer Daniels Midland Company within six months after the
commencement of the winding-up (but not later than 10&nbsp;years
from the Date of Grant) and on payment of the aggregate
repayment of the Related Savings Contract for the Shares elect
that any Subsisting Option on the date of such notice shall be
treated as if it had been wholly or partly exercised, as the
case may be, immediately before the commencement of the
winding-up. That Participant shall then become entitled to be
paid a sum equal to the amount he would have received in the
winding-up as the holder of the Shares to which he would have
been entitled on such exercise.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the
foregoing provisions all Options shall lapse on the passing of a
resolution or the making of an order for the winding-up
of-Archer Daniels Midland Company.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the purposes
of this Rule&nbsp;7 a person shall be deemed to have obtained
Control of a company if he and others acting in concert with him
have together obtained Control of it.
</FONT>

<P align="left">
<B><FONT size="2">RULE
8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SUBSTITUTION OF OPTIONS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a company
(for the purposes of this Rule the &#147;Acquiring
Company&#148;) acquires Control of Archer Daniels Midland
Company in accordance with Rule 7.1 or 7.2 or becomes bound or
entitled to acquire Shares in accordance with Rule&nbsp;7.3,
Participants may, by agreement with the Acquiring Company
release a Subsisting Option (for the purposes of this
Rule&nbsp;8 an &#147;Old Option&#148;) in consideration of the
grant to them of a new Option (for the purposes of this
Rule&nbsp;8 a &#147;New Option&#148;) provided that any New
Option granted satisfies the following conditions:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;it is over shares in:
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(i)&nbsp;the Acquiring Company; or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(ii)&nbsp;a company Controlling the Acquiring
    Company; or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(iii)&nbsp;a company which either is, or has
    Control of, a company which is a member of a consortium owning
    either the Acquiring Company or a company Controlling the
    Acquiring Company
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">which in any of these cases satisfy the
conditions specified in paragraphs 10 to 14 inclusive of The
Schedule (and the term &#147;Shares&#148; in these Rules shall
after the grant of New Options in relation to holders of New
Options mean shares as described in this sub-rule); and
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;it is exercisable only in accordance
    with and otherwise subject to these Rules as they had effect
    immediately before the release of the Old Option; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)&nbsp;it is a right to acquire such number of
    Shares which on acquisition of the New Option have a total
    Market Value immediately after the grant equal to the total
    Market Value of the Shares the subject of the Old Option; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(d)&nbsp;it has an exercise price such that the
    aggregate consideration payable on exercise in full of the New
    Option is equal to the aggregate consideration which would have
    been payable on exercise in full of the Old Option.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">7
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any New Option
shall be granted in accordance with Rule&nbsp;8.1 within the
following relevant period:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;in a case occurring as a consequence of
    an event falling within Rule&nbsp;7.1 or 7.2 respectively, the
    period of six months provided in the relevant Rule;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;in a case occurring as a consequence of
    an event falling within Rule&nbsp;7.3 the period provided in
    that Rule.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">8.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The New Option
shall, for all other purposes of this Scheme, be treated as
having been acquired at the same time as the Old Option for
which it is substituted.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">8.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With effect from
the release of the Old Option pursuant to Rule&nbsp;8.1, this
Rule&nbsp;8 and Rule&nbsp;6 (Manner of Exercise of Options),
Rule&nbsp;7 (Takeover etc. of Archer Daniels Midland Company),
Rule&nbsp;9 (Variation of Capital), Rule 10.4 (relating to
company accounts), Rule&nbsp;10.5 (relating to notices) and
Rule&nbsp;10.6 (relating to unissued shares) shall, in relation
to the New Option, be construed as if references to Archer
Daniels Midland Company were references to the Acquiring
Company, or as the case may be, the other company in respect of
shares in which the New Option is granted.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">8.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exercise of
an option pursuant to the preceding provisions of this
Rule&nbsp;8 shall be subject to the provisions of Rule&nbsp;9
(Variation of Capital) below.
</FONT>

<P align="left">
<B><FONT size="2">RULE 9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VARIATION
OF CAPITAL</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In the event of any capitalisation or rights
issue or any consolidation, sub-division or reduction of capital
by Archer Daniels Midland Company, the number of Shares subject
to any Option and the Subscription Price for each of those
Shares shall be adjusted in such manner and with effect from
such date (not excluding retrospective adjustment where the
variation preceded the date of exercise of an Option but the
record date relating to such variation preceded such date of
exercise) as the Board may determine to be appropriate and the
Auditors shall have confirmed in writing to be in their opinion
fair and reasonable provided that:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;the Inland Revenue shall have approved
    the adjustment; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;the aggregate amount payable on the
    exercise of an option in full is neither materially changed nor
    increased beyond the expected repayment under the Related
    Savings Contract at the Bonus Date; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)&nbsp;the Subscription Price for a Share is
    not reduced below its nominal value; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(d)&nbsp;following the adjustment the Shares
    continue to satisfy the conditions specified in paragraphs 10 to
    14 of The Schedule.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">RULE
10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADMINISTRATION AND AMENDMENT OF
THE SCHEME</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">10.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board
shall, subject to Rules&nbsp;10.2 and 10.11, have the power from
time to time to make and vary such regulations (in a manner not
inconsistent with the Scheme) for the implementation and
administration of the Scheme as it thinks fit and to make any
alteration to the Scheme and/or these Rules by resolution.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">10.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No alteration
made pursuant to Rule&nbsp;10.1 shall alter adversely the terms
of any Options granted prior to such alteration except with such
prior consent or sanction of Participants as would be required
under the provisions for the alteration of class rights
contained in the Articles of Association of the Company for the
time being if the Shares to be allotted on the exercise of
Options constituted a separate but single class of shares (or
two or more classes of shares according to the respective Dates
of Grant as the Board may deem appropriate) and such shares were
entitled to such rights.
</FONT>

<P align="center"><FONT size="2">8
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">10.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any decision of
the Board made pursuant to any provisions of the Scheme
(including on a matter where the confirmation of the Auditors is
required and has been obtained) shall be final and binding.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">10.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participants
shall not be entitled prior to the exercise of an Option to
receive copies of accounts, circulars and notices sent to the
Company&#146;s shareholders.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">10.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions
of the Company&#146;s Articles of Association for the time being
relating to the service of notices on members shall apply (with
necessary changes) to any notice to be given under the Scheme to
a Participant.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">10.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archer Daniels
Midland Company shall keep available sufficient unissued shares
to satisfy the exercise in full of all Options for the time
being remaining capable of being exercised under the Scheme.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">10.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is a
condition of the Scheme that any benefits accruing to a
Participant on the grant or exercise of an Option shall not
count towards the calculation under any statutory or contractual
redundancy or severance scheme operating within the Group.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">10.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is a
condition of the Scheme that a Participant shall not be entitled
to any compensation in the event of cessation, lapse or
alteration of any rights under the Scheme or under any Option
granted pursuant to the Scheme.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">10.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company
shall bear the costs of establishing and administering the
Scheme.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">10.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company
shall maintain or cause to be maintained all necessary accounts
and records relating to the Scheme.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">10.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During any
period in which the Scheme is approved under The Act no
alteration to the Scheme shall have effect until the Scheme as
amended shall have been approved by the Board of Inland Revenue.
</FONT>

<P align="left">
<B><FONT size="2">RULE
11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TERMINATION</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">11.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No invitations
may be issued under the Scheme more than 20&nbsp;years after the
Adoption Date but any rights of Participants then subsisting
shall remain in force,
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">11.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to
Rule&nbsp;11.1 the Company by ordinary resolution or the Board
by resolution may at any time terminate the operation of the
Scheme and in such event no further invitations may be issued
but any rights of Participants then subsisting shall remain in
force.
</FONT>

<P align="center"><FONT size="2">9
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif"   <DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="32%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="c86849dadm.gif" alt="(ADM LOGO)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Annual Meeting of Stockholders<br></B>
Thursday, November&nbsp;4, 2004<br>11:00&nbsp;a.m. C.S.T.<br>James R.
Randall Research Center<br>1001 Brush College Road<br>Decatur, IL
62526
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>2004 ANNUAL MEETING<BR>
ADMISSION TICKET</B></TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">Please present this ticket for admittance of the stockholder(s) named above. Admittance will be based upon availability of seating.


<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="100%" align="center"></DIV>

<!-- link1 "Instructions for Voting Your Proxy" -->
<DIV align="left"><A NAME="003"></A></DIV>
<P align="center" style="font-size: 10pt"><B>Instructions for Voting Your Proxy</B>


<P align="left" style="font-size: 10pt">This proxy covers all
Archer-Daniels-Midland Company
shares you own in any of the
following ways (provided the
registrations are identical):


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Shares held of record</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ADM Dividend Reinvestment Plan</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ADM 401(k) Plan for Hourly Employees</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ADM Employee Stock
Ownership Plan for
Salaried Employees</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ADM Stock Purchase Plan
for Salaried
Employees-Canada</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ADM Employee Stock
Ownership Plan for Hourly
Employees</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ADM Stock Purchase Plan
for Hourly
Employees-Canada</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ADM 401(k) Plan for Salaried Employees</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ADM Stock Purchase Plan</TD>
</TR>

</TABLE>
<P align="left" style="font-size: 10pt">We are now offering
stockholders three alternative
ways of voting this proxy:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>By Telephone </B>(using a touch tone telephone)</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Through the Internet </B>(using a browser)</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>By Mail </B>(traditional method)</TD>
</TR>

</TABLE>
<P align="left" style="font-size: 10pt">Your telephone or Internet
vote authorizes the named
proxies to vote your shares in
the same manner as if you had
returned your proxy card. We
encourage you to use these
cost effective and convenient
ways of voting, 24 hours a
day, 7&nbsp;days a week.

<P align="left" style="font-size: 10pt"><B>TELEPHONE VOTING </B>Available
only until 5:00 p.m. Eastern
time on November&nbsp;3, 2004


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This method of voting is
available for residents
of the U.S. and Canada</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On a touch tone
telephone, call <B>TOLL FREE
1-800-850-5909</B>, 24 hours a
day, 7&nbsp;days a week</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You will be asked to
enter <B>ONLY </B>the CONTROL
NUMBER shown below</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Have your proxy card
ready, then follow the
prerecorded instructions</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Your vote will be confirmed
and cast as you directed</TD>
</TR>

</TABLE>
<P align="left" style="font-size: 10pt"><B>INTERNET VOTING </B>Available only
until 5:00 p.m. Eastern time
on November&nbsp;3, 2004


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Visit the Internet
voting website at
http://proxy.georgeson.com</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Enter the COMPANY NUMBER
and CONTROL NUMBER shown
below and follow the
instructions on your
screen</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You will incur only your
usual Internet charges</TD>
</TR>

</TABLE>
<P align="left" style="font-size: 10pt"><B>VOTING BY MAIL </B>Simply mark, sign and
date your proxy card and
return it in the postage-paid
envelope


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If you are voting by
telephone or the
Internet, please do not
mail your proxy card</TD>
</TR>

</TABLE>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><IMG src="c86849dc868496eo2.gif" alt="(COMPANY NUMBER BOX)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><IMG src="c86849dc868496eo3.gif" alt="(CONTROL NUMBER BOX)"></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">TO VOTE BY MAIL, PLEASE DETACH PROXY CARD HERE


<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="100%" align="center"></DIV>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#120;</FONT><B>Please mark votes
as in this example.</B>

<P align="left" style="font-size: 10pt"><B>This proxy, when properly executed, will be voted in the manner directed below.
If no direction is made, this proxy will be voted &#147;FOR&#148; Items 1, 2 and 3 and
&#147;AGAINST&#148; Item&nbsp;4.</B>

<P align="left" style="font-size: 10pt"><B>Archer-Daniels-Midland Company&#146;s Board of
Directors recommends a vote &#147;FOR&#148; Items 1, 2 and 3.</B>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Election of Directors<br>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>FOR<br></B>
all nominees<br>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>WITHHOLD<br>
AUTHORITY<br></B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">G.A. Andreas, A.L. Boeckmann, M.H. Carter,
R.S. Joslin, P.J. Moore, M.B. Mulroney, T.F. O&#146;Neill,
O.G. Webb, K.R. Westbrook
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">listed (except<br>
as indicated)<br>
<FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">to vote for all<br>
nominees listed<br>
<FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR>
<TD>&nbsp;</td>
<tr>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>(INSTRUCTIONS: </B>To withhold authority to vote for any
individual nominee strike a line through the nominee&#146;s
name in the list above.)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Adopt Amendment to Archer-Daniels-Midland
Company 2002 Incentive Compensation
Plan.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>FOR<br></B>
<FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>AGAINST<br></B>
<FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>ABSTAIN</B>
<FONT face="Wingdings">&#111;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Adopt ADM International Limited Savings-Related
Share Option Scheme.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>FOR<br></B>
<FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>AGAINST<br></B>
<FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>ABSTAIN</B>
<FONT face="Wingdings">&#111;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="5" valign="top" align="left"><DIV style="margin-left:0px; text-indent:-0px"><B>Archer-Daniels-Midland Company&#146;s Board of Directors recommends a vote &#147;AGAINST&#148; Item&nbsp;4.</B></DIV></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Adopt Stockholder&#146;s Proposal
No.&nbsp;1 (Report on Impacts of
Genetically
Engineered Food)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>FOR<br></B>
<FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>AGAINST<br></B>
<FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>ABSTAIN</B>
<FONT face="Wingdings">&#111;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">In their discretion, upon any other
business that may properly come
before the meeting.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="63%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DATE:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> , 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
SIGNATURE(S)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">IMPORTANT: Please sign exactly
as your name(s) appear(s)
below. When shares are held by
joint tenants, both should
sign. When signing as
attorney, executor,
administrator, trustee or
guardian, please give full
title as such. If a
corporation, please sign in
full corporate name by
President or other authorized
officer. If a partnership,
please sign in partnership
name by authorized person.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link2 "PROXY" -->
<P align="left" style="font-size: 10pt"><B>P R O X Y</B>



<P align="center" style="font-size: 10pt">PLEASE DETACH PROXY CARD HERE


<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="100%" align="center"></DIV>


<P align="center" style="font-size: 10pt"><B>ARCHER-DANIELS-MIDLAND COMPANY<BR>
This Proxy is Solicited on Behalf of the Board of Directors<BR>
for the Annual Meeting of Stockholders on November&nbsp;4, 2004</B>


<P align="left" style="font-size: 10pt">This proxy when properly executed will be voted in the manner directed herein
by the undersigned Stockholder. If no direction is made, this Proxy will be
voted &#147;FOR&#148; Items 1, 2 and 3 and &#147;AGAINST&#148; Item&nbsp;4. The undersigned hereby
appoints G. A. Andreas, M. H. Carter, and O. G. Webb as Proxies, with the power
of substitution, to represent and to vote, as designated below, all the shares
of the undersigned held of record on September&nbsp;15, 2004, at the Annual Meeting
of Stockholders to be held on November&nbsp;4, 2004 and any adjournments thereof.


<P align="center" style="font-size: 10pt"><B>THE BOARD OF DIRECTORS RECOMMENDS A VOTE &#147;FOR&#148; ITEM 1, 2 AND 3 AND<BR>
&#147;AGAINST&#148; ITEM 4. .</B>



<P align="center" style="font-size: 10pt"><B>(Important &#151; To be signed and dated on reverse side)</B>




<P align="center" style="font-size: 10pt">&nbsp;
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end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
